Special Forum on the Practice of Overseas Listing for Domestic Enterprises and Industrial M&A
On December 10, 2024, the 'Special Forum on the Practice of Overseas Listing for Domestic Enterprises and Industrial M&A', jointly organized by the Shanghai Office of Beijing Hailun Tianrui Law Firm (hereinafter referred to as Hailun Tianrui), Wuhan Office of Hailun Tianrui, and Haitong Securities, was successfully held at the Science and Technology Innovation Financial Roadshow Hall of the Capital Market Service Base in Wuhan Metropolitan Area, Hubei Province. This event focused on current capital market policy hotspots, with the theme of overseas listing and industrial M&A for domestic enterprises. It invited several heavyweight industry guests to give speeches, share their views, and engage in in-depth dialogues, aiming to provide professional guidance for overseas listing and industrial M&A of enterprises within Hubei Province.
Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan's Greater China Region, Co-founder and CEO of LeadLeo, was invited to attend the forum and delivered a speech titled 'Speak Well about Industry Characteristics to Enhance Corporate Listing Valuations'.
In his opening remarks, Lawyer Wang Xiaodong, Senior Partner of Hailun Tianrui, member of the Executive Committee, and Director of the Shanghai Office, pointed out that with the improvement of the overseas listing filing mechanism and acceleration of approval speed, more and more mainland Chinese enterprises are focusing their listing efforts on Hong Kong and US markets, leading to a gradual uptick in overseas listings. Since June this year, the China Securities Regulatory Commission (CSRC) has successively issued the 'Eight Rules for the Science and Technology Innovation Board' and the 'Six Rules for M&A', sending an important signal supporting mergers and acquisitions and the aggregation of high-quality resources into new productive fields. The capital market is experiencing a new wave of mergers and acquisitions. Lawyer Wang Xiaodong stated that this forum aimed to have in-depth dialogues with enterprises on the views and outputs regarding overseas listing and industrial M&A of domestic enterprises. Hailun Tianrui is willing to assist enterprises within Hubei Province in achieving high-quality development.
Lawyer Wang Xiaodong, Hailun Tianrui
Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan's Asia-Pacific Region, Co-founder and CEO of LeadLeo, shared a speech titled 'Speak Well about Industry Characteristics to Enhance Corporate Listing Valuations', highlighting the key role of a good industry positioning and investment story in overseas listings. He emphasized that financial performance, legal compliance, and investor stories are the three main drivers of overseas listings. Finance and compliance are basic requirements, while investor stories are the highlight. He also shared classic past cases from Frost & Sullivan during his speech.
Yang Xiaocheng, Partner and Managing Director of Frost & Sullivan's Asia-Pacific Region, Co-founder and CEO of LeadLeo
Subsequently, Hu Xuan, Director of the Healthcare Group of the Investment Banking Committee at Haitong Securities, delivered a keynote speech titled 'A Light Boat Waiting to Cross a Thousand Mountains: Sharing of Overseas Capital Market Dynamics and Listing Practices'. She shared the current main dynamics and review trends of overseas capital markets, focusing on analyzing the IPO status in Hong Kong, major listing criteria, listing processes, main differences from A-share reviews, and market performance of representative pharmaceutical companies after listing on Hong Kong. She also introduced the dynamics of other overseas capital markets such as the United States and Singapore, analyzed the opportunities and challenges faced by domestic enterprises in overseas listings from a professional perspective, and gave relatively sincere professional advice on the selection of overseas listing destinations and timing for enterprises.
Hu Xuan, Haitong Securities
Wang Dan and Liu Tian from EY LLP shared their topics around 'Financial Focus Areas for A-share and Hong Kong-US Listing Reviews', focusing on introducing the financial requirements and key points for listing in different sectors both domestically and internationally, and comparing the similarities and differences in financial indicator requirements, verification guidelines, regulatory focus areas, etc., under different listing paths in both regions. In addition, they also provided a simple and profound introduction to the applicable accounting standards and key precautions for financial aspects of Hong Kong and US listings that enterprises are urgently concerned about.
On the right is EY Wang Dan; on the left is EY Liu Tian
Under the introduction of specially invited guest Lawyer Xiong Chuan, Huang Kefeng, a business director of the TMT Industry Group at the Investment Banking Committee of Haitong Securities, shared 'Insights into Recent M&A in the A-share Market' by combining relevant practical issues. He focused on introducing the domestic M&A market situation and the outlook for semiconductor industry mergers and acquisitions. He mentioned that there is a certain degree of 'scissors gap effect' between the IPO rhythm and the activity of mergers and acquisitions. A series of recent M&A and restructuring policies have significantly driven the recovery of the M&A market. Subsequently, Huang Kefeng introduced the domestic semiconductor industry chain mergers and acquisitions situation and Haitong Securities' service experience advantages in the semiconductor field through cases, and shared his future expectations and outlook for the domestic M&A market.
Huang Kefeng, Haitong Securities
Zhao Tingkai, Senior Partner of Hailun Tianrui and Director of the International Business Department, delivered a keynote speech titled 'Main Legal Issues and Solutions for the CSRC's Filing Review of Chinese Concept Stocks Overseas Listings'. Through years of practical experience and rich past cases, he deeply analyzed the main legal issues in the CSRC's filing review of Chinese concept stocks overseas listings. He mentioned that obtaining the CSRC's filing notice is a key step in the overseas listing process, marking the progress of listing moving forward. However, different companies face different challenges and complexity in the filing process, with personalized differences. At the same time, he actively shared the main solutions summarized from his many years of work practice.
Zhao Tingkai, Hailun Tianrui
Xu Yingbin, Senior Product Director of the Cross-border Finance Department at the Head Office of China Merchants Bank, shared the historical process and main overview of Chinese-funded enterprises' overseas listings, focusing on introducing the relevant cross-border services of China Merchants Bank and the advantages of its overseas IPO service plans.
Xu Yingbin, China Merchants Bank
Finally, Lawyer Xiong Chuan organized the participants to ask questions and delivered a summary speech for the forum.
Specially Invited Guest Xiong Chuan
In the wave of globalization, Chinese enterprises are facing unprecedented opportunities and challenges. Hailun Tianrui Law Firm has always adhered to the service tenet of 'specializing in the industry and being trustworthy', committed to providing all-round legal services to customers and helping enterprises move forward steadily. Hailun Tianrui firmly believes that through the professional output and unremitting efforts of the firm, it can help enterprises grasp the pulse of the times, achieve leapfrog development, and jointly embrace an even more brilliant future.
