继2018年推出18A章未盈利生物医药企业上市规则后，2023年，香港联交所18C章针对未盈利特专科技公司的上市规则落地，通过放宽上市门槛、强调研发投入、引入第三方投资规定等方式提供更灵活的上市支持。吸引更多优质科创企业落地的同时，上述举措也不断推动香港实现打造全球科创中心的战略。
2024年上半年，多种不确定因素持续影响全球资本市场的发展趋势，香港也不例外。过去六个月，港股表现较为低迷，但仍有不少积极的回升迹象。
德勤数据指出，就全球IPO融资额来看，截至2024年6月底，港交所排名第九，共募资131.78亿港元。从新股数量角度出发，上半年港股市场共有30只新股上市，其中主板上市29家、GEM（创业板）上市1家。与2023年上半年相比，今年同期港股新股数量下跌3%，融资金额比2023年同期的178.55亿缩水26.19%。
虽然香港IPO市场在2024上半年的成绩不够乐观，但业内对其下半年的活跃度抱有积极态度。毕马威预计，受惠于中国证监会推出的五项新措施及A股上市申请人有意转赴香港集资，香港IPO申请数目大增，这是香港IPO市场反弹的积极信号。
与这些A股上市申请人的想法不谋而合的，还有港交所试图打造“第二个科创板”的决心。
科技新星
根据2023年全球创新指数，由香港、深圳及广州的创新及科技业组成的广深港科技集群位列全球最佳科技集群的第二位。去年初，香港特区政府公布了《香港创新科技发展蓝图》，为未来5至10年的香港创科发展制定清晰的发展路径和系统的战略规划。其中透露出的一条重要信息，便是从人才、资金等各方面，深化与内地的创科合作。
盛德律师事务所香港办公室合伙人丁锰律师告诉ALB，港股第 18A 章和第 18C 章的结合，正在帮助香港资本市场“形成一个几乎完整的，专注于科技领域的上市平台”。
近日，基于量子物理的人工智能赋能和机器人驱动的创新型研发平台晶泰科技成功通过18C章在港交所主板上市。盛德作为发行人香港及美国律师提供了法律服务。
谈及目前香港市场吸引更多内地科技公司——尤其是高科技公司上市的原因，丁律师表示：“首先，中国经济正在向更加注重科技和创新的方向转型，在科技创新和发展本国先进制造业方面投入更多研发资源和精力是国家明确的发展重点；其次，18A 章与18C 章的结合，有望与纳斯达克在这些领域的主导地位相媲美，一个‘离家更近’的交易所是吸引高科技公司赴港的重要因素；第三，中央政府和香港政府都非常重视香港的创新科技发展，香港或将成为中国与国际市场的重要连接点。”
自ChatGPT问世之后，人工智能企业备受关注，其中佼佼者也争相走向上市之路。然而对中国AI企业来说，科创板上市要求严苛、阻力较大，因此，如今越来越多的中国AI企业将目光锁定在了香港。
不久前，以AIGC与语音交互技术为核心业务的出门问问就在港交所主板上市，由中伦律师事务所担任发行人的中国香港及内地律师。该项目牵头人、中伦合伙人唐周俊律师告诉ALB，其实，企业上市地的选择是多重因素考量后的结果。一方面，企业要考虑目前的国际政治格局、地理位置和文化差异；另一方面，也需结合自身所处行业、上市架构、网络数据安全、信息披露义务等的不同监管要求，综合做出决策。
“目前港股估值有望随国内政策落地及海外流动性改善而修复，AI类企业作为硬科技企业，估值水平在各资本市场均具有一定优势，已上市的AI类企业在港股的股价表现也较为亮眼。”
在唐律师看来，港交所已经为颇受青睐的AI企业搭建起平台：“商业化较为成熟的AI类企业更倾向取得国际投资者的助力，以便进一步扩大市场规模；而商业化尚处于初期的AI类企业可能盈利规模较小，或暂未实现盈利，随着18C章规则的落地，港交所有了更为宽容的上市标准，整体而言利好AI类企业赴港上市。”
面临挑战
“AIGC第一股”出门问问、“18C 第一股”晶泰科技的先后成功上市为其他寻求上市的高科技公司提供了范例，但在此过程当中，中国企业其实也面临着不小的挑战。
“首先，在目前的市场条件下，第 18C 章对申请人相对较高的市值要求仍然是个挑战。此外，第 18C 章还要求上市申请人拥有某些声誉良好的长期投资者，这比其他一些上市规则章节的要求更高。但从另一家角度看，在评估 18C 章候选公司在一级市场的接受度方面，这同样也是一个值得肯定的要求。”丁锰律师直言。
不过在丁锰律师看来，“长期投资者”是“耐心资本”的同义词，和国家大方针一致，严格的筛选机制将更有利于促进资本对于科创发展的支持力度。
就AI企业上市过程来看，唐周俊律师表示有两大方面需要注意。首先，AI类企业在初期算法训练阶段及商业化后，均面临着数据收集、数据处理、数据删除等全流程的合规性问题，这也是港交所和中国证监会的审核关注重点。
同时，AI类企业所从事的业务通常涉及是否需要增值电信业务经营许可证（ICP许可证）、网络文化经营许可证（文网文）、广播电视节目制作经营许可证等系列资质证照的判断，上述资质证照也直接决定了企业应选择以VIE架构还是H股架构申请上市。随着中国证监会备案新规的实施，由于需要沟通多个主管部门并获得其出具的意见，VIE架构企业相较直接持股的红筹架构企业和H股架构企业来说，备案周期较长。
“因此，对于有上市意向的AI类企业，我们建议需尽早对企业的合规性展开判断，为可能需要进行的整改留足时间；对于资质证照的必要性进行分析，进而选择最优的上市架构，便于企业选择和把握合适的发行窗口期。” 唐律师说。
伴随香港打造科创之城的努力以及港交所对于科创企业的吸引，丁锰律师对这两者之间形成的良性互动抱有肯定的态度。
“长期来看，香港希望通过国际金融中心、全球创新科技中心两大定位，成为中国与世界之间的‘超级连接器’。金融与科创，这两个角色可谓相辅相成。” 丁律师说。
A NASDAQ NEAR HOME
Hong Kong's stock exchange demonstrates resilience in the face of global market uncertainties in early 2024, with experts anticipating a stronger second half. The introduction of Chapters 18A and 18C has positioned Hong Kong as an attractive destination for innovative and high-tech companies seeking public listing. Legal experts say these new listing routes, combined with Hong Kong's growing reputation as a global innovation hub, are set to cement the city's status as a premier IPO destination for cutting-edge enterprises.
In the first half of 2024, the global capital markets continued to feel uncertainties, and Hong Kong was no exception. Over the past six months, Hong Kong stocks remained subdued but still showed a number of positive signs of recovery.
Hong Kong Exchange ranked 9th in global IPOs in the first half of 2024, raising HK$13.178 billion, according to Deloitte. There were 30 new listings in Hong Kong in the first half of 2024, including 29 companies listed through the Main Board and one GEM Board listing. Compared to the first half of 2023, the number of new listings decreased by 3 percent and the funds raised shrank by 26.19 percent from HK$17.855 billion.
Despite modest results in the first half of 2024, the industry maintains a positive outlook for IPO activities to pick up in the second half. KPMG says there is newfound positivity in the Hong Kong IPO market as evidenced by the surge in IPO applicants. This upsurge has been supported by the CSRC's five measures and A-share applicants switching their IPO plans to Hong Kong.
This aligns with the HKEx’s resolve to build another STAR Market.
TECH RISING STARS
Hong Kong’s innovation and technology sector, in combination with its Shenzhen and Guangzhou counterparts (the Shenzhen-Hong Kong-Guangzhou science and technology cluster), was ranked as the world’s second-best in terms of performance by the Global Innovation Index 2023. Early last year, the HKSAR Government announced the Hong Kong Innovation and Technology Development Blueprint to establish a clear development path and formulate systematic strategic planning for Hong Kong's I&T development over the next five to 10 years. It also highlights further cooperation with the mainland in terms of talent and funding.
Meng Ding, a partner at Sidley Austin in Hong Kong described the combination of Chapter 18A and Chapter 18C as "an almost ‘full’ board focused on science and technology.”
QuantumPharm, an innovative quantum physics-based, AI-powered and robotics-driven innovative R&D platform, was recently listed under Chapter 18C on the HKEx's Main Board. Sidley advised the firm as Hong Kong and U.S. counsel.
Ding explains the factors why Hong Kong is attractive to technology companies, especially high-tech companies from the mainland for listing.
"The Chinese economy is transitioning into a more technology and innovation-focused economy. It is the country’s stated focus on putting more R&D resources and efforts in science and technology innovation and in developing its own advanced manufacturing sectors; Secondly, with Chapter 18A and Chapter 18C, Hong Kong's capital market can potentially rival the NASDAQ’s dominance in these fields. A closer-to-home bourse is a factor in attracting hard-tech companies to Hong Kong; Thirdly, both the PRC central government and the Hong Kong SAR government put an emphasis on developing Hong Kong into an innovation and advanced manufacturing hub itself and a super-connector between China and the outside world."
The introduction of ChatGPT has turned the spotlight on AI companies and industry leaders are scrambling for listings. Deterred by the stringent requirements of the STAR Market, more and more Chinese AI companies are seeking a listing in Hong Kong.
Mobvoi, a leading AI company with generative AI and voice interaction technologies at the core of the business, was listed on HKEx's Main Board recently, with Zhong Lun Law Firm as the Hong Kong and PRC legal advisor.
Tang Zhoujun, a partner at Zhong Lun and the leader of the project, highlights multiple factors behind the choice of listing place. While considering the current international political landscape, geographic location, and cultural differences, companies need to make decisions based on various regulatory requirements for their industries, listing structure, network data security, and disclosure obligations.
"The valuation of Hong Kong stocks is expected to recover with the implementation of domestic policies and increased foreign liquidity. Hard tech AI companies boast valuation advantage in various capital markets, and AI enterprises listed in Hong Kong have brilliant price performance."
Tang says that the HKEx has built a platform for much-favored AI companies. "Mature commercial AI companies prefer international investors for market expansion while AI companies at early commercial stage may have little or no profitability. With the implementation of Chapter 18C, the HKEx adopts more lenient listing standards, and listing in Hong Kong is conducive, overall, to AI companies."
TACKLING CHALLENGES
The successes of Mobvoi as the “first stock of AIGC” and QuantumPharm as the “first IPO under Chapter 18C” provide a reference for high-tech issuers, but Chinese companies are facing considerable challenges.
"In the current market condition, the relatively high market cap requirements for a Chapter 18C applicant still sometimes seems a challenge. Additionally, Chapter 18C also requires listing applicants to have certain reputable long-term investors. This is more demanding than some other listing rule chapters, but it is also a more re-affirming requirement in terms of assessing the candidate Chapter 18C company’s primary market acceptance," says Ding.
Ding believes that long-term capital is synonymous with “patient capital,” and aligns with the PRC government’s national priority in terms of technology investments, and the strict screening mechanism will allow the capital to play a better role in driving technological innovations.
Tang points out two things to note in the listing of AI companies. First of all, AI companies, from early algorithm training to commercialization, are faced with compliance issues concerning data collection, processing, and disposal, which is the focus of audit for the HKEx and the CSRC.
Meanwhile, AI companies need to determine whether they need qualifications like value-added telecommunication business licenses (ICP licenses), network culture business licenses, and broadcasting and TV program production licenses for their business operation, and whether using a VIE structure or a H-share structure for listing is directly determined by these qualifications. With the new CSRC filing rules, VIE structure companies experience a longer filing cycle than red chip companies and H-share companies directly owned for the necessity to communicate with and obtain opinions from multiple authorities.
"Therefore, we advise AI companies with an intent to go public to determine their compliance as soon as possible, so they can have enough time for potential rectification. Then they need to analyze the necessity of qualifications and choose the optimal listing structure. This will help the applicants choose and seize the appropriate window period for issuance,” says Tang.
Given Hong Kong's efforts to build an innovation hub and the exchange’s appeal to sci-tech innovation companies, Ding is optimistic about the positive interaction between the two.
"I believe the answer is a firmly yes. Not only Hong Kong is trying to become an innovation and technology hub, it also wants to become a super connector between China and the world through it wearing both hats of an international financial center and a global I&T center. These two roles complement each other,” says Ding.
