——专访ALB 2021年度亚洲交易律师：竞天公诚律师事务所合伙人章志强律师

 

ALB：恭喜您入选ALB 2021年度亚洲交易律师榜单！过去一年，您带领团队取得了怎样亮眼的成绩？

竞天公诚律师事务所合伙人章志强律师：过去一年资本市场业务受国际经济形势及相关政策等因素的影响，总体是比较波动的。在此过程中，我们还是持续协助一些企业完成上市以及进行上市前期的准备。我所带领的团队完成了华通线缆、奥尼电子两项A股IPO项目，兴齐眼药、老百姓、宇信科技三项A股非公开项目（注：在2021年取得中国证监会批文且截至目前已完成发行），还完成了包括海底捞在内的多个境外发债项目。此外，我所带领的团队还递交了一个A股IPO项目、三个港股IPO项目（包括1家小红筹和2家H股）及一个H股再融资项目。

ALB：作为资本市场领域专家，您如何思考中国企业上市地及上市模式的选择？对寻求上市的企业您有何建议？

章志强律师：随着中国资本市场改革深入以及与国际资本市场的接轨，越来越多的企业选择启动上市征程。目前对中国企业而言，上市地的选择主要包括中国境内A股市场，以及境外的香港市场、美国市场，各地区也有着不同交易所和上市板块的选择。

上市地及上市模式的最终选择，可谓是企业对各项因素权衡利弊后的综合结果。面对不同地区、交易所、板块在审核、监管、行业偏好、市值、流动性等方面的不同，企业在结合自身实际需求和特点的同时，也需要结合同行业的特性以及当时的政策导向，来综合考虑上市地和上市模式。

其中，企业需考虑的要点包括但不限于：行业特点、企业自身的股权架构特点、上市重组等成本、上市条件及上市审核的难度、审核速度、锁定期要求、市场活跃程度、投资人认可度、与企业业务布局的结合性、国际环境、上市时机等，确保该等选择能最大程度体现企业价值和适合企业自身发展的上市地点和模式。

对企业而言，规范和持续发展的重要性不言而喻，企业需形成自身核心竞争力，完善和发展自身产品或服务，而不是“为了上市而上市”。待企业成熟发展至一定阶段，上市即成了“自然而然”的选择，资本市场才能最终实现助力企业持续发展和经营的目标。

ALB：过去一年哪些境内外监管变化影响了中国企业的海外上市决策？作为律师，您如何帮助客户面对未来中短期的监管不确定性？

章志强律师：近年来，随着境内资本市场注册制改革、红筹企业境内上市等的推进，境内资本市场正逐步转向更为市场化的机制，成为可供更多企业选择的上市地。

就境外上市的监管而言，2021年底发布的境内企业赴境外上市相关规则的征求意见稿中，将红筹企业和H股统一纳入了备案监管。尽管具体规则尚待进一步确定，但这也意味着监管部门对境外上市企业统一监管的思路和方向。另外，网络安全和数据合规也将成为境外上市所需考虑的重要因素。上述变化，都将在一定程度上影响中国企业海外上市的决策。

作为律师，首先需协助企业保持良好及规范的持续发展，“以不变应万变”；其次，通过专业的经验和判断，为企业把握当前监管政策和动向；第三，在协助企业进行规范和重组的早期阶段，律师应在架构设计上保留更多的灵活性。

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Rethinking Listing Venues and Models

Interview with ALB Dealmakers of Asia 2021: Zhang Zhiqiang, Partner of Jingtian & Gongcheng

 

ALB: Congratulations on making the ALB Dealmakers of Asia 2021 list! What are some of your outstanding achievements in 2021?

Zhang Zhiqiang (Zhang): The capital markets has been generally volatile over the past year due to factors such as the international economic situation and related policies. In the process, we have continued to assist several companies in completing their IPOs and pre-IPO preparations. My team completed two A-share IPOs of Huatong Wires and Cables and Aoni Electronic, three A-share non-public offerings of Sinqi， LBX Pharmacy Chain, Yusys Technologies, and several overseas bond issuances including Haidilao. In addition, we also submitted one A-share IPO, three H-share IPOs (including one red chip and two H shares).

ALB: As a capital market expect, what's your view and advice on the choice of listing venues and models by Chinese companies?

Zhang: As China's capital market deepens reform and integrates with the international market, more and more companies turn to listing. Presently, choices of listing venues for Chinese companies mainly include the domestic A-share market and overseas markets of Hong Kong and the US. Each location provides different exchanges and listing sectors.

The eventual choice is the outcome of an enterprise comprehensively weighing the pros and cons of various factors. Given various differences exhibited by different distinctive venues, exchanges and sectors, enterprises should consider listing venues and models comprehensively in light of their own actual needs and characteristics, as well as the characteristics of relevant industries and policy priorities at the time.

An enterprise must consider some key points such as industry characteristics, its own equity structure features, costs for listing and restructuring, listing conditions and difficulty of listing review, review speed, lock-up period, market activity, investor recognition, business strategy integration, international environment, listing timing, etc., to ensure that the listing venue and model selected reflect its value and are suitable for its development.

It is important for an enterprise to keep normative and sustainable development. An enterprise must build up core competitiveness and improve and develop products or services rather than "listing for the sake of listing". When an enterprise matures and develops to a certain stage, listing will become a "natural" choice. Only then can the capital market achieve the goal of helping enterprises develop and operate sustainably.

ALB: What are some of the regulatory changes that affected the overseas listing decisions of Chinese companies in 2021? How do you help clients deal with regulatory uncertainty in the short to medium term?

Zhang: With the advancement of registration system reform in the domestic capital market and the domestic listing of red-chip companies, the domestic capital market is gradually shifting to be more market-oriented and has become an optional listing venue that more companies start to considering.

In terms of overseas listing regulation, the consultation draft on rules for overseas listing of domestic enterprises issued at the end of 2021 incorporate red-chip enterprises and H shares into unified record-filing regulation. Although therules are not officialized, this points to the direction of unified regulation of overseas listing by regulatory authorities. In addition, cybersecurity and data compliance will become significant factors to be considered. These changes will affect the decisions of Chinese companies to go public overseas.

Lawyers must first assist enterprises to maintain good and standardized sustainable development and help them respond to changing dynamics with consistency. Second, through professional experience and judgment, lawyers need to grasp current regulatory policies and trends for companies. Third, lawyers should retain more flexibility for structuring design during the early stages of assisting enterprises in their standardization and restructuring.