过去一年，TMT行业虽充满波折，但杰出的TMT律师们依然在荆棘之路上不断发现机遇、迎接挑战，携手中国TMT企业在快速发展的赛道上共同进取。

回顾2021年，中国科技、媒体、通信（TMT）企业在资本市场经历了由境外走向境内的过程。根据普华永道《2021年中国TMT行业IPO回顾与前瞻报告》，去年上半年，44%的内地TMT企业赴港或海外上市，共计34 家，获得约1,758亿元人民币的融资额，占总融资额的82%；在上海科创板和深圳创业板上市的内地TMT企业则分别占28%和22%。而到了下半年，国内资本市场则成为主要上市选择地，科创板、创业板分别迎来29家、21家TMT企业上市，主板则有5起TMT行业IPO，2021年新成立的北京交易所亦受到TMT企业青睐，共有11家在北交所上市，而赴港或海外上市的只有8家，融资额约372亿元，占比25%。

“进入2021年下半年以来，先有滴滴事件、后有中美两国对于中概股公司审计底稿的争议，TMT企业赴美IPO几乎陷于停顿。”竞天公诚律师事务所合伙人陈泽佳律师告诉ALB。他还指出，目前香港市场亦处于低谷阶段，不过，考虑到香港资本市场偏市场化的运作，在经历一段时间的低位运行后，触底反弹的希望依然存在。

“我们的一些客户在去年因为多种原因没有递表或已经递表但还没有完成上市的，今年他们还是会选择寻求在香港的上市；TMT行业及生物医药行业存在较多细分领域的领头羊企业，也对香港上市抱有较大热情，这也是我们的机遇之所在。”陈泽佳律师说。

导致TMT企业回流的除了境外资本市场的“推力”，也有境内的“拉力”。去年，中国资本市场全面推行注册制改革，受到TMT企业的青睐。此外，在科创板及创业板的带动下，伴随着新三板精选层的落地以及北京证券交易所的设立，TMT企业在境内资本市场前景更佳。

“在去年，我们协助艾为电子及炬芯科技成功于科创板上市，且艾为电子上市首日收涨百分之241。两家企业均处于芯片行业。在执业过程中，我们感受到了科创板对于掌握核心技术企业上市的欢迎态度以及市场对于此类企业的高度热情。而对于‘专精特新’的TMT企业，北交所则为其登陆资本市场提供了不错的机会。”陈泽佳律师告诉ALB。

“TMT律师应该抓住这个机遇，充分利用过渡期间的信息不对称性，发挥TMT律师的思维优势和经验优势，尽快掌握和理解相关监管政策，从而使得TMT律师在各个资本市场舞台发挥更大的作用。”

— 张小满，通商律师事务所

随着我国多层次资本市场体系的逐步形成，TMT律师所扮演的角色也更为重要。通商律师事务所合伙人张小满律师说：“在境内新兴资本市场配套监管规则出台伊始之际，企业迫切地希望对相关配套规则及其对自身的适用度有所了解，但市面上并未有足够的经验和成果得以参照。TMT律师应该抓住这个机遇，充分利用过渡期间的信息不对称性，发挥TMT律师的思维优势和经验优势，尽快掌握和理解相关监管政策，从而使得TMT律师在各个资本市场舞台发挥更大的作用。”

在境内与境外资本市场表现出差异化的同时，TMT领域里各细分行业之间也在2021年显现出“几家欢喜几家愁”的局面。嘉源律师事务所合伙人张琦律师告诉ALB：“2021年，电信、信息技术，特别是5G、芯片半导体相关投资承接2020年继续表现活跃，仍属于热点领域，且屡有估值超百亿，甚至几百亿的大项目进行股权融资以及上市，但是互联网企业相对比较平淡，几家互联网大厂在投资领域处于收缩态势，出手较谨慎。”

汉坤律师事务所合伙人李胜律师也表示，TMT律师的工作重点由前几年的轻资产行业更多地转向了硬科技行业，例如芯片、机器人、高端材料等，也随之产生了更多网络安全、数据合规等方面的法律需求。

不过，潮起潮落是市场的客观规律。变化之下，纵贯TMT行业全局，张琦律师认为其发展前景依然广阔。她向ALB分享了三点尤为突出的感受：首先，在国家政策的支持下，目前央企和各级政府都在引导基金逐渐加大在新一代信息技术、新材料、5G、智能制造的投资力度；第二，TMT行业目前都在向着应用、信息、服务的方向转型；第三，无论是传统行业还是新兴行业，都正在接受“智能化”浪潮的冲刷，在与智能化结合的过程中，会产生许多新机遇，包括智能电网、智能家居、智能企业、智慧城市等，这些都将成为TMT未来重点关注和发展的方向。

“在上述发展过程中，有大量TMT律师可以参与提供法律服务的机会，只是需要转变原本以互联网企业为主的思维方式，适应热点领域转变对律师的知识储备要求，以及不同客户对律师服务内容和服务方式的需求。”张琦律师说。

监管动态

说起2021年对TMT行业影响最为深远的监管与立法动态，受访律师均提到了于2021年12月出台的《境内企业境外发行证券和上市的管理规定（草案征求意见稿）》以及《境内企业境外发行证券和上市备案管理办法（征求意见稿）》（以下合称“境外上市新规”）。张小满律师表示：“考虑到上市标准、审核难度、监管强度等各方面原因，海外上市和香港上市一度成为中国TMT企业的首要发展目标。直到近年来科创板、创业板以及北交所等境内资本市场新版块的建立以及配套的包容性上市政策的推出，才使得TMT企业上市潮有所回流。无可否认的是，境外上市新规再次给TMT企业赴海外上市带来了新的挑战和机遇。”

几乎是在境外上市新规发布的同时，国家发改委还出台了《外商投资准入特别措施（负面清单）（2021年版）》，给予了从事外商禁止类业务的TMT企业赴境外上市更多的操作空间，在认可现有实践中已有的VIE架构上市方式的同时，也开启了以发行H股的方式境外上市的可能性。不过，张小满律师同时也说道：“新规要求，从事禁止类业务的VIE公司，或拟发行H股的境内公司申请境外上市的，还应当取得行业主管部门的审核同意，但至于具体由何等行业主管部门审核、如何履行申请审核程序目前尚未明确。”

此外，网信办、发改委、工信部等部门于2021年12月联合颁布并于今年2月实施生效的《网络安全审查办法（2021）》，以及网信办发布的《网络数据安全管理条例（征求意见稿）》与《数据出境安全评估办法（征求意见稿）》也引起了TMT企业和律师的高度关注。再结合前文提到的境外上市新规，张小满律师认为：“在目前已有的境外上市实践中，香港联交所、证监会已经关注到了这方面的问题，并且已经有一些项目聘请了专门的数据合规律师按照新规的要求进行审查并对此发表意见。由此我们可以看到，尽管境外上市新规和部分网络安全与数据新规目前还未正式实施生效，对于从事TMT领域的律师而言，应当尽早意识到境外上市新规释放出来的监管信号，一方面，协助TMT企业在经营发展过程中充分重视合法合规性，避免落入境外上市新规设定的境外发行上市‘负面清单’；另一方面，同时关注境内境外多个资本市场，当风来临时，才能更准确地协助企业判断应当选择‘逆风’借助升力，还是‘顺风’获得加速度。”

另一边，境内资本市场相关监管则表现出趋严的特点。陈泽佳律师告诉ALB，就境内资本市场而言，最近两三年中国证监会持续不断加强A股上市审核要求，例如强化A股IPO的股东穿透核查、证监会系统离职人员核查、修订科创板科创属性评价指引以及加强IPO现场检查工作等措施，显示出A股上市审核日趋严格的风向。

“日趋严格的监管风向对执业律师的专业素养和执业质量提出了更高的要求，IPO律师需要在严守基本执业规则的前提下，凭借丰富专业经验，协助客户处理解决上市过程中各种疑难问题。”

— 陈泽佳，竞天公诚律师事务所

“日趋严格的监管风向对执业律师的专业素养和执业质量提出了更高的要求，IPO律师需要在严守基本执业规则的前提下，凭借丰富专业经验，协助客户处理解决上市过程中各种疑难问题，从而高效地协助发行人，特别是面临复杂多变的监管环境的TMT企业成功上市融资。”陈泽佳律师说。

保持乐观，继续前进

2022年第一季度刚刚过去。3月底，毕马威发布了《中国內地和香港IPO市场﹕2022年第一季度回顾》（以下简称“报告”），其中指出，市场充斥不确定因素导致全球IPO放缓，A股和香港IPO市场今年第一季度交易宗数与去年同期相比均有不同程度的减少。

“从持续收紧的境内外IPO监管趋势，到持续发酵的中美审计底稿之争，加之俄乌冲突导致的全球资本市场波动，以及无论是在香港还是内地都卷土重来的疫情，种种因素导致第一季度的企业上市受到严重影响。”陈泽佳律师说。

不过，在较为严峻的大环境下，TMT企业表现依旧亮眼。报告指出，尽管A股IPO宗数不及去年同期，但得益于中国移动于今年1月以560亿元募资额强势登陆上交所，A股第一季度募资总额创下历史新高，并因此上海证劵交易所在本季度于全球新股市场排行第一。不仅如此，除了A股市场，TMT行业在港股以及全球IPO市场都是主要推动力。

因此，受访律师对TMT企业的长远走势抱有乐观态度。李胜律师告诉ALB，大环境虽然暂时严峻，但中国政府和相关监管机构明确提出要继续支持各类企业到境外上市，促进平台经济平稳健康发展，提高国际竞争力。

张小满律师也同意这样的看法。以前文提及的境外上市新规为例，他表示，这并未给依法合规运营且接受了上市中介机构合格辅导与培训的企业的上市进程带来实质性影响或挑战。尤其是对从事禁止类业务的TMT企业而言，也许境外上市新规和《负面清单》可以带来更多机遇。

“至于网络安全与数据方面的审查评估，尽管对TMT企业来说是一项新的审批程序，但我们也已经在实践中看到了境内监管机构对于依法合规申报企业的支持态度。今年3月召开的国务院金融稳定发展委员会专题会议也同样释放了继续推进境内企业境外上市渠道畅通的信号。我们理解，新规规定各项申报和审查程序在不久的将来都会成为常规程序，而并非成为阻碍中国TMT企业赴境外上市的关卡或屏障。”张小满律师说。

在此背景下，李胜律师估计境外资本市场会在接下来的几个季度逐渐恢复。他表示：“一级投融资市场尤其是人民币基金会在硬科技、生物科技、医疗健康等国家重点支持的领域继续进行较多的投资，而美元基金会重点关注较为前沿的领域，例如Web3和元宇宙。此外，并购市场也会逐渐活跃，一定程度加速行业洗牌。”

陈泽佳律师也看好TMT行业的未来发展，并建议道：“越是在市场低迷的时候，TMT企业和TMT律师越是应该修炼内功，特别是对于有计划在今年下半年或明年年初上市的企业，更是要利用这段时间积极做好上市准备工作，一旦未来市场好转，即可立刻着手发行。”

此外，从反垄断的角度，张琦律师也向ALB分享了她的看法。她表示，目前境内政策对科技创新仍然是支持和鼓励的态度，但为了避免巨头企业利用其资金、客户、资源优势，通过投资和注入业务支持的方式有选择性地投资企业，并在其上市后退出获得超额收益，从而形成垄断并制约其他中小企业的发展，后续，反垄断监管还将承接2021年的趋严之势，提出更为严格的监管要求。一方面，巨头企业对待投资业务将更加谨慎，但另一方面，那些符合国家政策支持、真正属于“专精特新”的中小企业所受到的制约和影响也将渐弱，可以更专心地发展自身的业务。

张琦律师继而指出，这样的转变也将有利于推动律师行业更好地发展。她说：“受政策转向和市场变化的影响，近几年热点转换的趋势已经非常明显，原有集中在互联网领域和头部互联网企业的情况已经不再，现在的热点更为分散，虽然TMT律师抓取机会仍然存在一定难度，但分散后有更多律师可以通过自身的努力参与该领域项目，而不是集中在原本的个别律所或律师手中，整体还是更为良性的发展趋势。”

展望未来

在聊到未来时，陈泽佳律师由衷地感叹道：“2022年注定是特别的一年。”他向ALB列举了一系列让2022显得尤为不同的因素：去年出台的一系列征求意见稿将在2022年的落地实施、俄乌冲突加剧了国际资本市场的动荡、香港与内地疫情的加重进一步影响了香港及内地资本市场…

“这些因素对于TMT企业的上市都提出了新的挑战。但同时我也相信，目前的困难只是暂时的，境内外资本市场也都将迎来周期性好转。在此之前，我们会继续协助我们的客户高效、扎实地完成上市准备工作，并在市场回暖之际抓住机会，圆梦IPO。”陈泽佳律师说。

李胜律师告诉ALB，他未来的工作目标将继续集中于投融资和并购领域。他分享道：“行业上应该会随着市场的变化更偏向硬科技、生物医疗、Web3、出海业务等行业。从长期来看，无论市场如何变化，我们专注于运用整个事务所各个业务部门的优势为高科技行业、新兴行业提供专业、务实、高效并具有前瞻性的法律服务的执业理念不会变化，拥抱新变化，置身其中，以最大的坚定应对外部的不确定。”

张琦律师则表示，未来她将“继续下沉”，会关注TMT行业里更为细分的领域。她说：“未来‘专精特新’是准备重点关注的发展方向，从目前的监管态势看，中小企业，特别是‘专精特新’小企业在积淀后将是未来可持续提供业务服务的优质客户，而且此类客户数量基数大，不同于资源集中于少数头部企业，各律所、律师都可以有更多的业务机会。”

张小满律师则坦言：“我们相信，在国家的支持和市场的鼓励下，中国TMT产业和整个行业都会在更有序、更具世界眼光的状态下不断发展和前进。我们作为中国律师，在任何市场环境和风向下都会始终坚持贯彻‘学习’、‘发展’、‘服务’的理念，帮助更多的TMT企业在境内外资本市场和投融资市场找准自己的位置、实现企业发展的目标。”

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 2022 ALB China Top 15 TMT Lawyers 

The technology sector has become increasingly important in the past few years, partly because of the pandemic, and partly due to the emergence of new areas – from AI to fintech to decentralized finance and everything in between. To succeed in this dynamic environment, the best TMT lawyers have had to keep up with rapidly changing business and regulatory trends.

 

In 2021, Chinese technology, media, and telecommunications (TMT) companies undertook a pivot from overseas capital markets for fundraising to domestic markets. According to PWC’s 2021 Review and Prospect of China's TMT IPO, in the first half of 2021, 34 TMT companies from the mainland, representing 44 percent of the overall number, chose to list in Hong Kong and overseas. They raised about 175.8 billion yuan ($27.5 billion), accounting for 82 percent of the total financing. Only 28 percent and 22 percent of TMT companies on the mainland chose to list on the SSE STAR Market and the SZSE ChiNext Market respectively. In the second half, however, the domestic capital market became the preferred option for TMT companies, with 29 and 21 such companies choosing to list on the SSE STAR Market and the SZSE ChiNext Market, respectively. A further five companies were registered on the Main Board and 11 elected to list on the Beijing Stock Exchange, which was only established in 2021. Only eight TMT companies on the mainland chose to list in Hong Kong and overseas, raising 37.2 billion yuan, which only accounts to 25 percent of the total.

"Since the second half of 2021, TMT IPOs in the U.S. have almost come to a halt following the cybersecurity review on Didi and the audit dispute between China and U.S. over the U.S.-listed Chinese firms," says Chen Zejia, a partner at Jingtian & Gongcheng. He further points out that Hong Kong's stock market also slid to its lowest level but will bounce back at some point given its market-oriented operation.

"For various reasons, some of our clients did not submit their forms last year or did submit but haven’t been listed yet. Nevertheless, Hong Kong remains their choice of listing in 2022. There are many segments in the TMT and biomedical sectors, and their leaders are more enthusiastic about listing in Hong Kong, which is where our opportunities lie," Chen Zejia says.

The TMT sector's return was fuelled by both the obstacles in the overseas markets and the favourable domestic market environment. Last year, China's capital markets implemented the registration system, a reform well accepted by TMT companies. Galvanized by the STAR Market and ChiNext Market, together with the implementation of NEEQ selected layer and the establishment of the Beijing Stock Exchange, TMT companies see better prospects in the domestic capital markets.

"Last year, we helped Shanghai Awinic Technology and Actions Technology to successfully list on the STAR Market, and Awinic Technology closed up 241 percent on its first day of listing. Both are in the chip industry. In the process, we've found that companies with core technologies are welcomed on the STAR market and are hugely popular in the market. In the meantime, Beijing Stock Exchange also provides good opportunities for TMT companies that offer specialized, sophisticated, distinctive, and innovative products to enter the capital market," says Chen.

TMT lawyers should seize this opportunity brought by the information asymmetry during the period, and understand the relevant regulatory policies as soon as possible by leveraging their thinking and experience. In this way, they can play a greater role in the capital markets.”

— Zhang Xiaoman, Commerce & Finance Law Offices

As China continues to develop a multi-level capital markets system, TMT lawyers are playing an increasingly important role. Zhang Xiaoman, a partner at Commerce & Finance Law Offices, says: "With the introduction of regulatory rules for the domestic emerging capital market, companies are keen to learn about relevant rules and how they are applicable, but there are no successful cases and experience on the market to refer to. TMT lawyers should seize this opportunity brought by the information asymmetry during the period, and understand the relevant regulatory policies as soon as possible by leveraging their thinking and experience. In this way, they can play a greater role in the capital markets."

While the domestic and overseas capital markets differ, "a mix of joys and sorrows" was also seen among the segments in the TMT sector in 2021. Zhang Qi, a partner at Jia Yuan Law Offices, says: "In 2021, telecommunication and information technology, especially 5G, chip, and semiconductor-related investments continued the momentum of 2020 and remained active fields, with frequent equity financing and listing projects valuing more than ten billion or tens of billion yuan. However, the Internet field was flat, and several major players were shrinking their investment activities with a more cautious attitude."

Li Sheng, a partner at Han Kun Law Offices, also says that the focus of TMT lawyers has shifted from the asset-light industry in previous years to the hard tech industry, such as chips, robots, and high-end materials, generating more legal demands in terms of network security and data compliance.

Nevertheless, the market rises and falls under the objective laws. Despite the changes, Zhang Qi believes that the prospects for the overall TMT sector remain bright. She shares with ALB three observations: first, with national policy support, centrally administered companies and governments at all levels are guiding funds to step up investment in next-generation information technology, new materials, 5G, and smart manufacturing. Second, the TMT industry is shifting toward application, information, and services. Third, both traditional and emerging industries are riding the wave of smart technology. The intelligent transformation will bring forth many new opportunities, including smart grid, smart home, smart enterprise, and smart city. This is where the sector will focus on and move towards.

"In the course of the above development, there are abundant opportunities for TMT lawyers. They just need to change the original way of thinking which was oriented towards Internet companies, expand their knowledge base for popular areas, and identify and meet the needs of different clients for the content and methods of legal services," Zhang Qi says.

REGULATORY UPDATES

When it comes to the regulatory and legislative developments that have the most profound impact on the TMT sector in 2021, the interviewed lawyers all mention the "Provisions on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)" and "Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments)" (hereinafter collectively referred to as the "New Rules on Overseas Listing" or "New Rules"), which were issued in December 2021. Zhang Xiaoman says, "Considering the listing standards, the difficulty of audit, and the intensity of regulation, listing in Hong Kong and overseas was once the primary goal of Chinese TMT companies. It is not until the recent years that TMT companies head back home for listing with the establishment of the STAR Market, the ChiNext Market, and the Beijing Stock Exchange, as well as the introduction of inclusive listing policies. There is no denying that the New Rules on Overseas Listing have once again brought new challenges and opportunities for TMT companies to list overseas."

Almost at the same time, the National Development and Reform Commission (NDRC) also issued "Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Edition)", which gives TMT companies engaged in businesses prohibited from investing more room for operation in the overseas listing and opens up the possibility of overseas listing by issuing H shares while recognizing the existing practice of the VIE listing. However, Zhang Xiaoman also points out: "According to the New Rules, VIE companies engaged in prohibited businesses or domestic companies that intend to list overseas by issuing H shares should also obtain the approval of the competent trade authorities. But it is not yet clear about the specific authorities and how to apply for review."

In addition, the "Measures for Cybersecurity Review (2021)", which was jointly promulgated by the Cyberspace Administration of China, the NDRC, and the Ministry of Industry and Information Technology in December 2021 and put into effect in February this year, as well as the "Network Data Security Management Regulations (Draft for Comments)" and the "Measures on Security Assessment of the Cross-border Transfer of Data (Draft for Comments)" issued by the Cyberspace Administration of China have also attracted a great deal of attention from TMT companies and lawyers. Zhang Xiaoman points out: “HKEx and SFC have already noticed related issues and some of the projects have hired data compliance lawyers to conduct audit according to the New Rules and advise. Therefore, we can see that although the New Rules and some of the new regulations on network security and data have not yet come into effect, lawyers engaged in the TMT business should be aware early of the regulatory signals released. On the one hand, they should help TMT companies pay full attention to legal compliance while pursuing development and avoid ‘negative’ investment activities prohibited by the New Rules. On the other hand, they should keep a close eye on domestic and overseas markets so that they can more accurately help companies choose to sail upwind or downwind.”

“The increasingly stringent regulation has set high demands on our professional competence and service quality. IPO lawyers need to assist clients in solving various complex problems in the listing process with rich professional experience, while strictly following the basic rules of practice.”

— Chen Zejia, Jingtian & Gongcheng

Meanwhile, regulation in the home market is tightening up. Chen shares with ALB that the in the recent two or three years, CSRC has continued to strengthen audit requirements for A-share listing, such as strengthening shareholder penetration verification, reviewing the employees leaving the CSRC system, revising the guidelines for evaluating Science and Technology Innovation attributes of the STAR Market, and strengthening on-site IPO inspection. All these suggest the increasingly stringent A-share listing audit.

"The increasingly stringent regulation has set high demands on our professional competence and service quality. IPO lawyers need to assist clients in solving various complex problems in the listing process with rich professional experience, while strictly following the basic rules of practice, so as to efficiently help issuers, especially TMT companies facing a complex and changing regulatory environment, to successfully raise funds through the listing," Chen notes.

STAY OPTIMISTIC AND MOVE FORWARD

The first quarter of 2022 has just passed. At the end of March, KPMG released the Mainland China and Hong Kong IPO Markets: 2022 Q1 Review. According to the report, IPOs have slowed down globally amid market uncertainties, and we are seeing a quieter Q1 as compared to last year in terms of the number of deals in A-share and H-share IPOs.

"A mix of factors, including the tightening regulation over domestic and overseas IPOs, the ongoing US-China discussions over audit dispute, the volatile global market due to the Russia-Ukraine conflict, and the rebounding epidemic in both Hong Kong and the Mainland China, have exerted a significant impact on company listings in the first quarter," Chen says.

However, we still see strong results from the TMT sector in the more challenging environment. The report points out that despite fewer A-share IPO deals compared with the same period last year, the total funds raised marked a record high for the first quarter thanks to the 56 billion yuan listing of China Mobile in January on the Shanghai Stock Exchange, and SSE ranked top among stock exchanges in terms of proceeds. Besides the A-share market, the TMT sector continues to drive the H-share and the global IPO market.

Therefore, the interviewed lawyers are optimistic about the long-term development of TMT companies. Li  says that the Chinese government and relevant regulators have made it clear that they will continue to support all kinds of companies to list abroad in the grim environment to promote the stable and healthy development of the platform economy and enhance international competitiveness.

This is echoed by Zhang Xiaoman, who, taking the New Rules as an example, says that it does not impose challenges to the listing process of companies that operate legally and have received qualified coaching and training from intermediary agencies. This is especially the case for TMT companies engaged in prohibited businesses, which may get more opportunities because of the New Rules and the Negative List.

“As for the review of cybersecurity and data compliance, although it is a new procedure for TMT companies, we have seen in practice the supportive attitude of domestic regulators towards companies filing for compliance with the law. The special meeting of the Financial Stability and Development Committee of The State Council held in March this year also released the signal of continuing to promote the smooth channel of overseas listing of domestic enterprises. We believe that the declaration and review procedures will become a routine in the near future, rather than barriers for Chinese TMT companies to list overseas," Zhang Xiaoman says.

In this context, Li estimates that the overseas capital markets will recover gradually in the following quarters. He says: "The primary market, especially RMB funds, will make more investments in such state-supported areas as hard technology, biotechnology, and healthcare, and USD funds focus more on cutting-edge areas like Web3 and metaverse. And the M&A market will become more active, to some extent accelerating the industry reshuffle."

Chen is also bullish on the future development of the TMT sector and gives his suggestions: "TMT companies should enhance corporate strength and lawyers should improve professional skills against the prevailing market gloom. The companies that intend to go public in the second half of this year or early next year, in particular, should make active preparations during this time so that they can list as soon as the market starts to look better."

Zhang Qi also shares his views from the perspective of anti-monopoly. She says that the current domestic policies are supportive and encouraging toward technological innovation. However, to avoid the situation that giant companies, with their advantageous capital, clients, and resources, selectively invest in companies and exit after their listing to gain excessive returns, thus forming monopolies and restricting the development of other SMEs, the anti-monopoly regulation will continue to tighten up, with more stringent requirements. On the one hand, giant companies will be more cautious about their investment, but on the other hand, those SMEs supported by national support policies are subject to reduced restrictions and influence and can therefore focus more on business development.

Zhang Qi further notes that such a shift will also promote the better development of the legal profession. She says: "Due to the policy shift and market changes, the profession has obviously steered from the giant Internet companies to focus on more different industries that are becoming trendy. There still remains some challenges for TMT lawyers to seize opportunities, but they can get more through their efforts. Resources are not concentrated in the hands of individual law firms or lawyers. The trend is benign overall."

LOOKING TO THE FUTURE

"The year 2022 is going to be special," says Chen of Jingtian & Gongcheng when asked about the future. He lists a series of factors that make the year particularly “special”: the implementation of regulation drafts introduced last year, the turbulence in international capital markets intensified by the Russia-Ukraine conflict, the worsening epidemic in Hong Kong and Mainland China that has further affected local capital markets...

"All these factors present new challenges for TMT companies to go public. But at the same time, I believe that the difficulties are temporary and that both domestic and international capital markets will see a cyclical upturn. So, we will continue to help our clients complete their IPO preparations efficiently and solidly and seize possible opportunities to fulfill their dreams of IPO when the market picks up," Chen says.

Li of Han Kun tells ALB that he will focus on investment, financing, and M&A. "I will place more attention on industries like hard technology, biomedical, Web3, and overseas expansion. No matter how the market changes in the long run, we're committed to providing professional, practical, efficient, and forward-looking legal services for high-tech and emerging industries by pooling the strengths of all our business departments. We will embrace new changes and respond to external uncertainties with the utmost firmness."

Zhang Qi of Han Kun indicates that she would focus more on the niches in the TMT sector. She says, "I will keep a watchful eye on SMEs that offer specialized, sophisticated, distinctive, and innovative products. Judging from the current regulatory situation, they will be the quality clients that we can serve on a sustainable basis. And they are large in number, which means that resources are no longer concentrated in the top companies, and more law firms and lawyers can get opportunities."

Meanwhile, Zhang Xiaoman of Commerce & Finance says: "With the government support and market impetus, we believe that Chinese TMT companies and the sector will continue orderly development and move forward with a global vision. Committed to delivering professional services through continuous learning and development no matter how the market changes, we will help more TMT companies find their position in the domestic and overseas capital markets and the investment and financing markets and achieve their development goals."

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THE LIST