中国内地疫苗公司康乐卫士近日成为第一家展开“北+H”上市实践的企业。法律专家解读了这背后的机遇和挑战。
2023年3月15日，总部位于北京的康乐卫士正式登陆北交所，不到一年，这家处于临床阶段的疫苗开发商再次向港交所递交上市申请文件，开启探索生物科技公司的“北+H”上市之路。
去年6月，北交所和香港交易所曾签署合作备忘录，支持双方市场符合条件的已上市公司在对方市场申请上市。康乐卫士也成为该备忘录下首家探索这一机制的企业。
德恒律师事务所上海办公室业务合伙人孙竣锽律师告诉ALB，在备忘录下，对于满足香港上市条件的北交所挂牌企业，“港交所持支持、欢迎的态度”，不过，在操作层面，“这只是个很笼统的机制，没有配合具体细则，在审核条件上也没有给出特殊通道。所以北交所上市公司发行H股，仍然要符合港交所的发行上市条件，以及中国证监会出台的境内企业境外上市的有关规定”。
因此，从这个角度看，市场上关于生物科技公司“北+H”上市将降低上市门槛的说法基本属于误判。并且在孙律师看来，“北+H”也并非全然的创新，而是之前“A+H”“三+H”模式的延伸，在北交所开通的基础上为京港两地上市公司提供了另一种融资渠道。
不过，孙竣锽律师指出，“北+H”上市确实将带来益处。“公司可以利用两地资本市场来融资，不受单一市场融资规则和监管环境的限制，例如现在A股IPO和再融资的监管都很严格，额外拥有港股上市公司身份将便利多元化融资。”
尤其对于以生物科技公司为代表的科技研发型公司而言，“他们需要持续的现金流，在这种资金需求下选择二度港股上市是个不错的选择”。
此外，“对于北交所上市公司而言，去港股上市能够提高国际知名度和影响力，有利于推进公司的国际化战略。总的来说，‘北+H’机制能够便利更多企业充分利用京港两地的资本市场，实现加速发展”，孙律师说。
生物科技行业之外，未来是否会有更多产业探索“北+H”之路？
孙律师不排除这样的可能性，“北交所的发行市盈率主要集中在10-20倍之间，而港交所的估值跨度更大。目前在港交所上市公司中，消费、医疗保健、资讯科技行业的估值排名靠前，内地的此类企业探索‘北+H’也是不错的选择。”
强化互通
2020年以来，以海普瑞、泰格医药等为代表的生物科技公司先后实现“先A后H”上市，孙竣锽律师指出，生物科技公司的“先北后H”上市与“先A后H”上市统一适用港股的发行上市规则，并没有实质差异。
不过，孙律师进一步指出，过去几年以君实生物、百济神州、诺成健华等公司为代表，生物科技公司有过一轮“回A潮”，也就是在香港上市后再度寻求内地科创板上市。除了要符合科创板上市条件，如果是红筹架构企业，还要满足市值200亿元的门槛，若企业达不到“拥有自主研发、国际领先技术，科技创新能力较强，同行业竞争中处于相对优势地位”的标准，市值门槛甚至要达到2000亿元。
虽然回归科创板要求不低，但与之相比，回归北交所则尚存制度上的不确定性。“H股上市公司想来北交所上市，首先要在新三板挂牌，这在实践中还没有先例。去年9月份中国证监会在‘深改19条’里提到“北交所直接IPO”的政策，可能要等到这个政策真正实施后才行。此外，北交所目前尚不接受红筹企业上市。”孙律师说。
另外，即便制度上可行，对比回归科创板，“北交所估值有待进一步提升，且在A股IPO节奏持续收紧的形势下，北交所对发行人的业绩要求有所提升，发行人最近一年要达到四五千万元的扣非净利润会比较稳妥。此外受新三板挂牌前置程序的影响，北交所整体上市周期不短，香港上市企业目前缺乏来北交所的动力”。
对此，孙律师认为北交所未来想要加强对香港上市企业的吸引力，可能要做到三点：“第一，打通红筹企业上市通道，并和科创板相较，降低红筹企业上市门槛；第二，出台并实施北交所直接IPO机制；最后，进一步改善北交所的估值和流动性，让香港上市企业有更多期待。”
打破“圈子”
2023年至今，内地、香港的资本市场表现普遍疲软，但企业发展需要融资是事实，在这样的背景下，资本市场律师需要和企业客户紧密联系，并审时度势，助力企业选择合适的上市渠道，甚至展开全盘性的上市策略规划。
孙竣锽律师对此感受颇深，他分享道，近期就有客户和他们就上市地选择问题展开密切沟通：该客户受经济环境影响，2023年净利润难以满足北交所要求，由于外部投资人股东希望实现退出，因此给出了港股上市的建议，但对港股目前的估值、流动性又有不少“纠结”。
“客户最终决定等到公司上半年业绩情况出来后再做决定。目前在A股上市收紧的情况下，是要继续等待A股，还是转战港股、以空间换时间？这是不少发行人面临的选择。”
面对这样的需求，孙律师发现他比较独特的执业经历开始发挥作用——他兼具A股和港股上市的从业经验，在加入德恒前，就曾在一家从事境外上市的知名律所执业，因此能就境内外两方面情况，为客户提供更全面的法律服务。
“很多律所、律师是把A股和港股业务分开的，两类业务各有自己的‘圈子’，但客户的需求是多元的，我们正慢慢尝试融合发展。”
孙律师说，不久前，德恒香港办公室的管理合伙人就到上海办公室展开座谈，希望两地深度合作，服务A股客户潜在的港股上市需求。当然，“已经拥有境外办公室或者涉外人才资源的律所，更容易破开这个‘圈’”，孙律师说。
FROM BEIJING TO HONG KONG
Beijing Health Guard Biotechnology, which developing vaccines against cancer-causing viruses, recently became the first company to be listed on exchanges in both Beijing and Hong Kong. Lawyers say that this “Beijing + Hong Kong” pathway an attractive option for mainland enterprises in certain industries.
On March 15, 2023, Beijing Health Guard Biotechnology made its debut on the Beijing Stock Exchange. Within a year, this developer of clinical-stage HPV vaccines approached the Hong Kong Stock Exchange for listing, setting a precedent for the "Beijing + Hong Kong" listing route for biotech companies.
In June of 2023, the BSE and HKEX ratified a memorandum of understanding, paving the way for eligible listed entities in both exchanges to seek listing on the counterpart's platform. Health Guard emerged as the pioneering firm to navigate this arrangement.
John Sun, a partner at DeHeng Law Offices in Shanghai, points out that the memorandum fosters a supportive stance from HKEX towards Beijing-listed companies that align with Hong Kong's listing prerequisites. Yet, he emphasizes the broad nature of this framework, lacking in detailed guidelines or a dedicated review process. Consequently, BSE-listed firms must adhere to HKEX's listing standards and the China Securities Regulatory Commission (CSRC)'s overseas listings rules by Chinese corporations.
Viewed through this lens, the perceived notion that the "Beijing + Hong Kong" listing scheme reduces entry barriers for biotech entities is mostly misplaced. Furthermore, Sun regards the "Beijing + Hong Kong" model not as a novel concept but rather as an expansion of existing frameworks, offering an alternative funding avenue for companies listed in both Beijing and Hong Kong.
However, Sun highlights the advantages of the "Beijing + Hong Kong" listing strategy. He explains, "Companies can harness the financial markets of both regions for capital raising, bypassing the limitations of a single market's regulatory framework and financing rules. This is particularly relevant in the current strict regulatory environment for A-share IPOs and refinancing. Possessing the status of a company listed in Hong Kong can facilitate more diverse financing options."
This strategy is especially beneficial for technology and R&D-focused companies, such as those in the biotech sector, which "need sustained cash flow. Opting for a secondary listing on the HKEX is an appealing choice to meet their financial requirements."
Furthermore, Sun notes, "For firms listed in Beijing, obtaining a dual listing on the HKEX can significantly boost their international profile and impact, aiding their global expansion strategies."
Regarding sectors beyond biotech considering the "Beijing + Hong Kong" route, Sun sees potential. "Listings on the BSE typically feature price-to-earnings ratios ranging from 10 to 20 times, whereas the HKEX accommodates a wider spectrum of valuations. Presently, companies in the consumer, healthcare, and IT sectors enjoy top valuations on the HKEX, making the 'Beijing + Hong Kong' pathway an attractive option for enterprises within these industries from the mainland."
THE OTHER WAY ROUND
Since 2020, biotech companies like Shenzhen Hepalink and Hangzhou Tigermed have successfully pursued "A-share first, then H-share" listings. Sun emphasizes that the pathway for "Beijing first, then H-share" listings for biotech companies mirrors established listing norms, showing no significant .
However, Sun also highlights a recent trend where companies such as Junshi Biosciences, BeiGene, and InnoCare Pharma have embarked on a "return to A-shares" movement by seeking listings on the mainland's STAR Market after their initial listings in Hong Kong. Beyond meeting the STAR Market's criteria, red-chip companies are also faced with a minimum market capitalization requirement of 20 billion yuan, which could skyrocket to 200 billion yuan if they don't meet specific standards like possessing independent R&D, leading international technology, and a strong competitive edge in their sector.
Regarding the possibility of a similar trend with the BSE, Sun acknowledges that while the criteria for re-listing on the STAR Market are stringent, the pathway back to the BSE is muddled with regulatory uncertainties. "As it stands, Hong Kong-listed companies aiming for a BSE listing must initially secure a position on the New Third Board, a scenario yet to see a precedent. The CSRC's mention of a 'direct IPO on the BSE' policy in last September's 'Reform 19 articles' remains pending actual implementation. Furthermore, the BSE is currently not open to red-chip company listings," explains Sun.
Even if regulatory conditions were to permit, the allure of the BSE needs bolstering, especially when juxtaposed with the STAR Market. "With the tightening of A-share IPOs, the BSE has upped its financial benchmarks for issuers, requiring a recent year's net profit (excluding non-recurring gains and losses) of 40-50 million yuan. Moreover, the pre-listing process on the New Third Board elongates the BSE's overall listing timeline, thereby diminishing the appeal for Hong Kong-listed firms to consider a BSE listing," Sun points out.
To boost the BSE's appeal, Sun proposes a three-pronged strategy: "Firstly, facilitating the listing of red-chip firms by lowering entry barriers relative to the STAR Market; secondly, rolling out and actualizing a direct IPO framework for the BSE; and thirdly, enhancing the BSE's market valuation and liquidity to heighten its attractiveness to Hong Kong-listed companies."
BREAKING THE CIRCLE
Throughout 2023, the capital markets in mainland China and Hong Kong have shown subdued activity, yet the demand for business financing persists. In this context, capital market lawyers are tasked with keeping a pulse on their client's needs and offering strategic guidance on selecting the right listing avenues or even devising holistic listing strategies.
Sun shares his recent experience in in-depth consultations with clients over their listing decisions. One such client, impacted by the economic climate and falling short of the BSE's net profit criteria for 2023, received recommendations from investors to explore listing opportunities in Hong Kong. However, apprehensions regarding the current market valuation and liquidity on the HKEX were present.
"The client eventually opted to delay their decision until the mid-year financial performance was assessed. Given the tightening scenario around A-share listings, issuers are at a crossroads: to wait for A-shares or pivot to Hong Kong for greater flexibility. This is a common dilemma facing many," Sun explains.
In these complex situations, Sun's unique legal background becomes particularly advantageous. His dual expertise in A-share and Hong Kong markets equips him to offer a broad spectrum of legal services, addressing both local and international considerations.
"Often, law firms and lawyers draw a line between domestic and Hong Kong listing services, creating distinct 'circles.' However, client needs are multifaceted, and there's a growing push towards integration within the industry," Sun remarks. This was exemplified when the managing partner from DeHeng's Hong Kong office visited the Shanghai branch to discuss deeper collaboration, aiming to cater to A-share clients considering listings in Hong Kong. "Firms with a global footprint or access to international talent are better positioned to transcend these 'circles,'" Sun concludes.
