8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 BIG STORY A NASDAQ NEAR HOME 香港打造“离家更近”的纳斯达克， 推动科创中心战略 BY CHARLIE WU 作者：吴卓言 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 hardtech 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 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. 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。
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