40 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 2024年前四个月，有35家企业实现 A股上市，企业数量和募资额较去年同期 都下降50%以上。 与此同时，春节后，A股IPO经历了长 达三个月的“零审核”期，直到5月16日，企 业的上市和再融资申请才再度开启审议。 监管方面，上半年的A股市场继续强 调“稳为基调，严字当头”“。两会”期间，证 监会主席吴清提出监管要突出强本强基 和严监严管，随后，3月15日，修订后的《 首发企业现场检查规定》发布实施，强调“ 申报即担责”，大幅提高了现场检查比例。 4月12日，新“国九条”，即《国务院 关于加强监管防范风险推动资本市场高 质量发展的若干意见》发布，聚焦上市公 司全链条各环节监管，这是时隔十年，国 务院再次以“国九条”形式规范引导资本 市场发展。 “国九条”还确定了“1+N”监管体 系，即由证监会配套出台若干制度规则： 随后，证监会发布了《关于严格执行退市 制度的意见》，以及《关于资本市场服务 科技企业高水平发展的十六项措施》（“ 科创16条”）。 在华商律师事务所执行合伙人齐梦 林律师看来，“目前的政策调整期是资本 市场的自我修复阶段，通过强监管来实 现资本市场的更高质量发展”。不过他也 坦言，“在监管趋严的情况下，企业对申 报A 股IPO 态度更为谨慎、兴趣有所减 弱，不过仍然保持着高度关注”。 天元律师事务所合伙人谭清律师则 在新规中看到了亮点。他说：“国九条强 调：‘提升对新产业新业态新技术的包容 性，更好服务科技创新、绿色发展、国资 国企改革等国家战略实施和中小企业、 民营企业发展壮大，促进新质生产力发 展。’科创16条则指出：‘精准识别科技型 企业，优先支持突破关键核心技术的科技 型企业上市融资。’” “如上述文件所显示，A股应当重点 服务符合新质生产力发展方向、掌握关键 核心技术的科技创新企业。在现有监管 导向下，新能源、新材料、先进制造、电子 信息等战略新兴产业的相关科技企业属 于优先鼓励对象，对A股IPO抱有很大兴 趣和期待。”他说。 面对上半年资本市场的变化，谭律 师表示，“天元团队也在根据客户的实际 需求提供服务：其一，针对符合监管导向 的科技创新企业上市项目，结合最近颁 布的上市最新条件和监管要求，加强各 项合规核查，协助企业积极筹备上市申 报；其二，对于上市申报存在困难的项目， 协助公司处理与现有投资人的回购要求； 对于有出售意向的客户，积极寻找潜在买 方，为股权出售提供服务”。 而面对客户在当前资本市场状况下 仍旧存在的融资寻求，“我们积极协调客 户对接长期投资的‘耐心资本’，如政府 引导基金、同行业的上市公司等产业投资 人；对于A股上市存在一定困难的客户，则 协助公司转向寻求港股、美股上市，拓宽 融资渠道”，谭律师说。 齐梦林律师告诉ALB，华商资本市场 业务团队也在“积极调整业务内容，强化 专业学习研讨，将业务进一步深耕细作。 在服务模式上，给予企业更多资本市场 的可行性参考，包括调整预期，积极拥抱 国际资本市场。我们为此举办了多次业 务研讨会，共同寻找破局之道”。 其中一类破局方法是协助企业拓宽 CAPITAL MARKETS possibly doubling on a YoY basis. This reflects what we often term as the ‘seesaw effect’ between A-shares and Hong Kong stocks. If regulation on the A-share market becomes more stringent, more companies will turn to Hong Kong.” Li sums up the popular industries for Hong Kong listing this year in three categories. “The first category is what we call the ‘red and yellow light industries’ of the A-share market, including retail consumption, logistics and supply chain, etc. These companies choose to come to Hong Kong because they engage in industries where A-share listing is explicitly restricted or prohibited.” “The second category includes technology and high-tech manufacturing companies. As the five sets of criteria for the STAR Market continue to tighten and the requirements for listing on ChiNext, the Main Board and even the New Third Board also become more stringent, some innovation companies, including those in the fields of autonomous driving, robotics and chips, have also turned to Hong Kong. The third category is for industries that are not on the restricted or prohibited list, yet face difficulty in reality to pass IPO application review, such as companies engaging in medical and healthcare services, (non-academic) education, culture and entertainment, etc.” Despite market sentiment picking up, poor market liquidity and high IPO failure rates in the past two years have also caused issuers to remain more cautious towards Hong Kong listing. Can Hong Kong government take measures to restore market confidence? In Li’s view, “a lot can be done... For example, during this year’s ‘Two Sessions’, Tim Lui, chairman of the Securities and Futures Commission of Hong Kong, suggested to lower the threshold for individual investors for the Hong KongMainland Stock Connect Scheme from 500,000 yuan to 100,000 yuan. If this suggestion can be taken up soon, it will be extremely encouraging.” As to the prospects of the Hong Kong stock market in the second half of the year, Li believes that “driven by continuous tightening of A-share listing approvals, the pipeline of Hong Kong listing projects may be even better than now.” In the previously sluggish Hong Kong capital markets, another topic that has attracted attention is privatization. Since the beginning of this year, many companies have completed privatization and exited the market in the first quarter, while Vinda International, China Traditional Chinese Medicine Holdings, SciClone Pharmaceuticals and L’Occitane are either soliciting or undergoing privatization. Li shares that the Tian Yuan team is currently providing solutions for a series of privatization and listed company M&A deals, and there are indeed many opportunities for relevant transactions. However, he also admits that “privatization deals largely depend on market conditions, and there is usually ‘a lot of talk but little execution’. If the Hong Kong stock market remains in a slump, more privatization deals may be brokered. However, if the Hong Kong market continues its current recovery momentum, many projects currently in discussion may not go ahead.” Although privatization deals are not yet the mainstay on the market, Li keeps a close watch of this sphere and believes that a wave of privatization will gradually come in the next five to ten years. This is because “the first generation of entrepreneurs born in the 1950s and 1960s will gradually pass the baton to their successors who may have different priorities for developing the businesses... With the changing of the guard, opportunities for privatization and M&As will gradually increase.”
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