Nearly 200 people from more than 60 institutions, including exchanges, securities companies, banks, funds, law firms, and research institutes, 100 pre-listing companies in Chaoyang District, and several related departments attended the forum.
The topic of this forum is dual listing of companies. Recently, the Government of China has issued related policies on the domestic and overseas listing of companies successively, for instance, “Several Opinions on Launching the Pilot Program of Domestically Issuing Stocks or Depository Receipts by Innovative Enterprises” and other latest policies. It indicates that the capital market of China is becoming more and more open, and this forum could not only conform to real needs of development of enterprises, but also play an important role in promoting the healthy development of China's capital market.
Zhu Ning, the managing partner of Chance Bridge Partners, hosted the opening ceremony of the forum. The head of relevant work from Chaoyang District Commission of Development and Reform of Beijing Municipality and Yao Hui, the executive directors of Center for Civil and Commercial Law of Renmin University of China delivered speeches respectively.
This forum includes two parts: the keynote speeches and panels. In the keynote speech, Zhang Xiaoxia, the Assistant Vice President of Department of Issuer Services, HKEX (Hong Kong Exchanges and Clearing Limited), delivered the speech, entitled “New Economy, New Finance, and Reform of Hong Kong Listing System”. In the speech, Ms. Zhang introduced the new policies of HKEX to expand the resource of listing companies.
Whereafter, Zhu Jing, in her speech, analyzed the paths of overseas listed companies to return to A share market, from the perspective of the characteristics and different modes of dual-listing.
In the last keynote speech, Stephen Peepels and Wang Shengzhe, the lawyers of Hogan Lovells, introduced the US regulation which may affect listing and bonds offering, in the context of US international trade sanction and export control.
The panels include two topics: “The Path of Chinese Enterprises' Overseas Listing” and “The Risks of dual listing and Solutions”. The seniors from securities companies, law firms, state-owned enterprise and the capital operation department of large corporation, discussed the topics and conferred with each other in the panels.
They shared experience on structuring of domestic and overseas listing, market selection, compliance, information disclosure, application of law and how to choose the intermediaries offering listing services.
Experts and representatives attending the meeting agreed that dual listing offers Chinese companies a shortcut to the broad capital markets, and it also has provided more convenient conditions for Chinese and foreign investors. Meanwhile, dual listing provides an important, open platform which connects the development of capital market of China with the capital market of developed countries.