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IPO on SSE STAR Market to Set Direction for China's Capital Market

2020.01.02

The establishment of the Sci-Tech innovation board (STAR Market) in Shanghai Stock Exchange (SSE) and the pilot registration-based review system are major reform measures for the capital market announced by Chinese top leader at the first China International Import Expo on November 5, 2018, which are also the primary tasks of the China Securities Regulatory Commission (CSRC) and SSE in 2019. From the official acceptance of listing applications from March 22, 2019 to December 31, 2019, applications from 205 enterprises have been accepted for listing on SSE STAR Market, among which 70 enterprises have been listed, 10 have been registered with the CSRC pending stock issuance, and 27 have been approved by the Listing Committee of Sci-Tech Innovation Board of SSE and are in the process of registration.


JunHe is one of the earliest law firms in the country that are actively engaged in legal services for IPO projects on the STAR Market. So far, JunHe has served as the legal advisor for 12 issuers who have either successfully listed on the STAR Market, or been registered with CSRC or approved by the Listing Committee of Sci-Tech Innovation Board of SSE. It includes the first applicant ever accepted by the SSE, the first enterprise with dual-class structure ever approved for registration on the SSE, the first and second pharmaceutical R&D enterprises whose filings were in accordance with the 5th set of standards for listing on STAR Market, the first Guangdong enterprise listed on the SSE and the first enterprise in the southwest region approved by the Listing Committee of Sci-Tech Innovation Board of SSE, etc., making JunHe accumulate rich practical experience and outstanding performance in this field.


Closed Projects


1. JunHe assists Jingchen in its IPO and listing as the first accepted case on the SSE Star Market


JunHe acted as the legal adviser of Jingchen Semiconductor (Shanghai) Co., Ltd. (“Jingchen”), the first company approved to be listed on the SSE Star Market (No. 001).


On August 8 2019, Jingchen conducted an IPO and was listed on the SSE Star Market (Stock Code: 688099). 


The leading partner of this project was TAO, Xudong, and the core partner was ZHAO, Jikui.


2. JunHe assists Appotronics in its A-share listing as the first Guangdong company on the SSE STAR Market 


On July 22, 2019, the STAR Market was officially launched, on which the first 25 companies got listed, including Shenzhen Appotronics Corporation Ltd. (“Appotronics”), for which JunHe acted as the legal advisor. Appotronics was the first company in Guangdong ever listed on the STAR Market (stock code: 688007).


The undertaking partners for this project were HU, Yijin, ZHANG, Huili, and YUAN, Jiani (Jenny). The core partner was LI, Ruochen.


3. JunHe assisted Beijing Seeyon Internet Software Corp. in its A-share listing on the SSE STAR Market


On October 31, 2019,JunHe, acting as counsel, assisted Beijing Seeyon Internet Software Corp. in its IPO on the Sci-Tech Innovation Board of the Shanghai Stock Exchange with the stock code 688369. Seeyon issued 19.25 million new shares in this issuance and raised RMB950 million. 


The leading partners in this project were SHI, Tiejun,LI, Ruochen, and the core partner was CHEN, Yi.


4. JunHe assists Beijing Kingsoft Office Software, Inc. in its A-share listing on the SSE STAR Market


On November 18, 2019, Beijing Kingsoft Office Software, Inc. (“Kingsoft Office”) was listed on the Sci-Tech Innovation Board, with the stock code 688111, for which Junhe acted as the legal counsel of the issuer. In the IPO, Kingsoft Office issued 101 million new A-shares and raised RMB4.632 billion in total.


The leading partners in this project were SHI, Tiejun, YI, Yisong, LI, Ruochen, and the core partner was ZHAO, Jikui.


5. JunHe assists Primeton Technologies, Ltd. in its A-share listing on the SSE STAR Market


On December 14, 2019, Primeton Technologies, Ltd. was listed on the Sci-Tech Innovation Board, with the stock code 688118, for which Junhe acted as the legal counsel of the issuer. Primeton Technologies, Ltd. issued 23.85 million new shares and raised RMB 640 million in total.


The leading partners of this project were SHAO, Chunyang, DONG, Jianping, FENG, Cheng.


6. JunHe assists Beijing Bayi Space LCD Technology Co., Ltd. in its A-share listing on the SSE STAR Market


On January 6, 2020, Beijing Bayi Space LCD Technology Co., Ltd. was listed on the Sci-Tech Innovation Board, with the stock code 688181, for which Junhe acted as the legal counsel of the issuer. Beijing Bayi Space LCD Technology Co., Ltd. issued 24,118,254 new shares and raised RMB 1.06 billion in total.


The leading partners of this project wereSHI, Tiejun and LIU,Xin, the core partner was WEI, Wei.


7. JunHe assists UCloud Technology Co., Ltd. in its A-share listing on the SSE STAR Market


On January 20, 2020, UCloud Technology Co., Ltd. was listed on the Sci-Tech Innovation Board as the first applicant with special voting right system, with the stock code 688158, for which Junhe acted as the legal counsel of the issuer.

UCloud issued 58.5 million new shares and raised RMB 1.944 billion in total.


The leading partner of this project was WANG, Yi, the signing lawyers were WANG, Yi, JIANG, Wenjun (Kelvin), SHANG, Shiming (George), and the core partner was LI, Ruochen.


8. JunHe assists Suzhou Zelgen Biopharmaceuticals Co., Ltd. in its A-share listing on the SSE STAR Market


On January 23, 2020, Suzhou Zelgen Biopharmaceuticals Co., Ltd. was listed on the Sci-Tech Innovation Board, with the stock code 688266, for which Junhe acted as the legal counsel of the issuer. Suzhou Zelgen Biopharmaceuticals Co., Ltd. issued 60 million new shares and raised RMB 2.0256 billion in total.


The leading partners of this project were SHI, Tiejun and TAO, Xudong, the core partner was ZHAO, Jikui.


Pending Project


  • Bio-Thera Solutions, Ltd. (which is the second enterprise applying the fifth set of application standards), has been examined and approved by the Listing Committee of Sci-Tech Innovation Board of SSE, registered with CSRC, and will go public soon.


Other Representative IPO Projects


  • HitGen Ltd. (which is the first applicant in southwest region approved by the CSRC) has been examined and approved by the Listing Committee of Sci-Tech Innovation Board of SSE and the application is submitted to the CSRC for registration.

  • GreenTech Environmental Co., Ltd. has been examined and approved by the Listing Committee of Sci-Tech Innovation Board of SSE and the application is submitted to the CSRC for registration.

  • Geovis Technology Co., Ltd. has been examined and approved by the Listing Committee of Sci-Tech Innovation Board of SSE and the application is submitted to the CSRC for registration.


JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.