As an important reform measure in the capital market to implement the strategies of promoting innovation-driven development and building China into a science and technology giant, the Sci-Tech Innovation Board (STAR Market) was established and started to pilot the registration-based IPO mechanism in 2019 and, since then, STAR Market has acted as a "experimental field" of basic system reforms and innovations, opening a new era of Chinese capital market.
On April 29, 2020, 9:30 a.m., STAR Market welcomes its 100th listed company, Hangzhou Raycloud Technology Co., Ltd. With vigorous development from scratch 9 month ago, STAR Market has reached a new milestone, now home to 100 listed companies. 36 law firms was involved to provide legal services in the IPO of those 100 companies. JunHe is one of the earliest law firms in the country that are actively engaged in legal services for IPO projects on STAR Market. With our 30-year solid expertise in the capital market, we has become an industry leader who helped 10 companies (i.e. 10% of the total) in their successful IPO, making us among the top ranks in terms of number of IPO projects on STAR Market. This also illustrates JunHe's comprehensive strength of innovation, quantity and quality in the legal services of IPO on STAR Market.
(Source of data: Qheedata)
1. Jingchen - the first accepted IPO case on STAR Market
On March 22, 2019, the listing application of Jingchen Semiconductor (Shanghai) Co., Ltd. ("Jingchen") on STAR Market was accepted by the Shanghai Stock Exchange, making Jingchen the first STAR Market IPO applicant whose case was accepted (No. 001), in which JunHe acted as the legal counsel for the issuer. In absence of any precedents in the market, and with the market rules freshly promulgated, JunHe delivered efficient and quality legal services in the IPO application for this project by keeping efficient communication and collaboration with the issuer and other intermediaries, and succeeded in helping Jingchen go public on August 8, 2019.
The leading partner in this project was Mr. TAO, Xudong.
2. Appotronics – one of the first listed companies on STAR Market and the first one in Guangdong Province
On July 22th, 2019, Shenzhen Appotronics Corporation Ltd. (" Appotronics"), with JunHe as its counsel, officially entered the SSE STAR Market as one of the first 25 listed companies. Appotronics was then become the first Guangdong company on STAR Market.
The leading partner was Mr. HU, Yijin.
3. Ucloud - the first enterprise with dual-class structure ever approved for IPO registration
On January 20, 2020, Ucloud Technology Co., Ltd. ("Ucloud") was listed on SSE STAR Market, for whom JunHe acted as the legal counsel. Ucloud allow the establishment of special voting rights, which is the first enterprise with dual-class structure ever approved for IPO registration.
The leading partner of this project was WANG, Yi.
4. Zelgen Biopharmaceuticals - the first unprofitable enterprise to which the fifth set of standards for the board are applicable
On January 23, 2020, Suzhou Zelgen Biopharmaceuticals Co., Ltd. ("Zelgen Biopharmaceuticals") was listed on SSE STAR Market, for whom JunHe acted as the legal counsel. Zelgen Biopharmaceuticals is the first innovative drug R & D enterprise to log on to the Sci-Tech Innovation Board (to which the fifth set of standards for the board are applicable), as well as the first enterprise in the history of the A-share capital market to successfully achieve initial public offering and listing of shares without any operating income or profit.
5. Bio-Thera Solutions, Ltd. - the second unprofitable company to which the fifth set of standards for the board are applicable
On February 21, 2020, Bio-Thera Solutions, Ltd. (“Bio-Thera”) went public on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, for which JunHe acted as the counsel to the issuer. Applied the fifth set of standard for the board with the "estimated market value of not less than CNY4 billion", Bio-Thera is the second unprofitable company applying the fifth set of standards which succeeded in completing IPO on the STAR Market, and is also the second company in the history of A-share market that went public with negative prime operating revenue and negative profit after Zelgen Biopharmaceuticals.
6. HitGen - the first IPO in southwestern China on SSE STAR Market
On April 16, 2020, the China Securities Regulatory Commission approved the A-Share IPO registration application of HitGen Inc. ("HitGen"), and JunHe acted as the issuer’s legal counsel. HitGen was successfully listed on the STAR Market, which is the first company successfully listed on the SSE STAR Market in Chengdu, Sichuan Province and even Southwestern China
7. STAR Market Listing of Kingsoft Office Software, Inc., Hong Kong listed company Kingsoft Corporation Limited’s Spin-Off Subsidiary
On November 18, 2019, Beijing Kingsoft Office Software, Inc. (‘Kingsoft Office’), was listed on STAR Market, making it become the first STAR Market listed company spun off from a Hong Kong listed company. JunHe acted as the counsel for Kingsoft Office. The total market value of Kingsoft Office exceeds CNY100 billion, and is private enterprise that has raised by far the highest amount on the Sci-Tech Innovation Board.
The leading partners in this project were Mr. Shi, Tiejun and Mr. YI, Yisong.
8. Bayi Space - the first company which successfully transforms from a new OTC Market listed company to a STAR Market listed company in Beijing
On January 6, 2020, Beijing Bayi Space LCD Technology Co., Ltd. (“Bayi Space”) was listed on SSE STAR Market. With the "estimated market value of not less than CNY1 billion", Bayi Space is the first company which successfully transforms from a new OTC Market listed company to a STAR Market listed company in Beijing.
The leading partner of this project was Shi, Tiejun and LIU, Xin.
9. Primeton Technologies
On December 4, 2019, Primeton Technologies, Ltd. ("Primeton Technologies"), with JunHe acting as its counsel, was listed on the SSE Star Market. As a professional domestic provider of software infrastructures, Primeton Technologies provides independent, controllable, safe and reliable software infrastructures and application software development services for large and medium-sized users in finance, government affairs, energy, telecommunications and manufacturing and other industries.
The leading partners in this project were SHAO, Chunyang.
On October 31, 2019, Beijing Seeyon Internet Software Corp. (“Seeyon”), for whom JunHe acted as the counsel, was listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange. Seeyon is committed to the sector of enterprise management software, and is a leading collaboration management software provider in China. It provides its customers with collaboration management software, solutions, collaboration management platforms and cloud services, integrating the design, research and development, sale and service of collaboration management products.
The leading partner in this project was Mr. Shi, Tiejun.