On 24 March 2023, The Stock Exchange of Hong Kong Limited (the “Exchange”) published the consultation conclusions (the “Conclusions”) on the new listing framework for Specialist Technology Companies (“STCs”). The Conclusions were issued in response to the two-month consultation (the “Consultation”) in respect of the consultation paper (the “Consultation Paper”) published by the Exchange on 19 October 2022 (see our news update on the Consultation).

The new listing regime will be added as Chapter 18C of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), and the corresponding amendments, together with the Guidance Letter on Specialist Technology Companies (the “Guidance Letter”) will come into effect on 31 March 2023. Commencing on the same day, companies may submit a formal application for listing under the new regime.

The Exchange will implement the proposals as set out in the Consultation Paper, subject to certain amendments. Set out below are the key features of the new listing regime.

Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Pacific Century Securities, LLC, the underwriter of CBL International Limited (NASDAQ: BANL) (“CBL”) in their successful listing on the Nasdaq Capital Market on 23 March 2023. CBL offered a total of 3,325,000 Ordinary Shares, priced at US$4.00 per share. The aggregate gross proceeds from the Offering was US$13.3 million.

Stevenson, Wong & Co. acted for Neijiang Investment Holding Group Co., Ltd. (the “Issuer”) on its successful issuance of US$50 million 7.5% guaranteed bonds due in 2026.

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On 1 March 2023, our Partner and Head of the Banking and Finance Department Ms. Heidi Chui, Partner Mr. Rodney Teoh, and Marketing and Communications Executive Ms. Julia Yeung, attended the Asia Pacific Loan Market Association (APLMA) Syndicated Loan Market Awards Ceremony at the Rosewood Hong Kong. More than 280 representatives from banks, law firms and financial service companies attended the ceremony.

The Asia Pacific Syndicated Loan Market Awards recognise outstanding achievements in a total of 32 categories and are voted by APLMA’s members. We would like to take this opportunity to extend our congratulations to all the winners.

Between 22 – 25 February 2023, our Partners, Mr. Willy Cheng and Ms. Lai Lam, participated in the INTERLAW 2023 Asia Pacific Regional Meeting (APRM). The long-awaited in-person APRM took place in Bangkok under the theme of “Knowing Your Worth“.