在这篇文章里，张律师深入概述了香港虚拟资产的现行监管框架，探讨了行业参与者面临的关键发展及挑战。他着重强调了在推动创新的同时，保障消费者保护和市场诚信的重要性。

请按此阅读完整文章，以获取有关香港金融科技未来发展以及将影响这一快速演变行业的监管考量的宝贵见解。

如阁下有任何查询或想了解更多详情，请联络本所合伙人张源辉律师。

The Issuer is a directly wholly-owned company of Renshou County State-owned Assets Supervision and Administration Bureau. The Issuer is an important investment and management entity of state-owned property and a main operation entity for production and sales of electronic products and wire and optical cable, transfer of own land, water affairs, agent construction service fees, and engineering product in Renshou.

Our team was led by Partner Rodney Teoh, supported by Associate Angela Lau, Paralegal Austin Kot (pending admission), Trainee Solicitor Trendy Leung and Paralegal Jay Lee.

Please contact our Partner Rodney Teoh for any enquiries or further information.

Ming Shing is primarily operated through their indirectly wholly-owned Hong Kong operating subsidiaries. They mainly engaged in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works.

Our Partners, Hank Lo and Gordon Tsang, and Associate Ben Chan, acted as the Hong Kong legal counsel for the Joint Underwriters in the Nasdaq Listing and provided comprehensive Hong Kong legal services.

Please contact Hank Lo or Gordon Tsang for any enquiries or further information about this transaction.

The inaugural award aims to recognize 40 young talent aged 40 years old or under across various legal fields in mainland China, Hong Kong, Macau and Taiwan. Winners are selected for delivering the best and best-in-class work ethics to their clients, partners, and colleagues together with showing exceptional passion to grow and lead the development of the legal sector in Greater China.

Gordon Tsang | Partner
Practice Areas: China Practice, Corporate Commercial Law, Corporate Services, Corporate Finance

Gordon has experience handling a wide range of corporate and commercial matters, including pre-IPO restructuring and financing, Hong Kong and U.S. IPOs, mergers and acquisitions, loan and financing transactions, corporate governance and general compliance for listed companies as well as private enterprises.

Gordon has a strong sense of community. He has been awarded by the Law Society of Hong Kong’s Pro Bono and Community Work Recognition Programme for 8 consecutive years and Professional Volunteer Service Accreditation Programme for 3 consecutive years. He is also the Think Tank Member of Dashun Foundation since 2021.

Gordon Tsang has been recognized by IFLR1000 Asia Pacific Guide 2023 and IFLR1000 Asia Pacific Guide 2024 as a Rising Star Partner in Capital Markets- Equity and The Legal 500 Asia Pacific 2024 as a Recommended Lawyer in Capital Markets- Equity.

Gordon is a Non-Executive Director of CROSSTEC Group Holdings Limited (Stock Code: 3893). He is also the Company Secretary of Mabpharm Limited-B (Stock Code: 2181), Sundy Service Group Co. Ltd (Stock Code: 9608) and 1957 & Co. (Hospitality) Limited (Stock Code: 8495).

For any enquiries, please contact our Partner Gordon Tsang.

Hank Lo said, “As investment ties between the Middle East and China (including Hong Kong) grow stronger, our role in connecting capital and opportunities between these regions has become more important than ever. This collaboration will enable us to foster greater global coverage and facilitate access for our Asian clients to one of the most international, diverse, and liquid capital markets in the Middle East.”

For further information, please contact our Hank Lo or Terence Lau.

Enhanced Application Timeframe

The Enhanced Application Timeframe is designed to give applicants more certainty regarding the timeline for reviews. For applications that fully meet all applicable requirements, both the SFC and the Exchange will provide their regulatory assessments within 40 business days, after a maximum of two rounds of comments. Applicants are expected to take around 60 business days to address all comments and complete the application process within the six-month validity window.

An illustration of the Enhanced Application Timeframe is extracted from the joint statement and set out as follows:

1. The business days taken for each round of comments may be subject to slight adjustments, but overall it is expected that the time taken by each regulator will be no more than 40 business days.
2. It refers to the acknowledgement of listing application.
3. If the SFC shares the same regulatory concerns as those included in the Exchange’s comment letters, it will issue a letter via the Exchange to notify the applicant through its sponsor, which will be counted as one round of comments from the SFC.
4. Upon confirmation of no material regulatory concerns, the Exchange will issue a Hearing Bundle Letter (HBL) setting out the matters to be dealt with or addressed by the applicants and their sponsors to finalise the disclosure in the listing document. When the applicants and their sponsors have a listing document that is ready for Listing Committee Hearing, and having obtained all requisite approvals from other authorities or regulators, where applicable, the application will proceed to the Listing Committee Hearing.

Accelerated Timeframe for A-share Listed Companies

A company may qualify for an accelerated process if it has already been listed in Mainland China (A-share listed) with a market capitalisation of at least HK$10 billion, and complied, in all material respects, with the laws and regulations applicable to it’s A-share listing for the past two full financial years. In this case, the review process will be completed in just one round of comments, with the regulators completing their assessments within 30 business days.

Applications Requiring Longer Review

For applications where material regulatory concerns arise, or where responses are incomplete, the review process may take longer. In such circumstances, the regulators will engage closely with the applicant and their advisers, offering further guidance to address concerns. If problems persist after two rounds of comments, a formal requisition letter may be issued, lengthening the process.

Strengthening Hong Kong’s Capital Markets

Both the SFC and the Exchange are confident that the Enhanced Application Timeframe will improve the listing experience by offering greater predictability for applicants. The new process will help Hong Kong maintain its competitive edge as a top destination for companies seeking to go public. Regulatory leaders emphasise their commitment to working with applicants and their advisers to ensure efficient, high-standard listings.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.