Stevenson, Wong & Co. acted as Hong Kong legal adviser to US Tiger Securities, Inc. (the “Underwriter”), the underwriter of ChowChow Cloud International Holdings Limited (NYSE American: CHOW) (“ChowChow Cloud”) in connection with its successful listing on NYSE American on 16 September 2025 (the “NYSE American Listing”). ChowChow Cloud offered a total of 2,600,000 Ordinary Shares, priced at US$4.00 per share , raising aggregate gross proceeds of approximately US$10.4 million.

ChowChow Cloud is a pioneer in providing one-stop cloud solutions supporting companies across the IT industry value chain throughout their cloud transformation journey, from consulting, deployment, and migration to cloud environment building and management.

ChowChow Cloud’s business primarily comprises (i) digital transformation consulting services consisting primarily of cloud suitability assessment, real-time resource management and strategic planning and advisory, (ii) professional IT services with a wide range of capabilities designed to facilitate seamless cloud integration and digital transformation, (iii) AI-powered proactive cloud managed services covering all aspects of day-to-day cloud maintenance and support, and (iv) IT infrastructure solutions covering on-premise private cloud setups and public cloud integrations, including infrastructure applications such as its Sereno Cloud App360 AI and Data Science Platform, which consists of several core components.

ChowChow Cloud primarily operates in the Asia-Pacific region, with a strong presence in Hong Kong and Singapore. Since 2019, it has expanded its geographical footprint to other jurisdictions in the Asia-Pacific region, including the Philippines, Taiwan, Indonesia, and Australia.

Our Partners, Hank Lo and Gordon Tsang, together with Senior Associate Gary Kwok, acted as Hong Kong legal counsel to the Underwriter in the NYSE American Listing.

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

We are proud to announce that our Partner, Head of Banking and Finance and Litigation and Dispute Resolution Department, Heidi Chui, has been honoured with the prestigious title of “Woman Lawyer of the Year” at The ALB Hong Kong Law Awards 2025. This recognition adds to her accolades as a two-time winner of the “Dispute Resolution Lawyer of the Year” in 2023 and 2024, making her a three-time recipient at The ALB Hong Kong Law Awards.

Additionally, our Partner and Deputy Head of Corporate Finance and Co-head of the FinTech Group, Rodney Teoh, has been named a finalist for “Dealmaker of the Year”.

The award ceremony, held on 12 September 2025 at the Conrad Hong Kong, gathered legal professionals from across the region to honor excellence in the legal field. Our Partners, Heidi Chui and Rodney Teoh, represented our firm at this distinguished gala.

The ALB Hong Kong Law Awards is one of the most prestigious and longest-running awards in Hong Kong’s legal community, recognizing the outstanding performance by private practitioners and in-house teams in the region.

We are also delighted to share that our firm received nominations in the following categories:

• Civil Litigation Law Firm of the Year
• International Arbitration Law Firm of the Year
• Matrimonial and Family Law Firm of the Year
• GBA Law Firm of the Year (Hong Kong)
• Hong Kong Law Firm of the Year
• Dispute Resolution Lawyer of the Year – Heidi Chui
• Dealmaker of the Year – Rodney Teoh
• Equity Market Deal of the Year (Top 5 Finalists) – Nanshan Aluminium International Holding IPO and Global Offering on HKEX Main Board

We extend our gratitude to ALB for hosting this exceptional event and congratulate all winners and finalists.

Our Partners (from the left) Katy Lai, Heidi Chui and Rodney Teoh.

For more information, please contact our Partners Heidi Chui and Rodney Teoh

On 27 June 2025, the Financial Services and the Treasury Bureau (“FSTB”) and Securities and Futures Commission (“SFC”) released two consultation papers concerning the development of regulation surrounding virtual assets (“VA(s)”[1]). Specifically, the Consultation Papers propose new licensing regimes for (i) dealing in VAs (the “VA Dealing Consultation Paper”) and (ii) VA custodian services (the “VA Custodian Consultation Paper”, together with the VA Dealing Consultation Paper, the “Consultation Papers”). The consultation period for public comments on the Consultation Papers runs up until 29 August 2025.

The current proposals have the dual aims of strengthening Hong Kong’s Anti-Money Laundering (“AML”)/Counter-Terrorism Financing (“CTF”) compliance and creating an investor-friendly and secure VA regulatory framework in Hong Kong. This News Update summarises the key contours of the regulatory proposals made by the Consultation Papers, and offers our insights on the issue.

Key Definitions and Scope

“Dealing in VAs” – The VA Dealing Consultation Paper proposes to define “dealing in VAs” as the situation where, by way of business, any person makes or offers to make an agreement with another person, or induces or attempts to induce another person to enter into or to offer to enter into an agreement:

• for or with a view to acquiring, disposing of, subscribing for or underwriting VAs; or
• the purpose or pretended purpose of which is to secure a profit to any of the parties from the yield of VAs or by reference to fluctuation in the value of VAs.

The legislative proposals would capture VA-to-VA and VA-to-fiat conversions, brokerage and block trades, via physical outlets or other platforms. Peer-to-peer trading of VAs between individuals without the involvement of any intermediaries are generally excluded from the above scope, but platforms facilitating such trading will be assessed on a case-by-case basis, as they may fall within the scope depending on factors such as their remuneration model. Additionally, advisers taking client orders for VA trades and asset managers placing orders for VA trades may fall within the above scope.

“Provision of VA Custodian Services” – The VA Custodian Consultation Paper proposes to define the “provision of VA Custodian Services” as, by way of business, the safekeeping of VAs or instruments enabling the transfer of VAs of clients (including but not limited to private keys or similar instruments, such as smartcards or authentication credentials for accessing the private keys) on behalf of clients. The holding of one’s own VAs and associated private keys are excluded from the above scope.

Further details regarding the scope of the legislative proposals can be found hereinbelow:

Regulatory Proposals

Main aspects of the proposed regulatory framework are found in the table below:

Analysis and Takeaways

Regulatory Framework for Virtual Asset Services in Hong Kong

Hong Kong is taking the necessary next step by extending supervision beyond VATPs to capture over-the-counter dealing and custodianship activities. This expansion addresses regulatory vulnerabilities and raises baseline standards across AML/CTF and investor protection measures. If implemented with appropriate proportionality, the reforms can strengthen market integrity without constraining growth. Successful execution will depend on addressing several key considerations:

• Overlap and duplication: Requiring separate licences across dealing, custody, and existing SFO and Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (“AMLO”) frameworks risks duplicative supervision and fragmented compliance obligations. Streamlined pathways and targeted exemptions would help avoid unnecessary costs and complexity, particularly for smaller firms.
• Capital calibration: The proposal for virtual asset dealers to maintain liquid assets at least equal to 12 months’ operating expenses, in addition to other minimum requirements, goes well beyond typical Type 1 licensed corporation expectations. While liquidity is certainly important, immobilising substantial capital may divert resources which could otherwise be invested in security infrastructure, product development, and client service capabilities.
• Cross-border execution: The openness to using regulated overseas VATPs supports liquidity provision and best execution practices. Setting clear, objective criteria for eligible jurisdictions, counterparties and controls would help prevent case-by-case uncertainty that may delay client onboarding and trading activities.
• Transition arrangements: Market participants may face increased operational pressure due to the immediate effectiveness of the proposed regulations. Transparent pre-application pathways, standardised compliance checklists, and phased implementation milestones would reduce implementation risks and potential service disruptions.

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.

Note

[1] “VAs” are given the same meaning as set out in section 53ZRA of the AMLO.

前言：

香港IPO市场于2025年上半年强势反弹，跃升为全球IPO集资排行榜之首。而在2025年第二季度，港股迎来了多家募资额庞大的IPO，其中恒瑞医药成为近五年港股医药板块最大IPO，而宁德时代更成为港股近年来发行规模最大的IPO项目。正在等待审批的递表企业超过了两百家。港股IPO市场的强劲表现，离不开联交所近期采取的连串IPO优化措施。联交所一方面努力提升上市申请审批效率，于2024年10月18日与证监会联合优化上市审批流程时间表；另一方面，持续推出新政吸引内地新经济企业来港上市，继2024年9月降低了《上市规则》第18C章规定的“特专科技公司”上市门槛后，又于2025年第二季度与证监会联合推出了“科企专线”，进一步便利特专科技公司和生物科技公司的新上市申请。

基于此，本文分将为两大部分：第一部分系统梳理港股第二季度成功IPO企业的上市表现；第二部分则介绍便利新经济企业付港上市的18C章与科企专线的特色。本文力求为发行人、投资者与中介机构提供深入的市场观察与分析。

1. 2025年第二季度港股IPO情况概览

1. 2025年4-6月新上市企业情况

2025年第二季度，香港IPO市场呈现显著活跃态势，投资者热情空前高涨，体现在普遍超高的超额认购倍数及首日股价强劲表现上。这一市场热度引来各行业龙头企业争相布局香港上市计划。如此活跃的市场生态既是投资者对优质企业价值的认可，也彰显了香港作为连接全球资本与中国企业的国际金融中心所具备的强大吸引力与独特优势。从数据看，这些新股平均超额认购倍数高达643倍，首日平均涨幅达30.02%，表明投资者对港股新上市企业热情高涨。在27家第二季度登陆港股的企业中，药捷安康的超额认购倍数最高，达3419倍，其首日涨幅也高达78.71%。沪上阿姨同样备受追捧，超额认购倍数达3616倍，首日涨幅为40.03%。新股的市场表现与基石投资者质量呈现明显相关性——拥有知名基石投资者的企业通常获得更高的认购倍数或更好的上市表现，如映恩生物拥有BioNTech等12家知名基石投资者，首日涨幅高达116.7%。而没有基石投资者参与的股份表现则相对逊色。行业方面，生物科技和先进硬件及软件类企业表现尤为突出，显示投资者对新经济行业的持续青睐，这反映了香港作为国际金融中心在全球资本市场中的重要地位和吸引力。

序号	企业名称	行业	上市日期	港股代码	超额认购倍数	上市首日股价涨跌幅	基石投资者
1.	云知声智能科技股份有限公司	先进硬件及软件	2025-06-30	09678	约91倍	+44.59%	SensePower、臻一、润建国际
2.	泰德医药（浙江）股份有限公司	生物科技-制药	2025-06-30	03880	约301倍	+0.65%	石药、Welight Capital
3.	IFBH Limited	饮品（非酒精类）	2025-06-30	06603	约2682倍	+42.09%	UBS AM Singapore、Black Dragon、南方基金、广发国际、Harvest Oriental SP、工银理财等
4.	周六福珠宝股份有限公司	钟表珠宝	2025-06-26	06168	约711倍	+25.00%	罗湖投资、永诚二号香港、Jump Trading、凯因家族办公室、Seraphim Advantage、君宜永信、灵宝黄金、广发基金
5.	圣贝拉有限公司	保健护理服务	2025-06-26	02508	约193倍	+33.74%	GIMM、华夏基金、JKKB、吴启楠、SS Morgan、敏睿、汪牵擎
6.	颖通控股有限公司	美容护肤产品及服务	2025-06-26	06883	约34倍	−10.42%	无
7.	湖北香江电器股份有限公司	家用电器	2025-06-25	02619	约852倍	−11.89%	顺捷投资、興黃控股、云星科技
8.	曹操出行有限公司	陆运	2025-06-25	02643	约20倍	−14.16%	Mercedes-Benz、未来资产证券、无极资本、国轩香港、亿纬亚洲、RoboSense HK
9.	浙江三花智能控制股份有限公司	电器部件与设备	2025-06-23	02050	约747倍	−0.13%	Schroders、GIC、景林资产、Green Better、Verition、钟鼎资本八期、工银理财、泰康人寿等
10.	药捷安康（南京）科技股份有限公司	生物科技-制药	2025-06-23	02617	约3419倍	+78.71%	江北医药、康方生物科技、华盛敦行、药石地平线、科瓴安
11.	佰泽医疗集团	保健护理服务	2025-06-23	02609	约24倍	+42.18%	Harvest Oriental
12.	佛山市海天调味食品股份有限公司	食品添加剂	2025-06-19	03288	约918倍	+0.55%	HHLRA、GIC、RBC、源峰基金、UBS AM Singapore、HSG Growth、佛山发展等
13.	新琪安集团股份有限公司	半导体产品及设备	2025-06-10	02573	约149倍	+21.43%	Reynold Lemkins、合赢
14.	容大合众（厦门）科技集团股份公司	先进硬件及软件	2025-06-10	09881	约275倍	+42.00%	香港临泰、曹柯、林小坚、中晟集团、李舒菡、Main Achieve、伍志发
15.	MetaLight Inc.	广告	2025-06-10	02605	约274倍	−30.30%	无
16.	手回集团有限公司	多元化保险	2025-05-30	02621	约990倍	−18.19%	海泰香港、韬越实业
17.	厦门吉宏科技股份有限公司	纸制品	2025-05-27	02603	约49倍	+39.06%	Timber Kangaroo、昱龙国际、沈臻宇
18.	派格生物医药（苏州）股份有限公司	生物科技-制药	2025-05-27	02565	约743倍	−25.90%	益泽康瑞
19.	江苏恒瑞医药股份有限公司	制药	2025-05-23	01276	约454倍	+25.20%	GIC、Invesco Advisers、UBS AM Singapore、Cordial Solar、Hillhouse、Millennium ICSA、Oaktree
20.	Mirxes Holding Company Limited	生物科技-制药	2025-05-23	02629	约25倍	+28.76 %	北京浔瑞、Evergreen Gate
21.	宁德时代新能源科技股份有限公司	电池产品	2025-05-20	03750	约151倍	+16.43%	中石化（香港）、KIA、HHLRCF, L.P.、上海高毅及CICC FT、Perseverance Asset Management、Zenith Hop等
22.	绿茶集团有限公司	餐馆食肆	2025-05-16	06831	约317倍	−12.52%	无锡紫鲜、安吉两山、Action Chain、正大、华置、无锡合翔、无锡绿聊、无锡琴雨
23.	海南钧达新能源科技股份有限公司	电池产品	2025-05-08	02865	约3倍	+20.09%	珠海高景、现代直投
24.	沪上阿姨（上海）实业股份有限公司	饮品（非酒精类）	2025-05-08	02589	约3616倍	+40.03%	盈峰控股、华置
25.	博雷顿科技股份公司	机动车零配件与设备	2025-05-07	01333	约198倍	+38.33%	香港欣威、长风基金
26.	映恩生物制药（苏州）有限公司	生物科技-制药	2025-04-15	09606	约115倍	+116.7%	BioNTech、LAV Star、Lake Bleu Prime & Innovation、TruMed、富国基金/香港、易方达基金管理/香港、汇添富基金、盘京基金、MY Asian、EMHCP、WWHCP、苏州苏创
27.	江苏正力新能电池技术股份有限公司	电池产品	2025-04-14	03677	约2倍	+1.45%	江苏国企混改基金、苏州高端装备基金、东南投控
平均值					643倍	+30.02%

2. 港股IPO排队情况

根据港交所“上市申请进展报告”的最新公开数据（截至2025年7月31日），排队中的主板IPO申请为207家，GEM为9家，合计216家。已通过上市委员会聆讯、但尚未挂牌的主板申请为9家，GEM为0家，合计9家。

3. 审批流程时间

自2024年10月18日香港证监会与联交所发布《有关优化新上市申请审批流程时间表的联合声明》后，港股上市审批显著提速。若申请人及其保荐人提交的新上市申请及相关材料符合《证券及期货条例》、《证券及期货（在证券市场上市）规则》及／或《上市规则》下的所有适用规定及指引，则该申请属于“完全符合规定的申请”，证监会与联交所各自最多发出两轮监管意见，并承诺在不多于40个营业日内完成重大监管关注事项的评估。若申请人已于A股上市，预计市值至少达100亿港元，且在具有法律意见支持的基础上，证监会与联交所能够确认申请人在递交新上市申请前的两个完整财政年度已在所有重大方面遵守与A股上市相关的法律及法规，则申请人属于“合资格A股公司”，该评估时限进一步压缩至分别一轮监管意见及不多于30个营业日。如证监会和联交所评估过程中发现重大监管关注事项，则按“需时较长的申请”路径处理，监管部门将与保荐人积极沟通直至问题解决。

措施落地后成效明显——联交所上市审批中位时间由2022年的61个营业日[1]缩短至截至2025年7月31日止12个月的平均28日。审批效率提升不仅体现在统计数据上，也反映在工作节奏上：有投行反映港交所与证监会如今在周末及公众假期亦会致电讨论首轮书面问询，甚至在非工作时间持续跟进，确保申请人充分理解反馈并加速修订材料。[2]

2. 新经济企业港股新机遇

• 18C章-特专科技公司上市

联交所于2023年3月31日正式引入《上市规则》第18C章，为技术成熟度尚处早期、但科研壁垒高且商业化路径清晰的特专科技公司开辟专属上市通道，并且于2024年9月进一步降低了特专科技公司的上市门槛，协助香港巩固国际科创金融枢纽地位。

1. 适用范围

《新上市申请人指南》第2.5章列明了第18C章聚焦的特专科技行业名单（可能不时更新）及特专科技行业可接纳领域名单（非详尽无遗）。

对于不在上述名单的申请人，可以向联交所提交申请查询其是否具备可接纳的特质，可被视为属于特专科技行业可接纳领域名单。

2. 主要规定

港交所将特专科技公司按其收益和市值又分为已商业化公司（Commercial Company）、未商业化公司（Pre-Commercial Company）两类，适用差异化审核与持续义务，令更多硬科技企业得以借助港股平台加速成长。

3. 市场案例

香港资本市场推出《上市规则》第18C章后，迎来新一波特专科技企业上市热潮，进一步提升了香港市场的吸引力。截至目前，已有三家企业成功通过18C章上市。这些企业虽在超额认购和首日表现上呈现差异，但均体现了市场对前沿科技的热忱。目前还有12家企业已披露通过18C章递表，反映出越来越多新经济企业正考虑借助港股平台加速发展。以下是成功通过18C章上市企业的详细情况：

4. 18C企业需关注的合规要点（结合香港证监会和中国证监会重点关注问题）

1. 科技伦理审查

虽然目前港股IPO并无专门的“科技伦理准则”；但在生物科技临床伦理、董事会ESG职责及中介机构胜任要求中已隐含伦理合规框架。对18C申请人而言，最佳做法是在招股书与ESG报告中主动披露算法治理、数据伦理与用户影响评估，借此满足监管对“高标准商业道德”及“伦理惯例”的原则性要求并降低未来问询压力。

1. 数据合规及网络安全审查（数据来源、数据使用、数据安全）

特专科技公司往往依赖大数据与云计算。香港证券监会及中国证监会将核查企业数据来源的合法性、数据跨境传输的合规性及数据存储、传输、处理全流程的隐私保护和数据安全等，特别关注是否触及关键信息基础设施、是否在递表前完成网络安全审查。申请人应尽早建立并严格执行技术可控的网络安全内控体系，确保责任制度落地，有效防范数据合规缺口、网络攻击及由此引发的法律纠纷。

1. 贸易制裁及贸易风险限制

被列入出口管制或实体清单的企业并非自动失去港股上市资格，但港交所将“视乎个案情况评估是否放行”。港交所将按2019年《制裁风险指引》（HKEX-GL101-19）及《新上市申请人指南》第4.4章评估公司受制裁范围、制裁对公司业务的具体影响、公司降风险措施的有效性。视制裁活动的等级，公司可能被要求必须获得额外法律意见、停止相关活动、采取有效的内部监控措施、强化披露甚至可能被拒绝上市。因此，面对潜在制裁风险，18C申请人须先行开展全面的法律与商业影响评估，制定可操作的缓解方案并在招股书中充分披露相关细节，以证明其上市活动既符合适用制裁法规，也不会损害港交所声誉或投资者利益。

• 科企专线

1. 适用范围

联交所与证监会于2025年5月6日联合官宣推出“科企专线”，专为有意通过第18A章赴港上市的生物科技公司及第18C章赴港上市的特专科技公司提供及早、量身定制的“手把手”上市筹备指引服务。有意与联交所通过科企专线沟通的准申请人可在正式递交A1表格上市申请前，通过电子邮件向科企专线旗下上市科提交“科企专线—查询表格”及M119补充材料。

2. 保密申请机制

为降低早期发展阶段或尚未商业化推出产品的公司过早和长期披露运营战略、专有技术和上市计划所带来的竞争与市场风险，科企专线允许符合条件的申请人以保密形式递交上市申请。但若申请人计划就新上市进行涉及簿记建档活动的配售，须依《上市规则》第12.01C条要求，在刊发聆讯后资料集的同一天将整体协调人公告登载在香港交易所网站。公司相关资料仅在通过聆讯后公开，期间联交所会要求申请人严格保密，若出现泄密情况，联交所在综合考虑泄密原因及程度、泄密信息的重大性、批准保密条件是否仍适用等情况后，可能行使酌情权撤回申请人的保密资格，并要求申请人重新遵守刊载申请版本及/或整体协调人公告的要求。

3. 支持措施

联交所已成立具备《上市规则》第18A章及18C章上市申请审批和指引经验的专业团队，提供“前置辅导+个案诊断”双重服务：一是公司查询后，上市部在五个工作日内即可给出初步回复，并与公司面对面剖析上市资格及合适性的具体要求；二是就《上市规则》条文的理解和相关特定个案问题，潜在申请人在早期即可获得与港交所直接讨论的机会并获得初步指引。此类“非正式预沟通”提高了问询效率，降低了沟通成本，亦有助发行人与保荐人及早了解适用的上市规则，完善申请材料。

4. 不同投票权架构公司的合规要求

在治理结构方面，生物科技公司与特专科技公司若分别完全符合《上市规则》第18A章及第18C章的规定且寻求以不同投票权架构（WVR structure）上市，将自动被推定为已符合《上市规则》第8A章创新产业公司规定及外界认可规定。然而，申请人仍须严格遵守《上市规则》第8A章及《新上市申请人指南》第2.2章的其余适用规定。

• 结语

随着联交所及香港证监会持续优化审批流程，众多潜在发行人预计将充分利用“科企专线”及18C上市规则，把赴港上市纳入优先战略选项。优质科技密集型企业的批量涌入将使香港资本市场的投资标的更为多元，吸引全球资金积极配置，显著提升市场交易活跃度与流动性，并进一步巩固香港国际金融中心的地位。新经济企业应抓住这一风口，在专业顾问团队的指导下及早完成上市前法律架构搭建与合规梳理，并于递表阶段确保申请文件的精准准备和高效沟通。

注：本文由WiseLaw (wiselaw-hk@wiselawai.com) 提供数据研究服务。

 本文由本所企业融资部劳恒晃律师、曾浩贤律师、郑钰茵律师、刘砚枫律师、谢庆伦律师、黄汉雄律师及黄虹博士共同合著。如有任何疑问或需要进一步的信息，请联系我们的劳恒晃律师、曾浩贤律师、郑钰茵律师、刘砚枫律师。

本新闻简讯更新仅供参考。其内容不构成亦不应视为法律咨询意见。史蒂文生黄律师事务所不会就任何因倚赖本处所载资料而作出的决定丶采取的行动或不采取的行动所引致的或与之有关的任何特别丶间接或相应而生的损失或损害向阁下承担法律责任。

[1] 见https://finance.sina.com.cn/jjxw/2025-04-07/doc-inesincv4492075.shtml?cre=tianyi&mod=pchp&loc=3&r=0&rfunc=8&tj=cxvertical_pc_hp&tr=12

[2] 见https://finance.sina.com.cn/stock/marketresearch/2025-07-09/doc-infewcvu1399777.shtml

[3] 依据《证监会与联交所就特专科技公司及特殊目的收购公司并购交易规定作短期修改的联合公告》，特专科技公司上市时的最低市值规定于2024年9月1日至2027年8月31日的实施期内短暂下调：如为已商业化公司：由60亿港元减至40亿港元；及如为未商业化公司：由100亿港元减至80亿港元。见https://www.hkex.com.hk/News/Regulatory-Announcements/2024/240823news?sc_lang=zh-HK

[4] 只计算申请人的特专科技业务分部所产生的收益，不包括来自申请人其他业务分部的任何分部间收益，或附带的、偶然产生的、由其他业务产生的收益，或由账面交易所产生的收益。

[5] 在衡量是否达到上述的适用百分比门槛时，上市前3个会计年度中须有至少2个会计年度每一年都达到适用的百分比门槛，而且上市前三个会计年度合并计算也达到适用的百分比门槛。

[6] 见https://www.hkex.com.hk/News/Regulatory-Announcements/2023/230324news?sc_lang=zh-HK

In addition to the successful listing of Garden Stage Limited (NASDAQ: GSIW) (“Garden Stage”) on the Nasdaq Capital Market on 1 December 2023, Stevenson, Wong & Co. acted as the Hong Kong legal advisers to Garden Stage in the closing of a registered direct offering of 35,553,820 Ordinary Shares and 2,862,525 Ordinary Shares issuable upon exercise of pre-funded warrants, priced at US$0.11 per share. The aggregate gross proceeds from the registered direct offering was US$4.26 million.

Garden Stage through its wholly-owned operating subsidiaries, are licensed to conduct Type 1(dealing in securities) regulated activities, Type 4 (Advising on Securities) regulated activities and Type 9 (Asset Management) regulated activities under the Securities and Future Ordinance. Those operating subsidiaries are Hong Kong-based financial services providers principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; and (iii) asset management services.

Our Partners, Hank Lo, Gordon Tsang, and Senior Associate Gary Kwok, acted as the Hong Kong legal counsel for Garden Stage in the registered direct offering.

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