On March 30, 2023, the China Securities Regulatory Commission issued approvals for six Hong Kong H-share listed companies to issue overseas listed foreign shares (“Road Rules”) on the same day, which are valid for 12 months.
According to the “Trial Measures for the Administration of Overseas Issuance of Securities and Listings by Domestic Enterprises” which came into effect on March 31, 2023, if H-share listed companies in Hong Kong have obtained approval from the H-share route before March 31, they do not need to file a record during the approval period and can proceed normally. If they do not receive approval from the main road on March 31, or if the approval period has passed, they will need to go through the filing procedure again.
According to the new listing regulations, companies that choose to list H shares in Hong Kong no longer need an acceptance notice (“small road rule”) and can directly submit a prospectus, and the big road rule will be replaced by a “filing notice”. According to the listing rules of the Hong Kong Stock Exchange, companies are required to submit a “Notice of Filing” at least 4 business days before the hearing for approval. This means that there will be no small road rules or big road rules for the listing of H shares from now on.
Companies proposed to be listed on Hong Kong's H-shares on the same day include Pig Bajie, Guohong Hydrogen Energy, Desheng Tong, Columberti, Youzhiyou Biotech, and Dekang Farming and Animal Husbandry.
Pig Hakkai
Pig Bajie, from Chongqing, serves the largest comprehensive e-commerce platform for customized enterprises in China, focusing on enterprise services. The company submitted a prospectus to the Hong Kong Stock Exchange on October 14, 2022, and plans to list the Hong Kong H-share IPO. CITIC Lyon and CCB International are their co-sponsors.
The China Securities Regulatory Commission approved it to issue no more than 138.92 million foreign-listed foreign shares.
Pig Bajie submits a prospectus and plans to go public in Hong Kong for IPO
Guohong Hydrogen Energy
Guohong Hydrogen Energy, from Jiaxing, Zhejiang, previously known as Guangdong Guohong Hydrogen Energy Technology Co., Ltd., which focuses on research, development, production and saleshydrogen fuel cell reactor,hydrogen fuel cell systemThe leading technology-based hydrogen fuel cell company ranked first for five consecutive years from 2017 to 2021 in terms of hydrogen fuel cell stack shipments. The company ranked first in 2021 based on shipments of hydrogen fuel cell systems equipped with self-produced electric stacks. The company submitted a prospectus to the Hong Kong Stock Exchange on November 22, 2022, and plans to list the Hong Kong H-share IPO. Huatai International is its sole sponsor.
The China Securities Regulatory Commission approved it to issue no more than 168.1 million foreign-listed foreign shares.
Guohong Hydrogen Energy submits a prospectus to be listed as an IPO in Hong Kong
Tokushodo
Tokuseido PharmaceuticalsFrom Lanzhou, Gansu, founded in 1999, it is a leading provider of health management and health solutions in China. It specializes in pharmaceuticals and medical services. It has traditional Chinese and Western medicine diagnosis, treatment and pharmacy capabilities. The company provides a full range of products and services covering the entire purchase cycle of customers through an omnichannel retail network. The company submitted a prospectus to the Hong Kong Stock Exchange on January 30, 2023, and plans to list the Hong Kong H-share IPO. Huatai International is its sole sponsor.
The China Securities Regulatory Commission approved the issuance of no more than 473.251 million foreign shares listed overseas, and the conversion of 9.1976 million domestic unlisted shares to overseas listed shares.
Colombertay
Colombertay, from Chengdu, Sichuan, spun off from Colon Pharmaceutical (002422.SZ). As a fully integrated innovative biomedical company, we are committed to the development, manufacture and commercialization of innovative drugs. The company is a pioneer and leading developer of ADCs in the world. It has accumulated more than ten years of experience in ADC development. It is one of the first biopharmaceutical companies in China and one of the few biopharmaceutical companies in the world to establish OptiDC, a fully integrated ADC platform. The company submitted a prospectus to the Hong Kong Stock Exchange on February 24, 2023, and plans to list the Hong Kong H-share IPO. Goldman Sachs and CITIC Securities are their co-sponsors.
The China Securities Regulatory Commission approved the issuance of no more than 74.129,900 foreign shares listed overseas, and the conversion of about 38.2442 million domestic unlisted shares to overseas listed shares.
TOMOSHIBA YOUBOI
TOMOSHIBA YOUBOIFrom Wuhan, Hubei, as an innovation-driven biotechnology company that is deeply involved in the development of targeted bSAb and tumor immunotherapy, it is in a leading position in the discovery and development of drug candidates for cancer and geriatric diseases. The company has designed and developed 10 drug candidate pipelines. According to Frost & Sullivan's data, among all competitors with proprietary dual-specific platforms in China,TOMOSHIBA YOUBOIT-cell conjugated BsAb ranked first in terms of development stage and quantity. Shiyao Group (01093.HK) indirectly holds 28.15% of the shares. The company submitted a prospectus to the Hong Kong Stock Exchange on December 9, 2022, and plans to list the Hong Kong H-share IPO. CITIC Construction Investment International is its sole sponsor.
The China Securities Regulatory Commission approved the issuance of no more than 697.66,800 foreign shares listed overseas, and the conversion of about 9.962 million domestic unlisted shares to overseas listed shares.
Dekang agriculture and animal husbandry
Dekang agriculture and animal husbandryFrom Chengdu, Sichuan, as a leading livestock and poultry breeding enterprise in China, it focuses on the breeding and breeding of pigs and yellow feather broilers, and has a vertically integrated industrial chain in pig and yellow feather broiler breeding, breeding, and feed production. According to the Frost & Sullivan report, in the first nine months of 2022, based on pig sales,Dekang agriculture and animal husbandryIt ranked sixth among all pig suppliers in China; in terms of sales of yellow feather broiler,Dekang agriculture and animal husbandryIt ranked third among all yellow feather broiler suppliers in China. The company submitted a prospectus to the Hong Kong Stock Exchange on January 31, 2023, and plans to list the Hong Kong H-share IPO. CICC and Citi are its co-sponsors.
The China Securities Regulatory Commission approved the issuance of no more than 138,752.6 million foreign shares listed overseas, and the conversion of approximately 146.304 million domestic unlisted shares to overseas listed shares.
