According to the new overseas listing and filing regulations for domestic companies that came into effect on March 31, 2023, companies chose to list H-shares in Hong Kong. The original path of big and small is a thing of the past. Companies listed overseas can directly submit a prospectus, and the roadmap will be replaced by a “filing notice”.
On January 2, the International Cooperation Department of the China Securities Regulatory Commission issued a filing notice on the overseas issuance and “full circulation” of domestic unlisted shares of Ma Long Medical Management (Zhejiang) Co., Ltd. (Joint Letter of State (2024) No. 6). According to the overseas listing filing status table issued by the China Securities Regulatory Commission, Ma Long Dental Clinic's application type is direct overseas listing, and the filing acceptance date is August 25, 2023. Haitong International is its sole sponsor, and Tsang Shang is its domestic lawyer.
The details of the filing notice are as follows:
Ma Long Medical Management (Zhejiang) Co., Ltd.:
We have received the filing materials for your company's overseas issuance and “full circulation” of domestic unlisted shares. According to regulations such as the “Securities Law of the People's Republic of China”, “Trial Measures on the Administration of Overseas Issuance and Listing of Domestic Securities by Domestic Enterprises”, and “H Share Company Domestic Unlisted Shares Application for “Full Circulation” Business Guidelines, etc., I will notify the filing matters as follows:
1. Your company intends to issue no more than 253,000,000 overseas listed common shares and list them on the Hong Kong Stock Exchange.
2. The 32 shareholders of your company intend to convert a total of 614,390,514 domestic unlisted shares into overseas listed shares and list them for circulation on the Hong Kong Stock Exchange. The names of shareholders and the number of conversions are attached.
3. From the date this filing notice is issued until the end of this overseas issuance and listing, if important matters occur in your company, it shall be reported through the China Securities Regulatory Commission's filing management information system in accordance with the relevant regulations on overseas issuance and listing of domestic enterprises.
4. Within 15 working days after completing the overseas issuance and listing, your company should report the issuance and listing status through the China Securities Regulatory Commission's Filing Management Information System. Your company should strictly abide by relevant domestic and foreign laws, regulations and rules during the overseas issuance and listing process.
5. If your company has not completed overseas distribution and listing within 12 months from the date this filing notice is issued and plans to continue, the filing materials should be updated.
This filing notice only confirms the enterprise's overseas issuance and listing filing information. It does not indicate that the China Securities Regulatory Commission makes a substantial judgment or guarantee on the investment value of the enterprise's securities or the investor's income, nor does it indicate that the China Securities Regulatory Commission guarantees or determines the authenticity, accuracy, or completeness of the enterprise's filing materials.
China Securities Regulatory Commission International Cooperation Department
January 2, 2024
According to the Hong Kong Stock Exchange listing rules, companies are required to submit a “Notice of Filing” at least 4 business days before the date of approval of the hearing, which means that Ma Long Dental has obtained the preliminary requirements to conduct a Hong Kong listing hearing, or will soon conduct a listing hearing on the Hong Kong Stock Exchange.
Ma Long Dental submitted a prospectus on the Hong Kong Stock Exchange on August 22, 2023. Its main intermediary team includes: Haitong International as its sole sponsor; Ernst & Young as its auditor; Commerce and Wilson Sansini as its Chinese lawyers and the company's Hong Kong and US lawyers respectively; Jingtian Gongcheng and Gao Weishen are its lawyers in China, and lawyers in Hong Kong and the US; and Frost Sullivan as its industry advisors.
As a leading high-end private dental care service provider in China, Ma Long Dental Clinic has a highly standardized and replicable business model. According to the Frost & Sullivan report, in terms of 2022 revenue, Ma Long Dental Clinic ranked 9th among all private dental care service providers in China and ranked 2nd among all high-end private dental service providers in China. Mataki Dental Clinic mainly provides patients with high-quality dental care services through an extensive network of specialist dental clinics under the Mataki Dental brand. As of April 30, 2023, Ma Long Dental Clinic has 29 dental clinics and 145 dentists in 13 cities in China, with a cumulative total of over 1.6 million visits. According to the Frost & Sullivan report, in 2022, based on the average income of each dental treatment chair and the average income of each dentist, Ma Long Dental Clinic ranked in the top three of the top ten participants in the industry.
Link to Ma Taki Dental's prospectus:
https://www1.hkexnews.hk/app/sehk/2023/105645/documents/sehk23082201060_c.pdf
