The following is the preparation period

The company has decided to go public

According to future development strategies, convene a board of directors and shareholders meeting to decide to list in Hong Kong; Choose to hire major intermediary agencies, appoint sponsors and other professional advisors.

First coordination meeting

The company held its first listing meeting with sponsors, underwriters, accountants, appraisers, etc., and worked together with all parties until it was listed.

responsible investigation

Underwriters, accountants, and lawyers conduct prudent investigations into the company's business, financial condition, future prospects, major risk factors, legal matters, etc. to ensure the accuracy of various public documents.

recombination

Underwriters, accountants, and lawyers provide professional advice to the company, and combine it with future development directions to reorganize the company's business, structure, financial status, and other aspects, making it a new entity that complies with listing regulations and attracts investors.

Document production

Underwriters, accountants, and lawyers prepare various documents required for listing, such as prospectuses, audit reports, legal opinions, etc.

Submit A1 form

The underwriter assists the company in submitting preliminary listing application documents to the Listing Department of the Stock Exchange. If the A1 information is generally complete, the listing department will confirm receipt and publish the Chinese and English application versions on the website.

The following is the approval period

Listing Department Review Application

The Listing Department will conduct a detailed review of A1 information to evaluate whether the company meets the listing qualifications, is suitable for listing, whether the business is sustainable, whether the company complies with regulations, and makes sufficient disclosures.

Answer relevant questions and submit other listing documents

The Listing Department will issue the first round of opinions within 10 working days after receiving the application, raising questions for the company to answer. The underwriters and various intermediary agencies assist in completing this task.

hearing

The Listing Committee reviews the new listing application and determines whether the applicant is suitable for an initial public offering.

The following is the promotional period

Analyst's research report

Usually written by industry analysts from underwriters, analysts visit senior management to understand the company's business, financial, and other conditions, and write recommendations to investors and fund managers. Their work is completely independent of the underwriters' due diligence work, usually starting after submitting the A1 form and publishing it before roadshows.

Roadshow

The roadshow promotion work organized by the underwriters for the company is generally divided into two forms: lunch promotion meetings and one-on-one meetings. The underwriters usually accompany the senior management of the company to visit Hong Kong, Singapore, Tokyo, and major cities in Europe and America.

The following is the issuance period

Accumulated bidding

Determine a price range based on the market conditions at the time of issuance, then invite investors to express their subscription intentions in advance within the price range, and finally determine the final issuance price based on the subscription results.

Placement and public offering

Usually, when listed in Hong Kong, stock issuance is divided into two parts: allotment and public offering. Placing targeted to institutional investors such as global funds for targeted issuance; Public offering refers to the public offering.

Pricing and Listing

Based on the cumulative subscription order results and market conditions at the time of issuance, find an ideal equilibrium point and determine the final stock issuance price. Usually on the day of listing, a simple and grand listing ceremony is held in the trading lobby of the Hong Kong Stock Exchange.