China

On March 31, 2025, Xiaomi Corporation announced on the Hong Kong Stock Exchange that it had completed the placing of existing shares and the top-up subscription of new shares under a general mandate (the "Placement"). A total of 800 million new shares were issued in the Placement, raising approximately HKD 42.5 billion after deducting expenses. Xiaomi Corporation was founded in April 2010 and was listed on the main board of the Hong Kong Stock Exchange on July 9, 2018, with the stock code 1810. It is a consumer electronics and smart manufacturing company specializing in smartphones, smart hardware and IoT platforms. JunHe acted as the domestic legal counsel to Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, and China International Capital Corporation Hong Kong Securities Limited. Partners LI, Zhi and LEI, Tianxiao led the JunHe team and partner DENG, Lin provided support for the internal control matters.

On January 24, 2025, Ascentage Pharma Group International ("Ascentage Pharma", the "Company" or the "Issuer") (NASDAQ: AAPG, HKEX: 06855) issued 7,325,000 American depositary shares and was listed on the NASDAQ, raising funds exceeding USD 126 million. Ascentage Pharma is a global biopharmaceutical enterprise in the commercialization stage. It develops innovative drugs in areas such as oncology, chronic hepatitis B, and aging-related diseases. With its technical expertise in structure-based drug design and innovative pharmaceutical research and development, the Company has established a robust product pipeline including nine small-molecule drug candidates in various clinical stages. These include novel and effective BCR-ABL1 TKI, Bcl-2 and dual-target Bcl-2/Bcl-xL inhibitors, inhibitors targeting the IAP and MDM2-p53 pathways, and next-generation multi-kinase inhibitors such as FAK/ALK/ROS1 for cancer treatment. It is the only global enterprise with clinical development candidates targeting all three known key regulators of cell apoptosis. The Company is conducting over 40 Phase I/II clinical trials in China, the United States, Australia and Europe. Its core product 耐立克® (Olverembatinib) has been approved for marketing in China and has entered the commercialization stage. JunHe acted as the PRC legal counsel to Ascentage Pharma and provided comprehensive legal services for its U.S. IPO and data compliance matters. JunHe conducted PRC legal due diligence in accordance with U.S. IPO requirements and issued PRC legal opinions, reviewed and revised the prospectus and other application and offering documents related to the IPO, and assisted in responding to inquiries from the U.S. Securities and Exchange Commission (SEC) concerning PRC laws. JunHe also conducted PRC legal due diligence in accordance with the CSRC's filing requirements for overseas listings and issued legal opinions, assisted Ascentage Pharma in preparing the full set of filing documents to be submitted to the CSRC, and helped respond to the CSRC's inquiries. JunHe advised the Company on data compliance-related issues, issued a data compliance memorandum, and assisted in responding to inquiries from both the SEC and the CSRC. The JunHe team maintained communication and collaborated closely with the other intermediaries. They assisted Ascentage Pharma in completing filing with the CSRC for its overseas listing and obtaining the SEC's approval for its IPO application. In an extremely challenging and uncertain capital market, Ascentage Pharma completed its securities issuance on schedule and achieved an outstanding outcome. Its significance lies in the following: (1) Ascentage Pharma became the first biopharmaceutical company approved by the CSRC to go public in the United States since the beginning of 2024. It was also the first company to submit an IPO application and CSRC filing application in 2024 and to complete the CSRC filing process in the same year for a U.S. IPO project; (2) Ascentage Pharma is the first Hong Kong-listed 18A company to list in the United States to date; (3) Ascentage Pharma is the fourth Chinese pharmaceutical company listed in both the United States and Hong Kong, following the dual listings of BeiGene, Zai Lab and Hutchison China MediTech. The JunHe team responsible for the U.S. IPO matters in this project was led by partners DONG, Ming, TAO, Xudong and XU, Shengao (Shaun). Partner XU, Shengao (Shaun) was responsible for the specific work, with support for the internal control matters from partner SHANG, Shiming (George). Partners DONG, Ming, TAO, Xudong and Gu Yu led the team responsible for the data compliance matters and partner Gu Yu was responsible for the specific work.

On July 9, 2025, Beijing Geekplus Technology Co., Ltd. (‘Geek+’), stock code: 2590.HK) issued overseas listed ordinary shares and was listed on the main board of the Hong Kong Stock Exchange. Geek+ is the first H-share listed company to implement an ‘AB share’ structure (i.e., a differentiated voting rights arrangement). This marks another milestone for JunHe following its services for Xiaomi Corporation (stock code: 1810.HK), the first red-chip structured Hong Kong-listed company with an AB share structure (JunHe acted as the domestic legal counsel for the issuer) and for UCloud Technology Co., Ltd. (stock code: 688158), the first A-share listed company with an AB share structure (JunHe acted as the issuer's legal counsel). JunHe has now advised on the first red-chip structured Hong Kong listing with a dual-class share structure, the first H-share listing with a dual-class share structure, and the first A-share listing with a dual-class share structure. Geek+ provides global Autonomous Mobile Robot (AMR) solutions for warehouse fulfillment and industrial material transport, aiming to enhance supply chain efficiency while reducing reliance on manual labor. According to CIC, in terms of 2024 revenue, Geek+ has become the world's largest provider of warehouse fulfillment AMR solutions with the largest global customer base. Geek+ first established a red-chip structure in 2018 and its shareholders include prominent USD and RMB funds. The JunHe team has provided legal services to the company since August 2020. We assisted Geek+ in dismantling their complex red-chip structure within three months and helped it set up an AB share structure for the first time. This H-share listing with a dual-class share structure had no precedent. The revised Company Law which came into effect in July 2024 provided a clear legal basis for domestic enterprises with an AB share structure to apply for H-share listings. Leveraging our professional experience, JunHe assisted Geek+ to complete the domestic legal procedures required during the listing application and successfully procure the first H-share listing with a dual-class share structure. With its consistent delivery of efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was recognized by the company investors and the other intermediaries. JunHe acted as the domestic legal counsel to the issuer and the special legal counsel for the data compliance matters. The JunHe team was led by SHI, Tiejun and WANG, Zhaohui (Zoe). JunHe partners LI, Ruochen, SHANG, Shiming (George) and SUN, Xiao were responsible for the specific work of the project. JunHe partner LIU, Yang was responsible for the data compliance matters, and partner ZHOU, Fang provided support for the internal control matters.

JunHe acted as the PRC legal counsel to the placement agent in the recent share placement by Black Sesame International Holding Limited (“Black Sesame”, HKEX: 2533). Black Sesame issued a total of 53,650,000 ordinary shares, raising approximately HK$1.24 billion (US$160 million). Black Sesame is a supplier of automotive-grade computing SoCs and SoC-based intelligent vehicle solutions. This was the first refinancing initiated by an intelligent automotive computing chip company on Hong Kong’s stock market and the first refinancing by a commercialized company under the new Chapter 18C regulations in Hong Kong. The JunHe team participated throughout the entire process of the new share placement. They assisted the placement agent with the legal due diligence and the conclusion of the placement agreement and advised on the filing of Black Sesame’s new share placement with the China Securities Regulatory Commission. ZHANG, Ke and LI, Chenliang led the JunHe team. Partner YI, Yisong provided support for the internal control matters and LI, Chenliang and WANG, Juewei (Jewel) were responsible for the specific work. In August 2024, Black Sesame completed its initial public offering and was listed on the Hong Kong Stock Exchange, becoming the first intelligent driving chip stock on the Hong Kong Stock Exchange. JunHe also acted as the PRC legal counsel to the joint sponsors and underwriters in the IPO and listing of Black Sesame.