2026.09.21
On September 21, 2026, Transwarp Information Technology (Shanghai) Co., Ltd. (Transwarp, stock codes: 688031.SH, 6727.HK) was listed on the main board of the Hong Kong Stock Exchange, becoming the first A-share listed company to complete a Hong Kong IPO under the Chapter 18C rules for specialized technology companies. The company globally offered 14,010,800 H shares at a price of HKD 49.00 per share, raising approximately HKD 687 million. JunHe provided comprehensive legal services for Transwarp’s Hong Kong listing as the company’s domestic lawyer, Hong Kong lawyer, international sanctions lawyer and data compliance lawyer.
Founded in June 2013, Transwarp was listed on the STAR Market of the Shanghai Stock Exchange in October 2022 and is a leading AI infrastructure software provider in China. The company sells AI and big data infrastructure software products and related services to enterprise and government clients. It assists them to efficiently build AI infrastructure software and promote intelligent transformation and business model innovation across various industries.
JunHe has served as Transwarp’s legal advisor since 2014. In this transaction, we assisted the company in completing all five rounds of private financing and provided legal services in areas such as equity incentives, intellectual property, data compliance, information disclosure, dispute resolution, compliance and labor. JunHe also acted as the issuer’s lawyer, helping the company complete its A-share STAR Market IPO.
In the Transwarp Hong Kong IPO: (1) As the issuer’s domestic legal advisor, JunHe issued Chinese legal opinions and special legal opinions. We drafted, reviewed and amended the full set of the application documents for the China Securities Regulatory Commission’s overseas listing filing and assisted the company in handling the A-share information disclosure and regulatory matters; (2) As the issuer’s Hong Kong legal advisor, JunHe assisted the company in establishing a compliance governance framework for the Hong Kong listing, participated in the drafting of the prospectus, drafted cornerstone investor investment agreements and completed the registration of the prospectus; (3) As the international sanctions legal advisor, JunHe issued memorandums on the company’s international sanctions compliance matters, analyzed and demonstrated the company’s technology export control issues and issued special legal opinions; (4) As the data compliance legal advisor, JunHe issued data compliance due diligence reports on the company’s data processing and algorithm models. JunHe’s teams in four locations jointly participated in drafting, reviewing and amending the prospectus and the other application and issuance documents related to this listing, and assisted the company in responding to feedback questions from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange. JunHe team members in Shanghai, Hong Kong, Beijing and New York collaborated to provide integrated, highly coordinated, one-stop legal services across multiple professional fields for Transwarp’s Hong Kong IPO, ultimately helping Transwarp achieve dual listings in A-shares and H-shares.
LI, Chenliang and ZHAO, Min were the lead partners for Transwarp. LI, Chenliang and QIAN, Yiqian were responsible for the company’s domestic legal services and ZHANG, Ke, Yuki CHAN, YANG, Yinglei and WANG, Xinyi were responsible for the company’s Hong Kong legal services. TANG, Weiyang (David), CAI, Juanqi (Jessica), LIU, Yijing (Eloise) and WANG, Siyu (Rain) were responsible for the international sanctions matters and DONG, Xiao (Marissa) was responsible person for the data compliance matters. The internal review partner was XIONG, Jingui (Alice)i.
