What We Do
Services
Four core services spanning the full overseas-listing lifecycle: Pre-IPO, underwriting, refinancing and trusteeship.
Pre-IPO Listing Services
We deliver precise, detailed overseas-listing planning — clarifying overall requirements, process and timeline, and optimizing financials, corporate structure and tax planning — to ensure the listing completes on schedule, reduce financing risk and improve efficiency.
Advantages of a U.S. Listing
Unlimited Capital Sources
The U.S. is the world's largest capital market, pooling capital from across the globe with enormous financing capacity. Fully market-driven, a consistently profitable company faces no cap on the scale or frequency of its annual financing.
Higher Market Valuation
The U.S. market rewards high-innovation, high-quality, high-growth enterprises with vast valuation upside. With an average P/E of 24–26x, growth companies can raise substantially more capital.
An Enormous Market
Well-capitalized and institutionally sound, the U.S. market is the largest and most liquid in the world, with immense capacity.
Sophisticated Investors
Dominated by institutional funds, the market rewards companies that know how to engage them with mature, experienced shareholders and a stable, high valuation.
Reasonable Cost & Speed
Versus other markets, a U.S. IPO or reverse merger carries lower cost and a shorter timeline, with abundant clean shell resources and fewer regulatory restrictions.
Rigorous Law & Transparency
For companies focused on long-term, formalized and international growth, the legal protection and transparency of U.S. markets create a profound impact and attract world-class investors.
U.S. · Hong Kong · A-Share Comparison
| Dimension | United States NASDAQ / NYSE | Hong Kong HKEX | China A-Share Mainland China |
|---|---|---|---|
| P/E Ratio | 20x | 13x | High |
| Timeline | 10–12 months | 10–12 months | 2–3 yrs incl. filing & review queue |
| IPO Cost | ≈ USD 2.8M | ≈ USD 4.2M | ≈ USD 7M |
| Listing Standard | Registration-based; full disclosure enables a smooth IPO | Financial metrics, internal-control compliance, equity history; high bar | Financial metrics, internal-control compliance, equity history; high bar |
| Probability of Success | Fully registration-based; normal disclosure generally succeeds | Fully registration-based; normal disclosure generally succeeds | Significant uncontrollable factors; strict review required |
| Post-IPO Refinancing | Simple review process; large refinancing capacity | Relatively easy; now common practice | — |
U.S. Listing Process
- 1
IPO Application
Submit an IPO application — financial statements, business plan, management profile and equity structure. After internal revision it is filed with the U.S. SEC, a review that typically takes several months.
- 2
Roadshow & Pricing
Once the SEC approves, the company runs a roadshow to introduce its business and prospects to potential investors. The underwriter sets the offering price based on market response and the company's financials.
- 3
Share Issuance
Shares may be issued via public offering or private placement. Typically both run simultaneously to ensure a successful listing.
- 4
Listing & Trading
After issuance, the company applies to list on NASDAQ, NYSE or another exchange, submitting the required information; upon approval it begins trading.
- 5
Roadshow & Bell-Ringing
The company conducts a closing roadshow and finalizes pricing. On listing day all legal documents are executed, shares issued, proceeds collected and the listing publicly announced.
Hong Kong Listing Process
- 1
Preparation
Assess suitability and build a listing plan, appoint a suitable sponsor, organize and review financials to meet HKEX disclosure requirements, and establish sound corporate governance.
- 2
Application & Vetting
Submit the application and materials (articles, financials, business plan) to HKEX. The Listing Committee reviews and requests supplements; upon approval the offer size and price are set.
- 3
Offering & Placement
Publish announcements and the prospectus; investors subscribe for new shares and pay subscription monies, with remaining shares placed to institutional and individual investors.
- 4
Listing & Trading
Shares list on HKEX and formally enter the secondary market for trading.
Key Elements for a Successful Listing
Pre-Listing Restructuring
- ·Define the principal shareholder mix
- ·Rationalize asset & financial structure
- ·Establish management structure
- ·Clearly define the business
- ·Regulate related-party transactions
- ·Industry restrictions
Quality of Management
- ·Understanding of the industry
- ·Management time commitment
- ·Duty to minority shareholders
- ·Related parties
Marketing & Promotion
- ·Market sentiment & timing
- ·Promotion strategy & targets
- ·Positioning & pricing
Enterprise Fundamentals
- ·Industry outlook
- ·Competitive advantage
- ·Scale
Pre-IPO Service Scope
- 01
Full-cycle IPO services including niche market research, fundraising project design and filing guidance.
- 02
Tailored to each enterprise and informed by due-diligence reports, we design the most suitable listing path and issue an overall plan.
- 03
Independent advisors with market standing and case experience collaborate to bring the enterprise to market.
- 04
A range of industry and peer-group analyses, listing-readiness assessments, pre-IPO valuation and comparison of different listing requirements.
- 05
Ongoing support for regulatory compliance, operations, risk management, financial reporting and investor relations.
Market Selection
A closely collaborating team of professionals across major global capital markets, with deep knowledge of each market's rules, ensures the most appropriate market choice.
Preparation
Develop a thorough business plan, corporate and tax structure, a compelling “investment story”, and compliant governance, finance and IT systems.
Execution
From strategy, accounting policy, reporting and systems, governance, media and investor relations to financial risk management, legal, tax, HR and technology — every piece is in place and interconnected before a successful listing.
Pre-IPO Workflow
- 01
Complete the requirements form and provide project details
- 02
Sign a letter of intent
- 03
Form the listing team
- 04
Assess the enterprise and provide guidance
- 05
Undergo due diligence
- 06
Sign the service agreement and pay service fees
- 07
Prepare application documents
- 08
Submit application documents
- 09
Bookbuilding, marketing and issuance
- 10
Apply to list on the exchange
IPO Underwriting
IPO underwriting supports an enterprise's new share issuance. Acting as underwriter or joint underwriter, an investment bank helps determine the offering price, sell new shares and provide marketing — one of the key stages of an IPO.
Two Forms of Underwriting
Based on the differing risk and responsibility assumed, underwriting takes two forms — firm commitment and best efforts.
Firm Commitment
Purchase & ResaleThe underwriter purchases all or part of the planned securities with its own funds and holds any unsold portion at the end of the underwriting period. It includes full and partial firm commitments; the relationship formed is one of securities purchase and sale.
Best Efforts
Agency BasisThe underwriter sells securities on an agency basis and returns any unsold securities at the end of the offering, forming an agency relationship. Bearing no principal risk, its commission income is lower; it uses best efforts but does not guarantee a full sale.
Refinancing
After the IPO, many new financing options follow. Refinancing lets listed companies raise capital via rights issues, follow-on offerings, convertible bonds and other instruments — optimizing capital structure, lowering cost of capital and improving profitability.
Refinancing Methods
Rights Issue
Rights
A listed company issues new shares to existing shareholders to raise capital.
- ·Paid rights issue: a cash capital increase where shareholders subscribe pro-rata to their holdings.
- ·Bonus issue (“scrip”): after profits, earnings are distributed per the shareholders' resolution.
Follow-on Offering
Follow-on
A listed company raises capital by issuing additional shares to designated investors (e.g. major or institutional investors) or to all investors.
- ·The primary refinancing method used in capital markets.
Convertible Bond
Convertible
A debt instrument the holder may convert into a set amount of another security at a set ratio or price within a period — combining debt and equity characteristics.
- ·A relatively simple structured product (fixed income + a long call option).
- ·Also eases the pressure of equity dilution.
Post-Listing Trusteeship
Post-listing trusteeship lets a listed company entrust part of its capital-level operations to a professional team — making full use of external resources so the company can focus on its core business and operate efficiently.
Advantages of Trusteeship
Professional Team
Deep industry knowledge and rich practical experience to deliver high-quality professional services.
One-Stop Service
Covering legal liaison, audit and investment-banking services to meet every need throughout the listing process.
Compliance Assurance
A deep understanding of relevant U.S. laws and regulations, providing professional legal and compliance guidance.
Tailored Solutions
Personalized, flexible solutions that meet specific needs and maximize the client's business objectives.
Premium Partners
Long-term, stable relationships with world-class law firms, leading audit firms and top investment banks for premium service and resources.
Efficient Service
Committed to high-quality, fast service so clients achieve their objectives promptly and smoothly.
Scope of Trusteeship
Legal Services
Day-to-day legal services for the corporate and securities compliance of U.S.-listed companies.
Audit Services
Financial-statement audits under PCAOB standards — assessing accounting policies, verifying accounts and reviewing statement preparation — plus compliance audits.
Board Secretary
Externally: disclosure and investor-relations management; internally: equity affairs, governance, equity investment, and convening board and shareholder meetings to keep operations compliant.
Secondary Offerings
Refinancing including preferred shares, convertible bonds, preferred warrants and other methods.
Investor Relations (IR)
- 1Timely disclosure of financial reports, accurately conveying financial position and performance to investors.
- 2Answer investor questions and stay connected with potential investors and shareholders.
- 3Build and maintain the company's IR website with financial information, reports, press releases and governance information.
- 4Promptly handle investor inquiries and complaints and address their concerns.
- 5Help organize IR activities such as roadshows and investor receptions to strengthen interaction.
- 6Build and maintain analyst relationships, sharing performance and outlook to convey the company's value.
- 7Strengthen communication and trust with investors, enhancing market image and supporting long-term returns.
- 8Provide market-value management — using compliant, scientific methods to maximize value creation from market-cap signals.
Contact Us
Let’s take your company public.
From listing strategy to the opening bell, Oriental Black Stone delivers one-stop global listing services.