2022年3月21日,汤森路透旗下的《亚洲法律杂志》(Asian Legal Business,“ALB”)发布“2022 ALB China十五佳资本市场律师”评选榜单。竞天公诚合伙人凌特志律师凭借出众的业务实力从众多顶尖的律师中脱颖而出,荣登该榜单。
ALB China首次推出十五佳资本市场律师榜单,记录该领域律师们在过去一年取得的成就,旨在表彰那些专业能力扎实、资本市场业绩亮眼、项目经验丰富的顶尖资本市场律师。他们在抓住市场机遇的同时,也在执业的过程中精益求精,以满足监管趋势提出的更高要求。
竞天公诚全体同仁诚挚祝贺凌特志律师获此荣誉,并对所有客户的支持和信任表示由衷感谢。
榜单公布后,凌特志律师接受了ALB的专访。经授权,以下为全文转发。
专访竞天公诚合伙人凌特志律师:
深耕消费行业的杰出资本市场律师
ALB:您参与过多起消费类企业上市、债券等融资项目。在过去的一年中,该类型的项目呈现出哪些特点?对律师提出了哪些要求?
凌特志律师:
消费行业关系到我们每个人的衣、食、住、行、游、玩等等诸多方面,是我们生活中的头等大事,而消费者的需求和目标又是多种多样、永无止境的。生活水平的不断提高,消费水平和期望的不断增长与变化,决定了消费类企业在发展中拥有巨大的创新和增长空间,商机无限,比如我们的老客户农夫山泉从饮用水领域异军突起后逐渐又延伸到饮料、咖啡等多方面的饮品创新。百胜中国在快餐、休闲餐饮领域的优势地位也是进一步增强。除了这些龙头企业的强劲发展,一些小而新的创新型企业不断涌现,虽然成长时间不长,但它们总会在多元的市场需求和创新文化中寻找到新的商机,比如,我们所服务的奈雪在现制茶饮店领域异军突起,以及泡泡玛特在潮流玩具领域里光彩绽放。此外,除了传统的食品、饮料、服装、玩具企业以外,在美妆、母婴、宠物等行业也都有蓬勃发展的个性企业。
企业的不断创新和发展,为我们法律服务行业的发展变化提出了更新、更高、更广的要求。首先,律师要对消费企业的共性问题(包括生产、营销)等方面具有更深入细致的研究,所谓“有研究才有发言权”说的就是这个道理,当客户提问,律师不但需要马上答得上来,还要能提出合理的法律建议和正确的解决方案,这是对我们律师学习能力和业务能力的最现实考验。其次,律师也需要时刻紧跟市场,洞悉市场以及监管环境的变化,深入琢磨消费领域各个细分行业的差异性在哪里、客户的优势在哪里、客户的风险在哪里,综合考虑诸多因素,才能量体裁衣,有针对性地解决客户的法律问题,为客户保驾护航。
ALB :疫情之后,国际经济、政治形势较为动荡,给中国企业境外上市带来了不小的影响。您如何帮助企业在起伏的环境中选择适合自身的上市地并抓住上市时机?对于今年有意在境外上市的企业,您有何建议?
凌律师:
每个市场都有自己的定位或目标,我们会基于企业所处的行业、企业的情况、股东的诉求来选择适合于企业的上市地点。
对于今年有意在境外上市的企业,我的建议是:首要任务是企业先踏实练好内功,做足自身功课,尤其是发展业务、提升管理,资本市场的估值本身靠企业业绩与增长,而业绩与增长又来源于企业团队、管理与文化、企业本身所处的赛道和发展机遇。其次是,企业要有的放矢,提前做好步入资本市场之前的各项准备工作,主要包括财务审计准备、法律相关方面的规范等。资本市场有周期,不同时期也有不同的热点,企业在做好准备的基础上,可以根据自身情况抓住资本市场发展机会。
ALB:面向未来,您在业务方面有何展望或计划?
凌律师:
未来工作规划方面,我还是不忘初心,秉承一贯的真诚和专注,客户的事就是自己的事,精耕细作,与时俱进,继续致力于股票、债券发行上市业务,在这个市场进一步深耕、发掘,不断抓住更多的市场机会,努力实现个人追求和社会价值的最大化。引用老子的话概括就是“合抱之木,生于毫末,九层之台, 起于累土,千里之行,始于足下”。
ALB: You have worked on many projects such as IPOs and bond financing for companies in consumer industry. What are the characteristics of these projects in the past year? And what are the requirements for lawyers?
Ling Tezhi:
The consumer industry touches on many aspects of primary importance in our daily life, like clothing, food, housing, transportation, travel, and entertainment, and the consumers’ demands and goals are diverse and never-ending. As living standards continue to improve, growing changes in consumption levels and expectations have provided related companies with ample room for innovation and growth, thus numerous business opportunities. For example, our regular client Nongfu Spring has gradually expanded its business from drinking water to innovative beverages and coffee. Yum China has consolidated its dominance in the fast food and casual dining sector. While these iconic companies maintain their strong momentum, some small but innovative companies have also sprung up. Despite their short history, they can always find new opportunities in the diverse market demands and cultures. Our client Nayuki has emerged in freshly-made tea drinks, and Pop Mart blossomed in trendy toys. In addition to traditional industries like food, beverage, clothing and toy, innovative companies are also seen in the beauty, maternal and infant, and pet industries.
As the companies keep innovating and developing, we lawyers must grow as well to meet the higher requirements covering a broader range. First of all, the lawyer should look deeper and more carefully into common problems that consumer enterprises are facing, including production and marketing, as we always say that “he who makes no investigation and study has no right to speak”. When being asked by clients, we should not only give answers right away, but also provide reasonable legal advice and correct solutions, which is the most realistic test of our learning ability and professional proficiency. Secondly, we also need to keep abreast of the market for an insight into the changes in both the market and regulatory environment, analyze differences among segments of the consumer industry, and identify the advantages and risks of the client. Only by taking all factors into account can we give customized legal solutions that protect our clients.
ALB: The volatile international economic and political climate after the epidemic has brought considerable impact on the overseas listing of Chinese enterprises. How do you help them choose the right time and place for listing? Do you have any suggestions for companies to go public abroad this year?
Ling:
Markets differ in their positions or targets, and we will choose a suitable listing place based on the company’s industry, its developments, and the shareholders’ demands.
For companies interested in going public outside of China this year, they should first strengthen themselves, especially developing their business and improving their management, because the valuation in the capital market depends upon corporate performance and growth, which in turn comes from the team, management and culture of the company, the track the company is in, and the development opportunities. Secondly, before entering the capital market, they should make early and targeted preparations, especially financial audits and compliance. The capital market has its cycles and different times have different trends. Companies should seize opportunities in capital markets based on a solid preparation.
ALB: What are your business prospects or plans for the future?
Ling:
In the future, I will remain committed to my original aspiration, keep pace with the times, and take care of clients’ demands like my own with consistent sincerity and dedication. To be specific, I will continue to explore and seize opportunities in company listing and issuance of stock and bond and strive to maximize personal pursuit and social contributions. To sum it up, I’d like to quote a famous saying from Lao Tzu, an ancient Chinese philosopher, “A huge tree grows from a tiny seedling. A high-rise begins with mounds of soil. A journey of a thousand miles starts with a single step”.
亚洲法律杂志(Asian Legal Business,“ALB”)是汤森路透旗下的尖端法律杂志,是全球最具影响力的法律媒体之一。旨在为客户和读者提供前沿的法律商业资讯和律所法务评级。