榜单公布后，陈泽佳律师接受了ALB的专访。经授权，以下为全文转发。

最近两三年，就境内资本市场而言，强化股东穿透核查，修订科创板科创属性评价指引和加强IPO现场检查工作等措施显示总体监管趋严。

就境外资本市场而言，去年出台的网络安全审查监管要求和中国证监会关于境内企业境外上市备案的相关征求意见稿则对TMT企业具有深远影响，直接导致最近中国TMT企业赴美IPO几乎陷于停顿，并为有VIE架构的TMT企业境外上市带来更多不确定性。

执业近20载，我最核心的执业心得是：以专业立足服务客户，解决客户关键法律问题。IPO律师是协助企业家完成交易的商业律师，需要在严守基本执业规则的前提下，凭借丰富的专业经验，协助客户解决上市过程中各种疑难杂症，高效助其成功上市融资。

境内外各资本市场及不同上市板块的市场流通环境、监管要求、市盈率倍数及投资人偏好等不尽相同，且每个拟上市企业的具体业务、财务指标、成长速度、合规情况及融资需求也各有千秋，需要通过与熟悉不同市场情况的的保荐人、律师等中介机构充分沟通、认真分析后，结合市场特点和自身情况来确定适合自己的上市地点。以芯片行业的企业为例，在国家加大支持硬科技的背景下，目前寻求在科创板上市可能是比较理想的选择；对于未盈利的、快速发展的、面对消费者的互联网企业，可能在境外资本市场上市更容易受到欢迎；而对于生物医药项目，香港市场是目前最受欢迎的选择。

以我们主办项目为例，药明生物（02269.HK）2016年面临A股和香港上市都大受欢迎的两难选择，最终采纳了我们提出的应尽快赴港上市的建议，于2017年成功上市，为其在CDMO领域的世界龙头地位奠定了关键基础。2018年拼多多（NASDAQ:PDD）需要在完全保密的前提下用极短的几个月时间成功上市，美国市场则是其不二之选。而艾为电子（688798.SH）则瞄准境内A股市场，自2015年新三板成功挂牌后，潜心发展业务，终在2021年成功在科创板融资30多亿人民币，位列当时科创板融资额前七。

稳定的团队是我执业过程中最可贵的瑰宝。自2008年始，团队有多位自实习生晋升的合伙人和高年级律师。由此，团队的执业经验得以传承，成员之间彼此信任、互相成就、齐心协力，共同为客户提供优质专业服务。

在此，我想和年轻同仁们分享的是我自己作为过来人的感悟：选择一个优秀的平台，挑选适合的执业方向，不纠结于眼前的收益，以五年乃至十年时间维度进行职业规划，专业服务客户，一定会在事业上有所成就。

In the past two or three years, in terms of the domestic capital market, measures such as strengthening shareholder penetration verification, revising the guidelines for evaluating Science and Technology Innovation attributes, and strengthening on-site IPO inspection show that the overall regulation is tightening up.

As for the overseas capital markets, the regulatory requirements for cybersecurity review released last year and the draft by the China Securities Regulatory Commission for comments on the filing of overseas listings of domestic enterprises have far-reaching effects on TMT companies. The recent Chinese TMT IPOs in the U.S. have almost come to a halt, with more uncertainties for the overseas listing of TMT companies with VIE structure.

Having practiced for nearly 20 years, the most essential thing I’ve learned is to serve clients and solve their key legal issues with professionalism. IPO lawyers who help entrepreneurs complete transactions should rely on their extensive professional experience to assist clients in solving various complex problems in the listing process, while strictly adhering to the rules of professional conduct, so as to efficiently help them raise capital through the listing.

The market liquidity environment, regulatory requirements, P/E multiples and investor preferences vary among capital markets and different listing sectors, and companies to be listed also vary in their businesses, financial indicators, growth rates, compliance and financing needs. Therefore, it is necessary to determine the suitable listing place based on market characteristics and real conditions after thorough communication and careful analysis with sponsors, lawyers and other intermediaries familiar with different market conditions. For companies in the chip industry, for example, seeking a listing on the STAR Market may be the ideal choice as our country is giving greater support to hard technology; for unprofitable, fast-growing, and consumer-oriented Internet companies, a listing on an overseas capital market may be more acceptable; and in terms of biopharmaceutical projects, the HK market is currently the most preferred choice for most companies.

Let’s take our projects as an example. With great popularity in both A-share market and HK market, WuXi Biologics (02269.HK) faced a difficult choice on where to list in 2016 and adopted our suggestion of seeking a HK listing as soon as possible. Finally WuXi Biologics successfully went public in 2017, which laid a key fundation for its global leadership in the CDMO field. In 2018, Pinduoduo (NASDAQ: PDD) had to complete a successful debut in just a few months in complete confidentiality, and the U.S. market was a perfect choice. Targeting the domestic A-share market, Shanghai Awinic Technology (688798.SH) has been developing its business since it was listed in NEEQ in 2015, and successfully raised more than 3 billion yuan in 2021 on the STAR Market, ranking among the top seven in terms of financing volume on the board at that time.

A stable team is the most valuable treasure in my practice. Since 2008, we have had many partners and senior associates who have been promoted from interns. While passing on their experience, members trust each other for mutual success and better cooperation in providing quality professional services to our clients.

Here I would like to share with young fellows some experience: find an excellent platform, choose a suitable practice direction, serve clients professionally, and plan your career for the next five or ten years, rather than focusing on immediate gains. In this way, you will definitely make achievements in your career.