{"id":560485,"date":"2025-01-20T14:53:11","date_gmt":"2025-01-20T06:53:11","guid":{"rendered":"https:\/\/law.asia\/?p=560485"},"modified":"2025-02-04T15:55:42","modified_gmt":"2025-02-04T07:55:42","slug":"hong-kong-capital-markets-regulatory-changes","status":"publish","type":"post","link":"https:\/\/law-asia.visibleone.dev\/ko\/hong-kong-capital-markets-regulatory-changes\/","title":{"rendered":"\ud64d\ucf69 \uc790\ubcf8\uc2dc\uc7a5\uc758 \ucd5c\uc2e0 \ub3d9\ud5a5"},"content":{"rendered":"<table style=\"margin-top: 0px; width: 100%; overflow: hidden;\">\n<tbody>\n<tr style=\"display: flex; flex-wrap: wrap;\">\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: #d28f02; border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/law.asia\/ko\/advancements-capital-markets-law-taiwan-hong-kong\/\"><span style=\"color: #d28f02; font-size: clamp(.9rem, 2.5vw, 1.125rem);\"><span style=\"color: #893707;\"><b>\uc8fc\uc694<\/b><\/span><\/span><\/a><\/p>\n<\/td>\n<td style=\"width: 25%; border-right: 2px solid #ffffff; text-align: center; display: flex; align-items: center; justify-content: center; flex: 1; background: #d28f02; border-top: 2px solid #fff; border-radius: 10px; box-shadow: 0px 4px 6px rgba(0, 0, 0, 0.1);\" valign=\"middle\">\n<p style=\"margin: 0; padding: 10px 0;\"><a href=\"https:\/\/law.asia\/ko\/taiwan-startup-fundraising-ecosystem-tib-reforms\/\"><span style=\"color: #ffffff; font-size: clamp(.9rem, 2.5vw, 1.125rem);\"><b>\ub300\ub9cc<\/b><\/span><br \/>\n<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div><\/div>\n<p>2024\ub144 \ud64d\ucf69 \uc790\ubcf8\uc2dc\uc7a5\uc5d0\ub294 \ub9ce\uc740 \uace0\ubb34\uc801\uc774\uba74\uc11c \uc0c8\ub85c\uc6b4 \ubc1c\uc804\uc774 \ubaa9\uaca9\ub410\ub2e4. 6\uc6d4 13\uc77c, AI \uae30\ubc18 \uc2e0\uc57d \uac1c\ubc1c \ud68c\uc0ac\ub85c \uc54c\ub824\uc9c4 QuantumPharm (XtalPi)\uc774 \ud64d\ucf69 \uc99d\uad8c\uac70\ub798\uc18c(HKEx) \uba54\uc778 \ubcf4\ub4dc\uc5d0 \uc0c1\uc7a5\ub410\uc73c\uba70, \uc774\ub294 2023\ub144 3\uc6d4 \uc0c1\uc7a5 \uaddc\uc815 \uc81c18C\uc7a5\uc774 \ub3c4\uc785\ub41c \uc774\ud6c4 \ucc98\uc74c\uc73c\ub85c \uc131\uacf5\uc801\uc73c\ub85c \uc0c1\uc7a5\uc744 \uae30\ub85d\ud55c \uc0ac\ub840\uc600\ub2e4.<\/p>\n<figure id=\"attachment_557707\" aria-describedby=\"caption-attachment-557707\" style=\"width: 200px\" class=\"wp-caption alignright\"><img decoding=\"async\" class=\"wp-image-557707 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Stephen-Luo_Jingtian.png\" alt=\"Stephen Luo\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-557707\" class=\"wp-caption-text\"><strong>Stephen Luo<\/strong><br \/><em>\ud30c\ud2b8\ub108<\/em> <em>\ubcc0\ud638\uc0ac<\/em><br \/>Jingtian &amp; Gongcheng<br \/><em>\ud64d\ucf69<\/em><br \/><em>\uc804\ud654<\/em>: +852 2926 9448<br \/><em>\uc774\uba54\uc77c<\/em>: <a href=\"mailto:stephen.luo@jingtian.com\">stephen.luo@jingtian.com<\/a><\/figcaption><\/figure>\n<p>10\uc6d4 30\uc77c, \ud64d\ucf69\uc5d0 \uc0c1\uc7a5\ub41c \ud2b9\uc218\ubaa9\uc801 \uc778\uc218\ud68c\uc0ac(SPAC)\uc778 HK Acquisition Corporation\uc774 \uc2f1\uac00\ud3ec\ub974\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \uc804\uc790\uc0c1\uac70\ub798 \uc194\ub8e8\uc158 \ud50c\ub7ab\ud3fc\uc778 Synagistics\uc640\uc758 \ud569\ubcd1\uc744 \uc644\ub8cc\ud588\uc73c\uba70, \uc0c8\ub85c \ud569\ubcd1\ub41c \ud68c\uc0ac\ub294 Synagistics\ub77c\ub294 \uc774\ub984\uc73c\ub85c HKEx\uc5d0 \ub370\ubdd4\ud588\ub2e4.<\/p>\n<p>\uc774\ub294 2022\ub144 1\uc6d4 \uc0c1\uc7a5 \uaddc\uc815 \uc81c18B\uc7a5\uc5d0 \ub530\ub77c SPAC \uc81c\ub3c4\uac00 \ub3c4\uc785\ub41c \uc774\ud6c4, \ud64d\ucf69\uc5d0\uc11c \ucc98\uc74c\uc73c\ub85c \u2018de-SPAC\u2019 \uac70\ub798\uac00 \uc131\uacf5\uc801\uc73c\ub85c \uc644\ub8cc\ub418\uace0 \uadf8\uc5d0 \ub530\ub978 \uc2b9\uacc4 \ud68c\uc0ac\uac00 \uc0c1\uc7a5\ub41c \uc0ac\ub840\ub2e4.<\/p>\n<p>\ub610\ud55c 2024\ub144\uc5d0 HKEx\uc640 \ud64d\ucf69 \uc99d\uad8c\uc120\ubb3c\uc704\uc6d0\ud68c(SFC)\ub294 \uc591\uc9c8\uc758 \uae30\uc5c5\uc744 \uc0c1\uc7a5\ud558\uba74\uc11c \ub300\uc911\uc758 \uc774\uc775\uc744 \uc639\ud638\ud558\uae30 \uc704\ud55c \uc9c0\uc18d\uc801\uc778 \ud5cc\uc2e0\uc744 \uac15\uc870\ud558\ub294, \uc911\uc694\ud558\uba74\uc11c\ub3c4 \uc0c8\ub85c\uc6b4 \uc774\ub2c8\uc154\ud2f0\ube0c\ub97c \ub3c4\uc785\ud588\ub2e4. \uadf8\uc911 \uac00\uc7a5 \uc911\uc694\ud55c \uac83\uc740 10\uc6d4 18\uc77c SFC\uc640 HKEx\uac00 \uacf5\ub3d9\uc73c\ub85c \ubc1c\ud45c\ud55c \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad \uc808\ucc28\uc5d0 \ub300\ud55c \uac15\ud654\ub41c \uc77c\uc815\uc774\uc5c8\ub2e4.<\/p>\n<p>\uc5ec\uae30\uc5d0\uc11c \uc0c1\uc7a5 \uc2e0\uccad\uc790\uc640 \uadf8 \uc2a4\ud3f0\uc11c\uac00 \uc99d\uad8c\uc120\ubb3c\uc870\ub840, \uc99d\uad8c\uc120\ubb3c(\uc8fc\uc2dd\uc2dc\uc7a5 \uc0c1\uc7a5) \uaddc\uce59 \ubc0f \uc0c1\uc7a5 \uaddc\uc815\uc5d0 \ub530\ub978 \ubaa8\ub4e0 \uc801\uc6a9 \uac00\ub2a5\ud55c \uc694\uac74\uacfc \uc9c0\uce68\uc744 \ucda9\uc871\ud558\ub294 \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad\uc11c\uc640 \uad00\ub828 \uc790\ub8cc\ub97c \uc81c\ucd9c\ud558\uba74, SFC\uc640 HKEx\ub294 \ucd5c\ub300 2\ucc28\ub840\uc758 \uaddc\uc81c \uc758\uacac\uc744 \ud1b5\ud574 \uc8fc\uc694 \uaddc\uc81c \uc6b0\ub824 \uc0ac\ud56d(\uaddc\uc81c \uae30\uad00 \ud3c9\uac00)\uc744 \ud3c9\uac00\ud558\uace0 \uc774\ub97c \ud45c\uc2dc\ud55c\ub2e4.<\/p>\n<p>\uc774 \uacbd\uc6b0, \uac01 \uaddc\uc81c \uae30\uad00\uc774 \uc18c\uc694\ud558\ub294 \uc2dc\uac04\uc740 \ucd5c\ub300 40\uc601\uc5c5\uc77c\uc744 \ucd08\uacfc\ud558\uc9c0 \uc54a\ub294\ub2e4(\uc774\ub294 \uaddc\uc81c \uae30\uad00\uc5d0\uc11c \uc18c\uc694\ub41c \uc601\uc5c5\uc77c \uc218\ub97c \ub9d0\ud558\uba70, \uc0c1\uc7a5 \uc2e0\uccad\uc790\uc640 \uc2a4\ud3f0\uc11c\uac00 \uc751\ub2f5\uc744 \uc900\ube44\ud558\uace0 \uc81c\ucd9c\ud558\ub294 \ub370 \ud544\uc694\ud55c \uc2dc\uac04\uc740 \uc81c\uc678\ud55c\ub2e4).<\/p>\n<p>\uaddc\uc81c \uae30\uad00\uc740 \uc0c1\uc7a5 \uc2e0\uccad\uc790\uc640 \uadf8 \uc2a4\ud3f0\uc11c\uac00 \uaddc\uc81c \uae30\uad00\uc758 \uc758\uacac\uc744 \ub9cc\uc871\uc2a4\ub7fd\uac8c \ucc98\ub9ac\ud558\ub294 \ub370 \uc57d 60\uc601\uc5c5\uc77c\uc774 \uc18c\uc694\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uace0 \uc788\ub2e4. \uc0c1\uc7a5 \uc704\uc6d0\ud68c \ubc0f \uae30\ud0c0 \ub2f9\uad6d \ub610\ub294 \uaddc\uc81c \uae30\uad00\uc758 \uc2b9\uc778\uc744 \ubc1b\ub294 \uac83\uc744 \uc870\uac74\uc73c\ub85c, \uc2e0\uccad \uc808\ucc28\ub294 6\uac1c\uc6d4\uc758 \uc2e0\uccad \uc720\ud6a8 \uae30\uac04 \ub0b4\uc5d0 \uc644\ub8cc\ub420 \uc218 \uc788\ub2e4.<\/p>\n<p>\ub610\ud55c, \uae30\uc874 A\uc8fc \uc0c1\uc7a5 \uae30\uc5c5\uc774 HKEx \uc0c1\uc7a5\uc744 \ucd94\uc9c4\ud558\ub294 \uacbd\uc6b0, SFC\uc640 \uac70\ub798\uc18c\ub294 \uc0c1\uc7a5 \uc2e0\uccad\uc744 \uc2e0\uc18d\ud55c \uc77c\uc815\uc73c\ub85c \ucc98\ub9ac\ud560 \uc608\uc815\uc774\ub2e4. \uae30\uc874 A\uc8fc \uc0c1\uc7a5 \uae30\uc5c5\uc758 \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad\uc5d0 \ub300\ud55c \uaddc\uc81c \uae30\uad00\uc758 \ud3c9\uac00\ub294 \uae30\uc5c5\uc774 \ub2e4\uc74c \uae30\uc900\uc744 \ucda9\uc871\ud560 \uacbd\uc6b0 \ud55c \ucc28\ub840\uc758 \uaddc\uc81c \uc758\uacac\uc744 \uac70\uce5c \ud6c4 \uc644\ub8cc\ub41c\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>\uc2e4\uc81c A\uc8fc \uc2dc\uac00\ucd1d\uc561\uacfc \uc608\uc0c1 H\uc8fc \uc2dc\uac00\ucd1d\uc561\uc744 \uae30\uc900\uc73c\ub85c \uacc4\uc0b0\ud55c \ucd5c\uc18c \uc2dc\uac00\ucd1d\uc561\uc774 100\uc5b5 \ud64d\ucf69\ub2ec\ub7ec(\uc57d 12\uc5b5 8000\ub9cc \ub2ec\ub7ec) \uc774\uc0c1\uc77c \uac83.<\/li>\n<li>\uc790\ubb38\uc758 \uc758\uacac\uc744 \ubc1b\uc544, \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad \uc9c1\uc804 2\uac1c \ud68c\uacc4\uc5f0\ub3c4\uc640 \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad \uc81c\ucd9c\uc77c\uae4c\uc9c0 A\uc8fc \uc0c1\uc7a5\uc5d0 \uc801\uc6a9\ub418\ub294 \ubaa8\ub4e0 \ubc95\ub960 \ubc0f \uaddc\uc815\uc744 \ubaa8\ub4e0 \uc2e4\uc9c8\uc801\uc778 \uce21\uba74\uc5d0\uc11c \uc900\uc218\ud588\uc74c\uc744 \ud655\uc778\ud560 \uc218 \uc788\uc744 \uac83.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<figure id=\"attachment_557707\" aria-describedby=\"caption-attachment-557707\" style=\"width: 200px\" class=\"wp-caption alignright\"><img decoding=\"async\" class=\"wp-image-557707 size-full\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Stella-Yeung_Jingtiang.png\" alt=\"Stella Yeung\" width=\"200\" height=\"250\" \/><figcaption id=\"caption-attachment-557707\" class=\"wp-caption-text\"><strong>Stella Yeung<\/strong><br \/><em>\ud30c\ud2b8\ub108 \ubcc0\ud638\uc0ac<\/em><br \/>Jingtian &amp; Gongcheng<br \/><em>\ud64d\ucf69<\/em><br \/><em>\uc804\ud654<\/em>: +852 2926 9438<br \/><em>\uc774\uba54\uc77c<\/em>: <a href=\"mailto:stella.yeung@jingtian.com\">stella.yeung@jingtian.com<\/a><\/figcaption><\/figure>\n<p>\uc774 \uacbd\uc6b0\uc5d0\uc11c \uac01 \uaddc\uc81c \uae30\uad00\uc740 \uaddc\uc81c \uae30\uad00\uc758 \ud3c9\uac00\ub97c \uc644\ub8cc\ud558\ub294 \ub370 \ucd5c\ub300 30\uc601\uc5c5\uc77c(40\uc601\uc5c5\uc77c\uc774 \uc544\ub2d8)\uc744 \uc18c\uc694\ud55c\ub2e4. SFC \ub610\ub294 HKEx\uac00 \uc0c1\uc7a5 \uc2e0\uccad\uc5d0 \ub300\ud574 \uc911\ub300\ud55c \uaddc\uc81c \uc6b0\ub824\ub97c \uac00\uc9c0\uace0 \uc788\ub294 \uacbd\uc6b0, \uadf8\ub4e4\uc740 \ud574\ub2f9 \uc6b0\ub824 \uc0ac\ud56d\uc5d0 \ub300\ud574 \uc0c1\uc7a5 \uc2e0\uccad\uc790 \ubc0f \uc2a4\ud3f0\uc11c\uc640 \uc801\uadf9\uc801\uc73c\ub85c \uc18c\ud1b5\ud560 \uac83\uc774\ub2e4.<\/p>\n<p>2024\ub144 10\uc6d4 18\uc77c \uc774\ud6c4\uc5d0 \uc81c\ucd9c\ub41c \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad\uc11c\uc5d0 \ub300\ud574\uc11c\ub294 \uac15\ud654\ub41c \uc77c\uc815\uc774 \uc801\uc6a9\ub41c\ub2e4. 2024\ub144 4\uc6d4\uc5d0 \uc911\uad6d\uc99d\uad8c\uac10\ub3c5\uad00\ub9ac\uc704\uc6d0\ud68c(CSRC)\uac00 \ubc1c\ud45c\ud55c \uc8fc\uc2dd \uc5f0\uacb0\uc744 \uac15\ud654\ud558\uace0 \ud64d\ucf69\uc774 \uad6d\uc81c \uae08\uc735 \uc911\uc2ec\uc9c0\ub85c\uc11c\uc758 \uc9c0\uc704\ub97c \uac15\ud654\ud558\ub3c4\ub85d \uc9c0\uc6d0\ud558\uae30 \uc704\ud55c \ub2e4\uc12f \uac00\uc9c0 \uc870\uce58\uc640 \ud568\uaed8, \uc774\ub294 \uc911\uad6d \ubcf8\ud1a0 \uc99d\uad8c\uac70\ub798\uc18c\uc5d0 \uc0c1\uc7a5\ub41c \uae30\uc5c5\ubfd0\ub9cc \uc544\ub2c8\ub77c \ub2e4\ub978 \uc8fc\uc694 \ubcf8\ud1a0 \uae30\uc5c5\ub4e4\uc774 \ud64d\ucf69 \uc0c1\uc7a5\uc744 \ubaa8\uc0c9\ud558\ub3c4\ub85d \uc7a5\ub824\ud560 \uac83\uc774\ub2e4. \uc774\ub294 \uc2e0\uaddc \uc0c1\uc7a5 \uc2e0\uccad \uc808\ucc28\uc5d0\uc11c \ub354 \ub9ce\uc740 \uba85\ud655\uc131\uacfc \ud655\uc2e4\uc131\uc744 \uc81c\uacf5\ud558\uba70 \ud22c\uba85\uc131\uc744 \uac15\ud654\ud568\uc73c\ub85c\uc368 \ub2ec\uc131\ub420 \uac83\uc774\ub2e4.<\/p>\n<p>2024\ub144 \uc0c1\uc7a5 \uaddc\uc81c \ubd84\uc57c\uc758 \ub2e4\ub978 \uc8fc\uc694 \ubc1c\uc804 \uc0ac\ud56d\uc740 \uc544\ub798\uc640 \uac19\ub2e4.<\/p>\n<p><strong>\uc790\uc0ac\uc8fc<\/strong> <strong>\uad00\ub828<\/strong> <strong>\uac1c\uc815<\/strong><strong>.<\/strong> 2024\ub144 4\uc6d4, HKEx\ub294 \uc790\uc0ac\uc8fc\uc640 \uad00\ub828\ub41c \uc0c1\uc7a5 \uaddc\uce59 \uad00\ub828\ud558\uc5ec \uc81c\uc548\ub41c \uac1c\uc815\uc548\uc5d0 \ub300\ud55c \ucd5c\uc885 \uacb0\ub860\uc744 \ubc1c\ud45c\ud558\uc600\uc73c\uba70, 2023\ub144 10\uc6d4\uc5d0 \ubc1c\ud45c\ub41c \uc81c\uc548\uc744 \ucc44\ud0dd\ud55c\ub2e4\uace0 \ubc1d\ud614\ub2e4. \uc8fc\uc694 \ub0b4\uc6a9\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>\ubc1c\ud589\uc790\uac00 \uc790\uc0ac\uc8fc\ub97c \ubcf4\uc720\ud560 \uc218 \uc788\ub3c4\ub85d, \uc7ac\ub9e4\uc785\ud55c \uc8fc\uc2dd\uc744 \ucde8\uc18c\ud574\uc57c \ud558\ub294 \uc694\uac74\uc744 \uc81c\uac70\ud558\uba70, \uc774\ub294 \ubc1c\ud589\uc790\uc758 \uc124\ub9bd\uc9c0 \ubc95\ub960 \ubc0f \uc815\uad00\uc5d0 \ub530\ub77c\uc57c \ud55c\ub2e4.<\/li>\n<li>\ubc1c\ud589\uc790\uac00 \uc790\uc0ac\uc8fc\ub97c \uc7ac\ud310\ub9e4\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud558\uba70, \uc774\ub294 \ud604\uc7ac \uc2e0\uaddc \uc8fc\uc2dd \ubc1c\ud589\uc5d0 \uc801\uc6a9\ub418\ub294 \uc0c1\uc7a5 \uaddc\uce59\uc744 \ub530\ub978\ub2e4.<\/li>\n<li>30\uc77c\uac04\uc758 \uc720\uc608 \uae30\uac04\uc744 \ubd80\uacfc\ud558\uc5ec \ub2e4\uc74c\uc744 \uc81c\ud55c\ud55c\ub2e4: (1) \uc8fc\uc2dd \uc7ac\ub9e4\uc785 \ud6c4 \uc790\uc0ac\uc8fc \uc7ac\ud310\ub9e4; (2) \uc790\uc0ac\uc8fc\ub97c \uac70\ub798\uc18c\uc5d0\uc11c \uc7ac\ud310\ub9e4\ud55c \ud6c4 \uac70\ub798\uc18c\uc5d0\uc11c \uc8fc\uc2dd \uc7ac\ub9e4\uc785.<\/li>\n<li>\ub0b4\ubd80\uc790 \uac70\ub798 \uc704\ud5d8\uc774 \uc788\uc744 \uac00\ub2a5\uc131\uc774 \uc788\ub294 \ud2b9\uc815 \uc0c1\ud669\uc5d0\ub294 \uac70\ub798\uc18c\uc5d0\uc11c \uc790\uc0ac\uc8fc\ub97c \uc7ac\ud310\ub9e4\ud558\ub294 \uac83\uc744 \uae08\uc9c0\ud55c\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\uc0c8\ub85c\uc6b4 \uc81c\ub3c4\ub294 2024\ub144 6\uc6d4 11\uc77c\uc5d0 \uc2dc\ud589\ub410\ub2e4.<\/p>\n<p><strong>\uae30\uc220<\/strong> <strong>\uc804\ubb38<\/strong> <strong>\uae30\uc5c5<\/strong> <strong>\uc9c0\uc6d0<\/strong><strong>.<\/strong> 2024\ub144 8\uc6d4, SFC\uc640 HKEx\ub294 \uc0c1\uc7a5 \uaddc\uc815 \uc81c18C\uc7a5\uc5d0\uc11c \uc815\uc758\ub41c \uae30\uc220 \uc804\ubb38 \uae30\uc5c5\uc758 \ucd5c\uc18c \ucd08\uae30 \uc790\ubcf8\uae08\uacfc \uad00\ub828\ub41c \uc784\uc2dc \uc218\uc815\uc548\uc744 \uacf5\ub3d9\uc73c\ub85c \ubc1c\ud45c\ud588\ub2e4. \uad6c\uccb4\uc801\uc73c\ub85c, \uc0c1\uc7a5 \uc2dc \ucd5c\uc18c \ucd08\uae30 \uc2dc\uac00\ucd1d\uc561\uc744 \ub2e4\uc74c\uacfc \uac19\uc774 \ub0ae\ucdc4\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>\uc0c1\uc5c5 \uae30\uc5c5(\uc0c1\uc7a5 \uaddc\uce59 \uc81c18C\uc758 \uc218\uc775 \uc694\uac74\uc744 \ucda9\uc871\ud558\ub294 \uae30\uc5c5)\uc758 \uacbd\uc6b0, 60\uc5b5 \ud64d\ucf69\ub2ec\ub7ec\uc5d0\uc11c 40\uc5b5 \ud64d\ucf69\ub2ec\ub7ec\ub85c \uc870\uc815.<\/li>\n<li>\ube44\uc0c1\uc5c5 \uae30\uc5c5(\uc81c18C\uc758 \uc218\uc775 \uc694\uac74\uc744 \ucda9\uc871\ud558\uc9c0 \uc54a\ub294 \uae30\uc5c5)\uc758 \uacbd\uc6b0, 100\uc5b5 \ud64d\ucf69\ub2ec\ub7ec\uc5d0\uc11c 80\uc5b5 \ud64d\ucf69\ub2ec\ub7ec\ub85c \uc870\uc815.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\uc774 \uc218\uc815\uc548\uc740 2024\ub144 9\uc6d4 1\uc77c\ubd80\ud130 \uc2dc\ud589\ub410\uc73c\uba70, 2024\ub144 9\uc6d4 1\uc77c\ubd80\ud130 2027\ub144 8\uc6d4 31\uc77c\uae4c\uc9c0 3\ub144\uac04 \uc784\uc2dc\ub85c \uc801\uc6a9\ub41c\ub2e4. \uc774\ub294 \ud22c\uc790 \ucee4\ubba4\ub2c8\ud2f0\uc640 \uc790\ubcf8\uc2dc\uc7a5 \uc2e4\ubb34\uc790\ub4e4\uc5d0\uac8c \ud658\uc601\ubc1b\uc744 \ub9cc\ud55c \ubcc0\ud654\ub85c, \ucd08\uae30 \uc2dc\uac00\ucd1d\uc561 \uc694\uac74\uc774 \ub300\ud3ed \uc644\ud654\ub410\uae30 \ub54c\ubb38\uc774\ub2e4(\uc0c1\uc5c5 \uae30\uc5c5\uc758 \uacbd\uc6b0 33%, \ube44\uc0c1\uc5c5 \uae30\uc5c5\uc758 \uacbd\uc6b0 20%). \uc774\uc5d0 \ub530\ub77c \uc5b4\ub824\uc6b4 \uac70\uc2dc\uacbd\uc81c \ud658\uacbd\uc73c\ub85c \uc778\ud574 \uc774\uc804 \uc694\uac74\uc744 \ucda9\uc871\ud558\uc9c0 \ubabb\ud588\ub358 \ub9ce\uc740 \uae30\uc5c5\uc774 \uc790\uaca9\uc744 \uac16\ucd9c \uc218 \uc788\uac8c \ub410\ub2e4.<\/p>\n<p><strong>IPO <\/strong><strong>\uac00\uaca9<\/strong> <strong>\ubc1c\uacac<\/strong> <strong>\ubc0f<\/strong> <strong>\uacf5\uac1c<\/strong> <strong>\uc2dc\uc7a5<\/strong> <strong>\uc694\uac74<\/strong><strong>.<\/strong> 2024\ub144 12\uc6d4, HKEx\ub294 \uae30\uc874 \ubc0f \uc7a0\uc7ac \ubc1c\ud589\uc790\ub4e4\uc5d0\uac8c \ub9e4\ub825\uc801\uc774\uace0 \uacbd\uc7c1\ub825 \uc788\ub294 \uc0c1\uc7a5 \uba54\ucee4\ub2c8\uc998\uc744 \uc720\uc9c0\ud558\uae30 \uc704\ud574 IPO \uac00\uaca9 \ubc1c\uacac \ubc0f \uacf5\uac1c \uc2dc\uc7a5 \uc694\uac74\uc744 \ucd5c\uc801\ud654\ud558\ub294 \uc81c\uc548\uc5d0 \ub300\ud55c \ud611\uc758\ubb38\uc744 \ubc1c\ud45c\ud588\ub2e4. \uc8fc\uc694 \ub0b4\uc6a9 \uc911 \ud558\ub098\ub294 A+H \ubc1c\ud589\uc790\uac00 \ud64d\ucf69\uc5d0 \uc0c1\uc7a5\ud574\uc57c \ud558\ub294 H\uc8fc \ucd5c\uc18c \uae30\uc900\uc744 \uac19\uc740 \uc885\ub958\uc758 \ucd1d \ubc1c\ud589 \uc8fc\uc2dd \uc218\uc758 15%\uc5d0\uc11c \ub2e4\uc74c\uacfc \uac19\uc774 \ub0ae\ucd98 \uac83\uc774\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>\uac19\uc740 \uc885\ub958\uc758 \ubc1c\ud589 \uc8fc\uc2dd \ucd1d\uc218\uc758 10%; \ub610\ub294<\/li>\n<li>\uc0c1\uc7a5 \uc2dc \uc608\uc0c1 \uc2dc\uac00\ucd1d\uc561\uc774 \ucd5c\uc18c 30\uc5b5 \ud64d\ucf69\ub2ec\ub7ec\uc778 \uc8fc\uc2dd.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>HKEx\ub294 \uc774 \uae30\uc900\uc774 A+H \ubc1c\ud589\uc790\ub4e4\uc5d0\uac8c \ub354 \ud070 \uc720\uc5f0\uc131\uc744 \uc81c\uacf5\ud558\ub294 \ub3d9\uc2dc\uc5d0, \ud64d\ucf69\uc5d0 \uc0c1\uc7a5\ub41c \uc8fc\uc2dd \uc218\uac00 \ud22c\uc790\uc790\ub4e4\uc758 \uad00\uc2ec\uc744 \ub04c\uae30\uc5d0 \ucda9\ubd84\ud55c \uacf5\ubaa8 \ubb3c\ub7c9\uc744 \ud615\uc131\ud560 \uc218 \uc788\ub3c4\ub85d \ubcf4\uc7a5\ud55c\ub2e4\uace0 \uc81c\uc548\ud588\ub2e4.<\/p>\n<p>\ub610 \ub2e4\ub978 \uc8fc\uc694 \uc81c\uc548\uc740 \ucf54\ub108\uc2a4\ud1a4 \ud22c\uc790\uc5d0 \ub300\ud55c \uaddc\uc81c \ub77d\uc5c5 \uc694\uac74\uc744 \uc644\ud654\ud558\uc5ec \u2018\ub2e8\uacc4\uc801 \ud574\uc81c\u2019 \ubc29\uc2dd\uc744 \ud5c8\uc6a9\ud558\ub294 \uac83\uc774\ub2e4. \uc774\uc5d0 \ub530\ub77c \ucf54\ub108\uc2a4\ud1a4 \ud22c\uc790\uc790\uc5d0\uac8c \ubc30\uce58\ub41c IPO \uc99d\uad8c\uc758 50%\ub294 \uc0c1\uc7a5 \ud6c4 3\uac1c\uc6d4 \ud6c4\uc5d0 \ud574\uc81c\ub418\uace0, \ub098\uba38\uc9c0 50%\ub294 \uc0c1\uc7a5 \ud6c4 6\uac1c\uc6d4 \ud6c4\uc5d0 \ud574\uc81c\ub41c\ub2e4. HKEx\ub294 \uc774\ub97c \ud1b5\ud574 \uc0c1\uc7a5 \ubc1c\ud589\uc790\uc758 IPO \uc774\ud6c4 \uc99d\uad8c \uc720\ub3d9\uc131\uc774 \uc99d\uac00\ud558\uace0, \ub77d\uc5c5 \uae30\uac04 \ub9cc\ub8cc \uc2dc \uc8fc\uac00 \ubcc0\ub3d9\uc131\uc758 \uc601\ud5a5\uc744 \uc644\ud654\ud560 \uc218 \uc788\uc744 \uac83\uc73c\ub85c \uae30\ub300\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\ud611\uc758 \uae30\uac04\uc740 2025\ub144 3\uc6d4 19\uc77c\uc5d0 \uc885\ub8cc\ub41c\ub2e4. \ubaa8\ub4e0 \uc758\uacac\uc744 \uac80\ud1a0\ud55c \ud6c4, HKEx\ub294 \uc81c\uc548\uc744 \ud655\uc815\ud558\uace0 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc744 \uc2dc\ud589\ud560 \uc608\uc815\uc774\ub2e4. 2025\ub144 \ud558\ubc18\uae30\uc5d0 \ud64d\ucf69\uac70\ub798\uc18c \uc0c1\uc7a5\uc744 \uc2e0\uccad\ud558\ub294 \uae30\uc5c5\ub4e4\uc740 \uc0c8\ub85c\uc6b4 \uaddc\uc815\uc744 \uc801\uc6a9 \ubc1b\uace0 \uadf8\ub85c \uc778\ud55c \ud61c\ud0dd\uc744 \ub204\ub9b4 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4.<\/p>\n<h2><span style=\"color: #d28f02;\"><strong>\uc804\ub9dd<\/strong><\/span><\/h2>\n<p>2025\ub144\uc744 \ub0b4\ub2e4\ubcf4\uba70, \uc800\uc790\ub4e4\uc740 \uac70\uc2dc\uacbd\uc81c \ubc0f \uc815\uce58\uc801 \ud658\uacbd\uc758 \ubd88\ud655\uc2e4\uc131\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud64d\ucf69 \uc790\ubcf8\uc2dc\uc7a5\uc774 \uc9c0\uc18d\uc801\uc73c\ub85c \ud68c\ubcf5\ub825\uc744 \ubcf4\uc5ec\uc904 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uace0 \uc788\ub2e4. \ud2b9\ud788, \uc800\uc790\ub4e4\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \uc608\uc0c1\ud55c\ub2e4:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"list-style-type: disc;\">\n<li>SFC, HKEx \ubc0f CSRC\uac00 \ucde8\ud55c \uc870\uce58\ub4e4\uc740 \ub354 \ub9ce\uc740 \uc911\uad6d \ubcf8\ud1a0 \uae30\uc5c5\ub4e4(\ud2b9\ud788 \uae30\uc874 A\uc8fc \uc0c1\uc7a5 \uae30\uc5c5\ub4e4)\uc774 \ud64d\ucf69 \uc0c1\uc7a5\uc744 \ubaa8\uc0c9\ud558\ub3c4\ub85d \ucd09\uc9c4\ud560 \uac83\uc774\ub2e4.<\/li>\n<li>\uc778\uacf5\uc9c0\ub2a5(AI)\uc744 \ud3ec\ud568\ud55c \ucc28\uc138\ub300 \uc815\ubcf4\uae30\uc220, \ub85c\ubd07 \ubc0f \uc790\ub3d9\ud654\uc640 \uac19\uc740 \ucca8\ub2e8 \ud558\ub4dc\uc6e8\uc5b4 \ubc0f \uc18c\ud504\ud2b8\uc6e8\uc5b4, \ucca8\ub2e8 \uc18c\uc7ac, \uc2e0\uc5d0\ub108\uc9c0 \ubc0f \uc18c\ube44\uc790 \uad00\ub828 \ubd84\uc57c \ub4f1 \ud2b9\uc815 \ud601\uc2e0 \ubd84\uc57c\uc5d0\uc11c \uc6b4\uc601\ub418\ub294 \uae30\uc5c5\uc5d0 \ub300\ud55c \ud22c\uc790\uc790\ub4e4\uc758 \uad00\uc2ec\uc740 \uacc4\uc18d\ud574\uc11c \uac15\ud560 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4.<\/li>\n<li>\uc720\ub9ac\ud55c \uc815\ubd80 \uc815\ucc45\uacfc \uaddc\uc81c \ubc1c\uc804\uc740 \uc790\ubcf8\uc2dc\uc7a5 \ud65c\ub3d9\uc744 \ub354\uc6b1 \ucd09\uc9c4\ud558\uc5ec \uc0c1\uc7a5 \uc2e0\uccad\uc790, \uc0c1\uc7a5 \ubc1c\ud589\uc790 \ubc0f \uc790\ubcf8\uc2dc\uc7a5 \uc2e4\ubb34\uc790\ub4e4\uc5d0\uac8c \uc0c8\ub85c\uc6b4 \uae30\ud68c\ub97c \uc81c\uacf5\ud560 \uac83\uc774\ub2e4.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<section class=\"format-info\"><img decoding=\"async\" class=\"alignnone size-medium wp-image-557689 aligncenter\" src=\"https:\/\/law.asia\/wp-content\/uploads\/2025\/01\/Jingtian-Gongcheng_logo-300x88.jpg\" alt=\"\" width=\"300\" height=\"88\" \/><\/p>\n<div id=\"_idContainer034\" class=\"_idGenObjectStyleOverride-3\" style=\"text-align: center;\"><strong>JINGTIAN &amp; GONGCHENG<\/strong><br \/>\nSuites 3203-3207, 32\/F, Edinburgh Tower<br \/>\nThe Landmark, 15 Queen\u2019s Road,<\/div>\n<div class=\"_idGenObjectStyleOverride-3\" style=\"text-align: center;\">Central Hong Kong, China<br \/>\n\uc804\ud654: +852 2926 9300<br \/>\n\uc774\uba54\uc77c: <a href=\"mailto:jingtianhk@jingtian.com\">jingtianhk@jingtian.com<\/a><br \/>\nwww.jingtian.com<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>\uc8fc\uc694 \ub300\ub9cc 2024\ub144 \ud64d\ucf69 \uc790\ubcf8\uc2dc\uc7a5\uc5d0\ub294 \ub9ce\uc740 \uace0\ubb34\uc801\uc774\uba74\uc11c \uc0c8\ub85c\uc6b4 \ubc1c\uc804\uc774 \ubaa9\uaca9\ub410\ub2e4. 6\uc6d4 13\uc77c, AI \uae30\ubc18 \uc2e0\uc57d \uac1c\ubc1c \ud68c\uc0ac\ub85c \uc54c\ub824\uc9c4 QuantumPharm (XtalPi)\uc774 \ud64d\ucf69 \uc99d\uad8c\uac70\ub798\uc18c(HKEx) \uba54\uc778 \ubcf4\ub4dc\uc5d0 \uc0c1\uc7a5\ub410\uc73c\uba70, \uc774\ub294 2023\ub144 3\uc6d4 \uc0c1\uc7a5 \uaddc\uc815 \uc81c18C\uc7a5\uc774 \ub3c4\uc785\ub41c \uc774\ud6c4 \ucc98\uc74c\uc73c\ub85c \uc131\uacf5\uc801\uc73c\ub85c \uc0c1\uc7a5\uc744 \uae30\ub85d\ud55c \uc0ac\ub840\uc600\ub2e4. 10\uc6d4 30\uc77c, \ud64d\ucf69\uc5d0 \uc0c1\uc7a5\ub41c \ud2b9\uc218\ubaa9\uc801 \uc778\uc218\ud68c\uc0ac(SPAC)\uc778 HK Acquisition Corporation\uc774 \uc2f1\uac00\ud3ec\ub974\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \uc804\uc790\uc0c1\uac70\ub798 \uc194\ub8e8\uc158 \ud50c\ub7ab\ud3fc\uc778 Synagistics\uc640\uc758 \ud569\ubcd1\uc744<\/p>\n","protected":false},"author":13501,"featured_media":557699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","meta-author":"Stephen Luo \uadf8\ub9ac\uace0 Stella Yeung, Jingtian & Gongcheng","footnotes":""},"categories":[8398],"tags":[141711,161432,114980,117088,161428,161433,113221,142648,142647,161429,142571,138886,161431,114973,161430,148518,142412,117574,161427],"class_list":["post-560485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kr","tag-ai-ko","tag-hkex-ko","tag-ipo-ko","tag-jingtian-gongcheng-ko","tag-quantumpharm","tag-sfc-ko","tag-spac-ko","tag-stella-yeung-ko","tag-stephen-luo-ko","tag-161429","tag-142571","tag-138886","tag-161431","tag-114973","tag-161430","tag-148518","tag-142412","tag-117574","tag-161427"],"acf":[],"_links":{"self":[{"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/posts\/560485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/users\/13501"}],"replies":[{"embeddable":true,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/comments?post=560485"}],"version-history":[{"count":1,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/posts\/560485\/revisions"}],"predecessor-version":[{"id":560488,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/posts\/560485\/revisions\/560488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/media\/557699"}],"wp:attachment":[{"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/media?parent=560485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/categories?post=560485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/law-asia.visibleone.dev\/ko\/wp-json\/wp\/v2\/tags?post=560485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}