Sidley Advises on the Hong Kong IPO of Transwarp Technology

Sidley advised on the initial public offering (IPO) and H share listing of Transwarp Technology (Shanghai) Co., Ltd. (Transwarp, HKEX: 6727; SHA: 688031) as a Specialist Technology Company on the Main Board of the Hong Kong Stock Exchange (HKEX) under Chapter 18C of the Hong Kong Listing Rules. Sidley acted as Hong Kong legal advisors to the sole sponsor, Haitong International Capital Limited, and the underwriters, and served as prospectus drafting counsel on the matter. 

Transwarp is the first A+H company, and the first AI infrastructure software company, to list under Chapter 18C. It is also the first Chapter 18C company to have received confirmation from HKEX that it had received meaningful investment from pathfinder and sophisticated independent investors prior to its A share listing and been granted a waiver in respect of allocation to independent price setting investors, both key requirements for a listing under Chapter 18C.

“The Sidley team has consistently responded with outstanding professionalism and composure even when faced with obstacles and headwinds, delivering optimal solutions at every critical juncture, in particular on novel, unprecedented issues that Transwarp was faced with as the first A share listed company to pursue an H shar listing under Chapter 18C of the Hong Kong Listing Rules" said Yuanhao Sun, Founder and Chairman of the Board of Transwarp, adding: "What I admire even more is the team’s exceptional execution abilities, diligence and spirit of rising to challenges. It is the dedication and hard work across countless days and nights that have ultimately brought about this milestone achievement. "

As a leading AI infrastructure software provider in China, Transwarp provides AI and big data infrastructure software products and related services to enterprise and government customers. According to Frost & Sullivan, it was the world’s first database company to pass TPC-DS testing and official audit, and the first Chinese company to be included in Gartner’s Magic Quadrant for Data Warehouse and Data Management Solutions. 

The Sidley team was led by partners Claudia Yu and Meng Ding (China Corporate and Finance). Other team members included Liming Xu, Kevin Chan, Alice Liu, Cleo Wang, Audrey Ng, Hannah Ma, Stark Liu, Nicolas Choi, Irene Ho, and Daniel Duan (China Corporate and Finance).

Sidley’s Hong Kong IPO team is widely recognized for its strong transactional track record and has received numerous accolades, including being named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024 and recognized as “Highly Recommended” by the FT Innovative Lawyers APAC Awards 2025 in the category of “Innovative Lawyers in Unlocking Capital.” Sidley has also been ranked as a “Leading Firm” in Technology, Media, and Telecommunications by Legal 500 Asia Pacific 2026.