14 LAWYER MONTHLY MAY 2023 Lichen China Limited’s $16 Million Initial Public Offering on Nasdaq Could you please give us some background into Lichen China Limited and its IPO plans? Lichen China Limited, through its operating subsidiaries, is one of the leading financial and taxation service providers in China. They have operated as a dedicated financial and taxation solution service specialist in China for over 18 years, focusing on providing (i) financial and taxation solution services; (ii) education support services; and (iii) software and maintenance services in China. Leveraging their relationships with numerous local educational institutions, their expertise in the financial and taxation solution services market and experience in developing financial and taxation training and analysis software, the company also offers software product to enterprise customers, universities, colleges and educational institutes. Lichen’s IPO was significant in a sense that it was the first small-cap IPO by a China-based issuer to be listed on the Nasdaq in 2023. Going into 2023, there was some uncertainty given the market condition at the time and the geopolitical environment between China and US as a backdrop. Everyone in the industry was paying close attention to Lichen to see on the one hand, whether it would be approved by the regulators as a Chinese issuer and on the other hand, whether it would successfully close its offering in a rather soft market. Fortunately, and giving credit to the underwriter, Univest Securities, the company was able to get past the finish line and successfully list on the Nasdaq on 6 February 2023, during the Chinese New Year celebration period. The deal gave confidence to the market because everyone saw that the US stock market is still welcoming of China-based issuers and companies can still raise significant amount of money to help expand their business Ortoli Rosenstadt LLP represented Lichen China Limited on its $16 million listing on the Nasdaq Stock Market. Lichen China Limited is a specialised taxation and financial service provider based in China. It has now announced the closing of its initial public offering (IPO) of 4,000,000 Class A ordinary shares at a public price of $4 per share. Trading of these Class A ordinary shares on the Nasdaq Capital Market began on 6 February 2023 under the ticker symbol “LICN”. Ortoli Rosenstadt LLP advised Lichen China Limited with a team including Jason Ye (Partner and Co-Chair of Asia Practice), Yarona L Yieh (Counsel), Grace Bai (Associate) and Crystal Hsu (Associate). Acted as Legal Advisors to Lichen China Limited
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