In February 2023, the China Securities Regulatory Commission published new regulations requiring Chinese companies planning foreign share sales to inform the regulator beforehand. With this change in market conditions and a change in Millennium Group’s investment bankers midstream, the projected IPO date was pushed off but needed to be confirmed before the new regulations take effect. Together with their banking and legal team, we paved the way for the Hongkong-based company’s listing on Nasdaq and prevented it from being impacted by the new regulations. In addition, the executive team and their families planned to travel to the US for the IPO and really wanted to do a bell ringing, and although the Nasdaq could not accommodate at first, Lambert team kept pushing and finally helped the client gain the opportunity to ring the closing bell on the date of their IPO.
Strategy and Tactics:
- Pick up the work quickly by having calls with Millennium executive team, reviewing SEC filings, communicating with the underwriter and legal, conducting industry and peer analysis, and finish the roadshow deck in a very limited time.
- Provide Millennium with investor and analyst training, with the goals of improving interactions with the financial community and refining how the investment thesis is communicated, including Roadshow Background, Regulatory Background, Analyst Interaction, Public Speaking Tips, Roadshow Dry Run, Simulated Investor Q&A.
- Coordinate investor relations website setup and provide counsel.
- Proactively push Nasdaq to book IPO bell ringing ceremony and coordinate all the logistics works.
- Prepare for the bell ringer speech for Millennium’s Chairman, draft and distribute IPO pricing release.
Results that matter.
- We successfully delivered the Free Writing Prospectus (FWP) within just five business days and coordinated the FWP filing on time.
- After the training, Millennium executive team was well-prepared and performed confidently in the IPO roadshow.
- Millennium investor relations website went live on the IPO day with functions required by the SEC to meet compliance regulations.
- The Company was able to ring the bell on the first trading day, welcomed by Bob McCooey, Vice Chairman of Nasdaq.
- Millennium’s Chairman, Matthew, gave a great speech on the bell-ringing ceremony, in front of, live broadcasted by CNBC, Bloomberg.
- Because of the hard work leading up to the IPO and bell ringing, Millennium became Lambert’s full-time retainer client.