Investor Presentaiton
Pre-IPO equity investment (cont'd)
PERMISSIBILITY OF SPECIAL RIGHTS/OBLIGATIONS (cont'd)
Anti-dilution rights allowed pre-Listing
Pre-IPO investors can exercise anti-dilution rights at time of IPO if:
the allocation is necessary to give effect to the pre-existing contractual rights of the pre-
IPO investors
full disclosure in prospectus of the pre-IPO investors' pre-existing contractual entitlement
and the number of shares to be subscribed by the pre-IPO investors
the proposed subscription will be conducted at the offer price of the IPO
Anti-dilution rights disallowed post-Listing
Anti-dilution rights should be extinguished on listing so as to comply with Main Board Rule
13.36 (GEM Rule 17.39) on pre-emptive rights.
CHARLTONS
易周律师行
5
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