18 LAWYER MONTHLY MAY 2023 there has never been a true ‘friendly’ transaction. There would always be some sticking point that became an issue for some party. Lichen’s IPO was no different, but we respected the requests of other parties while representing our client’s interests zealously. We were pleased that the collaboration with other others led to a satisfactory outcome for everyone. What impact do you expect the success of this stock market debut will have on Lichen China Limited and the wider financial services sector in China? The IPO raise gave the company a fresh injection of cash to help them execute on their business plan. In China, it is very difficult to obtain financing from traditional means with the banks unless there are significant assets being collateralised and personal guarantees from those with vested interest. Lichen’s success story in accessing the US equity market, being a Chinese company, gave many similar companies the confidence that they could do the same. In addition to the capital raise, the prestige of being a Nasdaq-listed company has helped Lichen increase its brand value in its own industry. Many business partners would feel much more comfortable in doing business with a publicly listed company than with an unknown private company. Lastly, as a publicly traded company, companies like Lichen can now use their stock in lieu of cash to acquire other businesses to support or expand their existing business lines. Lichen’s Nasdaq listing really led the way for many Chinese issuers with respect to their own IPO effort in 2023. To date, it is estimated that almost two dozen China-based issuers have listed on a US exchange in 2023. Are there any other comments that you would like to make about the work your firm undertook relating to the IPO? Taking a company public is never a one-man effort. First and foremost, all of our staff are amazing lawyers, incredibly hardworking and knowledgeable about what they do. I have also received unlimited support from my partners within our firm to complete each transaction. When we take on an IPO client, we always carry with the mindset of ‘we go in as a team and we come out as a team’. We have really built a very collegial environment, which I am personally very proud of myself. Do you expect Ortoli Rosenstadt to work on similar operations in 2023? The short answer is yes and no. Our New York office will continue to service our global clients the way it always has been. However, we are also particularly excited for the opportunities being presented to us in 2023. In October 2022, we opened our Singapore office and sister firm under the brand of “Ortoli Rosenstadt Ye Ptd. Ltd.”. We are a fully registered foreign law practice approved by the Ministry of Law in Singapore. This is our first flagship office outside of New York. Much of the firm’s resources have been put into the initial setup of the Singapore affiliate firm and we have started investing in top local talents and marketing efforts to build a local presence in the ASEAN region. While we are a New York law firm by blood, we want to take a more localised approach in meeting the needs of the clients in the region. Things have been put in motion with the goal to showcase the US capital market world to the companies in the region and educate those who are interested how the US capital market can benefit and accelerate the growth of this particular region. Going into 2023, China still remains to
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