From Red-Chip to H Share – What It Means for Investors

​Over 400 companies are now in the HKEX pipeline, with $45B in projected listings for 2026. The volume alone is striking, but what matters more is the structural shift underneath.

​Regulators are pushing Chinese companies away from traditional offshore "Red-Chip" structures toward H-Share listings. This "Red-Chip Separation" changes how capital is controlled, how taxes are levied, and how proceeds get out of the country.

​What we'll cover:

• ​Why the shift from Red-Chip to H-Share is becoming the new baseline, and what it signals about future liquidity

• ​How "Red-Chip Separation" works in practice: moving assets back onshore without triggering valuation haircuts

• ​Tax implications at every stage, from restructuring and IPO to dividends and final exit

• ​Repatriation mechanics: converting CNY proceeds and moving USD across the border

• ​What this means for GP/LP dynamics, carried interest planning, and fund structuring in 2026

​With 400+ deals in the pipeline, is this a golden window for liquidity, or a crowded trade where only the well-structured come out whole?

​Speakers:

• ​Huaying Daisy Qi, Senior Partner, Jia Yuan Law Firm

  • ​20+ years advising on cross-border fund structuring (QFLP, QDLP, QFII). Advises Blackstone, Carlyle, KKR, Silverlake, Hongshan, and IDG on capital deployment and repatriation in China.

• ​Oliver Kang, China North Tax Lead Partner, PwC China

  • ​20+ years in financial services tax. Advises asset managers on offshore/onshore fund structuring, carried interest planning, and tax-efficient exits. Regular advisor to regulators on China tax policy.

​This session is exclusively for allocators and asset owners who currently manage or are actively evaluating China exposure. We are keeping the group intentionally small to allow for candid discussion. Only allocators and asset owners will be accepted.