On October 22, 2025, the Capital Markets team of Concord & Sage PC successfully assisted two industry-leading Asian companies in completing significant offshore listings — Agencia Comercial Spirits Ltd’s initial public offering on Nasdaq Capital Market and Fibocom Wireless Inc.’s listing on the Main Board of Main Board of The Stock Exchange of Hong Kong Limited (SEHK).

Agencia Comercial Spirits Ltd (NASDAQ: AGCC) is an exempted company incorporated in the Cayman Islands, headquartered in Taiwan, and specializes in the import and distribution of premium whisky. The Company offered a total of 1,750,000 Class A ordinary shares at a public offering price of US$4.00 per share, raising gross proceeds of approximately US$7 million (before underwriting discounts and offering expenses). The underwriters were granted a 45-day option to purchase up to an additional 262,500 shares. This successful IPO marks an important milestone for Agencia and further advances its strategic expansion in the premium whisky market across the Asia-Pacific region.

Agencia operates through a Cayman holding structure and focuses on the procurement and distribution of both bottled and cask whiskies. The Company has developed a “cask-to-bottle” full-chain distribution model to expand its international footprint. The net proceeds from the IPO will be used to expand its supplier network, diversify its product portfolio, increase bottling and packaging capacity for its proprietary whisky brands, enhance warehouse and inventory capacity, implement strategic marketing initiatives in Japan, Hong Kong, Singapore, Malaysia, and other Asia-Pacific markets, and for general corporate purposes.

Concord & Sage PC served as U.S. legal counsel to the issuer, providing comprehensive legal services throughout the IPO process. These included drafting and filing the F-1 registration statement and prospectus, U.S. securities law compliance review, corporate governance and listing advisory, SEC disclosure preparation and filing, and legal support for underwriting and closing. The deal team was co-led by Partners Kyle Leung and Qin Li, with key contributions from attorneys Zhiwei Hua, Anna Li, Yiling He, and legal assistants Ziwen Wang, Yitan Shen, and Xinrui Han.

On the same day, Fibocom Wireless Inc. (SZSE: 300638; HKEX: 00638), a leading global provider of wireless communication modules based in Shenzhen, successfully listed on the Main Board of the Hong Kong Stock Exchange, completing its dual listing on the A-share and H-share markets. The global offering consisted of 135.0802 million shares, representing approximately 15% of the total issued share capital upon completion of the offering, at a price of HK$21.50 per share, raising total gross proceeds of approximately HK$2.904 billion and net proceeds of approximately HK$2.811 billion.

Founded in 1999, Fibocom is one of the world’s leading suppliers of wireless communication modules, offering a diversified portfolio including data transmission modules, smart modules, and AI modules. Leveraging these products, the company provides customized solutions for downstream application customers, including edge AI solutions, robotics solutions, and other tailored services. Its products are widely applied in automotive electronics, smart home, consumer electronics, and smart retail industries. According to Frost & Sullivan, measured by revenue from continuing operations in 2024, Fibocom ranked second globally among wireless communication module providers, with leading market shares in multiple downstream applications — underscoring its strong global competitiveness and industry influence.

In connection with Fibocom’s Hong Kong listing, Concord & Sage PC was engaged to conduct comprehensive overseas legal due diligence on Fibocom’s subsidiaries in Texas and Delaware, United States. The firm’s work focused on a thorough review of the subsidiaries’ corporate qualifications, shareholding structure, governance, tax and financial compliance, labor and employment matters, contracts, and intellectual property status. The team also provided legal opinions on disclosure and risk matters, supporting the issuer’s regulatory filings, disclosure enhancement, and audit coordination. Leveraging its deep experience in U.S. corporate and securities law and cross-border capital markets transactions, Concord & Sage efficiently completed the due diligence and legal documentation work, providing a solid legal foundation for the success of the transaction.

Qin Li, Managing Partner of Concord & Sage PC, commented, “We are honored to have supported Agencia in successfully completing its U.S. IPO and to have contributed to Fibocom’s Hong Kong listing through due diligence on its U.S. subsidiaries. These two transactions highlight our team’s capability and efficiency in cross-border capital market projects and reaffirm our strength in building legal service bridges between China and the United States.”

Partner Kyle Leung added, “Our Capital Markets team is committed to delivering high-quality legal services for Asian companies entering the international capital markets. Moving forward, we will continue to leverage our experience in U.S. law, cross-border compliance, and transaction structuring to support more companies in expanding their global financing platforms.”