Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Micro Connect, a new financial market platform, on the launch of Micro Connect Macao Financial Assets Exchange (‘MCEX’). MCEX is the first-ever licensed global exchange for Daily Revenue Obligations (‘DROs’), a new asset class that connects global capital with micro and small businesses in China. The goal of the platform is to make global capital more accessible and affordable to business owners, and give global investors direct and diversified exposure to the daily cash flows of the millions of stores that form part of China’s consumer economy. The first offering of DROs on MCEX took place on 25 March 2023.

The Freshfields team was led by partner and China Chairman Teresa Ko and partners Grace Huang and Sarah Su, supported by senior associate James Parkin and associate Dickson Chan. Regulatory advice was provided by partner and Asia head of financial services Matthew O’Callaghan and counsel Kenneth Hui. IT / IP and data protection advice was provided by partner and Asia head of IP / IT Richard Bird and associate Harshavardhan Ganesan.