《在伦敦证交所上市》PPT课件.ppt

February 2007 在伦敦证交所上市 Obtaining a quotation on the: - 主板 the Official List - 创业板 AIM PREPARED BY RICHARD NAISH 提纲 STRUCTURE OF THIS PRESENTATION 什么是主板市场和创业板市场 What is the Official List and what is AIM? 主板和创业板的主要区别 Main differences between the Official List and AIM 首次公开募股的程序 IPO process 关于伟理宸 Walker Morris 联系方式 Contacts 什么是主板市场和创业板市场 WHAT IS “OFFICIAL LIST” AND WHAT IS “AIM” 主板 /主要市场是用来描述在伦敦证券交易所主要市场上市的专业术语 “Official List” / “Main Market” are the terms used to describe a listing on the main market of the London Stock Exchange 创业板是伦敦证券交易所专门向新创建的中小企业提供融资服务的金融市场。 “AIM” is a separate market of the London Stock Exchange sometimes referred to as the “junior market” 对上市公司的标准和法定规格的要求较主板宽松许多 Higher standards and more prescriptive rules apply to companies “listed on the Official List” (as compared to companies “quoted on AIM”) 尽管证券咨询公司可能会如此建议，但资本总额少于5000万美元的公司并不适合在主板上市 Companies with a market capitalisation of less than $50 million are, possibly, “too small” for the Official List although advise should be taken from a corporate finance firm on this 创业板的上市程序比主板简化很多 Process of obtaining an Official Listing is more time consuming than an AIM quotation 主要区别 上市标准 MAIN DIFFERENCES SOME OF THE “ADMISSION CRITERIA” 条件 Condition 主板 Official List / Main Market 创业板 AIM 在市场中的股本 Market capitalisation 至少70万英镑 Minimum of 700,000 for equity 无底限 No minimum 股东 Shareholders 社会公众最少持有25%的股份 Minimum of 25% of shares must be held in “public” hands 对公众持股量无要求(但要求指定保荐人) No minimum amount to be held in “public” hands under the rules (but the nominated adviser is likely to require a minimum) Accounts 账目 通常要求过去三年的账目 Last three years generally required 过去三年或自公司(成立不足三年的)成立起至 今的账目 Last three years or, if less, so long as the company has been in existence 经营记录 Trading record 通常要求过去三年的经营记录 Normally three year trading record required 无要求 No trading record required 运营资本 Working capital 基本相同 Broadly similar 基本相同 Broadly similar 上市文件 Documents 需经相关审查部门事先审查 Prior vetting of documents by the regulators 通常不需审查 Documents are not generally approved by the regulators MAIN DIFFERENCES SOME OF THE “CONTINUING OBLIGATIONS” 义务 Obligation 主板 Official List / Main Market 创业板 AIM 股东 Shareholders 社会公众最少持有25%的股份 Minimum of 25% of shares must be held in “public” hands 对公众持股量无要求 No minimum amount to be held in “public” hands 进行股权交易的董事 Directors dealings in shares 基本相同 Broadly similar restrictions 基本相同 Broadly similar restrictions 公告 Announcements 基本相同 Broadly similar 基本相同 Broadly similar 主要交易需经股东同意？ Shareholder consent for major transactions? 是，“主要“交易需经股东同意 Yes, required for “major” transactions 不需要，除非是“反向收购” No, save for “reverse takeovers” 顾问 Advisers 仅某些交易需保荐人参与 “Sponsor” required for certain transactions only 要求指定保荐人全程参与 “Nominated adviser” required to be retained at all times 资金来源 THE POOL OF CAPITAL 主板 Official List / Main Market 创业板 AIM 23,000亿美元的保险基金 $2,300 billion of insurance funds1 800亿美元的机构股东投资 $80 billion of institutional investment exposure 超过2,500种养老基金，13,870亿美元资产 $1,387 billion of assets in over 2,500 pension funds2 广泛的个人股东参与 Wide retail participation4 超过2,000种信托基金，70,000亿美元资产，其中550 亿明确依据FTSE英国指数系列 $7,000 billion of assets in over 2,000 mutual funds3, including $55 billion explicitly tracking the FTSE UK Series3 超过300种投资信托，1,450亿美元资产 $145 billion of assets in over 300 investment trusts3 1,700亿美元的1,400万个个人存款账户免税项目和个 人参股计划项目持有主板市场中的公司股份 14 million retail ISA and PEP plans commanding $170 billion hold Main Market company shares2 Sources: (1) IFSL, August 2006; (2) IMA website, August 2006; (3) , August 2006; (4) Institutional Investors in AIM 2006, Growth Company Investor, September 2006 资金成本 THE COST OF CAPITAL1 费用种类 Type of cost 美国 United States 主板 Official List 创业板 AIM IPO的股价折扣 IPO price discounts 5% - 6%4.4%11.2% IPO的承销费用 IPO underwriting fees 6% - 7%3.25%4% IPO的顾问费用 IPO professional fees 最高 Highest 比美国低，比欧洲高 Lower than US but higher than Europe 比美国低，比欧洲高 Lower than US but higher than Europe 企业管理费用 On going corporate governance costs 执行Sarbanes Oxley标准的第 一年费用为440 万 Sarbanes Oxley costs $4.4 million in the first year2 对企业管理制定的标 准很切实有效 投资者需付12% - 14% 的费用 Standards are a “global leader”. Investors prepared to pay a 12% - 14% premium3 无具体数字 No specific data 1. Taken from “The Cost of Capital an international comparison Oxera and the London Stock Exchange, June 2006. 2. Sarbanes Oxley compliance costs exceed estimates press release (March 2006). 2. McKinsey Global Investor Survey, 2002. 创业板公司数量 NUMBER OF COMPANIES ON AIM 年份 Year 公司数量 Number of companies 市场价值(百万英镑) Market value (m) 英国UK国际International 199511832,382 1996235175,298 1997286225,665 1998291214,437 19993252213,468 20004933114,935 20015874211,607 20026545010,252 20036946018,358 200490511631,753 20051,17922059,618 20061,33030494,364 IPO 时间表指南 IPO INDICATIVE TIMETABLE D-91指定各类顾问 Instruct all parties保荐人/公司 Nomad/Sponsor/Company D-85签署所有聘书 Sign all engagement letters公司/各方当事人 Company/all parties D-80开始尽职调查 Due diligence commences律师/会计 Lawyers/Accountants D-60招股说明书初稿 Initial draft of admission document / prospectus保荐人 Nomad/Sponsor D-50评审招股说明书初稿 Comments on admission document / prospectus 各方当事人All parties D-45长格式报告和法律尽职调查报告初稿 First draft long form report and legal due diligence report 会计师/律师 Accountants/lawyers D-44“前端”起草会议 Drafting meeting on “front end”公司/保荐人 Company/Nomad/Sponsor D-42招股说明书第二稿 Second draft of admission document / prospectus 保荐人 Nomad/Sponsor D-37评审招股说明书第二稿 Comments on second draft admission document / prospectus 各方当事人 All parties D-37长格式报告和法律尽职调查报告第二稿 Second draft long form report and legal due diligence report 会计师/律师 Accountants/lawyers D-34招股说明书第三稿 Third draft admission document / prospectus保荐人 Nomad/Sponsor IPO 时间表指南 IPO INDICATIVE TIMETABLE Continue D-30起草会议 Drafting meeting各方当事人 All parties D-30开始查证Verification commences律师 Lawyers D-25起草查证记录/查证会议 Draft verification notes circulated / verification meeting 律师/公司 Lawyers/Company D-23招股说明书第四稿 Fourth draft admission document / prospectus保荐人 Nomad/Sponsor D-21得到总结报告 Near final reports issued会计师/律师 Accountants/Lawyers D-21评审招股说明书终稿 Comments on final draft of pathfinder admission document / prospectus 各方当事人All parties D-19完成查证Verification complete律师/公司 Lawyers/Company D-18关于“探路招股说明书”的董事会议 “Pathfinder” board meeting各方当事人 All parties D-10开始路演(大概2周) Road shows commence (probably for 2 weeks)公司/经纪人 Company/Brokers D-410天公告期 仅限创业板 10 Day announcement AIM only保荐人 Nomad D-4股票定价会议 Pricing meeting公司/经纪人 Company/Brokers D完成董事会并申请主板上市/创业板上市 Completion board meeting and application to Official List / AIM 各方当事人 All parties Day允许上市Admission IPO 程序 IPO PROCESS 耗时/劳动强度大 Time consuming / labour intensive process 保荐人引导该过程 “Sponsor” / “Nominated adviser” will lead the process 对公司尽职调查 法律/财务/运作 Due diligence on the company - legal / financial / operational 顾问根据业务所作的报告Potentially specialists reports depending on the business 营运资本复审 (自上市起至少18个月) Working capital review (to cover at least 18 months from admission) 起草招股说明书或上市材料 Drafting the “prospectus” or “admission document” 查证招股说明书或上市材料 “Verifying” the prospectus or admission document 实际上自聘请各类顾问起需要12-14周的过程 Realistically 12-14 week process from engaging all parties 关于伟理宸 WORKING WITH WALKER MORRIS 伟理宸 WALKER MORRIS THE FIRM 提供全方位服务的公司法/商法律师事务所 Full service corporate / commercial law firm 46名合伙人及360名律师 46 partners and 360+ other fee earners “伟理宸一贯出色的业务成绩证明了自己是位于伦敦以外 的最佳律所” “Walker Morris consistently proves that it has one of the leading corporate practices outside London”* * Chambers 2006 理解我们的客户 UNDERSTANDING OUR CLIENTS 我们关注客户的业务重心 We want to know what is the key to your business 我们视IPO为与客户关系的开端，而不是一次交易 We would treat the IPO as the start of the relationship, not as a one off transaction 我们热衷在华业务 We are committed to building links in China 我们希望与您合作，建立和加速您的业务发展 We want to work with you to build and grow your business 我们能够满足您今后的各类法律需要 We have the necessary skills to support your needs going forward 伟理宸公司法律事务部 WALKER MORRIS CORPORATE TEAM 在上市公司的法律业务方面具有丰富经验 Extensive corporate experience of public company work IPO方面的经验 IPO experience 为公司做法律顾问 acting for the company 为保荐人做法律顾问 acting for the sponsor / nominated adviser 为上市、披露和招股说明书的制作提供法律意见 Advising on Listing, Disclosure and Prospectus Rule compliance issues 为创业板上市提供法律意见Advising on AIM compliance issues 二次股票发行 Secondary equity fundraisings 合并和收购 Mergers and acquisitions 我们的业务能力被认为是“极好的” Described as “absolutely fantastic”* * Chambers 2006 伟理宸公司法律事务部IPO方面的业务经验 WALKER MORRIS CORPORATE TEAMSS IPO EXPERIENCE Proactis Holdings plc Syntopix Group plc Hargreaves Services plc Software Radio Technology plc Getech Group plc Sarantel Group plc Anker plc Umbro plc Newcastle United plc Collins & Hayes Group plc Rosebys plc IMS Group plc City Technology Group plc Goldsborough Healthcare plc Kalon Group plc T plc Straight plc Airbath Group plc Babygrow plc Sage plc 我们具有丰富经验 We have extensive experience 伟理宸公司法律事务部的律师曾为以下客户提供IPO法律服务 Members of the corporate team at Walker Morris have advised on the IPOs, amongst others, of: 服务水平 SERVICE LEVELS & ACCESSIBILITY 我们是服务行业 We are in a service industry service matters 客户专用的合伙人 Dedicated client partner 伟理宸拥有客户专用的律师团队 Dedicated client teams at Walker Morris 费用结构 FEE STRUCTURES 透明性 Transparent approach 公平性 Fair approach 灵活性 Flexible approach 善于处理突发事件 comfortable with contingent arrangements 可以协商对成功/中途失败的安排discuss success / abort arrangements 与客户共担风险 Prepared to share the risk with our clients 摘要 IN SUMMARY 我们目前在上市公司和IPO法律事务方面的业务实力可 以与其他大型律所匹敌，甚至超过它们 Current public company and IPO expertise to match, and exceed, other firms 费用透明且具灵活性 Transpa