伦敦证券交易所的主板市场和创业板市场AIMwer.ppt

February2007 在伦敦证交所上市Obtainingaquotationonthe 主板theOfficialList 创业板AIM PREPAREDBYRICHARDNAISH 提纲STRUCTUREOFTHISPRESENTATION 什么是主板市场和创业板市场WhatistheOfficialListandwhatisAIM 主板和创业板的主要区别MaindifferencesbetweentheOfficialListandAIM首次公开募股的程序IPOprocess关于伟理宸WalkerMorris联系方式Contacts 什么是主板市场和创业板市场WHATIS OFFICIALLIST ANDWHATIS 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 OfficialList MainMarket arethetermsusedtodescribealistingonthemainmarketoftheLondonStockExchange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 isaseparatemarketoftheLondonStockExchangesometimesreferredtoasthe juniormarket 对上市公司的标准和法定规格的要求较主板宽松许多Higherstandardsandmoreprescriptiverulesapplytocompanies listedontheOfficialList ascomparedtocompanies quotedonAIM 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Companieswithamarketcapitalisationoflessthan 50millionare possibly toosmall fortheOfficialList althoughadviseshouldbetakenfromacorporatefinancefirmonthis创业板的上市程序比主板简化很多ProcessofobtaininganOfficialListingismoretimeconsumingthananAIMquotation 主要区别 上市标准MAINDIFFERENCES SOMEOFTHE ADMISSIONCRITERIA MAINDIFFERENCES SOMEOFTHE CONTINUINGOBLIGATIONS 资金来源THEPOOLOFCAPITAL Sources 1 IFSL August2006 2 IMAwebsite August2006 3 August2006 4 InstitutionalInvestorsinAIM2006 GrowthCompanyInvestor September2006 资金成本THECOSTOFCAPITAL1 1 Takenfrom TheCostofCapital aninternationalcomparison OxeraandtheLondonStockExchange June2006 2 SarbanesOxleycompliancecostsexceedestimates pressrelease March2006 2 McKinseyGlobalInvestorSurvey 2002 创业板公司数量NUMBEROFCOMPANIESONAIM IPO 时间表指南IPO INDICATIVETIMETABLE IPO 时间表指南IPO INDICATIVETIMETABLEContinue IPO程序IPOPROCESS 耗时 劳动强度大Timeconsuming labourintensiveprocess保荐人引导该过程 Sponsor Nominatedadviser willleadtheprocess对公司尽职调查 法律 财务 运作Duediligenceonthecompany legal financial operational顾问根据业务所作的报告Potentiallyspecialists reportsdependingonthebusiness营运资本复审 自上市起至少18个月 Workingcapitalreview tocoveratleast18monthsfromadmission 起草招股说明书或上市材料Draftingthe prospectus or admissiondocument 查证招股说明书或上市材料 Verifying theprospectusoradmissiondocument实际上自聘请各类顾问起需要12 14周的过程Realistically12 14weekprocessfromengagingallparties 关于伟理宸WORKINGWITHWALKERMORRIS 伟理宸WALKERMORRIS THEFIRM 提供全方位服务的公司法 商法律师事务所Fullservicecorporate commerciallawfirm46名合伙人及360名律师46partnersand360 otherfeeearners 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 WalkerMorrisconsistentlyprovesthatithasoneoftheleadingcorporatepracticesoutsideLondon Chambers2006 理解我们的客户UNDERSTANDINGOURCLIENTS 我们关注客户的业务重心Wewanttoknowwhatisthekeytoyourbusiness我们视IPO为与客户关系的开端 而不是一次交易WewouldtreattheIPOasthestartoftherelationship notasaoneofftransaction我们热衷在华业务WearecommittedtobuildinglinksinChina我们希望与您合作 建立和加速您的业务发展Wewanttoworkwithyoutobuildandgrowyourbusiness我们能够满足您今后的各类法律需要Wehavethenecessaryskillstosupportyourneedsgoingforward 伟理宸公司法律事务部WALKERMORRISCORPORATETEAM 在上市公司的法律业务方面具有丰富经验ExtensivecorporateexperienceofpubliccompanyworkIPO方面的经验IPOexperience为公司做法律顾问actingforthecompany为保荐人做法律顾问actingforthesponsor nominatedadviser为上市 披露和招股说明书的制作提供法律意见AdvisingonListing DisclosureandProspectusRulecomplianceissues为创业板上市提供法律意见AdvisingonAIMcomplianceissues二次股票发行Secondaryequityfundraisings合并和收购Mergersandacquisitions我们的业务能力被认为是 极好的 Describedas absolutelyfantastic Chambers2006 伟理宸公司法律事务部IPO方面的业务经验WALKERMORRISCORPORATETEAMS SIPOEXPERIENCE ProactisHoldingsplcSyntopixGroupplcHargreavesServicesplcSoftwareRadioTechnologyplcGetechGroupplcSarantelGroupplcAnkerplcUmbroplcNewcastleUnitedplcCollins HayesGroupplc RosebysplcIMSGroupplcCityTechnologyGroupplcGoldsboroughHealthcareplcKalonGroupplcTplcStraightplcAirbathGroupplcBabygrowplcSageplc 我们具有丰富经验Wehaveextensiveexperience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MembersofthecorporateteamatWalkerMorrishaveadvisedontheIPOs amongstothers of 服务水平SERVICELEVELS ACCESSIBILITY 我们是服务行业Weareinaserviceindustry servicematters客户专用的合伙人Dedicatedclientpartner伟理宸拥有客户专用的律师团队DedicatedclientteamsatWalkerMorris 费用结构FEESTRUCTURES 透明性Transparentapproach公平性Fairapproach灵活性Flexibleapproach善于处理突发事件comfortablewithcontingentarrangements可以协商对成功 中途失败的安排discusssuccess abortarrangements与客户共担风险Preparedtosharetheriskwithourclients 摘要INSUMMARY 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CurrentpubliccompanyandIPOexpertisetomatch andexceed otherfirms费用透明且具灵活性Transparencyandflexibilityonfees伟理宸致力于为客户提供卓越服务WalkerMorrisisdedicatedtoexcellentclientservice热情幽默的律师Enthusiasticandfunlawyers 联系方式YOURCORPORATECONTACTS PeterSmart peter smart walkermorris co uk 44 0 1132832567IanGilbert ian gilbert walkermorris co uk 44 0 1132832558PaulEmmett paul emmett walkermorris co uk 44 0 1132832580 JohnHamer john hamer walkermorris co uk 44 0 1132832527DebbieJackson debbie jackson walkermorris co uk 44 0 1132832507RichardNaish richard naish walkermorris co uk 44 0 1132834415 结束语ANDFINALLY 与更大的律所具有同样丰富的经验 thesameexperienceasthebiggerplayers 一流的服务 媲美超级律所 top notchservice comparabletothatofmagiccirclefirms Chambers2006Edition 伟理宸公司法律事务部在业界受到最高赞