在伦敦证交所上市

1、February 2007在伦敦证交所上市 Obtaining a quotation on the: - 主板 the Official List - 创业板 AIMPREPARED BYRICHARD NAISH1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 Mor

2、ris 联系方式 Contacts2什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

3、 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 capitalisatio

4、n 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 quotation3主要区别 上市标准MAIN DIFFERENCES SOME OF THE “ADMISSION CRIT

5、ERIA”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 th

6、e 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 recor

7、d 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 regulators4MAIN DIFFERENCES SOME OF THE “CONTINUING OBLIGATIONS”义务Obligation 主板Official List / Main Market创业板AIM

8、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

9、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 times5资金来源 THE POOL OF CAP

10、ITALSources: (1) IFSL, August 2006; (2) IMA website, August 2006; (3) , August 2006; (4) Institutional Investors in AIM 2006, Growth Company Investor, September 20066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AIMIPO的股价折扣IPO price discounts5% - 6%4.4%11.2%IPO的承销费用IPO un

11、derwriting fees6% - 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1

12、2% - 14% 的费用Standards are a “global leader”. Investors prepared to pay a 12% - 14% premium3无具体数字No specific data1. 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)

13、.2. McKinsey Global Investor Survey, 2002.7创业板公司数量NUMBER OF COMPANIES ON AIM8IPO 时间表指南 IPO INDICATIVE TIMETABLED-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 partiesD-80开始尽职调查 Due diligence commences律师/会计 Lawyers/AccountantsD-60

14、招股说明书初稿 Initial draft of admission document / prospectus保荐人 Nomad/SponsorD-50评审招股说明书初稿 Comments on admission document / prospectus各方当事人All partiesD-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/lawyersD-44“前端”起草会议 Drafting meeting on “front end”公司/保荐

15、人Company/Nomad/SponsorD-42招股说明书第二稿 Second draft of admission document / prospectus保荐人 Nomad/SponsorD-37评审招股说明书第二稿 Comments on second draft admission document / prospectus各方当事人 All partiesD-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/lawyersD-34招

16、股说明书第三稿 Third draft admission document / prospectus保荐人 Nomad/Sponsor9IPO 时间表指南 IPO INDICATIVE TIMETABLE Continue10IPO 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 /

17、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 documen

18、t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 parties11关于伟理宸WORKING WITH WALKER MORRIS12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

19、Morris consistently proves that it has one of the leading corporate practices outside London”* Chambers 200613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

20、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 forward14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 e

21、xperience 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 equ

22、ity 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 200615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 Saran

23、tel 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

24、服务Members of the corporate team at Walker Morris have advised on the IPOs, amongst others, of: 16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 Morris17费用结构FEE STRUCTURES透明性 Tra

25、nsparent 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 clients18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 Transparency and flexibility on fees伟理宸致力于为客户提供卓越服务 Walker