在倫敦證交所上市

1、February 2007在倫敦證交所上市 Obtaining a quotation on the: - 主板 the Official List - 創(chuàng)業(yè)板 AIMPREPARED BYRICHARD NAISH1提綱STRUCTURE OF THIS PRESENTATION 什么是主板市場(chǎng)和創(chuàng)業(yè)板市場(chǎng) What is the Official List and what is AIM? 主板和創(chuàng)業(yè)板的主要區(qū)別 Main differences between the Official List and AIM 首次公開募股的程序 IPO process 關(guān)于偉理宸 Walker Mor

2、ris 聯(lián)系方式 Contacts2什么是主板市場(chǎng)和創(chuàng)業(yè)板市場(chǎng)WHAT IS “OFFICIAL LIST” AND WHAT IS “AIM”主板 /主要市場(chǎng)是用來描述在倫敦證券交易所主要市場(chǎng)上市的專業(yè)術(shù)語 “Official List” / “Main Market” are the terms used to describe a listing on the main market of the London Stock Exchange創(chuàng)業(yè)板是倫敦證券交易所專門向新創(chuàng)建的中小企業(yè)提供融資服務(wù)的金融市場(chǎng)。 “AIM” is a separate market of the London

3、 Stock Exchange sometimes referred to as the “junior market”對(duì)上市公司的標(biāo)準(zhǔn)和法定規(guī)格的要求較主板寬松許多 Higher standards and more prescriptive rules apply to companies “l(fā)isted on the Official List” (as compared to companies “quoted on AIM”)盡管證券咨詢公司可能會(huì)如此建議，但資本總額少于5000萬美元的公司并不適合在主板上市 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創(chuàng)業(yè)板的上市程序比主板簡(jiǎn)化很多 Process of obtaining an Official Listing is more time consuming than an AIM quotation3主要區(qū)別 上市標(biāo)準(zhǔn)MAIN DIFFERENCES SOME OF THE “ADMISSION CRIT

5、ERIA”條件Condition主板Official List / Main Market創(chuàng)業(yè)板AIM在市場(chǎng)中的股本Market capitalisation至少70萬英鎊Minimum of 700,000 for equity無底限No minimum股東Shareholders社會(huì)公眾最少持有25%的股份Minimum of 25% of shares must be held in “public” hands對(duì)公眾持股量無要求(但要求指定保薦人)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賬目通常要求過去三年的賬目Last three years generally required過去三年或自公司(成立不足三年的)成立起至今的賬目 Last three years or, if less, so long as the company has been in existence經(jīng)營(yíng)記錄Trading record通常要求過去三年的經(jīng)營(yíng)記錄Normally three year trading record required無要求No trading recor

7、d required運(yùn)營(yíng)資本W(wǎng)orking capital基本相同Broadly similar基本相同Broadly similar上市文件Documents需經(jīng)相關(guān)審查部門事先審查 Prior vetting of documents by the regulators通常不需審查 Documents are not generally approved by the regulators4MAIN DIFFERENCES SOME OF THE “CONTINUING OBLIGATIONS”義務(wù)Obligation 主板Official List / Main Market創(chuàng)業(yè)板AIM

8、股東Shareholders社會(huì)公眾最少持有25%的股份Minimum of 25% of shares must be held in “public” hands對(duì)公眾持股量無要求No minimum amount to be held in “public” hands進(jìn)行股權(quán)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主要交易需經(jīng)股東

9、同意？Shareholder consent for major transactions?是，“主要“交易需經(jīng)股東同意Yes, required for “major” transactions不需要，除非是“反向收購”No, save for “reverse takeovers”顧問Advisers僅某些交易需保薦人參與“Sponsor” required for certain transactions only要求指定保薦人全程參與“Nominated adviser” required to be retained at all times5資金來源 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資金成本 THE COST OF CAPITAL1費(fèi)用種類Type of cost美國(guó)United States主板Official List創(chuàng)業(yè)板AIMIPO的股價(jià)折扣IPO price discounts5% - 6%4.4%11.2%IPO的承銷費(fèi)用IPO un

11、derwriting fees6% - 7%3.25%4%IPO的顧問費(fèi)用IPO professional fees最高Highest比美國(guó)低，比歐洲高Lower than US but higher than Europe比美國(guó)低，比歐洲高Lower than US but higher than Europe企業(yè)管理費(fèi)用On going corporate governance costs執(zhí)行Sarbanes Oxley標(biāo)準(zhǔn)的第一年費(fèi)用為440萬Sarbanes Oxley costs $4.4 million in the first year2對(duì)企業(yè)管理制定的標(biāo)準(zhǔn)很切實(shí)有效投資者需付1

12、2% - 14% 的費(fèi)用Standards are a “global leader”. Investors prepared to pay a 12% - 14% premium3無具體數(shù)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創(chuàng)業(yè)板公司數(shù)量NUMBER OF COMPANIES ON AIM8IPO 時(shí)間表指南 IPO INDICATIVE TIMETABLED-91指定各類顧問 Instruct all parties保薦人/公司 Nomad/Sponsor/Company D-85簽署所有聘書 Sign all engagement letters公司/各方當(dāng)事人 Company/all partiesD-80開始盡職調(diào)查 Due diligence commences律師/會(huì)計(jì) Lawyers/AccountantsD-60

14、招股說明書初稿 Initial draft of admission document / prospectus保薦人 Nomad/SponsorD-50評(píng)審招股說明書初稿 Comments on admission document / prospectus各方當(dāng)事人All partiesD-45長(zhǎng)格式報(bào)告和法律盡職調(diào)查報(bào)告初稿 First draft long form report and legal due diligence report會(huì)計(jì)師/律師Accountants/lawyersD-44“前端”起草會(huì)議 Drafting meeting on “front end”公司/保薦

15、人Company/Nomad/SponsorD-42招股說明書第二稿 Second draft of admission document / prospectus保薦人 Nomad/SponsorD-37評(píng)審招股說明書第二稿 Comments on second draft admission document / prospectus各方當(dāng)事人 All partiesD-37長(zhǎng)格式報(bào)告和法律盡職調(diào)查報(bào)告第二稿 Second draft long form report and legal due diligence report會(huì)計(jì)師/律師 Accountants/lawyersD-34招

16、股說明書第三稿 Third draft admission document / prospectus保薦人 Nomad/Sponsor9IPO 時(shí)間表指南 IPO INDICATIVE TIMETABLE Continue10IPO 程序 IPO PROCESS耗時(shí)/勞動(dòng)強(qiáng)度大 Time consuming / labour intensive process保薦人引導(dǎo)該過程 “Sponsor” / “Nominated adviser” will lead the process對(duì)公司盡職調(diào)查 法律/財(cái)務(wù)/運(yùn)作 Due diligence on the company - legal /

17、financial / operational顧問根據(jù)業(yè)務(wù)所作的報(bào)告Potentially specialists reports depending on the business營(yíng)運(yùn)資本復(fù)審 (自上市起至少18個(gè)月) Working capital review (to cover at least 18 months from admission)起草招股說明書或上市材料 Drafting the “prospectus” or “admission document”查證招股說明書或上市材料 “Verifying” the prospectus or admission documen

18、t實(shí)際上自聘請(qǐng)各類顧問起需要12-14周的過程 Realistically 12-14 week process from engaging all parties11關(guān)于偉理宸WORKING WITH WALKER MORRIS12偉理宸 WALKER MORRIS THE FIRM提供全方位服務(wù)的公司法/商法律師事務(wù)所 Full service corporate / commercial law firm 46名合伙人及360名律師 46 partners and 360+ other fee earners“偉理宸一貫出色的業(yè)務(wù)成績(jī)證明了自己是位于倫敦以外的最佳律所” “Walker

19、Morris consistently proves that it has one of the leading corporate practices outside London”* Chambers 200613理解我們的客戶UNDERSTANDING OUR CLIENTS我們關(guān)注客戶的業(yè)務(wù)重心 We want to know what is the key to your business我們視IPO為與客戶關(guān)系的開端，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我們熱衷在華業(yè)務(wù) We are committed to building links in China我們希望與您合作，建立和加速您的業(yè)務(wù)發(fā)展 We want to work with you to build and grow your business我們能夠滿足您今后的各類法律需要 We have the necessary skills to support your needs going forward14偉理宸公司法律事務(wù)部WALKER MORRIS CORPORATE TEAM在上市公司的法律業(yè)務(wù)方面具有豐富經(jīng)驗(yàn)Extensive corporate e

21、xperience of public company work IPO方面的經(jīng)驗(yàn) IPO experience 為公司做法律顧問 acting for the company 為保薦人做法律顧問 acting for the sponsor / nominated adviser 為上市、披露和招股說明書的制作提供法律意見 Advising on Listing, Disclosure and Prospectus Rule compliance issues 為創(chuàng)業(yè)板上市提供法律意見Advising on AIM compliance issues 二次股票發(fā)行 Secondary equ

22、ity fundraisings 合并和收購 Mergers and acquisitions 我們的業(yè)務(wù)能力被認(rèn)為是“極好的” Described as “absolutely fantastic”* Chambers 200615偉理宸公司法律事務(wù)部IPO方面的業(yè)務(wù)經(jīng)驗(yàn)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 我們具有豐富經(jīng)驗(yàn) We have extensive experience 偉理宸公司法律事務(wù)部的律師曾為以下客戶提供IPO法律

24、服務(wù)Members of the corporate team at Walker Morris have advised on the IPOs, amongst others, of: 16服務(wù)水平SERVICE LEVELS & ACCESSIBILITY 我們是服務(wù)行業(yè) We are in a service industry service matters 客戶專用的合伙人 Dedicated client partner 偉理宸擁有客戶專用的律師團(tuán)隊(duì) Dedicated client teams at Walker Morris17費(fèi)用結(jié)構(gòu)FEE STRUCTURES透明性 Tra

25、nsparent approach公平性 Fair approach靈活性 Flexible approach 善于處理突發(fā)事件 comfortable with contingent arrangements 可以協(xié)商對(duì)成功/中途失敗的安排discuss success / abort arrangements與客戶共擔(dān)風(fēng)險(xiǎn) Prepared to share the risk with our clients18摘要 IN SUMMARY我們目前在上市公司和IPO法律事務(wù)方面的業(yè)務(wù)實(shí)力可以與其他大型律所匹敵，甚至超過它們 Current public company and IPO expertise to match, and exceed, other firms費(fèi)用透明且具靈活性 Transparency and flexibility on fees偉理宸致力于為客戶提供卓越服務(wù) Walker