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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 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 Morri
2、s 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
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 capitalisati
4、on 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 CR
5、ITERIA”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 ru
6、les (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
7、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 regulatorsMAIN DIFFERENCES SOME OF THE “CONTINUING OBLIGATIONS”义务 Obligation 主板 Official L
8、ist / 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 si
9、milar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 ret
10、ained at all times资金来源 THE POOL OF CAPITAL主板 Official List / Main Market创业板 AIM23,000亿美元的保险基金 $2,300 billion of insurance funds1800亿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 participa
11、tion4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 mill
12、ion retail ISA and PEP plans commanding $170 billion hold Main Market company shares2Sources: (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 St
13、ates主板 Official List创业板 AIM IPO的股价折扣 IPO price discounts5% - 6%4.4%11.2%IPO的承销费用 IPO underwriting 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
14、 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 data1. Taken from “The Cost of Capital an international comparison Oxera and the London Stock
15、 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International199511832,382 1996235175,298 1997286225,6651998
16、291214,43719993252213,468 20004933114,935 20015874211,607 20026545010,25220036946018,358 200490511631,75320051,17922059,61820061,33030494,364IPO 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 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 admi
