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1、4The road to IPOThe IPO window was closed for Beyondsoft4.4 The Advent of Global Financial CrisisThe global economy started to slow down in mid- 2007 and dampened the investor sentimentPlanned for a debut in U.S. stock exchange in 2008Set aside the IPO plan and focus on surviving the turbulent time4
2、The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Financial CrisisA survival and recovery strategy:4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Financial CrisisEffective risk management strategyThe company survived the
3、 crisisThe IPO issue was brought up again in second quarterly of 2009government support4The road to IPOFourth, outsourcing vendors are further diversifying their client base4.4 The Advent of Global Financial CrisisIndustry trends going forward: First, industry consolidation was expected to intensify
4、;Second, there is increasing demand for the global delivery model;Third, outsourcing vendors are gradually moving up the value chain;4The road to IPO4.4 The Advent of Global Financial CrisisMade clear the companys long-term vision: To become a leading IT services provider in China and a key player i
5、n the global arena.Goals for the next three years:To achieve an annual revenue of RMB 1 billion and a workforce of 10,000 employees.4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Financial CrisisSeveral options for IPO:4The road to IPO4.4 The Advent of Globa
6、l Financial Crisisunparalleled market capitalization, liquidity and level of investor sophistication.Advantages: Disadvantages:the uncertain future trends of the U.S. economic recessions and capital market.4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Finan
7、cial Crisis4The road to IPO输入您要的内容4.4 The Advent of Global Financial CrisisAdvantages: Disadvantages:Lower listing requirements and less stringent regulations; cultural proximity cross-border information asymmetry reduce the cost of issuanceInvestors are less attracted technology companies a low val
8、uation of IT-related stocks; Also took a strong hit during the global financial crisis and are in the recovery4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Financial Crisis4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Glo
9、bal Financial CrisisHistorically, Chinas stock markets primarily served the financing needs of the state-owned enterprises (SOEs) Chinas stock markets: 4The road to IPO4.4 The Advent of Global Financial CrisisSelected by the local government with a quotaApply to the CSRC for approvalOn behalf of the
10、 central government, set annual quotas on the number of IPOs and rations the quotas to each of the 32 regions. Chinas stock markets: A company seeking to list4The road to IPO请输入您要的内容请输入您要的内容请输入您要的内容请输入您要内容请输入您 要的内容请输入您要的内容4.4 The Advent of Global Financial CrisisIn 2004, the CSRC launched the Small
11、and Medium-sized Enterprise (SME) Board to provide capital market access for private companies. Chinas stock markets: The quota system An approval system 4The road to IPO4.4 The Advent of Global Financial CrisisChiNext is expected to launch In November 2009. Chinas stock markets: Chinas NASDAQ-style
12、 stock exchange for the entrepreneurial companiesHad particular preference for companies of: high technology, high growth, new economy, new service, new agriculture, new energy, new materialHad more relaxed listing requirement and the approval process was more efficient4The road to IPO4.4 The Advent
13、 of Global Financial CrisisChallenges:1).Beyondsoft must first dismantle the costly “red-chip” structure and reorganize its shareholder structure. Extremely difficult to return to it laterInvolved a complex interaction of corporate and tax laws of each jurisdiction4The road to IPO4.4 The Advent of Global Financial CrisisChallenges:2). There is no guarantee that the company would obtain the IPO approval from the CSRC in the near future.3). Whether or not TOA Capital would agree to the domestic IPO option4The road to IPO4.4 The Advent of Global Financial Crisis？What should WANG Bin doThanks！
