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1、Strictly private & confidentialUnilever(China)LimitedAsharemarketworkshopPresentation to38503850AARandCITICSTeamProjectLeader* Attendees of today,s workshopTonyMokHead of ABN AMRO Consumer Industries Group, AsiaInvestmentBanking&CoverageHassanElNahas*ABN AMRO Consumer Industries Group, AsiaPanMuping
2、*Chief Rep of N M RothschildJasonRynbeckDirector of ABN AMRO Corporate Finance Consumer Group, AsiaECMProjectLeaderPuJianBoard Director, Vice President of CITICSInvestmentBankingRichardHeald*Joint CEO of AAR GlobalKolaLuu*Head of AAR Greater ChinaXiaomeiLiu*AAR China TeamWangChangqingGeneral Manager
3、 of Investment Banking, ShanghaiJoeChen*Special assistant to the president of CITICSMaoYanmin*Senior Manager of Investment Banking, ShanghaiLiuKebin*Senior Manager of Investment Banking, ShanghaiLiuZhenManager of Investment Banking, ShanghaiChangLiang*Manager of Investment Banking, Shanghai13850Tabl
4、eofcontents1. IntroductiontoAARandCITICSecurities2. UpdateondomesticandinternationalequitymarketsforChinaissues3. ValuationapproachandpricingmechanismforAshareIPOsandsectorvaluationinAsia4. UpdateonforeigncompanylistinginAsharemarket-DirectlistingbyMNCsandChina5. Asharelistingprocedure6. Roleofadvis
5、orsAppendices:I. AARcredentialsII. CiticSecuritiesCredentialsIII. RecentAshareofferingcasestudiesIV. ValuationofcomparablecompaniesV. ComparisonofAsharemarketandHongKongmarket21.IntroductiontoABNAMRORothschild(AAR)andCITICSecurities(CITICS)3850IntroductiontoABNAMRORothschildDrawing on the full finan
6、cial resources of its parent groups, ABN AMRO Rothschild offers world class equity capital markets expertise4Amongst the worlds largest privately-owned banks436 offices in 27 countries4Established and highly regarded skills in handling merger and acquisition, corporate advisory, privatisation and pr
7、oject finance assignments4Strong specialist industry sector teams based world-wide4World-wide retail and wholesale banking operations employing over 109,000 personnel4Group capital of EUR 34.0 billion. Total assets of EUR 597.4 billion4Membership of 47 stock exchanges world-wide including London, Ne
8、w York and NASDAQ4Over 880 equity research, sales and trading personnel4Dedicated equities distribution personnel located in the US to sell international offerings into the USEstablishedcorporatefinanceskillsandrelationshipsInvestmentbanking,capitalstrengthandglobalequitydistributionpowerUnrivallede
9、quitycapitalmarketsexpertise+=4Top5Europeanequitycapitalmarketshouse4Top10internationalequitycapitalmarketshouse4Over160dedicatedequitycapitalmarketsspecialistslocatedinkeyregionalcentresglobally4Establishedtrackrecordinkeysectorsandregions43850StrongrankingsintheQ12002bookrunnerleaguetablesAAR team
10、s continue to be active in the international equity capital marketsTopBookrunnersofEuropeanEquityIssues,Q12002TopBookrunnersandJointLeadManagersofInternationalEquityIssues,Q1200253850No.1rankedinkeyEuropeanmarketsTopGlobalCo-ordinators,Europeanequityofferings,H22001Source CapitalDataBondware,globalc
11、o-ordinatorrolesonly,excludesrightsissuesandthedomestictranchesofinternationalofferingsIn H2 2001, ABN AMRO Rothschild was the No. 1 ranked Global Co-ordinator in European markets63850AARhaspioneeredandcompleted30transactionswithtotalsizeofUS$2,133minChinaHG/NMR/AARBookrunnerinChinasEquity&EquityLin
12、kedtransactionssince1991Pioneered B share IPO - China Southern GlassFirst H share CB - Qingling MotorsFirst GEM listing upgrade to HK main board with placement73850ABNAMROsresearchstrengthinHK/ChinaandConsumersectorRespectedbyinvestorsAAR has top tier Asian consumer research team to provide in-depth
13、 coverageJeremySutch-HeadofHKResearch/HeadofConsumer/RetailKalinaIp-HeadofChina&StrategyAnton Kwang - Properties Eddie Wong-Asian Chief EconomistCheuk Wan Fan-China Strategy & Red ChipsOsbert Tan-Airlines/Transport/LogisticsAndrew Leeming-Head of Asian BanksAdrian Fung -Utilities & Toll roadsMario Z
14、hu-Electronics / ConsumersLiana Yung-Technology/ Internet/ SoftwareMichele Mak-Technology/HardwareIn addition to in-depth individual company analysis, the team also produces periodic publications4Daily flash notes4Weekly equity review4Quarterly sector, economic and strategy reportsTheHK/Chinateam8In
15、troductiontoCITICSecuritiesCo.,Ltd(CITICS)3850ChinaInternationalTrust&InvestmentCorporation(CITIC)CITICFinancingHoldingCITIC Industrial BankCITIC Ka Wah Bank CITIC Securities Co., LtdChangseng Fund managementCITIC Prudential Life InsuranceCITICChinaslargestfinancingandinvestmentgroup4CITIC Financing
16、 Holding ,which will hold all the financing subsidiaries in CITIC, is to be established soon4As of end of 2000total assets were RMB 358.6 Billionnet assets were RMB 39.6 Billiontotal income was RMB 32.5 Billionnet profit was RMB 2,500 MillionThe largest Financing and investment corporation in China,
17、 with global presenceCITICSecuritiesCo.,LtdCITICGroup1038504Corporate Finance CommitteeInvestment banking (Beijing, Shanghai, Shenzhen and Qindao)Fixed incomeSales (equivalent to Equity Capital Markets)M&ARestructuring & advisoryCITICSamajorbracketfirmintheinvestmentbankingindustryinChinaRapidlygrow
18、ingbusinesswithsolidtrackrecordNotes: the blue bars represent net assetCorevalueServiceSatisfactionsSmartSafetySuccessAsset(RMB100million)Profit(RMB100million)4Asset management4Brokerage business4Proprietary trading113850LeadingpositionsinequityofferingandsponsorshipinrecentyearsKeytransactions12385
19、005001,0001,5002,0002,5001998199920002001RMB millionNo.1bondhouseindomesticcorporatebondmarketUnparalleled corporate bond issue experienceBondissueinChina(1998-2001)Amount underwritten by CITIC132.UpdateonChinadomesticandinternationalequitymarket3850ChinatotalissuanceisreachingUS$50billion.* includi
20、ng dual listed H share and Red Chip offerings which amounted to US$30 billion for the periodChinaIssues(1991-2001)(US$m)*391631212316671422211Number of issues*Top3dealsChina Mobile US$4.2bnChina Southern Airline US$700mJiansu Expressway US$490mTop3dealsChina Mobile follow-on & CB US$7.6bnChina Unico
21、m IPO US$5.7bnSinopec IPO U$3.5bn153850AsharenewissuealreadyexceedsinternationalofferingChinanewissuancepipeline4The second largest market in Asia by market capitalisation (US$500bn vs Hong Kongs US$450bn), only next to Tokyo4There are 1,100 + companies listed in Shanghai Stock Exchange and Shenzhen
22、 Stock Exchange4A share market is highly fragmented, the top 10 stocks account for only 12% of total market capitalization vs. 33 Hang Seng Index stocks account for over 80% of the total market cap of HK market4Major quality corproates are beocming increasingly the focus of the market Asharemarketha
23、sbecomemajorfundraisingmarketplace.andalsothefastestgrowingmarketintheworldIn last 5 years470% of China new issuance were completed in the domestic markets (in terms of dollar volume)4Total domestic transactions amounted to US$100bn vs US$50bn for international offerings4A share market has demonstra
24、ted its capacity to absorb large issues such as China Merchant Bank (US$1.32bn, Apr 02), Huaneng Power (US$335m, Nov 01) and Sinopec (US$1.43bn, Jul 01)163850ImplicationofliberalizationofAsharemarket173850Changepercentage2002todateChinamarkethasunderperformedinlast6monthsSource BloombergChangepercen
25、tagesince“911”183850Asharemarketshaverecoveredsincethebeginningoftheyearaftersignificantdeclinein2H2001Marketrelativeperformance(since2001)Asharevolume(since2001)Market became bullish on positive economic data and earnings prospectsGovernments announcement of crack down on illegal funds financed by
26、bank credit to the stock marketGovernment decided to suspend the sale of state-owned shares Announcement of reduction of stamp duty of securities tradingMarket was speculating that no further market boosting policy measures would be implemented in near term and worried about over massive overhang of
27、 Sinopec A sharesShanghai ASource Bloomberg193850Newissueperformance-ChinaIPOssince2001International: post IPO performance.mixed Domestic: post IPO performancestrong.203850CurrentvaluationforChinastocksinHKmarketABNAMROtoppicks213850AsharemarketvaluationisstillattractivetopotentialissuerComparisonwi
28、thothermarketsAveragedP/Eof50xplusBubbles will be squeezed out as more large quality companies being listed and the market becomes more regulated4High level of valuation due to scarcity of stocks or other investment instruments4An estimated RMB500bn corporate and institutional funds and RMB800bn pri
29、vate funds are available to the primary market (i.e. IPO subscriptions) - in addition, investor leverage has been common place4Heavy retail participation means the market is mainly driven by momentum / sentiment rather than investment rationale4“False” high level of valuations for some stocks due to
30、 market speculation / manipulation and lack of short-sell mechanism4Valuation has come off considerably since Julys Government crackdown on illegal funds financed by bank credit to speculate in the stock market4It is widely anticipated the valuation level of A share market will gradually decline ove
31、r period when capital market structural reform advances and valuation bubble diminishes4However, premium valuation would still be achievable for those better - run companies with better assets although the IPO pricing is de facto controlled by CSRC with a cap of 20x historical PE ratioSource Bloombe
32、rg223850LiberalizationinChinascapitalmarketCDRprogramme4Aim to introduce respectable international companies including Red Chip companies to domestic investors 4Priority is expected to be given to Red Chip companies4A number of Red Chip companies are in the process of preparing CDR issues and some o
33、f MNCs have also showed interest4The CDR proposal is being reviewed by the State Council. However, no timetable is given4One of the major issues remains the foreign exchange control by the governmentQDIIAsharelisting4Aim to introduce good international companies including MNCs and large Taiwan and H
34、ong Kong invested companies to Chinas equity market 4Priority is expected to be given to MNCs China operation companies, followed by large Taiwan and Hong Kong invested companies. Eventually, MNCs parent companies could also be allowed to list in A share market once RMB becomes fully convertible int
35、o foreign currency4CSRC has already announced the detailed listing requirements (seesection4) 4A number of MNCs China operation companies are considering the A share listing.4Aim to allow qualified Chinese institutional investors to invest in overseas markets4Hong Kong government is very keen on thi
36、s proposal as they expect Hong Kong would benefit greatly in terms of capital flow and market sentiment4The QDII proposal is being reviewed by the State Council. However, no timetable is given4One of the major issues remains the foreign exchange control by the government2338504Alcatel China4Ericsson
37、 China4Kodak China 4Motorola China4Procter & Gamble China4Unilever ChinaPotentialMNC(withChinaoperation)candidatesforAsharelistingCompanySector4Telecom equipment4Telecom equipment4Photo related4Telecom equipment4Consumer4Consumer4Household names and MNCs are likely candidates to go to the A share ma
38、rket. However, most of above mentioned companies have not started the process yet4With a view to improving the overall quality of A share companies, CSRC has already started talking to some JVs and solely foreign owned companies in order to obtain their views/ feedback on this new policy 4We expect
39、more MNCs would join the party as CSRC announced the detailed A share listing implementation rules for foreign enterprises by issuing the notification on “special requirements on the content and format of prospectus for foreign invested companies” on 1 April, 2002243.Valuationapproachandpricingmecha
40、nismforAshareIPOsandsectorvaluationinAsiaandChina3850ValuationapproachandpricingmechanisminAsharemarketBottom line: Valuation must exceed NAV (book value) per share as determined by MOF formula for SOEsMethodologies - all the approaches commonly used in international markets4DCF4Multiples of compara
41、ble companiesPEEV / EBITDA and P/CFDividend yieldPricing mechanism4Secondary market valuation benchmark4Market expectation of IPO discount (as appropriate)4Subject to CSRCs approvalunder approximately 20 x P/E (historical)under 2 x NAV per share263850Key valuation driversKeydriversofvaluationKeyvalu
42、ationdrivers:corporatespecifics4Earnings track record 4Track record of management4Growth potential4Competitive advantages and market position relative to peer group / competitors 4Focus on core businessIndustryoutlook4Market outlook 4Opportunity for business development and earnings growth4Industry
43、consolidation opportunitiesChinaspecifics4Dividend policy: a balance between cash dividend and new 4Size of free float and market cap: the greater the size, the lower the valuationOtherfactors4Market sentiment4Regulatory guidelines273850P/E is the over riding methodology for the A share marketDCF4A
44、principal pricing method used by investors to value companies4Based on growth rate of the market and market share and investors view of appropriate discount rate/cost of capital4Investor assumptions will vary (particularly on prices and discount rates), depending on information disclosure4Common val
45、uation approach for both domestic institutional funds and retail investors4Use historical data as no research forecast available 4A share index used as benchmarkP/E4Certain investors will consider dividend yield (mainly retail investors and income funds)Dividendyield4Used as cross-check with DCF val
46、uation4Use historical data as no research forecast available4Also used for comparison with peer groupEV/EBITDAandP/CF4Comparison with comparable publicly listed companies in A share and international markets4Analysis of key operational and financial differences between comparables will drive rating
47、differentialsComparablepubliccompaniesValuationapproach283850PricingprocessinAsharemarketSince 2000, the following pricing process has been adoptedStep1Step2Step3SubmitapricinganalysisreporttoCSRCSetpricerangeformarketingPricingupontheofferclose4Written by underwriter/lead manager4Key contents-metho
48、dology discussion-preliminary pricing range4Send the summary of draft prospectus (no mention of company name allowed by CSRC regulation) to institutional investors and brokers4Pre-marketing to institutional investors (2-3 days)4Set an updated price range based on preliminary feedback from institutio
49、nal investors 4Send the updated price range to CSRC 4Start the offering once CSRC issues a go ahead letter 4Distribute prospectus with the price range to institutional investors and brokers4Press conference4roadshow and internet bookbuilt, including institutions and public (2-3 days)4Pricing based o
50、n the order book293850Consumerrelatedequityofferings4Consumer related offerings have not been active4Average issue size is US$75m and US$90m for NJA and A shares market respectively4With Unilevers brandname and scarcity value, Unilever China IPO should be very well receivedConsumerrelatedequityoffer
51、ing303850PerformanceofUnileverAsiansubsidiaries4PT Unilever Indonesia and Hindustan Lever are the two Unilever subsidiaries listed in Asia4PT Unilever has outperformed Jakarta composite index (JCI) by 30% since 2001 and its current market cap is US$1,710 mln (Rp21,200 per share) 4Hindustan Lever has
52、 outperformed Sensex Index in India, reflecting the defensive nature of strong brand name company. Hindustan Levers current market cap is US$10,013.8m (INR 222.55 per share)RelativePerformance:UNVRvsJCIIndexsince2001RelativePerformance:HLVRvsSENSEXsince2001IPOAug1991IPOJan1991313850Currentvaluationo
53、fAsianconsumer/food&beverage/personnelcarecomparablesValuationsummary:PE02rangingfrom12xto32x4We attempt to use 2 criteria to select potential Asian comparables in the similar sectors in which Unilever China operatesMNCs local businesses listed in local marketsOverseas listed companies which mainly
54、operate in ChinaSelectedUnileversistercompaniesSelectedfoodcompaniesNestle (Malaysia) BhdUni-President Enterprises Co., LimitedTingyi (Cayman Islands) Holding CorpUniversal Robina CorporationWant Want Holdings LimitedCadbury India LtdNestle India LtdDairy Farm International Holdings LtdSelectedbever
55、age/brewingcompaniesTsingtoo Brewery Company LtdFosters Group LtdGuiness Anchor BHDCarlsberg Brewery Malaysia BHDSan Miguel CorporationVitasoy International LtdPT Unilever Indonesia TbkHindustan Lever Ltd323850ValuationofselectedlistedChinesecompaniesinsimilarsectorsValuationsummaryHistorical PE rat
56、io is reaching 70x.4Relatively high valuation is due torelative smaller size of the consumer stocksretail driven334.UpdateonforeigncompanylistinginAsharemarket-DirectlistingbyMNC3850ForeigninvestedcompaniesarenowallowedtolistintheAsharemarkets4CSRC has announced detailed requirements on A share list
57、ing of foreign invested companies 4A recent CSRC opinion paper stated that foreign enterprises are allowed to be listed in either A or B Share Markets if the following requirements are met:Following the relevant foreign investment and ownership restrictions on different industry sectors Complying wi
58、th PRC Company OrdinanceMeeting minimum listing requirementsPassing the annual foreign enterprise review for 3 consecutive years prior to the listing Maintaining foreign ownership of no less than 10% after the listing (however, to maintain foreign invested companys status for tax implications, a min
59、imum 25% of foreign ownership is required)Maintaining same minimum domestic ownership after the listing, if applicableFiling the listing with MOFTEC after the listing353850RegulatoryoverviewforforeigninvestedcompaniestobelistedintheAsharemarketsNationalpeoplescongressStatecouncil4Theultimatepolicy-m
60、akingbodyStateeconomicandtradecommissionOverseestheperformanceandrestructuringofSOEsStatedevelopmentandplanningcommissionApprovesmajornewprojectsandIPOsMinistryofInformationIndustry(MII)4Regulates telecom equipment manufacturing companiesChinaSecurityRegulatoryCommission(CSRC)ListingapprovalRegulate
61、slistedcompaniesPolicyoriginationApprovalprocessPolicyregulationandimplementationMinistryofForeignTradeandEconomicCooperation4Regulates foreign enterprises CSRC/ShanghaiandShenzhenStockExchanges4Oversees listed companies363850CSRCencouragesFortune500ChinaoperationstolistintheAsharemarketsPriority wo
62、uld be given to joint venture companies with MNCs4Priority would be given to joint venture companies with MNCs (e.g. Fortune 500) as opposed to 100% foreign owned MNC subsidiaries operated in China. It is also possible MNC groups would be eligible for A share listing eventually4There are a number of
63、 special disclosure requirements for foreign invested companies A share listing-Risk factors including the level of dependency of purchase, supply, technology transfer, patents and technology on overseas parties as well as potential changes in foreign laws/regulations -Connected party transactions i
64、ncluding purchase, supply, technology transfer and patents in last 3 years with foreign shareholders -Detailed information of nationalities and permanent residency of directors and senior managements and other positions held in overseas by them4The purpose of these requirements is to address followi
65、ng concerns investors may have for foreign companies:-Lack of independence -Profit transfer-lack of control of core technology and intangible assets which may result in deteriorating of its competitive advantages4According to CSRC officials, a pilot programme will be used in handling foreign investe
66、d companies A share listing. MNCs with sound operations and long term commitment in China (i.e. with regional head quarters and R&D centre in China) will have advantages of being selected for the “experiment”4Unilever is likely to be selected to participate the experiment by CSRC and detailed disclo
67、sure issues could be discussed and agreed in the terms acceptable to both sidesSpecial disclosure requirements .to address investor concernsMNCs likely to become the candidates of the pilot programme.373850CorporatestructureforlistingThe listing vehicle has to be a shareholding / operating company 4
68、The listing entity has to be a joint stock company formed in accordance with MOFTEC 1995 Jan 10 guidelines4Holding companies, domestic or foreign, are generally not allowed to be listed in ChinaThe listing vehicle must be the operating entitySpecial exemption may be possibleOtherwise a restructuring
69、 would be required4Need to understand Unilever current situation in China to determine which entity would be the best for the listing and whether any restructuring or special approval is requiredUnileverOffshoreVehicleUnileverPRCJointStockCo.(ListingEntity)UnileverPRCAssetstobelisted4Consolidate / o
70、ptimise Unilever PRC operation4Holding vs Operating Co4What assets to be included in the listing entity4Accounting issues4Regulatory approvals4Commercial / financial covenantsIssuesPreliminarystructureOffshorePRCOnshoreUnilever(China)Limited383850ListingrequirementsCriteriaAShareListingRequirements3
71、95.Asharelistingprocedure3850AshareIPOlistinga4-phaseprocessIn principle, foreign invested companies will follow the same process as domestic Chinese companiesRestructuringandincorporationofthelistcoCoaching/Knowledgetutorialforthelistco*ApplicationforlistingMarketing&execution2-4months12months3mont
72、hs(70workingdays)1-2months*Bao Shan Iron & Steel A share listing obtained exemption of the Coaching/ Knowledge tutorial period as it was ready for international listing before going to A share market413850Listingprocessphase1:restructuringandincorporationofthelistco(2-4months)Appoint advisors (banke
73、r(s), valuers, accountant and lawyers)4Kick-off meeting4Due diligence commences4Restructuring proposal discussion4Finalise restructuring / incorporation planAccountant: audited accounts for past 3 years and most recent audited reportValuers: asset valuation reportsLawyer: legal documentation for lis
74、tco incorporationBankers: advise restructuring, co-ordinate the application effort and sign Coaching/ Knowledge tutorial agreementJoint Stock company formation application for approval from MOFTEC through local MOFTEC officeListco incorporation and registration423850Listingprocessphase2:12-monthCoac
75、hing/Knowledgetutorialperiod4Requirement by CSRC4Purpose: ensure board directors, supervision representatives and senior management familiar with all the regulations and legal requirements for listed companies in China4Key contents:company incorporation processcorporate structure - “arms length” bet
76、ween listco and parent / sister companies or other connected partiesLegal workshops covering company law and securities law etcChinese GAAPBest practice of decision making process and internal auditDisclosure requirements4For every 2 months, a progress report by the Coaching/ Knowledge tutorial bank
77、 / advisor is required by CSRC4CSRCs consent is required before qualified for listing / share issuance application to CSRC4Special exemption of Coaching/ Knowledge tutorial period is possible but need to obtain CSRCs approval, (subject to Foreign invested companies A share listing requirements)43385
78、0Listingprocessphase3:Applicationforlisting/shareissuance(3months)Shareholder meeting to determine the use of proceeds and approve the IPO resolutionDocumentation and application material preparationBankers review and sign off the application documents4Application submission to CSRC 4Submit the use
79、of proceeds report to state Economic & Trade Commission (SETC) and State Planning and Development Commission (SPDC)4CSRC approval4Liase with the stock exchange on listing application443850Listingprocessphase4:Marketingandexecution(1-2months)4Form syndicate and sign underwriting agreement4Listing spo
80、nsor(i.e. banks) to finalise the listing application to the Stock Exchange4Summary of prospectus (with no name mentioned) distributed to brokers and institutional investors4Pre-marketing (management and underwriter representatives meeting with institutional investors -2 -3 days)4Submit price range t
81、o CSRC4CSRC to issue a letter to give a go-ahead 4Listing application submission to the Stock Exchange4Distribution of prospectus with confirmed price range / public announcement4Internet roadshow / share subscriptions (2-3 days)4Pricing / allocation4Settlement (5 days)4Filing will MOFTEC regarding
82、the listing4Trading commences4Aftermarket support by sponsor456.Roleofadvisors38504Coordinate with issuer and other advisers41 year pre-listing supervision4Corporate restructure / joint stock formation4Due diligence4Equity story / Valuation4Marketing and distribution4Prospectus drafting4Prospectus d
83、rafting4Drafting of legal documents4Advise on corporate restructuring and regulatory approvals4Issuance of legal opinions4Issuer and underwriter will appoint respective legal counsel 4Financial statement auditing4Internal control 4Corporate restructure4Tax consulting4Due diligence4Fixed asset apprai
84、sal4State-owned assets appraisal, if applicable4Intangible asset appraisalKeypartiesandfunctionsofparticipatingprofessionalsAccountingfirmLeadunderwriter/financialadviserValuersLegalcounsel4738504Provide advice on regulatory issues in relation to joint stock company incorporation for foreign compani
85、es4Co-ordinate in documentation drafting, application for the incorporation and communication with intermediaries4Assist the company dealing with regulatory authorities during the processRoleofadvisor:inChinaJointStockCompanyIncorporation4Purpose: ensure board directors, supervision representatives
86、and senior management familiar with all the regulations and legal requirements for listed companies in China4Key contents:corporate structure - “arms length” between listco and parent / sister companies or other connected partiesLegal workshops covering company law and securities law etcChinese GAAP
87、Best practice of decision making process and internal auditDisclosure requirementsCoaching/KnowledgetutorialOffering4IPO timetable and managing the process4Co-ordinate in documentation, communication with stock exchange and intermediaries4Assist in the application to CSRC to accelerate the approving
88、 process and in Communicating with CSRC Setting an ideal offering price4Co-ordinate the marketing process4Sponsor after the listing483850AARsrole4Develop the valuation methodology acceptable by both international standards and China market4Advice on valuation benchmark on the regional basis in the s
89、ame sector in which Unilever China operates4Develop financial model for the listco and advice on capital structure4Assist headquarter of Unilever to understand the valuation approach adopted in China A share marketValuation4Advice on A share listing plan and ensure the plan is in line with internati
90、onal standards and Unilever groups global strategy4Provide advice to Unilever China in sector trends and M&A opportunities4Continue to provide a full range of services and product in ChinaAdviceUnileverChinaonitsAsharelistingfromglobalprospective493850StrongresearchcommitmentABNAMROresearchteamCITIC
91、researchteamKalinaIpHead of China researchMarioZhuConsumer Products (Shanghai based)JeremySutchRegional Head of Consumer ProductsShiYamningSenior Analyst (Food)YaoJieSenior Analysts (Personal Care)503850AARandCITICS:youridealbankingpartnersforAsharelistingUnilever(China)LimitedCommitstoaftermarketpe
92、rformanceAccesstoChinadomesticdebtandequitycapital#1EuropeanmanagerinChineseequitynewissueABNAMROslongstandingrelationshipwithUnileverGroup#1ChinaresearchteamandhighlyrankedconsumerproductsresearchLeadingbondandequityhouseinChinaAsharemarketNo.1priorityforusonMNCsChinaoperationcompaniesAsharelisting
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98、坚强的人能把世界放在手中像泥块一样任意揉捏。23 九月 20242024/9/232024/9/232024/9/2315、最具挑战性的挑战莫过于提升自我。九月 242024/9/232024/9/232024/9/239/23/202416、业余生活要有意义，不要越轨。2024/9/232024/9/2323 September 202417、一个人即使已登上顶峰，也仍要自强不息。2024/9/232024/9/232024/9/232024/9/23MOMODAPOWERPOINTLorem ipsum dolor sit, eleifend nulla ac, fringilla purus. Nulla iaculis tempor felis amet, consectetur adipiscing elit. Fusce id urna blanditut cursus. 感感谢谢您您的的下下载载观观看看专家告诉
