在伦敦证交所上市课件.ppt

February 2007在伦敦证交所上市在伦敦证交所上市 Obtaining a quotation on the: - 主板主板 the Official List - 创业板创业板 AIMPREPARED BYRICHARD NAISH在伦敦证交所上市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 Morris • 联系方式 Contacts在伦敦证交所上市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 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 capitalisation 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在伦敦证交所上市主要区别 – 上市标准MAIN DIFFERENCES – SOME OF THE “ADMISSION CRITERIA”条件Condition主板Official List / Main Market创业板AIM在市场中的股本在市场中的股本Market capitalisation至少至少70万英镑万英镑Minimum of £700,000 for equity无底限无底限No minimum股东股东Shareholders社会公众最少持有社会公众最少持有25%的股份的股份Minimum of 25% of shares must be held in “public” hands对公众持股量无要求对公众持股量无要求(但要求指定保荐人但要求指定保荐人)No minimum amount to be held in “public” hands under the rules (but the nominated adviser is likely to require a minimum)Accounts账目账目通常要求过去三年的账目通常要求过去三年的账目Last three years generally required过去三年或自公司过去三年或自公司(成立不足三年的成立不足三年的)成立起至成立起至今的账目今的账目 Last three years or, if less, so long as the company has been in existence经营记录经营记录Trading record通常要求过去三年的经营记录通常要求过去三年的经营记录Normally three year trading record required无要求无要求No trading record required运营资本运营资本Working capital基本相同基本相同Broadly similar基本相同基本相同Broadly similar上市文件上市文件Documents需经相关审查部门事先审查需经相关审查部门事先审查 Prior vetting of documents by the regulators通常不需审查通常不需审查 Documents are not generally approved by the regulators在伦敦证交所上市MAIN DIFFERENCES – SOME OF THE “CONTINUING OBLIGATIONS”义务Obligation 主板Official List / Main Market创业板AIM股东股东Shareholders社会公众最少持有社会公众最少持有25%的股份的股份Minimum of 25% of shares must be held in “public” hands对公众持股量无要求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进行股权交易的董事Directors dealings in shares基本相同基本相同Broadly similar restrictions基本相同基本相同Broadly similar restrictions公告公告Announcements基本相同基本相同Broadly similar基本相同基本相同Broadly similar主要交易需经股东同意？主要交易需经股东同意？Shareholder consent for major transactions?是，是，“主要主要“交易需经股东同意交易需经股东同意Yes, required for “major” transactions不需要，除非是不需要，除非是“反向收购反向收购”No, save for “reverse takeovers”顾问顾问Advisers仅某些交易需保荐人参与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要求指定保荐人全程参与“Nominated adviser” required to be retained at all times在伦敦证交所上市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亿美元的保险基金$2,300 billion of insurance funds1800亿美元的机构股东投资亿美元的机构股东投资$80 billion of institutional investment exposure超过超过2,500种养老基金，种养老基金，13,870亿美元资产亿美元资产$1,387 billion of assets in over 2,500 pension funds2广泛的个人股东参与广泛的个人股东参与Wide retail participation4超过超过2,000种信托基金，种信托基金，70,000亿美元资产，其中亿美元资产，其中550亿明确依据亿明确依据FTSE英国指数系列英国指数系列$7,000 billion of assets in over 2,000 mutual funds3, including $55 billion explicitly tracking the FTSE UK Series3超过超过300种投资信托，种投资信托，1,450亿美元资产亿美元资产$145 billion of assets in over 300 investment trusts31,700亿美元的亿美元的1,400万个个人存款账户免税项目和个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人参股计划项目持有主板市场中的公司股份14 million 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在伦敦证交所上市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的股价折扣的股价折扣IPO price discounts5% - 6%4.4%11.2%IPO的承销费用的承销费用IPO underwriting fees6% - 7%3.25%4%IPO的顾问费用的顾问费用IPO professional fees最高最高Highest比美国低，比欧洲高比美国低，比欧洲高Lower than US but higher than Europe比美国低，比欧洲高比美国低，比欧洲高Lower than US but higher than Europe企业管理费用企业管理费用On going corporate governance costs执行执行Sarbanes Oxley标准的第标准的第一年费用为一年费用为440万万Sarbanes Oxley costs $4.4 million in the first year2对企业管理制定的标对企业管理制定的标准很切实有效准很切实有效投资者需付投资者需付12% - 14% 的费用的费用Standards are a “global leader”. Investors prepared to pay a 12% - 14% premium3无具体数字无具体数字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).2. McKinsey Global Investor Survey, 2002.在伦敦证交所上市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International199511832,3821996235175,2981997286225,6651998291214,43719993252213,46820004933114,93520015874211,60720026545010,25220036946018,358200490511631,75320051,17922059,61820061,33030494,364在伦敦证交所上市IPO – 时间表指南 IPO – INDICATIVE TIMETABLED-91指定各类顾问指定各类顾问 Instruct all parties保荐人保荐人/公司公司 [Nomad/Sponsor]/Company D-85签署所有聘书签署所有聘书 Sign all engagement letters公司公司/各方当事人各方当事人 Company/all partiesD-80开始尽职调查开始尽职调查 Due diligence commences律师律师/会计会计 Lawyers/AccountantsD-60招股说明书初稿招股说明书初稿 Initial draft of admission document / prospectus保荐人保荐人 [Nomad/Sponsor]D-50评审招股说明书初稿评审招股说明书初稿 Comments on admission document / prospectus各方当事人各方当事人All partiesD-45长格式报告和法律尽职调查报告初稿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会计师会计师/律师律师Accountants/lawyersD-44“前端前端”起草会议起草会议 Drafting meeting on “front end”公司公司/保荐人保荐人Company/[Nomad/Sponsor]D-42招股说明书第二稿招股说明书第二稿 Second draft of admission document / prospectus保荐人保荐人 [Nomad/Sponsor]D-37评审招股说明书第二稿评审招股说明书第二稿 Comments on second draft admission document / prospectus各方当事人各方当事人 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会计师会计师/律师律师 Accountants/lawyersD-34招股说明书第三稿招股说明书第三稿 Third draft admission document / prospectus保荐人保荐人 [Nomad/Sponsor]在伦敦证交所上市IPO – 时间表指南 IPO – INDICATIVE TIMETABLE Continue…D-30起草会议起草会议 Drafting meeting各方当事人各方当事人 All partiesD-30开始查证开始查证Verification commences律师律师 LawyersD-25起草查证记录起草查证记录/查证会议查证会议 Draft verification notes circulated / verification meeting律师律师/公司公司 Lawyers/CompanyD-23招股说明书第四稿招股说明书第四稿 Fourth draft admission document / prospectus保荐人保荐人 [Nomad/Sponsor]D-21得到总结报告得到总结报告 Near final reports issued会计师会计师/律师律师 Accountants/LawyersD-21评审招股说明书终稿评审招股说明书终稿 Comments on final draft of pathfinder admission document / prospectus各方当事人各方当事人All partiesD-19完成查证完成查证Verification complete律师律师/公司公司 Lawyers/Company D-18关于关于“探路招股说明书探路招股说明书”的董事会议的董事会议 “Pathfinder” board meeting各方当事人各方当事人 All partiesD-10开始路演开始路演(大概大概2周周) Road shows commence (probably for 2 weeks)公司公司/经纪人经纪人 Company/BrokersD-410天公告期天公告期 – 仅限创业板仅限创业板 10 Day announcement – AIM only保荐人保荐人 NomadD-4股票定价会议股票定价会议 Pricing meeting公司公司/经纪人经纪人 Company/BrokersD完成董事会并申请主板上市完成董事会并申请主板上市/创业板上市创业板上市 Completion board meeting and application to Official List / AIM各方当事人各方当事人 All partiesDay允许上市允许上市Admission在伦敦证交所上市IPO 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 / 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 document•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 parties在伦敦证交所上市关于伟理宸WORKING WITH WALKER MORRIS在伦敦证交所上市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 Morris consistently proves that it has one of the leading corporate practices outside London”** Chambers 2006在伦敦证交所上市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 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 forward在伦敦证交所上市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 experience 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 equity 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 2006在伦敦证交所上市伟理宸公司法律事务部IPO方面的业务经验WALKER MORRIS CORPORATE TEAMS’S IPO EXPERIENCE• Proactis Holdings plc• Syntopix Group plc• Hargreaves Services plc• Software Radio Technology plc• Getech Group plc• Sarantel 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伟理宸公司法律事务部的律师曾为以下客户提供IPO法律服务法律服务•Members of the corporate team at Walker Morris have advised on the IPOs, amongst others, of: 在伦敦证交所上市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 Morris在伦敦证交所上市费用结构FEE STRUCTURES•透明性 Transparent 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 clients在伦敦证交所上市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 Morris is dedicated to excellent client service•热情幽默的律师 Enthusiastic and fun lawyers在伦敦证交所上市联系方式 YOUR CORPORATE CONTACTS•Peter Smart: – peter.– +44 (0)113 283 2567•Ian Gilbert: – ian.– +44 (0)113 283 2558•Paul Emmett: – paul.– +44 (0)113 283 2580•John Hamer: – john. – +44 (0)113 283 2527•Debbie Jackson: – debbie. – +44 (0)113 283 2507•Richard Naish: – richard. – +44 (0)113 283 4415在伦敦证交所上市结束语AND FINALLY…在伦敦证交所上市“与更大的律所具有同样丰富的经与更大的律所具有同样丰富的经验验”“the same experience as the bigger players” “一流的服务，媲美一流的服务，媲美超级律所超级律所”"top-notch service, comparable to that of magic circle firms.“ Chambers 2006 Edition在伦敦证交所上市“伟理宸公司法律事务部在伟理宸公司法律事务部在业界受到最高赞誉业界受到最高赞誉”“...the Corporate team at Walker Morris remains one of the most admired in the market.” Legal 500 2005 Edition在伦敦证交所上市“…被广泛评价为最富智慧的执业被广泛评价为最富智慧的执业者，具有合理的法律判断力和确实者，具有合理的法律判断力和确实的商业洞察力的商业洞察力”“...regularly highlighted as the market’s shrewdest operators combining sound legal judgement with undoubted commercial acumen.” Legal 500 2005 Edition在伦敦证交所上市。