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February2007在伦敦证交所上市Obtainingaquotationonthe:-主板theOfficialList-创业板AIMPREPAREDBYRICHARDNAISH提纲STRUCTUREOFTHISPRESENTATION•什么是主板市场和创业板市场WhatistheOfficialListandwhatisAIM?•主板和创业板的主要区别MaindifferencesbetweentheOfficialListandAIM•首次公开募股的程序IPOprocess•关于伟理宸WalkerMorris•联系方式Contacts什么是主板市场和创业板市场WHATIS“OFFICIALLIST”ANDWHATIS“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“OfficialList”/“MainMarket”arethetermsusedtodescribealistingonthemainmarketoftheLondonStockExchange•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”isaseparatemarketoftheLondonStockExchangesometimesreferredtoasthe“juniormarket”•对上市公司的标准和法定规格的要求较主板宽松许多Higherstandardsandmoreprescriptiverulesapplytocompanies“listedontheOfficialList”(ascomparedtocompanies“quotedonAIM”)•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Companieswithamarketcapitalisationoflessthan$50millionare,possibly,“toosmall”fortheOfficialList–althoughadviseshouldbetakenfromacorporatefinancefirmonthis•创业板的上市程序比主板简化很多ProcessofobtaininganOfficialListingismoretimeconsumingthananAIMquotation主要区别–上市标准MAINDIFFERENCES–SOMEOFTHE“ADMISSIONCRITERIA”条件Condition主板OfficialList/MainMarket创业板AIM在市场中的股本Marketcapitalisation至少70万英镑Minimumof£700,000forequity无底限Nominimum股东Shareholders社会公众最少持有25%的股份Minimumof25%ofsharesmustbeheldin“public”hands对公众持股量无要求(但要求指定保荐人)Nominimumamounttobeheldin“public”handsundertherules(butthenominatedadviserislikelytorequireaminimum)Accounts账目通常要求过去三年的账目Lastthreeyearsgenerallyrequired过去三年或自公司(成立不足三年的)成立起至今的账目Lastthreeyearsor,ifless,solongasthecompanyhasbeeninexistence经营记录Tradingrecord通常要求过去三年的经营记录Normallythreeyeartradingrecordrequired无要求Notradingrecordrequired运营资本Workingcapital基本相同Broadlysimilar基本相同Broadlysimilar上市文件Documents需经相关审查部门事先审查Priorvettingofdocumentsbytheregulators通常不需审查DocumentsarenotgenerallyapprovedbytheregulatorsMAINDIFFERENCES–SOMEOFTHE“CONTINUINGOBLIGATIONS”义务Obligation主板OfficialList/MainMarket创业板AIM股东Shareholders社会公众最少持有25%的股份Minimumof25%ofsharesmustbeheldin“public”hands对公众持股量无要求Nominimumamounttobeheldin“public”hands进行股权交易的董事Directorsdealingsinshares基本相同Broadlysimilarrestrictions基本相同Broadlysimilarrestrictions公告Announcements基本相同Broadlysimilar基本相同Broadlysimilar主要交易需经股东同意？Shareholderconsentformajortransactions?是，“主要“交易需经股东同意Yes,requiredfor“major”transactions不需要，除非是“反向收购”No,savefor“reversetakeovers”顾问Advisers仅某些交易需保荐人参与“Sponsor”requiredforcertaintransactionsonly要求指定保荐人全程参与“Nominatedadviser”requiredtoberetainedatalltimes资金来源THEPOOLOFCAPITAL主板OfficialList/MainMarket创业板AIM23,000亿美元的保险基金$2,300billionofinsurancefunds1800亿美元的机构股东投资$80billionofinstitutionalinvestmentexposure超过2,500种养老基金，13,870亿美元资产$1,387billionofassetsinover2,500pensionfunds2广泛的个人股东参与Wideretailparticipation4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$7,000billionofassetsinover2,000mutualfunds3,including$55billionexplicitlytrackingtheFTSEUKSeries3超过300种投资信托，1,450亿美元资产$145billionofassetsinover300investmenttrusts31,700亿美元的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14millionretailISAandPEPplanscommanding$170billionholdMainMarketcompanyshares2Sources:(1)IFSL,August2006;(2)IMAwebsite,August2006;(3)(4)InstitutionalInvestorsinAIM2006,GrowthCompanyInvestor,September2006资金成本THECOSTOFCAPITAL1费用种类Typeofcost美国UnitedStates主板OfficialList创业板AIMIPO的股价折扣IPOpricediscounts5%-6%4.4%11.2%IPO的承销费用IPOunderwritingfees6%-7%3.25%4%IPO的顾问费用IPOprofessionalfees最高Highest比美国低，比欧洲高LowerthanUSbuthigherthanEurope比美国低，比欧洲高LowerthanUSbuthigherthanEurope企业管理费用Ongoingcorporategovernancecosts执行SarbanesOxley标准的第一年费用为440万SarbanesOxleycosts$4.4millioninthefirstyear2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Standardsarea“globalleader”.Investorspreparedtopaya12%-14%premium3无具体数字Nospecificdata1.Takenfrom“TheCostofCapital–aninternationalcomparison–OxeraandtheLondonStockExchange,June2006.2.SarbanesOxleycompliancecostsexceedestimates–pressrelease(March2006).2.McKinseyGlobalInvestorSurvey,2002.创业板公司数量NUMBEROFCOMPANIESONAIM年份Year公司数量Numberofcompanies市场价值(百万英镑)Marketvalue(£m)英国UK国际International199511832,3821996235175,2981997286225,6651998291214,43719993252213,46820004933114,93520015874211,60720026545010,25220036946018,358200490511631,75320051,17922059,61820061,33030494,364IPO–时间表指南IPO–INDICATIVETIMETABLED-91指定各类顾问Instructallparties保荐人/公司[Nomad/Sponsor]/CompanyD-85签署所有聘书Signallengagementletters公司/各方当事人Company/allpartiesD-80开始尽职调查Duediligencecommences律师/会计Lawyers/AccountantsD-60招股说明书初稿Initialdraftofadmissiondocument/prospectus保荐人[Nomad/Sponsor]D-50评审招股说明书初稿Commentsonadmissiondocument/prospectus各方当事人AllpartiesD-45长格式报告和法律尽职调查报告初稿Firstdraftlongformreportandlegalduediligencereport会计师/律师Accountants/lawyersD-44“前端”起草会议Draftingmeetingon“frontend”公司/保荐人Company/[Nomad/Sponsor]D-42招股说明书第二稿Seconddraftofadmissiondocument/prospectus保荐人[Nomad/Sponsor]D-37评审招股说明书第二稿Commentsonseconddraftadmissiondocument/prospectus各方当事人AllpartiesD-37长格式报告和法律尽职调查报告第二稿Seconddraftlongformreportandlegalduediligencereport会计师/律师Accountants/lawyersD-34招股说明书第三稿Thirddraftadmissiondocument/prospectus保荐人[Nomad/Sponsor]IPO–时间表指南IPO–INDICATIVETIMETABLEContinue…D-30起草会议Draftingmeeting各方当事人AllpartiesD-30开始查证Verification