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GOINGPUBLIC:AGUIDEFORCHINESECOMPANIESTOLISTINGONTHEUSSECURITIESMARKETSPublishedbyGlobeBusinessPublishinginassociationwithTheNASDAQOMXGroup,withcontributionsfrom:GOINGPUBLIC:AGUIDEFORCHINESECOMPANIESTOLISTINGONTHEUSSECURITIESMARKETSResizedNasdaqcover.ai15/8/200818:34:20ResizedNasdaqcover.ai15/8/200818:34:2041373(NASDAQChina)22/07/2008M1141373(NASDAQChina)22/07/2008M11Editor:JoMooreDesign:FranLaneProduction:CallieLeamyPublisher:TimDempseyPrintingandbinding:RRDonnelleyRomanFinancialGoingpublic:AguideforChinesecompaniestolistingontheUSsecuritiesmarketsispublishedbyGlobeBusinessPublishingNewHiberniaHouseWinchesterWalkLondonSE19AGUnitedKingdomTel44.20.7234.0606Fax44.20.7234.0808Firstpublished2006ISBN978-1-905783-18-2Goingpublic:AguideforChinesecompaniestolistingontheUSsecuritiesmarkets©2008GlobeBusinessPublishingCopyrightinindividualchaptersrestswiththeco-publishers.Nophotocopying:copyrightlicencesdonotapply.Thisguideiswrittenasageneralguideonly.Itshouldnotberelieduponasasubstituteforspecificlegalorfinancialadvice.Professionaladviceshouldalwaysbesoughtbeforetakinganyactionbasedontheinformationprovided.Everyefforthasbeenmadetoensurethattheinformationinthisguideiscorrectatthetimeofpublication.Theviewsexpressedinthearticlescontainedinthisguidearethoseoftheauthors.TheNASDAQOMXlogoisaservicemarkofTheNASDAQOMXGroup,Inc.Thepublishersandauthorsstressthatthispublicationdoesnotpurporttoprovideinvestmentadvice,nordotheybeartheresponsibilityforanyerrorsoromissionscontainedherein.JoMooreFranLaneCallieLeamyTimDempseyRRDonnelleyRomanFinancialGlobeBusinessPublishingNewHiberniaHouseWinchesterWalkLondonSE19AGUnitedKingdom44.20.7234.060644.20.7234.08082006ISBN978-1-905783-18-2©2008GlobeBusinessPublishingOMXOMX00.內封.indd100.內封.indd113/8/20082:07:5313/8/20082:07:5341373(NASDAQChina)14/08/2008M11CONTENTS1Introduction4ANASDAQ®listinggivescompanieshighvisibilityandaccesstoawidepoolofinvestorsworldwide.TheNASDAQStockMarket®2Roleoftheinvestmentbank14UBShasawealthofknowledgeaboutallaspectsofaccessingtheglobalcapitalmarkets,includinglistingontheUSsecuritiesmarkets,andcanprovideongoingadvisoryservicesthroughouttheentireprocess.MatthewKoder,ChipWadsworthandDanielHovermanUBSInvestmentBank3Roleofdepositaryreceipts26TheBankofNewYorkMellonexplainstheeffectivenessofdepositaryreceiptsasacapital-raisingtoolforChinesecompanies.MichaelCole-FontaynandChristopherKearnsTheBankofNewYorkMellon4Roleoftheaccountants32PricewaterhouseCoopersoutlinestheimportantroleplayedbytheaccountantinapublicoffering.RichardANurmiJr,MinXiaoandYulandaTangPricewaterhouseCoopers5RoleoftheUSlawfirm48SimpsonThacher&BartlettLLPlooksatthelegalissuesassociatedwithaNASDAQinitialpublicoffering.LeimingChen,ChrisLinandShuangZhao,SimpsonThacher&BartlettLLP6Roleoftheinvestor64relationsfirmTheroleofaninvestorrelationsfirmistoincreasethechancesthatacompanysuccessfullycompletestheinitialpublicofferingandthat,oncepublic,itcanreaptheanticipatedbenefitsofitsnewpublicstatus.CrockerCoulsonCCGInvestorRelationsGoingpublic:AguideforChinesecompaniestolistingontheUSsecuritiesmarkets7Roleofthefinancialprinter74RRDonnelleyRomanFinancialdiscussesthefinancialprintingneedsassociatedwithaNASDAQlistingbyChineseissuersinconnectionwithapublicofferingintheUnitedStates.PaulLeatherdaleRRDonnelleyRomanFinancial8Roleoftheinsurancebroker82CarpenterMooreSM,aNASDAQOMXcompany,looksatthevitalroleofdirectors’andofficers’liability(D&O)insuranceforcompaniesgoingpublicandtheimportanceofusinganexperienced,specialistD&Oinsurancebroker.NormanAllenCarpenterMooreInsuranceServicesContributorprofiles901100®®2110MatthewKoderChipWadsworthDanielHoverman3120412651426156CrockerCoulsonCCG7164RRDonnelleyRomanFinancialPaulLeatherdale8172OMXCarpenterMooreSM(D&O)D&ONormanAllenCarpenterMoore18041373(NASDAQChina)22/07/2008M1101.目錄.indd101.目錄.indd114/8/20089:28:4114/8/20089:28:41GoingpublicTakingyourcompanythroughapublicofferingontheUSsecuritiesmarketsisamajorundertakingforanyentrepreneur.Theeventisatonceasourceofpride,anopportunityforbusinessgrowthandaseriouslegalresponsibility.Goingpublic:AguideforChinesecompaniestolistingontheUSsecuritiesmarketsbringstogethervaluableperspectivesfromthekeyorganizationsinvolvedinapublicoffering,ensuringthatreadersareawareoftheprincipalissuesthatarise.Ofcourse,thispublicationisnotintendedtobeexhaustiveandshouldnotberelieduponasasubstituteforspecificlegalorfinancialadvice.Thisguideassumesthatwhileyoumaybeseriouslyconsideringalisting,youmaynotyethaveselectedastockmarket–ordecidedwhattypeoflistingisrightforyourcompany.Whateveryourspecificplans,GoingpubliccanhelpyoutoanticipatewhatmayberequiredfromyourcompanyindealingswiththeUSSecuritiesandExchangeCommission,otherUSregulators,investorsandsecuritiesanalysts.DesignedtoclarifythevariousstepsinvolvedinlistingontheUSmarkets,thisguidecoverstherolesoftheorganizationsmostcloselyinvolvedwiththelistingprocess,aswellasprovidingillustrativetimetablestoexplainthevariousstagesoflisting.TheNASDAQOMXGrouphopesthatyoufindthispublicationhelpfulandwishesyougreatsuccess.NGC_0i_iii_pr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