各种海外上市方案综述

海外上市操作指引目录第一部份：上市方式······························································································2各种海外上市方案综述························································································2发行H股、N股及S股直接上市·············································································3境外买壳上市····································································································7造壳上市··········································································································9第二部份：境外交易所简介····················································································14香港创业板简介································································································14香港创业板市场主要上市规定··············································································16赴香港创业板上市的程序····················································································17境内企业申请到香港创业板上市审批与监管指引······················································20NASDAQ简介·····································································································22NASDAQ证券交易所上市条件················································································26在那斯达克上市的步骤·······················································································26NASDAQ小企业板上市的要求················································································27英属维尔京岛介绍·····························································································29百慕达介绍······································································································30第三部份：上市步骤·····························································································31确定是否海外上市·····························································································31中介机构的选择································································································32选择上市方案···································································································37企业重组·········································································································39财务报表审计···································································································45进行资产评估···································································································53向境外交易所申请上市·······················································································55向美国证券交易委员会（SEC）申请·························································································56香港联交所申请上市····················································································································59各种海外上市方案综述2第一部份：上市方式各种海外上市方案综述中国企业上市，可以选择国内上市和海外上市两种方式。目前国内的上市融资途径有三个：发行A股、B股和在第二交易系统（二板）上市。国内企业海外上市的途径虽然非常多，但归纳起来无外乎两大类：直接上市与间接上市。一、境外直接上市境外直接上市即直接以国内公司的名义向国外证券主管部门申请发行的登记注册，并发行股票（或其它衍生金融工具），向当地证券交易所申请挂牌上市交易。即我们通常说的H股、N股、S股等。H股，是指中国企业在香港联合交易所发行股票并上市，取Hongkong第一个字“H”为名；N股，是指中国企业在约纽交易所发行股票并上市，取NewYork第一个字“N”为名，同样S股是指中国企业在新加坡交易所上市。通常，境外直接上市都是采IPO（首次公开募集）方式进行。程序较为复杂，因为需经过境内、境外监管机构审批，成本较高，所聘请的中介机构也较多，花费的时间较长。但是，IPO有三大好处：公司股价能达到尽可能高的价格；公司可以获得较大的声誉，股票发行的范围更广。所以从公司长远的发展来看，境外直接上市应该是国内企业境外上市的主要方式。境外直接上市的主要困难在于是：国内法律与境外法律不同，对公司的管理、股票发行和交易的要求也不同。进行境外直接上市的公司需通过与中介机构密切配合，探讨出能符合境内、境外法规及交易所要求的上市方案。境外直接上市的工作主要包括两大部分：国内重组、审批和境外申请上市。二、境外间接上市由于直接上市程序繁复，成本高、时间长，所以许多企业，尤其是民营企业为了避开国内复杂的审批程序，以间接方式在海外上市。即国内企业境外注册公司，境外公司以收购、股权置换等方式取得国内资产的控股权，然后将境外公司拿到境外交易所上市。间接上市主要有两种形式：买壳上市和造壳上市。其本质都是通过将国内资产注入壳公司的方式，达到拿国内资产上市的目的，壳公司可以是已上市公司，也可以是拟上市公司。间接上市的好处是成本较低，花费的时间较短，可以避开国内复杂的审批程序。但有三大问题要妥善处理：向中国证监会报材料备案，壳公司对国内资产的控股比例问题和选择上市时机。发行H股、N股及S股直接上市3三、其它境外上市方式中国企业在海外上市通常较多采用直接上市与间接上市两大类，但也有少数公司采用存托凭证和可转换债券上市。但这两种上市方式往往是企业在境外已上市，再次融资时采用的方式。1、存托凭证（DepositorgReceipt简称DR）是一种可转让的，代表某种证券的证明，包括ADR（美国存托凭证）和GDR（全球存托凭证）。2、可转换债券（convertibleBond）：是公司发行的一种债券，它准许证券持有人在债务条款中规定的未来的某段时间内将这些债券转换成发行公司一定数量的普通股股票。以上是我国企业在海外上市过程采用的各种上市方式。发行H股、N股及S股直接上市一、公司申请境外上市条件（一）符合我国有关境外上市的法律、法规和规则。（二）筹资用途符合国家产业政策、利用外资政策及国家有关固定资产投资立项的规定。（三）净资产不少于是4亿元人民币，过去一年税后利润不少于是6000万人民币，并有增长潜力，按合理预期市盈率计算，筹资额不少于是5000万美元。（四）具有规范的法人治理结构及较完善的内部管理制度，有较稳定的高级管理层及较高的管理水平。（五）上市后分红派息有可靠的外汇来源，符合国家外汇管理的有关规定。（六）证监会规定的其他条件。二、公司申请境外上市须报送的文件（一）申请报告。内容应包括：公司演变及业务概况，重组方案与股本结构，符合境外上市条件的说明，经营业绩与财务状况（最近三个会计年度的财务报表、本年度税后利润及依据），筹资用途。申请报告须经全体董事或全体筹委会成员签字，公司或主要发起人单位盖章。同时，填写境外上市申报简表。（二）所在地省级人民政府或国务院有关部门同意公司境外上市的文件。（三）境外投资银行对公司发行上市的分析推荐报告。（四）公司审批机关对设立股份公司和转为境外募集公司的批复。（五）公司股东大会关于是境外募集股份及上市的决议。（六）国有资产管理部门对资产评估的确认文件、国有股权管理的批复。发行H股、N股及S股直接上市4（七）国土资源管理部门对土地使用权评估确认文件、国有股权管理的批复。（八）公司章程。（九）招股说明书。（十）重组协议、股务协议及其它关联交易协议。（十一）法律意见书。（十二）审计报告、资产评估报告及盈利预测报告。（十三）发行上市方案。（十四）证监会要求的其他文件。三、H、N、S股方式上市及政府审批程序（一）确定中介机构和重组方案与采用BVI设立公司境外上市方式相比，以H、N、S股公司方式境外上市需增加聘请境内注册的地土地及资产评估机构、财务审计机构。关于公司重组方案，应注意以H、N、S股方式，将可以受《外商投资主业政策》的限制。（二）向中国证监会报送以下文件，作为公司境外上市的预申请根据中国证监会去年发布的《关于是企业申请境外上市的有关问题的通知》的要求，企业在向境外证券交易所提出上市的初步申请前三个月，应向中国证监会报送以下有关文件：1、企业境外上市的申请报告；2、省级人民政府同意公司境外上市的文件；3、承销商（保荐人）对公司境外上市的分析推荐报告；企业确定中介机构后，还应将中介机构名单报中国证监会备案。中证监会商国家计委和国家经贸委之后，将会函告公司是否同意受理其境外上市的申请。（三）开展土地资产评估、资产评估、财务审计及法律方面的尽职调查公司需由土地评估机构、资产评估机构分别对重组范围内的土地资产及其他