加拿大TSX_V上市程序的准备工作框架

1、Considerations for Getting ListedDo you have:具备· An established business with a track record?· 公司有经营历史· Strong management team?· 强大的团队· Growth prospects?· 增长空间· Solid business plan?· 实在的商业计划· Sound financial plan?· 健全的财务计划· Strategic marketing p

2、lan?· 战略性的市场计划Considerations:重点：1. Financing:融资· Have all alternative financing sources been explored and/or exhausted? 试探过所有备用的融资资源了吗？· Do you need financing for your growth strategy? 你需要为发展战略来融资吗？2. Management:管理· Are the key management positions filled? 重要的管理职位都满了吗？· Is t

3、he management team experienced and balanced, with sufficient directors and senior executives with a proven record in managing a public company?· 管理层是否有经验和稳定？有没有足够的被证明可以管理一个公众公司的高层管理人员。3. Business Plan: 商业计划· Is there a well-developed plan that identifies potential revenue, income and the n

4、ecessary resources to sustain success?· 有没有一个完善的计划，明析潜在的营收和利润及必须的资源以保证成功。4. Growth Potential: 增长空间· Is the market size for the companys product or service sufficient to attract broad investor interest?· 公司产品及服务的市场容量是否足够大，以吸引海外的投资人？· Is your company profitable, or has its product

5、reached commercialization with evidence of market acceptance?· 公司是否赢利，或者公司产品是否已商业化为市场接受。·· At the time of listing, will your company have sufficient working capital to carry out its business plan?· 上市时，你公司是否有足够的流动资金来完成你的商业计划？ Ways of Listing 上市途径Companies can utilize one of

6、the following routes to obtain a listing on Toronto Stock Exchange or TSX Venture Exchange: 公司可以利用以下渠道之一去上市：多伦多交易市场，TSX创业板· Initial public offering (IPO) 上市· Direct listing 直接上市 · Reverse take-over 反向收购· Capital Pool Company program 资金池计划· Graduation to Toronto Stock Exchang

7、e 转板多伦多· Special Purpose Acquisition Corporation (SPAC) 特殊目的收购Listing Checklist 上市清单 In ProgressCompleteStart preparations early早期准备  Begin preparing several months to several years before the planned offering从几个月到几年Behave like a public company by implementing processes and syste

8、ms实施程序和制度，按上市公司规范运作Strategic Planning 战略计划Accounting 审计Reporting 报告Investor Relations 投资者关系Internal Controls 内部控制Executive compensation 管理层薪资水平   Create a reliable listing team 建立 一支可信赖的上市团队Underwriters承销商Dedicated IR professional 投资者关系专业人员Public-oriented auditors 审计师Outside legal counsel

9、律师Transfer agent 过户代理人  Have a compelling story to tell 讲一个引人注目的故事Prepare a comprehensive business plan 准备一个综合的商业计划Have strong growth prospects强劲的增长预期Have a track record of financial and non-financial performance有无金融和非金融运作Be in a position of competitive strength along both financial and no

10、n-financial measures 依托金融和非金融手段是否处于有实力的竞争地位Have clear understanding of how company compares to peers与同行相比是如何的情况Map out and implement improvement initiatives and/or strategic transactions 是否筹划和实施 积极的改革和 战略交易Minimize window dressings尽可能减少粉饰  Pay close attention to corporate governance 关注高层管理

11、人员的透明度Address any questionable accounting policies规范可疑的会计操作政策Ensure compliance with current regulations保证服从目前的会计准则  Build market awareness and investor communications function and strategy 建立市场通告和投资者沟通的功能和策略Start publishing quarterly and annual financial reports开始印制季报和年报Implement broad and

12、 targeted outreach efforts: 实施广阔的目标性的外展工作· Press releases 发新闻稿· Website 网页· Media coverage 媒体封面· Advertising 广告· Target buy-side firms 搜索买方机构· Target sell-side firms 搜索卖方机构·Conduct perception interviews with the sell-side 联系接待卖方机构Attend brokerage-sponsored industry

13、 conferences参加行业协议Comply with rules for communicating during listing process 按上市沟通规则行事  Prepare an effective roadshow 准备路演Gear presentation to the audience接待听众Invite institutions that are likely to be interested in your sector or technology邀请对你有兴趣的机构Track meeting attendance出席园桌会议Prepare fo

14、r investor scrutiny during presentation演讲中准备好投资人的检查  Assess market conditions is it the right time?评估入市时机What are the markets doing?市场在做什么？What are your industry conditions like?你们行业情况如何？What are the frequency and size of current offerings?目前发行的频率和规模What are the frequency and size of your

15、industry offerings?你们处的行业发行的频率和规模Steps to Getting Listed上市步骤Starting the process启动程序· Company determines if the decision to go public is consistent with their business objectives 围饶商业目前的公开发行的决定是坚决的。o Review business plan and policies 浏览商业计划和制度o Determine if external financing is required to fur

16、ther business plan o 确定为商业发展之需所做的融资。o Review financials using 5 years of statementso 察看财务5年的报告oo Consider the tax implications of going publico 考虑上市带来的税收o Management determines if they are ready to go publico 把握好决心是否准备好去上市· Develop a public company mind set · 发展一个上市公司的心态 · Determ

17、ine how the company will tell its story· 确定如何讲故事 · Organize the companys internal documentation to ensure the prospectus and due diligence are completed efficiently· 组织好公司内部资料保证尽职调查工作的效率 · Determine if the current board of directors is suitable and meets the regulatory

18、requirements of a public company· 确定公司董事会治理结构是否附合上市公司要求 · Management interviews and selects: · 管理好访谈和并选择o Professional advisors专业的顾问o Sponsor (underwriter/investment dealer)经纪人o Auditor审讲师o Securities lawyer律师o Investor relations professional 投资者关系专业人员· Management, professio

19、nal advisors and the exchange decide whether the company will meet minimum listing requirements 管理者，顾问决策公司上市最小的融资规模 · Speak with TSX Business Development Manager and Corporate Finance professional 与TSX 商务发展官员和企业财务专业人员交流· Professional advisors commence the listing process · 专

20、业人员开始上市过程 · Prepare comparative financial statements· 准备融资报告 · Start due diligence of deal and people involved in the deal· 开始尽职调查 · Determine which is the best listing vehicle to use· 确定哪个是最好的上市渠道 · Approach TSX for a pre-assessment of the transaction· 到TSX进行估值 · Company and lawyer prepare legal documents