美国上市以及投资顾问OTCBBppt课件

1、Realizing Shareholder Goals实现股东目的君悦资本-美国上市总顾问.China - U.S. Transactions 中美间的投资活动A US Expert on Your Team我们作为您团队中的美国专家 Achieving Successful Outcomes 助您到达胜利 Minimizing Risks 将风险降到最低 Finding the best Capital Markets Advice获得有关美国资本市场的最优秀的顾问效力 Independent evaluation of proposals and ideas 对各种投资建议和想法提供独立的

2、专业评价君悦产业基金.Key Services to Chinese Businesses对中国私营公司的关键效力 Family Business Planning/Strategy 家族企业的战略谋划 Intergenerational Planning & Training 跨代的规划和培训 Global Corporate Finance & Strategy for the PrivateCompany 为私营企业量身制定国际化的金融管理和战略 Education Advice for younger generation in U.S. Colleges &Universities

3、为培育家族下一代提供在美国留学的教育顾问 Optimizing US Capital Markets 最优化的利用美国资本市场 Improving Shareholder Value for existing public companies为已在美国上市的公司提高股东的价值 Attracting and evaluating US investment banks 吸引美国投资银行对企业的注重并作出专业的评价君悦产业基金.Key Services to Chinese Businesses对中国私营公司的关键效力 Evaluating Investments in US 独立而专业的评价在美

4、国的各种投资工程 Industry Research 行业研讨 Structure 投资架构谋划 Evaluation 工程评价君悦产业基金.Strengths 我们的优势 Highly experienced in executing financial transactions 在各种金融买卖的执行中有着非常丰富的阅历 We know how to discern the best advisors, the best partners andthe best terms 我们熟知如何区分最好的顾问，最好的协作同伴和最好的买卖条件 We have relationships with vi

5、rtually all investment banks andmost major private equity investors -throughout the world. 我们几乎和一切美国的投资银行和世界上大多数主要的私有股权投资者都有联络 We help you choose which are best for your transaction 我们帮您选择对您最有利的投资买卖 Timing, pricing & long-term strategic advantage 使您占据投资时机，价钱和长期的战略优势君悦产业基金.Introduction 关于我们 Corporate

6、 & Business Strategy 制定企业和商业战略 Capital Solutions - Corporate Finance 建议资本方案 企业金融 Business Assessment & Valuation 公司评价和估值 Mergers & Acquisitions 企业并购 Multi-Stakeholder Issue Resolution 多个股东问题的处理Bashaw-Martinson: a collaboration of an Advisory Firm and aRegistered Investment Bank offering Clients Obje

7、ctive,Experienced-Based Support君悦产业基金是顾问公司和投资银行的严密协作，为客户提供客观的，基于丰富阅历的支持效力君悦产业基金.Introduction 关于我们As an Advisory boutique, Bashaw-Martinson is focused ondelivering highly effective and efficient support through in-depth analytics and practical experience to provide winningsolutions for our clients.作为

8、独特的顾问公司，君悦产业基金专注于提供成果卓著而高效率的支持效力，经过深度的分析和丰富的实际阅历，向我们的客户交付胜利的处理方案君悦产业基金.Partial List of Past Clients 部分客户名录ADC Telecommunications (M&A)Angeon Corporation (Fairness Opinion)Apogee Enterprises (StrategicAlternatives)Bemis Company (M&A)Biosensor Corporation (IPO)Blue Rock Advisors, Inc. (PrivatePlacemen

9、t)C.H Robinson (IPO)Cargill (Investments, New Companies,M&A)CerProbe Corporation (IPO)Churchill Companies (Private Placement)CNS Response, Inc. (Private Placement)Control Data (Sale/Leaseback)Datakey, Inc. (IPO)Delphax Technologies Corporation (IPO)Dicomed Corporation (IPO)Dimensional Medicine, Inc.

10、 (IPO)Dyco Petroleum (Partnership Offerings)Dynamic Healthcare Technologies, Inc.(IPO)First Medical Devices Corporation (M&A)GV Medical, Inc. (IPO)Gopher Resource Corporation (GrowthCapital & Liquidity)HEI Inc. (IPO)君悦产业基金.Orientation 我们的方向Principles Based Value DeliveryOffers a Principles-Based, Ob

11、jective Advisory Approach:基于原那么的价值奉献君悦产业基金提供以原那么为根底的，客观的顾问效力 Alignment With Clients Best Interests 永远同客户的最大利益坚持一致 Integrity and Analytical Rigor 保守职业品德和分析的力度 Applied Experience and Expertise 运用过去的阅历和专长 Substance-Based Focus 基于本质内容的重点 Commitment to Performance Excellence 专注实现出色的表现君悦产业基金.Diverse Clien

12、t ExperienceOver the years Bashaw-Martinson Principals have helped theshareholders of many companies think strategically about the needfor capital or shareholder preferences for liquidity and the means toachieve a balanced solution.君悦产业基金公司的成员曾经在过去协助很多公司的股东重新战略性的思索对资本的需求和股东对资本流动性的要求，以及实现平衡的处理方案的手段。君

13、悦产业基金.Partial List of Past Clients 部分客户名录Hudson Products, Inc. (M&A)Intelestat Radiology (Private Placement)ITI Technologies (IPO, StrategicAlternatives)JFW Enterprises (M&A)JP Morgan Investment Management(Investments)Layne Industries (Common Stock)Medical Graphics Corporation (IPO)Medilase, Inc. (P

14、rivate Placement)Meditron Corporation (M&A)Micronet Medical Corporation (M&A)Molecular Biosystems, Inc. (PrivateNorthern States Power(Debt/Equity/M&A)Pacificorp (Common Stock/Debt)Pentair (Common Stock)Puget Sound Power & Light (CommonStock/Debt)Regis Corporation (Capital Alternatives)Select Comfort

15、, Inc. (PIPE)St. Jude Medical, Inc. (IPO)West Coast Energy Inc. (Common Stock)XRT, Inc. (M&A)Placement)君悦产业基金.Management 我们的管理层Ben Oehler, President, Bashaw Group, Inc. 班.艾勒先生，君悦产业基金美国区域总裁Three Decades as professional advisor to corporations,boards and investment institutionsInvestment banker for tw

16、o decades (RBC Dain, PiperJaffray)Family Office Executive for nearly a decade (CargillIncorporated)Director of $1.2 Billion U of M Foundation InvestmentAdvisor班.艾勒先生从1980年就担任私营和上市企业的专业顾问，曾任世界最大的私营企业美国嘉吉公司的一切人家族商业管理公司的总裁兼CEO。艾勒先生曾在投资银行领域任务了20多年，他的阅历包括公司上市，公司债务和权益证券私募，企业收并购，上市公司估值和私营企业的资产评价，流动资产买卖，创建并

17、管理基金会和慈悲机构，创建和运用离岸公司。他在多家企业的被收买和创业阶段企业中担任主导角色，并在众多的公司和非盈利机构担任董事,并在明尼苏达大学总值12亿美圆的基金会任投资顾问董事。君悦产业基金.ManagementThomas Martinson, CEO, Martinson & Company, Ltd.汤姆.马廷森先生，马廷森公司CEO30+ Years of investment bankingIPO, Private Equity and Portfolio Management experienceMartinson & Company Ltd., Craig-Hallum, M

18、arquette Capitaland E.F HuttonSeveral Public and Private Company Director and ChairmanPosition汤姆.马廷森先生是马廷森公司的CEO和创建人。此前，他曾在一家明尼阿波利斯证券承销和经纪公司担任副总裁和公司金融业务的担任人，曾为数家当今世界前列的医疗器械公司提供了初始阶段的投资。早年他是一家银行的机构投资资产管理公司玛尔凯特资本管理公司的投资组合经理和首席市场营销官。他还曾在纽约证交所的成员所EF休顿公司做过股票经纪人。马廷森先生在多家美国上市公司担任过董事长，并在多家上市和私营企业中担任董事君悦产业基金

19、.ManagementJeff Jiang, Vice President International 姜伟业先生， 君悦产业基金国际业务副总裁10+ Years of consulting and investment advisory experienceLeader of China business consulting division at a top regionalaccounting & consulting firm for over 6 yearsFocus on trade and investment transactions between US and China

20、Familiarity with both culture and business etiquettesBroad network in China market in both government and privatesectors姜先生曾在美国一家财会100强公司主导中国咨询业务，引领美国公司在中国的采购，分销和投资工程，还作为多家中国大陆和台湾企业的顾问，协助他们在美国的直接投资和运营机构创建。他既是客户的主要顾问，又是协助客户结合各种资源来开展商务处理方案的联络者。姜先生来自中国，本科毕业北京外交学院，1997来美留学，在美国明尼苏达大学和其商学院先后获得两个硕士学位。君悦产业基

21、金.ShareholderValue实现股东价OperatingStrategy运营战略Strategic Alternative Analysis战略方案解析CapitalStructure资本构造Maximize值最大化ValueRecognition价值认知君悦产业基金.Value Recognition价值认识MaximizeShareholderValue实现股东价值最大化ValueRecognition价值认知Communication沟通DefensiveMechanisms防御机制Analyst Coverage 分析师覆盖范围Institutional Support机构支持

22、Reporting/Disclosure 报告/披露Poison Pill 毒丸战略Capture“UnrealizedValue捕获未实现的价值采取交替选举的董事会Blank Check Preferred空白支票优先股Break Up 分拆Break Up 分拆Spin-off 剥离Carve-out股权切离Company Sale公司出卖Staggered Board君悦产业基金.Public Market Considerations公共市场的思索 Market Structure市场构造 Large Cap/Small Cap/Micro Cap 大型/小型/微型Limitation

23、s on Private Offerings 对私有发行的限制Investors - Individuals vs Institutions 投资者-个人与机构Research & Trading 研讨和买卖Role of the SEC 美国证券买卖委员会的角色Investment Bankers 投资银行君悦产业基金.18Methods for Going Public上市的各种手段 IPO 初次公开发行 Underwritten Initial Public Offering IPO经承销的初次公开募股 Strategic Accretive Public Target Reverse

24、Merger战略增生公共目的反向并购 Reverse Merger with Public Shell同上市的壳公司反向并购 Self Registration with SEC向美国SEC自行注册君悦产业基金.19Underwritten IPO Steps经承销的初次公开募股的步骤 IPO 初次公开募股的程序 3 Years of Audits by Qualified Auditor 3年财务审计Selection of Underwriter Letter of Intent 选择承销商Prospectus/registration statement 提交招股阐明书SEC revie

25、w美国证券买卖委员会的审核Road shows 路演Pricing meeting 定价会议Closing 成交Timing: 6 - 12 months 总体时间需求6-12个月君悦产业基金.Being Public作为上市公司EPS not Earnings 每股收益Compelling Story 令人服气的故事Trust in the Numbers 对数字的信任Corporate Governance 公司治理Corporate Strategy企业战略Ongoing Annual Costs 每年的费用君悦产业基金.Current Issues目前的一些问题 Recent Lack

26、 of Underwritten IPO Activity最近IPO的活动减少了 Chinese IPOs 中国公司在美国的IPO情况 Reverse Mergers into US Companies反向并购进入美国的上市公司 Current SEC Investigations 目前SEC的调查君悦产业基金.22History of Chinese Companies in U.S. Public Market中国公司在美国上市的历程 One of the first Chinese IPOs was Guangshen Railway in 1996最早在美国初次公开募股的是广深铁路公司

27、 Now, there continues to be a growing trend of listing Chinesecompanies in the U.S. public market 目前中国公司在美国上市已成为一个不断开展的趋势 Approximately 350 Chinese companies are listed in the U.S.public market in 20212021年美国公共市场大约有350家中国上市公司君悦产业基金.US IPO Domestic, Foreign and Chinese Data美国IPO的国内，国外和中国公司数据君悦产业基金.24

28、Reverse Mergers反向收买 What is it?反向收买是什么？ Private company, with an active operating business, mergesinto or becomes a subsidiary of an existing publicly traded shellcompany 非上市公司经过收买成为一家上市壳公司的主体或下属公司 Share exchange between private and public company 股份在私有和上市公司间交换 Once the transaction is complete, the

29、private companybecomes a publicly traded company并购买卖完成后，原来的非上市公司实践成为一家上市公司 Private company generally owns 90% - 95% of publiccompany shares在此类买卖中，非上市公司通常要拥有该上市公司90-95%的股票。君悦产业基金.25Reverse Mergers (Cont.)反向收买Facts 有关数据620 reverse merges from 2007 to 2021,180 of which involvedprivate Chinese companies

30、 2007-2021年大致有620个反向收买, 其中180个涉及中国公司Average financing in a reverse merger transaction raises between$5 million and $15 million 在反向收买中融资的平均金额在500-1500万美圆之间There were 246 reverse mergers completed in 2021, over 40%were Chinese companies, which raised over $260 million incapital, representing 80% of th

31、e total capital raised in thesetransactions. 2021年美国有246宗反向并购，40%多是中国公司，融资2亿6千万美圆，占反向并购全年融资总额的80%。Source: “Reverse Merger Transactions for Chinese Companies. Paragon Capital, LP.;“IR Strategy Series-Navigating the Waters of China Reverse Mergers CCG Asia君悦产业基金.26Reverse Mergers (Cont.)反向收买Characters

32、 反向收买的特点Deal is priced at the beginning of the transaction and money isinjected at closing 买卖价钱在开场阶段决议；资金在买卖完成时注入。IPO could be withdrawn after upfront costs have been expended同相比，有能够花了大量前期费用但仍不能胜利。No underwriter is involved 不需求承销商参与Separate going public process from raising capital process 上市和融资程序分开

33、君悦产业基金.27Reverse Mergers (Cont.)反向收买Potential Disadvantages 潜在的优势No Wall Street Research Support 没有华尔街的研讨支持No Wall Street Trading Support 没有华尔街的买卖支持Often the Reverse Merger company has a small market value(under $100 million) and many investors wont invest in suchcompanies 通常反向并购上市的公司的市值很小，在1亿美圆以下，很

34、多投资者不会投资这样的公司。The company really lacks the benefits of being public but still hasall the costs 这类公司短少上市的益处但仍承当一切的费用君悦产业基金.28Reverse Mergers (Cont.)反向收买Process and Timeline 过程和时间表Assemble a team 组成团队Locate a publicly traded shell company 找到上市的壳公司Pink Sheets Company vs. OTCBB CompanySEC Reporting Company vs. Non-SEC Reporting CompanyPrice US $200,000 to US $600,000Perform due diligenceLetter of intent with public shell company 向上市的壳公司递交意向书Enter into share exchange agreement 达成股票交换协议Prepare audited financial statements 预备经审计的财务报表The financial statements must be aud