美国并购上市和集资简介课件

ANINTRODUCTIONTOUSLISTING&FUNDRAISING美国并购上市和集资简介2010年5月东方资本“”OFSCAPITALGROUPI.OFSCAPITALGROUP

东方资本1YearEstablished成立年份:1993ProfessionalBackground专业背景:Internationalinvestmentbankers多位国际投行，理财经理Mission使命:AssistAsianSMEtoraisecapital协助亚洲中型企业集资Services服务项目:-USlisting美国上市-Capitalraising筹集资本Merger&acquisitions并购Divestiture转让资产Transactionscompleted成功案例:50+USRTOlisting超过５０多个Globalpresence全球办事处:HongKong,LosAngeles,Geneva,NewDeli香港，美国，瑞士，印度Website网页:“”22.SuccessfulCase成功案例4TrillionUS$（兆美元）(WyattWatson)3.1.LargestCapitalMarket国际最大资本市场美国日本荷兰英国美国53.2.HigherLiquidity/Valuation高流通和市资MoreInvestibleCapital庞大的资金BroaderInvestorbase广大的投资群体Greatertransparency透明的企业财务HIGHERLIQUIDITYANDVALUATION股票流通和市值6WallStreetJournalReport;PaulHastingsLawFirm3.3.LessCompetition较少中企在美上市中国企业美国和香港上市的数目的比较美国香港7EquityCurrency股票货币Sharesarewidelyusedascurrencyforacquisitionoraspaymentsforadvisoryservices股票可用于并购的货币InternationalRecognition国际声誉CompliancetoUSSECreportingguidelinesonatimelybasisisperceivedasawellmanagedandresponsiblecompany美国法规监控严紧，上市公司的标准超高，声誉无其他国家可比MultipleFundRaising多次集资ChineseSMEsencounterdifficultiesraisingcapitalinanyotherexchangesinbothprimaryorsecondarymarkets.资金雄厚的美国资本市场可提供企业多次集资3.4.OtherRationale其他合理因素MajorExchangeListedCompany主板上市的公司AMEXorNASDAQlisted现于美国证交所或纳斯达克上市PartCashandpartsharepurchase以股票和现金收购Moreexpensive比较昂贵Nota“shell”,thus,needtospinoffexistingbusiness不是壳,有实际的业务运作Highercontingency-liabilityrisk具有债务风险Exchangehearingsimilartoanewlisting如同新股上市,必需经过证交所批准Longertimerequired(12+months)过程较久（12个月以上）OTCBB柜台交易的公司AnOTCtradedpublicreportingcompany柜台交易的公开发行公司Atrue“Shell”没有业务运作,属于纯正的壳公司Sharepurchase,noneedtopaycash完全可用换股方式购买Applyforlistingwithin6monthsafterRTO换股完成后6个月内可申请Lesscontingency-liabilityrisk较少债务风险95. TypesofUSRTOVehicles并购对象的种类117. WorkingProcess工作程序SPVtoholdChinaCo.设立海外公司来收购国内企业USshellandSPVshareswap,closing和美国上市公司进行换股Accounting,legal&PRwork進行財務審計,法律文件和公关工作MktmakingFundraising,roadshow,closing路演，公关,资金到位Movetoamajorexchange升级到AMEX或NASDAQEngageOFSEngageauditor/lawyerSetupSPVtoholdChinaCo.SPVandChinaCoinvestmentAgreementIdentifyaUSshellNegotiateshareswapDraftingLOIandS&Pagreement3yearfinancialauditbyaUSauditfirmLegalduediligentforUSshareholdersandChinaCoshareholdersPrepareroadshowpresentationandbusinessplanPrepareinvestorrelationworkDrafting8KApplyfornamechangeShareswapexecutionFinalclosingFiling8KNamechangePrepareforUSroadshowEngagePRUSroadshowParticipatinginChinaenterpriseconferenceNegotiateprivateplacementtermsInvestorduediligencetoChinaco.ClosingFiling8KFiling10QorKSECregistrationContinueUSroadshowVisitAMEX,NASDAQFilinglistingapplicationMorefundraisinginvestormeetingsStarttradingonaMajorExchange.30days天60days天30days天90days天60days天以上的时间表仅供参考139.ShareTrading&Price股票交易量和股价ListCo’sresponsibilities上市的责任InvestorRelations公关Stockbroker证券商InvestorRelations公关Engageaninvestorrelationsfirm聘用公关公司Fundraisingandnon-fundraisingroadshowsinUS美国路演Frequentlyparticipatinginorganizedconferences参加大型上市公司研讨会Regularmeetingwithresearchanalystsandresearchinstitutions约见股票分析师Issuanceofcorporateandbusinessactivities发布公司近况新闻StatutoryReporting业绩和重大事件申报Timelyfilingofallstatutoryreports准时申报Workingwithengagedstockbrokers和券商配合Engageacoupleofstockbrokerstomakemarket聘用证券交易商FinAdv财顾Arrangeroadshows,conference定期安排路演Representthelistcotoanswerinvestorinquiry回应股东/投资人询问Workwithnewswiretodisseminatenews向新闻社发布书面新闻Arrangemediapromotions安排媒体约谈Arrangeanalystvisitforanalystreport安排分析师约谈配合编制分析报告Salesandtradingwithinvestors负责股票交易Fundraising集资CoordinateListCo,IR,stockbroker协调各方工作Arrangemajorexchangelistingandfundraising安排上市集资工作FinancingforLISTCOwillbestructuredasfollows:并购上市之前后的集资计划BridgeFundingavailable上市前过桥资金PrivateplacementofequityinLISTCOtobephasedinover3－6monthsfollowingclosingofthelistingtransaction.私募资金在上市同时或3至6个后到位FollowonsecondaryofferingofLISTCOsharestobeundertakenwithin2006toraiseadditionalcapitalviaprivateplacement(144A)orsecondarypublicoffering.公司可继续进行私募或若公司成功升级至主板，可安排公开发售.1410.Financing集资1511.Pre-requisite企业上市具备的条件Rapidrevenuegrowth较高速营收成长Highgrossprofitmargin较高毛利HighEBITDA/operationcashflow较高现金流HighROA较高资产回报率HighROE较高股本回报率LowA/R较低的应收账款Lowinventories较低的库存Reasonableleverage合理的财务杠杆1612.Pre-requisite企业上市具备的条件Amajorplayerinitsindustry产业中的佼佼者Soundbusinessplan周详的企业发展计划BothShortandlongstrategy长短市场竞争策略Competitiveadvantage具有多方面竞争优势Scalablemodel可扩张的商业模式Acquisitiongrowth收购计划Wellplanneduseofproceeds详细的用款计划NilsOllquist欧尼尔ManagingDirector/ChairmanTel:8523558-2257nao@DavidSih薛树仁ManagingDirector Tel:8523558-2258

dsih@JasonKe葛仁先Director Tel:852-3558-2258

jke@1713.ContactUs请与我们联络HongKong,ChinaOFSCapitalLtd.L69CentralPlaza18Ha