《在伦敦证交所上市》PPT课件.ppt

1、,February 2007,在伦敦证交所上市 Obtaining a quotation on the: - 主板 the Official List - 创业板 AIM,PREPARED BYRICHARD NAISH,提纲STRUCTURE OF THIS PRESENTATION,什么是主板市场和创业板市场 What is the Official List and what is AIM? 主板和创业板的主要区别 Main differences between the Official List and AIM 首次公开募股的程序 IPO process 关于伟理宸 Walker

2、Morris 联系方式 Contacts,什么是主板市场和创业板市场WHAT IS “OFFICIAL LIST” AND WHAT IS “AIM”,主板 /主要市场是用来描述在伦敦证券交易所主要市场上市的专业术语 “Official List” / “Main Market” are the terms used to describe a listing on the main market of the London Stock Exchange 创业板是伦敦证券交易所专门向新创建的中小企业提供融资服务的金融市场。 “AIM” is a separate market of the L

3、ondon Stock Exchange sometimes referred to as the “junior market” 对上市公司的标准和法定规格的要求较主板宽松许多 Higher standards and more prescriptive rules apply to companies “listed on the Official List” (as compared to companies “quoted on AIM”) 尽管证券咨询公司可能会如此建议，但资本总额少于5000万美元的公司并不适合在主板上市 Companies with a market capita

4、lisation of less than $50 million are, possibly, “too small” for the Official List although advise should be taken from a corporate finance firm on this 创业板的上市程序比主板简化很多 Process of obtaining an Official Listing is more time consuming than an AIM quotation,主要区别 上市标准MAIN DIFFERENCES SOME OF THE “ADMISS

5、ION CRITERIA”,MAIN DIFFERENCES SOME OF THE “CONTINUING OBLIGATIONS”,资金来源 THE POOL OF CAPITAL,Sources: (1) IFSL, August 2006; (2) IMA website, August 2006; (3) , August 2006; (4) Institutional Investors in AIM 2006, Growth Company Investor, September 2006,资金成本 THE COST OF CAPITAL1,1. Taken from “The

6、Cost of Capital an international comparison Oxera and the London Stock Exchange, June 2006. 2. Sarbanes Oxley compliance costs exceed estimates press release (March 2006). 2. McKinsey Global Investor Survey, 2002.,创业板公司数量NUMBER OF COMPANIES ON AIM,IPO 时间表指南 IPO INDICATIVE TIMETABLE,IPO 时间表指南 IPO IND

7、ICATIVE TIMETABLE Continue,IPO 程序 IPO PROCESS,耗时/劳动强度大 Time consuming / labour intensive process 保荐人引导该过程 “Sponsor” / “Nominated adviser” will lead the process 对公司尽职调查 法律/财务/运作 Due diligence on the company - legal / financial / operational 顾问根据业务所作的报告Potentially specialists reports depending on the

8、business 营运资本复审 (自上市起至少18个月) Working capital review (to cover at least 18 months from admission) 起草招股说明书或上市材料 Drafting the “prospectus” or “admission document” 查证招股说明书或上市材料 “Verifying” the prospectus or admission document 实际上自聘请各类顾问起需要12-14周的过程 Realistically 12-14 week process from engaging all part

9、ies,关于伟理宸WORKING WITH WALKER MORRIS,伟理宸 WALKER MORRIS THE FIRM,提供全方位服务的公司法/商法律师事务所 Full service corporate / commercial law firm 46名合伙人及360名律师 46 partners and 360+ other fee earners “伟理宸一贯出色的业务成绩证明了自己是位于伦敦以外的最佳律所” “Walker Morris consistently proves that it has one of the leading corporate practices o

10、utside London”*,* Chambers 2006,理解我们的客户UNDERSTANDING OUR CLIENTS,我们关注客户的业务重心 We want to know what is the key to your business 我们视IPO为与客户关系的开端，而不是一次交易 We would treat the IPO as the start of the relationship, not as a one off transaction 我们热衷在华业务 We are committed to building links in China 我们希望与您合作，建立

11、和加速您的业务发展 We want to work with you to build and grow your business 我们能够满足您今后的各类法律需要 We have the necessary skills to support your needs going forward,伟理宸公司法律事务部WALKER MORRIS CORPORATE TEAM,在上市公司的法律业务方面具有丰富经验 Extensive corporate experience of public company work IPO方面的经验 IPO experience 为公司做法律顾问 acting

12、 for the company 为保荐人做法律顾问 acting for the sponsor / nominated adviser 为上市、披露和招股说明书的制作提供法律意见 Advising on Listing, Disclosure and Prospectus Rule compliance issues 为创业板上市提供法律意见Advising on AIM compliance issues 二次股票发行 Secondary equity fundraisings 合并和收购 Mergers and acquisitions 我们的业务能力被认为是“极好的” Describ

13、ed as “absolutely fantastic”*,* Chambers 2006,伟理宸公司法律事务部IPO方面的业务经验WALKER MORRIS CORPORATE TEAMSS IPO EXPERIENCE,Proactis Holdings plc Syntopix Group plc Hargreaves Services plc Software Radio Technology plc Getech Group plc Sarantel Group plc Anker plc Umbro plc Newcastle United plc Collins & Hayes

14、Group plc,Rosebys plc IMS Group plc City Technology Group plc Goldsborough Healthcare plc Kalon Group plc T plc Straight plc Airbath Group plc Babygrow plc Sage plc,我们具有丰富经验 We have extensive experience 伟理宸公司法律事务部的律师曾为以下客户提供IPO法律服务 Members of the corporate team at Walker Morris have advised on the I

15、POs, amongst others, of:,服务水平SERVICE LEVELS & ACCESSIBILITY,我们是服务行业 We are in a service industry service matters 客户专用的合伙人 Dedicated client partner 伟理宸拥有客户专用的律师团队 Dedicated client teams at Walker Morris,费用结构FEE STRUCTURES,透明性 Transparent approach 公平性 Fair approach 灵活性 Flexible approach 善于处理突发事件 comfo

16、rtable with contingent arrangements 可以协商对成功/中途失败的安排discuss success / abort arrangements 与客户共担风险 Prepared to share the risk with our clients,摘要 IN SUMMARY,我们目前在上市公司和IPO法律事务方面的业务实力可以与其他大型律所匹敌，甚至超过它们 Current public company and IPO expertise to match, and exceed, other firms 费用透明且具灵活性 Transparency and f

17、lexibility on fees 伟理宸致力于为客户提供卓越服务 Walker Morris is dedicated to excellent client service 热情幽默的律师 Enthusiastic and fun lawyers,联系方式 YOUR CORPORATE CONTACTS,Peter Smart: peter.smartwalkermorris.co.uk +44 (0)113 283 2567 Ian Gilbert: ian.gilbertwalkermorris.co.uk +44 (0)113 283 2558 Paul Emmett: paul.

18、emmettwalkermorris.co.uk +44 (0)113 283 2580,John Hamer: john.hamerwalkermorris.co.uk +44 (0)113 283 2527 Debbie Jackson: debbie.jacksonwalkermorris.co.uk +44 (0)113 283 2507 Richard Naish: richard.naishwalkermorris.co.uk +44 (0)113 283 4415,结束语AND FINALLY,“与更大的律所具有同样丰富的经验” “the same experience as the bigger players” “一流的服务，媲美超级律所” top-notch service, comparable to that of magic circle firms.“ Chambers 2006 Edition,“伟理宸公司法律事务部在业界受到最高赞誉” “.th