Mainland enterprises to Hongkong, America, Singapore listed more

We have to go overseas to list
The spring of April, is Haier group of backdoor listing in Hongkong Haier built in blossom fruit season.4Month6Day, Haier group releases announcement to say, its offer to reverse, by Haier built in the acquisition of Haier group business washing machine and mobile phone business. For the acquisition of the assets, Haier built to Haier group directional together14.53Billion of new shares and convertible bonds, and pay5000Million in cash. After the completion of the acquisition, Haier group will become the controlling shareholder Haier built, Haier built to HKEx's Listing Committee for re listing, as. With the help of the international capital market platform, Haier group chose a suitable for overseas listing of the road itself to accelerate their pace of internationalization.
Look back2003Years, China enterprises began a feeling of exaltation upon fulfillment in the overseas capital market. This year, the international capital market mainstream fund first entered China stock; the end of the year, Ctrip has become3Since the first landing NASDAQ China concept stocks, the stock is more than New York in the first trading day rose50%; followed by Chinese life as the mainland's first Chinese also listed in USA and Hongkong financial enterprise, to2003Years of the world's largestIPO (Initial public offering)The image of the project, the global capital market was shocked. All this, for overseas listings Chinese enterprises once again played the song.
Get into2004Spring, more for the development of China enterprises eager to use the overseas capital market this fertile soil to draw nutrients, growth. However, years of Junior High School of international of the core in a listed below the issue price of the New York and Hongkong two city and make Chinese enterprise full of doubts, the overseas listing boom ended so soon? The entrepreneur was ready to have the desire and the market for funds in the confused hesitant not before.
In fact,2004Years, whether from the government's support and the overseas capital market attitude to China, is quite optimistic for the expectations of the development of the financing of enterprises. To expand the use of overseas resources2004An important part of our business, the content of the overseas listing financing channel to get the full recognition and support of the government. In addition, the good performance Chinese enterprises in the overseas capital market, so that in addition to American and Hongkong the two most familiar with the overseas financing market, Singapore, Canada, Britain and other places of the capital market have said they will try to attract Chinese high-quality state-owned enterprises and private enterprises listed in the. In the operation of norms, Chinese enterprise value outside of the capital market funds sufficient, in line with international standards at the same time, the overseas capital market will also China numerous development potential of the enterprise as a piece of delicious cake while competing against the. Thus, China enterprises listed overseas day has both.
As a listed entity, enterprises certainly becomes the "factor and the". At present the most realistic problem is a lot for the development of enterprises to grasp this opportunity but don't know where to start. The chairman of Zhejiang Dongshan Food Co., Ltd. MS has deep experience: "we had this idea since listing, has consulted many related intermediary agencies, but due to the lack of understanding of overseas listing, back and forth, although we have made a lot of consulting fees, still do not have what idea, we really don't fit in overseas listing? How to operate?" There are and MS the same question of entrepreneurs, the absolute minority. In fact, to really determine the overseas listing and a road going smoothly, why to be listed overseas, where companies are listed, the first to clear the problem. Determining the needs and goals of their own, and agency specific details of the cooperation, how the listed problems easier to solve.
　　On its own, why should the overseas listing
Mentioned in the listing, most human sea first emerged is the "money", the Canadian Federal International Finance Inc chairman Wang Puxu this is pierce to the heart of the matter: "money is money, so two times." If you say the word money easy to speculative Association, then use "to raise the required capital enterprise development" this view to explain the primary purpose of enterprises listed on the more calm and accurate. And to seek a way out for many domestic products have the strength but the lack of the enterprises bigger and stronger of the funds of enterprises, especially in the rapid development of private enterprises in recent years as many, financing is a long-standing problem. Limited domestic capital market capacity plus, do poineering work board time and again no delay, entrepreneurs will look to the international market is behoove. At the same time, the international capital market, the plenty of money supply, the relevant legal system, supervision, procedure is relatively convenient, and the exchange of innovative, adapt to the needs of the market developed for different enterprises and different requirements listed related products. All this, the overseas capital market is more suitable for enterprise's financing requirements.
Furthermore, overseas listed companies bring in far more money so simple. Impetus for the reform of state-owned enterprises of China's large state-owned enterprises listed overseas process has appeared. For private enterprises, foreign capital market to welcome us to the overseas listing, but mature market of listed companies have higher demands. The process is the process of reform of listed enterprises, through the overseas listing received the higher level for investors and more standardized international market supervision, have a great role in promoting structure and management level of enterprises to improve governance. Only from the perspective of information disclosure, the overseas capital market listing of enterprises after the information disclosure requirements are relatively high, the listed financing is not the end of the beginning of the disclosure of information, real time, maintain the relationship with regulators and investors long-term good for enterprise financing in order to achieve long-term development is very important. Many powerful international investors have every reason to be a listed financial capital is soundless and stirless enterprises to abandon in your portfolio. To make the listing has become an ongoing financing channels, the requirement of its management and capital operation and development planning must be promoted.
Celestial nutrition group listed in Singapore at the beginning of this yearCEOMing DequanMr. with its experience tells us, in addition to outside financing overseas listing can bring all aspects of business benefits. First of all, listing on the stock market to foreign mature required information disclosure to the enterprise itself is the height of a promotion. Mr. Ming said:"We can learn a lot in the overseas market, the international advanced management ideas, learn from successful enterprise operation strategy, management of the enterprise, this ratio to Peking University and Tsinghua university class to intuitive, but also more effective."
Mr. Ming more feeling is, overseas listing has a propaganda role can not be underestimated the popularity of company and product brand in the world: "we the listed companies, a short period of time, from Thailand, Malaysia's commercial partners will have to seek cooperation, if we are at home, even if it can be listed, but also very difficult to international cooperation resources so rich."
"There is a very important point," Mr. Ming stressed, "we can attract high quality investors to improve the credibility of the enterprise itself. Listed in the near future, Morgan Stanley and other international well-known investors hold our stock, this will attract more investors to pay attention to our stock, there will be more business partners interested." For a development of enterprises, so its management strategy progress, international visibility of the ascension and from the aspects of cooperation opportunity is entirely possible to become to promote enterprises to the long-term and large-scale development opportunity.
However, not all businesses are suitable for listing, the company's core business is the decisive factor. Engaged in a long-term enterprises listed overseas investment banking professionals for a fairly representative example: once a designed to do drug business, products sell very well, the company does not lack of development funds, so there is no urgent financing needs, but the company old total think listing can expand famous degree, and more money is not always a bad thing, then find the investment banks require agent. However, after analysis, the listed companies "selling point" is not easy to master. Drug addiction as a strict production and sales control products, to promote their sales is not very good, on the contrary, advocating for the effect it will lead to drug the sensitive topic of debate. Hazard a weakened drugs can cause drug attacks, on the other hand, the drug effect is better long-term market is small, for investors, this kind of company is the lack of long-term development ability and the value of the investment. Therefore, the listed companies is not feasible, and there is no need to. Visible, not all enterprises have the blind to get listed overseas trend. Full understanding of its own characteristics and needs, will find the long-term development of enterprises a.
　　Foster strengths and circumvent weaknesses, to choose which market
After analyzing the present situation of the enterprise and development prospects of the overseas listing, is suitable for the company's next step development, should be many overseas capital market micro complex, so as to choose the most suitable for the company's listed site.
　　2004Years Chinese shares in the international market performance has attracted many of the world capital market, more and more investors see China development potential of the enterprise, all over the world capital market is also of Chinese enterprises to open the door to welcome. Want to go to the overseas listing is facing many do not understand the market, with"Squandering is to charming eyes"To describe the entrepreneurs feel a little too much. Now let us have a look different countries capital markets for which the demand of listed companies.
　　The capital market in Hongkong
Advantages: large market size, liquidity, corporate awareness of China good
Shortcomings: high cost of housing listing, costly and not the net shell
Because of geographical, linguistic practice, market promotion, Hongkong become the nearest quality, financing, but also the first choice of enterprises seeking overseas listing. By2003Years12At the end of the month, a total of92Home to Chinese EnterprisesHShares listed in Hongkong, the64In the main version,28In the gem. Otherwise75China Company is the way to red chips listed on the Hongkong stock exchange. At the same time toNShares listed on the New York stock exchange's China enterprises only12Home.
Last year, mainland enterprises performance increased concerns about its.2003Years, the Hang Seng Index of state-owned enterprises from the beginning of the year1990Little rose at the end of the year more than5000The mainland enterprises, stock turnover amounted to10615Billion, accounting for the entire Hongkong Market46%. In the2003The Hongkong Stock Exchange listing72Enterprises, have16The home isHShares of the company, the listed funds amounting402Billion Hong Kong dollars, accounting for72The investment of enterprises70%.
Hongkong investors awareness of China Company is relatively high, coupled with Hongkong has two of the most active secondary market speculators global, and this characteristic has long be just perfect integration into the Hongkong stock market, is not rejected by the investors, the Hongkong capital market with good liquidity. Liquidity usually quality China enterprises in Hongkong market are satisfactory.
Normally, in HongkongIPOThe whole process needs7A month or so, but because of the number of private enterprises do not regulate the operation(Such as the Eurasian agriculture, Green Cole), the stock exchange and strengthen the prudent degree. At the same time, there are too many Chinese enterprises to declare Hongkong listed, greatly prolongs the time and reduce the rate of success. For the first time in Hongkong main board listing fee for15-65Million Hong Kong dollars, do poineering work board10-20Million, plus the sponsor, the underwriter Commission and relevant financial laws and the promotion of professional fees, total more than1000Million.
But if a reverse takeover, the shell higher costs in Hongkong, the board about5000Million Hong Kong dollars, do poineering work board about2000-3000Million Hong Kong dollars. But asset injection is more difficult, and the need to avoid a shell company creditor debt disputes. Overall, listed in Hongkong although there are geographical advantages, but the cost is relatively high.
Is worth reminding, listing rules for initial listing standards and continued listing responsibility amendment advice summary of the Hongkong Stock Exchange issued the ""3Month31Day come into effect. The obvious change is the market value of20HK $apply for listed companies from the three consecutive years of record profits for market requirements, and40Million Hong Kong dollars or more companies, if meet the latest financial year income at least5Million Hong Kong dollars, shareholders at least1000Name, directors and management at least three years convincing industry experience and most recently a fiscal year audit management maintained these additional requirements, may save three annual sales record. Revision of these rules without reflecting the departure is not sacrifice the interests of investors, but also can satisfy the requirements of other conditions, would allow more companies to have a financing opportunity. The capital intensive enterprises such as high-tech, manufacturing industry, medicine, aviation and corporate investment return period long listed are of great help, showing the exchange market demands respect, is also represent the general trend.
　　USA capital market
Advantages: capital adequacy, good fluidity, low cost and net shell shell
Shortcomings:IPOExpensive, cultural differences caused by Chinese enterprise market low awareness
USA, as the world's largest capital market, with other market to match the capital capacity and the circulation, the phase of the development also determines the capital operation ability which has the strongest, is mainly reflected in the market financing capacity and liquidity, while stock prices change more active. In the past, the China Company of liquidity in the America are relatively poor, but with the development of China economy, many investors think USA China stock very worthwhile investment, appreciation of the RMB has made in the USA listed Chinese companies become marketable. Because China stock in dollar signs, even if the performance of no growth, its embodiment in the American performance will be because of the appreciation of the renminbi and produce a premium. Therefore, in the past3Within a month, more than in the America value50000Wan Meijin34Liquidity home China listed enterprises is relatively good, very active, Zhou Pingjun trading volume of more than10Million shares.
China enterprise has two options listed in the America, New York stock exchange and the Nasdaq Stock Exchange center. Established in1818Years of the New York stock exchange is the biggest USA organization and management of the securities market, the NYSE listed stocks more than3200Support, including most of the historic wealth500Strong enterprises, such asIBM,GMSo, the main index for the Dow Jones Industrial index. The NYSE are mainly for large-scale enterprise development is mature, have good performance, so the listing threshold is relatively high. And known as the21Century securities market"Nasdaq, the relatively low threshold, so it has better adaptability to the market and more diversified structure of participants. The number of issued shares in the Foreign Company has more than the sum of the New York stock exchange and the USA stock exchange, to become the main place of Foreign Company in America listed, the main destination China enterprise is listed in the America.
The public are more familiar with the Nasdaq stock market, some concepts need to be clarified. NASDAQ has become increasingly unsuitable for the second board market is seen as USA. The scale and volume of its listing Corporation, quite a few have more than the NYSE, the world's largest Biotech CorpAMGEN,The world's largest mineral companyANGLO AMERICANThe news agency, the world's largestREUTERSAnd everyone for having heard it many times, the Microsoft Yahoo!, Starbucks Coffee and so on, regardless of company size and transaction volume are better than the nyse. In addition, the NASDAQ is not as long as we agree, is based on high-tech industries. The NASDAQ Chinese managing director Mr. Huang Huaguo said, the Nasdaq market more than50%Is the traditional industry companies, in the past5Years of growth in consumer products, finance and utilities and other industries. Therefore, the NASDAQ is the growth firms's home.
In USA,IPO (Initial public offering),RTO (Reverse takeover)AndADR (America depositary receipts)All listed method, common but, in USAIPOThe whole procedure of process together with the pre negotiation and roadshow roughly1Years, and the cost is more expensive, the average cost of about150Million dollars. Coupled with the current into the investment bank Merrill Lynch Chinese USA, Morgan Stanley of the first echelon members, general medium scale Chinese enterprises difficult to through the enterprise scale screening requirements. Therefore, a lot of seeking overseas listing of the China Company,IPOIs not the optimal choice.
AndIPOMore economic and convenient reverse takeover is a shortcut to small and medium-sized enterprises in American listed. In America, shell resource price is very cheap, generally only20-40Wan Meijin, at the same time, due to the characteristics of shell resource assets American Zero Zero debt, will not cause the disputes in law or debt bonds. Chinese heat in American at present, but also makes the reverse takeover of listed companies private financing easier. Shandong Longfeng group, Qiao Xing telephone has listed status in a reverse merger of successful financing. Industry, currently in the America, Chinese automobile, real estate, construction, network, mineral and environmental protection enterprises generally concerned by the investors.
　Singapore capital market
Advantages: the second threshold low, less cost listed listed, short period, small differences in language and culture
Disadvantages: relatively small scale, lack of understanding of the market of domestic enterprises
The relative USA Hongkong these two markets, Singapore capital market since last year also changed the people to its market is small, less funding impression. By the end of this year3In August, a listing of the Foreign Company in the stock exchange of Singapore135Home, the total number of listing Corporation24%Higher than the Hongkong Stock Exchange17%The proportion of the Foreign Company. The Singapore market listing Corporation in manufacturing and high-tech enterprises, especially in foreign enterprises listed, manufacturing accounted for more than50%.2003Year to the first quarter of this year, the two index of the Singapore market-"The Straits Times Index"And"Singapore automated quotation stock market index"Performance is better than the Hang Seng Index and Hongkong gem index.
In fact, on the regional and language, cognitive Singapore no less than Hongkong, its capital market and trading activity is not like we always thought so low. Vice president of the Singapore Stock Exchange active assistant MS Lin Mei to the exchange rate the relative numerical concepts to interpret market transactions. The total market value of Singapore trading market is the market of Hongkong1/3Therefore, although the transaction value, and the Hongkong Market1/2However, in order to1/3The capacity of the market to complete1/2Trading volume, in fact the Singapore market activity is higher than that of Hongkong. Especially in the Singapore market, the exchange rate is much higher than that of the exchange rate China enterprises local enterprises in Singapore, the circulation of the China Company on the Singapore stock market is quite good.
Compared with the USA capital markets in Hongkong, Singapore market to seek the development of China private enterprises more "friendly". Only the second half of last year to this year3At the end of the month, China enterprises listed in Singapore have20Home, many of which are China private enterprises. No clear boundaries between Singapore's second board market and main board market, the second board Market(Singapore automated quotation stock market)Good performance, meet the requirements after two years. You can go to the board. More temptation is Singapore's main board and second standard is relatively low, a construction enterprise growth potential.
The Singapore exchange two grade market allotment and issue is also very active. The Singapore market rules formulated more lenient, listed companies6Months if re financing needs, can communicate and exchange after financing. Two financing not only lower cost and cycle is short, many listed companies refinancing successfully raised more money than the market for the first time. As of last year5The months in the new Hongguo international,9Month two times raised the success in the market of the capital.
From the time cycle, cycle short America and Singapore listed in Hongkong, general6Months to completeIPOThe whole process, financing cost is relatively low, initial listing fee at about600Million yuan. Two grade market as long as the time of financing2-4Week, fees are cheaper. Therefore, listed in Singapore for the development of private enterprises is Chinese an economical choice.
In the face of the personage inside course of study "the next few years, Chinese there will be thousands of companies listed overseas" prophecy, more overseas capital market to win the market Chinese. London Stock Exchange recently announced the establishment of the Asia Pacific Office in China District of Hongkong, in order to attract more Chinese enterprises listed to London to. At the same time, the LSE also respectively and the Shanghai stock exchange and the Shenzhen stock exchange signed a cooperation agreement, in the key to attract large enterprises also to attract China of large and medium-sized private enterprises.
In addition, the Canadian market(TSXV)Also unwilling to lag behind, to"With the foreign projects from the traditional market, low cost, unique Venture Capital Library(CPC)Listing, enter the good channel of North America market"As a selling point to attract entrepreneurs, China. The Canadian Federal International Finance Inc chairman said, CanadaTSXVThe most suitable for resource type Chinese enterprises in the market, development potential and welcome all excellent in performance and the ascending orbit Chinese private enterprises.
　Enjoy the professional service, let us go to the overseas listing
When the enterprises to clear its own position, and to determine the suitable locations listed, the next step is relatively simple, listing process will have a specific professional aid a helping hand. In the selection, past performance is very important, investment scale can also give you tips. The old well-known investment banks mature operation, the operating norms, very experienced in saving time and cost. Therefore, although its not cheap, but from an overall point of view is worth.
A perfect law and listed on the audit team is listed for key. The lawyer will help enterprises to conduct due diligence, the company organization structure review, review the listing prospectus and the drafting part, to help answer Stock Exchange listed companies and other related legal issues such as listed before the introduction of strategic investors, employee stock options and other related legal issues. Public reporting accountant of enterprises will be the overall audit related financial statements to meet listing requirements, the main content assist enterprises determine the profit and cash flow forecast memorandum and offer advice, to assist and review the relevant financial data of the book, the debt situation labeled review company to assist in the development of debts declaration, review the company net tangible assets table after the adjustment, cooperation with other agencies to provide appropriate recombination scheme.
For the assessment of tangible assets and intangible assets need to be involved in the valuation of listed Consultants Co, the professional will help enterprises related to property valuation, the valuation, valuation and trademark machine technology valuation. Especially as the film company that intangible assets occupies a very important value for the company, scientific and appropriate for the valuation of the listed success is more important.
Finished everything above and the preliminary work, overseas listing of enterprises has been the best of everything, but also no shortage of dongfeng. In order to financial distress for many years China enterprise finally found a can expand their international financing channels, but also can improve itself in the global market visibility overseas listing road. Grasp of the international capital market to the Chinese enterprises favor, we seem to hear the private entrepreneurs are filled with joy and confidence in each other:2004Years, let us go to the overseas listing!