Wealth

It is precisely because small and medium-sized enterprises and high-tech companies have inherent obstacles to go public in the country, so everyone hopes to be listed on the Nasdaq. This is also the ultimate dream of most domestic small and medium-sized enterprises and high-tech companies. The second thing is to go public in the Hong Kong market.

However, in order to successfully list on NASDAQ, a lot of preparation is required. Generally speaking, the process of the secondary public offering is a challenging and exciting process, with bold decisions, outstanding performance of the listing team and good market conditions. , Will show the style and image of successful Chinese companies based on the US capital market.

The first step is to set up a listing consultant team. The company's final listing in the United States is often the result of the successful operation of an effective listing consultant team. In addition to the company itself, especially the company's senior management, which requires a lot of time and energy, the company must form a listing consultant team including investment banks, legal advisers, and accountants. Among them, the investment bank will take the lead in leading the entire transaction and underwriting process.

When considering candidates for investment banks, companies should fully understand whether investment banks have the experience of assisting other companies in the industry to go public and their sales capabilities. The legal counsel chosen by the company must have a U.S. qualification. Similarly, the company should consider whether it has extensive experience in securities business. The accounting firm shall independently review the company's financial status in accordance with the US General Accounting Standards. The accounting firm should also have a comprehensive understanding of China's accounting standards in order to adjust certain data to meet the reporting requirements of the US accounting standards.

The second is due diligence. With the assistance of the listing consultant team, the company will conduct a comprehensive and in-depth due diligence on the company's management, operation, finance and legal affairs. The due diligence will lay the foundation for the company to draft the registration statement, prospectus, roadshow promotion, etc. The bank company is also required to provide its independent certified public accountant to confirm various financial data in the registration statement.

The third is registration and approval, which is the core stage of listing. After the registration statement is submitted to the SFC, the underwriting bank will arrange a roadshow.

A roadshow refers to a series of reports conducted by a securities firm to potential investors, analysts or fund managers to stimulate investment interest, usually lasting one to two weeks.

At that time, under the arrangement of the investment bank, the company's management will go to various places to make speeches and show its business plans. The performance of the management on the roadshow also plays a vital role in the success of the securities firm.

In the United States, important roadshow cities include New York, San Francisco, Boston, Chicago, and Los Angeles. As international financial centers, London and Hong Kong are often included in the roadshow schedule.

At the end of the roadshow, the final prospectus will be printed to investors, and the company's management will determine the final price and quantity with the assistance of the investment bank. Investment banks often put forward a suggested price based on the needs of investors and market conditions.

Once the price is quoted, two days after the investor receives the official prospectus, the second public bank can be declared effective, and the listing transaction will begin. The lead underwriter will be responsible for ensuring the smooth trading of the company's stock in the first critical few days.

Until this time, the second public line can be considered as successful.

"Although it is more cumbersome, but we can leave all these matters to institutions such as Goldman Sachs, UBS or Morgan Stanley. Due to the effect of the Internet economy, they are very interested in portals with Chinese concepts. It is very possible to come up with the most suitable listing plan within a month, and the entire process will take less than three months to sit down." An American executive of the company explained to Fan Wuyi.

Fan Wubing nodded and agreed, "Well, in fact, Morgan Stanley is investigating one of the portals. In order to speed up the process and give them a little pressure, I think UBS or Goldman Sachs can be introduced to the other two portals. The website is packaged and listed."

Without competition, there is no efficiency. In fact, UBS, Goldman Sachs, Morgan Stanley and other institutions as underwriters are also grabbing food at this time. If you slow down your hands, you may be hungry. Fan Wuyi introduced a competition mechanism to them. , That is, I want them to work hard, and they are striving to be the first to be listed on the Nasdaq. After all, as the first Chinese portal to appear on the Nasdaq market, it has attracted the highest degree of attention. The probability of success is higher.

"Why haven't you launched the ChiNext market in China? You must know that this is very important for the development of small and medium-sized enterprises. Under the stimulus of the new economy, any promising small and medium-sized enterprise may grow into something like Microsoft. Or a behemoth like Yahoo, but before they grow up, how important is the financing role of the capital market to them?" A foreign executive from Fan Wuyao asked Fan Wuyao with some incomprehension.

"This matter, it's a long story--" Fan Wubing just smiled wryly when he heard the words.

Speaking of the reasons why the domestic GEM has never been able to be launched, Fan Wubing seems to be nothing more than a dispute between the Shenzhen Stock Exchange and the Shanghai Stock Exchange. The securities business is at least ten years behind.

Shenzhen’s history is too short. This country’s sub-provincial planned city was originally an unknown small fishing village on the South Sea, separated by a river from Hong Kong and connected by water. It has jurisdiction over the four districts of Luohu, Futian, Nanshan, and Yantian within the special zone, and two administrative districts, namely Baoan and Longgang outside the special zone.

As a test field for reform and opening up in mainland China, Deng Gong once said, “The central government has no money. You can find it yourself and make a **** road.” Therefore, raising funds has become the historical mission of Shenzhen’s financial industry. Tilts and preferential treatments were immediate, and Shenzhen's financial industry immediately created more than one hundred "firsts" in China's financial and economic history in banking, securities, insurance and many other industries.

Under the inclination of the special zone policy, Shenzhen wants the wind to get the wind and the rain to get the rain. At the time when financial institutions were opened or attracted, Shenzhen offered great concessions in terms of settlement, taxation, land use, etc. Now the competition among the three local governments of Shanghai, Guangzhou, and Shenzhen is particularly fierce. In order to cope with the competition between Shanghai and Guangzhou, Shenzhen has set up financial parks everywhere, contending financial institutions to its own district.

However, Shenzhen has now fallen out of favor with the central government. Although compared with other places, Shenzhen can be regarded as a small government and large enterprise, and the industry is more tolerant, but without policy tilt, Shenzhen will not be attractive. What is even more noticeable is that Shenzhen is already very inland, and its efficiency is far lower than before. Like the Shenzhen Stock Exchange, it is very bureaucratic and has nothing to do with it except for high wages.

When the Shenzhen Stock Exchange started operating, it was 18 days ahead of the Shanghai Stock Exchange. The "Old Five Shares" listed on the Shenzhen Stock Exchange and the "Old Eight Shares" listed on the Shanghai Stock Exchange have become the first batch of regular listed companies in Mainland China.

The time for the establishment of exchanges in Shenzhen and Shanghai is almost parallel. Shenzhen is adjacent to Hong Kong. The Shenzhen Stock Exchange fully borrowed from the Hong Kong Stock Exchange when preparing for the establishment of the China World Trade Center. The traces are very obvious. For example, listing, trading rules, etc., even the stock code used is in the same line as that of the Stock Exchange; during the same period, the Shanghai Stock Exchange's preparations went to Shenzhen to learn from the rules of the Shenzhen Stock Exchange, and the stock code was changed from four digits to six digits. NS.

Although the Shenzhen Stock Exchange was established before the Shanghai Stock Exchange, the People's Bank of China approved the establishment of the Shanghai Stock Exchange in advance and pushed the Shenzhen Stock Exchange into the second year. This shelving virtually dealt a blow to the Shenzhen Stock Exchange.

The two exchanges in Shenzhen and Shanghai competed for the "first" position, and the dispute over the opening of the market opened the prelude to the competition for the next ten years. In terms of market trends, listing services, and even turnover, the securities firms, institutions, and government departments in the two places are the leaders. Even the exchanges themselves will not hesitate to intervene in violation of regulations, which intensifies the volatility and market risks of the two markets.

In 1995, the Shanghai Stock Exchange's trading volume began to significantly exceed the Shenzhen Stock Exchange, and it was almost the same for a while; while the Shenzhen Stock Exchange increased technological innovation to make the trading system more complete and safe, and at the same time provide listed companies with thoughtful and high-quality products. The service has attracted new companies from all over the world to choose Shenzhen Stock Exchange as their listing place.

By 1996, the Shenzhen Stock Exchange's trading volume began to fully pass the Shanghai Stock Exchange. At that time, the Shenzhen Stock Exchange's market was strong, stockholders shuttled, stock commentators were full of words, mobsters were heroic and low-key, and the popularity of the Shenzhen stock market was jaw-dropping. The impressive increase of 174% of the Shenzhen Stock Exchange that year ranked among the champions of the global stock market rankings. This was also the peak period of the Shenzhen Stock Exchange, which was enough to make the Shanghai Stock Exchange hero short of breath and brooding, which lasted until last year.

However, after 1997 ~www.wuxiamtl.com~ the Securities Regulatory Commission set an unwritten rule of "Shanghai first, Shenzhen second", no longer allowing companies to choose their own listing location, and the Shanghai Stock Exchange finally In 1998, he was relieved and passed the Shenzhen Stock Exchange.

In fact, the Shenzhen Stock Exchange and the Shanghai Stock Exchange are similar, and the rules are the same. In this case, the central government has also considered the merger of the Shenzhen and Shanghai main board markets. However, the Shenzhen Municipal Government believes that if Shenzhen can open a ChiNext, the Shenzhen Stock Exchange can make a comeback. However, it seems that the launch of the ChiNext is still indefinitely.

How to open the GEM? Where is it? Where to open first? These problems are plagued from the central to the local, so since everyone can't agree, it's better not to open it, so that everyone feels uncomfortable, and the upper ears are also clean.

When Fan Wubing talked about these things, he couldn't help but sigh in his heart, but these insiders said that even people like Song Yuanping also listened with gusto.

While everyone was chatting, a staff member ran in and said loudly, "The mainland stock market suddenly exploded, the two markets went red, and almost all stocks have their daily limit!"

"Damn! The 5.19 market is coming, I have forgotten this!" Fan Wuyao couldn't help but patted his forehead, saying that he had forgotten it.