国际会计分析案例集锦.docVIP

资料 Chapter 1 Case 1.1 E-CENTIVES, INC.---RAISING CAPITAL IN SWITZERLAND On October 3, 2000, E-Centives, incorporated in the United States made an initial public offering on the Swiss Stock Exchange’s New Market. The company raised approximately US$40 million. E-Centives’s offering circular stated that no offers or sales of the company’s common stock would be made in the United States, and that there would be no public market for the common stock in the United States after the offering. THE SMISS EXCHANGE’S NEW MARKET The Swiss Exchange launched the New Market in 1999. The New Market is designed to mmet the financing needs of rapidly growing companies from Switzerland and abroad. It provides firms with simplified means of entry to the Swiss capital markets. Listing requirements for the New Market are simple. For example, companies must have an operating track record of 12 months, the initial public listing must involve a capital increase, and to ensure market liquidity, a bank must agree to make a market in the securities. E-Centives E-Centives, Inc, is a leading online direct marketing infrastructure company. The company offers systems and technologies that enable businesses to build large, rich databases of consumer profiles and interests. In return, consumers receive a free promotional offers based on their interests. At the time of the public offering, E-Centives maintained over 4.4 million E-Centives online accounts for members. The company does not charge members a fee for its service. Instead, that company generates revenue primarily from marketers whose marketing matter is delivered to targeted groups of E-Centives members. E-Centives currently employs more than 100 people in its Bethesda, Maryland headquarters, and its offices in Redwood City, New York and Los Angeles. As of the offering date, the company had little revenue and had not been profitable. Revenue for the year ended December 31, 1999, was $740000, with a net loss about US$16 million. As of Jun