中小企业境外上市融资.pdf

中小企业境外上市融资 中国体改研究会培训中心投行部 财富指数资本集团 Wealth Index (UK) Yuan Ge Tel: +86 +44-7760236811 财富指数资本集团(英国) WEALTH INDEX CAPITAL GROUP （UK)  Why do firms float?  Who is suitable and what are the requirements?  What is the actual IPO Process?  How long does it take?  Who becomes involved?  How much does it cost?  Any tips on the process?  a London listing provides greater visibility to potential investors. Although London- based institutions control one of the largest pools of investment funds in the world, London is also a focus for international investors. Advantage Financing growth  Corporate visibility, marketing, trade sale Acquisitions Owner management and control Motivate management and staff Exit route for some Directors Venture capitalists Operating efficiency  Cost effective equity finance Disadvantages  Greater accountability Lifestyle Expect criticism Expect pressure Dilution of control History development of AIM OFEX Requirement for secondary market  The USM-1980-1996  The Third Market-1987-1991  The OTC market of the 1980s End of Rule 4.2 - 1995 AIM - Designed for companies moving from USM and Rule 4.2  OFEX- launched to replace trading facility under Rule 4.2 Present position  Minimum of 25% shares in public hands Main  3 years trading record normally required  Sponsors needed for certain transactions, including application  Compliance with UKLA rules Market  Quoted tax status 1. Company formed in 1996 UK Biotech fundraising climate poor  No minimum number of shares in public hands