联合利华项目建议书英文.pptVIP

Strictly private confidential;AAR and CITICS Team ;Table of contents;;Introduction to ABN AMRO Rothschild;Strong rankings in the Q1 2002 bookrunner league tables;No. 1 ranked in key European markets;AAR has pioneered and completed 30 transactions with total size of US$2,133m in China;ABN AMRO’s research strength in HK / China and Consumer sector ;Introduction to CITIC Securities Co., Ltd (CITICS);China International Trust Investment Corporation (CITIC);Corporate Finance Committee Investment banking (Beijing, Shanghai, Shenzhen and Qindao) Fixed income Sales (equivalent to Equity Capital Markets) MA Restructuring advisory;Leading positions in equity offering and sponsorship in recent years;;;China total issuance is reaching US$50 billion ...;A share new issue already exceeds international offering;Implication of liberalization of A share market;Change percentage 2002 to date;A share markets have recovered since the beginning of the year after significant decline in 2H2001;New issue performance - China IPOs since 2001;Current valuation for China stocks in HK market ;A share market valuation is still attractive to potential issuer;Liberalization in China’s capital market;Alcatel China Ericsson China Kodak China Motorola China Procter Gamble China Unilever China;;Valuation approach and pricing mechanism in A share market;Key valuation drivers;P/E is the over riding methodology for the A share market;Pricing process in A share market;Consumer related equity offerings;Performance of Unilever Asian subsidiaries;Current valuation of Asian consumer/food beverage/ personnel care comparables;Valuation of selected listed Chinese companies in similar sectors;;Foreign invested companies are now allowed to list in the A share markets;Regulatory overview for foreign invested companies to be listed in the A share markets;CSRC encourages Fortune 500 China operations to list in the A share markets;Corporate structure for listing;Listing requirements;;A share IPO listing – a 4-ph