1、欧交所上市规则与程序简介Euronext Listings Features /在欧交所上市之特点Copyright 2008 财富中国Eurolist or Altemext?欧交所主板市场还是创业， Eurolist IPO/ Euronexfs main board/ listing through IPO only/ 3-year of financials (IFRS)/ minimum of 25% of shares in the public float Alternext listing/ Euronexfs growth market/ listing either thr
2、ough IPO orprivate placement (“PP”)/ 2-year of financials (non IFRS possible with reconciliation)/ minimum EUR 2.5mn for IPO / EUR 5mn (5 investors) for PP-在欧交所主板市场进行首次公开发行/欧交所的主板市场,只能通过首次公开发行进行上市/ 3年的财务报表（遵守国际财务报 告准则）,公众持股量最低达25%- 在创业板上市,欧交所成长型市场,可以通过首次公开发行或者私募 上市/ 2年的财务报告（可以不按照国际 财务报告准则做，但是要做出比 照表
3、/首次公开发行最低250万欧元/私 募500万欧元（5位投资者）Euronext Listings Features /在欧交所上市之特点Two Possible Routes In most cases, IPOs are made through a public offering/ shares offered to all types of investors (individuals)/ by way of general solicitation (advertising, intermediaries) However, Alternext offers the possibi
4、lity of listing through private placement/ no public offering, sale only to qualified investors/ but same result : listing两种可能的途径大多数情况下，首次公开发行 是通过向公众发行的方式进行/股份面向所有类型的投资者 （自然人）发行/通过公开推介（广告、中介 机构）的方式发行但是，创业板提供了通过私募 方式上市的可能性/不向公众发行，只向符合条 件的投资者出售/但是结果相同：上市Euronext Listings Features /在欧交所上市之特点The Public
5、Offering There is a public offering(eg, France) upon either/ the listing of securities on a regulated market or/ the sale of securities to the public through advertising and solicitation No public offering can be made without/ a detailed disclosure document, the “prospectus”/ review and approval of
6、the prospectus by the local regulator公开发行 通过以下方式进行公开发行 （例如：在法国）/将证券在一个受管制的市场 上发行上市，或者/将证券通过广告和公开推介 的方式向公众出售 未满足以下条件，公开发行 不得进行，/提供详细的披露文件，“招 股说明书”/由当地监管部门审查批准该 招股说明书Euronext Listings Features /在欧交所上市之特点The Private Placement Alternext private placement: an attractive alternative:/ no approval by local
7、 regulator (e.g., no AMF review)/ simplified disclosure (English prospectus, limited reporting obligations post IPO) But to be successful, a private placement must follow international best practices / quality offering circular (similar to prospectus)/ in-depth due diligence私募在创业板私募：一个有吸引力的 选择：/无需当地
8、监管部门审批（如： 无需经法国金融市场管理局审 批）/披露内容简化（英文招股说明 书，公开发行之后有限的报告 义务）但是：若要取得发行成功，私募 必须遵守国际通行的最佳做法/内容全面的“发行公告”（类 似于招股说明书）/深入的尽职调查Practical Aspects / 实践方面Offshore SPV Restructuring Direct listing not practicable= offshore SPV needed/ direct listing : IPO-style review + minimum profits / assets / proceeds require
9、ments/ red chips : restructuring under new M&A Rules (8/2006)= setting-up of offshore SPV离岸特殊目的公司重组 直接上市操作困难大=需要设立离岸特殊目的公司,直接上市：首次公开发行方式审 查+最低利润/资产/收益的要求,以红筹方式间接上市：按照新并 购规定（2006年8月）重组=特 殊目的公司 Choice of SPV jurisdiction/ tax aspects : neutrality/ reputation : avoid “exotic”SPVs (BVI, Caymans etc.) /
10、alternative : Hong Kong, European countries (eg, Luxembourg, Netherlands) 选择特殊目的公司注册地,纳税方面：中性,信誉：避免“异域化”的特殊目 的公司（英属维尔京群岛、开曼 群岛等）,可选的地方：香港、欧洲国家（ 如卢森堡、荷兰）Practical Aspects / 实践方面Restructuring of Operations Prerequisite : the company must be “stand alone”/ own all key assets / rights necessary for its
11、operations/ not dependent on its shareholders / affiliates Restructuring of Operations may be necessary/ transfer of not yet owned key assets (eg, IP)/ termination of contracts with shareholders / affiliates (or signing of new contracts at market conditions)业务重组 前提：公司必须“独立”/享有经营所需的全部主要资产 和权利的所有权,不依赖
12、于股东/关联公司 可能需要进行业务重组，以便 能够：,向公司转让其尚不享有所有权 的主要资产（如：知识产权）/终止公司与股东/关联公司之 间的合同（或者在市场条件下 签订新的合同）Practical Aspects / 实践方面Disclosure Requirements Disclosure Standards/ strictly regulated for IPO prospectus (EU Directive)/ PR offering circulars content not regulated, but same as prospectus in practice/ liabi
13、lity if misstatements or omissions of material facts Definition of “materiality”/ facts or information are material if they are likely to influence a reasonable investor in making a decision to invest or not披露要求 披露标准：,首次公开发行的招股说明书受严 格监管（欧盟指令）/不适用于私募的发行公告，但是 实践中内容同招股说明书一样,如有虚假陈述或遗漏重大事实要 承担法律责任 “重大”的定
14、义,如果某项事实或信息对于一个合 理的投资者做投资决定而言是重 要的，则该事实或信息是重大的Practical Aspects / 实践方面Disclosure Document Content/ Risk factors and their impact on the business/ Business description/ Market analysis/ Managemenfs plans/ MD&A reviewing the results of operations and their evolution/ Financial (past 3 years) and inter
15、im income statements/ Description of management shareholders and assets/ Any other “material” information信息披露文件内容,风险因素及其对业务的影 响,业务描述,市场分析,管理层计划,就经营结果及其变化做出 的管理层讨论与分析,财务报表（最近3年）以及 中期损益表,管理层股东和资产的描述,任何其他“重大”信息Practical Aspects / 实践方面Reporting Obligations Eurolist/ audited annual accounts and audited h
16、alf year accounts/ publication of quarterly results/ 5% changes of ownership Alternext/ prompt disclosure of price sensitive information/ audited annual accounts, un-audited half year accounts/ change of control Listing agent / sponsor/ pivotal role for Alternext listing/ responsible for disclosure报
17、告义务 欧交所主板市场,经审计的年度财务报告和经审 计的半年度财务报告/发布季度报告/ 5%以上的持股股东发生变化 创业板/及时披露价格敏感信息/经审计的年度财务报告和未 经审计的半年度财务报告/控制权发生变化 上市保荐人/在创业板上市中起关键作用Conclusion / 结论Next steps for PRC companies targeting a Euronext listing/ Select PRC / European financial advisors, listing agent and lawyers/ Financial advisors start financia
18、l DD for valuation - Lawyers start preliminary legal DD on feasibility/ Prepare documents for legal and financial due diligences and drafting of the prospectus/ Restructure PRC company to make it “stand alone/ Choose jurisdiction for SPV/ Apply with PRC authorities for the approval of the SPV restru
19、cturing and of the oversea listing旨在欧交所上市的中国公司应 采取的步骤/选择中国/欧洲的财务顾问、 上市保荐人和律师，/财务顾问开始为价值评估进 行财务尽职调查-律师开始 就可行性进行初步法律尽职 调查/准备法律和财务尽职调查的 文件，并起草招股说明书/重组中国公司使其“独立”/选择特殊目的公司注册地/向中国相关主管机关申请批 准特殊目的公司重组及海外 上市Conclusion / 结论Key steps for Euronext listing and indicative timing*- Appoint listing agent- Feasibili
20、ty and valuation- Conduct due diligence- Restructure (offshore SPV)- Prepare financials- Prepare prospectus3 to 6 months- Apply for PRC approvals- Apply for the regulator s (e.g., AMF) approval*- Filing with Euronext1 to 3 months- Road show and marketing- Retail offering*- Listing and trading2 to 3 weeks* May be shorter for a private placement Apply to public offerings only欧交所上市主要步骤及时附- 选择上市保荐人- 可行性研究和评估- 进行尽职调查- 重组（离岸特殊目的公司）- 编制财务报表- 编制招股说明书3-6个月-申请获得中国主管机关批准-申请获得法国金融管理局批准*-向欧交所备案1-3个月路演和市场营销零售发行*-上市和交易2-3周*私募时间可能会较短* *付；舌千公TP灯行仇
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