欧交所上市规则及程序

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 eit

2、her through 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

3、要做出比 照表）/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

4、possibility 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

5、public 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 appro

6、val of 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 b

7、y local 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

8、吸引力的 选择：/无需当地监管部门审批（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 /

9、 proceeds requirements/ 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”sp

10、vs (bvi, caymans etc.) / 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 /

11、rights necessary for its 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”/

12、享有经营所需的全部主要资产 和权利的所有权,不依赖于股东/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 circular's content not regulated, but same as

13、 prospectus in practice/ liability 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

14、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/

15、financial (past 3 years) and interim 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/ aud

16、ited annual accounts and audited half 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 li

17、sting/ responsible for disclosure报告义务 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/

18、 financial advisors start financial 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 author

19、ities for the approval of the spv restructuring 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 t

20、iming*- appoint listing agent- feasibility 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