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緹庡浗鍏徃涓婂競鍜ㄨIPO

涓€鑸€岃█錛岃蕩嫻峰涓婂競铻嶈祫涓嶅睘浜庡澶栫洿鎺ユ姇璧勮寖鐣達紝浣嗛殢鐫€涓浗緇忔祹涓嶆柇鍙戝睍錛岃秺鏉ヨ秺澶氱殑涓浗浼佷笟寮€濮嬬櫥闄嗙編鍥借偂甯傘€傞壌姝わ紝鏈€婃寚鍗椼€嬪璧寸編涓婂競铻嶈祫榪涜綆€瑕佷粙緇嶃€?/span>

緹庡浗璇佸埜甯傚満鍒嗕負涓ゅぇ鏉垮潡錛氫氦鏄撴墍甯傚満鍜屽満澶栦氦鏄撳競鍦恒€?/span>

錛堜竴錛変氦鏄撴墍甯傚満鍏稿瀷浠h〃鏄航綰﹁瘉鍒鎬氦鏄撴墍錛圢ew York Stock Exchange錛孨YSE錛夊拰緹庡浗璇佸埜浜ゆ槗鎵€錛圓MEX錛夛紝璺濅粖宸叉湁200澶氬勾鍘嗗彶錛屾湁闆嗕腑浜ゆ槗澶у巺錛岄噰鐢ㄧ珵浠峰埗搴︺€?/span>

錛堜簩錛夊満澶栦氦鏄撳競鍦烘潵婧愭槸鎸囨棭鏈熶竴浜涗紒涓氳偂紲ㄥ湪浜ゆ槗鎵€澶栬繘琛屼氦鏄擄紝浜轟滑褰㈣薄鍦扮О涓?ldquo;鏌滃彴浜ゆ槗”錛圤TC錛歄ver the Counter錛夋垨“鍦哄浜ゆ槗”錛岃繖浜涗氦鏄撶敱鍥戒細浜?939騫存巿鏉冭绔嬬殑緹庡浗璇佸埜鍟嗗崗浼氾紙NASD錛夌鐞嗐€?/span>

鎸夌収涓婂競鎶ヤ環瑕佹眰浠庨珮鍒頒綆鐨勯『搴忥紝OTC甯傚満娑電洊浜哊ASDAQ錛堝叏緹庤瘉鍒稿晢鍗忎細鑷姩鎶ヤ環緋葷粺錛屽父琚О涓?ldquo;綰蟲柉杈懼厠鑲$エ甯傚満”錛夈€丱TCBB錛堢編鍥藉満澶栨煖鍙頒氦鏄撶郴緇燂級鍜岀矇綰㈠崟甯傚満錛圓merican Pink Sheet Market錛夈€侽TCBB渚涗笉鑳芥弧瓚砃ASDAQ鏉′歡鐨勫満澶栦氦鏄撹偂紲ㄨ繘琛屼氦鏄擄紱綺夌孩鍗曞競鍦烘槸緹庡浗鏌滃彴浜ゆ槗錛圤TC錛夌殑鍒濈駭鎶ヤ環褰㈠紡錛屽畠涓洪偅浜涢€夋嫨涓嶅湪浜ゆ槗鎵€鎸傜墝涓婂競銆佹垨鑰呬笉婊¤凍鎸傜墝涓婂競鏉′歡鐨勮偂紲ㄦ彁渚涗氦鏄撴祦閫氱殑鎶ヤ環鏈嶅姟銆傞€氬父錛屽湪綺夌孩鍗曞競鍦轟氦鏄撶殑鍏徃鏄瘮OTCBB涓婅妯℃洿灝忕殑鍏徃銆?/span>

涓婅堪璇佸埜甯傚満鍒嗗伐鏄庣‘錛岃繛鎺ョ揣瀵嗭紝涓嶅悓綾誨瀷鐨勪紒涓氬拰鎶曡祫鑰咃紝閮藉彲浠ユ牴鎹嚜韜潯浠訛紝鍦ㄧ編鍥借祫鏈競鍦烘壘鍒扮鍚堢壒瀹氶渶姹傜殑浜ゆ槗騫沖彴銆?/span>

浜屻€佷腑鍥藉唴鍦頒紒涓氬湪緹庝笂甯傛暣浣撴儏鍐?/span>

鏍規嵁綰界害璇佸埜浜ゆ槗鎵€緗戠珯鍙婂叾鍖椾含浠h〃澶勬彁渚涚殑鏉愭枡錛岃嚜棣栧涓浗浼佷笟——涓浗鐭沖寲涓婃搗鐭蟲補鍖栧伐鑲′喚鏈夐檺鍏徃——浜?993騫?鏈堝湪綰戒氦鎵€涓婂競浠ユ潵錛屾埅鑷?014騫?鏈堝簳錛屽叡鏈?5瀹朵腑鍥藉唴鍦板叕鍙稿湪綰戒氦鎵€涓婂競銆?/span>

鏍規嵁綰蟲柉杈懼厠璇佸埜浜ゆ槗鎵€緗戠珯鏁版嵁錛屾埅鑷?014騫?鏈堝簳錛屾湁120瀹朵腑鍥藉唴鍦頒紒涓氬湪綰蟲柉杈懼厠涓婂競銆?/span>

錛堜竴錛変粠浼佷笟鎬ц川鐪?/span>

浠ヤ腑灝忓瀷姘戣惀浼佷笟涓轟富錛屽ぇ鍨嬪浗鏈変紒涓氱浉瀵硅緝灝戙€?/span>

錛堜簩錛変粠琛屼笟鍒嗙被鐪?/span>

鍦ㄧ航浜ゆ墍銆佺撼鏂揪鍏嬭偂紲ㄥ競鍦轟笂甯傜殑涓浗浼佷笟澶氶泦涓湪鏈嶅姟涓氥€侀珮縐戞妧銆佽兘婧愮瓑琛屼笟銆傝繎鍑犲勾錛岃繕鍑虹幇浜嗚緝澶氭秷璐圭被銆佸尰鑽敤鍝佺被鍏徃銆?/span>

涓夈€佸唴鍦板叕鍙歌蕩緹庝笂甯備富瑕侀€斿緞鍜屾柟寮?/span>

錛堜竴錛夎蕩緹庝笂甯傜殑涓昏閫斿緞鍜屾柟寮?/span>

1銆侀嬈″叕寮€鍙戣錛圛nitialPublic Offering錛孖PO錛夛紝鍗蟲牴鎹編鍥借瘉鍒告硶瑙勫畾錛岀粡鍚戠編鍥借瘉鐩戜細娉ㄥ唽鍚庤繘琛岀殑鍏紑铻嶈祫鍜屼笂甯傘€?/span>

鑰冭檻鍒拌瘉鍒哥粨綆楀拰涓嶅悓鍥藉埆鐨勮瘉鍒哥◣璧嬬瓑鍥犵礌錛屼腑鍥藉叕鍙歌蕩緹庤繘琛岄嬈″叕寮€鍙戣閫氬父閲囩敤鍙戣緹庡浗瀛樻墭鑲¤瘉鎸傜墝錛圓merican DepositaryReceipt錛孉DR錛夌殑褰㈠紡銆傜編鍥藉瓨鎵樺嚟璇佹槸闈㈠悜緹庡浗鎶曡祫鑰呯粡緹庡浗瀛樻墭浜哄彂琛屽茍鍦ㄧ編鍥借瘉鍒稿競鍦轟氦鏄撶殑瀛樻墭鍑瘉錛屽彂琛屼漢鐨勮偂紲ㄦ槸鍏跺搴旂殑鍩虹璇佸埜銆侫DR鍙戣涔熸秹鍙婂埌璇佸埜鐨勫叕寮€鍙戣錛屽洜姝ゅ彂琛孉DR鐨勭編鍥藉瓨鎵樹漢涔熼渶瑕佹敞鍐岋紝鑰屽彂琛屼漢鍒欓』灞ヨ瀹氭湡鎶ュ憡鐨勪箟鍔°€侫DR鍙垎涓烘棤淇濊崘鐨勫瓨鎵樺嚟璇侊紙Unsponsored ADR錛夊拰鏈変繚鑽愮殑瀛樻墭鍑瘉錛圫ponsored ADR錛変袱澶х被銆傛湁淇濊崘鐨勫瓨鎵樺嚟璇佹牴鎹叾涓嶅悓鐨勭璧勮兘鍔涖€佷氦鏄撳満鎵€浠ュ強娉ㄥ唽鐧昏瑕佹眰絳夛紝鍙堝彲榪涗竴姝ュ垎涓虹涓€綰с€佺浜岀駭銆佺涓夌駭浠ュ強Rule 144A瀛樻墭鍑瘉鍥涗釜緇嗙被銆?/span>

閫氬父鍏紬鍏蟲敞鐨勫浗鍐呰蕩緹庝笂甯傜殑澶ч儴鍒嗗叕鍙告槸綰у埆杈冮珮鐨勭涓夌駭ADR錛屾槸闇€瑕佸悜緹庡浗璇佺洃浼氭敞鍐岀殑鍏紑鍙戣錛屽叿澶囪瀺璧勫姛鑳斤紝騫墮渶灞ヨ涓ユ牸鐨勪俊鎭姭闇蹭箟鍔°€?/span>

2銆佸弽鍚戝吋騫?/span>錛圧everseTakeover錛孯TO錛夛紝淇楃О“鍊熷3涓婂競”錛屾槸涓€縐嶇畝鍖栧揩鎹風殑涓婂競鏂瑰紡錛屾槸鎸囦竴瀹剁浜哄叕鍙擱€氳繃涓庝竴瀹跺嚑涔庢病鏈夊疄闄呯粡钀ヤ笟鍔$殑涓婂競鍏徃鍚堝茍錛岃縐佷漢鍏徃鍙嶅悜騫跺叆璇ヤ笂甯傚叕鍙革紝璇ヤ笂甯傚叕鍙告垚涓轟竴涓叏鏂扮殑瀹炰綋銆傚弽鍚戝吋騫跺寘鎷互涓嬩袱縐嶅叿浣撴柟寮?

Form-10浜ゆ槗銆?/span>

鏄寚涓€瀹剁編鍥界殑澹沖叕鍙革紝鍩烘湰娌℃湁璧勪駭錛岄€氳繃鎸夋湡鍚戠編鍥借瘉鐩戜細閫掍氦Form-10琛ㄦ牸淇濇寔鍏紬鍏徃鐨勮祫鏍鹼紝浣嗘槸娌℃湁鍦ㄤ氦鏄撴墍鎴栨煖鍙頒氦鏄撳競鍦猴紙OTCBB錛夋寕鐗岋紝淇楃О“鏈笂甯傜殑澹沖叕鍙?rdquo;銆備竴瀹朵腑鍥藉叕鍙稿拰榪欐牱涓€瀹禙orm-10鍏徃鍚堝茍錛岀劧鍚庡悜鍏紬鍙戣鑲$エ錛岃瀺璧勮妯″ぇ閮藉湪500涓囩編鍏冨埌2000涓囩編鍏冧箣闂達紝瀹屾垚铻嶈祫鍚庡埌鍏ㄧ編璇佸埜浜ゆ槗鎵€鎴栫撼鏂揪鍏嬫寕鐗屼笂甯傘€傝榪囩▼鍗沖厛鍊烣orm-10鏈笂甯傚叕鍙哥殑澹籌紝鐒跺悗鍐嶅叕寮€鍙戣騫朵笂甯傘€?/span>

Re-IPO錛氫篃縐?ldquo;閲嶆柊涓婂競”銆?/span>

鏄寚涓€瀹跺凡緇忓湪鏌滃彴浜ゆ槗甯傚満鎸傜墝錛屾垨鑰呭凡緇忓畬鎴怓orm-10鍙嶅悜騫惰喘鐨勫叕鍙革紝閫氳繃鍚戠編鍥借瘉鐩戜細鏀瑰彉娉ㄥ唽鍦扮偣錛岀敱緹庢湰鍦熶笂甯傚叕鍙稿彉鎴愪竴瀹跺鍥藉叕鍙革紝鐒跺悗閲嶆柊鍚戠編璇佺洃浼氶€掍氦F-1琛ㄦ牸錛屽湪鑾風編璇佺洃浼氭壒鍑嗗悗鍙戣鑲$エ錛岃瀺璧勮妯″ぇ閮藉湪500涓囩編鍏冨埌2000涓囩編鍏冧箣闂達紝瀹屾垚铻嶈祫鍚庡埌鍏ㄧ編璇佸埜浜ゆ槗鎵€鎴栫撼鏂揪鍏嬫寕鐗屼笂甯傘€?/span>

涓婅堪涓ょ浜ゆ槗鏂瑰紡涓昏宸紓鍦ㄤ簬錛?/span>

涓€鏄?/span>Form-10浜ゆ槗涓嬬殑澹沖叕鍙稿師鏉ヤ粎鍏鋒湁鍏紬鍏徃鍦頒綅浣嗗叾鑲$エ鏈笂甯傦紝鑰孯e-IPO浜ゆ槗涓嬬殑澹沖叕鍙稿彲鑳藉師鏉ュ凡緇忓湪涓繪澘涓婂競銆?/span>

浜屾槸Form-10浜ゆ槗涓嬶紝涓婂競涓諱綋浠ョ編鍥藉叕鍙歌韓浠借繘琛屾湁鍏沖彂琛屼笂甯傜敵璇鳳紙S-1琛ㄦ牸錛夛紝鑰孯e-IPO涓€鑸槸浠ュ鍥藉叕鍙歌韓浠界敵璇鳳紙F-1琛ㄦ牸錛夛紝鍦ㄤ俊鎭姭闇叉柟闈㈠叿澶囦竴浜涜眮鍏嶄紭鍔褲€?/span>

錛堜簩錛変笉鍚岄€斿緞鍜屾柟寮忛€傜敤涓嶅悓綾誨瀷鐨勪紒涓?/span>

1銆両PO

IPO鏄紶緇熻瀺璧勪笂甯傛柟寮忥紝闇€涓ユ牸鎸夌収緹庤瘉鍒告硶銆佷氦鏄撴墍瑙勫垯灞ヨ鐢寵銆佹敞鍐屻€佹嫑鑲″拰涓婂競鐨勪竴緋誨垪紼嬪簭銆侷PO涓婂競榪囩▼閫氬父鐢辮涓氬0瑾夎緝濂姐€佽川閲忚緝楂樼殑涓粙鏈烘瀯鍥㈤槦鍗忓姪銆傜敱浜庤繖涓€榪囩▼鐩存帴娑夊強鍙戣鏂拌偂鍜岃瀺璧勶紝鍥犳緹庤瘉鐩戜細瀹℃牳鐩稿涓ユ牸錛屽彂琛岃垂鐢ㄧ浉瀵硅緝楂橈紝鏁翠綋嫻佺▼娑夊強鏃墮棿杈冮暱銆?/span>

閫氳繃IPO鏂瑰紡涓婂競鐨勫叕鍙革紝杈冨弽鍚戝吋騫朵笂甯傜殑鍏徃錛岄€氬父鏈夋洿濂界殑甯傚満褰卞搷鍔涳紝涓繪祦鏈烘瀯鐮旂┒瑕嗙洊杈冨錛屼笂甯傚悗浜ゆ槗鐩稿媧昏穬銆傜敱浜庝笉灝戜紒涓氬湪涓婂競鍓嶅紩鍏ヤ簡椋庨櫓璧勬湰鍜岀鍕熷熀閲戞姇璧勮€咃紝澶栭儴鎶曡祫鑰呬篃閫氬父瑕佹眰浼佷笟閲囩敤IPO鏂瑰紡涓婂競銆?/span>

2銆佸弽鍚戝吋騫?/span>

鍙嶅悜鍏煎茍涓昏浼樺娍鍦ㄤ簬涓婂競鎴愭湰杈冧綆錛屾墜緇緝灝戙€傛澶栵紝鍙嶅悜鍏煎茍涓嶄絾鍙互浣跨敤鐜伴噾錛屼篃鍙互浣跨敤鎹㈣偂鏂瑰紡錛屽浜庤祫閲戠煭緙虹殑浼佷笟鏉ヨ涔熸槸涓€澶т紭鍔褲€?/span>

錛堜笁錛変笉鍚屼笂甯傞€斿緞鐨勪富瑕佹硶寰嬪拰鏀跨瓥渚濇嵁

緹庡浗涓婂競鐨勫熀鏈悊蹇墊槸浠ヤ俊鎭姭闇蹭負鍩虹錛坉isclose-based system錛夛紝鍦ㄤ俊鎭厖鍒嗘姭闇茬殑鎯呭喌涓嬶紝鎶曡祫鑰呰嚜琛屾壙鎷呮姇璧勫喅絳栭闄╋紝鍥犺€屽湪娉曡灞傞潰瀵規嫙涓婂競浼佷笟鐨勮姹傚拰鏉′歡鐩稿杈冨皯銆?/span>

緹庡浗涓婂競鐨勭浉鍏蟲硶寰嬩富瑕佸寘鎷?933騫磋瘉鍒告硶鍜?934騫磋瘉鍒鎬氦鏄撴硶浠ュ強緹庡浗璇佺洃浼氱殑鏈夊叧鐩戠瑙勫垯銆?933騫磋瘉鍒告硶鍜?934騫磋瘉鍒鎬氦鏄撴硶浠庡畯瑙傚眰闈㈠璇佸埜鍙戣銆佷氦鏄撶瓑涓€緋誨垪浜嬮」浣滃嚭瑙勫畾錛岀洃綆¤鍒欐槸瀵逛笂榪拌瘉鍒告硶寰嬪湪鍏蜂綋鎿嶄綔涓殑鐩戠瑙勫垯鍜屾寚寮曘€?/span>

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錛堜竴錛夌航綰﹁瘉浜ゆ墍

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鎶曡祫閾惰

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娉曞緥欏鵑棶

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浼氳甯堜簨鍔℃墍

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錛堜簩錛夊敖鑱岃皟鏌?/span>

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錛堜笁錛夋敞鍐屻€佸鎵?/span>

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錛堝洓錛夎礬婕?/span>

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