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Introduction to International Capital Markets

U.S. Stock Market

Requirements: registration-based IPO system (no income and profit restrictions for innovative companies and companies with good development prospects)

Time cost: it cost generally 6-9 months for IPO, shorter for RTO

Advantage: investors are mainly institutional investors, (large financing volume), flexibility in refinancing after listing

Market Openness: Brings together outstanding companies from all over the world, highly free and open

Hong Kong Stock Market

Requirements: combination of registration-based verifying-based system (higher threshold for listing)

Time cost: the listing process is relatively fast, but slower than the US

Advantage: international capital market, relatively free and open

Market openness: international capital market, relatively free and open

A-share Market

Requirements: verifying-based system (limited listing resources, high listing thresholds, and many requirements)

Time cost: uncertain, generally 2-4 years

Advantage: the market value of A-share listing is higher

Market openness: for domestic companies, relatively closed

Listing Method


IPO
Initial Public Offering (IPO) refers to the process by which a company issues additional stocks to investors through the stock exchange in order to raise funds for corporate development. Generally, the shares of a listed company are based on the The terms agreed in the issued prospectus or registration statement are sold through brokers or market makers. Generally speaking, once the IPO is completed, the company can apply for listing on the stock exchange or quotation system.
SPAC
Special Purpose Acquisition Company (SPAC). SPAC listing and financing methods integrate the characteristics and purposes of financial products such as direct listing, overseas mergers and acquisitions, reverse acquisitions, and private placements, and optimize the characteristics of each financial product to complete The purpose of corporate listing and financing.
DPO
Direct Public Offering (DPO) on the Internet, that is, the issuer of securities publishes listing information and transmits issuance documents on the Internet without the help or through underwriters or investment banking companies, thereby directly issuing public offerings. Company stocks. DPO does not have the cumbersome registration procedures and strict information disclosure requirements like IPO (Initial Public Offering). It can make full use of the advantages of cross-space provided by the Internet and directly connect listed companies with investors.
RTO
Reverse Take-Over (RTO) is also called Back-door listing. It means that the shareholders of a non-listed company control the company through the acquisition of shares in a shell company (listed company), and the company reverses Acquire the assets and business of a non-listed company to make it a subsidiary of a listed company. The shareholders of the original non-listed company can generally obtain the controlling rights of most of the listed companies, thereby achieving the purpose of indirect listing.

The world's major stock exchanges

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National Association of Securities Dealers Automated Quotations

National Association of Securities Dealers Automated Quotations(NASDAQ) is the world's earliest and largest over-the-counter stock trading market, all of which adopts computer network trading (no stock trading hall); NASDAQ is an independent exchange derived from a subsidiary of OTC Securities Trading Group, with the largest amount of financing 1. The number one trading volume, with an average price-earnings ratio of 30 times; global companies can be listed on NASDAQ and are subscribed and traded by global investors.

New York Stock Exchange

The New York Stock Exchange (NYSE) is the world's largest listed company in terms of total market capitalization (2009 data), first in the number of IPOs and market capitalization (2009 data), and second in trading volume (2008 data) Exchange. There are approximately 2,800 companies listed on the NYSE with a global market value of US$15 trillion. As of July 2004, 30 companies in the Dow Jones Industrial Average were listed on the NYSE except Intel and Microsoft. NYSE is still operating On the Wall Street trading hall, ringing the opening bell is a permanent custom of NYSE trading.

OTC Securities Exchange Market

OTC Stock Exchange Market (OTC Markets) was established in 1904. It is the world's earliest organized over-the-counter securities market. It is commonly known as the Growth Enterprise Market and does not require profitability. The initial IPO does not require public offerings. OTC Markets is relatively loosely regulated. , Listing is a filing system, and most companies go public by buying shells and backdoors. The listing time on OTC Markets is short, usually 3-4 months (compared to IPOs generally between 12-16 months), and transfer to NASDAQ Or the New York Stock Exchange is relatively simple and easy. It takes 4 to 6 weeks to meet the requirements to apply for transfer. So far, OTCMarkets has 6,700 listed companies.

Hong Kong Stock Exchange

Hong Kong Stock Exchange (HKEX) is a trading company recognized by the Hong Kong Securities Regulatory Commission. It officially started stock trading in 1891. HKEX is a comprehensive capital market for stocks, bonds, funds, etc., with a wealth of financial products, strict and strict Management and requirements for profitability, strict laws, and relatively standardized capital markets. HKEX ranks second in global fundraising, with most Chinese companies. As of March 2018, there are 2,172 companies listed on the Stock Exchange, including 1,822 on the Main Board and 350 on the ChiNext .

Listing Process

01

Set up a listing coaching team

Effectively improve the speed of listing
Meet the demands of enterprises in real time
Effectively connect with third-party institutions

02

Reorganization of Equity Structure

Equity structure design and construction
Open offshore company accounts

03

Legal opinion

Clarify the legality of the structure
Provide relevant legal opinions

04

Business presentation revising

Set up operating model
Company financial planning
Clarify the financing amount and purpose

05

Financial Audit Report

Understand the company's operating conditions
Preliminary company financial review
Issue a financial audit report

06

Prospectus Drafting

IPO Capital Raising Materials
Business Plan & Financing Proceed Plan
Company Structure & Shareholder Info.
Financial Audit & Risk Control

07

Prospectus Filing & Effectiveness

SEC Hearings
Stock Exchange Hearings
Preparation For Public Roadshows

08

Public Offering Roadshow

Launch Of Global Roadshow
Investors Set Up Securities Accounts

09

Completion of Public Offering

Selecting Trading Date
Settlement Of Financing Amount & Shares
Open For Trading

10

Post-market maintenance

American Attorney Consultant
Audit and Periodic Disclosure
IR and Media Promotion

Our IPO cooperative service team and listed cases

Law Firm Cooperative Team

Service Case

Audit Cooperative Team

Service Case

Industry Analysis Cooperative Team

Service Case

Evaluation Cooperative Team

Service Case

Broker Cooperative Team

Service Case

Secretary Company Cooperative Team

Service Case

IR Cooperative Team

Service Case

Investment Bank Cooperative Team

Service Case

Post-listing market value management

Asset acquisition
IR Public Relations
Market Finance
Listing Maintenance

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