Key Elements of Listing on ASX - An IPO Guide for Chinese Companies
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Australian Business Forum helps Australian SMEs and businesses to understand the Chinese market and refine their China strategy. http://abf.events/ ABOUT THE PRESENTATION 在澳交所上市的关键要素 - 中国企业跨国上市指南 Bill Fuggle, Partner, Baker & McKenzie Sydney Covers the benefits and criteria to list on the Australian Stock Exchange, then lays out the key considerations to list successfully. Presented at the Fortune Forum 2015 Australian Summit.
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Key Elements of Listing on ASX - An IPO Guide for Chinese Companies
- 1. Baker & McKenzie, an Australian Partnership, is a member firm of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organisations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. © 2015 Baker & McKenzie Key Elements of Listing on ASX 在澳交所上市的关键要素 A guide to cross-border IPOs for Chinese companies 中国企业跨国上市指南 Fortune Forum 2015 Australian Summit 25 November 2015 Bill Fuggle, Partner, Sydney 福比尔，合伙人，悉尼
- 2. © 2015 Baker & McKenzie 2 Bill Fuggle – Baker McKenzie – IPOs 福比尔 – 贝克麦坚时国际律师事务所 – IPOs ‒ Baker & McKenzie is the number 1 law firm in the world and in Asia Pacific 贝克麦坚时是亚太地区以及全球排名第一的律师事务所 ‒ Baker & McKenzie is the number 1 law firm in listing Chinese companies on ASX 贝克麦坚时是中国企业在澳交所上市的首选律师事务所 ‒ My team has listed 4 Chinese companies on Australian stock exchanges this year (TTC, CWC, ENC and Santia) and we have one more listing later this week (1AL). 今年，本人的团队已成功协助4名中国公司在澳大利亚各等证券交易所上市 （ TTC, CWC, ENC 及 Santia），并第五家中国公司即将在本周上市 （1AL）。
- 3. © 2015 Baker & McKenzie 3 Overview 概述 ‒ Why list on ASX? | 为何在澳交所上市？ ‒ Criteria for listing on ASX | 澳交所上市门槛 ‒ Key Considerations and timeline | 需考虑的重要因素以 及时间表 ‒ Post-listing obligations | 上市后的义务 ‒ Tips for success | 成功秘笈 ‒ How we can assist you | 我们可如何协助您
- 4. Why list on ASX? 为何在澳交所上市？
- 5. © 2015 Baker & McKenzie 5 Leading exchange in the Asia Pacific 亚太地区领先的交易所 ‒ ASX operates in a world class regulatory environment in a country that has recorded 23 years of uninterrupted economic growth 澳交所位于连续创下23年不间断经济增长记录的国家，有着一个世界级的 监管环境 ‒ No material government intervention 无重大政府干涉 ‒ Australia has the world’s third largest pool of investable funds and ASX is consistently ranked in the top five exchanges globally for raising capital 澳大利亚拥有全球第三大可投资资金池，澳交所融资额也长年跻身全球五 大交易所之列 ‒ Strict rules against short selling 严格法律禁止沽空交易
- 6. © 2015 Baker & McKenzie 6 Suitable for Chinese companies 适合中国公司上市 ‒ Listing on ASX can be achieved in a relatively shorter timeframe (6-9 months) 澳交所上市能在相对而下较短的时间内实现（6至9个月） ‒ No restrictions to listing by non- Australian businesses 不限制非澳大利亚公司上市 ‒ No FX restrictions 无有外汇限制 ‒ ASX Corporate Governance Principles promote efficient functioning and growth of the company 澳交所公司治理原则促进推广公司的高效运营以及成长 ‒ ASX is a strong platform for raising capital 澳交所为了募集资金作为强大平台之一
- 7. © 2015 Baker & McKenzie 7 Benefits of listing 在澳交所上市的优势 ‒ Increased status of the company 提高公司声明 ‒ Access to capital markets 进入国际资本市场 ‒ Improved and transparent valuation 完善的以及透明的的计价 ‒ Institutional investment 专业机构投资 ‒ Alignment of employee and shareholder incentives 员工和股东的激励对齐
- 8. Criteria for listing on ASX 澳交所上市门槛
- 9. © 2015 Baker & McKenzie 9 Minimum requirements – company size 最低要求 – 公司规模 ‒ Profit test | 净利润条件： A$1 million net profit over the past 3 years and A$400,000 net profit over the last 12 months 近三年的净利润最低1百万澳元，而近12月的净利润最低40万澳元 ‒ Assets test | 资产条件： A$3 million net tangible assets OR A$10 million market capitalisation 有形资产净值最低3百万澳元或一千万澳元市值
- 10. © 2015 Baker & McKenzie 10 Minimum requirements – shareholders 最低要求 - 股东 ‒ Spread (Overall) - generally 400 shareholders, minimum of $2000 each 股东分布（总体）- 一般必有至少400号股东，各股东持有2000澳 元的股份 ‒ Spread (Australian Investors) - 300 shareholders, minimum of $2000 each (can count this 300 as part of the 400 above) 股东分布（澳大利亚投资者）- 至少300号股东，各股东持有2000 澳元的股份（此300号股东并可属于以上的400号股东的一部分） ‒ Free Float – 10% or more of the company must be held by unrelated parties on the listing date. 在上市时，非关联方必至少持有公司股份的10%
- 11. © 2015 Baker & McKenzie 11 Pre IPO Corporate Structure 上市前的公司架构 ‒ The company should take care to prepare an appropiate corporate structure for the listing 公司应准备合适上市的企业架构 ‒ Specifically will need to have a WFOE in the group structure so that non-Chinese can take interests in the underlying Chinese business 尤其是，集团架构中应含有一家外商独资企业，以非中国方便持有 中国业务的权益 ‒ VIE struture is not permitted in Australia 澳大利亚不允许使用VIE架构
- 13. © 2015 Baker & McKenzie 13 Key Considerations 主要因素 ‒ Appoint professional advisers, such as: | 聘任专业顾问，例如： Lead manager, broker and/or corporate adviser 牵头经办人、经纪人和/或企业顾问 PRC and Australian legal advisers 中国以及澳大利亚法律顾问 Accountants 会计师 ‒ Appropriate internal resources, eg English Speaking CFO and strong non- executive directors 适当的内部资源，如会讲英文的CFO以及有着丰富经验的非执行董事 ‒ Asset Test v Profit Test – main difference is the need to escrow shares if using the assets test. Note: impact on share charges 符合净利润条件或资产条件 – 主要区别是选择符合资产条件的公司的股票将受锁定 期而限。注意：股份抵押的影响
- 14. © 2015 Baker & McKenzie 14 Key Considerations 主要因素 ‒ Financial forecast – yes or no 是否进行财务预测 ‒ How long to list – 6-9 months 上市时间 – 6至9个月 ‒ How to manage the market after listing 上市后如何进行市场管理
- 15. © 2015 Baker & McKenzie 15 Week 1-4 第1-4周 ‒ Prepare the company’s records 准备公司的记录 ‒ On site due diligence 现场尽职调查 ‒ Establish Australian listing entity 设立澳大利亚上市实体 ‒ Appoint Australian directors and secretary 聘任澳大利亚董事及公司秘书
- 16. © 2015 Baker & McKenzie 16 Week 4-16 第4-16周 ‒ Due diligence committee meetings 召开尽职调查委员会会议 ‒ Preparation of prospectus 撰写招股书 ‒ Perform 3 years historical audit and produce independent accountant’s report 进行3年历史审计，并准备独立会计报告
- 17. © 2015 Baker & McKenzie 17 Week 16-17 第16-17周 ‒ Lodge completed prospectus with the Australian Securities and Investments Commission 将招股书向澳大利亚证券和投资委员会提交 ‒ Prospectus to be made available for publicity and comment 可将招股书公开查阅 ‒ Lodge prospectus and ASX listing application with ASX 向澳交所提交招股书以及上市申请文件
- 18. © 2015 Baker & McKenzie 18 Week 17-21 第17-21周 ‒ Market the offer to investors 向潜在投资者推销 ‒ Roadshows and presentations 路演和演示
- 19. © 2015 Baker & McKenzie 19 Week 21-22 第21-22周 ‒ Close the offer and allocate shares 结束招股和分配股份 ‒ Formal admission to the ASX and quotation of shares 正式在澳交所挂牌上市
- 21. © 2015 Baker & McKenzie 21 Operating as a listed company 做为上市公司而运营 ‒ Ongoing compliance with ASX listing rules 持续符合澳交所上市规则 ‒ Continuous disclosure of material information 持续披绿重要信息 ‒ Periodic disclosure (quarterly updates, annual reports) 定期披绿义务（每季度的更新、年度报告） ‒ Corporate governance principles 企业治理准则
- 22. Tips for a successful listing 成功秘笈
- 23. © 2015 Baker & McKenzie 23 Tips for Success 成功秘笈 ‒ Appoint trusted advisers with cross-border experience 聘任值得信赖的、有着跨国交易经验的顾问 ‒ Selection of strong Australian resident directors and company secretary for the Australian listing entity 为了上市实体选择澳大利亚居民董事以及公司秘书 ‒ Dedicated bilingual staff for the listing process 敬业的双语员工协助上市工作 ‒ Opt for more share liquidity and price the deal with room to grow 选择更高股份流动性，并使股价含有增长的空间
- 24. How we can help 我们可如何协助您
- 25. © 2015 Baker & McKenzie 25 1 Leading experience helping Chinese companies through IPOs We know how to navigate the complexities of cross-border listings on the ASX, and are familiar with the nuances of doing business with Chinese companies. We speak your language and offer you tailored service. 本所具有着丰富的经验客服跨国上市的各等复 杂的挑战，并了解与中国公司合作的细节以及 商业惯例。我们可用中文与您沟通，提供最适 合您的服务。 2 Strong relationships with ASX, ASIC and advisers We have strong working relationships with key Australian and Chinese intermediaries and regulators, including ASX and ASIC, as well as access to a large network of auditors, corporate advisers and underwriters. 我们与重要澳大利亚中介机构和监管机构保持 良好合作关系，包括澳交所和澳大利亚证券投 资委员会 (ASIC)，并且为了使得交易顺畅高 效，我们与多方的会计师、企业顾问以及承销 商频繁联系。 3 Efficient in meeting project deliverables Our IPO team operate efficiently and smoothly to coordinate project action items, timeline updates and deliver results. 我们的上市团队据最有效率和最顺利的方式来 协调行动项目、定期更新时间表及达到目标。 4 "One Capital Markets Team" globally Baker & McKenzie’s global capital markets group comprises more than 360 securities lawyers in over 47 countries, including all of the world’s leading financial centers. We bring our global experience to assist your project needs. 贝克·麦坚时律所的国际资本市场律师组含有 多于360位律师，位于47个国家，包括所有世 界领先金融中心。我们带来国际经验为您服务。 Your Trusted Advisers 您最信任的顾问
- 26. Instinctively global Being global is part of our DNA. Our difference is the way we think, work and behave – we combine an instinctively global perspective with a genuinely multicultural approach, enabled by collaborative relationships and yielding practical, innovative advice. Visit www.bakermckenzie.com to learn more