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NASDAQ |
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Shanghai Composite |
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Hang Seng |
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Straits Times |
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NIKKEI 225 |
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We can
offer a
'Start-to-Finish'
solution for listing in
Europe.
Experienced Lawyers and Auditors
We refer you to experienced U.S. lawyers and auditors that
have worked with many successful U.S. listed Chinese
companies.
Public Shells
We provide clean public shells from our own inventory or
from only the most reputable sources.
Financing
We work closely with clients to develop a realistic fund
raising strategy and then help raise the necessary
capital.
Investor Introductions
We have relationships with investors and fund managers
that are specifically looking for Chinese and other Asian
investments.
Transaction Completion
We oversee the entire going public transaction from start
to completion.
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The
European Stock Exchange ~Euronext
Euronext N.V.,
a holding company incorporated under Dutch
law that operates through local subsidiaries, was formed
on 22 September 2000 when the exchanges of Amsterdam,
Brussels and Paris merged.
Overview |
www.euronext.com
The Euronext group expanded at the beginning of 2002 with the acquisition
of the London International Financial Futures and Options Exchange (LIFFE)
where up to one trillion Euros are traded every day and the merger with
the Portuguese exchange. Today, Euronext is Europe’s largest cross-border
exchange, integrating trading and clearing operations on regulated and
non-regulated markets for cash products and derivatives. It also trades on
its own stock exchange, and was one of the first stock exchanges to be
publicly quoted.
The state of the art electronic trading systems were developed by
themselves, and have been exported to 24 countries across the world
including Tokyo futures Exchange, Malaysia Stock Exchange, Warsaw Stock
Exchange. Euroenext was one of the first exchanges to list its stock on
its own exchange and currently has a market capitalization of 8.5 billion
Euros, roughly the same size as the NYSE.
The Euronext is third in the world in regard to fresh capital raised, with
17.2 billion Euros being raised in 2005 through 78 IPOs. Further the
largest IPO in 2005 occurred on the Euronext raising 7 Billion Euros for
EDF (France Electric)
There are 1,333 companies listed with a market capitalization of nearly
US$ 3 trillion. |
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Eurolist ~ Main
board |
Language
English – fully accepted for entire listing process and documentation,
including prospectus
Listing instruments
Ordinary Shares, Preferential Shares
Depositary Receipts (EDR, GDR, ADR)
Corporate bonds
Derivative instruments, including Convertibles, Options, Warrants and
Futures
Currency
Euro - the world’s second most important currency (recommended)
Or any other major currency
Regulatory environment –
tailor-made for cross-border business
Strong regulatory framework which provides credibility
No Sarbanes Oxley regulation.
Chinese Companies and Eurolist
There are currently no Chinese companies on the board, however many
companies are discussing listing. |
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Listing and IPO Process
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Listing Requirements
The are 3 main requirements for listing on the Main Eurolist:
1) Minimum 25% shares distributed to the public to ensure
the liquidity of the stock. However for a very large
company, this percentage can be negotiated.
2) A three year track record is required, however unlike
markets such as Hong Kong, there is no necessity for a 3
year profitability record, as long as the trend is positive.
3) International Financial Reporting Standards (IFRS) are
required, however an exception can be made and US GAAP
accepted.
The main ongoing obligations, once listed, are
1) Full year and half year audited accounts
2) Timely disclosure
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Alternext ~ Growth Companies
www.alternext.com
Alternext is the Market for Europe’s growing SMEs. It opened
17th May 2005, and is an exchange-regulated market like the
UK’s AIM, meaning that it is subject to a body of rules laid
down by the market operator, Euronext, and applicable to all
participants. It is not a regulated market, as defined by
the Markets in Financial Instruments Directive of 21 April
2004.
In the six months from launch it listed 16 SMEs raising a
total of EUR 76 million raised, or on average Euro 4.75
Million. The annual sales of the companies currently listed
on Alternext average EUR 6.5 million. The current market
capitalization passes EUR 2 billion with over 30 companies.
Chinese Companies and
Alternext
Currently there are no Chinese companies listed, however
many are discussing listing at the time of writing of this
book.
Listing
Requirements
1) companies making a public offer must have a free float of
at least €2.5 million (€5 million for private placement).
2) They must also have published financial statements for
the two previous years (IFRS required, or local standards
reconciled to them)
3) Select a Euronext-approved listing sponsor to prepare the
listing and assist them throughout their life as a listed
company. All Alternext-admitted companies must have a
listing sponsor. The presence of the listing sponsor is
intended to bolster investor confidence.
4) offer securities that are freely negotiable and
transferable
5) produce a prospectus approved by the regulator
On Going Obligations
The on going obligations are much less than the main
Eurolist. A Full Year Audited accounts needs to be
submitted, however the half year accounts do not need to be
audited. The reporting methods are also simplified. When a
company reports an event it merely needs to post the
information on its web site, rather than the printed method
for the Main Eurolist.
Listed Sponsors
Currently there are 33 Listed Sponsors. Listing sponsors
commit to:
guiding and helping applicants
prepare for listing:
provide information about
legal and regulatory requirements
prepare the information
document (either a prospectus approved by the regulator or
an offering
circular prepared under the
joint responsibility of the sponsor and the company) for
distribution to potential investors
present a full admission
dossier to Euronext
avoid potential conflicts of
interest.
The listing sponsor must
provide Euronext with written confirmation that the
applicant complies with the listing rules. It also certifies
that it has performed customary due diligence.
helping the company throughout
its listing by undertaking to:
ensure, for at least two
years, that the companies it sponsors meet their disclosure
requirements
inform Euronext whenever a
company fails to meet its disclosure requirements or, in
general, its obligations as a listed company
act as Euronext's main point
of contact for queries about the companies it sponsors.
If a listing sponsor fails to meet its obligations, Euronext
can discipline it by:
issuing a warning, which is
posted on the Alternext website
striking it off the list of
Alternext-approved listing sponsors.
Conditions for becoming a listing sponsor
A listing sponsor is a company acting as an investment
services provider, audit firm, legal counsel or corporate
finance specialist.
Candidate listing sponsors must make a contractual
commitment to Euronext and meet all the following criteria:
at least two years' experience
advising companies in equity finance
successful completion of
equity-related transactions involving the preparation of
information documents
suitably qualified staff
The register of listing sponsors is continually updated and
posted on the Alternext website, the official channel for
disclosing information about companies listed on this
market.
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