Raise Capital


CONTACT   |   ABOUT   |   TEAM   |   HOME

   More About Raising Capital in European Need more information?


 -Methods to Market


 -International Markets


Eurolist ~ Mainboard
Listing Requirements

Alternext ~ Growth Board
Listing Requirements

Listed Sponsors




Shanghai Composite


Hang Seng


Straits Times



European Union
Euronext Stock Exchange Alternext Stock Exchange

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.

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.




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.

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.


Eurolist ~ Main board
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

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.

Listing and IPO Process

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


Alternext ~ Growth Companies
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.