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Having established broad and strong relationship with banks globally, financial institutions, equity funds and finance companies have given up the unique financial listing capabilities that can help quality enterprises among the ranks of world-class enterprise.
Having established broad and strong relationship with banks globally, financial institutions, equity funds and finance companies have given up the unique financial listing capabilities that can help quality enterprises among the ranks of world-class enterprise.
Advantages of Hong Kong listing
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After successfully listed on the Hong Kong Stock Exchange, it will help the said company to widen the attention in both the business and financial circles thus improve its international status gaining the trust from suppliers, vendors and other partners; and later contribute to the development of global market as well as reaching a higher level. Helps enhance the company’s brand awareness and reputation. Through the international business platform, help create worldwide awareness and enable the company to be able to absorb excellent talents.
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In order to maintain the confidence of investors, the securities listed on the Hong Kong stock exchange is strictly regulated. The following are general principles of securities listed in Hong Kong:
Suitable Listing Applicants; Issuance and sales of securities must be fair and in order,
Those potential investors are given sufficient information to make a comprehensive assessment of the issuer;
Relevant information must be declared by the listing issuer to all investors and the public, Which may be reasonably believes the trading activities of listed securities and the price will have a significant impact on the average spread to any data, in particular to real-time disclosure; That all holders of listed securities are treated fairly and equally; Directors of the listed issuer on the whole act in the interests of its shareholders (in particular, the public, a minority shareholder).
Suitable Listing Applicants; Issuance and sales of securities must be fair and in order,
Those potential investors are given sufficient information to make a comprehensive assessment of the issuer;
Relevant information must be declared by the listing issuer to all investors and the public, Which may be reasonably believes the trading activities of listed securities and the price will have a significant impact on the average spread to any data, in particular to real-time disclosure; That all holders of listed securities are treated fairly and equally; Directors of the listed issuer on the whole act in the interests of its shareholders (in particular, the public, a minority shareholder).
The advantages of Listing in Hong Kong
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Hong Kong becomes the market of choice for all enterprises listed because of many advantages of its status such as the international financial center many of the industry leading options listed in Hong Kong
Status of international financial center
Hong Kong is generally recognized as an international financial center. Where industry elite gathered, attracting many mainland Chinese companies and Multi-National Corporation to be listed in its stock exchange.
The establishment of the international operation platform
There is no foreign exchange control in Hong Kong, capital outflows and inflows are not restricted. With its low interest rates, world class infrastructure and a clean and efficient government, listing in Hong Kong contributes to the mainland issuers to establish a global operation platform and carry out the implementation of the "going out" China strategy.
The theory of the local market
Hong Kong as a part of China has long been the market of choice for mainland enterprises listed overseas. Some enterprises in the mainland which company is listed both in the Hong Kong stock Exchange and other overseas stock exchange trades majority of its shares on the Hong Kong stock exchange. Hong Kong's stock market has reached international standards, and it is also the domestic listing market for the mainland enterprise.
The perfect legal system
Hong Kong's legal system is based on British common law, a healthy legal system. This lays a solid foundation for the company to raise funds, but also enhance the confidence of investors.
The standards of international accounting
In addition to "Hong Kong financial reporting standards" and "international financial reporting standards", in individual cases, the stock exchange will also accept new applicant using accounting principles and other accounting standards by the United States.
the perfect regulatory framework
The Stock Exchange "Listing Rules" strive to meet international standards, a high level of disclosure requirements for listed issuers. Our corporate governance requirements strictly, ensure that investors can get timely and transparent information from the issuer, in order to evaluate the status and prospects of the company.
The follow-up financing facility
6 months after the offering, the listed issuer can proceed with IPO financing.
Trading, settlement and advanced settlement measures
Hong Kong’s securities and banking in a sound, steady for; exchange with advanced, perfect trading, clearing and settlement facilities.
The same culture, close location
Contacts between Hong Kong and the mainland is very convenient, language and culture are basically the same, offering easy communication between the issuer, the investors and the regulators.
enhance the international image
So that enterprises in the peer and public attention enhance international image.
Status of international financial center
Hong Kong is generally recognized as an international financial center. Where industry elite gathered, attracting many mainland Chinese companies and Multi-National Corporation to be listed in its stock exchange.
The establishment of the international operation platform
There is no foreign exchange control in Hong Kong, capital outflows and inflows are not restricted. With its low interest rates, world class infrastructure and a clean and efficient government, listing in Hong Kong contributes to the mainland issuers to establish a global operation platform and carry out the implementation of the "going out" China strategy.
The theory of the local market
Hong Kong as a part of China has long been the market of choice for mainland enterprises listed overseas. Some enterprises in the mainland which company is listed both in the Hong Kong stock Exchange and other overseas stock exchange trades majority of its shares on the Hong Kong stock exchange. Hong Kong's stock market has reached international standards, and it is also the domestic listing market for the mainland enterprise.
The perfect legal system
Hong Kong's legal system is based on British common law, a healthy legal system. This lays a solid foundation for the company to raise funds, but also enhance the confidence of investors.
The standards of international accounting
In addition to "Hong Kong financial reporting standards" and "international financial reporting standards", in individual cases, the stock exchange will also accept new applicant using accounting principles and other accounting standards by the United States.
the perfect regulatory framework
The Stock Exchange "Listing Rules" strive to meet international standards, a high level of disclosure requirements for listed issuers. Our corporate governance requirements strictly, ensure that investors can get timely and transparent information from the issuer, in order to evaluate the status and prospects of the company.
The follow-up financing facility
6 months after the offering, the listed issuer can proceed with IPO financing.
Trading, settlement and advanced settlement measures
Hong Kong’s securities and banking in a sound, steady for; exchange with advanced, perfect trading, clearing and settlement facilities.
The same culture, close location
Contacts between Hong Kong and the mainland is very convenient, language and culture are basically the same, offering easy communication between the issuer, the investors and the regulators.
enhance the international image
So that enterprises in the peer and public attention enhance international image.
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period of Preparation
1.The company decides its listing according to the strategy for future development, call for the meeting of the board of directors and shareholders to decide listing on the Hong Kong Stock Exchange.
2.the first intermediary will be coordinated with the Underwriters, accountants, lawyers, assessment division held the first public meeting, collaboration with the intermediary, until the listing complete.
3.due diligence, accountants, lawyers, the underwriters each will investigate the condition of company's business, financial condition, future prospects, risk factors, as well as legal due diligence, to ensure that all open documents are correct and in order.
4.Restructuring underwriters, accountants, lawyers, professional advice to the company, combined with the future development direction of the company's business structure, financial situation and other aspects of re-integration into compliance with the listing requirements, the new entity to attract investors.
5.documentation underwriter, accountants, lawyers will prepare the required documents, such as the prospectus, audit report, legal advice, etc.
6.Filling A1 document, underwriters will assist listing companies complete the initial application to the Listing Division of the Stock Exchange.
The Approval period
7.Submission of all other documents including A1 form, the stock exchange commissioner will require the company to answer all question put forward. Underwriters and intermediaries will provide assistance until the listing work completes.
8.The listing committee will held hearing session on whether the listing corporation meets the listing qualification, after the approval, the company and the underwriter can begin a series of stock issued publicity work.
Publicity Period
9.Analyst research reports are usually written by underwriter industry analysts, analysts through the interview with senior management staff to understand the company's business and its financial condition. It will then prepare a recommendation report to the investors and fund managers. This due diligence work done by the underwriters is completely independent and is usually done after filing A1 form. Publication is done before the road show began.
10.Road show recommendation work will be organized by Roadshow underwriters and they are generally divided into two formation, lunch referral and one-on-one meeting and are usually accompanied by the underwriters of the Company's senior management making visitations to Hong Kong, Singapore, Tokyo and major cities in Europe and America.
Issue Date
11.accumulated bidding according to the issue of market conditions to determine a price range, and then invited investors in the price range previously said the intention to subscribe, finally to subscribe structure determines the final issue price.
12.placing and separated by offering usually listed in, the stock issue into the placing and public offering of two parts. Point to the global fund and other institutional investors placing directional sale; public offering to the public sale of.
13.Searching for an ideal balance point for pricing and listing are done by using the accumulated subscription structure and market conditions after in which a final stock issue price will be decided. Usually on the same day of listing, a solemn ceremony will be held on the stock exchange trading hall.
1.The company decides its listing according to the strategy for future development, call for the meeting of the board of directors and shareholders to decide listing on the Hong Kong Stock Exchange.
2.the first intermediary will be coordinated with the Underwriters, accountants, lawyers, assessment division held the first public meeting, collaboration with the intermediary, until the listing complete.
3.due diligence, accountants, lawyers, the underwriters each will investigate the condition of company's business, financial condition, future prospects, risk factors, as well as legal due diligence, to ensure that all open documents are correct and in order.
4.Restructuring underwriters, accountants, lawyers, professional advice to the company, combined with the future development direction of the company's business structure, financial situation and other aspects of re-integration into compliance with the listing requirements, the new entity to attract investors.
5.documentation underwriter, accountants, lawyers will prepare the required documents, such as the prospectus, audit report, legal advice, etc.
6.Filling A1 document, underwriters will assist listing companies complete the initial application to the Listing Division of the Stock Exchange.
The Approval period
7.Submission of all other documents including A1 form, the stock exchange commissioner will require the company to answer all question put forward. Underwriters and intermediaries will provide assistance until the listing work completes.
8.The listing committee will held hearing session on whether the listing corporation meets the listing qualification, after the approval, the company and the underwriter can begin a series of stock issued publicity work.
Publicity Period
9.Analyst research reports are usually written by underwriter industry analysts, analysts through the interview with senior management staff to understand the company's business and its financial condition. It will then prepare a recommendation report to the investors and fund managers. This due diligence work done by the underwriters is completely independent and is usually done after filing A1 form. Publication is done before the road show began.
10.Road show recommendation work will be organized by Roadshow underwriters and they are generally divided into two formation, lunch referral and one-on-one meeting and are usually accompanied by the underwriters of the Company's senior management making visitations to Hong Kong, Singapore, Tokyo and major cities in Europe and America.
Issue Date
11.accumulated bidding according to the issue of market conditions to determine a price range, and then invited investors in the price range previously said the intention to subscribe, finally to subscribe structure determines the final issue price.
12.placing and separated by offering usually listed in, the stock issue into the placing and public offering of two parts. Point to the global fund and other institutional investors placing directional sale; public offering to the public sale of.
13.Searching for an ideal balance point for pricing and listing are done by using the accumulated subscription structure and market conditions after in which a final stock issue price will be decided. Usually on the same day of listing, a solemn ceremony will be held on the stock exchange trading hall.
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As of November 2009 on track record and market capitalization requirements
Trading record of not less than two financial years; no profit requirements; operating activities ,total of at least minimum of HK $ 20 million of net cash inflow; market capitalization of at least HK $ 100 million; exploitation of natural resources and the newly formed company "Project" companies (such as infrastructure companies) are exempted, acceptance of shorter track record; two full financial years preceding the date of listing of the entire period, and its management must remain broadly unchanged; previous full financial year and up to the date of listing of the entire period of ownership and control must remain unchanged.
Minimum stock amount for public float
At the time of listing, the market value of public float of not less than HK $ 30 million; Minimum public float must be accounted for in the listed issuer's total issued share capital at 25%; If the company's market capitalization at the time of listing more than HK $ 10 billion, the Stock Exchange may accept the public float to 15% to 25%.
future expectations
It’s a must to explain the remainder of the financial period during listing and after two full financial business objectives; earnings estimation may be included.
Accountant report
Must be in accordance with the financial reporting standards "or" international financial reporting standards "criterion; if the company is or will be listed on the New York stock exchange or NASDAQ national market, according to" the United States generally accepted accounting principles "preparation of the report can be accepted; In normal circumstances, the accountants' report must cover at least the listing document published for the last two complete financial years; Accountants' report presented last balance sheet date; financial accounting period shall not be separated for more than six months since the date the prospectus.
Corporation governance
the corporation must have three independent non-executive directors, must set up the audit committee; shall have a director; supervision; Shall appoint a compliance adviser for the period from the date of initial listing, the listing financial results after two full financial years of the date of publication of the report.
acceptable Jurisdiction areas
Hong Kong, Bermuda, the Cayman Islands and the Republic of China;Other jurisdictions as its provisions on shareholder protection equivalent to the laws of Hong Kong regulations, may also be considered;In the case of secondary listing of other jurisdictions may also be considered.
Limits of the controlling shareholder
Listing the controlling shareholder shall undertake: The date of the listing document in the company after the listing of the first six months, it will not sell its interest in the company; In the listing of the Company second six months period, not to sell its interest in the company in order to cause it no longer is the company's controlling shareholder, needs to maintain at least 30% of the company equity.Listing of significant shareholders must be committed to the date of the listing document in the company after the listing of the first six months; it will not sell its interest in the company.
Other factors
management shareholders, major shareholders or directors may compete with the business of the company, but must make full disclosure; can choose pure listed in placing form; no underwriting rules; companies listed in the first six months, except for the acquisition of assets with the business, not the issue of new shares
Trading record of not less than two financial years; no profit requirements; operating activities ,total of at least minimum of HK $ 20 million of net cash inflow; market capitalization of at least HK $ 100 million; exploitation of natural resources and the newly formed company "Project" companies (such as infrastructure companies) are exempted, acceptance of shorter track record; two full financial years preceding the date of listing of the entire period, and its management must remain broadly unchanged; previous full financial year and up to the date of listing of the entire period of ownership and control must remain unchanged.
Minimum stock amount for public float
At the time of listing, the market value of public float of not less than HK $ 30 million; Minimum public float must be accounted for in the listed issuer's total issued share capital at 25%; If the company's market capitalization at the time of listing more than HK $ 10 billion, the Stock Exchange may accept the public float to 15% to 25%.
future expectations
It’s a must to explain the remainder of the financial period during listing and after two full financial business objectives; earnings estimation may be included.
Accountant report
Must be in accordance with the financial reporting standards "or" international financial reporting standards "criterion; if the company is or will be listed on the New York stock exchange or NASDAQ national market, according to" the United States generally accepted accounting principles "preparation of the report can be accepted; In normal circumstances, the accountants' report must cover at least the listing document published for the last two complete financial years; Accountants' report presented last balance sheet date; financial accounting period shall not be separated for more than six months since the date the prospectus.
Corporation governance
the corporation must have three independent non-executive directors, must set up the audit committee; shall have a director; supervision; Shall appoint a compliance adviser for the period from the date of initial listing, the listing financial results after two full financial years of the date of publication of the report.
acceptable Jurisdiction areas
Hong Kong, Bermuda, the Cayman Islands and the Republic of China;Other jurisdictions as its provisions on shareholder protection equivalent to the laws of Hong Kong regulations, may also be considered;In the case of secondary listing of other jurisdictions may also be considered.
Limits of the controlling shareholder
Listing the controlling shareholder shall undertake: The date of the listing document in the company after the listing of the first six months, it will not sell its interest in the company; In the listing of the Company second six months period, not to sell its interest in the company in order to cause it no longer is the company's controlling shareholder, needs to maintain at least 30% of the company equity.Listing of significant shareholders must be committed to the date of the listing document in the company after the listing of the first six months; it will not sell its interest in the company.
Other factors
management shareholders, major shareholders or directors may compete with the business of the company, but must make full disclosure; can choose pure listed in placing form; no underwriting rules; companies listed in the first six months, except for the acquisition of assets with the business, not the issue of new shares
Requirements of main board listing
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Three types of tests
Earnings Test
3-year after-tax profit of ≥ 5,000 million, respectively;
the first two years of after-tax profit of HK $ 30 million, nearly a year after-tax profit of HK $ 20 million.
Market capitalization / revenue test
Market value ≥ 40 million;
and more recently an annual income of ≥ 5 million.
Market capitalization / revenue test / Cash Flow Test
Market value ≥ 20 million;
and more recently an annual income of ≥ 5 million;
And the former three-year cumulative cash inflow ≥ 1 million.
Track Record Requirements
3 years (if they meet the market capitalization / revenue test can be shorter than three years);
in the basic management operations under the same management;
the most recent year must be essentially the same under the ownership and control of the operation.
Management requirements and shareholders' undertaking
Management requirements:
There must be three independent non-executive directors;
Must establish an audit committee.
Shareholder shall undertake: ：
Disclose to the listing document listing the first six months will not sell its interest in the company;
Management commitment;
In the 12 months after the listing does not sell its interest in the company, in order to cause it no longer is the company's controlling shareholder, to maintain at least 30% of the company equity.
Management commitment:
In the 12 months after the listing does not sell its interest in the company, in order to cause it no longer is the company's controlling shareholder, to maintain at least 30% of the company equity
Recognized jurisdiction
Hong Kong;
The People's Republic of China;
Bermuda;
Cayman Islands.
Minimum public float
Initial public float of not less than HK $ 50 million;
Listing the number of shares held by the public representing the issuer's total issued share capital of more than 25%;
If the time of listing market capitalization of over $ 10 billion, the Stock Exchange might public float falls between 15-25%.
Other requirements
Controlling shareholders or directors can be competitive with the company's business, but it must be fully disclosed;
You cannot choose the pure form of placing listed;
Public subscription is required to be fully underwritten;
Companies listed on the first six months after the issue of new shares cannot be
Financing services
GCCCI has extensive experience in financing, and the establishment of a broad network of contacts, and many medium-sized finance and fund management companies and venture capital funds to maintain long-term close relations of cooperation.
All along, our finance professionals assess the situation and development strategy with investors to develop financing solutions with long-term planning, not only for enterprises to solve the capital chain of embarrassment, but also through the use of financing tools for enterprises to achieve the integration of resources and capital:
Corporate finance advisory
Introduction of venture capital
Project financing
BOT Financing
Designed Financing program
Liquidity Facilities
Earnings Test
3-year after-tax profit of ≥ 5,000 million, respectively;
the first two years of after-tax profit of HK $ 30 million, nearly a year after-tax profit of HK $ 20 million.
Market capitalization / revenue test
Market value ≥ 40 million;
and more recently an annual income of ≥ 5 million.
Market capitalization / revenue test / Cash Flow Test
Market value ≥ 20 million;
and more recently an annual income of ≥ 5 million;
And the former three-year cumulative cash inflow ≥ 1 million.
Track Record Requirements
3 years (if they meet the market capitalization / revenue test can be shorter than three years);
in the basic management operations under the same management;
the most recent year must be essentially the same under the ownership and control of the operation.
Management requirements and shareholders' undertaking
Management requirements:
There must be three independent non-executive directors;
Must establish an audit committee.
Shareholder shall undertake: ：
Disclose to the listing document listing the first six months will not sell its interest in the company;
Management commitment;
In the 12 months after the listing does not sell its interest in the company, in order to cause it no longer is the company's controlling shareholder, to maintain at least 30% of the company equity.
Management commitment:
In the 12 months after the listing does not sell its interest in the company, in order to cause it no longer is the company's controlling shareholder, to maintain at least 30% of the company equity
Recognized jurisdiction
Hong Kong;
The People's Republic of China;
Bermuda;
Cayman Islands.
Minimum public float
Initial public float of not less than HK $ 50 million;
Listing the number of shares held by the public representing the issuer's total issued share capital of more than 25%;
If the time of listing market capitalization of over $ 10 billion, the Stock Exchange might public float falls between 15-25%.
Other requirements
Controlling shareholders or directors can be competitive with the company's business, but it must be fully disclosed;
You cannot choose the pure form of placing listed;
Public subscription is required to be fully underwritten;
Companies listed on the first six months after the issue of new shares cannot be
Financing services
GCCCI has extensive experience in financing, and the establishment of a broad network of contacts, and many medium-sized finance and fund management companies and venture capital funds to maintain long-term close relations of cooperation.
All along, our finance professionals assess the situation and development strategy with investors to develop financing solutions with long-term planning, not only for enterprises to solve the capital chain of embarrassment, but also through the use of financing tools for enterprises to achieve the integration of resources and capital:
Corporate finance advisory
Introduction of venture capital
Project financing
BOT Financing
Designed Financing program
Liquidity Facilities
Last updated: 2013-06-08 19:02:10
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