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【正文】 / Main Market 創(chuàng)業(yè)板 AIM 股東 Shareholders 社會公眾最少持有 25%的股份 Minimum of 25% of shares must be held in “public” hands 對公眾持股量無要求 No minimum amount to be held in “public” hands 進行股權(quán)交易的董事 Directors dealings in shares 基本相同 Broadly similar restrictions 基本相同 Broadly similar restrictions 公告 Announcements 基本相同 Broadly similar 基本相同 Broadly similar 主要交易需經(jīng)股東同意？ Shareholder consent for major transactions? 是，“主要“交易需經(jīng)股東同意 Yes, required for “major” transactions 不需要，除非是“反向收購” No, save for “reverse takeovers” 顧問 Advisers 僅某些交易需保薦人參與 “ Sponsor” required for certain transactions only 要求指定保薦人全程參與 “ Nominated adviser” required to be retained at all times 資金來源 THE POOL OF CAPITAL 主板 Official List / Main Market 創(chuàng)業(yè)板 AIM 23,000億美元的保險基金 $2,300 billion of insurance funds1 800億美元的機構(gòu)股東投資 $80 billion of institutional investment exposure 超過 2,500種養(yǎng)老基金， 13,870億美元資產(chǎn) $1,387 billion of assets in over 2,500 pension funds2 廣泛的個人股東參與 Wide retail participation4 超過 2,000種信托基金， 70,000億美元資產(chǎn)，其中 550億明確依據(jù) FTSE英國指數(shù)系列 $7,000 billion of assets in over 2,000 mutual funds3, including $55 billion explicitly tracking the FTSE UK Series3 超過 300種投資信托， 1,450億美元資產(chǎn) $145 billion of assets in over 300 investment trusts3 1,700億美元的 1,400萬個個人存款賬戶免稅項目和個人參股計劃項目持有主板市場中的公司股份 14 million retail ISA and PEP plans manding $170 billion hold Main Market pany shares2 Sources: (1) IFSL, August 2022。 (2) IMA website, August 2022。 (3) , August 2022。 (4) Institutional Investors in AIM 2022, Growth Company Investor, September 2022 資金成本 THE COST OF CAPITAL1 費用種類 Type of cost 美國 United States 主板 Official List 創(chuàng)業(yè)板 AIM IPO的股價折扣 IPO price discounts 5% 6% % % IPO的承銷費用 IPO underwriting fees 6% 7% % 4% IPO的顧問費用 IPO professional fees 最高 Highest 比美國低，比歐洲高 Lower than US but higher than Europe 比美國低，比歐洲高 Lower than US but higher than Europe 企業(yè)管理費用 On going corporate governance costs 執(zhí)行 Sarbanes Oxley標準的第一年費用為 440萬 Sarbanes Oxley costs $ million in the first year2 對企業(yè)管理制定的標準很切實有效 投資者需付 12% 14% 的費用 Standards are a “global leader”. Investors prepared to pay a 12% 14% premium3 無具體數(shù)字 No specific data 1. Taken from “The Cost of Capital – an international parison – Oxera and the London Stock Exchange, June 2
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