【正文】 heCounter (OTC) Markets 4 1 2 場外交易市場 3 2023/3/17 16 美國瑞星思達投資控股公司 The Administration Structure of US Security Markets 美國證券市場管理架構(gòu) 2023/3/17 17 美國瑞星思達投資控股公司 III. 如何上市？ How to Go Public? 2023/3/17 18 美國瑞星思達投資控股公司 How to Go Public? 如何上市？ ?Reverse Merger 反向兼并（買殼上市） ?Initial Public Offering (IPO) 首次公開募股 ?An initial public offering (IPO) is the first sale of a corporation39。它的市場中間人遍及全美各地，通過電話和計算機網(wǎng)絡(luò)進行交易。 ? In the United States, the American Stock Exchange (AMEX) is second only in size to the New York Stock Exchange. The Amex is the only . market to trade three different products: stocks, options and exchangetraded funds. ? Floorbased auction market that specializes in equities, options and exchangetraded funds (ETFs). ? AMEX has been particularly successful with such products as SPDRs (SP 500 depository receipts), DIAMONDS (a unit investment trust that tracks the Dow Jones Industrial Average), and HOLDRs (holding pany depository receipts). It also has a growing business in listing structured products and closedend funds. ? 美國證券交易所是全美第二大的大廳叫價式 (floorbased)的證券交易所，其在股票和衍生證券方面的交易都非常突出。 the American Stock Exchange was the first exchange to elect women members in 1965. 2023/3/17 10 美國瑞星思達投資控股公司 AMEX 美國證券交易所 ? Originally known as 39。 3. 公司治理增強 Corporate Governance Requirements ? 在安然事件發(fā)生后，美國加強了對上市企業(yè)的監(jiān)管力度，企業(yè)必須增加透明度和加強內(nèi)部監(jiān)管程序。 8. Lowering risks by distributing risks to public market. 風(fēng)險分散 9. Assists management succession 幫助管理層取得成功。Sometimes shares can be used as collateral for loans. 4. Easy for potential Merge and Acquisition 開展后繼資本運作： ? 上市后公司很容易用增發(fā)股票的方式并購其它企業(yè)、整合資源，而不需要動用大量的現(xiàn)金。 Going Public in US Stock Markets 中國公司美國上市 2023/3/17 1 美國瑞星思達投資控股公司 Table of Contents 目錄 I. 為什么要上市？（上市的好處） Why to Go Public? (Benefits of Listing) ? 美國股市 US Stock Markets ? 如何上市？ How to Go Public? ? 上市的成本 Cost to Go Public ? 上市后的運作 After being Listed ? 我們是誰？ Who Are We? 2023/3/17 2 美國瑞星思達投資控股公司 I. 為什么要上市？ （上市的好處） Why to Go Public? (Benefits of Listing) 2023/3/17 3 美國瑞星思達投資控股公司 為什么要上市？（上市的好處） Why to Go Public? (Benefits of Listing) 1. Fund Raising and Easier Access to Capital: 上市公司最大的優(yōu)勢是可以在證券市場上大規(guī)模籌集資金； 2. Maximize shareholders interests by higher P/E Ratio (higher valuations): 提升公司價值： ? A private Company’s P/E is usually 5, whereas a public pany’s P/E can be more than 10. ? 上市使公司股票有了流通性，并具有公認的價格。 ? 容易從供應(yīng)商和銀行獲得信用。 7. Liquidity 流通性 售股套現(xiàn)： ? 在過了限售期后股東可以拋股套現(xiàn)，對于企業(yè)創(chuàng)始人來說這是個人（退休安排）的一個步驟。 ? 作為上市企業(yè)，公眾可以了解企業(yè)的各項財務(wù)數(shù)據(jù)、重大變更、主要客戶的名稱和交易量 ,主要股東和高層管理人員的利益分配 (salaries, perquisites, etc)。 7. 保密 Confidentiality 8. 提供股東價值的壓力 Pressure to deliver ―Shareholder Value‖. 9. 培訓(xùn)需要 Staff/Management Training Needs 10. 被告的風(fēng)險 Risks of having lawsuit ? Sued by Stockholders 11. 失去獨立經(jīng)營及對公司的控制權(quán) Losing control of the business ? You might find yourself not running the business they way you want to, but the way the stockholders want to. ? Hostile takeovers (put defensive clauses into your IPO charter) 2023/3/17 5 美國瑞星思達投資控股公司 II. 美國股市 US Stock Markets 2023/3/17 6 美國瑞星思達投資控股公司 US Security Markets 美國的證券市場 紐約股票交易所 New York Stock Exchange 美國證券交易所 American Stock Exchange Pink Sheets 粉紅單交易市場 National Market SmallCap Market OverTheCounter (OTC) Markets 4 1 2 場外交易市場 3 Other Stock Exchanges 美國其他資本市場 1. Chicago Stock Exchange 2. Boston Stock Exchange 3. Cincinnati Stock Exchange 4. Pacific Exchange 5. Philadelphia Stock Exchange 2023/3/17 7 美國瑞星思達投資控股公司 New York Stock Exchange (NYSE) 紐約股票交易所 2023/3/17 8 美國瑞星思達投資控股公司 The New York Stock Exchange (NYSE) ? also nicknamed the Big Board, is by far the largest stock exchange in the world (by dollar volume) and second largest by number of listings. ? Its share volume was exceeded by that of NASDAQ during the 1990s, but the total market capitalization of panies listed on the NYSE is five times that of panies listed on NASDAQ. ? The NYSE is operated by NYSE Group, which was formed by merger with the fully electronic stock exchange Archipelago Holdings. ? The NYSE trading floor is located at 11 Wall Street and is prised of five rooms used for the facilitation of trading. The main building is located at 18 Broad Street, between the corners of Wall Street, and Exchange Pl., in New York City. 2023/3/17 9 美國瑞星思達投資控股公司 American Stock Exchange (AMEX) 美利堅證券交易所 ? The hectic exchange floor of The American Stock Exchange, Trinity Place, New York, NY, painted by Leroy Neiman ? The traders wear brightly colored jackets blue, yellow, green, orange and red with each color corresponding to a specific trading house. ? There are women on the floor。 Amex是采用拍賣成交(Auction)的方式來交易證券，拍賣方式一般采用“價格和數(shù)量優(yōu)先”的成交方式，這一點是和納斯達克所采用的做市商制度 (Market Maker)很不一樣的。 ? Unlike other traditional floor stock exchanges, Nasdaq has no central location where trading takes place. The Nasdaq is a puterbased quotation trading system with terminals in brokerdealers office all over the country, displaying quotes of the best bid and lowest offer, and all the market makers in each stock. Instead, its market makers are located all over the country and make trades by tel