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Capital Corporation

Capital Corporation. Why Go Public 企业为何要上市. Accelerate growth strategy with greater access to capital 通过上市取得大量资金从而加速企业实现增长战略 Increase valuation 提高企业价值 Increased liquidity for shareholders 对股东而言，提高股东们资金的强流动性 Attract and retain employees 增强企业对员工的吸引力，并增加员工的稳定性

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Capital Corporation

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  1. Capital Corporation

  2. Why Go Public 企业为何要上市 • Accelerate growth strategy with greater access to capital 通过上市取得大量资金从而加速企业实现增长战略 • Increase valuation 提高企业价值 • Increased liquidity for shareholders 对股东而言，提高股东们资金的强流动性 • Attract and retain employees 增强企业对员工的吸引力，并增加员工的稳定性 • Enhance corporate image 提升企业形象及知名度 • Improve international commercial opportunities 增加国际商业机会

  3. When to Go Public 企业应该何时上市 • Revenue generating companies 对于产生收入的企业 • Minimum 30% annual growth 具有30％的年增长率 • Achieved profitability of at least CDN $ 2.0 M 实现至少200万加币（1500万人民币）的利润额 • Acceptable gross profit margin 令人满意的毛利率 • Non-revenue companies (life science, technology, mining) 对于尚未产生收入的企业（生命科学、高科技、采矿业） • Close to commercialization, and exhibiting strong future potential and/or intellectual property 即将商业化或在未来极具发展潜力，拥有研究专利 • Industry leadership role or compelling, unique offering 行业先驱或提供与众不同产品的企业 • Strong visionary management in place 具有强有力的管理能力和理念的企业

  4. Listing in Canada在加拿大上市 • Toronto Stock Exchange is well suited for developing Chinese companies 多伦多证交所非常适合那些希望能在最初的融资中获得7500万到5亿人民币的成长性的中国公司 • Less expensive to list + much less expensive to annually maintain company 在加拿大上市的成本较低（仅为在香港上市的50％），上市后每年公司的维护费用低廉 • Efficient- complete financing and listing within 3-4months of completing audit 上市准备过程极富效率 — 指在完成审计之后，仅需要3－4个月, 就可以完成融资和上市 • TSX has proven success in nurturing Chinese companies 在培植中国公司上市方面，多伦多交易所已有了众多成功的例子

  5. How to Succeed as a Public Company怎样成为一个成功的上市公司 • The company must generate trust and confidence with the investment community 公司必须赢得投资财团的信任 • Adopt best corporate governance practices 采用完善的公司治理机制 • Attract and retain experienced management 拥有经验丰富的管理层 • A strong Canadian-based CFO will prove invaluable 聘用加拿大籍的资深财务总监将对企业十分有益： • Meet financial compliance requirements可帮助企业满足财务监管要求 • Establish credibility with investors可帮助企业获得投资者的信任 • Raise capital可帮助企业进行有效的融资 • Establish an effective Board of Directors 建立有效的董事会 • Engage competent investor relations services 建立优质的投资者关系

  6. The Wesbridge Approach威世博的作法 • Your ongoing Canadian partner 我们是中国企业永久的合作伙伴 • Align our interests with your interests 共同的目标使我们结为同盟 • Guide companies through all aspects of going public 为中国企业赴加拿大上市提供全方位指导 • We conduct a thorough due diligence of the company at the outset to ensure that is can get listed and financed 在工作初始对公司进行系统的尽职调查以确保公司能够成功上市 • Minimize the costs of going public 精简上市开销 • Assist in the finalization of an investment grade business plan 协助公司制定复合上市标准的商业计划书

  7. The Wesbridge Approach 威世博的作法 • Arrange financing at the same time as listing 减少上市时间, 在融资的同时安排上市 • Set up Canadian office and hire effective Canadian management协助企业在加拿大设立公司并聘用有能力的管理层 • Introduce Board of Director candidates引荐加拿大藉董事候选人 • Management investor relations activities提供投资者关系服务 • Assist with the preparation of legal documentation, manage the legal, accounting, underwriting, and TSX issues and relationships协助企业处理有关法律、会计事务及其他各类关系 • Ensure public company follows best practices保证上市公司遵循资本市场的常规运行 • Our commitments is for a minimum of 2 years and include all future financings for the company with no additional fees being paid to Wesbridge上市后，对于公司至少2年内的所有融资，我们不收取额外的费用

  8. Cost of Going Public 上市成本 • Upfront Canadian RTO transaction costs approximately CDN $300,000-CDN $425,000 反向收购成本大约为$ 300,000-425,000加元(人民币225万到320万) • Including audit and legal fees, deposit on shell company, sponsor/fiscal agent work fees, TSX fees, head office and due diligence fees, promotional material expense 包括审计费与律师费，保荐人/财务代理人中介费，以及上市费用 • These costs are spread over 6 months period 这些费用在分别在6个月这个周期内被分摊 • Takes 5-6 months to get financed after auditing, these costs are spread over a sixth month period 从开始审计直至企业完成融资挂牌上市约需5－6个月，所需费用在这个融资过程中被分摊 • These fees are substantially less than going public in the US or Hong Kong 融资费用明显少于在美国和香港上市

  9. Cost of Going Public 上市成本 • Financing costs approximately 10% of money raised 融资成本约占总融资额的10％ • Including agent commission, additional audit + legal fees, listing fees, investor relations fees, balance of sponsor’s work fee 包括代理佣金，律师费，挂牌费，宣传费，及材料费 • These costs are normally paid out of the financing proceeds 这些费用一般在融资过程中付出

  10. RTO versus IPO 反向收购与首次公开发行 • Usually RTO route best suited for developing Chinese companies looking to initially raise CDN $7.5-50 million 利用反向收购的形式上市，对预计融资额在750万－5000万加元（5600万－4.2亿人民币）发展中的中国而言十分合适 • IPO listing requires a greater history of earnings + /or development and better suited for CDN $50 + million (RMB 375 million) financing 首次公开上市要求企业具有历史盈利，因而这种方式较为适合预计融资目标超过5,000万加元（3.75 亿人民币）的公司 • IPO more expensive time consuming + riskier than RTO 与通过反向收购的方式上市相比，首次公开上市的成本较高、耗时也长

  11. Your Responsibilities 企业的义务 • Investment grade business plan in English 需要准备好符合投资人审阅级别的商业计划书 • Canadian Audit 完成审计（需按照加拿大会计准则或国际通用会计准则） • PRC approvals 需要获得中国政府的批准 • Corporate reorganization to become wholly foreign owned enterprise (WFOE) 企业必须完成重组 • Mining companies require Report 43-101-independent mining engineer’s report 采矿业公司需要提供NI43－101技术报告

  12. Private Chinese company 中国民营企业 - 3 years of revenue growth 连续3年的收入增长 - Profitable 具有盈利 - RMB 300 (CDN $40) million revenue 人民币3亿的总收入 - RMB 30 (CDN $4) million earnings人民币3000万的盈利 As a private, illiquid Chinese company expect a valuation multiple of 6x earnings: 不具备较高流动性的中国民营企业，一般可获得6倍市盈率. - RMB 150 (CDN $20) million valuation 人民币为1亿5000万 - Original shareholders own 100% 原始股东拥有100%的股份 Example – Profile 举例说明 - 概要 Original Shareholders 100% 原始股东拥有100%的股份 RMB 150 million (CDN $20 million)人民币为1亿5000万 P/E=6X 6倍市盈率 RMB1.8亿 RMB3000 万 CDN $4M CDN $ 24M (CDN $1=RMB 7. 5)

  13. Public Valuation 上市公司的价值 - Greater liquidity, access to capital, improved growth prospects assume 20x multiple of earnings 由于这些公司具有较高的流动性, 较易获得融资，并具有良好的成长前景，因而一般可获得20倍左右的市盈率 - RMB 4.2亿(CDN $56) million (pre-financing issue 10,000,000 shares at RMB 27.75(CDN $3.70)/ share to original Chinese share holders) 5600万加币, 4.2亿人民币,融资前发行1,000万股,每股3.7加币,人民币 27.75元 Require RMB 150 (CDN $20) million financing to increase revenue + profitability by 100% 收入和利润增长1倍需要再融资2000万加币,1.5亿人民币 - Issue 5,400,000 shares at RMB27.75 (CDN $3.70) to new investors 以每股3.7加币向新投资者增发540万股 - Dilute original shareholders by 26% 融资金后,稀释原始股东股份的26% Example – Valuation 举例-估值 New investors 26% RMB150 million CDN $20 million 新投资者占26%的公司股份约为人民币1.5亿 26% 74% Original Chinese Shareholders 74% 原股东持有74%的股份 市盈率P/E=20倍 CDN$80million/2.4亿人民币 CDN$4million/3000万人民币

  14. Performance 业绩 - Increase revenue to RMB 600 (CDN $80) million 收入增长一倍为8000万加币,6亿人民币 - Increase earnings to RMB 60 (CDN $8) million 盈利增长为800万加币,6000万人民币 - History of strong performance operationally and as a public company assume 30x multiple of earnings: 作为具有较好市场表现的上市公司约可获得30倍市盈率 - RMB 1 (CDN $240 million) billion or RMB 52.5(CDN $7) per share 市值可达2.4亿加币,18亿人民币,每股股价7加币,人民币52.5 Valuation 估值 - Original shareholders worth(74% of new valuation= RMB 1.3B (CDN $177) million) 原有股东价值13.3亿人民币, 占总额的74% - New financing can be done at RMB 49 (CDN $7)/share 新的融资交易可以每股加币7元,人民币52元完成 - Second RMB 375 (CDN $50) million financing by issuing 5.7 million shares at RMB 52.5 (CDN $7) per share to increase revenue and profit by 100% 第二次融资5000万加币,3.7亿元人民币,每股股价7加币,人民币52.5实现总收入和利润率增长一倍. Example - One Year Later After Expansion融资后一年 New investors 26% 新投资者占26%的公司股份约为人民币4.7亿 26% Original shareholders 74% 原股东资者占74%的公司股份约为人民币13.3亿 74% 市盈率P/E=30倍 2.4亿加币/18亿人民币 800万加币/6000万人民币

  15. Performance业绩 - Increase revenue to RMB 1.2B (CDN $160 million)收入增长一倍为1.6亿加币,12亿人民币 - Increase earnings to RMB 120 (CDN $16) million盈利增长为1.2亿人民币 - History of strong performance operationally and as a public company assume 32x multiple of earnings由于业绩突出,公司得市盈率为32倍 - RMB 3.8B (CDN $512) million or RMB 69(CDN $9.2) per share市值5.1亿加币,人民币38亿,每股9.2加币,69元人民币 Valuation 估值 - Chinese shareholders worth (57% of new valuation=RMB 2.6B (CDN $291) million)原股东占57%的股份,为人民币26亿 Example – One Year After Second Expansion 二次融资 New Investors 43% 新投资者占43%的股份 43% 57% Chinese Shareholders 57% 原股东占57%的股份 市盈率P/E=32倍 5.1亿加币/38亿人民币 1600万加币/1.2亿人民币

  16. Migao Corporation 米高公司 • Price at issue发行价格：$2.85, Date of issue发行时间: 2006年5月 • 52 weeks range 52周价格$3－$10.25 • Total financings CDN$ 50 million总融资5000万加币，（3.75亿人民币） • P/E市盈率：28倍

  17. Hanfeng Evergreen 汉枫常绿 • Price at issue发行价格：$2.35, Date of issue发行时间: 2005年5月 • 52 weeks range 52周价格 $4.2－$15.94 • Total financings CDN$ 80 million总融资8000万加币，（6亿人民币） • P/E市盈率：50倍

  18. Hanwei Energy Service 汉维能源 • Price at issue发行价格：$1, Date of issue发行时间: 2006年12月 • 52 weeks range 52周价格 $1－$7.45 • Total financings CDN$ 75 million总融资7500万加币，（5.6亿人民币） • P/E市盈率：30倍

  19. CY 东方控股 • Price at issue发行价格：$1.42, Date of issue发行时间: 2005年3月 • 52 weeks range 52周价格 $1.04－$1.95 • Total financings CDN$ 18 million总融资1800万加币，（1.35亿人民币） • P/E市盈率：3.3倍

  20. Cathay Forest 国泰林业 • 52 weeks range 52周价格 $0.51－$2.24 • Total financings CDN$ 43 million 总融资额4300万加币（3.2亿人民币） • Stock has increased 150% in the last six months股价在近6个月来增长了150％

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