1 / 39

Hong Kong Dual Listings by Canadian Public Companies 加拿大上市公司在香港双重上市 

Hong Kong Dual Listings by Canadian Public Companies 加拿大上市公司在香港双重上市 . March 2011 2011 年 3 月. Dual Listing of Canadian Companies on HKSE 加拿大公司在香港交易所双重上市. 香港交易所一般上市要求 上市要求比多交所主板/创业板更严格 业绩记录：三年财务业绩 管理持续性：三年. HKSE General Listing Requirements Stricter listing requirements than TSX / TSX-V

larissa
Télécharger la présentation

Hong Kong Dual Listings by Canadian Public Companies 加拿大上市公司在香港双重上市 

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Hong Kong Dual Listings by Canadian Public Companies加拿大上市公司在香港双重上市  • March 2011 • 2011年 3月

  2. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所一般上市要求 • 上市要求比多交所主板/创业板更严格 • 业绩记录：三年财务业绩 • 管理持续性：三年 • HKSE General Listing Requirements • Stricter listing requirements than TSX / TSX-V • Track Record: 3 Year Financial Performance • Management Continuity: 3 Years

  3. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所一般上市要求 • 所有权持续性：一年 • 仅批准成熟的矿业公司上市 • HKSE General Listing Requirements • Ownership Continuity: 1 Year • Eliminates all but mature mining companies from listing

  4. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所针对矿业公司的新上市规则 • 香港交易所计划扩大启动于2010年的上市发行人基数 • 最低要求： • 至少拥有“推定资源” • New HKSE Listing Rules for Mining Companies • HKSE plan to broaden listed issuer base initiated in 2010 • Minimum requirements: • At least “indicated resources”

  5. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所针对矿业公司的新上市规则 • 最低要求： • 满足于12个月的125%的流动资金（请注意对前期首次公开发行融资的限制性规定） • New HKSE Listing Rules for Mining Companies • Minimum requirements: • 125% working capital for 12 months (watch out for restrictions on pre-IPO Financing!)

  6. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所针对矿业公司的新上市规则 • 最低要求： • 董事会和高管拥有5年以上行业经验 • 为投产扫清道路 • New HKSE Listing Rules for Mining Companies • Minimum requirements: • Board of directors and management with 5 years industry experience • Clear Pathway to Production

  7. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 香港交易所针对矿业公司的新上市规则 • 期待提交关于新上市规则的保守性申请 • New HKSE Listing Rules for Mining Companies • Expect conservative application of new listing rules

  8. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 为投产扫清道路 • 走向投产至少有初步产能研究加以支持（即对矿产资源经济可行性的初步评估） • Clear Pathway to Production • Path to production supported by at least a scoping study (ie: Preliminary evaluation of economic viability of mineral resources)

  9. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 为投产扫清道路 • 实现商业化生产的指标日期和成本 • 香港交易所注重实现生产的计划 • 在实践中可能要求初步可行性研究 • Clear Pathway to Production • Indicative dates and costs for achievement of commercial production • HKSE can be expected to focus on plan to achieve production • Preliminary feasibility study may in practice be required

  10. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 为投产扫清道路 • 著名投资银行可能希望至少看到“值得信赖的可行性研究” • Clear Pathway to Production • Major investment banks may want to see “bankable feasibility study” at a minimum

  11. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 首次公开发行上市 • 由香港投资银行作为保荐人和承销商来主导整个上市过程 • 代表性的上市途径 — 南戈壁能源公司和中国黄金国际资源有限公司  • Listing by Initial Public Offering • Process lead by HK investment bank as sponsor and underwriter • Typical listing route – South Gobi and China Gold International

  12. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 首次公开发行上市 • 优点 • 所得融资可用于支付上市费用 • 亚洲投资者根基得以建立 • Listing by Initial Public Offering • Advantages • Funds raised to pay listing costs • Asian investor base established

  13. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 首次公开发行上市 • 规模 • 较大的投资银行：2亿加元以上 • Listing by Initial Public Offering • Size • Larger investment banks: $200 million +

  14. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 引入上市 • 普通股的简单双重上市 • 香港交易所要求的保荐人 • 香港交易所对股票市场的发展必须表示满意 • Listing by Introduction • Simple dual listing of common shares • Sponsor required by HKSE • HKSE must be satisfied that market for shares will develop

  15. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 引入上市 • 缺点 • 所得融资不用于支付上市成本 • 亚洲投资者根基未建立 • 尚无可供参考的加拿大矿业公司 • Listing by Introduction • Disadvantages • No funds raised to fund costs of listing • No Asian investor base created • No precedents for Canadian mining companies yet

  16. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 连接亚洲 • 在实践中需要与亚洲的实际连接 • 实际连接可来源于： • 在亚洲的财产（例如南戈壁能源公司和中国黄金国际资源有限公司） • 公司产品投向亚洲市场 • Connections to Asia • Tangible connection to Asia required in practice • Tangible connection may result from: • Properties in Asia (as with South Gobi and China Gold International) • Asian market for a company’s products

  17. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 连接亚洲 • 实际连接可来源于： • 亚洲投资者基础（例如中国国有企业） • 缺乏实际连接将削弱对投资银行和第二上市市场投资者的吸引力 • Connections to Asia • Tangible connection may result from: • Asian investor base (eg: Chinese SOE) • Lack of tangible connection will reduce attractiveness to both investment banks and secondary market investors

  18. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 连接亚洲 • 是中国投资者“两步”投资的第二阶段，第一阶段投资是成为多交所上市公司 • Connections to Asia • Second stage of “two-step” investment for Chinese investors, where first step is investment in TSX company

  19. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 司法管辖权的一般性问题 • 发行人接受下述监管： • 两家股票交易所 • 两类证券法律监管部门（在香港为证券和期货委员会），及 • Jurisdictional Issues Generally • Issuers regulated by: • Two stock exchanges • Two securities law administrators (Securities and Futures Commission in Hong Kong) and

  20. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 司法管辖权的一般性问题 • 发行人接受下述监管： • 原属司法权区的公司法 • 发行人将面临重复和冲突的监管规则 • Jurisdictional Issues Generally • Issuers regulated by: • Corporate laws of home jurisdiction • Issuers will face duplicate and conflicting regulation

  21. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 司法管辖权的一般性问题 • 加拿大与香港就司法管辖权没有像加拿大与美国签署的《多法域信息披露制度》那样的司法协定 • Jurisdictional Issues Generally • No jurisdictional agreements between Canada and Hong Kong regarding jurisdiction, as is the case with the Multilateral Jurisdictional Disclosure System between Canada and the US

  22. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 司法管辖权的一般性问题 • 不列颠哥伦比亚省接受对提交给香港交易所的招股说明书的审查 • Jurisdictional Issues Generally • British Columbia will accept Hong Kong prospectus review

  23. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 公司注册的司法权 • 香港交易所将评估每个发行人的公司注册的司法权 • 股东必须享有等同于香港股东的保护 • Jurisdiction of Incorporation • HKSE will evaluate each issuer’s jurisdiction of incorporation • Shareholders must be afforded equivalent shareholder protection to Hong Kong

  24. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 公司注册的司法权 • 南戈壁已将不列颠哥伦比亚省设立为可接受的司法权区 • 安大略省设立的公司也被接受，但依照加拿大联邦政府制定的《加拿大公司法》而设立的公司尚未被接受 • Jurisdiction of Incorporation • South Gobi has established British Columbia as an acceptable jurisdiction • Ontario also accepted, but CBCA not yet accepted

  25. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 初次上市对比二次上市 • 上市即有初次上市也有二次上市 • 二次上市指香港交易所作为公司证券的第二上市市场 • Primary versus Secondary Listing • Listing can be either primary or secondary • Secondary denotes that HKSE is a secondary market for a company’s securities

  26. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 初次上市对比二次上市 • 香港交易所规则对二次上市提供较多的免除规定（包括对收购守则申请的免除） • Primary versus Secondary Listing • More waivers from Hong Kong regulation available for secondary listings (including waivers of application of take-over code)

  27. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 初次上市对比二次上市 • 二次上市不像初次上市工作量那么繁重，但是香港交易所日益增加的交易量可导致二次上市如同初次上市那样繁杂 • Primary versus Secondary Listing • Secondary listing less onerous than primary, BUT increased trading on HKSE can result in flip to primary

  28. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 收益的预测 • 香港首次公开发行的常规规定 • 香港要求研究分析师制作有关香港首次公开发行的报告 • The Profit Forecast • Customary requirement for HK IPO • Required in HK in order that research analysts can prepare reports in connection with HK IPO

  29. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 收益的预测 • 就前瞻性信息（《国家指引51-102》第4A部分），为受加拿大证券法管制的加拿大发行人造成了潜在的问题 • The Profit Forecast • Creates potential issues for Canadian issuers governed by Canadian securities laws regarding forward looking information (Part 4A of NI 51-102)

  30. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 收益的预测 • 管理层会期望试图限定预测期限 • The Profit Forecast • Management will want to try to limit forecast period

  31. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 其它信息披露发行人 • 加拿大发行人将持续履行信息披露义务 • 持续信息披露程序将确保在多交所和香港交易所披露的所有信息相同 • Other Disclosure Issuers • Canadian issuers will continually be challenged on disclosure issues • Continual process to ensure all information equally disclosed in TSX and HKSE markets

  32. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 其它信息披露发行人 • 公司和投资分析师所举行的有关香港首次公开发行的会议十分关键 • 避免对重大信息选择性地披露 • Other Disclosure Issuers • Meetings between Company and investment analysts in connection with HK IPO a key concern • Avoid any preferential disclosure of material information

  33. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 加拿大招股说明书规则 • 需要审查与首次公开发行相关的加拿大招股说明书规则 • 对不列颠哥伦比亚省发行人的香港首次公开发行，没有对招股说明书的豁免规定 • Canadian Prospectus Rules • Canadian prospectus rules need to be reviewed in connection with IPO • For issuers with connection to British Columbia, there is no prospectus exemption for HK IPO

  34. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 加拿大招股说明书规则 • 对不列颠哥伦比亚省发行人，不列颠哥伦比亚省证券委员会要求豁免令 • Canadian Prospectus Rules • Exemption Order required from BCSC for BC issuers

  35. Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市 • 多交所 • 多交所的全部规则依然适用 • 在定价香港首次公开发行时，需要考量多交所的定价规则 • 在适应香港首次公开发行过程中，多交所显示了灵活性 • TSX • All TSX rules still apply • TSX pricing rules need to be considered in pricing of HK IPO • TSX has demonstrated flexibility in accommodating HK IPO

  36. Will HKSE accept TSX venture companies for secondary listings? 香港交易所会接受多交所创业板上市公司在香港的二次上市吗？  TSX Venture Exchange多交所创业板 

  37. McMillan Contacts铭伦律师事务所的联系方式 For Further Information Contact:欲获取更多信息，请联系： Stephen D. Wortley 霍华礼stephen.wortley@mcmillan.ca1.604.691.7457 - Vancouver 温哥华 852.3101.0213 - Hong Kong 香港 Michael Taylor 泰澜michael.taylor@mcmillan.ca1.604.691.7410 - Vancouver 温哥华 Roderick Kirkham 柯涵诺rod.kirkham@mcmillan.ca1.604.691.6856 - Vancouver 温哥华 Grant Wong 王尧炜 grant.wong@mcmillan.ca 1.604.691.6848 - Vancouver 温哥华 Sandy Wang 王宁燕 sandy.wang@mcmillan.ca 1.604.691.6845 - Vancouver 温哥华 Michael Yang 杨承运michael.yang@mcmillan.ca852.3101.0293 - Hong Kong 香港

  38. Lang Michener and McMillan Announcement朗明和铭伦的公告 38

  39. McMillan Contacts铭伦律师事务所的联系方式 Hong Kong 香港1106, Tower 1Lippo Centre89 QueenswayHong Kong SARt 852.3101.0213 Vancouver 温哥华1500 Royal Centre1055 West Georgia StreetPO Box 11117Vancouver, BC V6E 4N7t 604.689.9111 Toronto 多伦多Brookfield Place181 Bay Street, Suite 4400PO Box 747Toronto, ON M5L 2T7t 1.416.865.7000 Ottawa 渥太华50 O’Connor StreetSuite 300Ottawa, ON K1P 6L2t 1.613.232.7171 Calgary 卡尔加里1900, 736 - 6th Avenue SW Calgary, Alberta T2P 3T7 t 1. 403.531.4700 Montréal 蒙特利尔1000 Sherbrooke Street West Suite 2700 Montréal, Québec H3A 3G4 t 1.514.987.5000

More Related