Abstract: "Hongkong gem positioning is a springboard into the exchange fluctuation, issued a document that is the gem itself, some fund-raising enterprises did not reach the motherboard, similar to the pro forma in the gem, passed the exam, and then turn the motherboard, the motherboard can be traded freely, two additional acquisitions, and stock mortgage financing, etc., the new board is also a transition of the springboard."
the last one or two years, before some well-known enterprises in the United States back, ready to return to market, go to the finishing touches, IPO stopped. Some investors chose to wait, they are full of confidence, believe that one day there will be light, after all, A stock market over the past ten years opened and closed several times, will bloom. Other investors have not, through the transfer of the agreement – that is, the so-called two market.
in the recently held the twelfth session of the Chinese International Finance Forum, chairman of the Hongkong venture capital and Private Equity Association Ceng Guangyu said: "the price may be lower, but also better than the total withdrawal, A shares opened and closed, also contributed to the diversification in the PE market."
on the other hand, from my point of view, the listing is just a means to withdraw, in the western society more than 60% of the exit is not listed on the valuation of IPO, but the transfer agreement." He believes that the future in Chinese should also be such a trend, the reason is now China market funds more than ten years ago a lot of non listed companies if business is good, you can also buy some shares.
"in western society, most of the investment, investors do not take IPO as the exit plan, but to a good business, held three years after five years, investors get a lot from dividends, after five years of looking for peers to help do the bidding, see other investors who are interested in selling them, and not to be in or outside listed in china. But in China, so many years to IPO for the purpose of exit, if the capital market problems, then on the motherboard, we have to consider other ways."
now the new three board, able to participate in the people, whether retail or institutional, are a lot of. Ceng Guangyu, a British Board in the UK, they have a term called QIB, is "qualified institutional buyers", this is not a retail market participation, only rich people, accumulated to a certain size of the fund, to participate in, because of the gem, the new board, the board itself is designed for start-ups. And the investment risk is relatively high, the government hopes to participate in the market itself more professional, they know where the risk is to take stock, ups and downs, the trading volume size change risk.
brokerage in the United Kingdom is known as the nomination consultant, the practice is actually a sponsor. Specifically, after due diligence, that the company can be listed, investors favor after the listing, the company will sponsor the nominated adviser to the listed company, from access to the real to English version, is about 6 to 9 months, during the nominated adviser think the company is good, "