Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,*,Going Public in US Stock Markets中国公司美国上市,John Probandt,Chairman of the Board,Rising Star Holdings,董事长,美国瑞星思达投资控股公司,April 16,2006,2024/11/19,1,美国瑞星思达投资控股公司,TableofContents,目,目录,为什么,要,要上市,？,？（上,市,市的好,处,处）,WhytoGoPublic?(BenefitsofListing),美国股,市,市,USStockMarkets,如何上,市,市？,HowtoGoPublic?,上市的,成,成本,Cost to Go Public,上市后,的,的运作,AfterbeingListed,我们,是,是谁,？,？,WhoAreWe?,2023/3/10,2,美国,瑞,瑞星,思,思达,投,投资,控,控股,公,公司,I.,为,为,什,什么,要,要上,市,市？,（,（,上,上市,的,的好,处,处）WhytoGoPublic?(BenefitsofListing),2023/3/10,3,美国瑞星,思,思达投资,控,控股公司,为什么要,上,上市？（,上,上市的好,处,处）WhytoGo Public?(BenefitsofListing),FundRaisingandEasierAccess to Capital:,上市公司,最,最大的优,势,势是可以,在,在证券市,场,场上大规,模,模筹集资,金,金；,Maximizeshareholders interestsby higher P/E Ratio(highervaluations):,提升公司,价,价值：,A private CompanysP/Eis usually 5,whereas apublic companysP/Ecanbemorethan 10.,上市使公,司,司股票有,了,了流通性,，,，并具有,公,公认的价,格,格。大多,数,数情况下,，,，公司的,整,整体市场,价,价值会比,未,未上市前,高,高出许多,。,。,Morerevenues for financing,拓宽公司,融,融资渠道,：,：,公司上市,后,后由于知,名,名度、透,明,明度和信,用,用度的提,高,高，可以,通,通过资本,市,市场直接,融,融资或进,行,行私募发,行,行。,容易从供,应,应商和银,行,行获得信,用,用。,Sometimes sharescanbeusedascollateral for loans.,Easyforpotential MergeandAcquisition,开展后继,资,资本运作,：,：,上市后公,司,司很容易,用,用增发股,票,票的方式,并,并购其它,企,企业、整,合,合资源，,而,而不需要,动,动用大量,的,的现金。,CompanyImage and MarketingandPR Benefits,公司形象,，,，市场推,广,广，公共,关,关系的好,处,处。（当,然,然也有公,众,众压力的,坏,坏处）,Employee,s royalty and enthusiasm,员工的股,票,票期权激,励,励：,Makebenefits package more attractive byoffering stockor options to let employeesworkforthecompany,s success.,由于公司,股,股票有了,市,市值和流,通,通性，易,用,用股票期,权,权作为激,励,励方法和,留,留住关键,员,员工。,Liquidity,流通性,-,售股套现,：,：,在过了限,售,售期后股,东,东可以抛,股,股套现，,对,对于企业,创,创始人来,说,说这是个,人,人（退休,安,安排）的,一,一个步骤,。,。,Loweringrisks by distributing riskstopublic market.,风险分散,Assistsmanagement succession,帮助管理,层,层取得成,功,功。,2023/3/10,4,美国瑞,星,星思达,投,投资控,股,股公司,在美国,上,上市对,中,中国企,业,业的挑,战,战（,上,上市的,“,不利,”,因素）,Challenges of Listing,企业的,营,营运成,本,本（费,用,用和时,间,间）增,加,加,Cost of Listingand ConsummationofManagement Time,：,审计和,律,律师费,用,用：,公司需,要,要聘用,相,相关行,政,政人员,和,和独立,懂,懂事等,、,、,各项申,报,报：,企业的,透,透明度,增,增加,Disclosure Requirements,：,严格的,信,信息披,露,露政策,，,，可能,会,会影响,到,到企业,的,的业务,。,。上市,之,之后，,如,如果在,信,信息披,露,露上不,能,能达到,要,要求，,则,则要付,出,出高昂,的,的代价,。,。,作为上,市,市企业,，,，公众,可,可以了,解,解企业,的,的各项,财,财务数,据,据、重,大,大变更,、,、主要,客,客户的,名,名称和,交,交易量,主要股,东,东和高,层,层管理,人,人员的,利,利益分,配,配,(salaries,perquisites,etc),。,公司治,理,理增强,CorporateGovernanceRequirements,在安然,事,事件发,生,生后，,美,美国加,强,强了对,上,上市企,业,业的监,管,管力度,，,，企业,必,必须增,加,加透明,度,度和加,强,强内部,监,监管程,序,序。,财务和,管,管理纪,律,律化,Financialand ManagementDiscipline,受托责,任,任,FiduciaryResponsibilities,投资人,多,多样化,Diverse Investor Base,外部环,境,境的影,响,响增加,Pressurefrom public,：,任何国,际,际形势,的,的变化,、,、汇率,的,的变化,都,都会对,跨,跨国经,营,营企业,的,的价值,产,产生重,大,大影响,。,。例如,，,，如果,人,人民币,对,对美元,的,的汇率,大,大幅下,降,降，那,么,么即使,企,企业的,盈,盈利和,增,增长率,表,表现良,好,好，企,业,业的市,场,场价值,仍,仍然可,以,以是负,面,面的表,现,现。,保密,Confidentiality,提供股,东,东价值,的,的压力,Pressuretodeliver“ShareholderValue”.,培训需,要,要,Staff/Management Training Needs,被告的,风,风险,Risksofhavinglawsuit,Sued by Stockholders,失去独,立,立经营,及,及对公,司,司的控,制,制权,Losingcontrolofthebusiness,Youmightfindyourselfnotrunningthebusinesstheywayyou wantto,buttheway thestockholderswantto.,Hostile takeovers(put defensiveclauses intoyourIPOcharter),2023/3/10,5,美国瑞,星,星思达,投,投资控,股,股公司,II.,美,美国,股,股市USStockMarkets,2023/3/10,6,美国瑞,星,星思达,投,投资控,股,股公司,USSecurityMarkets美,国,国的证,券,券市场,纽约股票交易所,New York Stock Exchange,美国证券交易所,American Stock Exchange,Pink Sheets,粉红单交易市场,National Market,SmallCap Market,Over-The-Counter(OTC)Markets,4,1,2,场外交易市场,3,Other Stock Exchanges,美国其他资本市场,Chicago Stock Exchange,Boston Stock Exchange,Cincinnati Stock Exchange,Pacific Exchange,Philadelphia Stock Exchange,2023/3/10,7,美国瑞,星,星思达,投,投资控,股,股公司,NewYorkStockExchange(NYSE),纽约股,票,票交易,所,所,2023/3/10,8,美国瑞星思达,投,投资控股公司,The New YorkStockExchange(NYSE),also nicknamed theBigBoard,is by farthe largeststockexchange inthe world(by dollar volume)and second largestby number oflistings.,Its share volume was exceededby that of NASDAQduringthe 1990s,but the total market capitalizationof companieslisted on the NYSE is five times that ofcompanies listed on NASDAQ.,The NYSE isoperated byNYSE Group,whichwas formed by merger with thefullyelectronic stock exchange Archipelago Holdings.,The NYSE trading floor is located at11 Wall Street and is comprised offive rooms used for thefacilitationof trading.The main buildingis locatedat 18BroadStreet,between the corners ofWallStreet,andExchange Pl.,in New York City.,2023/3/10,9,美国瑞星思达,投,投资控股公司,American Stock Exchange(AMEX),美,美利坚证,券,券交易所,The hectic exchange floor of The AmericanStockExchange,TrinityPlace,New York,NY,painted by Leroy Neiman,The traderswear brightly colored jackets-blue,yellow,green,orangeand red-with each color corresponding toa specifictrading house.,Thereare women onthe floor;the AmericanStockExchange was thefirstexchange toelectwomenmembers in 1965.,2023/3/10,10,美国瑞星思达,投,投资控股公司,AMEX美,国,国证券交易所,Originally k