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首页 高盛IPO全套教程

高盛IPO全套教程.pdf

高盛IPO全套教程

茶皮2012
2011-11-07 0人阅读 举报 0 0 暂无简介

简介:本文档为《高盛IPO全套教程pdf》,可适用于经济金融领域

IPOExecutionIPOExecutionwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomITheMarketEnvironmentITheMarketEnvironmentwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomWhattheHeadlinesSayWhattheHeadlinesSay……InvestmentBanksInvestmentBanks„„InsiderTradingInsiderTrading„„ResearchIndependenceResearchIndependence„„SecuritiesDistributionSecuritiesDistribution„„PrincipalvsAdvisorPrincipalvsAdvisor„„ProductSuitabilityProductSuitability„„RiskManagementRiskManagementwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomWhattheHeadlinesSayWhattheHeadlinesSay……ClientsClients„„AccountingFinancialManipulationAccountingFinancialManipulation„„MoneylaunderingMoneylaundering„„BriberyBribery„„CollusionpricefixingCollusionpricefixing„„OptionsbackdatingOptionsbackdating„„ExecutivecompensationExecutivecompensation„„BoardroomspyingBoardroomspying„„IntellectualpropertyIntellectualproperty„„ProductsafetyProductsafety„„BusinesspracticesBusinesspractices„„SocialissuesSocialissueswwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomKeyIssuesforInvestmentBanksKeyIssuesforInvestmentBanks„„ProperuseofinformationChineseWallProperuseofinformationChineseWall„„ManagingconflictsofinterestManagingconflictsofinterest„„DuediligenceDuediligencewwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomIssuesofBusinessEthicsinPracticeIssuesofBusinessEthicsinPractice„„AML,InsiderTrading,BriberyAML,InsiderTrading,Bribery„„ResearchindependenceResearchindependence„„MisuseofconfidentialinformationMisuseofconfidentialinformation„„ProductsuitabilityandpricingProductsuitabilityandpricing„„ActingasprincipalActingasprincipal„„ClientpracticesClientpractices„„InternalbehaviorInternalbehaviorwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomOurApproachOurApproach„„StrongCultureStrongCulture„„ClearPoliciesandProceduresClearPoliciesandProcedures„„TrainingandEducationTrainingandEducation„„RigorousOversightRigorousOversight„„RewardandStrictEnforcementRewardandStrictEnforcementwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocom„„#Wetakegreatprideintheprofessionalqualityofourwork#WetakegreatprideintheprofessionalqualityofourworkWeWehaveanuncompromisinghaveanuncompromisingdeterminationtoachieveexcellencedeterminationtoachieveexcellenceinineverythingweundertakeeverythingweundertake……„„#Wemakeanunusualefforttoidentifyandrecruitthevery#WemakeanunusualefforttoidentifyandrecruittheverybestbestpersonforeveryjobAlthoughouractivitiesaremeasuredintpersonforeveryjobAlthoughouractivitiesaremeasuredinthehebillionsofdollars,billionsofdollars,weselectourpeopleonebyoneweselectourpeopleonebyone„„#Weofferourpeopletheopportunitytomoveaheadmore#WeofferourpeopletheopportunitytomoveaheadmorerapidlythanispossibleatmostotherplacesrapidlythanispossibleatmostotherplacesAdvancementAdvancementdependsonmeritdependsonmeritandwehaveyettofindthelimitstotheandwehaveyettofindthelimitstotheresponsibilityourbestpeopleareabletoassumeresponsibilityourbestpeopleareabletoassume„„##WestressteamworkineverythingwedoWestressteamworkineverythingwedoWhileindividualWhileindividualcreativityisalwaysencouraged,wehavefoundthatteameffortcreativityisalwaysencouraged,wehavefoundthatteameffortoftenproducesthebestresultsWehavenoroomforthosewhooftenproducesthebestresultsWehavenoroomforthosewhoputtheirpersonalinterestsaheadoftheinterestsofthefirmputtheirpersonalinterestsaheadoftheinterestsofthefirmanditsanditsclientsclientsOurBusinessPrinciplesOurBusinessPrincipleswwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocom„„#Ourassetsareourpeople,capitalandreputationIfany#Ourassetsareourpeople,capitalandreputationIfanyofoftheseiseverdiminished,thelastisthemostdifficulttoresttheseiseverdiminished,thelastisthemostdifficulttorestoreoreWeWearededicatedtocomplyingfullywiththeletterandspiritoftarededicatedtocomplyingfullywiththeletterandspiritofthelaws,helaws,rulesandethicalprinciplesthatgovernusrulesandethicalprinciplesthatgovernusOurcontinuedsuccessOurcontinuedsuccessdependsuponunswervingadherencetothisstandarddependsuponunswervingadherencetothisstandard„„#Weregularlyreceive#WeregularlyreceiveconfidentialinformationconfidentialinformationaspartofouraspartofournormalclientrelationshipsTobreachaconfidenceortousenormalclientrelationshipsTobreachaconfidenceortouseconfidentialinformationimproperlyorcarelesslywouldbeconfidentialinformationimproperlyorcarelesslywouldbeunthinkableunthinkable„„#Ourbusinessishighlycompetitive,andweaggressivelyse#Ourbusinessishighlycompetitive,andweaggressivelyseekektoexpandourclientrelationshipsHowever,wemustalwaysbetoexpandourclientrelationshipsHowever,wemustalwaysbefairfaircompetitorscompetitorsandmustneverdenigrateotherfirmsandmustneverdenigrateotherfirms„„#Integrityandhonestyareattheheartofourbusiness#IntegrityandhonestyareattheheartofourbusinessWeWeexpectourpeopletomaintainhighethicalstandardsineverythiexpectourpeopletomaintainhighethicalstandardsineverythingngtheydo,bothintheirworkforthefirmandintheirpersonalltheydo,bothintheirworkforthefirmandintheirpersonallivesivesOurBusinessPrinciplesOurBusinessPrincipleswwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomTheChairmanTheChairman’’sForum:CompassforExcellenceinsForum:CompassforExcellenceinLeadershipAccountabilityLeadershipAccountability„„DoyouholdyourselfandthosewhoworkwithyoutotheDoyouholdyourselfandthosewhoworkwithyoutothehighestofstandardshighestofstandards„„Doyoufirstaskyourself:"Isitright",ratherthan"WillthiDoyoufirstaskyourself:"Isitright",ratherthan"Willthissbeprofitable"or"Isitlegal"beprofitable"or"Isitlegal"„„Doyouconsistentlyseekhelpanda"secondsetofeyes"Doyouconsistentlyseekhelpanda"secondsetofeyes"onethicalissuesonethicalissues„„DoyoulearnfromyourexperienceDoyoulearnfromyourexperienceandthatofothersandthatofothersandmodifyyourbehavioraccordinglyandmodifyyourbehavioraccordingly„„DoyourespecttheconfidentialityoftheinformationyouDoyourespecttheconfidentialityoftheinformationyoureceivereceiveNNSSWWEE„„WhatdoesitmeantoactlikealeaderintherealmofWhatdoesitmeantoactlikealeaderintherealmofbusinessjudgmentbusinessjudgment„„DoyouactivelywelcomediscussionofallissuesDoyouactivelywelcomediscussionofallissuesquestionsconcernsregardingbusinessjudgmentquestionsconcernsregardingbusinessjudgment„„DoyoulookfortellDoyoulookfortelltalesignsofpoorjudgmentWhataretalesignsofpoorjudgmentWhatarethesignsthesigns„„DoyoudemonstratetheneedtostaywellwithinDoyoudemonstratetheneedtostaywellwithinguidelinesguidelines„„WhensomeoneshowspoorjudgmentorseemsaccidentWhensomeoneshowspoorjudgmentorseemsaccidentprone,doyoutakedecisiveactionprone,doyoutakedecisiveaction„„HaveyoudevelopedadequateHaveyoudevelopedadequateprocessesandprocedurestoprocessesandprocedurestomonitorbusinesspracticesmonitorbusinesspractices„„DoyouknowwhetheryourpeopleDoyouknowwhetheryourpeopleareperformingtheirjobstotheareperformingtheirjobstothehighestethicalstandardshighestethicalstandards„„DoyouconsistentlyfollowDoyouconsistentlyfollowuponupon"yellowflags""yellowflags"„„Howwelldoyou(andyourHowwelldoyou(andyourpeople)knowyourclientspeople)knowyourclients„„DoyouverifythatyourpeopleareDoyouverifythatyourpeoplearecommunicatingwithclientsandcommunicatingwithclientsandothersinanopenmanner,othersinanopenmanner,particularlywhenthereisroomforparticularlywhenthereisroomformisunderstandingorapotentialmisunderstandingorapotentialproblemproblem„„Haveyouarticulatedclear,simpleHaveyouarticulatedclear,simplebusinesspracticeguidelinestobusinesspracticeguidelinestoyourpeopleAreyourpeopleyourpeopleAreyourpeopleclearonwhatexactlyyouexpectclearonwhatexactlyyouexpectofthemofthem„„DoyouencourageproactiveandDoyouencourageproactiveandopencommunicationswithclientsopencommunicationswithclientsinwhichyoutransparentlyidentifyinwhichyoutransparentlyidentifyanddiscussrealorperceivedanddiscussrealorperceivedconflicts,problemsorsensitivitiesconflicts,problemsorsensitivitiesanddiscusstherisksrewardsofanddiscusstherisksrewardsoftheirchoicestheirchoices„„DoyouincludeyourpeopleyourDoyouincludeyourpeopleyourmanagerinbusinesspracticemanagerinbusinesspracticebusinessselectiondecisionsbusinessselectiondecisions„„DoyoutellyourpeoplehowtheyDoyoutellyourpeoplehowtheyaredoingonaregularbasisaredoingonaregularbasisIntegrityIntegrityExerciseLeadershipExerciseLeadershipCommunicateCommunicateTrustbutVerifyTrustbutVerifywwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomSupervisor,DeskSupervisor,DeskHead,TeamLeaderHead,TeamLeaderGlobalGlobalOperationsOperationsHumanHumanCapitalCapitalManagementManagementComplianceComplianceManagementManagementControlsControlsLegalLegalControllersControllersIntegratedSystemofSupport,MonitoringandIntegratedSystemofSupport,MonitoringandOversightOversightwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomIITheIPOProcessIITheIPOProcesswwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomTheEquityOfferingProcessTheEquityOfferingProcessTargetingTargetingTargetingSolicitationPhaseSolicitationPhaseSolicitationPhaseDueDiligence,DocumentationandotherPreparationDueDiligence,DueDiligence,DocumentationandDocumentationandotherPreparationotherPreparationPremarketingPremarketingPremarketingRoadshowRoadshowRoadshowPricingPricingPricingClosingClosingClosingwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomSummaryofKeyResponsibilitiesSummaryofKeyResponsibilities„„SyndicateSyndicateStructureStructure„„CorporateCorporateGovernanceGovernance„„ManagementManagementIncentivesIncentives„„EmployeeEmployeeTrancheTranche„„AnalystAnalystPresentationPresentation„„ResearchResearchReportsReports„„RedFlashRedFlash„„SalesMemoSalesMemo„„SalesCallSalesCall„„PrePreMarketingMarketing„„PRCampaignsPRCampaigns„„RoadshowsRoadshows„„PricingPricingAllocationAllocation„„TradingTrading„„SettlementSettlement„„GreenshoeGreenshoe„„ProspectusesProspectuses„„StockExchangeStockExchangeFilingsFilings„„HistoricalHistoricalFinancialsFinancials„„ComfortLettersComfortLetters„„LegalOpinionsLegalOpinions„„UnderwritingUnderwritingAgreementAgreement„„AgreementAgreementamongamongUnderwritersUnderwriters„„AgreementAgreementbetweenbetweenSyndicatesSyndicates„„ClosingClosingDocumentationDocumentation„„LegalLegal„„BusinessBusiness„„FinancialFinancial„„rdrdpartyparty„„BringBringdownsdowns„„ProjectProjectOrganisationOrganisation„„SelectionofSelectionofAdvisorsAdvisors„„GreyGreyRestrictedListRestrictedList„„BIGCheckingBIGChecking„„CommitmentsCommitmentsCommitteeCommittee„„RedFlashRedFlash„„SalesMemoSalesMemo„„SalesCallSalesCall„„CaseStudyCaseStudy„„PostClosingPostClosingMattersMatters(Advertising,(Advertising,Expenses)Expenses)„„ReviewofReviewofBusinessBusinessPlanPlanFinancialFinancialProjectionsProjections„„CapitalCapitalStructureStructure„„DividendDividendPolicyPolicy„„ValuationValuation„„PriceRangePriceRangeProjectOrganisationInternalTasksProjectProjectOrganisationOrganisationInternalTasksInternalTasksDocumentationDocumentationDocumentationValuationValuationValuationOfferingStructureMarketingOfferingOfferingStructureStructureMarketingMarketingDueDiligenceDueDueDiligenceDiligenceExternalExternalExternalwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomGoingPublicGoingPublicKeyIssuestoConsiderKeyIssuestoConsiderUniquestrategiceventinthelifecycleofacompanywithmajorUniquestrategiceventinthelifecycleofacompanywithmajorstrategicstrategicimplicationsimplications„„TypeofAccountsTypeofAccounts„„TimetableTimetable„„LevelofDisclosureLevelofDisclosure„„MISMISFinancialReportingFinancialReportingFinancialReporting„„PerformanceBasedCompensationPerformanceBasedCompensation„„StockvsCashStockvsCashManagementIncentivesManagementIncentivesManagementIncentives„„BoardCompositionBoardComposition„„ExecutivevsNonExecutivevsNonexecutiveDirectorsexecutiveDirectorsCorporateGovernanceCorporateGovernanceCorporateGovernance„„GeneralCorporatevsSpecificPurposesGeneralCorporatevsSpecificPurposesUseofProceedsUseofProceedsUseofProceeds„„ShortTermMediumTermShortTermMediumTerm„„FinancialTargetsFinancialTargetsBusinessPlanStrategyBusinessPlanStrategyBusinessPlanStrategywwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomGoingPublicGoingPublicKeyIssuestoConsiderKeyIssuestoConsiderUniquestrategiceventinthelifecycleofacompanywithmajorUniquestrategiceventinthelifecycleofacompanywithmajorstrategicstrategicimplicationsimplications„„StaffResourcesStaffResources„„SeniorManagementInvolvementSeniorManagementInvolvementInvestorRelationsPublicRelationsInvestorRelationsInvestorRelationsPublicRelationsPublicRelations„„InstitutionalvsRetailInstitutionalvsRetail„„DomesticvsInternationalDomesticvsInternational„„EmployeeOwnershipEmployeeOwnershipShareholderBaseShareholderBaseShareholderBase„„DividendYieldDividendYield„„DividendPayoutRatioDividendPayoutRatio„„SemiSemiannualvsAnnualannualvsAnnualDividendPolicyDividendPolicyDividendPolicy„„PrimarySecondaryMixPrimarySecondaryMix„„LeverageLeverage„„FreeFloatFreeFloatCapitalStructureCapitalStructureCapitalStructurewwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomIIIWhyDoWeConductIIIWhyDoWeConductDueDiligenceDueDiligencewwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomBusinessReasonsBusinessReasons„„BusinessselectionBusinessselection„„ToidentifyandunderstandbusinessandfinancialrisksToidentifyandunderstandbusinessandfinancialrisksinvolvedineachtransactioninvolvedineachtransaction„„ToenableustodescribeandmarketthebusinesstoToenableustodescribeandmarketthebusinesstopotentialinvestorsthroughtheprospectus,informationpotentialinvestorsthroughtheprospectus,informationmemorandum,memorandum,roadshowroadshowandorothermarketingactivitiesandorothermarketingactivities„„ToenableustoperformvaluationsandgivemergeradviceToenableustoperformvaluationsandgivemergeradvice„„ToenableustodeliverwellToenableustodeliverwellgroundedfairnessopinionsgroundedfairnessopinions„„ToenhancecommercialeffectivenessinotherassignmentsToenhancecommercialeffectivenessinotherassignmentsbyfurtheringourunderstandingofandfamiliaritywithbyfurtheringourunderstandingofandfamiliaritywithindustriesindustries„„ToprotectourreputationToprotectourreputation––ourmostimportantassetourmostimportantassetwwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomLegalReasonsLegalReasonsLawsuitsLawsuitsWorldComLitigationofWorldComLitigationof„„LargestbankruptcyinhistoryLargestbankruptcyinhistory„„WorldComtreatedWorldComtreated““lineline””costs(transmissionexpenses)ascosts(transmissionexpenses)ascapitalexpendituresinamassivefraudcapitalexpendituresinamassivefraud„„InvestorsInvestors’’claimsthattheprospectusesintwobondofferingsclaimsthattheprospectusesintwobondofferingscontainedmaterialmisstatementsandomissionscontainedmaterialmisstatementsandomissions„„MotionforsummaryjudgmentbasedonaduediligenceMotionforsummaryjudgmentbasedonaduediligencedefensedenieddefensedenied„„underwriterssettledforatotalofunderwriterssettledforatotalof$billion$billion(feesfor(feesforthetransactionswere$million)thetransactionswere$million)wwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomDuediligenceinUSOfferingsDuediligenceinUSOfferingsDueDiligenceDueDiligenceDefenseDefense„„UnderUSsecuritieslaws,underwritershaveanaffirmativeUnderUSsecuritieslaws,underwritershaveanaffirmativedefensedefensefromliabilityiftheycanprovetheyconductedafromliabilityiftheycanprovetheyconductedareasonableinvestigationandhadreasonablegroundstoreasonableinvestigationandhadreasonablegroundstobelievethatthedisclosurecontainednomaterialbelievethatthedisclosurecontainednomaterialmisstatementsoromissionsmisstatementsoromissionswwwguminxuexiaocomwwwguminxuexiaocomhttp:wwwguminxuexiaocomDuediligenceinHKDuediligenceinHKIPOsIPOsSponsorsSponsors’’DutiesDuties„„SponsorsofHKSponsorsofHKIPOsIPOshaveobligationsundertheHongKongListinghaveobligationsundertheHongKongListingRuleswithrespecttoduediligence:Ruleswithrespecttoduediligence:⎯⎯ASponsormustconductreasonableduediligenceinquiriestoASponsormustconductreasonableduediligenceinquiriestoputitselfinapositiontobeabletomaketheSponsorputitselfinapositiontobeabletomaketheSponsor’’ssDeclarationtotheHKSEDeclarationtotheHKSE⎯⎯ASponsormusthaveregardtotheduediligencepracticenoteASponsormusthaveregardtotheduediligencepracticenotesetoutinPracticeNote(PN)oftheListingRulessetoutinPracticeNote(PN)oftheListingRules„„ASponsorASponsor’’sDeclarationconfirmscertainmattersrelatingtothesDeclarationconfirmscertainmattersrelatingtotheissueronthebasisofreasonableduediligenceinquiriesmadeissueronthebasisofreasonableduediligenceinquiriesmade„„PNsetsoutthePNsetsouttheHKSEHKSE’’ssexpectationsoftheduediligencethatexpectationsoftheduediligencethattheSponsorswoul

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