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首页 高盛IPO教程

高盛IPO教程.pdf

高盛IPO教程

天生桥
2009-07-27 0人阅读 举报 0 0 暂无简介

简介:本文档为《高盛IPO教程pdf》,可适用于经济金融领域

IPOExecutionIPOExecutionITheMarketEnvironmentITheMarketEnvironmentWhattheHeadlinesSayWhattheHeadlinesSay……InvestmentBanksInvestmentBanks„„InsiderTradingInsiderTrading„„ResearchIndependenceResearchIndependence„„SecuritiesDistributionSecuritiesDistribution„„PrincipalvsAdvisorPrincipalvsAdvisor„„ProductSuitabilityProductSuitability„„RiskManagementRiskManagementWhattheHeadlinesSayWhattheHeadlinesSay……ClientsClients„„AccountingFinancialManipulationAccountingFinancialManipulation„„MoneylaunderingMoneylaundering„„BriberyBribery„„CollusionpricefixingCollusionpricefixing„„OptionsbackdatingOptionsbackdating„„ExecutivecompensationExecutivecompensation„„BoardroomspyingBoardroomspying„„IntellectualpropertyIntellectualproperty„„ProductsafetyProductsafety„„BusinesspracticesBusinesspractices„„SocialissuesSocialissuesKeyIssuesforInvestmentBanksKeyIssuesforInvestmentBanks„„ProperuseofinformationChineseWallProperuseofinformationChineseWall„„ManagingconflictsofinterestManagingconflictsofinterest„„DuediligenceDuediligenceIssuesofBusinessEthicsinPracticeIssuesofBusinessEthicsinPractice„„AML,InsiderTrading,BriberyAML,InsiderTrading,Bribery„„ResearchindependenceResearchindependence„„MisuseofconfidentialinformationMisuseofconfidentialinformation„„ProductsuitabilityandpricingProductsuitabilityandpricing„„ActingasprincipalActingasprincipal„„ClientpracticesClientpractices„„InternalbehaviorInternalbehaviorOurApproachOurApproach„„StrongCultureStrongCulture„„ClearPoliciesandProceduresClearPoliciesandProcedures„„TrainingandEducationTrainingandEducation„„RigorousOversightRigorousOversight„„RewardandStrictEnforcementRewardandStrictEnforcement„„#Wetakegreatprideintheprofessionalqualityofourwork#WetakegreatprideintheprofessionalqualityofourworkWeWehaveanuncompromisinghaveanuncompromisingdeterminationtoachieveexcellencedeterminationtoachieveexcellenceinineverythingweundertakeeverythingweundertake……„„#Wemakeanunusualefforttoidentifyandrecruitthevery#WemakeanunusualefforttoidentifyandrecruittheverybestbestpersonforeveryjobAlthoughouractivitiesaremeasuredintpersonforeveryjobAlthoughouractivitiesaremeasuredinthehebillionsofdollars,billionsofdollars,weselectourpeopleonebyoneweselectourpeopleonebyone„„#Weofferourpeopletheopportunitytomoveaheadmore#WeofferourpeopletheopportunitytomoveaheadmorerapidlythanispossibleatmostotherplacesrapidlythanispossibleatmostotherplacesAdvancementAdvancementdependsonmeritdependsonmeritandwehaveyettofindthelimitstotheandwehaveyettofindthelimitstotheresponsibilityourbestpeopleareabletoassumeresponsibilityourbestpeopleareabletoassume„„##WestressteamworkineverythingwedoWestressteamworkineverythingwedoWhileindividualWhileindividualcreativityisalwaysencouraged,wehavefoundthatteameffortcreativityisalwaysencouraged,wehavefoundthatteameffortoftenproducesthebestresultsWehavenoroomforthosewhooftenproducesthebestresultsWehavenoroomforthosewhoputtheirpersonalinterestsaheadoftheinterestsofthefirmputtheirpersonalinterestsaheadoftheinterestsofthefirmanditsanditsclientsclientsOurBusinessPrinciplesOurBusinessPrinciples„„#Ourassetsareourpeople,capitalandreputationIfany#Ourassetsareourpeople,capitalandreputationIfanyofoftheseiseverdiminished,thelastisthemostdifficulttoresttheseiseverdiminished,thelastisthemostdifficulttorestoreoreWeWearededicatedtocomplyingfullywiththeletterandspiritoftarededicatedtocomplyingfullywiththeletterandspiritofthelaws,helaws,rulesandethicalprinciplesthatgovernusrulesandethicalprinciplesthatgovernusOurcontinuedsuccessOurcontinuedsuccessdependsuponunswervingadherencetothisstandarddependsuponunswervingadherencetothisstandard„„#Weregularlyreceive#WeregularlyreceiveconfidentialinformationconfidentialinformationaspartofouraspartofournormalclientrelationshipsTobreachaconfidenceortousenormalclientrelationshipsTobreachaconfidenceortouseconfidentialinformationimproperlyorcarelesslywouldbeconfidentialinformationimproperlyorcarelesslywouldbeunthinkableunthinkable„„#Ourbusinessishighlycompetitive,andweaggressivelyse#Ourbusinessishighlycompetitive,andweaggressivelyseekektoexpandourclientrelationshipsHowever,wemustalwaysbetoexpandourclientrelationshipsHowever,wemustalwaysbefairfaircompetitorscompetitorsandmustneverdenigrateotherfirmsandmustneverdenigrateotherfirms„„#Integrityandhonestyareattheheartofourbusiness#IntegrityandhonestyareattheheartofourbusinessWeWeexpectourpeopletomaintainhighethicalstandardsineverythiexpectourpeopletomaintainhighethicalstandardsineverythingngtheydo,bothintheirworkforthefirmandintheirpersonalltheydo,bothintheirworkforthefirmandintheirpersonallivesivesOurBusinessPrinciplesOurBusinessPrinciplesTheChairmanTheChairman’’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„„DoyoutellyourpeoplehowtheyDoyoutellyourpeoplehowtheyaredoingonaregularbasisaredoingonaregularbasisIntegrityIntegrityExerciseLeadershipExerciseLeadershipCommunicateCommunicateTrustbutVerifyTrustbutVerifySupervisor,DeskSupervisor,DeskHead,TeamLeaderHead,TeamLeaderGlobalGlobalOperationsOperationsHumanHumanCapitalCapitalManagementManagementComplianceComplianceManagementManagementControlsControlsLegalLegalControllersControllersIntegratedSystemofSupport,MonitoringandIntegratedSystemofSupport,MonitoringandOversightOversightIITheIPOProcessIITheIPOProcessTheEquityOfferingProcessTheEquityOfferingProcessTargetingTargetingTargetingSolicitationPhaseSolicitationPhaseSolicitationPhaseDueDiligence,DocumentationandotherPreparationDueDiligence,DueDiligence,DocumentationandDocumentationandotherPreparationotherPreparationPremarketingPremarketingPremarketingRoadshowRoadshowRoadshowPricingPricingPricingClosingClosingClosingSummaryofKeyResponsibilitiesSummaryofKeyResponsibilities„„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„„PriceRangePriceRangeProjectOrganisationInternalTasksProjectProjectOrganisationOrganisationInternalTasksInternalTasksDocumentationDocumentationDocumentationValuationValuationValuationOfferingStructureMarketingOfferingOfferingStructureStructureMarketingMarketingDueDiligenceDueDueDiligenceDiligenceExternalExternalExternalGoingPublicGoingPublicKeyIssuestoConsiderKeyIssuestoConsiderUniquestrategiceventinthelifecycleofacompanywithmajorUniquestrategiceventinthelifecycleofacompanywithmajorstrategicstrategicimplicationsimplications„„TypeofAccountsTypeofAccounts„„TimetableTimetable„„LevelofDisclosureLevelofDisclosure„„MISMISFinancialReportingFinancialReportingFinancialReporting„„PerformanceBasedCompensationPerformanceBasedCompensation„„StockvsCashStockvsCashManagementIncentivesManagementIncentivesManagementIncentives„„BoardCompositionBoardComposition„„ExecutivevsNonExecutivevsNonexecutiveDirectorsexecutiveDirectorsCorporateGovernanceCorporateGovernanceCorporateGovernance„„GeneralCorporatevsSpecificPurposesGeneralCorporatevsSpecificPurposesUseofProceedsUseofProceedsUseofProceeds„„ShortTermMediumTermShortTermMediumTerm„„FinancialTargetsFinancialTargetsBusinessPlanStrategyBusinessPlanStrategyBusinessPlanStrategyGoingPublicGoingPublicKeyIssuestoConsiderKeyIssuestoConsiderUniquestrategiceventinthelifecycleofacompanywithmajorUniquestrategiceventinthelifecycleofacompanywithmajorstrategicstrategicimplicationsimplications„„StaffResourcesStaffResources„„SeniorManagementInvolvementSeniorManagementInvolvementInvestorRelationsPublicRelationsInvestorRelationsInvestorRelationsPublicRelationsPublicRelations„„InstitutionalvsRetailInstitutionalvsRetail„„DomesticvsInternationalDomesticvsInternational„„EmployeeOwnershipEmployeeOwnershipShareholderBaseShareholderBaseShareholderBase„„DividendYieldDividendYield„„DividendPayoutRatioDividendPayoutRatio„„SemiSemiannualvsAnnualannualvsAnnualDividendPolicyDividendPolicyDividendPolicy„„PrimarySecondaryMixPrimarySecondaryMix„„LeverageLeverage„„FreeFloatFreeFloatCapitalStructureCapitalStructureCapitalStructureIIIWhyDoWeConductIIIWhyDoWeConductDueDiligenceDueDiligenceBusinessReasonsBusinessReasons„„BusinessselectionBusinessselection„„ToidentifyandunderstandbusinessandfinancialrisksToidentifyandunderstandbusinessandfinancialrisksinvolvedineachtransactioninvolvedineachtransaction„„ToenableustodescribeandmarketthebusinesstoToenableustodescribeandmarketthebusinesstopotentialinvestorsthroughtheprospectus,informationpotentialinvestorsthroughtheprospectus,informationmemorandum,memorandum,roadshowroadshowandorothermarketingactivitiesandorothermarketingactivities„„ToenableustoperformvaluationsandgivemergeradviceToenableustoperformvaluationsandgivemergeradvice„„ToenableustodeliverwellToenableustodeliverwellgroundedfairnessopinionsgroundedfairnessopinions„„ToenhancecommercialeffectivenessinotherassignmentsToenhancecommercialeffectivenessinotherassignmentsbyfurtheringourunderstandingofandfamiliaritywithbyfurtheringourunderstandingofandfamiliaritywithindustriesindustries„„ToprotectourreputationToprotectourreputation––ourmostimportantassetourmostimportantassetLegalReasonsLegalReasonsLawsuitsLawsuitsWorldComLitigationofWorldComLitigationof„„LargestbankruptcyinhistoryLargestbankruptcyinhistory„„WorldComtreatedWorldComtreated““lineline””costs(transmissionexpenses)ascosts(transmissionexpenses)ascapitalexpendituresinamassivefraudcapitalexpendituresinamassivefraud„„InvestorsInvestors’’claimsthattheprospectusesintwobondofferingsclaimsthattheprospectusesintwobondofferingscontainedmaterialmisstatementsandomissionscontainedmaterialmisstatementsandomissions„„MotionforsummaryjudgmentbasedonaduediligenceMotionforsummaryjudgmentbasedonaduediligencedefensedenieddefensedenied„„underwriterssettledforatotalofunderwriterssettledforatotalof$billion$billion(feesfor(feesforthetransactionswere$million)thetransactionswere$million)DuediligenceinUSOfferingsDuediligenceinUSOfferingsDueDiligenceDueDiligenceDefenseDefense„„UnderUSsecuritieslaws,underwritershaveanaffirmativeUnderUSsecuritieslaws,underwritershaveanaffirmativedefensedefensefromliabilityiftheycanprovetheyconductedafromliabilityiftheycanprovetheyconductedareasonableinvestigationandhadreasonablegroundstoreasonableinvestigationandhadreasonablegroundstobelievethatthedisclosurecontainednomaterialbelievethatthedisclosurecontainednomaterialmisstatementsoromissionsmisstatementsoromissionsDuediligenceinHKDuediligenceinHKIPOsIPOsSponsorsSponsors’’DutiesDuties„„SponsorsofHKSponsorsofHKIPOsIPOshaveobligationsundertheHongKongListinghaveobligationsundertheHongKongListingRuleswithrespecttoduediligence:Ruleswithrespecttoduediligence:⎯⎯ASponsormustconductreasonableduediligenceinquiriestoASponsormustconductreasonableduediligenceinquiriestoputitselfinapositiontobeabletomaketheSponsorputitselfinapositiontobeabletomaketheSponsor’’ssDeclarationtotheHKSEDeclarationtotheHKSE⎯⎯ASponsormusthaveregardtotheduediligencepracticenoteASponsormusthaveregardtotheduediligencepracticenotesetoutinPracticeNote(PN)oftheListingRulessetoutinPracticeNote(PN)oftheListingRules„„ASponsorASponsor’’sDeclarationconfirmscertainmattersrelatingtothesDeclarationconfirmscertainmattersrelatingtotheissueronthebasisofreasonableduediligenceinquiriesmadeissueronthebasisofreasonableduediligenceinquiriesmade„„PNsetsoutthePNsetsouttheHKSEHKSE’’ssexpectationsoftheduediligencethatexpectationsoftheduediligencethattheSponsorswouldtypicallyperformtheSponsorswouldtypicallyperformPNisnotintendedtoPNisnotintendedtobeasetofprescribedminimumproceduresthatareapplicablebeasetofprescribedminimumproceduresthatareapplicabletoallissuerstoallissuersDueDiligenceinADueDiligenceinAShareOfferingsShareOfferings„„HighlyregulatedSponsorduediligenceprocess:HighlyregulatedSponsorduediligenceprocess:⎯⎯DetailedduediligencerequirementssetforthinCSRCDetailedduediligencerequirementssetforthinCSRCcircularcircular⎯⎯RequiredtomaintaindetailedduediligenceworkingRequiredtomaintaindetailedduediligenceworkingnotesnotes––keepforyearskeepforyears„„RequiredtodeclarethatSponsorRequiredtodeclarethatSponsor’’srepresentativeshavesrepresentativeshavedischargedtheirduediligencedutiesdischargedtheirduediligencedutiesInternationalSanctionsInternationalSanctionsRecentDevelopmentsRecentDevelopments„„IncreasingfocusoncompliancewithnationalandIncreasingfocusoncompliancewithnationalandinternationalsanctionsprogramsbyfinancialinstitutionsandinternationalsanctionsprogramsbyfinancialinstitutionsandinvestmentbanksinvestmentbanksSanctionsProgramsSanctionsPrograms„„USTreasuryUSTreasury’’sOfficeofForeignAssetsControl(OFAC)sOfficeofForeignAssetsControl(OFAC)„„UnitedNationsUnitedNations„„EuropeanC

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