上市指南（中英）
在专家协助下上市 Go public with the experts 筹备上市 Getting ready 尽职调查 Due diligence 上市后工作Post-listing 资本市场服务部的主管合伙人 Leaders of Capital Market Services Group 办事处地址 Office locations 通过首次公开发行把企业变成上市公司是一个重大的里程碑，需要会计、法律、财务咨询和承销等顾问的通力合作。 Turning a business into a publicly traded company in the stock market through an initial public offering (IPO) is a milestone that calls for the combined efforts of advisers from the accounting, legal, financial advisory and underwriting professions. Advantages Access to the capital market Better visibility and credibility 作为专业服务事务所，我们可以给您提供建议，帮助您披荆斩棘，迈向上市成功之路。我们资本市场服务部的专家能于中国内地和香港为您提供迅速、全面的服务。 Reduced need for personal funding and guarantees Liquidity for shareholders As a professional services firm, we can advise and assist you to navigate the complex route to becoming a public company. Our experts from the Capital Market Services Group deliver immediate, comprehensive services across the Chinese Mainland and Hong Kong. Enhanced corporate governance 我们还曾通过与其他德勤成员所中的上市专家合作，协助各类型的公司在其他市场上市，例如美国、英国、伦敦、新加坡、加拿大、日本及韩国等。 Attracting and retaining talent Disadvantages Regulatory compliance takes time and resources 为何需要上市? 企业在决定上市前，需要就上市的利弊作出全盘考虑。 Increased need for public disclosures We have also helped companies list in other markets, including the US, UK,Singapore, Canada, Japan and Korea through working together with our IPO experts in other Deloitte member firms. Diluted control 优点 拓展融资渠道 提高公司知名度和信誉 减少个人投资和担保 提供股权流通 Why go public? 提高公司治理水平 Companies need to consider the advantages and disadvantages of going public thoroughly before making a decision on whether to list. 吸引和挽留人才 缺点 为遵守法规要求，需要花费更多管理层时间和公司资源 需公开披露更多公司资料和财务状况 削弱对公司的控制权 您必须根据贵公司的发展计划，权衡上市的利弊。上市诚然是贵公司一个重要的里程碑，但是您也该考虑上市以外的其他方案，并与会计师、律师和其他专业顾问进行充分的讨论。 SPAC上市需时更短且成本更低，成为传统IPO路径的另一吸引之选。保荐人可于SPAC上市和SPAC并购交易的多项细节上享有更大的确定性，尤其是发行价格可以通过投资者与发起人磋商而订立，而非通过IPO的建簿过程。传统上市亦较SPAC上市面对更多变数，包括市场的波动性、市场和投资情绪，以及来自其他同时期公开发售的项目的竞争等。 有关香港SPAC上市制度的特征及生命周期，以及我们服务内容的详情，请阅读我们另一份名为《香港SPAC上市必需指南》的刊物。 于何处上市——中国内地、香港、美国、新加坡、还是英国? 上市所需时间因公司而异，其主要因素包括企业架构和相关活动的复杂程度，以及目标证券交易所的上市要求。 上市地的选择受诸多因素影响，其中包括当地法律环境和对公司过往业绩的要求（请详见个别分页的详情）。 上市费用也是其中的一个考虑因素。会计师、保荐人/券商、律师、公关公司等均需收取服务费用。上市费用总额取决于发行规模，以及上市项目上所耗用的时间。 企业也对于被SPAC收购感兴趣，那代表它们会于SPAC并购交易完成后，马上获得上市地位。 过去四十多年，德勤协助了500多家企业于中国内地、香港、美国、新加坡及英国的证券交易所上市 但是，SPAC上市并非毫无忧虑，它的风险可包括未能于所须时间内找到合适的目标公司进行SPAC并购交易，或未能对SPAC并购交易的议案参与议决，以及未能于SPAC并购交易完成时遵守传统上市公司所须的披露与申报要求。 任何发行证券的公司都必须遵循上市地的会计准则、披露要求和监管机构的法规。 这些规则、法规均被严密诠释，而且几乎经常更新。若未能够遵守相关规则，后果至少是时间上的重大延误，或更严重。 是通过IPO、SPAC上市，还是SPAC并购交易上市？ 在决定会否选择SPAC上市前，企业应考虑的因素包括较长期的业务策略、是否有资源完成IPO上市、就同业于二级市场的估值及SPAC所提供的估值进行比较，以及遵守成为上市公司所须的监管要求的能力。 过去两年，美国特殊目的收购公司(SPAC)上市的强劲增长势头备受市场注目，尤其是来自投资者和计划上市的企业。而新加坡的SPAC上市项目和香港全新的SPAC上市机制也带来了广泛的关注。 You must weigh the advantages and disadvantages of going public against the plans you have for your business. Although a listing is a major achievement, you should also consider alternatives and discuss the matter thoroughly with your accountants, lawyers and other professional advisers. Going public via IPO, SPAC listings or de-SPAC transactions? Before making a decision on whether to pursue a SPAC, a company should consider factors including its long-term business strategy, whether it has the resources to complete an IPO, valuations of its peers in the secondary market versus that offered by the SPAC, and its capacity to comply with regulatory requirements on becoming a listed company. In the last two years, the strong growth momentum of listings special purpose acquisition companies (SPACs) in the US has drawn much market attention, especially among investors and companies planning to go public. SPAC listings in Singapore and the new SPAC listing regime in Hong Kong have also caught widespread attention. The time required for a listing varies from company to company. It depends on the complexity of the company's structure and activities, and the listing requirements of the targeted stock exchange. For more details about the features and lifecycle of the SPAC listing regime in Hong Kong and our service offerings, please refer to our separate publication called 'An essential guide to SPAC listings in Hong Kong'. A SPAC listing’s shorter timeframe and lower costs can make it an attractive alternative to the traditional IPO route. Sponsors can enjoy greater certainty in many aspects of a SPAC listing and de-SPAC transaction, The cost of going public should also be considered. Professional fees will need to be paid to your accountant,sponsor, legal and public relations adviser. The final cost will depend on the size of the new issuance and the time spent on the listing. especially the offering price, which is negotiated by investors and sponsors rather than established through IPO book building. IPOs also have more variables than SPACs, including market volatility, market and investment sentiment, and competition from other public offerings made at the same time. Where to list - the Chinese Mainland, Hong Kong, the
