1、Hong Kong Dual Listings by Canadian Public Companies加拿大上市公司在香港双重上市,March 20112011年 3月,2,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,HKSE General Listing RequirementsStricter listing requirements than TSX / TSX-VTrack Record: 3 Year Financial PerformanceManagement Continuity: 3 Years,香港
2、交易所一般上市要求上市要求比多交所主板/创业板更严格业绩记录：三年财务业绩管理持续性：三年,3,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,HKSE General Listing RequirementsOwnership Continuity: 1 YearEliminates all but mature mining companies from listing,香港交易所一般上市要求所有权持续性：一年仅批准成熟的矿业公司上市,4,Dual Listing of Canadian Companies on HKSE
3、加拿大公司在香港交易所双重上市,New HKSE Listing Rules for Mining CompaniesHKSE plan to broaden listed issuer base initiated in 2010Minimum requirements:At least “indicated resources”,香港交易所针对矿业公司的新上市规则香港交易所计划扩大启动于2010年的上市发行人基数最低要求：至少拥有“推定资源”,5,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,New HKSE Listi
4、ng Rules for Mining CompaniesMinimum requirements:125% working capital for 12 months (watch out for restrictions on pre-IPO Financing!),香港交易所针对矿业公司的新上市规则最低要求：满足于12个月的125%的流动资金（请注意对前期首次公开发行融资的限制性规定）,6,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,New HKSE Listing Rules for Mining Companie
5、sMinimum requirements:Board of directors and management with 5 years industry experienceClear Pathway to Production,香港交易所针对矿业公司的新上市规则最低要求：董事会和高管拥有5年以上行业经验为投产扫清道路,7,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,New HKSE Listing Rules for Mining CompaniesExpect conservative application of
6、new listing rules,香港交易所针对矿业公司的新上市规则期待提交关于新上市规则的保守性申请,8,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Clear Pathway to ProductionPath to production supported by at least a scoping study (ie: Preliminary evaluation of economic viability of mineral resources),为投产扫清道路走向投产至少有初步产能研究加以支持（即对矿产资源
7、经济可行性的初步评估）,9,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Clear Pathway to ProductionIndicative dates and costs for achievement of commercial productionHKSE can be expected to focus on plan to achieve productionPreliminary feasibility study may in practice be required,为投产扫清道路实现商业化生产的指标
8、日期和成本香港交易所注重实现生产的计划在实践中可能要求初步可行性研究,10,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Clear Pathway to ProductionMajor investment banks may want to see “bankable feasibility study” at a minimum,为投产扫清道路著名投资银行可能希望至少看到“值得信赖的可行性研究”,11,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,L
9、isting by Initial Public OfferingProcess lead by HK investment bank as sponsor and underwriterTypical listing route South Gobi and China Gold International,首次公开发行上市由香港投资银行作为保荐人和承销商来主导整个上市过程代表性的上市途径 南戈壁能源公司和中国黄金国际资源有限公司,12,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Listing by Initial P
10、ublic OfferingAdvantagesFunds raised to pay listing costsAsian investor base established,首次公开发行上市优点所得融资可用于支付上市费用亚洲投资者根基得以建立,13,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Listing by Initial Public OfferingSizeLarger investment banks: $200 million +,首次公开发行上市规模较大的投资银行：2亿加元以上,14,Dual List
11、ing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Listing by IntroductionSimple dual listing of common sharesSponsor required by HKSEHKSE must be satisfied that market for shares will develop,引入上市普通股的简单双重上市香港交易所要求的保荐人香港交易所对股票市场的发展必须表示满意,15,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Lis
12、ting by IntroductionDisadvantagesNo funds raised to fund costs of listingNo Asian investor base createdNo precedents for Canadian mining companies yet,引入上市缺点所得融资不用于支付上市成本亚洲投资者根基未建立尚无可供参考的加拿大矿业公司,16,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Connections to AsiaTangible connection to As
13、ia required in practiceTangible connection may result from:Properties in Asia (as with South Gobi and China Gold International)Asian market for a companys products,连接亚洲在实践中需要与亚洲的实际连接实际连接可来源于：在亚洲的财产（例如南戈壁能源公司和中国黄金国际资源有限公司） 公司产品投向亚洲市场,17,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Connec
14、tions to AsiaTangible connection may result from:Asian investor base (eg: Chinese SOE)Lack of tangible connection will reduce attractiveness to both investment banks and secondary market investors,连接亚洲实际连接可来源于：亚洲投资者基础（例如中国国有企业）缺乏实际连接将削弱对投资银行和第二上市市场投资者的吸引力,18,Dual Listing of Canadian Companies on HKS
15、E加拿大公司在香港交易所双重上市,Connections to AsiaSecond stage of “two-step” investment for Chinese investors, where first step is investment in TSX company,连接亚洲是中国投资者“两步”投资的第二阶段，第一阶段投资是成为多交所上市公司,19,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdictional Issues GenerallyIssuers regulated by:Two s
16、tock exchangesTwo securities law administrators (Securities and Futures Commission in Hong Kong) and,司法管辖权的一般性问题发行人接受下述监管：两家股票交易所 两类证券法律监管部门（在香港为证券和期货委员会），及,20,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdictional Issues GenerallyIssuers regulated by:Corporate laws of home jurisdi
17、ctionIssuers will face duplicate and conflicting regulation,司法管辖权的一般性问题发行人接受下述监管：原属司法权区的公司法发行人将面临重复和冲突的监管规则,21,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdictional Issues GenerallyNo jurisdictional agreements between Canada and Hong Kong regarding jurisdiction, as is the case wit
18、h the Multilateral Jurisdictional Disclosure System between Canada and the US,司法管辖权的一般性问题加拿大与香港就司法管辖权没有像加拿大与美国签署的多法域信息披露制度那样的司法协定,22,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdictional Issues GenerallyBritish Columbia will accept Hong Kong prospectus review,司法管辖权的一般性问题不列颠哥伦比亚省接受
19、对提交给香港交易所的招股说明书的审查,23,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdiction of IncorporationHKSE will evaluate each issuers jurisdiction of incorporationShareholders must be afforded equivalent shareholder protection to Hong Kong,公司注册的司法权香港交易所将评估每个发行人的公司注册的司法权股东必须享有等同于香港股东的保护,24,Dua
20、l Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Jurisdiction of IncorporationSouth Gobi has established British Columbia as an acceptable jurisdictionOntario also accepted, but CBCA not yet accepted,公司注册的司法权南戈壁已将不列颠哥伦比亚省设立为可接受的司法权区安大略省设立的公司也被接受，但依照加拿大联邦政府制定的加拿大公司法而设立的公司尚未被接受,25,Dual Listing o
21、f Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Primary versus Secondary ListingListing can be either primary or secondarySecondary denotes that HKSE is a secondary market for a companys securities,初次上市对比二次上市上市即有初次上市也有二次上市二次上市指香港交易所作为公司证券的第二上市市场,26,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重
22、上市,Primary versus Secondary ListingMore waivers from Hong Kong regulation available for secondary listings (including waivers of application of take-over code),初次上市对比二次上市香港交易所规则对二次上市提供较多的免除规定（包括对收购守则申请的免除）,27,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Primary versus Secondary ListingS
23、econdary listing less onerous than primary, BUT increased trading on HKSE can result in flip to primary,初次上市对比二次上市二次上市不像初次上市工作量那么繁重，但是香港交易所日益增加的交易量可导致二次上市如同初次上市那样繁杂,28,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,The Profit ForecastCustomary requirement for HK IPORequired in HK in order
24、 that research analysts can prepare reports in connection with HK IPO,收益的预测香港首次公开发行的常规规定香港要求研究分析师制作有关香港首次公开发行的报告,29,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,The Profit ForecastCreates potential issues for Canadian issuers governed by Canadian securities laws regarding forward lookin
25、g information (Part 4A of NI 51-102),收益的预测就前瞻性信息（国家指引51-102第4A部分），为受加拿大证券法管制的加拿大发行人造成了潜在的问题,30,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,The Profit ForecastManagement will want to try to limit forecast period,收益的预测管理层会期望试图限定预测期限,31,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易
26、所双重上市,Other Disclosure IssuersCanadian issuers will continually be challenged on disclosure issuesContinual process to ensure all information equally disclosed in TSX and HKSE markets,其它信息披露发行人加拿大发行人将持续履行信息披露义务 持续信息披露程序将确保在多交所和香港交易所披露的所有信息相同,32,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重
27、上市,Other Disclosure IssuersMeetings between Company and investment analysts in connection with HK IPO a key concernAvoid any preferential disclosure of material information,其它信息披露发行人公司和投资分析师所举行的有关香港首次公开发行的会议十分关键避免对重大信息选择性地披露,33,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,Canadian Prosp
28、ectus RulesCanadian prospectus rules need to be reviewed in connection with IPOFor issuers with connection to British Columbia, there is no prospectus exemption for HK IPO,加拿大招股说明书规则需要审查与首次公开发行相关的加拿大招股说明书规则对不列颠哥伦比亚省发行人的香港首次公开发行，没有对招股说明书的豁免规定,34,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重
29、上市,Canadian Prospectus RulesExemption Order required from BCSC for BC issuers,加拿大招股说明书规则对不列颠哥伦比亚省发行人，不列颠哥伦比亚省证券委员会要求豁免令,35,Dual Listing of Canadian Companies on HKSE加拿大公司在香港交易所双重上市,TSXAll TSX rules still applyTSX pricing rules need to be considered in pricing of HK IPOTSX has demonstrated flexibilit
30、y in accommodating HK IPO,多交所多交所的全部规则依然适用在定价香港首次公开发行时，需要考量多交所的定价规则在适应香港首次公开发行过程中，多交所显示了灵活性,36,TSX Venture Exchange多交所创业板,Will HKSE accept TSX venture companies for secondary listings?,香港交易所会接受多交所创业板上市公司在香港的二次上市吗？,37,McMillan Contacts铭伦律师事务所的联系方式,Roderick Kirkham 柯涵诺 rod.kirkhammcmillan.ca1.604.691.6
31、856 - Vancouver 温哥华,Michael Taylor 泰澜michael.taylormcmillan.ca1.604.691.7410 - Vancouver 温哥华,Stephen D. Wortley 霍华礼stephen.wortleymcmillan.ca1.604.691.7457 - Vancouver 温哥华 852.3101.0213 - Hong Kong 香港,Michael Yang 杨承运 michael.yangmcmillan.ca852.3101.0293 - Hong Kong 香港,For Further Information Contac
32、t:欲获取更多信息，请联系：,Grant Wong 王尧炜grant.wongmcmillan.ca1.604.691.6848 - Vancouver 温哥华,Sandy Wang 王宁燕sandy.wangmcmillan.ca1.604.691.6845 - Vancouver 温哥华,38,38,Lang Michener and McMillan Announcement朗明和铭伦的公告,39,McMillan Contacts铭伦律师事务所的联系方式,Vancouver 温哥华1500 Royal Centre1055 West Georgia StreetPO Box 11117
33、Vancouver, BC V6E 4N7t 604.689.9111,Ottawa 渥太华50 OConnor StreetSuite 300Ottawa, ON K1P 6L2t 1.613.232.7171,Hong Kong 香港 1106, Tower 1Lippo Centre89 QueenswayHong Kong SARt 852.3101.0213,Toronto 多伦多Brookfield Place181 Bay Street, Suite 4400PO Box 747Toronto, ON M5L 2T7t 1.416.865.7000,Calgary 卡尔加里1900, 736 - 6th Avenue SW Calgary, Alberta T2P 3T7 t 1. 403.531.4700,Montral 蒙特利尔1000 Sherbrooke Street WestSuite 2700Montral, Qubec H3A 3G4t 1.514.987.5000,
