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It is precisely because of the inherent obstacles for small and medium-sized enterprises and high-tech enterprises to list in China, so everyone hopes to be listed on the NASDAQ, which is also the ultimate dream of most small and medium-sized enterprises and high-tech enterprises in China.

Generally speaking, the IPO process is challenging and exciting, and the bold decision, the excellent performance of the listing team and good market conditions will show the demeanor and image of a successful Chinese company based in the U.S. capital market.

The first step is to form a team of listing advisors, and the company's eventual listing in the United States is often the result of the successful operation of an effective listing advisory team. In addition to the company itself, especially the company's senior management, which needs to invest a lot of time and energy, the company must form a team of listing consultants including investment banks, legal advisers, and accountants. The investment bank will take the lead in leading the entire transaction and underwriting process.

When considering an investment banker, the company should fully understand whether the investment bank has experience in assisting other companies in the industry to go public and its sales capabilities. The legal counsel chosen by the company must be qualified to practice law in the United States, and similarly, the company should consider whether it has extensive experience in the securities business. The accounting firm should independently review the company's financial position in accordance with U.S. GAAP. Accounting firms should also have a comprehensive understanding of China's accounting standards in order to reconcile certain data to comply with the reporting requirements of U.S. GAAP.

The second is due diligence, and the company will conduct comprehensive and in-depth due diligence on the company's management, operation, financial and legal affairs with the assistance of the listing advisory team. Due diligence will lay the foundation for the company to draft the registration prospectus, prospectus, roadshow promotion, etc. The issuing company is also required to provide various financial data in the registration memorandum that is confirmed by its independent certified public accountant.

Again is the registration and approval which is. The core stage of going public. After the registration statement is lodged with the SFC, the underwriting bank will arrange a roadshow.

A roadshow refers to a securities issuing company through a. A series of presentations to potential investors, analysts or money managers to stimulate investment interest, usually lasting one to two weeks.

At that time, the management of the company will be in the investment bank. Under the arrangement, he traveled around the country to give speeches and present his business plan. Management's performance at the roadshow is also crucial to the success of the securities offering.

In the U.S., important roadshow cities include New York, San Francisco, Boston, . Chicago and Los Angeles, as well as London and Hong Kong, which are international financial centers, are also often included in the roadshow itinerary.

At the end of the roadshow, the final prospectus will be issued to investors, the company. Management will determine the final issue price and volume with the assistance of the Investment Bank. Investment banks often propose a recommended price based on investor demand and market conditions.

Once the issue price is issued, investors receive the official prospectus two days after the first. The secondary public offering can be declared effective, and the listing and trading will begin. The lead underwriter will be responsible for ensuring smooth trading during the first critical days of the company's stock listing.

It is only at this point that the IPO can be declared a success.

"Although it is said that it is more numb. Annoying, but we can leave all these things to institutions like Goldman Sachs, UBS or Morgan Stanley, because of the effect of the Internet economy, they are very interested in portals with Chinese concepts, and it is very likely that they will come up with the most suitable listing plan within a month, and the whole process will sit down, and it will not take three months. An American executive at the company explained to Fan.

Fan nodded in agreement, "Well, in fact, Morgan Stanley is investigating one of the portals, in order to speed up the process and put a little pressure on them, I think we can bring in UBS or Goldman Sachs to package and list the other two portals separately." ”

In fact, as the underwriters, UBS, Goldman Sachs and Morgan Stanley and other institutions are also grabbing food at this time, and if they are slow, they may be hungry, and Fan Wuxian introduced a competition mechanism to them, that is, they want to work hard, and they are all vying to be the first to be listed on the NASDAQ, after all, as the first Chinese portal to appear in the NASDAQ market, the degree of attention attracted is the highest, and the probability of successful issuance is higher.

"Why haven't you launched the GEM market in China? You must know that this is very important for the development of small and medium-sized enterprises, under the stimulation of the new economy, any promising small and medium-sized enterprises, may grow into a behemoth like Microsoft or Yahoo, but before they grow, how important is the financing role of the capital market for them? One of Fan Wuxi's foreign executives asked Fan Wuxian with some incomprehension.

"This matter, but it's a long story-" Fan Wuxian only smiled bitterly when he heard this.

Speaking of the reason why the domestic gem has not been able to be launched, Fan Wuxian seems to be nothing more than a dispute between the Shenzhen stock market and the Shanghai stock market, just as the so-called party struggle misleads the country, and the dumping between the two major exchanges in the securities market has made China's securities industry lag behind for at least ten years.

Shenzhen's history is too short, and this city listed in the national sub-provincial plan was originally an unknown small fishing village on the edge of the South China Sea, separated by a river from Hong Kong, and connected by land and water. At present, it has jurisdiction over the four districts of Nailuohu, Futian, Nanshan and Yantian in the Special Economic Zone and the two administrative districts of Baoan and Longgang outside the Special Economic Zone.

As a test field for Chinese mainland's reform and opening up, Deng Gong once said, "The central government has no money, you go to find it yourself, and fight a bloody way." Therefore, raising funds has become the first historical mission of Shenzhen's financial industry, and the tilt and preferential treatment of the central government have seen immediate results, and Shenzhen's financial industry has immediately created more than 100 "firsts" in China's financial history and economic history in many industries such as banking, securities, and insurance.

Under the tilt of the special zone policy, Shenzhen will have to be windy and rainy. At the beginning, Shenzhen gave great preferential treatment in terms of settlement, taxation, land use, etc., and now the competition between the three local governments of Shanghai, Guangzhou, and Shenzhen is also particularly fierce.

However, Shenzhen has now fallen out of favor with the central government. Although compared with other places, Shenzhen can be regarded as a small government and large enterprises, and the industry is more inclusive, but without the policy tilt, Shenzhen will not be attractive. What is even more noticeable is that Shenzhen has long been very mainland, and the efficiency is far less than the original, like the Shenzhen Stock Exchange, which is very bureaucratic and useless except for high wages.

When the Shenzhen Stock Exchange began to operate, it was 18 days ahead of the Shanghai Stock Exchange. The "Old Five Shares" listed on the Shenzhen Stock Exchange and the "Old Eight Shares" on the Shanghai Stock Exchange became the first batch of formal listed companies in Chinese mainland.

The time for the establishment of the exchange in Shenzhen and Shanghai is almost parallel. Shenzhen is adjacent to Hong Kong, and the Shenzhen Stock Exchange has completely borrowed the practice of the Hong Kong Stock Exchange when preparing for the construction of the China World Trade Building, and the traces are very obvious. For example, the listing and trading rules, and even the stock code used are in the same vein as the Stock Exchange; At the same time, the preparation for the establishment of the Shanghai Stock Exchange went to Shenzhen to learn from experience, copied the rules of the Shenzhen Stock Exchange, and changed the stock code from four digits to six digits.

Although the Shenzhen Stock Exchange was established before the Shanghai Stock Exchange, the head office of the People's Bank of China approved the establishment of the Shanghai Stock Exchange in advance, pushing the Shenzhen Stock Exchange to the second year, and this shelving invisibly dealt a blow to the Shenzhen Stock Exchange.

The two exchanges in Shenzhen and Shanghai competed over who was the "first", and this opening battle kicked off the competition in the following decade. Brokers, institutions and government departments in the two places are the main ones, and even the exchanges themselves do not hesitate to intervene in violation of regulations, which has exacerbated the volatility and market risks of the two markets.

In 1995, the turnover of the Shanghai Stock Exchange began to significantly exceed that of the Shenzhen Stock Exchange, and the limelight was unmatched for a while. The Shenzhen Stock Exchange has intensified technological innovation to make the trading system more complete and safe, and at the same time provided thoughtful and high-quality services for listed companies, attracting new companies from all over the world to choose the Shenzhen Stock Exchange as the listing venue.

By 1996, the turnover of the Shenzhen Stock Exchange began to surpass that of the Shanghai Stock Exchange. At that time, the Shenzhen Stock Exchange was strong, shareholders shuttled, stock commentators were like a river, nouveau riche were bold and low-key, and the popularity of the Shenzhen stock market was jaw-dropping. At that time, the Shenzhen Stock Exchange ranked first in the global stock market ranking with a proud increase of 174%, which was also the peak period of the Shenzhen Stock Exchange, which was enough to make the Shanghai Stock Exchange heroes short of breath and linger, which lasted until last year.

However, after 1997, the China Securities Regulatory Commission (CSRC) set the unwritten rule that "Shanghai will go first, and Shenzhen will go next", and enterprises were no longer allowed to choose their own listing location, and the Shanghai Stock Exchange was finally able to recover in 1998 and surpassed the Shenzhen Stock Exchange.

In fact, the Shenzhen Stock Exchange and the Shanghai Stock Exchange are almost the same, and the rules are the same. However, the Shenzhen Municipal Government feels that if Shenzhen can open a GEM, the Shenzhen Stock Exchange can make a comeback, but now it seems that the launch of the GEM is still far away.

How to open the GEM? Where is it open? Where to open first? These problems are plaguing from the central government to the local level, so since everyone can't talk about it, it is better not to open it, so that everyone will not feel comfortable in their hearts, and the ears on it will be clean.

When Fan Wuxi talked about these things, he couldn't help but sigh a little in his heart, but these insider stories were heard with relish by people like Song Yuanping.

While everyone was chatting, a staff member ran in and reported loudly, "The mainland stock market suddenly broke out, the two markets were red, and almost all stocks rose to the limit!" ”

"Damn! The 5.19 market is coming, but I forgot about it! Fan Wuxian couldn't help patting his head, and said in his heart that he had forgotten about it.

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