在香港的上市项目中运用在开曼群岛、百慕达和英属维尔京群岛注册的公司.ppt

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1、Use of Cayman Islands,Bermuda and BVICompanies in Hong Kong Listings在香港的上市项目中 运用在开曼群岛、百慕达和英属维尔京群岛注册的公司23 October 2012 2012年 10月 23日,Ms Judy Lee,Partner李玉燕律师，合伙人Corporate&Commercial企业及商业法律,About Appleby我们的机构,Appleby is the only offshore law firm to cover all of the offshore jurisdictions approved by

2、the Stock Exchange of Hong Kong(Bermuda,BVI,Cayman Islands,Guernsey,Isle of Man and Jersey)毅柏律师事务所是唯一的离岸律师事务所，业务覆盖香港联交所认可的全部离岸司法管辖权区（百慕达、英属维尔京群岛、开曼群岛、根西岛、马恩岛和泽西岛）,About Appleby我们的机构,The largest offshore law firm worldwide全球首屈一指的最大离岸律师事务所 Full service offshore law firm,specialising in Corporate and C

3、ommercial;Litigation and Insolvency;Private Client and Trusts;and Property law提供全方位服务的离岸律师事务所，擅长企业及商业法律事务；诉讼及债务偿还；私人客户及信托；以及房地产的专业法律意见 Over 800 lawyers and professional specialists,including 80 partners more than any other offshore firm我们拥有超过800位律师和专业人士，包括80位合伙人，更胜任何其他离岸律师事务所 Leading provider of off

4、shore fiduciary and administration services including a variety of offshore trust,management and administration services主要的离岸信托服务与行政管理服务供应商，包括各类离岸信托、管理和行政服务 We have been operating in Asia for over 22 years.We understand the culture and the Chinese market 我们已经扎根于亚洲超过22年，深明这里的文化和中国市场,Appleby Footprint

5、Appleby的全球网点,An unparalleled presence in twelve key jurisdictions据点进驻 12个主要司法管辖区，网络无可匹敌,International Awards国际荣誉,20122012年 Appleby won Caribbean Trust Company of the Year&Caribbean Offshore Law Firm of the Year at Citywealth Offshore Awards 毅柏荣获Citywealth Offshore Awards离岸律师事务所大奬的“全年最佳加勒比信托公司”和“全年最佳

6、加勒比离岸律师事务所”Appleby is Top Tierrecommendedby Legal 500in 2011/12毅柏于2011/12年度为Legal 500推蔫的顶尖律师事务所,International Awards国际荣誉,20122012年Appleby was named in the Private Client Practitioners Top 25 Most Admired Companies Ranking 2012毅柏2012年跻身Private Client Practitioner的前25大最受尊敬企业 Appleby was the winner of

7、International Legal Team of the Year 2011/12 at the STEP Private ClientAwards毅柏赢得STEP Private Client Awards的2011/12“全年最佳国际法律团队”（International Legal Team of the Year）,Asian Awards and Recognition亚洲奬项与赞誉,20112011年,China Business Law Journal 2011 2011年中国商法月刊 WINNING DEAL OF THE YEAR(M&A:INBOUND&DOMESTI

8、C)全年最杰出交易（并购：外来和本土）Motel 168莫泰168 CHINESE DEAL OF THE YEAR全年最佳中国交易 Softbank Corporation 软库（日本软件银行集团公司）,Asian Awards and Recognition亚洲奬项与赞誉,20112011年,ALB China Law Award 2011 亚洲法律杂志2011年中国法律大奖 DEBT MARKET DEAL OF THE YEAR获提名为全年最佳债务市场交易 Sinochem Hong Kong Senior Notes Offering(Finalist)中石化香港优先票据发行 WON

9、 ENERGY&RESOURCES DEAL OF THE YEAR羸得全年最佳能源及资源交易的荣誉Chinalco-Rio Tinto Simandou JV(Winner)中铝公司 力拓西芒杜合资项目获提名为全年最佳能源及资源交易Gansu Guazhou Ganhekou No.8 Wind Farm Financing(Finalist)甘肃瓜州干河口第八风电场融资项目,Asian Awards and Recognition亚洲奬项与赞誉,ALB Hong Kong Law Awards 2012 亚洲法律杂志2012年香港法律大奖 DEBT MARKET DEAL OF THE Y

10、EAR获提名为全年最佳债务市场交易 CNPC(HK)Overseas Capital Bond Offering(Finalist)中国石油集团（香港）海外资本债券发行 China Resources Gas Group MTN Programme(Finalist)华润燃气控股中期票据发行计划 SYNMAX TRANSLATION AWARD M&A DEAL OF THE YEAR获提名为鑫马翻译全年最佳并购交易大奖AXA SA Acquisition of the Asian Insurance Businesses Previously Held by AXA Asia Pacific

11、 Holdings(Finalist)安盛集团收购安盛亚太控股之前持有亚洲保险业务 OFFSHORE LAW FIRM OF THE YEAR获提名为全年最佳离岸律师事务所Appleby(Finalist)毅柏,20122012年,Asian Awards and Recognition亚洲奬项与赞誉,ALB China Law Award 2012亚洲法律杂志2012年中国法律大奖 DEBT MARKET DEAL OF THE YEAR获提名为全年最佳债务市场交易 CNPC notes offering(Finalist)中国石油集团票据发行TMT DEAL OF THE YEAR/EQU

12、ITY MARKET DEAL OF THE YEAR获提名为全年最佳科技、媒体、电信行业交易/全年最佳股票市场交易 Renren US IPO(Finalist)人人网美国首次公开发售 M&A DEAL OF THE YEAR获提名为全年最佳并购交易 Shanda Interactive Entertainment privitisation(Finalist)盛大互动娱乐私有化OFFSHORE LAW FIRM OF THE YEAR 获提名为全年最佳离岸律师事务所 Appleby(Finalist)毅柏,20122012年,Asian Awards and Recognition亚洲奬项

13、与赞誉,ALB SE Asia Law Award 2012亚洲法律杂志2012年东南亚法律大奖ASSET&CORPORATE FINANCE DEAL OF THE YEAR获提名为全年最佳资产及企业融资交易Asia Square Tower 1 Refinancing(Finalist)新加坡亚洲广场1号大楼再融资项目 EQUITY MARKET DEAL OF THE YEAR获提名为全年最佳股票市场交易 Ma Kuang Healthcare Listing on the OTC of the GTSM in Taiwan(Finalist)马光保健在台湾柜买中心（中华民国证券柜台买卖

14、中心）台湾证券柜台买卖上市 M&A DEAL OF THE YEAR获提名为全年最佳并购交易 AXA SA Acquisition of the Asian Insurance Businesses Previously Held by AXA Asia Pacific Holdings(Finalist)安盛集团收购安盛亚太控股之前持有亚洲保险业务OFFSHORE LAW FIRM OF THE YEAR获提名为全年最佳离岸律师事务所Appleby(Finalist)毅柏,20122012年,Topics内容,Introduction导言Why offshore?为何选择离岸架构？Reorg

15、anisation and listing process Offshore perspective从离岸角度看重组及上市程序 Typical corporate structures典型的企业架构 Other offshore jurisdictions accepted by HKEx港交所认可的其他离岸司法管辖权区 Other major stock exchanges其他主要证券交易所,Introduction导言,Companies listed on the Hong Kong Stock Exchange(Main Board)香港联交所上市的公司（主板）,As at 3 Sep

16、tember 2012截至2012年9月3日,香港联交所上市的公司（主板）,百慕达 开曼群岛其他地方,Introduction导言,Companies listed on the Hong Kong Stock Exchange(GEM Board)香港联交所上市的公司（创业板）,As at 3 September 2012截至2012年9月3日,香港联交所上市的公司（创业板）,百慕达 开曼群岛中国 香港,Introduction导言,Companies listed on the Hong Kong Stock Exchange(Main Board+GEM)香港联交所上市的公司（主板+创业

17、板）,As at 3 September 2012截至2012年9月3日,香港联交所上市的公司（主板+创业板）,开曼群岛百慕达 英属维尔京群岛 泽西岛 其他地方,Introduction导言,Offshore companies account for:离岸公司占：85.52%of listed companies on the Main Board主板上市公司的85.52%84%of listed companies on the GEM Board创业板上市公司的84%85%of listed companies on the Hong Kong Stock Exchange香港联交所上市

18、公司的85%,Introduction导言,Choice of jurisdiction:What to consider first?选择司法管辖区：首要的考虑因素是什么？,“I want it quick with a reasonable price.”“我想快捷、收费合理。”“I want to preserve privacy.”“我想保留私隐。”“I want investors acceptance.”“我想司法管辖区是投资者认可的。”“I dont want to answer too many questions from authority.”“我不想答复太多监管当局的问题

19、。”“I want to raise funds later with this company easily.”“我想这家公司便利稍后募集资金。”“I want to remit funds freely.”“我想自由地汇兑资金。”,Introduction导言,Choice of jurisdiction:What to consider first?选择司法管辖区：首要的考虑因素是什么？Acceptability of jurisdiction to investors(retail,sophisticated and professional)投资者（零售投资者、经验投资者和专业投资者

20、）对司法管辖区的认可度Acceptability to financial institutions金融机构对司法管辖区的认可度Confidentiality保密性Cost of administration行政费用Taxation税务Acceptability of jurisdiction to major stock exchanges allow the acquired target to be publicly floated for raising additional capital for future development主要证券交易所对司法管辖区的认可度 允许被收购目标

21、公司公开挂牌，为未来业务发展，募集额外资本,II.Why offshore?为何选择离岸架构？,Popular offshore jurisdictions like BVI,Cayman Islands and Bermuda have the following characteristics which make them particularly popular among Chinese investors.热点离岸司法管辖区，例如：英属维尔京群岛、开曼群岛和百慕达具备以下特点，特别受中国投资者欢迎。,Bermuda 百慕达,Cayman Islands开曼群岛,British Vi

22、rgin Islands英属维尔京群岛,II.Why offshore?为何选择离岸架构？,94,587,Total,合计,18,221,Non,-,exempted,非,受,豁免,Cayman,开曼群岛,76,366,Exempted,受,豁免,447,801,Total,合计,BVI,英属维尔京群岛,16,572,Total,合计,3,809,Non,-,exempted,非,受,豁免,Bermuda,百慕达,12,763,Exempted,受,豁免,94,587,Total,合计,18,221,Non,-,exempted,非,受,豁免,Cayman,开曼群岛,76,366,Exempt

23、ed,受,豁免,447,801,Total,合计,BVI,英属维尔京群岛,16,572,Total,合计,3,809,Non,-,exempted,非,受,豁免,Bermuda,百慕达,12,763,Exempted,受,豁免,Number of companies(as at end of Q2 2012)公司數目(截至2012年第2季末止）,II.Why offshore?为何选择离岸架构？,1.No direct taxes 无直接税项For BVI,Cayman Islands and Bermuda英属维尔京群岛、开曼群岛和百慕达“Tax Neutral”jurisdictions“

24、税务中立”的司法管辖区No withholding taxes or taxes on dividends or capital gain不对股息或资本收益征收预扣税或税项2.Chinese company name中国公司名称Permitted for all 3 jurisdictions在全部3个司法管辖区均获得许可,II.Why offshore?为何选择离岸架构？,3.Confidentiality保密性BVI:registers of shareholders and directors are not available by way of public searches英属维尔

25、京：股东登记册和董事登记册不能透过公众查册获取Cayman Islands:memorandum and articles of association,and registers of members,directors and charges are not available by way of public searches开曼群岛：公司组织章程大纲及章程细则、股东登记册、董事登记册和押记登记册不能透过公众查册获取Bermuda:bye-laws are not available by way of public searches;disclosure of beneficial o

26、wners to Bermuda Monetary Authority百慕达：公司细则不能透过公众查册获取；须向百慕达金融管理局披露实益拥有人,II.Why offshore?为何选择离岸架构？,4.Residency requirements有关居住要求 No nationality requirements for directors and shareholders for all 3 jurisdictions全部3个司法管辖区无对董事和股东施加国籍要求BVI:local registered agent and registered office in BVI required;lo

27、cal resident officers not required英属维尔京：需要有设在英属维尔京的当地注册代理机构和注册办事处；无需有当地驻地高级人员 Cayman(exempted companies):registered office in Cayman Islands required;local representative and resident officers not required开曼（受豁免公司）：需要有设在开曼群岛的注册办事处；无需有当地代表和驻地高级人员 Bermuda:registered office in Bermuda required;one dire

28、ctor,secretary or resident representative ordinarily resident in Bermuda required百慕达：需要有设在百慕达的注册办事处；需要有一名常住百慕达的董事、秘书或当地代表,II.Why offshore?为何选择离岸架构？,5.Government approval for issue and transfer of shares 发行和转让股份时的政府审批BVI and Cayman:no prior approval from governmental authority required for issues and

29、 transfers of shares 英属维尔京群岛及开曼群岛：毋须政府机关在股份发行和股份转让前审批Bermuda-BMA(1 June 2005 notice):Listed companies are exempted from the pre-approval requirement百慕达群岛-百慕达金融管理局（2005年6月1日通告）：上市公司享有豁免权，毋须遵守预先审批规定,II.Why offshore?为何选择离岸架构？,6.Low incorporation and maintenance costs 开业登记费和维持年费合理 BVI lowest annual gove

30、rnment fees(min.US$350 for company with 50,000 or fewer authorised shares)英属维尔京群岛 政府年費最低（法定股份50,000股或以下的公司，最低年費350美元）Cayman Islands annual government fees(min.US$854 for company with authorised capital of US$50,000 or below(w.e.f.2013)开曼群岛 政府年費（法定股份50,000股或以下的公司，最低年費854美元(从2013年起)）Bermuda annual gov

31、ernment fees(min.US$1,995 for company with assessable capital(=authorised capital+share premium)of US$12,000 or less)百慕达群岛 政府年費（应评核股本（=法定股份+股份溢價）12,000美元或以下的公司，最低年費1,995美元）,II.Why offshore?为何选择离岸架构？,7.No Exchange Controls不设外汇管制 For BVI,Cayman Islands and Bermuda英属维尔京群岛、开曼群岛及百慕达 Free to remit funds自由

32、汇兑资金,II.Why offshore?为何选择离岸架构？,8.Reputation声誉BVI,Cayman Islands and Bermuda well recognised by financial institutions worldwide英属维尔京群岛、开曼群岛及百慕达备受全球金融机构认许“Neutral jurisdiction”in cross-border transactions跨境交易的“中立司法管辖区”Widely recognised as place of incorporation of listed issuers by major stock exchan

33、ges,e.g.NYSE,NASDAQ,London Stock Exchange,Hong Kong Stock Exchange,Singapore Stock Exchange,Taiwan Stock Exchange,Toronto Stock Exchange,Luxembourg Stock Exchange备受主要证券交易所（如：纽约证交所、纳斯达克、伦敦证券交易所、香港证券交易所、新加坡证券交易所、台湾证券交易所、多伦多证券交易所、卢森堡证券交易所）认可为上市发行人的注册成立地点,II.Why offshore?为何选择离岸架构？,9.Trustworthy and Reli

34、able Legal Systems法律制度可信可靠 BVI,Cayman Islands and Bermuda are all common law jurisdictions英属维尔京群岛、开曼群岛和百慕达群岛全部均属普通法司法管辖权区 Clear security registration system抵押注册登记制度清晰Reliable court systems法院制度可靠Judgments and arbitration awards obtained outside the islands may be recognised without re-examination of

35、the merits of the case 在各群岛境外获颁的判决和裁决，可能无需覆检案件的是非曲直而获确认,II.Why offshore?为何选择离岸架构？,10.Quality service providers 高质量服务供应商 Presence of major banks,insurance companies as well as law and accounting firms各大主要银行、保险公司，以及律师事务所和会计师事务所进驻当地设点 Increasing number of bilingual professionals available双语专业人士人数不断上升,I

36、II.Reorganisation and Listing Process-Offshore Perspective从离岸角度看重组及上市程序,Before listing Application上市申请前,After submission of listing Application呈交上市申请后,Reserve name 保留公司名称 Incorporation 公司设立和注册登记 Reorganisation 公司重组Drafting of prospectus 起草招股书 Appointment of professional parties 委任专业人士,Revising prosp

37、ectus 修改招股书 Addressing enquiries from regulators 处理监管机关的查询 Reorganisation(continued)公司重组（续）Finalising advice and ancillary documents 意见书和附带文件定稿,III.Reorganisation and Listing Process-Offshore Perspective从离岸角度看重组及上市程序,After listing Hearing上市聆讯后,On the listing date上市当日,Long board meeting 董事会会议 Shareho

38、lders approval 股东批准 Finalising offering and underwriting structure 发售和承销结构拍板 Despatch of prospectus 发送招股书,Update of share register to record IPO shares 更新股东名册，纪录首次公开发售股份 Set up branch share register in Hong Kong 设立香港的股东名册分册 Opinions to underwriters 向承销商提供法律意见,IV.Typical corporate structures典型的企业架构,B

39、efore pre-IPO group reorganisation-Bermuda/Cayman listings首次公开发售前集团重组之前 在百慕达/开曼群岛上市,HK Co.1香港公司1,HK Co.2香港公司2,HK Co.3香港公司3,Hong Kong incorporated Holdco香港注册成立的控股公司,PRC Partner中国合伙人,PRC JV国内合资公司,Major Shareholder大股东,IV.Typical corporate structures 典型的企业架构,Bermuda/Cayman Co(Listco)百慕达/开曼群岛公司（上市公司）,BVI

40、 Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,BVI Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,HK Co.1香港公司1,HK Co.3香港公司3,HK Co.2香港公司2,BVI Co.英属维尔京群岛公司,After reorganisation and listing-Bermuda/Cayman listings集团重组及上市之后 在百慕达/开曼群岛上市,PRC Partner中国合伙人,PRC JV国内合资公司,Major Shareholder大股东,Public S

41、hareholders公众股东,BVI Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,BVI Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,IV.Typical corporate structures 典型的企业架构,BVI listing 在英属维尔京群岛上市,Major Shareholder 大股东,Public Shareholders 公众股东,PRC JV國內合资公司,BVI Co(Listco)英属维尔京群岛公司（上市公司）,BVI Co.(Intermediate

42、holding company)英属维尔京群岛公司（中介控股公司）,PRC Partner中方合伙人,HK Co.1香港公司1,HK Co.2香港公司2,HK Co.3香港公司3,BVI Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,BVI Co.(Intermediate holding company)英属维尔京群岛公司（中介控股公司）,V.Other offshore jurisdictions 其他离岸司法管辖权区,Joint policy statement issued by the Securities and Future

43、s Commission and the Stock Exchange of Hong Kong in March 2007 2007年3月香港证监会和香港交易所刊发联合政策声明 Additional offshore jurisdictions are accepted as an issuers place of incorporation since 2009,including自2009年以来，新增认可为发行人注册成立地的离岸司法管辖权区，包括BVI 3 companies listed 英属维尔京群岛 3家公司已挂牌 Jersey 3 companies listed泽西岛 3家公司

44、已挂牌 Isle of Man and Guernsey approval-in-principle obtained马恩岛和根西岛 取得原则上的批准,VI.Other major stock exchanges 其他主要交易所,Listing of offshore companies in other major stock exchanges 其他主要证券交易所上市的离岸公司,Source:.hk,(As of 3 September 2012)资料来源：.hk,（截至2012年9月3日）,Judy Lee李玉燕律师Partner合伙人Appleby毅柏律师事务所2206-19 Jardine House 1 Connaught Place Central Hong Kong香港中环康乐广场1号怡和大厦2206-19室 Tel电话:(852)2523 8123Fax传真:(852)2524,