文档介绍：Sample issue
Capital markets IN FOCUS
山姆大叔剑指中资
Capital punishment
中国企业的海外上市风头一向为国外企业所望尘莫及,但一系列的丑闻和欺诈嫌疑似有令其强劲步伐刹车之
势。个中缘由以及如何破解中国企业海外上市困局,且看律师等专业人士的深度剖析
作者:e W Russell
Chinese IPOs overseas have consistently outperformed those of other nations, but a rash of scandals and
suspected frauds has threatened to end the bull run. Lawyers and other experts explain what is happening
and what can be done to put PRC listings back on track
e W Russell reports
约纳斯达克股票市场。这里不是百老汇,但是最近却反 t’s not Broadway, but followers of the Nasdaq exchange in New
纽复上演着这样一幕:一位姓名不详、满面春光的中国公司 I York have recently witnessed a recurring piece of theatre. A
hitherto-unknown Chinese executive, smiling broadly, rings the
高管在其公司上市首日敲响开市钟。随着公司股价一路飙升,有
opening bell on the first day of pany’s listing. All is well for
那么一会儿似乎万事大吉。好奇的分析师和空头在一旁推波助 a while as the stock soars. Curious analysts and short-sellers do a
澜。不久,股价冲至高点,尔后震荡下行并大幅跌破发行价。质 little digging. Soon, the share price peaks, then totters and crashes
疑声不绝于耳。审计师离任。首席财务官引咎辞职。纳斯达克对 well below its listing price. Questions are asked. The auditors quit.
The CFO falls on his sword. Nasdaq suspends the stock. Curtain.
股票实施停牌。幕落。
This financial morality tale, with minor variations, has played
这一出金融界伦理剧在最近几个月连番上演,而情节基本雷 out repeatedly in recent months. At one point in April, 15 of the
同。今年 4 月间,纳斯达克停牌的 19 只股票中有 15 只涉及中国 19 stocks suspended from Nasdaq had Chinese connections.
企业。虽然并无迹象显示其中存在牵连,但每次停牌都给在国际 The contagion shows no sign of being contained, and each new
case creates credibility issues for panies overall as they
资本市场大举融资的所有中国企业蒙上信任危机的阴影。
clamour to raise money on the international capital markets.
后果是不可估量的。截至 2010 年底,涉及中国企业的 IPO 项 The ramifications are immense. At the end of 2010, China-
目在最近四年期间的投资回报率总体水平约为 30%,而欧洲或 related IPOs posted overall returns of around +30% over the
July/August 2011 | 2011 年 7/8 月 Enquiry: kfung@ 商法 | CHINA BUSINESS LAW JOURNAL 51
Sample issue
商法剖析资本市场
北美公司