中資企業(yè)美國上市碰壁
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????籌得逾3,000萬美元的風(fēng)投資金后，中國在線廣告平臺公司易傳媒（AdChina）去年申請在納斯達(dá)克上市。但易傳媒近日承認(rèn)，公司不會在納斯達(dá)克或任何其他美國證券交易所上市。原因并不是因為投資者對該公司股票沒有興趣或任何公司丑聞，而是因為美國和中國金融監(jiān)管機(jī)構(gòu)之間目前存在分歧。 ????簡而言之，由于擔(dān)心可能的欺詐行為，美國證券交易委員會（SEC）目前不認(rèn)可四大審計事務(wù)所旗下中國分支機(jī)構(gòu)的審計工作。美國證券交易委員會已表示，如果它可以審查相關(guān)審計工作的底稿，則可以接受這些機(jī)構(gòu)的審計結(jié)果。但中國監(jiān)管機(jī)構(gòu)稱，中國法律禁止傳播這樣的文件。據(jù)信，中美雙方正在幕后就這一僵局展開談判，雖然美國證券交易委員會去年12月還對四大審計事務(wù)所的中國分支機(jī)構(gòu)提起訴訟，指控后者涉嫌違反美國證券法。 ????與此同時，總部設(shè)在上海的易傳媒等公司則成為了犧牲品。這家公司聘用普華永道（PricewaterhouseCoopers）中國附屬公司為其會計，意味著它不能得到美國證券交易委員會頒發(fā)的有效登記聲明。因此，從法律上而言，易傳媒就無法完成美國IPO。 ????金沙江創(chuàng)業(yè)投資（GSR Ventures）聯(lián)席創(chuàng)始人林仁俊解釋稱：“對于任何希望在美國上市的中國公司而言，這都是一個問題。”林仁俊同時也是易傳媒的董事。 ????林仁俊不愿透露易傳媒的下一步計劃，但似乎暗示后者可能會在亞洲其他地方上市。 ????他解釋說：“第二個問題是，許多決定中資企業(yè)全球募資計劃的決策者已經(jīng)轉(zhuǎn)移到香港。我聽到的反饋是，他們一些人發(fā)現(xiàn)在香港上市更便捷?！?/p> ????風(fēng)險基金支持的中資企業(yè)赴美上市的高峰期是2010年，當(dāng)年就有28家中資企業(yè)在美國上市。到2011年，這一數(shù)字的降幅超過一半。到2012年，僅有2家中資公司赴美上市。除非這個爭議能得到解決，否則不要指望2013年有任何中資企業(yè)會赴美上市。（財富中文網(wǎng)） ????譯者：默默 |
????Chinese online advertising platform AdChina last year filed to go public on the Nasdaq, after having raised more than $30 million in venture capital funding. Yesterday, however, the company acknowledged that it won't have an IPO celebration at Nasdaq or any other U.S. exchange. Not because of investor interest or company scandal, but rather because of an ongoing battle between American and Chinese financial regulators. ????Here's the situation in a nutshell: The Securities and Exchange Commission currently will not recognize work done by the Chinese affiliates of Big 4 auditing firms, due to concerns over possible fraud. The SEC has said it would accept the audits if it could review the underlying work product, but Chinese regulators say that their laws prohibit the dissemination of such documents. The impasse supposedly is being negotiated behind the scenes, although the SEC also sued the Big 4's Chinese affiliates last December for allegedly violating U.S. securities laws. ????In the meantime, companies like Shanghai-based AdChina are becoming collateral damage. It uses a Chinese affiliate of PricewaterhouseCoopers for its accounting, which means that it cannot get its registration statement made effective by the SEC – thus legally preventing it from completing a stateside IPO. ????"This is a problem for any Chinese company that wants to list in the United States," explains Richard Lim, co-founder of GSR Ventures and an AdChina board member. ????Lim declined to say what AdChina plans to do next, but did seem to hint at a listing elsewhere in Asia. ????"A secondary issue is that many of the decision-makers on Chinese companies for the global investment funds have moved to Hong Kong, and I've heard feedback that some of them have an easier time committing to Hong Kong listings," he explains. ????The peak for VC-backed Chinese IPOs in the U.S. was 2010, when there were 28 such offerings. The figure dipped to less than half of that in 2011, and just two in 2012. Until this conflict gets resolved, don't expect any in 2013. |
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