쏀맺짏쫐탂쟷쫆????ퟮ뷼Ⱐ평폚쏀맺막쫐늻병Ⱐ쏀맺릫쮾횱뷓돵쪼짏쫐
䥐伩뗄믺믡듳캪복짙Ⱐ틲캪돐쿺짌
畮摥牷物瑥爩듳뛠늻풸돐쿺Ⱐ짏쫐볛튲늻룟⸠떫쯤좻죧듋Ⱐ탭뛠웳튵죔뛔돉캪짏쫐릫쮾폐탋좤Ⱐ튻랽쏦뛔릫쮾탎쿳폐훺틦Ⱐ쇭튲뿉틔폃폐쫐뎡볛룱뗄막욱쫕릺웤쯼릫쮾Ⱐ폖뿉뷸탐뛾듎랢탐벯Ⱐ막뚫튲폐믺믡쳗쿖Ⱐ틲듋폺살폺뛠뗄릫쮾뚼닉폃랴쫕릺
剥癥牳攠䵥牧敲?뗄랽쪽ꎬ럗럗헹좡퓚쏀맺맱첨붻틗쫐뎡 (OTCBB)짏쫐⸠틲듋폐킩첨췥벰훐맺듳슽웳튵틠틑춨맽듋춾뺶퓚쏀맺짏쫐돉릦???????퓚쏀돉캪짏쫐릫쮾폐횱뷓짏쫐ꎨ䥐??䑐?ꎩ뫍볤뷓짏쫐ꎨ죧랴쫕릺ꎩ뛾훖랽쪽ꎬ쟒룷폐폅쫆ꆣ랴쫕릺퓚쏀맺뫜웕뇩ꎬ폃뗄럇뎣뛠㬠떫뛔뮪죋웳튵살쮵ꎬ랴쫕릺뮹쫇룶뷏탂뗄짏쫐냬램ꆣ놾컄붫늻뛔훚죋틑횪뗄䥐?
䑐?믡쇭컄뷩짜?ퟅ쒫Ⱐ뷶뛔퓚쏀맺佔䍂䈠쫐뎡벰죧뫎뷸탐랴쫕릺폐맘컊쳢ퟷ틔뷩짜?ꆣ듋췢Ⱐ퓚냋퓂쪮컥죕Ⱐ맺컱풺맺랢훐탄뗄퇐뺿훐탄벰훐풴춶릫쮾튲붫퓚쓏뺩릲춬뻙냬ꆱ퓚쏀맺싲뿇짏쫐ꆱ?퇐쳖믡Ⱐ폐쓇쮹듯뿋맙풱Ⱐퟶ쫐짌Ⱐ믡볆쪦벰싉쪦쏇뗄짮죫첽쳖Ⱐ뷬쪱쫆뇘틽웰튻막퓚쏀짏쫐뗄럧뎱? ㄮ?맱첨붻틗쫐뎡?佔䍂??폫쓉쮹듯뿋
乁卄䅑?뗄쟸뇰?쓉쮹듯뿋ꎨ乁卄䅑ꎩퟮ퓧쫇럖즢폚룷뗘늢평좯짌춶붨솢뗄뎡췢붻틗쫐뎡ꎬ뫳살쪵쿖쇋좫맺춳튻솪췸ꎬ붨솢쇋ퟔ뚯놨볛벰붻틗쾵춳늢돉캪랢햹훁뷱뗄훷냥맦쒣ꎻ쯹틔쯼폫佔䍂?폐ퟅ튻킩쿠쯆횮뒦ꎻ튲헽쫇평폚佔䍂?뗄막욱폫쓉쮹듯뿋뗄막욱춬퇹쫇평ퟶ쫐짌춨맽쓉쮹듯뿋릤ퟷ햾䥉ꎨ乡獤慱⁗潲歳瑡瑩潮⁉䤠呍ꎩ춨맽룟뛈뢴퓓뛸럢뇕뗄뗧쓔췸싧뷸탐놨볛ꎬ폖춬퓚乁卄뗄맜쾽랶캧횮쓚ꎬ쯹틔맺쓚췢튻킩죋쪿ퟜ쫇쾲뮶냑佔䍂?뗈춬폚쓉쮹듯뿋ꎬ뮹폐냑佔䍂?돆ퟶ쫇쓉쮹듯뿋뗄뗚죽늿럖뗄늻헽좷뗄쮵램ꆣ佔䍂?폫쓉쮹듯뿋쫂쪵짏폐ퟅ놾훊짏뗄쟸뇰ꎬ쯼쫇튻룶믡풱놨볛쎽뷩
⡑畯瑡瑩潮敤極洠景爠獵扳捲楢楮朠浥浢敲猩ꎬ늢늻쫇랢탐릫쮾맒없럾컱ꎨ䥳獵敲猠汩獴楮朠獥牶楣?ꎩ뗄믺릹ꎻ폫쓉쮹듯뿋쿠뇈뷏ꎬ佔䍂?볈쎻폐맒없쳵볾뫍뇪ힼꎬ튲늻쳡릩ퟔ뚯붻틗횴탐쳥쾵ꎬ춬쪱늻폫횤좯랢탐릫쮾놣돖솪쾵ꆣ佔䍂?뗄ퟶ쫐짌쯹돐떣뗄틥컱튲폫乁卄䅑폐쯹늻춬ꆣ?퓚폫쓉쮹듯뿋뗄뛔뇈훐ꎬ컒쏇늻쓑랢쿖쫇OTCBB틔쏅볷뗍뛸좡쪤뗄ꎬ틲듋퓚OTCBB냥뿩짏뫜짙돶쿖듳뗄믹뷰폫믺릹춶헟ꎬ춶헟듳뛠틔킡탍믹뷰폫룶죋춶헟캪훷ꎬ튻냣뿍뮧뚼쫇뻟폐튻뚨뷰믹뒡뛸폖쾲뮶쎰쿕뗄죋ꆣ퓚?OTCBB짏쫐뗄릫쮾ꎬ횻튪막뚫좨틦듯떽500췲쏀풪믲쓪뺻쫕죫뎬맽75췲쏀풪믲막욱쫐횵듯떽5000췲쏀풪뗄ꎬ늢쟒돖막?막틔짏뗄막뚫죋쫽퓚300죋틔짏ꆢ릫훚쇷춨막듯떽?췲막ꆢ쎿막막볛듯떽4쏀풪뗄ꎬퟶ쫐짌퓚?쏻틔짏ꎬ뇣뿉쿲乁卄䅑쳡돶짪쟫짽죫쓉쮹듯뿋뗄킡탍놾쫐뎡ꆣ쯹틔뻍폐쇋냑OTCBB돆ퟶ쫇쓉쮹듯뿋뗄풤놸쫐뎡뗄쮵램ꆣ헽쫇평폚OTCBB폫쓉쮹듯뿋볈폐놾훊짏뗄쟸뇰폖폐쿠쯆횮뒦ꎬ쯹틔폐죋냑쿖퓚뗄OTCBB쫐뎡뇈ퟶ냋쪮쓪듺뗄쓉쮹듯뿋ꎬ쯻쏇죏캪쿖퓚뗄OTCBB폫쓉쮹듯뿋ꎬ헽뫃쿱떱쓪뗄쓉쮹듯뿋폫얦풼횤좯붻틗쯹튻퇹맘쾵ꆣ?ㄹ㤰쓪듺돵웚퓚佔䍂?쫐뎡짏돶쿖맽벸웰웛햩낸ꎬ헢듙쪹쏀맺卅䌨횤붻믡?춨맽쇋ꆶ맱첨붻틗쫐뎡뫏룱맦뚨ꆷꆣ튪쟳쯹폐퓚佔䍂?짏붻틗뗄릫쮾돉캪ꆰ놨룦릫쮾ꆱꎬ뛸늻퓙쿳틔잰쓇퇹ꆰ늻잿훆릫쮾ퟷ탅쾢엻슶ꆱꎬ헢틢캶ퟅ佔䍂?짏뗄릫쮾늻뷶튪믘춷ퟶ잰솽쓪뗄짳볆?쿲卅?짏놨샠쯆폚헐막쮵쏷쫩뗄뢴퓓뗄힢닡컄볾Ⱐ뛸쟒틔뫳뮹튪내쪱쿲卅?짏놨벾놨뫍뺭맽짳볆뗄쓪놨ꆣ뛔폚탭뛠쫕죫벸뫵캪쇣뗄킡릫쮾뛸퇔Ⱐ헢킩짳볆뫍램싉럑폃쪵퓚쫇튻뇊뛮췢뗄뢺떣ꆣ탭뛠맱첨붻틗릫쮾놻웈붵떽룼듎튻벶쫐뎡ꆰ럛뫬떥쫐뎡ꆱꎨ偩湫⁓桥整猠䵡牫整ꎩꆣ?뺭맽튻쓪뛠뗄헻뛙ꎬ떽㈰〰쓪?퓂ꎬ佔䍂?짏뗄릫쮾쫽솿평㘰〰볒ퟳ폒복훁㌶〰볒ꆣ뛔폚맺쓚폐쪵솦늢듲쯣떽쏀맺짏쫐뗄릫쮾뛸퇔Ⱐ佔䍂?쳡릩쇋튻듎뫜뫃뗄믺믡ꆣ??© King & Wood PRC Lawyers
㈮?퓚佔䍂?짏뗄훐맺웳튵?ퟷ캪튻룶뷰죚듳맺ꎬ쏀맺돽쇋폐훷냥쫐뎡ꆢ乁卄䅑쫐뎡ꎬOTCBB쫐뎡ꆢ뮹폐럛뫬떥ꎨPink Sheetsꎩ쫐뎡벰웤쯼쫐뎡
폐벸볒좯짌횮볤풼뚨뗄늻뚨웚뗄붻틗쫐뎡뗈?ꎬ헢뻍릹돉쇋튻룶컞러쾶뗄쫐뎡쳥쾵ꆣ튻볒킡탍릫쮾볈듯늻떽쓉쮹듯뿋좫맺쫐뎡뗄짏쫐튪쟳ꎬ튲듯늻떽쓉쮹듯뿋킡탍놾쫐뎡뗄짏쫐튪쟳쪱ꎬ뮹뿉틔뾼싇퓚맱첨붻틗쫐뎡OTCBB짏쫐ꆣ튻냣뛸퇔ꎬ죎뫎캴퓚쓉쮹듯뿋믲웤쯼좫맺탔쫐뎡짏쫐믲뗇볇뗄횤좯ꎬ뚼뿉틔퓚OTCBB쫐뎡짏놨볛붻틗ꎬ횻튪룃릫쮾쿲쏀맺횤붻쯹짪놨웤톶벴뿉ꆣ?쒿잰퓚훐맺ꎬ웳튵짏쫐탨튪업뛓뺭맽횤볠믡뫋ힼꎬ룼쎻폐첫뛠톡퓱뗄믺믡ꎬ쯻쏇훐늻랦욷훊폅솼뗄웳튵ꎬ평폚컞램뿋럾뷰욿뺱ꎬퟨ낭쇋웳튵뗄뎤웚햽싔랢햹ꆣ웳튵뗄쇬떼헟늻쫬쾤쏀맺놾쫐뎡퓋ퟷꎬ뛔몣췢짏쫐뗄샭뷢뮹듦퓚ퟅ컳쟸ꎬ볓횮웳튵ퟔ짭뾹럧쿕쓜솦튲뷏닮ꎬ헢뻍쪹뗃쯻쏇늻룒쎰좻뷸뻼쏀맺뗄훷냥쫐뎡ꆣ웤쪵ꎬ웳튵쿈퓚듎벶쫐뎡훐뺭맽돤럖뗄뛍솶ꎬ듽웤뺭펪튵벨뫍쫐뎡뇭쿖펮뗃춶헟뗄맘힢뫍죏춬횮뫳퓙쿲훷냥쫐뎡엊짽ꎬ튲늻쪧캪짏닟ꆣ헢퇹뿉틔릮만웳튵퓚춶헟탄쒿훐튵벨컈뚨퓶뎤뗄솼뫃탎쿳ꎬ쪹웤막볛퓚쫐뎡짏뗃떽솼뫃뇭쿖ꆣ쒿잰퓚쏀맺佔䍂?쫐뎡짏맒없붻틗뗄훐맺웳튵훁짙폐ꎺ삶뗣ꎨꎩꆢ쫀볍폀솪ꎨꎩꆢ틗늩죭볾킭ퟷ췸ꎨꎩꆢ짮?쏷뮪ꆢ䝓?ꆢ솦탋뗧풴ꆢ췘웕뿆벼ꎬ벰뗃틦뗧톶뗈뛾쪮뛠볒웳튵ꆣ?㌮??짏쫐ꎨGoing Publicꎩ폫맒없?(Listing)뗄쟸뇰?퓚훐맺뗄횤좯쫐뎡짏, 컒쏇폐쪱믡냑짏쫐뫍맒없헢솽룶룅쓮믬캪튻첸ꆣ헢쫇평폚훐맺횤좯쫐뎡뗄랢햹샺쪷뷏뛌ꎬ뮹늻뻟놸뛠닣듎ꆣ튻냣쟩뿶쿂ꎬ훐맺뗄막욱퓚릫뾪랢탐틔뫳벴뿉믱뗃짏쫐룱ꆣ 막욱짏쫐쫇횸벺뺭랢탐뗄막욱뺭횤좯붻틗쯹엺ힼ뫳ꎬ퓚붻틗쯹릫뾪맒없붻틗뗄램싉탐캪ꆣ막욱짏쫐뗄쒿뗄쫇솬뷓막욱랢탐뫍막욱붻틗뗄쟅솺ꆣ쪵볊짏ꎬ퓚쏀맺놾쫐뎡짏ꎬ짏쫐폫맒없헢솽룶룅쓮횮볤폐쏷쿔뗄쟸뇰ꎺ © King & Wood PRC Lawyers
ꎨ1ꎩ듓뚨틥짏쟸럖 짏쫐(Going Public), 쫇횸릫쮾쫗쿈춨맽뛔짧믡랢탐믲쫕릺튻뚨쫽솿뗄췢늿탂막ꎬ퓙냑쯼뇤캪횤좯쫐뎡짏뗄릫훚릫쮾ꎬퟮ뫳퓚릫뾪뗄쫐뎡짏뷸탐붻틗뗄탐캪ꆣ 맒없(Listing), 횸떱릫쮾럻뫏쒳튻붻틗쫐뎡뗄맒없쳵볾쪱ꎬ춨맽쏀맺횤붻믡뗄짳뫋엺ힼ뫳ꎬ퓚NYSEꆢAMEX믲NASDAQ뗈횤좯쫐뎡짏랢탐탂막믲맒없붻틗ꆣ ꎨ2ꎩ듓붻틗뎡쯹짏쟸럖 퓚횤좯쫐뎡짏ꎬ짏쫐뿉톡퓱뗄붻틗뗘뗣폐뫜뛠ꎬ죧OTCBB뫍럛뫬떥쫐뎡뚼뿉틔짏쫐ꎻ뛸맒없뗄뎡쯹뎣뎣쳘횸얦풼횤좯붻틗쯹ꆢ쏀맺막욱붻틗쯹뫍NASDAQꆣ ꎨ3ꎩ듓릦쓜짏쟸럖 릫쮾짏쫐쪱늻튻뚨뻟놸돯뗄릦쓜,떫릫쮾횱뷓맒없짏쫐ꎨIPOꎩ뫳뻍뻟놸쇋돯뗄릦쓜ꆣ ꎨ4ꎩ 듓퓋ퟷ돌탲짏쟸럖 릫쮾뿉틔쿈톡퓱퓚뗍닣벶뗄횤좯쫐뎡ꎨ죧OTCBBꎩ짏쫐ꎬ튻떩럻뫏맒없뇪ힼ쪱뻍뿉틔쿲횤붻믡쳡붻쿠맘뗄컄볾ꎬ짪쟫퓚룟닣벶뗄횤좯쫐뎡맒없ꎨ죧퓚NASDAQꎩ짏쫐ꆣ 춨맽틔짏럖컶뫳컒쏇뗃돶ꎬ쮽죋펵폐뗄럇짏쫐릫쮾폻돉캪릫릲뗄맒없릫쮾폐솽훖랽쪽뿉릩톡퓱ꆣ뿉틔튻늽췪돉, 튲뿉틔쿈짏쫐퓙맒없ꆣ폐뗄릫쮾벴톡퓱뗚뛾훖랽쪽ꎬ쯼뗄뫃뒦퓚폚ꎬ쯼뿉틔뇜쏢틲닉폃쇋IPO랽쪽맒없쪧냜뛸퓬돉뗄닆컱뫍쪱볤짏뗄쯰쪧ꎬ뮹뿉틔놣횤짏쫐뗄튻듎돉릦ꎬ듓뛸붵뗍웳튵퓚횤좯쫐뎡짏쫐뗄쓑뛈ꆣ 4. 랴쿲쫕릺싲뿇짏쫐ꎨReverse Mergerꎩ 쯹캽싲뿇짏쫐ꎬ뻍쫇럇짏쫐릫쮾춨맽뛔짏쫐릫쮾뗄뿘막틔듯떽볤뷓믲횱뷓짏쫐뗄쒿뗄ꆣ튻룶뗤탍뗄싲뿇짏쫐평솽룶붻틗늽훨ퟩ돉ꆣ웤튻쫇싲뿇붻틗ꎬ럇짏쫐릫쮾막뚫틔쫕릺짏쫐릫쮾막럝뗄탎쪽ꎬ뻸뛔믲쿠뛔뗘뿘훆튻볒틑뺭짏쫐뗄막럝릫쮾ꆣ웤뛾쫇닺죃붻틗ꆣ짏쫐릫쮾쫕릺럇짏쫐릫쮾뛸뿘훆럇짏쫐릫쮾뗄닺벰펪퓋ꆣ © King & Wood PRC Lawyers
랴쿲쫕릺짏쫐뗄닙ퟷ벰돌탲 䄮?룅쫶?퓚쏀짏쫐뿉럖쫗듎릫뾪랢탐ꎨ䥐?ꎩ짏쫐뫍볤뷓짏쫐ꎨ?敶敲獥⁍敲来??랴쿲쫕릺믲돆싲뿇짏쫐ꎩꎬ뛾훖랽쪽룷폐폅쇓ꆣ?랴쿲쫕릺ꎨ폖뷐싲뿇짏쫐ꎩ쫇횸럇짏쫐릫쮾막뚫춨맽쫕릺튻볒뿇릫쮾ꎨ짏쫐릫쮾ꎩ뗄막럝뿘훆룃릫쮾ꎬ퓙평룃릫쮾랴쿲쫕릺럇짏쫐릫쮾뗄닺뫍튵컱ꎬ쪹횮돉캪짏쫐릫쮾뗄ퟓ릫쮾ꎬ풭럇짏쫐릫쮾뗄막뚫튻냣뿉틔믱뗃70%~90%짏쫐릫쮾뗄뿘막막좨ꆣ 랴쿲쫕릺쫴폚릫쮾쫕릺뫏늢뗄튻훖헽뎣퓋ퟷꎬ쫇릫쮾짏쫐뗄뷝뺶?퓚쏀맺틑뺭폐뎤뻃뗄샺쪷ꆣ쒿잰ꎬ쏀맺닉폃랴쿲쫕릺뗄랽쪽짏쫐뗄릫쮾풽살풽뛠ꎬ뻝춳볆틔싲뿇짏쫐뗄릫쮾퓚ㄹ㤹쓪캪㌵?볾ퟳ폒?폫틔䥐?랽쪽짏쫐뗄릫쮾뗄쫽솿믹놾돖욽ꆣ?뛸훐맺쏱펪웳튵퓚뺭맽튻뛎쪱웚뗄믽샛ꎬ틑뺭뻟놸쇋튻뚨뗄쪵솦폫뺭퇩ꎬ뫜뛠웳튵헹쿠퓚룷룶놾쫐뎡짏쫐ꎬ쯻쏇훐뗄짙쫽웳튵뺭맽랴쿲쫕릺틑돉캪쏀맺뗄짏쫐릫쮾ꆣ?䈮†랴쿲쫕릺짏쫐ꎨ剥癥牳攠䵥牧?rꎩ쿠뛔폚쫗듎릫뾪랢탐ꎨ䥐?ꎩ짏쫐뗄폅쫆??ꆢ?짏쫐닙ퟷ쪱볤뛌??냬샭랴쿲쫕릺듳풼탨튪3~9룶퓂뗄쪱볤ꎬ쫕릺죔폐막욱붻틗뗄뿇릫쮾탨튪?룶퓂ꎬ쫕릺틑춣횹막욱붻틗뗄뿇릫쮾훁믖뢴웤막욱쫐뎡붻틗탨?훁?룶퓂ꎬ뛸ퟶ쫗듎릫뾪랢탐짏쫐ꎨ䥐?ꎩ튻냣쯹탨쪱볤캪튻쓪ꆣ??ꆢ?짏쫐돉릦뗄놣헏?쫗듎릫뾪랢탐짏쫐ꎨ䥐?ꎩ폐쪱믡틲돐쿺짌뻵뗃쫐뎡늻샻뛸떼훂짏쫐랢짺삧쓑ꎬ믲쫇평폚짏쫐볛룱첫뗍뛸놻럅웺짏쫐짪쟫ꎬ뛸잰웚짏쫐럑폃죧싉쪦럑ꆢ믡볆쪦럑ꆢ펡쮢럑뗈튲뢶횮뚫쇷ꆣ랴쿲쫕릺ꎨ싲뿇짏쫐ꎩ짏쫐퓚퓋ퟶ맽돌훐늻쫜췢뷧틲쯘뗄펰쿬ꎬ쯼컞탨돐쿺짌뗄뷩죫ꎬ돉릦짏쫐쫇폐놣헏뗄ꎨ횻튪헒떽뿇릫쮾폫횮뫏늢벴뿉ꎩꆣ?© King & Wood PRC Lawyers
쏀맺뗄돐쿺짌쿲살횻맘힢훐맺듳탍맺폐웳튵퓚쏀뗄짏쫐돐쿺ꎬ뛸쮽펪믲뫏웳튵ꎬ벴쪹튵벨퓙뫃튲짐캴뗃떽쏀맺돐쿺짌뗄맘힢ꆣ??ꆢ짏쫐럑폃뗍?랴쿲쫕릺뗄럑폃튪뗍폚쫗듎릫뾪랢탐짏쫐뗄럑폃ꆣ䥐?럑폃튻냣캪㜵縱〰췲쏀뷰ꎬ쇭볓풼㠥뗄돐쿺짌펶뷰ꆣ랴쿲쫕릺튻냣탨럑폃풼캪㔰縷?췲쏀뷰ꎬ쫓뿇뗄훖샠늻춬뛸뚨ꆣ??ꆢ?쫗듎릫뾪랢탐튻냣쿈평돐쿺짌ퟩ돉돐쿺췅ꎻ뛸랴쿲쫕릺퓲튪울ꆰ뷰죚릫맘릫쮾ꆱ뫍ꆰퟶ쫐짌ꆱ릲춬췪돉ꎬ틔엤뫏막욱짏헇뷸탐뛾듎죚ꆣ??ꆢ?웳튵퓚쫗듎릫뾪랢탐ꎨ䥐?ꎩ튻떩췪돉틔뫳ꎬ뿉솢벴죚뗃뷰ꎻ뛸랴쿲쫕릺튪듽쫕릺돉릦뫳ꎬ벴릫쮾돉캪짏쫐릫쮾뫳ꎬ췆뚯막볛ꎬ릫쮾닅뿉틔릫쒼믲쮽쒼뗄탎쪽퓶랢탂막믲엤막뗄탎쪽뷸탐뛾듎랢탐죚ꆣ듋쪱돐쿺짌닅뾪쪼뷩죫ꎬ틲캪듋쪱룃릫쮾틑뺭돉캪튻볒쏀맺뗄짏쫐릫쮾ꎬ돐쿺짌떱좻풸틢돐쿺웤탂막뗄랢탐ꆣ튻냣뛾듎랢탐믲쮽쒼뗄죚뷰뛮풼퓚㈰?췲?㈰〰췲쏀풪횮볤ꆣ?맺쓚웳튵튪퓚쏀맺틔쫗듎릫뾪랢탐ꎨ䥐?ꎩ랽쪽짏쫐ꎬ컞싛쫇튪횱뷓짏乙卅뮹쫇乁卄䅑돉릦뗄믺믡뚼뇈뷏킡ꆣ뛸틔랴쿲쫕릺탎쪽돉릦뗄믺믡뷏듳킩ꆣ닙ퟷ돌탲튻냣쫇쿈듓뎡췢붻틗쫐뎡佔䍂?쟐죫ꎬ쫓쫐뎡쪱믺퓙뷸죫훷냥쫐뎡乙卅ꆢ䅍䕘믲乁卄䅑ꆣ?⁃??랴쿲쫕릺짏쫐뗄닙ퟷ돌탲??⸠뇠훆릫쮾펢컄뗄짌튵볆뮮쫩?떱릫쮾뻶뚨튪퓚쏀맺싲뿇짏쫐뫳ꎬ쫗쿈튪폃펢컄뇠킴튻럝2~3튳뗄짌튵볆뮮쫩ꆣ쓚죝냼삨ꎺ? 릫쮾뗄샺쪷놳뺰? 맜샭췅뛓쟩뿶? 릫쮾닆컱ힴ뿶? 릫쮾뗄닺욷뫍쫐뎡럖컶?© King & Wood PRC Lawyers
릫쮾뗄쫐횵뗈ꆣ???⸠쳡릩ퟮ뷼죽쓪뗄닆컱놨뇭 릫쮾탨쳡릩ퟮ뷼죽쓪뗄닆컱놨뇭ꎬ샺쪷뷏뛌뗄릫쮾튲뿉횻쳡릩솽쓪뗄닆컱놨뇭ꆣ ㌮?톰헒뿇릫쮾?튪쪹싲뿇짏쫐좡뗃돉릦ꎬ쫗쿈튪톰헒튻룶뫃뗄뿇릫쮾ꆣ쯼펦뻟놸죧쿂쳵볾ꎺ?1ꎮ뿇릫쮾뿉틔쎻폐닺ꆢ쎻폐튵컱ꎬ떫늻쓜폐햮컱뫍램싉쯟쯏ꆣ 헢뻍쫇쯹캽ꆰ룉뺻ꆱ뗄뿇뗄룅쓮ꆣ럱퓲쯼붫뛔쫕릺릫쮾퓬돉늻샻ꆣ ?ꎮ뿇릫쮾뗄짏쫐룱뇘탫놣돖췪헻ꎬ웤훐냼삨룹뻝쏀맺횤붻믡ꎨ卅?ꎩ뗄튪쟳ꎬ내쪱짪놨닆컱뫍웳튵뗄튵컱ힴ뿶ꎬ럱퓲쏀맺쏀맺횤붻믡뿉쫓캪컞킧뛸좡쿻웤퓚佔䍂?뗄붻틗룱ꆣ??ꎮ뿇릫쮾튪폐ퟣ릻뗄ꆰ릫훚막럝ꆱ뫍ꆰ릫훚막뚫ꆱꎬ헢퇹뫏늢뫳붻틗닅쓜믮풾ꆣ헢샯쯹캽ꆰ릫훚ꆱ뗄룅쓮쫇횸랴쿲쫕릺뫏늢쪱막욱퓚쫐뎡짏뿉ퟔ평붻틗쇷춨뗄막뚫ꆣ??⸠뿇릫쮾쳡릩램싉횤쏷쫩?뿇릫쮾펦쳡릩램싉횤쏷쫩ꎬ폃틔횤쏷ꎺ 룃릫쮾막욱캪ꆰ뿉붻틗막욱ꆱꎻ 탂퓶랢뗄막욱럻뫏횤좯램144쳵뿮뗄맦뚨ꆣ ?⸠짌뚨쫕릺뫏늢랽낸?웳튵헒떽뫃뗄뿇릫쮾틔뫳ꎬ뻍뿉틔ퟅ쫖냬샭쫕릺뫏늢뗄쫖탸ꆣ웤훐ꎬ뛔쮫랽릫쮾뗄닆컱놨뇭뗄짳볆쫇ퟮ훘튪쟒쪱볤ퟮ뎤뗄릤ퟷ늿럖ꎻ뷓쿂살쫇뫏ퟷ쮫랽룹뻝킭틩릲춬짌뚩뫏늢랽낸ꎬ좷뚨막좨럖엤랽낸벰럑폃횧뢶랽쪽뗈뻟쳥쫂틋ꆣ © King & Wood PRC Lawyers
?⸠훆ퟷ램싉컄볾?퓚늢릺랽낸짌뚨횮뫳ꎬ쮫랽벴뿉뇠훆맘폚쫕릺뗄램싉컄볾늢잩풼ꆣ퓚냬샭췪뇏쫕릺ꆢ뫏늢쫖탸뫳ꎬ쫕릺릫쮾튲뻍ퟔ좻돉캪퓚쏀맺짏쫐릫쮾뗄ퟓ릫쮾ꎬ쫕릺릫쮾ꎨ싲랽ꎩ뗄풭막뚫뛔짏쫐릫쮾틀좻쿭폐뿘막좨ꎬ믮뚯떽듋ꎬ랴쿲쫕릺벴룦돉릦ꆣ??⸠쿲쏀맺횤붻믡쳡돶짪쟫?뫏ퟷ쮫랽췪돉랴쿲쫕릺뗄좫늿맽돌늢잩풼횮뫳ꎬ탫쿲쏀맺횤붻믡쳡붻짪쟫놸낸ꎬ늢쿲乁卄짪쟫막욱퓚佔䍂?붻틗ꆣ??⸠웳튵폫ퟶ쫐짌뗄짌첸폫릵춨?캪쇋엤뫏탂뫏늢릫쮾막볛쓜릻뿬쯙짏헇ꎬ틔뇣룹뻝탨튪뺡뿬뷸죫뛾듎죚ꎬ웳튵펦폫ퟶ쫐짌ꎨMarket Makerꎩ뷸탐폐킧릵춨늢릲춬짌뚩막욱붻틗닟싔ꆣ??⸠뷰죚릫맘릫쮾?캪쇋쪹막욱쫐볛짏헇ꎬ릫쮾돽폫뿇릫쮾ꆢ풭ퟶ쫐짌틔벰탂릫쮾탂퓶뗄ퟶ쫐짌쿠뮥엤뫏췢ꎬ춨뎣릫쮾뮹탨울쟫튵뗄뷰죚릫맘릫쮾ꎬ평튵뗄뷰죚릫맘릫쮾춨맽쟾뗀쿲룼뛠뗄막욱뺭볍죋ꆢ럖컶쪦ꆢ믺릹춶헟틔룶죋춶헟뷸탐췆뷩ꎬ쪹쯻쏇힢틢떽탂뫏늢릫쮾뗄캴살랢햹ꎬ듓뛸틽웰죋쏇뛔탂릫쮾막욱뗄맣랺맘힢ꆣ???짪쟫뷸죫乁卄䅑?떱릫쮾막볛듯떽쎿막?쏀풪솬탸뻅쪮쳬ꎬ?늢듯떽맦뚨맒없뇪ힼ쪱ꎬ벴뿉짪쟫뷸죫乁卄䅑뗄킡뛮놾쫐뎡ꎬ믲릫쮾막볛듯떽쎿막?쏀풪쪱ꎬ튲뿉짪쟫뷸죫좫맺붻틗쫐뎡ꆣ??© King & Wood PRC Lawyers
䐮†?랴쿲쫕릺짏쫐뗄힢틢쫂쿮?좷솢릺늢랽낸맽돌훐펦힢틢뗄쫂쿮ꎺ???⸠막좨럖엤?뿇릫쮾쫇횸짏쫐릫쮾ꎬ짏쫐릫쮾뻍믡폐릫훚막뚫ꎬ럱퓲뻍늻쓜돆횮캪짏쫐릫쮾ꎬ쯹틔싲뿇짏쫐늻쓜쫕릺짏쫐릫쮾냙럖횮냙막럝ꆣ?쫕릺릫쮾ꎨ싲랽ꎩ뗄풭막뚫쯹햼폐뗄짏쫐릫쮾막럝뗄뇈샽ꎬ튪룹뻝쫕릺릫쮾뗄튵벨뫃뮵ꎬ뺭쮫랽킭짌뛸뚨ꆣ튻냣쫇ꎨ싲랽ꎩ막뚫햼좫늿막럝뗄㜰ꆪ㤰?ꆣ??⸠싲뿇뫏늢뗄랽쪽?싲뿇ퟷ캪뫏늢뗄랽쪽벴쫇튻훖랴쿲쫕릺뗄랽쪽ꆣ쯹틔벴뇣컞튵컱퓋펪ꎬ컞막욱붻틗ꎬ뿇릫쮾튲믡돖탸듦퓚ꎨ뿉룼캪탂릫쮾쏻돆ꎩꎬ뿇릫쮾ꎨ싴랽ꎩ횻탫붫뿘막좨붻평쫕릺릫쮾ꎨ싲랽ꎩ풭막뚫쯹폐ꎬ쫕릺릫쮾퓲탫붫웤튵컱좫늿믲듳늿럖쓉죫뿇릫쮾돉캪웤ퟓ릫쮾ꆣ????뇈샽벰쪱믺?쫕릺릫쮾퓚붫닺ꆢ튵컱쓉죫뿇릫쮾뗄뇈샽폫쪱믺컊쳢짏ꎬ탨튪훆뚨쿪쾸뗄뿉탐탔볆뮮ꆣ?䔮†랢탐탂막?릫쮾짏쫐뫳ꎬ뻹뿉틔돯벯뷰ꎬ벴쯹캽뷸탐뛾듎랢탐ꆣ릫쮾뿉틔춨맽랢탐탂막뗄탎쪽살뷸탐돯믮뚯ꆣ릫쮾뗄풭막뚫튲뿉틔내맦뚨돶쫛웤쯹돖막욱ꎨ떫탨돖막튻쓪틔짏ꎬ풭막뚫뿉틔쫊폃創汥?ㄴ?쳵뿮뷸탐쫛돶쳗쿖ꎩꆣ?䘮?돉솢몣췢뿘막릫쮾?캪쇋복짙쮰뢺ꎬ랴쿲쫕릺뗄훷쳥릫쮾뿉틔퓚쏀맺뺳췢힢닡짨솢몣췢뿘막릫쮾ꆣ© King & Wood PRC Lawyers
죧퓚냙쒽듳ꆢ뾪싼ꆢ펢쫴캬뛻뺩좺떺뗇볇돉솢몣췢뿘막릫쮾ꎬ좻뫳틔헢볒뿘막릫쮾뗄쏻틥퓙뷸탐랴쿲쫕릺ꆣ?䜮?듓OTCBB떽NASDAQ?짏쫐릫쮾듓佔䍂?짏짽떽乁卄䅑ꎬ쏀맺횤붻믡卅?뛔듋늢컞쳘쫢맦뚨ꆣ?랲듯떽?䅓䑁?뗄맒없뇪ힼ뗄릫쮾뻹뿉쿲乁?䑁?쳡돶짪쟫ꎬ뇤캪乁卄䅑뗄짏쫐릫쮾ꆣ떫튲폐킩웳튵퓚佔䍂?쫐뎡뗄막욱떥막막볛틑헇떽?뛠쏀뷰ꎬ퓧틑럻뫏떽乁卄䅑쫐뎡맒없뇪ힼꎬ떫쯻쏇죔톡퓱쇴퓚佔䍂?쫐뎡ꆣ? 횤붻믡뛔짏쫐릫쮾듓OTCBB떽NASDAQ뗄뻟쳥튪쟳ꎺ 럻뫏퓚乁卄䅑쫐뎡짏맒없룱뇪ힼ? 웳튵탫쿲乁卄쳡붻짪쟫? 평ퟶ쫐짌킭훺? 쎿막막볛탫듯떽?쏀풪틔짏? 쎿퓂붻틗솿듯떽횤붻쯹맦뚨뗄튪쟳?H. 뿇릫쮾뗄훖샠 퓚랴쿲쫕릺뗄맽돌훐듦퓚튻룶럇뎣훘튪뗄뮷뷚ꎬ벴뛔뿇릫쮾훖샠뗄에뚨ꆣ헢튲쫇쏀맺튵싉쪦쫂컱쯹퓚랴쿲쫕릺맽돌훐뗄훷튪릤ퟷ쓚죝횮튻ꆣ?짪놨ꎨ剥灯牴楮?ꎩꎬ뻍쫇룹뻝램싉뗄맦뚨ꎬ뚨웚쿲쏀맺횤붻믡ꎨ卥捵物瑩敳?慮搠䕸捨慮来⁃潭浩獳楯?ꎩ쳡붻쿠맘컄볾ꎬ컄볾쓚죝냼삨릫쮾쒿잰뗄뺭펪ힴ뿶ꆢ닆컱놨뇭ꆢ풱릤죋쫽ꆢ릫쮾뗘횷ꆢ튵컱랶돯뗈ꆣ붻틗ꎨ呲慤楮?ꎩꎬ쫇횸ퟶ쫐짌틀헕램싉뛔룃릫쮾막욱뷸탐싲싴뗄탐캪ꆣ?룹뻝뿇릫쮾뗄헢솽훖늻춬ힴ첬ꎬ뿉틔냑쯼럖캪쯄훖샠탍ꆣ뗚튻샠ꎬ짪놨늢쟒붻틗뗄뿇ꆣ뗚뛾샠ꎬ짪놨좴컞붻틗뗄뿇ꆣ뗚죽샠ꎬ쫇컞짪놨늢쟒붻틗뗄뿇ꆣ뗚쯄샠ꎬ컞짪놨쟒컞붻틗뗄뿇ꆣ?© King & Wood PRC Lawyers
???짪놨쟒붻틗뿇⡒数潲瑩湧湤⁔牡摩湧⁓桥汬??볙죧튻룶뿇릫쮾뚨웚쿲쏀맺횤붻믡쳡돶짪놨ꎬ늢쟒릫쮾훁짙폐튻룶틔짏ퟶ쫐짌뛔룃뿇릫쮾뗄막욱뷸탐싲싴ꎬ헢훖뿇뻍쫇짪놨쟒붻틗뗄뿇ꎬ헢훖뿇뗄볛룱튲쫇ퟮ캪낺맳뗄ꎬ틲캪헢훖뿇릫쮾뿉틔퓚쫕릺췪돉틔뫳3룶퓂쓚뷸탐짏쫐붻틗ꆣ ?⸠짪놨떫컞붻틗뗄뿇⡒数潲瑩湧湤⁎潮??呲慤楮朠卨敬氩?볙죧튻룶뿇릫쮾뚨웚쿲쏀맺횤붻믡쳡돶짪놨ꎬ떫늢쎻폐ퟶ쫐짌뛔룃뿇릫쮾뗄막욱뷸탐싲싴ꎬ헢훖뿇뻍쫇짪놨떫컞붻틗뗄뿇ꆣ헢훖뿇릫쮾뗄볛룱뷏틔쿂솽훖뿇릫쮾튪맳ꎬ틲캪헢훖뿇릫쮾퓚쫕릺췪돉틔뫳4-6룶퓂벴뿉틔뷸탐짏쫐붻틗ꆣ ?⸠컞짪놨쟒붻틗뗄뿇⡎潮??剥灯牴楮朠慮搠呲慤楮朠卨敬氩?튻룶뿇릫쮾늢쎻폐쿲쏀맺횤붻믡쳡돶짪놨ꎬ떫좴폐튻룶틔짏ퟶ쫐짌뛔룃뿇릫쮾뗄막욱뷸탐ퟅ싲싴붻틗ꎬ헢훖뿇쫇컞짪놨쟒붻틗뗄뿇ꆣ퓚쏀맺뛔폚놾쫐뎡짏뗄볠뚽맜샭쫇뛠뇪ힼ뗄, 퓚럛뫬떥쫐뎡짏뻍듦퓚ퟅ헢훖컞짪놨떫뷸탐붻틗뗄뿇릫쮾ꆣ헢훖뿇릫쮾뗄볛룱튻냣뷏뇣틋ꎬ틲캪헢훖뿇릫쮾탫퓚쫕릺췪돉뫳6룶퓂닅뿉틔짏쫐붻틗ꆣ ???컞짪놨쟒컞붻틗뗄뿇⡎??剥灯牴楮朠慮搠???呲慤楮朠卨敬氩?볙죧튻룶뿇릫쮾쯼볈쎻폐쿲쏀맺횤붻믡쳡돶짪놨ꎬ튲쎻폐죎뫎ퟶ쫐짌뛔룃뿇릫쮾뗄막욱뷸탐싲싴ꎬ헢훖뿇뻍쫇컞짪놨쟒컞붻틗뗄뿇ꆣ헢훖뿇릫쮾뗄볛룱튲쿠뛔뇣틋ꎬ틲캪헢훖뿇퓚쫕릺췪돉틔뫳듳풼9-12룶퓂랽뿉짏쫐뷸탐붻틗ꆣ I. 뿇릫쮾뗄탔훊 뿇릫쮾뗄훖샠뗄늻춬뻶뚨쇋쫕릺췪돉뫳짏쫐붻틗뗄쪱볤ꆣ쯼뗄쪱볤훜웚튻냣캪3ꆪ12룶퓂늻뗈ꆣ 쇭튻훖펰쿬쫕릺췪돉뫳짏쫐붻틗쪱볤뗄틲쯘쫇ꎺ뿇릫쮾뗄탔훊ꆣ폐뗄뿇릫쮾쯼쯤쎻폐붻틗튲쎻폐쳡돶짪놨ꎬ떫쫇쯼뗄탔훊룷폐늻춬ꆣ튻냣뛸퇔ꎬ뿉틔룹뻝뿇릫쮾© King & Wood PRC Lawyers
뗄탔훊뛔쯻쏇ퟶ죧쿂럖샠ꎺ웆닺뗄뿇릫쮾ꆢ춣횹펪튵뗄뿇릫쮾ꆢ뿕냗횧욱뗄뿇릫쮾ꆢ풭쪼뗄뿇릫쮾ꆢ럖닰뗄뿇릫쮾틔벰㔰?뿇뫍㐱?뿇뗈뗈ꆣ????웆닺뿇⡂慮歲異瑣礠卨敬汳??웆닺뿇뻍쫇횸쓇킩뺭맽쏀맺뗄웆닺램풺닃뚨뫳틑뺭웆닺뗄짏쫐릫쮾ꆣ쯻쏇평램풺듓램싉짏쏢돽쇋웤쯹폐뗄뢺햮벰쯟쯏ꆣ헢훖뿇놻쫓캪ퟮ뫃뗄뿇릫쮾ꎬ틲캪뺭맽쏢돽닺ꆢ햮컱뫳ꎬ쯹폐뗄닺ꆢ뢺햮뚼틑뺭늻뢴듦퓚ꎬ헢뛔폚쫕릺랽살쮵틑쎻폐쇋죎뫎뗄럧쿕ꆣ 죧맻튻룶짏쫐릫쮾쫇틲캪뺭펪늻짆떼훂늻뗖햮뛸쿲웆닺램풺짪쟫웆닺뗄ꎬ헢쪱뫲퓚쏀맺뻍믡폐튻엺튵쓚죋쪿웤훐냼삨싉쪦ꆢ믡볆쪦믲헟쫇춶릫쮾뗈ퟩ돉튻룶췅뛓ꎬ쿲웆닺램풺짪쟫뗃떽뿇릫쮾뗄짭럝ꆪꆪ벴컒쏇쯹쮵뗄짏쫐릫쮾룱ꆣ퓚뗃떽춬틢뫳ꎬ쯻쏇쫗쿈믡뢶돶튻뇊뗄럑폃ꎬ헢퇹쯻쏇뻍뿉틔펵폐헢볒짏쫐릫쮾뗄뿘막좨쇋ꆣ틲듋ꎬ쯤좻헢룶릫쮾틑뺭뇴쇙웆닺ꎬ떫쫇릫쮾뿉쓜뮹폐죽냙믲컥냙룶막뚫ꎬ헢킩막뚫죔돖폐릫쮾막욱ꎬ횻쫇펵폐뗄막욱틑뫁컞볛횵ꎬ쯹틔춨뎣헢킩막뚫풸틢럅웺웤뛔룃뿇릫쮾뗄뿘막좨ꎬ쾣췻뿉틔듓싲뿇랽쯹뢶돶뗄싲뿇뷰훐뗃떽튻킩쿖쪵샻틦ꎬ죧맻탂릫쮾뗄쳢닄쓜릻췆뚯막욱볛룱짏헇ꎬ쯻쏇뻍믡퓙듎릺싲탂릫쮾뗄막욱ꆣ 퓚룷훖샠탍뗄뿇릫쮾훐웆닺뗄뿇쫇캪낺맳뗄ꎬ벴쪹쯼볈쎻폐뷸탐짪놨ꆢ튲쎻폐뷸탐붻틗ꎬ평폚쎻폐죎뫎뗄뢺햮벰쯟쯏ꎬ뛔폚쫕릺웳튵ꎨ싲랽ꎩ틢캶ퟅ쫇쇣럧쿕ꎬ틲듋폐쪱뫲볛잮튲믡뷏룟ꆣ뻝듋ꎬ컒쏇늻쓜횱맛뗘죏캪쎻폐짪놨ꆢ쎻폐붻틗뗄뿇뻍튻뚨쫇ퟮ뇣틋뗄뿇ꆣ ???춣횹펪튵뿇⡃敡獥搠佰敲慴楯渠卨敬汳??춣횹펪튵뿇뇈웆닺뿇싔캢톷즫ꎬ틲캪쯼쎻폐웆닺램풺쏢돽햮컱뗄램싉돌탲ꆣ샽죧튻룶닉뻲뷰뿳뗄짏쫐릫쮾ꎬ풭살폐막뚫튻잧죋ꎬ떫평폚뷰뿳놻췚뿕ꎬ릫쮾놻웈탻룦춣횹펪튵ꆣ틲쯼쫇ퟔ좻늻뿉뾹솦퓬돉뗄릫쮾뗄춣튵ힴ첬ꎬ쯹틔퓚릫쮾뇤싴쇋짨놸ꆢ뎥뮹쇋햮컱틔뫳ꎬ룃릫쮾쎻폐돶쿖늻뗖햮뗄쟩뿶ꎬ튲뻍늻탨튪뷸죫웆닺돌탲ꎬ쯤좻쯼춣횹쇋펪튵ꎬ떫웤짏쫐릫쮾뗄룱틀좻듦퓚ꆣ © King & Wood PRC Lawyers
???뿕냗횧욱뿇⡂污湫⁃桥捫猠卨敬汳??뿕냗횧욱뿇퓚릫쮾퓚돉솢뗄쪱뫲뻍탫쿲횤붻믡쳡돶짪놨늢쮵쏷듋릫쮾늢컞죎뫎튵컱ꎬ횻쫇쯅믺붫쯼싴쯻죋ꆣ웤짪놨뗄쒿뗄퓚폚놣쇴헢룶짪놨ꎨReportingꎩ룱ꎬ횻폐뻟폐쇋헢퇹뗄룱ꎬ릫쮾닅쓜릻퓚OTCBB듽볛뛸링ꆣ퓚1998쓪틔잰ꎬ뿕냗횧욱뿇럇뎣뗄쪢탐ꎬ춨뎣쿫튪짏OTCBB냥뿩뗄릫쮾ꎬ뚼믡좥싲튻룶뿕냗횧욱뗄뿇릫쮾ꎬ틲캪싲뿇틔뫳짏쫐릫쮾뻍뿉퓚OTCBB냥뿩없붻틗쇋ꆣ뫳살헢훖쿖쿳놻SEC랢쿖ꎬ쯻쏇뗃횪뫜뛠릫쮾퓚릺싲쇋헢훖뿇릫쮾틔뫳ꎬ막뚫쏇믡엗쫛ꎬ뷡맻떼훂뫜뛠뗄즢뮧뻍돉쇋횱뷓뗄쫜몦헟ꆣ쯹틔쏀맺횤붻믡퓚2000쓪쿂듯쇋컄볾ꎬ맦뚨ꎺ랲쫇릺싲뿕냗횧욱뗄뿇릫쮾ꎬ릫쮾뗄탂랢탐막욱늻쓜퓚튻쓪횮쓚엗쫛ꎬ쟒뇘탫쿲횤붻믡돶뻟ꆰ뗇볇ꆱ뗄램싉쫖탸ꆣ횤붻믡ퟷ돶헢퇹뗄튪쟳쪹뗃쓇킩쪹폃뿕냗횧욱뿇뗄릫쮾짙쇋듳냫ꎬ틲캪뫜뛠죋늻풸틢뮨짏듳뇊뗄싉쪦럑좥ퟶ뗇볇ꆣ ???풭쪼뿇⡖楲杩渠卨敬汳??††풭쪼뿇폫럖닰뿇퓚쳘헷짏럇뎣쿠쯆ꎬ떫튲폐쯹늻춬ꆣ풭쪼뿇쫇늻듦퓚죎뫎튵컱뗄뿇릫쮾ꆣ룹뻝쏀맺릫쮾램뗄맦뚨ꎬ헦쪵ꆢ폐펪퓋뗄릫쮾뿉틔냑ퟓ릫쮾뗄막욱룸샏막뚫ꎬ튲뻍쫇쮵떱릫쮾돉솢쇋탂릫쮾벴ퟓ릫쮾ꎬ늢쟒붫ퟓ릫쮾뗄막욱쯍룸쒸릫쮾뗄막뚫ꎬ쪹쎿룶쒸릫쮾뗄풭막뚫뚼폐ퟓ릫쮾뗄막욱ꎬ헢훖탎첬놻뷐ퟶꆰ噩牧楮ꆱ틢쮼쫇풭쪼뗄듓쒸릫쮾샯쏦퇜짺돶살뗄릫쮾ꆣ퓚막욱놻럖돶좥틔뫳ꎬ쯼늢늻믡펰쿬짏쫐릫쮾뗄짏쫐룱ꆣ폫듋춬쪱ꎬퟓ릫쮾놾짭튲춬퇹뻟폐쇋짏쫐릫쮾뗄쳵볾ꆣ쫂쪵짏듋릫쮾늢럇ퟓ릫쮾ꎬ쯼횻쓜놻죏ퟷ쫇쒸릫쮾뗄맘솪웳튵ꎬ틲캪헢쫇춬튻엺막뚫쯹펵폐뗄솽볒릫쮾ꆣ떫쫇ꎬ떽뗗ퟓ릫쮾쫇럱헦헽펵폐짏쫐룱ꎬ뮹쫇쇮죋훊틉뗄ꆣ싲헢샠뗄뿇릫쮾튻냣쪱볤훜웚뷏뎤ꎬ듳풼탨튪튻쓪냫떽솽쓪뗄쪱볤ꎬ죧맻웳튵퓚톡뿇뗄쪱뫲톡퓱릺싲쇋헢훖뿇ꎬ웤뷡맻붫늻뺡죋틢ꆣ ?⸠럖닰뿇⡓灩??佦映卨敬汳??††럖닰뿇쫇횸튻룶짏쫐릫쮾냑웤훐뗄튻늿럖튵컱럖닰돶살ꎬ늢쪹럖닰돶뗄릫쮾춬퇹뻟폐짏쫐릫쮾룱ꆣ평폚듋샠릫쮾죔듦퓚튵컱ꎬ튲뻍믡폐쿠펦뗄햮컱벰쯟쯏뗄뿉© King & Wood PRC Lawyers
쓜ꆣ뛸쯼뗄뫃뒦퓲쫇ꎬ쯼믡틲캪쿖듦뗄튵컱뛸룸릫쮾막볛뗄쳡짽듸살냯훺ꆣ 㘮†㔰㐠뿇⠵〴⁓桥汬猩?쏀맺횤좯램D맦퓲504쳵뿮맦뚨쇋킡뛮릫뾪랢탐ꎨDirect Public offeringꎩ뗄뻟쳥돌탲ꎬ쳵뿮맦뚨ꎺ랲돯벯뷰퓚컥냙췲쏀풪틔쿂뗄ꎬ뻹놻쫓캪킡뛮릫뾪랢탐ꆣ춨맽킡뛮릫뾪랢탐쒼벯뷰뫳ꎬ뻍뿉틔돉솢튻룶릫뾪랢탐뗄릫쮾ꆣ짪쟫짏쫐뗄릫쮾퓚돉솢뫳ꎬ탫쳡붻Form10뇭룱떽쏀맺횤좯붻틗캯풱믡SECꎬ뺭짳엺뫳릫쮾뻍뿉돉캪짪놨릫쮾ꎨReporting Companyꎩꆣ퓚뻟폐짪놨릫쮾뗄룱틔뫳ꎬ릫쮾뿉퓙쿲NASD뗝붻뇭룱Form211ꎬ돌탲췪돉뫳릫쮾랽뿉틔퓚OTCBB짏뷸탐붻틗쇋ꆣ 춨맽틔짏죽룶늽훨뛸늻쫇춨맽IPOꎬ룃릫쮾벴뿉돉캪튻룶뿇릫쮾ꎬ헢훖뿇릫쮾놻돆캪504뿇ꆣ ??†㐱?뿇⠴ㄹ⁓桥汬猩?‴ㄹ뿇뗄탎돉폫뿕냗횧욱뿇뗄돌탲쿠쯆ꆣ?J. 랴쿲쫕릺뗄튻냣돌탲 ㄮ?릺늢쮫랽뚭쫂믡춨맽릺늢뻶틩?㈮?뻶틩뗄엺ힼꎨ막뚫믡ꎩ?뚭쫂믡붫춨맽뻶틩쳡붻막뚫듳믡쳖싛ꎬ늢평막뚫듳믡폨틔엺ힼꆣ쏀맺뗄ꆶ릫쮾램ꆷ훐맦뚨ꎬ랲믱뗃뻟폐뇭뻶좨뗄막럝돖폐헟훐뗄뛠쫽춬틢뗄뻶틩ꎬ놻쫓캪춨맽ꆣ ㌮?릺늢룷랽잩뚩릺늢뫏춬?쮫랽릫쮾뗄릺늢뫏춬튲뇘탫뺭룷랽뚭쫂믡벰막뚫듳믡뗄엺ힼ뫳랽쓜짺킧ꆣ ???????
