非美国公司在美上市流程周锦昌德勤华永会计师事务所有限公司审计合伙人国家会计学院培训北京2006年8月4日
免责声明本次演讲的所有资料或解释所有资料或解释(并不只限于下列投影片并不只限于下列投影片)(以下统称为「材料」)是以一般常用词汇编制而成的﹐且仅为本次演讲之用。该等材料仅可作为参考之用﹐而不应视为由德勤及/或其雇或其雇员(以下统称为「德勤」)所提供的意见或建议。此外﹐由于德勤在编制有关材料时受时间及适用的资料所限﹐所以德勤亦未能知悉所有的事实或资料﹐因此该等材料并不应被视为全面完备的材料。而德勤亦不会就材料的准确性、完整性或足够性进行任何陈述。就特定情况下使用该等材料时﹐应根据实际所涉及的情况而酌情采用。使用者在任何特定的情况下应用有关材料时﹐应先谘询专业人士的意见。在任何情况下﹐有关材料均絶不可取替该等专业意见。使用者应当自行承担因应用该等材料的内容而产生的风险。虽然德勤已按小心谨担因应用该等材料的内容而产生的风险。虽然德勤已按小心谨慎的原则编制有关材料﹐但德勤并不会向任何第三方(包括你包括你)承担任何责任(包括但不限于因疏忽所产生的责任)。
Major US Markets 主要美国证券交易所•New York Stock Exchange •纽约证券交易所(“NYSE”)•纳斯达克•NASDAQ•Am•美国证券交易所erican Stock Exchange (“AMEX”)2©2006Deloitte Touche Tohmatsu.
Listing Requirements 上市要求Available at the following web网站链接sites:•(NYSE)•(纽约证券交易所)•(NASDAQ)•(纳斯达克)••(美国证券交易所).com(AMEX)Please请参考附件1 see the attachment I3©2006Deloitte Touche Tohmatsu.
Chinese Companies listed in the US thru IPO since 2004 自2004年在美国上市的中国公司•Linktone•掌上灵通咨询有限公司••有限公司•SMIC *•中芯国际集成电路制造*•Shanda•上海盛大网络发展有限公司•KongZhong*•空中网*•China Finance Online *•中国金融在线有限公司*••艺龙网信息技术北京有限公司4©2006Deloitte Touche Tohmatsu.
Chinese Companies listed in the US thru IPO since 2004 自2004年在美国上市的中国公司•China Netcom•中国网通•Ninetowns*•九城数码关贸*•The9 Limited•第九城市•Hurray! Holding *•华友控股*•China Techfaith*•中国德信无线通讯*•Focus Media *•分众传媒*•Baidu•百度5©2006Deloitte Touche Tohmatsu.
Chinese Companies listed in the US thru IPO since 2004 自2004年在美国上市的中国公司•China Medical•中国医疗技术•Vimicro•中星微电子•Actions Semiconductor *•珠海炬力集成电路设计*•SuntechPower *•江苏无锡尚德太阳能电力*•Himax•奇景光电股份•eFutureInformation•北京富基旋风科技•China Grentech•国人通信*Audited by Deloitte*由德勤审计6©2006Deloitte Touche Tohmatsu.
The Advantages 益处•Increased capital•资本增加•Improved financial position•改善财务状况•Less dilution•较少的股权滩薄•Enhanced ability to raise equity•提高股权融资能力•Liquidity and valuation•流动性和定价•Improved credibility with •改善与商业伙伴的信用度business partners•促进员工士气和生产力•Better employee morale and productivity•个人财富•Personal wealth7©2006Deloitte Touche Tohmatsu.
The Disadvantages 不利之处•Disclosure of informationl信息披露•Management demandsl对管理层的要求•Pressure to maintain growth l保持增长的压力patternl较少的控制•Less controll费用•Expensel遵循调整要求•Comply with regulatory l不遵循的法律后果requirements•Legal consequence of non-compliance 8©2006Deloitte Touche Tohmatsu.
Is Your Company Ready (Early Stage Company)贵公司准备好了吗(早期的公司)•Market opportunityl市场机会-是否支持公司增长-Can it support growthl是不是市场领先者•Is it market leaderl经验丰富的管理团队•An experienced management team9©2006Deloitte Touche Tohmatsu.
Is The Market Ready? 市场条件是否成熟?•Economic forecastsl经济预测•Political eventsl政治事件•International trendsl国际趋势•Interest ratesl利率•Inflationl通货膨胀•Bull牛市还是熊市l vs. Bear market10©2006Deloitte Touche Tohmatsu.
PrepublicPlanning 上市前的规划•Once you decide that l一旦做出上市决定，公司就开you want to take your 始了一项征程。company public, you are embarking upon a ©2006Deloitte Touche Tohmatsu.
Increased Formalization 进一步的要求•Maintain adequate records and internal controlsl保持适当的记录和内部控制•Brl更新股权纪录ing your stock ownership records up to datel扩大股东的政策监督作用•Expand the director’s role in l改善董事会成员的资历overseeing policies•Upgrade the board’s credentials12©2006Deloitte Touche Tohmatsu.
Form Your Team 组织队伍•Managementl管理人员•Accountants and Auditorsl会计师和审计师•Attorneysl律师•Underwritersl承销商•Financial Printersl金融印刷商•Financial Public Relationsl金融公关公司•Transfer Agents and l过户代理和登记商Registrars13©2006Deloitte Touche Tohmatsu.
Accountants & Auditors 会计师和审计师•Consult your accountants first?l首先征求了会计师的意见?•Identify GAAP differences earlyl尽早确认在会计标准方面的差异–Revenue recognition-收入确认–Stock compensation-股票薪酬•Consider pre-clearing reporting l考虑清算前的申报问题issues•Determine whether other l确定是否需要其它公司的财务报companies’financial statements 表are requiredl不要低估对资源的要求•Don’t underestimate the resource requirements14©2006Deloitte Touche Tohmatsu.
Expert Legal Counsel 法律专家的意见•Determine whether the company is legally positioned l确定公司是否做好上市的for an offering法律准备•Conduct business through a l通过明确的组织结构开展clear organizational structure业务•Simplify the capital structure•You should review your l简化资本结构articles of incorporation and byl应该审核公司大纲和细则laws15©2006Deloitte Touche Tohmatsu.
Expert Legal Counsel (continued)法律专家的意见(续)•Review all related-l审核所有的相关交易和重要合party transactions and 同material contractsl预期公司将采取的主要行动•Anticipate major company initiatives16©2006Deloitte Touche Tohmatsu.
The Underwriters 承销商•Selecting an underwriterl选择一个承销商•Reputationl声誉•Distribution capability•Experiencel销售能力•Market-making capabilityl经验•Research analystsl造市能力•Ability to provide financial advicel研究分析员•Other considerationl提供财务咨询的能力l其他的考虑17©2006Deloitte Touche Tohmatsu.
What Underwriters Look For 承销商的考虑•Management qualityl管理层的资质•Employeesl员工•Product quality and industry l产品质量和行业潜力potentiall生产或服务能力•Production of service capabilityl财务状况•Financial positionl历史收入和潜力•Earnings history and potential•Coml公司声誉pany reputation18©2006Deloitte Touche Tohmatsu.
What Underwriters Look For (continued)承销商的考虑(续)•Intended use of l资金的使用意向proceedsl股票的可销售性•Marketability19©2006Deloitte Touche Tohmatsu.
A Positive Image in The Investment Community在投资界建立良好的形象•Begin a financial public l开展金融公关计划relations programl制定联系名单•Develop contact listsl在会议和行业展览中进行演讲•Make presentations at 和展示conference and trade shows20©2006Deloitte Touche Tohmatsu.
Some terminologies 一些术语•Registration Statementl申请上市登记表•Securities and Exchange Commission (“SEC”)l证券交易委员会•Securities Act of 1933 (“1933 Act”)l《1933年证券法》•Securities Exchange Act of 1934 l《1934年证券交易法》(“1934 Act”)21©2006Deloitte Touche Tohmatsu.
Registration Statement 申请上市登记表•It includes the prospectus •它包含了内容说明书和其他and other information.资料•The 1933 Act requires a •《1933年证券法》要求公司registration statement be 在发售证券前向证券交易委filed with the SEC before 员会（SEC）提交申请上市securities are sold.登记表22©2006Deloitte Touche Tohmatsu.
SEC 证券交易委员会•Does not evaluate the merit •对证券权的优点或价值不做评价or value of the securities•Only determines whether the •只确定内容是否完整清晰disclosures are complete and ©2006Deloitte Touche Tohmatsu.
1933 Act 《1933年证券法》•Requires an accurate •需要给投资者提供准确的信息以disclosure of material facts 便投资者能够在投资某一间公司so that investors can make 的股票时拥有足够的资料作出投an informed decision about 资决定investing in a given ©2006Deloitte Touche Tohmatsu.
1934 Act 《1934年证券交易法》•Created the SEC and •创建证券交易委员会和规则，以regulates and controls the 及控制证券市场和相关实践securities markets and related ©2006Deloitte Touche Tohmatsu.
Audit Requirements 审计要求•It may not be feasiblel可能不可行–3 Years-3 年•You may be surprised at l审计结果可能令人惊讶the audit resultsl可能导致进一步的延迟•Further delays could result26©2006Deloitte Touche Tohmatsu.
Registration 登记•The entire IPO process l整个上市流程都围绕着与证交revolves around your 会(SEC)的登记而展开。company’s registration with -国外公司通常使用F-1the SEC.表格进行申报–F-1 usually filed by a foreign company-SEC一定进行仔细的审–A核lways reviewed thoroughly by the SEC27©2006Deloitte Touche Tohmatsu.
Standard Timeline 标准的时间表October-DecembPreparations for IPODecember 15 Initial Organization MeetingDecember 16-28 Org. Meeting through FirstDraft of F-1January 4-20 Drafting SessionsJanuary 25-26 Printers10-12月份准备上市12月15日首次组织会议12月16-28日组织会议讨论F-1初稿1月4-20日F-1稿件讨论会1月25-26日印刷商28©2006Deloitte Touche Tohmatsu.
Standard Timeline 标准的时间表February 26-March 1 Receive SEC Comments/Amendment 1March 3 Red Herrings/ProspectusMarch 8-26 Roadshow/SEC Comment PeriodMarch 15-19 SEC Comments/Amend. 2March 29-31 Effective/Final Prospectus/PricingApril 6 Closing2月26日-3月1日收到SEC意见/第1次修改3月3日红绯鱼/招股说明书3月8-26日路演/SEC意见期3月15-19日SEC意见/第2次修改3月29-31日生效/最终的招股说明书/定价4月6日结束29©2006Deloitte Touche Tohmatsu.
Preparations for IPO 上市准备Generall一般情况•Activities typically l通常在上市前的2至3个月内commence within 2-3 开始活动months of IPOl应该由公司/顾问控制进程•Company/Counsel should (而不是承销商)control process (rather than underwriters)30©2006Deloitte Touche Tohmatsu.
Initial Organization Meeting 首次组织会议Generall一般情况•Typically held at attorney’s l通常在律师事务所召开office•Al会计师行合伙人/经理参加ttended by a CPA firm’s partner/manager(s)l上市条款的高层综述•High-level overview of terms l时间表of offeringl公司讲演和演示•Timetablel工作组名单•Company presentations•Working group list31©2006Deloitte Touche Tohmatsu.
Org. Meeting through First Draft of F-1组织会议讨论F-1初稿Generall一般情况•Attorneys typically take l律师通常在起草F-1初稿时采initiative in drafting F-1取主动。•Underwriters continue due diligence of companyl承销商继续对公司作审慎调查l选择印刷商•Printers typically selected•Coml公司可以选择过户代理和登记pany may select transfer agent and regis人trar32©2006Deloitte Touche Tohmatsu.
Drafting SessionsF-1稿件讨论会Generall一般情况•Typically held at attorney’s ol一般在律师办公室举行ffices•May be anywhere from 3-6 l讨论会可能为3-6次drafting sessionsl审计师一般不参加早期的讨论•Auditors will not typically 会attend earlier drafting l讨论会结束后，文件送给经过sessions挑选的印刷商•Once drafting sessions are complete, document is delivered to selected printer33©2006Deloitte Touche Tohmatsu.
Printers 印刷商General•Al一般情况ll-hands meeting including company, company’s legal l包括公司、公司法律顾问、承counsel, underwriters, 销商、承销商法律顾问和审计underwriters’legal counsel 师在内的各方会议and Auditorsl在印刷商处的会议通常需要2-•Printers sessions typically take 2-3 days3天的时间•Meetings usually run late into l会议常常进行到深夜the night34©2006Deloitte Touche Tohmatsu.
Receive SEC Comments/Amendment 1收到SEC意见/第一次修改General一般情况lTypically SEC comments received by a•通常SEC的意见由律师收到ttorneyslWithin 1-2 days, all parties •在1-2天内，各方将回到印刷are back at printers to spend 商处，花费1-2天时间进行第next 1-2 days working on 一次修改并对SEC意见进行答1st amendment and responses to SEC commen复。ts35©2006Deloitte Touche Tohmatsu.
Red Herrings/Prospectus红绯鱼/招股说明书General一般情况•“Red Herrings”typically printed l“红绯鱼”通常在第一次修改提w/in 1-2 days after 1st amendm交后的1-2天印刷（以便及时ent filing (in time for roadshow)进行路演）。36©2006Deloitte Touche Tohmatsu.
Roadshow/SEC Comment Period路演/SEC意见期General一般情况•Company goes out “on the road”l公司与承销商一同“上路”with the underwritersl通常持续2-3周（取决于是否是•Typically lasts 2-3 weeks (depending on if they are going 国际性的）international)l会见各种机构投资方和其他投资•Meet w/ various institutional and 方为股票造市other investors to create a market for thelSEC审核对第一次意见的回复和 stock•SEC对F-1的第一次修改稿 reviews responses to initial comments along w/ F-1 l审计师没有主要的责任amendment 1•No significant responsibilities from auditors37©2006Deloitte Touche Tohmatsu.
SEC Comments/Amendment No. 2SEC意见/第二次修改General一般情况•Second round of SEC comments (if applicable)lSEC的第二次意见（如果适用）•Company files amendment 2 incorporating commentsl公司提交第二次修改稿，包含•Typical review of first round 意见comments and first amendment is l对第一轮意见进行专门审核，7-14 days第一次修改的时间为7-14天。•May have further amendments l可能会有进一步修改38©2006Deloitte Touche Tohmatsu.
Effective/Final Prospectus/Pricing生效/最终的招股说明书/定价General一般情况•Registration Statement lSEC宣布申请上市注册报表有declared effective by SEC效•Board of Directors approves pl董事会批准定价ricing•Dl为交易定价eal is pricedl印刷最终的招股说明书•Final prospectus printed39©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Form F-1表格F-1•Used for registration of l首次公开发行的证券登记securities for an IPO 时使用•Always reviewed thoroughly by l经常会受到SEC的仔细审theSEC核40©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Most significant contents:•最重要的内容:lDescription of –对公司/发行股票的介绍Company / Offering–摊薄表lDilution Table–模拟财务信息lPro Forma Financial –资本化表Information–挑选的财务数据表(五年当中的)lCapitalization Table–管理层的讨论和分析lSelected Financial Data Tables (FIVE –财务报表YEARS!)lManagement’s Discussion and AnalysislFinancial Statements41©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Financial Statements财务报表•Presentation under US Generally Accepted Accounting Principles (“GAAP”) or reconciliation to US GAAP is required for the audited financial被审计的财务报表须按照美国公l statements认会计准则(“GAAP”)制定或调–Balance sheets for the two most recent fiscal years整–Statement of income, changes in l最近两个会计年度的资产负shareholders’equity and cash flows for the three most recent fiscal years债表–US GAAP presentation or reconciliation forl最近三个会计年度的损益 the two most recent years in the initial filing表、股东权益的变化及现金–Interim financial statements (minimum 6 months)流量 reconciled to US GAAP if date of registration statement is more l在首次申请登记时，要按照than 9 months after the last fiscal year美国GAAP制定或调整l如果申请上市注册报表的日期在最后一个会计年度的9个月之后，期中财务报表（最少6个月）应按照美国GAAP调整42©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求•Alternative formats:l其它格式:–Comply with International Financial Reporting l符合国际财务报告准则或Standards or other GAAP 其他GAAP，同时按照美giving a reconciliation to US GAAP, or国GAAP作调整，或–Comply with US GAAP (two l符合美国GAAP (两年的调year accommodation)整期)43©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Accounting会计•Reconciliation to US GAAPl按照美国GAAP作调整–Itemized reconciliation of l净收益和股东权益的逐项调net income and 整shareholders’equityl美国GAAP附注–US GAAP footnotesl综合收益表–Statement of Comprehensive Incomel现金流量表–Statement of Cash Flows44©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Accounting会计•Required separate Company financial statementsl要求的单独的公司财务报表–Businesses acquired or to be l已收购或将要收购的业务acquired (Rule 3-05)(第3-05条)–Unconsolidated majority owned subsidiaries and 50% or less l未合并的拥有多数股权的子owned equity investees (Rule 3-公司，和拥有50%或低于09)50%股权的被投资企业(第–Guarantors and affiliates whose securities collateralize an issue 3-09条)registered or being registered (Rule 3-10)l对已登记或正在登记的股票发行进行证券抵押的担保方–Real estate operations (Rule 3-14)和关联方(第3-10条)l房地产业务(第3-14条)45©2006Deloitte Touche Tohmatsu.
Reporting Requirements 报告要求Accounting会计•SEC requires audits in lSEC 要求审计须符合美国的conformity with US Generally A公认审计原则(“GAAS”)ccepted Auditing Standards (“GAAS”) lPCAOB•Public Company Accounting Oversight Board (“PCAOB”)46©2006Deloitte Touche Tohmatsu.
Sections of a Prospectus招股说明书的几个部分•Prospectus Summary •招股说明书概述（公司背景、股(company background, offering summary, summ票发行概述、财务数据概要）ary •风险因素financial data)•R•收益的使用isk Factors •Use of Proceeds •资本化表•Capitalization Table •摊薄表•Dilution Table47©2006Deloitte Touche Tohmatsu.
Sections of a Prospectus招股说明书的几个部分•Selected Financial Data •选择的财务数据•MD&A•管理层的讨论和分析•Business•业务•Management•管理•Certain Transactions•某些交易•Financial Statements•财务报表48©2006Deloitte Touche Tohmatsu.
Summary Financial Data财务数据概要lNo guidelines as to what is required. •对于所需数据没有指导原则。It is typically information the Company 基本上是由公司和承销方确定and underwriters determine is 的（为市场销售）所需强调的relevant to highlight (for marketing)信息lP&L: Typically five full years and YTD stub periods. Proforma EPS: SEC •损益表: 一般是五年和本年累does not allow 计。模拟每股收益: SEC 只允for other than most current year end and current stub 许最近一年末和本年累计period end•资产负债表: 当季末以及“模拟lBalance sheet: Current quarter end 的”和“经调整的”and “proforma”and “as adjusted”49©2006Deloitte Touche Tohmatsu.
Summary Financial Data 财务数据概要SUMMARY CONSOLIDATED FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE DATA) PERIOD FROM YEAR ENDED FEBRUARY 21, 1996 DECEMBER 31, (INCEPTION) TO ------------------ DECEMBER 31, 1996 1997 1998 ----------------- ------- -------CONSOLIDATED STATEMENT OF OPERATIONS DATA:Revenues.................................................... $ -- $ 5,563 $17,085Loss from operations........................................ (1,310) (7,902) (6,128)Net loss.................................................... (1,245) (7,718) (5,681)Basic and diluted net loss per share........................ $ (.81) $ () $ (.59)Weighted-average shares of common stock outstanding used in computing basic and diluted net loss per share............ 1,528 4,912 9,606Pro forma basic and diluted net loss per share (unaudited)............................................... $ (.37)Shares used in computing pro forma basic and diluted net loss per common share (unaudited)......................... 15,359 DECEMBER 31, 1998 -------------------------- ACTUAL AS ADJUSTED(1) -------- -------------- (UNAUDITED)CONSOLIDATED BALANCE SHEET DATA:Cash, cash equivalents and short-term investments........... $ 7,825 $ 62,008Working capital............................................. 2,912 57,254Total assets................................................ 14,862 69,045Long-term portion of capital lease obligations and equipment advances, and other long-term liabilities................. 747 95Redeemable convertible preferred stock...................... 18,953 --Stockholders' equity (net capital deficiency)............... (13,743) 60,204(1) Adjusted to reflect our sale of 3,548,000 shares of common stock in this offering, at an assumed initial public offering price of $ per share and after deducting estimated underwriting discounts and commissions and 5 0offering expenses payable by us and the application of our net proceeds fro©m2006Deloitte Touche Tohmatsu this offering..
Use of Proceeds 收益的使用•Estimated net proceedsl预计的净收益–(Shares sold by the company) x (Offl(公司销售的股票) x (发ering price) -(Underwriters’discount) -(Estimated行价) -(承销方的折扣) - offering expenses)(预计的发行费用)–Shares sold by the company: some l公司销售的股票：一些交dea易可包括出售股票的股东ls can include selling shareholdersl发行价：在初期提供一定–Offering price: 范围内的发行价，使用中in the preliminary, a range of offering price is provided, 间值use the midpointl承销方的折扣：总收益的–Underwriters’discount: a 一个百分比percentage of gross proceedsl预计的发行费用：登记表–Estimated offering expenses: Item 中的第13项13 in the registration statementl这一数量是文件中用于–This is the amount used for “as “经调整”的数量。adjusted”amounts in the d5o1cument©2006Deloitte Touche Tohmatsu.
Use of Proceeds (cont’d) 收益的使用（续）•Estimated net proceeds l预计的净收益假设承销商assuming the shoe is 认购超额的股份exercised in full–The underwriters’overal承销方的超额配售通常是llotment shares are typically an agreed 以事先确定的全部发行股upon percentage of the total 票的百分比计算shares offered–Calculation is the same except l计算是相同的，只是还要note that there are no additional 注明没有额外的预计费用estimated expenses52©2006Deloitte Touche Tohmatsu.
Capitalization Table 资本化表•For the current quarter •当季结束期间ended period•Items in the table include •表格项目包括债务义务(流动和长debt obligations (current & 期的) 以及全部的股东权益LT) and total shareholders’equity53©2006Deloitte Touche Tohmatsu.
Capitalization Table 资本化表•Columns for actual, proforma •实际的、模拟的及经调整的and as adjusted栏目–Proforma: accounts for any equity even–模拟的:解释由首次发行股票导ts that will result from the IPO (. auto 致的任何有关股权的事项（例convert of preferred stock or 如优先股或债务的自动转换）debt)–经调整的: 模拟的加上发行的–As adjusted: proforma plus 效果the effect of the offering54©2006Deloitte Touche Tohmatsu.
Capitalization Table 资本化表 CAPITALIZATION The following table presents our capitalization as of December 31, 1998 (1)on an actual basis (2) on a pro forma basis, after giving effect to theconversion of all outstanding shares of preferred stock into common stock and(3) as adjusted to reflect our receipt of the estimated net proceeds from oursale of 3,548,000 shares of common stock in this offering at an assumed initialoffering price of $ per share, after deducting the estimated underwritingdiscounts and commissions and estimated offering expenses, the filing of a newcertificate of incorporation after the closing of this offering and theapplication of our proceeds from this offering: DECEMBER 31, 1998 ------------------------------------ ACTUAL PRO FORMA AS ADJUSTED -------- --------- ----------- (IN THOUSANDS)Long-term liabilities, less current portion(1).............. $ 747 $ 747 $ 95 -------- -------- --------Redeemable convertible preferred stock, $.0001 par value, 15,000,000 shares authorized, 5,753,566 shares outstanding actual; 15,000,000 shares authorized, no shares outstanding pro forma; 10,000,000 shares authorized, no shares outstanding as adjusted............................ 18,953 -- -- -------- -------- --------Stockholders' equity (net capital deficiency): Common Stock, $.0001 par value, 30,000,000 shares authorized, 13,052,262 shares outstanding actual; 30,000,000 shares authorized, 18,805,828 shares outstanding pro forma; 80,000,000 shares authorized, 22,353,828 shares outstanding as adjusted(2)........... 1 2 2 Additional paid-in capital................................ 2,182 21,134 76,128 Note receivable from officer.............................. (160) (160) (160) Deferred compensation..................................... (1,116) (1,116) (1,116) Translation adjustment.................................... (6) (6) (6) Accumulated deficit....................................... (14,644) (14,644) (14,644) -------- -------- -------- Total stockholders' equity (net capital deficiency).... (13,743) 5,210 60,204 -------- -------- -------- Total capitalization.............................. $ 5,957 $ 5,957 $ 60,299 ======== ======== ======== 1) See Notes 3 and 4 of Notes to Consolidated Financial Statements for a 5 d5escription of our capital leases and bank arrangements.©2006Deloitte Touche Tohmatsu.
Dilution Table 摊薄表•Dilution is highlighted as a risk factor: l把摊薄作为一项风险因素进行“new investors will incur immediate and substantial dilu重点介绍: “新的投资者将很快tion”遭受严重的摊薄”•Components of the calculationl计算的内容–Offering price per share: in reds, use midpoint of rangel每股发行价格：以红色标出，使用中间值–Net tangible book value actual: total equity divided by total shares l实际的有形资产账面净outstanding值：全部股份除以全部流–Net tangible book value after the IPO: 通股total equity “as adjusted”divided by l首次发行后的有形资产账total shares after the offering面净值：”经调整”的全部股–Increase per share attributable to the 份除以发行后的全部股份offering and the dilution per share are l由于发行而导致的每股价calculated totals (. plug amts)格增加和每股摊薄计算是–The information can come right from 计算的全部内容(即调整金the cap table额（plug amts）)l信息可直接来自资本化表56©2006Deloitte Touche Tohmatsu.
Dilution Table 摊薄表 DILUTION The pro forma net tangible book value of InsWeb's common stock as of June 30, 1999 was approximately $ million, or $ per share. Pro forma net tangible book value per share represents the amount of InsWeb's total assets, excluding net intangible assets, less its total liabilities, divided by the total number of shares of common stock outstanding, after giving effect to the conversion of all outstanding shares of preferred stock into common stock. Dilution in pro forma net tangible book value per share represents the difference between the amount per share paid by purchasers of shares of InsWeb common stock in this offering and the pro forma net tangible book value per share of InsWeb's common stock immediately after the offering. After giving effect to InsWeb's sale of the 4,000,000 shares of common stock in this offering, at an assumed initial public offering price of $ per share, and after deducting the estimated underwriting discount and offering expenses payable by InsWeb, the pro forma net tangible book value of InsWeb's common stock would have been $ million, or $ per share. This represents an immediate increase in net tangible book value of $ per share to existing stockholders and an immediate dilution of $ per share to new investors. The following table illustrates this per share dilution: Assumed initial public offering price per share..................... $ --------- Pro forma net tangible book value per share as of June 30, 1999... $ Increase in net tangible book value per share attributable to new public investors................................................ $ --------- Pro forma net tangible book value per share after the offering...... $ --------- Dilution per share to new public investors $ --------- --------- The following table sets forth, on a pro forma basis as of June 30, 1999, the number of shares of common stock purchased from InsWeb by existing stockholders and by the new investors, together with the total price and average price per share paid by each of these groups. The information presented is based upon an assumed initial public offering price of $ per share, before deducting the estimated underwriting discount and offering expenses payable by InsWeb: SHARES PURCHASED TOTAL CONSIDERATION ------------------------ --------------------------- AVERAGE PRICE NUMBER PERCENT AMOUNT PERCENT PER SHARE ------------- --------- ---------------- --------- -------------- <S> <C> <C> <C> <C> <C> Existing stockholders........... 28,524,825 88% $ 87,643,005 65% $ New investors................... 4,000,000 12 48,000,000 35 ------------- --------- ---------------- --------- Total......................... 32,524,825 % $ 135,643,005 % ------------- --------- ---------------- --------- ------------- --------- ---------------- --------- The foregoing discussion and tables are based upon the number of shares actually outstanding on June 30, 1999 and shares committed to be issued on June 30, 1999 and issued subsequent to that date, and assume no exercise of options 57or warrants outstanding as of June 30, 1999. As of that date, there were: ©2006Deloitte Touche Tohmatsu.
Selected Financial Data 财务数据摘要•Requirement is under S-K Item 301lS-K301款有规定•Five years of data for P&L and balance sheet and YTD stub period informationl5年损益表，资产负债表和本年累计•Net sales, operating income, net income, EPS, total assets, non current assets, long l净销售收入、营业收入、净收term debt, equity入、每股收益、总资产、非流•Quarterly data: not always required (see S-K Item动资产、长期债务、股权 302) l季度数据：非一贯要求(参见–Two full years of quarterly data S-K 302款) including current stubsl2个完整年度的季度数据，包括本年累计58©2006Deloitte Touche Tohmatsu.
Selected Financial Data 财务数据摘要 SELECTED PRO FORMA CONSOLIDATED FINANCIAL DATA Effective December 31, 1998, InsWeb acquired all of the outstanding sharesof Benelytics, Inc., a developer of employee health benefits selection andmanagement software and reference data products. The acquisition was accountedfor using the purchase method of accounting, and accordingly, the purchase pricewas allocated to the tangible and intangible assets acquired and liabilitiesassumed on the basis of their respective fair values on the acquisition following unaudited pro forma consolidated statement of operations datareflects the acquisition of Benelytics as if the acquisition had occurred onJanuary 1, 1998. The pro forma consolidated statement of operations data may notbe indicative of the results of operations had the acquisition actually occurredon January 1, 1998, nor do they purport to indicate the future results ofoperations of InsWeb. YEAR ENDED DECEMBER 31, 1998 ------------------- (IN THOUSANDS, EXCEPT PER SHARE DATA)PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS DATA:Revenues: Transaction fees........................................................................... $ 3,152 Development and maintenance fees........................................................... 789 Other revenues............................................................................. 374 -------- Total revenues........................................................................... 4,315 --------Operating expenses: Product development........................................................................ 10,465(1) Sales and marketing........................................................................ 9,147 General and administrative................................................................. 7,856 Amortization of intangible assets.......................................................... 3,129 -------- Total operating expenses................................................................. 30,597Loss from operations......................................................................... (26,282) --------Other income, net............................................................................ 601Interest income (expense), net............................................................... (1,287) --------Net loss..................................................................................... $ (26,968) -------- --------Pro forma net loss per share--basic and diluted(2)........................................... $ () -------- --------Shares used in computing pro forma net loss per share--basic and diluted(2).................. 15,678 5 9 --------©2006Deloitte Touche Tohmatsu.
Management 管理层•Will include Officers l将包括官员薪酬和期权授予Compensation and Option Grl薪酬：期权、工资、奖金ants•Compensation: Option grants, salary, bonus60©2006Deloitte Touche Tohmatsu.
Management 管理层•Potential Realizable Value at l根据股票价格升值假定年增长率Assumed Annual Rates of 确定潜在可变现价值Stock Price Appreciationl财政年度末未行使的货币期权价•Value of unexercised in the 值money options at fiscal year end61©2006Deloitte Touche Tohmatsu.
Summary Comp Table 薪酬表摘要SUMMARY COMPENSATION TABLE LONG-TERM COMPENSATION ------------ AWARDS ------------ ANNUAL COMPENSATION SECURITIES -------------------- UNDERLYING ALL OTHER NAME AND PRINCIPAL POSITION SALARY($) BONUS($) OPTIONS(#) COMPENSATION($) --------------------------- --------- -------- ------------ ---------------Kim K. Polese............................ $130,000 -- -- $930(1) President and Chief Executive OfficerSteven P. Williams(2).................... 125,000 $125,000 50,000 -- Executive Vice President, Worldwide Sales and Chief Operating OfficerThomas E. Banahan........................ 125,000 100,000 -- -- Vice President, Business DevelopmentRobert E. Currie......................... 137,000 -- 70,000 -- Vice President, EngineeringFred M. Gerson........................... 165,000 -- -- -- Vice President, Finance and Chief Financial Officer62©2006Deloitte Touche Tohmatsu.
Option Grants in Last Fiscal Year 最近财年期权授予情况OPTION GRANTS IN LAST FISCAL YEAR INDIVIDUAL GRANTS POTENTIAL REALIZABLE ----------------------------------------------------- VALUE AT ASSUMED NUMBER OF ANNUAL RATES OF SECURITIES STOCK PRICE UNDERLYING % OF TOTAL APPRECIATION FOR OPTIONS OPTIONS GRANTED EXERCISE OPTION TERM GRANTED TO EMPLOYEES PRICE EXPIRATION --------------------- NAME (#)(1) IN FISCAL YEAR ($/SH) DATE 5% 10% ---- ---------- --------------- --------- ---------- --------- ---------Kim K. Polese............... -- -- -- -- -- --Steven P. Williams.......... 50,000 % $ 12/17/08 $267,280 $677,341Thomas E. Banahan........... -- -- -- -- -- --Robert E. Currie............ 50,000 08/27/08 94,334 239,061 20,000 01/06/08 12,578 31,875Fred M. Gerson.............. -- -- -- -- -- --63©2006Deloitte Touche Tohmatsu.
Fiscal Year-End Option Values 财年末期权价值 FISCAL YEAR-END OPTION VALUES NUMBER OF SECURITIES UNDERLYING VALUE OF UNEXERCISED OPTIONS UNEXERCISED AT FISCAL YEAR IN-THE-MONEY OPTIONS END(#) AT FISCAL YEAR END($) ---------------------- ---------------------- NAME VESTED UNVESTED VESTED UNVESTED ---- -------- ---------- --------- ---------Kim K. Polese................................. -- -- -- --Steven P. Williams............................ 19,444 80,556 $155,552 $244,448Thomas E. Banahan............................. -- -- -- --Robert E. Currie.............................. 6,667 63,333 50,003 374,998Fred M. Gerson................................ -- -- -- --64©2006Deloitte Touche Tohmatsu.
Common SEC Comments/Issues 一般SEC意见/问题•Plain Englishl平白的语言•Mitigating language in risk l风险因素中的规避语言factorsl收入确认•Revenue recognition•Cheap Stock &l廉价股和评估方法 valuation methodsl并购交易中使用的评估方法•Valuations used in M&A l分段和客户信息transactionsl外汇风险•Segment & customer informationl管理层的讨论和分析之重要性•FX exposures•MD&A: meaningfulness65©2006Deloitte Touche Tohmatsu.
Comfort Letters 安慰函Definition -A letter generally issued to underwriters describing work 定义–指通常发给承销商的一封performed on financial statements 信，描述对财务报表的工作以及and schedules contained in 提交给SEC的注册声明中包含的registration statements filed with the SEC.日程安排•Requested in Underwriting l承销协议中有要求Agreementl安慰函草拟日期–“红鲱鱼”发•Draft comfort letter date -on “reds”行日•Final comfort letter date (on l安慰函定稿日期(生效日，定价effective date, after pricing)之后)66©2006Deloitte Touche Tohmatsu.
Comfort Letters 安慰函Contents内容•Addressed to underwritersl写给承销商•Describes audits, quarterly reviews (SAS 100l描述审计、季度复核(SAS ), procedures on month end 100)，月末财务报表程序和financial statements, and the “黑暗期间”“dark period”l标记(最初几个为标准)•Tickmarks (first few are standard)67©2006Deloitte Touche Tohmatsu.
Comfort Procedures 安慰程序What we comfort安慰项目•Generally items covered by the Company’s system of internal公司的内部控制系统通常包括l controls的内容Wha非安慰项目t we don’t comfort•Matters prl主要与管理层判断力相关的事imarily involving management judgement (SAS 务(SAS 72 54段)72 par. 54)l仅仅因为我们恰巧在场，并能•Matters merely because we 够解读、计算和计量的事务happen to be present and are (SAS 72 54段)capable of reading, counting, measuring …(SAS 72 par. 54)68©2006Deloitte Touche Tohmatsu.
Comfort Procedures 安慰程序Common Examples of Items comforted安慰项目的一般范例•Dollar amounts and percentages in MD&Al管理层讨论和分析使用的金额和百•Total headcount分比•Capitalization tablel总人数•Dilution tablel资本总额表•Summary financial informationl摊薄表•Quarterly informationl财务信息摘要•Summary compensation table•Option grants and valuesl季度信息•Shares outstanding after the offeringl薪酬表摘要•Sales by customerl期权授予和价值l发行后的流通股票l按照客户分类的销售额69©2006Deloitte Touche Tohmatsu.
Comfort Procedures 安慰程序Common Examples of Items NOT comforted非安慰项目范例•Beneficial shareholder table and related footnotesl获益股东表和相关附注•Headcount by department (we can l各部门人数(我们可以对一定时comfort total for a particular period)期内的总数提供安慰)•Customer list prices•Number of customersl客户上市价格•Percentage of existing customers who are “newl客户数目”etc.•Certain share information that can be l现有客户中新客户的比例等obtained from the transfer agent or Board minutes (unless it is covered under our l从转让代理或董事会会议记录中audit opinion)得到的某些股票信息(除非包含•Ages of executives在审计意见之中)•Page numbersl高级行政人员的年龄l页数70©2006Deloitte Touche Tohmatsu.
Bringdown Letter 更新的安慰函Definition -A letter generally issued to unde定义–指通常发给承销商的一封rwriters describing an update of work 信，描述生效日后对财务报表，performed after the effective 以及提交给SEC的注册声明包含date, on financial statements 的资料最新情况and schedules contained in registration statements filed with the 发行日期–结束日•Date issued -on closing date71©2006Deloitte Touche Tohmatsu.
Closing 结束General一般情况•Company gets proceeds from deall公司从交易中获得收益•Closing dinner!l结束宴会!72©2006Deloitte Touche Tohmatsu.
Certain Reporting Requirements after IPO上市的某些报告要求Ongoing reporting定期的报告•Form 20-F•Annul表格20-Fal Reportl年度报告•Due within six months of end of fiscal yearl在会计年度结束后六个月•Periodically reviewed by 内到期SECl由SEC定期审核73©2006Deloitte Touche Tohmatsu.
Certain Reporting Requirements after IPO上市的某些报告要求Ongoing reporting定期的报告•Form 6-Kl表格6-K•Used when relevant l在向非美国的投资者公开有关信息时使用，例如中期财information is made public to non-US 务信息l一般不由SEC审核investors, such as interim financial info•Generally not reviewed by SEC74©2006Deloitte Touche Tohmatsu.
Key requirements of Sarbanes-Oxley Act萨班斯法案的主要要求•成立独立的上市公司会计监督委员会(PCAOB)，监管执行上市公司审计业务•加强外部审计师的独立性•加强审计委员会的权力，义务及监管功能•加大公司的财务报告责任•强化财务披露义务•加重对违法行为的处罚措施•增加经费拨款，强化SEC的监督职能•其中与上市公司管理层直接相关的是：•第302条款公司对财务报告的主要责任•第404条款管理层对内部控制的评价75©2006Deloitte Touche Tohmatsu.
Contact 联系•William Chou, Audit Partner 周锦昌审计合伙人•Based in Beijing 常驻北京•Tel: 86 10 8520-7102•Email: wilchou@©2006Deloitte Touche Tohmatsu.
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