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Appleby Powerpoint Presentation Template (October 2009)

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Title: Appleby Powerpoint Presentation Template (October 2009)


1
Use of Cayman Islands, Bermuda and BVI Companies
in Hong Kong Listings ?????????
???????????????????????? 23 October 2012 2012?
10? 23?
2
  • Ms Judy Lee, Partner
  • ?????,???
  • Corporate Commercial
  • ???????

3
About Appleby?????
  • Appleby is the only offshore law firm to cover
    all of the offshore jurisdictions approved by the
    Stock Exchange of Hong Kong (Bermuda, BVI, Cayman
    Islands, Guernsey, Isle of Man and Jersey)
  • ??????????????????,??????????????????????(???????
    ?????????????????????)

4
About Appleby?????
  • The largest offshore law firm worldwide
  • ????????????????
  • Full service offshore law firm, specialising in
    Corporate and Commercial Litigation and
    Insolvency Private Client and Trusts and
    Property law
  • ???????????????,??????????????????????????????
    ???????
  • Over 800 lawyers and professional specialists,
    including 80 partners more than any other
    offshore firm
  • ??????800????????,??80????,?????????????
  • Leading provider of offshore fiduciary and
    administration services including a variety of
    offshore trust, management and administration
    services
  • ???????????????????,????????????????
  • We have been operating in Asia for over 22 years.
    We understand the culture and the Chinese market
  • ???????????22?,????????????

5
Appleby FootprintAppleby?????
  • An unparalleled presence in twelve key
    jurisdictions
  • ???? 12????????,??????

6
(No Transcript)
7
International Awards????
  • 2012
  • 2012?
  • Appleby won Caribbean Trust Company of the
    Year  Caribbean Offshore Law Firm of the Year
    at Citywealth Offshore Awards
  • ????Citywealth Offshore Awards??????????????????
    ??????????????????
  • Appleby is Top Tier recommended by Legal 500 in
    2011/12
  • ???2011/12???Legal 500??????????

8
International Awards????
  • 2012
  • 2012?
  • Appleby was named in the Private Client
    Practitioners Top 25 Most Admired Companies
    Ranking 2012
  • ??2012???Private Client Practitioner??25???????
  • Appleby was the winner of 'International Legal
    Team of the Year' 2011/12 at the STEP Private
    Client Awards
  • ????STEP Private Client Awards?2011/12??????????
    (International Legal Team of the Year)

9
Asian Awards and Recognition???????
  • 2011
  • 2011?
  • China Business Law Journal 2011
  • 2011???????
  • WINNING DEAL OF THE YEAR (MA INBOUND
    DOMESTIC)
  • ???????(???????)
  • Motel 168
  • ??168
  • CHINESE DEAL OF THE YEAR
  • ????????
  • Softbank Corporation
  • ??( ?????????? )

10
Asian Awards and Recognition???????
  • ALB China Law Award 2011
  • ??????2011???????
  • DEBT MARKET DEAL OF THE YEAR
  • ??????????????
  • Sinochem Hong Kong Senior Notes Offering
    (Finalist)
  • ???????????
  • WON ENERGY RESOURCES DEAL OF THE YEAR
  • ????????????????
  • Chinalco - Rio Tinto Simandou JV (Winner)
  • ???? ?????????
  • ???????????????
  • Gansu Guazhou Ganhekou No.8 Wind Farm Financing
    (Finalist)
  • ????????????????
  • 2011
  • 2011?

11
Asian Awards and Recognition???????
  • ALB Hong Kong Law Awards 2012
  • ??????2012???????
  • DEBT MARKET DEAL OF THE YEAR
  • ??????????????
  • CNPC (HK) Overseas Capital Bond Offering
    (Finalist)
  • ??????(??)????????
  • China Resources Gas Group MTN Programme
    (Finalist)
  • ??????????????
  • SYNMAX TRANSLATION AWARD MA DEAL OF THE YEAR
  • ??????????????????
  • AXA SA Acquisition of the Asian Insurance
    Businesses Previously Held by AXA Asia Pacific
    Holdings (Finalist)
  • ??????????????????????
  • OFFSHORE LAW FIRM OF THE YEAR
  • ???????????????
  • Appleby (Finalist)
  • ??
  • 2012
  • 2012?

12
Asian Awards and Recognition???????
  • ALB China Law Award 2012
  • ??????2012???????
  • DEBT MARKET DEAL OF THE YEAR
  • ??????????????
  • CNPC notes offering (Finalist)
  • ??????????
  • TMT DEAL OF THE YEAR / EQUITY MARKET DEAL OF THE
    YEAR
  • ????????????????????/??????????
  • Renren US IPO (Finalist)
  • ???????????
  • MA DEAL OF THE YEAR
  • ????????????
  • Shanda Interactive Entertainment privitisation
    (Finalist)
  • ?????????
  • OFFSHORE LAW FIRM OF THE YEAR
  • ???????????????
  • Appleby (Finalist)
  • ??

2012 2012?
13
Asian Awards and Recognition???????
  • ALB SE Asia Law Award 2012
  • ??????2012????????
  • ASSET CORPORATE FINANCE DEAL OF THE YEAR
  • ?????????????????
  • Asia Square Tower 1 Refinancing (Finalist)
  • ???????1????????
  • EQUITY MARKET DEAL OF THE YEAR
  • ??????????????
  • Ma Kuang Healthcare Listing on the OTC of the
    GTSM in Taiwan (Finalist)
  • ???????????(????????????)??????????
  • MA DEAL OF THE YEAR
  • ????????????
  • AXA SA Acquisition of the Asian Insurance
    Businesses Previously Held by AXA Asia Pacific
    Holdings (Finalist)
  • ??????????????????????
  • OFFSHORE LAW FIRM OF THE YEAR
  • ???????????????
  • Appleby (Finalist)
  • ??

2012 2012?
14
Topics??
  1. Introduction??
  2. Why offshore??????????
  3. Reorganisation and listing process Offshore
    perspective?????????????
  4. Typical corporate structures???????
  5. Other offshore jurisdictions accepted by
    HKEx????????????????
  6. Other major stock exchanges?????????

15
Introduction??
  • Companies listed on the Hong Kong Stock Exchange
    (Main Board)
  • ?????????? (??)

  Main Board ??
All Countries ???? 1160
Cayman ???? 530
Bermuda ??? 454
BVI ??????? 3
Jersey ??? 3
?????????? (??)
??? ???? ????
As at 3 September 2012 ??2012?9?3?
16
Introduction??
  • Companies listed on the Hong Kong Stock Exchange
    (GEM Board)
  • ?????????? (???)

GEM ???
All Countries ???? 175
Cayman ???? 111
Bermuda ??? 36
?????????? (???)
??? ???? ?? ??
As at 3 September 2012 ??2012?9?3?
17
Introduction??
  • Companies listed on the Hong Kong Stock Exchange
    (Main Board GEM)
  • ?????????? (?? ???)

  Main Board GEM ?? ???
All Countries ???? 1,335
Cayman ???? 641
Bermuda ??? 490
BVI ??????? 3
Jersey ??? 3
Others ???? 198
?????????? (?? ???)
???? ??? ??????? ??? ????
As at 3 September 2012 ??2012?9?3?
18
Introduction??
  • Offshore companies account for
  • ?????
  • 85.52 of listed companies on the Main Board
  • ???????85.52
  • 84 of listed companies on the GEM
    Board????????84
  • 85 of listed companies on the Hong Kong Stock
    Exchange
  • ??????????85

19
Introduction??
  • Choice of jurisdiction What to consider first?
  • ??????????????????
  • I want it quick with a reasonable price.
  • ??????????
  • I want to preserve privacy.
  • ???????
  • I want investors acceptance.
  • ???????????????
  • I dont want to answer too many questions from
    authority.
  • ?????????????? ?
  • I want to raise funds later with this company
    easily.
  • ???????????????
  • I want to remit funds freely.
  • ??????????

20
Introduction??
  • Choice of jurisdiction What to consider first?
  • ??????????????????
  • Acceptability of jurisdiction to investors
    (retail, sophisticated and professional)
  • ???(?????????????????)??????????
  • Acceptability to financial institutions
  • ??????????????
  • Confidentiality
  • ???
  • Cost of administration
  • ????
  • Taxation
  • ??
  • Acceptability of jurisdiction to major stock
    exchanges allow the acquired target to be
    publicly floated for raising additional capital
    for future development
  • ????????????????? ?????????????,???????,??????

21
II. Why offshore? ?????????
  • Popular offshore jurisdictions like BVI, Cayman
    Islands and Bermuda have the following
    characteristics which make them particularly
    popular among Chinese investors.
  • ?????????,????????????????????????,?????????? ?

British Virgin Islands ???????
Cayman Islands????
Bermuda ???
22
II. Why offshore? ?????????
Number of companies (as at end of Q2 2012) ????
(??2012??2???)
Exempted
Exempted
?
??
?
??
12,763
12,763
Non
-
exempted
Bermuda
Non
-
exempted
Bermuda
3,809
3,809
?
?
??
???
?
?
??
???
Total
Total
16,572
16,572
??
??
Total
BVI
Total
BVI
447,801
447,801
??
???????
??
???????
Exempted
Exempted
?
??
?
??
76,366
76,366
Cayman
Cayman
Non
-
exempted
Non
-
exempted
18,221
18,221
?
?
??
????
?
?
??
????
Total
Total
94,587
94,587
??
??
23
II. Why offshore? ?????????
  • 1. No direct taxes
  • ?????
  • For BVI, Cayman Islands and Bermuda
  • ????????????????
  • Tax Neutral jurisdictions
  • ??????????
  • No withholding taxes or taxes on dividends or
    capital gain
  • ?????????????????
  • 2. Chinese company name
  • ??????
  • Permitted for all 3 jurisdictions
  • ???3???????????

24
II. Why offshore? ?????????
  • 3. Confidentiality
  • ???
  • BVI registers of shareholders and directors are
    not available by way of public searches
  • ??????????????????????????
  • Cayman Islands memorandum and articles of
    association, and registers of members, directors
    and charges are not available by way of public
    searches
  • ?????????????????????????????????????????????
  • Bermuda bye-laws are not available by way of
    public searches disclosure of beneficial owners
    to Bermuda Monetary Authority
  • ??????????????????????????????????

25
II. Why offshore? ?????????
  • 4. Residency requirements
  • ??????
  • No nationality requirements for
    directors and shareholders for all 3
    jurisdictions
  • ??3???????????????????
  • BVI local registered agent and registered office
    in BVI required local resident officers not
    required
  • ?????????????????????????????????????????
  • Cayman (exempted companies) registered office in
    Cayman Islands required local representative and
    resident officers not required
  • ??(?????)?????????????????????????????
  • Bermuda registered office in Bermuda required
    one director, secretary or resident
    representative ordinarily resident in Bermuda
    required
  • ??????????????????????????????????????

26
II. Why offshore? ?????????
  • 5. Government approval for issue and transfer of
    shares
  • ?????????????
  • BVI and Cayman no prior approval from
    governmental authority required for issues and
    transfers of shares
  • ???????????????????????????????
  • Bermuda- BMA (1 June 2005 notice) Listed
    companies are exempted from the pre-approval
    requirement
  • ????? - ???????? (2005?6?1???)?????????,????????
    ??

27
II. Why offshore? ?????????
  • 6. Low incorporation and maintenance costs
  • ????????????
  • BVI lowest annual government fees (min. US350
    for company with 50,000 or fewer authorised
    shares)
  • ??????? ??????(????50,000???????,????350??)
  • Cayman Islands annual government fees (min.
    US854 for company with authorised capital of
    US50,000 or below (w.e.f.2013)
  • ???? ????(????50,000???????,????854??
    (?2013??))
  • Bermuda annual government fees (min. US1,995
    for company with assessable capital (authorised
    capital share premium) of US12,000 or less)
  • ????? ????(?????( ???? ????)12,000????????,?
    ???1,995??)

28
II. Why offshore? ?????????
  • 7. No Exchange Controls
  • ??????
  • For BVI, Cayman Islands and Bermuda
  • ????????????????
  • Free to remit funds
  • ??????

29
II. Why offshore? ?????????
  • 8. Reputation
  • ??
  • BVI, Cayman Islands and Bermuda well recognised
    by financial institutions worldwide
  • ??????????????????????????
  • Neutral jurisdiction in cross-border
    transactions
  • ????????????
  • Widely recognised as place of incorporation of
    listed issuers by major stock exchanges, e.g.
    NYSE, NASDAQ, London Stock Exchange, Hong Kong
    Stock Exchange, Singapore Stock Exchange, Taiwan
    Stock Exchange, Toronto Stock Exchange,
    Luxembourg Stock Exchange
  • ?????????(??????????????????????????????????????
    ????????????????????????)???????????????

30
II. Why offshore? ?????????
  • 9. Trustworthy and Reliable Legal Systems
  • ????????
  • BVI, Cayman Islands and Bermuda are all common
    law jurisdictions
  • ???????????????????????????????
  • Clear security registration system
  • ??????????
  • Reliable court systems
  • ??????
  • Judgments and arbitration awards obtained outside
    the islands may be recognised without
    re-examination of the merits of the case
  • ??????????????,?????????????????

31
II. Why offshore? ?????????
  • 10. Quality service providers
  • ????????
  • Presence of major banks, insurance companies as
    well as law and accounting firms
  • ???????????,????????????????????
  • Increasing number of bilingual professionals
    available
  • ????????????

32
III. Reorganisation and Listing Process-
Offshore Perspective?????????????
Before listing Application ?????
After submission of listing Application ???????
  • Revising prospectus
  • ?????
  • Addressing enquiries from regulators
  • ?????????
  • Reorganisation (continued)
  • ????(?)
  • Finalising advice and ancillary documents
  • ??????????
  • Reserve name ??????
  • Incorporation ?????????
  • Reorganisation ????
  • Drafting of prospectus ?????
  • Appointment of professional parties
  • ??????

33
III. Reorganisation and Listing Process-
Offshore Perspective?????????????
After listing Hearing ?????
On the listing date ????
  • Long board meeting
  • ?????
  • Shareholders approval
  • ????
  • Finalising offering and underwriting structure
  • ?????????
  • Despatch of prospectus
  • ?????
  • Update of share register to record IPO shares
  • ??????,??????????
  • Set up branch share register in Hong Kong
  • ???????????
  • Opinions to underwriters
  • ??????????

34
IV. Typical corporate structures???????
  • Before pre-IPO group reorganisation- Bermuda/
    Cayman listings
  • ????????????? ????/??????

Major Shareholder ???
Hong Kong incorporated Holdco ???????????
HK Co. 3 ????3
HK Co. 2 ????2
HK Co. 1 ????1
PRC Partner ?????
PRC JV ??????
35
IV. Typical corporate structures ???????
After reorganisation and listing- Bermuda/ Cayman
listings ????????? ????/??????
Public Shareholders ????
Major Shareholder ???
BVI Co. ?????????
Bermuda/ Cayman Co (Listco) ???/??????(????)
BVI Co. (Intermediate holding
company) ?????????(??????)
BVI Co.(Intermediate holding
company) ?????????(??????)
BVI Co.(Intermediate holding
company) ?????????(??????)
PRC Partner ?????
BVI Co.(Intermediate holding
company) ?????????(??????)
HK Co. 1 ????1
HK Co. 3 ????3
HK Co. 2 ????2
PRC JV ??????
36
IV. Typical corporate structures ???????
  • BVI listing
  • ??????????

Major Shareholder ???
Public Shareholders ????
BVI Co (Listco) ?????????(????)
BVI Co.(Intermediate holding company) ?????????(?
?????)
BVI Co.(Intermediate holding company) ?????????(?
?????)
BVI Co.(Intermediate holding company) ?????????(?
?????)
PRC Partner ?????
HK Co. 1 ????1
HK Co. 2 ????2
HK Co. 3 ????3
PRC JV ??????
37
V. Other offshore jurisdictions ??????????
  • Joint policy statement issued by the Securities
    and Futures Commission and the Stock Exchange of
    Hong Kong in March 2007
  • 2007?3????????????????????
  • Additional offshore jurisdictions are accepted as
    an issuers place of incorporation since 2009,
    including
  • ?2009???,??????????????????????,??
  • BVI 3 companies listed
  • ??????? 3??????
  • Jersey 3 companies listed
  • ??? 3??????
  • Isle of Man and Guernsey approval-in-principle
    obtained
  • ??????? ????????

38
VI. Other major stock exchanges ???????
  • Listing of offshore companies in other major
    stock exchanges
  • ????????????????

  Hong Kong ?? Hong Kong ?? London ??????? London ??????? NYSE ????? NASDAQ ???? Singapore????????
  Main Board?? GEM??? Main Market???? AIM ??????      
All Countries???? 1335 1335 2474 2474 3245 2735 769
Bermuda ??? 454 36 24 18 38 14 93
Cayman ???? 530 111 7 37 1 4 18
BVI ??????? 3 0 5 34 0 0 2
Guernsey ??? 0 0 65 43 0 0 0
Jersey ??? 3 0 34 39 1 1 0
IOM ??? 0 0 12 49 0 0 0
Source www.hkex.com.hk, www.londonstockexchange.c
om, www.nasdaq.com, www.sgx.com (As of 3
September 2012) ????www.hkex.com.hk,
www.londonstockexchange.com, www.nasdaq.com,
www.sgx.com(??2012?9?3?)
39
  • Judy Lee
  • ?????
  • Partner
  • ???
  • Appleby
  • ???????
  • 2206-19  Jardine House 1 Connaught Place 
    Central  Hong Kong
  • ????????1?????2206-19?
  • Tel?? (852) 2523 8123
  • Fax?? (852) 2524 5548
  • jlee_at_applebyglobal.com
  • www.applebyglobal.com

40
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