RESEARCH REPORT
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2005 6 1
1 1 2 3 4 5 1 2 3 4 1 1 12 3 4 2
5 1 2 3 2 3 3
4 5 substantive regulation or merit standardregistration IPO NASDAQ NASDAQ NYSE 2000 11 9 NASDAQ SEC OTCBB OTCBB 1990 OTCBB OTCBB OTCBB 4
substantive regulation philosophy full disclosure philosophy 1 1 5
2 B I 2 / // SEC SEC LSE/UKLA 30 6
ACRA ACRA ACRA SGX MAS FSC FSC Listing KRX KSE Eligibility Review FSC /KOSDAQ public offering 12 / ASIC ASIC 14 ASIC ASIC ASX ASX ASX 7
SEC 1996 8
SIC LSE LSE 9
1933 SEC 1986 SIB2000 FSA UKLA UKLA 1989 SEC 10
FSA UKLA 6 SEC NYSE SEC SEC 3 11
12
13
9 2 3 4 14
7 2005 1 1 15
8 2004 7 12 16
2000 9 17
10 11 12 13 1998 3 5 10 13 18
14 2005 19
2005 7 2005 7 6 8 15 20
16 17 16 17 21
22
23
24
18 18 25
19 1995 20 19 20 1982 12 1983 2 1987 3 1992 8 6 309 2001 12 79 26
2000 1962 1968 1995 27
1994 85 28
29
30
1988 31
2005 32
43 46 33
34
35
A B 2003 1 1 36
1 2 3 NASDAQ NYSE 2000 37
38
1998 11 39
43 46 1990 1998 1993 1994 1996 1997 50 55 150 300 40
1998 6 1 A.1 A.1 1 2 3 4 5 1 2 3 4 5 244 41
1998 1998 2000 3 1999 7 2000 3 16 A.2 42
A.2 1 1 2 3 30 4 60 5 3 6 60 60 7 6 2001 8 2 43
270 2003 1 2004 2 1 2003 12 5 1999 8 44
80 25 9 6 7 5 2004 45
1933 SEC SEC 1934 500 500 SEC 46
B.1 NYSE NASDAQ B.1 21 1933 1 2 3 4 SEC SEC SEC 47
SEC B.1 B.1 1 SEC 2 SEC SEC SEC 3 1 NASD NASD SEC 2 SEC SEC 3 30 SEC SEC 30 IPO 4 8 4 SEC SEC 30 SEC SEC 30 1 2 3 4 NYSE NASDAQB.2 B.3 NASDAQIPO IPO 48
B.2 NYSE 1 NYSE 2 NYSE NYSE 2 3 6 4 5 NYSE NYSE Weekly 4 BulletinNYSE SEC 5 NYSE SEC B.3 NASDAQ IPO 1 2 3 4 SEC SEC NASDAQ 5 NASDAQ 6 8-A SEC NASDAQ 7 3 NASDAQ 8 NASDAQ 9 10 over-allotment NASDAQ Listing Application & Forms Listing Application & Guides August 2005. 49
18661891 1914HKSE 19691972 1973 1973 74 1974 1974 1987 1989 5 22 Hong Kong Exchanges and Clearing Limited 2000 1993 4 1 1990 6 50
3 6 2000 6 1 23 24 25 50 Public Company 29 1 1 2 50 3 1994 5 1 1994 8 1 listed Company 51
2 26 27 28 2005 3 31 1999 7 2002 3 13 2003 4 1 40 25 400 2005 3 24 <> 1973-74 1987 10 4 Ian Hay Davison 6 1987 10 1988 5 1989 5 52
29 30 A B 31 2003 1 http://www.sfc.hk/ http://www.hkex.com.hk/ http://www.hkex.com.hk/regdoc/mou/mou_28jan03.pdf 30 8.01 1 2 2003 1 1 53
54
25 4 C.1 55
http://www.hkex.com.hk/issuer/listhk/flowchart_main_c.htm 56
25 C.2 C.2 http://www.hkex.com.hk/issuer/listhk/flowchart_gem_c.htm 2000 57
1999 2001 2003 2002 9 26 2003 3 21 32 18 18 1 2 3 4 5 1 2 3 4 5 6 7 8 58
3 24 2000 2002 3.2 18% 6.8% 33 4 1 4 10 18% 22% 4% 10% 2% 59
34 35 36 2003 4 1 37 2003 11 13 60
NASDAQ 2003 4 2004 1 14 2004 3 61
3 26 2005 1000 10 62
C.3 1988 1989 1999 1998 2000 6 2002 7 0.50 50 2002 9 9 26 2002 11 2003 1 28 2003 3 21 2003 3 23 2003 3 24 8.4% 2003 3 27 2003 4 1 2003 4 3 4 1 2003 4 7 2003 4 10 5 1 2003 5 5 63
Companies House Department of Trade and Industry public limitedprivate/proprietary limited 38 3 5 39 2000 5 1 Self Regulatory Organization SRO 64
FSA 1986 10 27 Financial Services Act of 1986 Big BangSecurities and Investment Board SIBSIB SRO 1992 SIB 1997 SIB1997 10Financial Services Authority FSAFSA1986 FSA 1998 6 1 2000 6 14 Financial Services and Market Act FSAUK Treasury 2001 12 1 FSA FSA FSA FSA 1999 FSA 2000 6 8 2001 7 65
20 2000 5 1 FSAFSA FSA FSAOfficial Listing of Securities Regulations 20002000 5 1LSE FSAUKLA UK Listing Authority FSA Listing Rules LSE AIMUKLALSE AIM LSE AIM FSA LSE FSA FSA 5 UKLA /UKLA /UKLA 66
12 24 LSE UKLA UKLALSEUKLA UKLA48 UKLALSE D.1 AIM AIM UKLA LSE LSE 72 67
D.1 LSE UKLA 12-24 1. 2. 3. 6-12 1. 2. 3. 4. 5. 6. UKLA 7. LSE 8. 9. 1-6 1. 2. 3. 4. UKLA 5. 1 1. UKLA 2. 3. 4. 5. 1. 48 2. 3. 4. 5. 68
1947 3The Securities and Exchange Law 1949 4 1952 1964 1990 big bang 1998 4 1998 7 1 Financial Supervisory Agency 1997 8 29 2000 7 1 Financial Services Agency 41 2001 1 6 Minister for Financial Services 69
30 70
E.1 X X 15 X 85 15 X 115 E.1 Listing Guide for Foreign Companies Tokyo Stock Exchange, Inc., March 2005, 6 71
Singapore Exchange Limited SGX Monetary Authority of Singapore MAS Securities Industry Council SIC 1970 1970 Monetary Authority of Singapore Act 1971 1 1 MASMAS MAS 1977 4 MAS 1984 9 MAS 2002 10 1 Board of Commissioners of CurrencyMAS MAS MAS MAS Securities and Futures Supervision Department SFD Securities and Futures Act 42 SIC SIC 72
50 43 44 4 5 MAS MAS Accounting and Corporate Regulatory Authority ACRA ACRA ACRA 1999 12 1 2000 11 23 mainboardthe Stock Exchange of Singapore Dealing and Automated Quotation System SESDAQ 73
5 SGX SGX SGX SIC SIC SICSGX F.1 3 F.1 6 8-12 1 2 3 MAS MAS 2 1-2 MAS 2 74
1956 2 Korea Stock Exchange KSE 1962 1968 1976 1998 4 1998 4 Office of Bank Supervision OBSSecurities Supervisory Board SSBInsurance Supervisory Board ISB Non-Bank Supervisory Authority NSA Ministry of Finance and Economy MOFE1997 1997 Act for the Establishment of Financial Supervisory Organizations 1998 4 Financial Supervisory Commission FSC FSC Financial Supervisory Service FSS FSC FSS FSC Office of the Prime Minister MOFE FSC Securities and Futures Commission 45 FSC 75
FSS FSS FSS FSC FSC KSE KOASDAQ KSE KOSDAQFSC KSE KOSDAQ KSE KOSDAQ Listing Eligibility Review public offering KSE KOSDAQ 76
KSE KOSDAQ Korean Futures Exchange KOFEX 2005 1 19 Korea Exchange KRX KSE KOSDAQ G.1 G.1 KSE Listing Eligibility Review 1 KSE 1 2 1% 2 Listing Committee 3Listing committee 4 FSC 1 FSC FSC 2 3FSC 1 2 3 2002 77
KOSDAQ MOFE FSCFSS KOSDAQ KOSDAQ KOSDAQ KOSDAQ KSE KOSDAQ FSCFSC FSC KOSDAQ KOSDAQ KOSDAQ KOSDAQ 78
1961 10 2 1963 1968 4 30 183 46 3 1960 9 1981 7 1997 4 79
2004 2004 7 1 1968 4 139 1989 12 1994 7 11 1 80
47 1981 2 2000 11 45 2001 11 12 156 2002 1 2 Emerging Stock 2002 12 7 8 81
2002 5 156 12 12 12 2002 9 5 3 12 2 1 3 82
3 20 H.1 30 10 2003 1 6 2003 1 13 H.1 83
H.1 2002 12 15 84
H.1 1 2 12 6 2 3 4 10 5 3 6 2 7 8 20 9 10 1 85
1990 1981 1991 1 1 Australian Securities Commission ASC National Companies and Securities Commission NCSCCorporate Affairs offices of the states and territories 1998 Australian Prudential Regulation Authority APRA APRA Australian Prudential Regulation Authority Act 1998 7 1 49 APRA ASC Australian Securities and Investment Commission ASIC ASIC ASIC ASIC ASIC ASIC 12 20 50 APRA APRA Treasurer Reserve Bank of Australian RBAAustralian Securities and Investments Commission ASICAPRA 86
NCSC Australia Stock Exchange ASX 1987 4 1 6 ASX ASX 1996 1998 10 14 ASX ASX ASX ASX ASX ASIC ASIC 14 ASIC 87
ASX National Listing Committee NLC ASX ASX ASX ASX ASX ASX ASX ASX I.1 I.1 ASX / ASX ASIC 1 ASX 2 ASIC ASX 1 ASIC ASX ASIC ASX 2 3 ASX 1 ASX 2 NLC NLC NLC 3 ASX 1 ASX 2 191 194 88
89