德勤：非美國公司在美上市流程

方(包括你包括你)(包括但不限于因疏忽所產(chǎn)生的責(zé)任)。?2006?2006DeloitteToucheMajorUSMarketsNewYorkStockExchangeAmericanStockExchange

ListingRequirementsAvailableatthefollowing(AMEX)PleaseseetheattachmentI

ChineseChineseCompanieslistedintheUSthruIPOsince2004自2004年在美國上市的中國公司?2006?2006DeloitteToucheTSMICKongZhongChinaFinanceOnline

TOM.comChinaNinetownsThe9Hurray!HoldingChinaTechfaithFocusMedia

ChinaActionsSemiconductorSuntechPowereFutureChina*Auditedby

?2006?2006DeloitteToucheTheAdvantagesIncreasedImprovedfinancialLessEnhancedabilitytoraiseLiquidityandImprovedcredibilitywithbusinesspartnersBetteremployeemoraleandPersonal

?2006?2006DeloitteToucheTheDisadvantagesDisclosureofManagementPressuretomaintaingrowthLessComplywithregulatoryLegalconsequenceofnon-

?2006?2006DeloitteToucheIsYourCompanyReady(EarlyStage(早期的公司Market-CanitsupportIsitmarketAnexperiencedmanagementteam

IsIsTheMarketReady?市場條件是否成熟?2006?2006DeloitteToucheEconomicPoliticalInternationalInterestBullvs.Bear

PrepublicPrepublic?2006?2006DeloitteToucheOnceyoudecidethatyouwanttotakeyourcompanypublic,youareembarkingupona

IncreasedIncreasedFormalization?2006?2006DeloitteToucheMaintainadequaterecordsandinternalcontrolsBringyourstockownershiprecordsuptodateExpandthedirector’sroleinoverseeingpoliciesUpgradetheboard’s

FormFormYourTeam?2006?2006DeloitteToucheAccountantsandFinancialFinancialPublicTransferAgentsand

?2006?2006DeloitteToucheAccountants&AuditorsConsultyouraccountantsIdentifyGAAPdifferencesRevenueStockConsiderpre-clearingreportingDeterminewhetherothercompanies’financialstatementsarerequiredDon’tunderestimatetheresourcerequirements

?2006?2006DeloitteToucheExpertLegalCounselDeterminewhetherthecompanyislegallypositionedforanofferingConductbusinessthroughaclearorganizationalstructureSimplifythecapitalYoushouldreviewyourarticlesofincorporationand

?2006?2006DeloitteToucheExpertLegalCounselReviewallrelated-partytransactionsandmaterialcontractsAnticipatemajorcompanyinitiatives

?2006?2006DeloitteToucheTheUnderwritersSelectinganDistributionMarket-makingResearchAbilitytoprovidefinancialOther

?2006?2006DeloitteToucheWhatUnderwritersLookForManagementProductqualityandindustryProductionofserviceFinancialEarningshistoryandCompany

?2006?2006DeloitteToucheWhatUnderwritersLookForIntendeduseof

?2006?2006DeloitteToucheAPositiveImageinTheInvestmentBeginafinancialpublicrelationsprogramDevelopcontactMakepresentationsatconferenceandtradeshows

SomeSometerminologies?2006?2006DeloitteToucheRegistrationSecuritiesandExchangeCommission(“SEC”)SecuritiesActof1933(“1933SecuritiesExchangeActof1934(“1934Act”)

RegistrationRegistrationStatement?2006?2006DeloitteToucheItincludestheprospectusandotherinformation.The1933ActrequiresaregistrationstatementbefiledwiththeSECbeforesecuritiesaresold.

SECSEC?2006?2006DeloitteToucheDoesnotevaluatethemeritorvalueofthesecuritiesOnlydetermineswhetherthedisclosuresarecompleteand

19331933Act《1933?2006?2006DeloitteToucheRequiresanaccuratedisclosureofmaterialfactssothatinvestorscanmakeaninformeddecisionaboutinvestinginagivensecurity.

19341934Act《1934?2006?2006DeloitteToucheCreatedtheSECandregulatesandcontrolsthesecuritiesmarketsandrelatedpractices.

AuditAuditRequirements?2006?2006DeloitteToucheItmaynotbe3YoumaybesurprisedattheauditresultsFurtherdelayscould

3RegistrationRegistration?2006?2006DeloitteToucheTheentireIPOprocessrevolvesaroundyourcompany’sregistrationwiththeSEC.F-1usuallyfiledbyaforeigncompanyAlwaysreviewedthoroughlybytheSEC

StandardStandard?2006?2006DeloitteTouche PreparationsforDecember InitialOrganizationDecember16-28 Org.MeetingthroughFirstDraftofJanuary4- DraftingJanuary25- February26-March ReceiveSECComments/AmendmentMarch RedMarch8- Roadshow/SECCommentMarch15- SECComments/Amend.March29- Effective/FinalApril PreparationsPreparationsforIPO?2006?2006DeloitteToucheActivitiestypicallycommencewithin2-3monthsofIPOCompany/Counselshouldcontrolprocess(ratherthanunderwriters)

InitialInitialOrganizationMeeting?2006?2006DeloitteToucheTypicallyheldatattorney’sAttendedbyaCPAfirm’sHigh-leveloverviewoftermsofofferingCompanyWorkinggroup

?2006?2006DeloitteToucheOrg.MeetingthroughFirstDraftofF-AttorneystypicallytakeinitiativeindraftingF-1UnderwriterscontinueduediligenceofcompanyPrinterstypicallyCompanymayselecttransferagentandregistrar

?2006?2006DeloitteToucheDraftingSessionsTypicallyheldatattorney’sMaybeanywherefrom3-6draftingsessionsAuditorswillnottypicallyattendearlierdraftingOncedraftingsessionsarecomplete,documentisdeliveredtoselectedprinter

?2006?2006DeloitteTouchePrintersAll-handsmeetingincludingcompany,company’slegalcounsel,underwriters,underwriters’legalcounselandAuditorsPrinterssessionstypicallytake2-3daysMeetingsusuallyrunlateintothenight

?2006?2006DeloitteToucheReceiveSECComments/AmendmentTypicallySECcommentsreceivedbyattorneysWithin1-2days,allpartiesarebackatprinterstospendnext1-2daysworkingon1stamendmentandresponsestoSECcomments

?2006?2006DeloitteToucheRed“RedHerrings”typicallyprintedw/in1-2daysafter1stamendmentfiling(intimefor

?2006?2006DeloitteToucheRoadshow/SECCommentCompanygoesout“ontheroad”withtheunderwritersTypicallylasts2-3weeks(dependingoniftheyaregoingMeetw/variousinstitutionalandotherinvestorstocreateamarketforthestockSECreviewsresponsestoinitialcommentsalongw/F-1amendment1Nosignificantresponsibilitiesfrom

?2006?2006DeloitteToucheSECComments/AmendmentNo.2SecondroundofSECcomments(ifCompanyfilesamendment2incorporatingcommentsTypicalreviewoffirstroundcommentsandfirstamendmentis7-14daysMayhavefurther

?2006?2006DeloitteToucheEffective/FinalRegistrationStatementdeclaredeffectivebySECBoardofDirectorsapprovesDealisFinalprospectus

ReportingReportingRequirements?2006?2006DeloitteToucheFormF-UsedforregistrationofsecuritiesforanIPOAlwaysreviewedthoroughlybytheSEC

MostsignificantDescriptionofCompany/DilutionProFormaFinancialCapitalizationSelectedFinancialDataTables(FIVEDiscussionandFinancial

ReportingReportingRequirements?2006?2006DeloitteToucheFinancial PresentationunderUSGenerallyAccountingPrinciples(“GAAP”)orreconciliationtoUSGAAPisrequiredfortheauditedfinancialBalancesheetsforthetwomostrecentfiscalyearsStatementofincome,changesinshareholders’equityandcashflowsforthethreemostrecentfiscalyearsUSGAAPpresentationorreconciliationforthetwomostrecentyearsintheinitialfilingInterimfinancialstatements(minimum6months)reconciledtoUSGAAPifdateofregistrationstatementismorethan9monthsafterthelastfiscalyear

ReportingReportingRequirements?2006?2006DeloitteToucheAlternativeComplywithInternationalFinancialReportingStandardsorotherGAAPgivingareconciliationtoUSGAAP,orComplywithUSGAAP(twoyearaccommodation)

符合美國GAAP兩年的調(diào)ReportingReportingRequirements?2006?2006DeloitteTouche ReconciliationtoUSItemizedreconciliationofnetincomeandshareholders’equityUSGAAPStatementofComprehensiveStatementofCash

ReportingReportingRequirements?2006?2006DeloitteTouche RequiredseparatefinancialBusinessesacquiredortobeacquired(Rule3-05)Unconsolidatedmajorityownedsubsidiariesand50%orlessownedequityinvestees(Rule3-Guarantorsandaffiliateswhosesecuritiescollateralizeanissueregisteredorbeingregistered(Rule3-10)Realestateoperations(Rule3-

50%(第和關(guān)聯(lián)方(3-10條)ReportingReportingRequirements?2006?2006DeloitteTouche SECrequiresauditsinconformitywithUSGenerallyAcceptedAuditingStandardsPublicCompanyAccountingOversightBoard(“PCAOB”)

SEC要求審計須符合美國的(“GAAS”)SectionsSectionsofa?2006?2006DeloitteToucheProspectusSummary(companybackground,offeringsummary,summaryfinancialdata)RiskUseofCapitalizationDilution

SelectedFinancialCertainFinancial

SummarySummaryFinancial?2006?2006DeloitteToucheNoguidelinesastowhatisrequired.ItistypicallyinformationtheCompanyandunderwritersdetermineisrelevanttohighlight(formarketing)P&L:TypicallyfivefullyearsandYTDstubperiods.ProformaEPS:SECdoesnotallowforotherthanmostcurrentyearendandcurrentstubperiodendBalancesheet:Currentquarterendand“proforma”and“asadjusted”

損益表:一般是五年和本年累計。模擬每股收益SEC只允資產(chǎn)負(fù)債表當(dāng)季末以及“模擬SummaryFinancialDataSUMMARYCONSOLIDATEDFINANCIAL(INTHOUSANDS,EXCEPTPERSHAREPERIODFROM YEARENDEDFEBRUARY21,1996 DECEMBER31,(INCEPTION) DECEMBERCONSOLIDATEDSTATEMENTOFOPERATIONSDATA: -$LossfromNetBasicanddilutednetlossperWeighted-averagesharesofcommonstockoutstandingusedcomputingbasicanddilutednetlossper$$$Proformabasicanddilutednetlosspershare $(.37)Sharesusedincomputingproformabasicanddilutedlosspercommonshare DECEMBER31,ASCONSOLIDATEDBALANCESHEETCash,cashequivalentsandshort-term$$WorkingTotalLong-termportionofcapitalleaseobligationsandadvances,andotherlong-termRedeemableconvertiblepreferred-Stockholders'equity(netcapital(1)Adjustedtoreflectoursaleof3,548,000sharesofstockoffering,atanassumedinitialpublicofferingpriceof$17.00perandafterdeductingestimatedunderwritingdiscountsandcommissions50offeringexpensespayablebyusandtheapplicationofournetproceedsfromthisoffering.

2006DeloitteToucheUseofProceedsEstimatednet(Sharessoldbythecompany)x(Offeringprice)-(Underwriters’discount)-(Estimatedoffering

(公司銷售的股票)x(發(fā)行價承銷方的折扣Sharessoldbythecompany:somedealscanincludesellingOfferingprice:inthepreliminary,arangeofofferingpriceisprovided,usethemidpointUnderwriters’discount:apercentageofgrossproceedsEstimatedofferingexpenses:Item13intheregistrationstatementThisistheamountusedfor“asadjusted”amountsinthe1cument

?2006DeloitteToucheUseUseofProceeds(cont’d)收益的使用（續(xù)?2006?2006DeloitteToucheEstimatednetproceedsassumingtheshoeisexercisedinfullTheunderwriters’overallotmentsharesaretypicallyanagreeduponpercentageofthetotalsharesofferedCalculationisthesameexceptnotethattherearenoadditionalestimatedexpenses

CapitalizationCapitalizationTable?2006?2006DeloitteToucheForthecurrentquarterendedperiodItemsinthetableincludedebtobligations(current<)andtotalshareholders’

期的)以及全部的股東權(quán)益CapitalizationCapitalizationTableColumnsforactual,proformaandasadjustedProforma:accountsforanyequityeventsthatwillresultfromtheIPO(e.g.autoconvertofpreferredstockorAsadjusted:proformaplustheeffectoftheoffering

經(jīng)調(diào)整的模擬的加上發(fā)行的 ?2006DeloitteToucheCapitalizationCapitalizationTableThefollowingtablepresentsourcapitalizationasofDecember31,1998(1)onanactualbasis(2)onaproformabasis,aftergivingeffecttotheconversionofalloutstandingsharesofpreferredstockintocommonstockand(3)asadjustedtoreflectourreceiptoftheestimatednetproceedsfromoursaleof3,548,000sharesofcommonstockinthisofferingatanassumedinitialofferingpriceof$17.00pershare,afterdeductingtheestimatedunderwritingdiscountsandcommissionsandestimatedofferingexpenses,thefilingofanewcertificateofincorporationaftertheclosingofthisofferingandtheapplicationofourproceedsfromthisoffering:DECEMBER31, PROFORMA ASADJUSTED(INTHOUSANDS)Long-termliabilities,lesscurrent Redeemableconvertiblepreferredstock,$.0001parvalue,15,000,000sharesauthorized,5,753,566sharesoutstandingactual;15,000,000sharesauthorized,nosharesoutstandingproforma;10,000,000sharesauthorized,nosharesoutstandingasadjusted--Stockholders'equity(netcapitaldeficiency):CommonStock,$.0001parvalue,30,000,000sharesauthorized,13,052,262sharesoutstandingactual;30,000,000sharesauthorized,18,805,828sharesoutstandingproforma;80,000,000sharesauthorized,22,353,828sharesoutstandingasAdditionalpaid-inNotereceivablefromDeferredTranslationAccumulatedTotalstockholders'equity(netcapital Total$$$1)SeeNotes3and4ofNotestoConsolidatedFinancialStatementsforescription

?2006DeloitteToucheDilutionDilutionDilutionishighlightedasariskfactor:“newinvestorswillincurimmediateandsubstantialdilution”ComponentsoftheOfferingpricepershare:inreds,usemidpointofrangeNettangiblebookvalueactual:totalequitydividedbytotalsharesNettangiblebookvalueaftertheIPO:totalequity“asadjusted”dividedbytotalsharesaftertheofferingIncreasepershareattributabletotheofferingandthedilutionpersharearecalculatedtotals(e.g.plugamts)Theinformationcancomerightfromthecaptable

重點介紹:“新的投資者將很快額（plugamts）) ?2006DeloitteToucheDilutionDilutionTableTheproformanettangiblebookvalueofInsWeb'scommonstockasofJune30,1999wasapproximately$33.8million,or$1.19pershare.ProformanettangiblebookvaluepersharerepresentstheamountofInsWeb'stotalassets,excludingnetintangibleassets,lessitstotalliabilities,dividedbythetotalnumberofsharesofcommonstockoutstanding,aftergivingeffecttotheconversionofalloutstandingsharesofpreferredstockintocommonstock.DilutioninproformanettangiblebookvaluepersharerepresentsthedifferencebetweentheamountpersharepaidbypurchasersofsharesofInsWebcommonstockinthisofferingandtheproformanettangiblebookvaluepershareofInsWeb'scommonstockimmediatelyaftertheoffering.AftergivingeffecttoInsWeb'ssaleofthe4,000,000sharesofcommonstockinthisoffering,atanassumedinitialpublicofferingpriceof$12.00pershare,andafterdeductingtheestimatedunderwritingdiscountandofferingexpensespayablebyInsWeb,theproformanettangiblebookvalueofInsWeb'scommonstockwouldhavebeen$77.4million,or$2.38pershare.Thisrepresentsanimmediateincreaseinnettangiblebookvalueof$1.19persharetoexistingstockholdersandanimmediatedilutionof$9.62persharetonewinvestors.Thefollowingtableillustratesthispersharedilution:Assumedinitialpublicofferingpricepershare ProformanettangiblebookvaluepershareasofJune30,1999...$ Increaseinnettangiblebookvaluepershareattributabletopublicinvestors Proformanettangiblebookvaluepershareafterthe Dilutionpersharetonewpublic Thefollowingtablesetsforth,onaproformabasisasofJune30,1999,thenumberofsharesofcommonstockpurchasedfromInsWebbyexistingstockholdersandbythenewinvestors,togetherwiththetotalpriceandaveragepricepersharepaidbyeachofthesegroups.Theinformationpresentedisbaseduponanassumedinitialpublicofferingpriceof$12.00pershare,beforedeductingtheestimatedunderwritingdiscountandofferingexpensespayablebyAVERAGEPRICEPERSHAREAVERAGEPRICEPERSHAREExisting NewTheforegoingdiscussionandtablesarebaseduponthenumberofsharesactuallyoutstandingonJune30,1999andsharescommittedtobeissuedonJune30,1999andissuedsubsequenttothatdate,andassumenoexerciseofoptionsorwarrantsoutstandingasofJune30,1999.Asofthatdate,therewere:

?2006DeloitteToucheSelectedSelectedFinancialDataRequirementisunderS-KItemFiveyearsofdataforP&LandbalancesheetandYTDstubperiodinformationNetsales,operatingincome,netincome,EPS,totalassets,noncurrentassets,longtermdebt,equityQuarterlydata:notalwaysrequired(seeS-KItem302)Twofullyearsofquarterlydataincludingcurrentstubs

S-K302款) ?2006DeloitteToucheSelectedSelectedFinancialDataSELECTEDPROFORMACONSOLIDATEDFINANCIALEffectiveDecember31,1998,InsWebacquiredalloftheoutstandingsharesofBenelytics,Inc.,adeveloperofemployeehealthbenefitsselectionandmanagementsoftwareandreferencedataproducts.Theacquisitionwasaccountedforusingthepurchasemethodofaccounting,andaccordingly,thepurchasepricewasallocatedtothetangibleandintangibleassetsacquiredandliabilitiesassumedonthebasisoftheirrespectivefairvaluesontheacquisitiondate.ThefollowingunauditedproformaconsolidatedstatementofoperationsdatareflectstheacquisitionofBenelyticsasiftheacquisitionhadoccurredonJanuary1,1998.TheproformaconsolidatedstatementofoperationsdatamaynotbeindicativeoftheresultsofoperationshadtheacquisitionactuallyoccurredonJanuary1,1998,nordotheypurporttoindicatethefutureresultsofoperationsofInsWeb.YEARENDEDDECEMBER31,1998(INTHOUSANDS,EXCEPTPERSHAREPROFORMACONSOLIDATEDSTATEMENTOFOPERATIONS Other Total SalesandGeneralandAmortizationofintangibleTotaloperatingLossfromOtherincome,Net Proformanetlosspershare--basicand Sharesusedincomputingproformanetlosspershare--basicand ?2006DeloitteToucheManagementManagement?2006?2006DeloitteToucheWillincludeOfficersCompensationandOptionCompensation:Optiongrants,salary,bonus

PotentialRealizableValueatAssumedAnnualRatesofStockPriceAppreciationValueofunexercisedinthemoneyoptionsatfiscalyear

SummarySummaryCompTable?2006?2006DeloitteToucheANNUALANNUALNAMEANDPRINCIPAL ALLOTHERKimK.PresidentandChiefExecutive--StevenP.-ExecutiveVicePresident,SalesandChiefOperatingE.President,Business--E.President,--FredM.VicePresident,FinanceChiefFinancial?2006?2006DeloitteToucheOptionGrantsinLastFiscalOPTIONGRANTSINLASTFISCALINDIVIDUAL POTENTIALVALUEATNUMBEROF%OFANNUALRATESOFSTOCKPRICEAPPRECIATIONOPTIONSTOOPTIONFISCALKimP.E.E.FredM.?2006?2006DeloitteToucheFiscalYear-EndOptionValuesFISCALYEAR-ENDOPTIONNUMBERSECURITIES VALUEUNEXERCISED ATFISCALYEAR IN-THE-MONEYOPTIONS ATFISCALYEAR KimK.StevenP.ThomasE.RobertE.FredM.?2006?2006DeloitteToucheCommonSECPlainMitigatinglanguageinriskRevenueCheapStock&valuationValuationsusedinM&ASegment&customerFXMD&A:

ComfortComfortLetters?2006?2006DeloitteToucheDefinition-AlettergenerallyissuedtounderwritersdescribingworkperformedonfinancialstatementsandschedulescontainedinregistrationstatementsfiledwiththeSEC.RequestedinUnderwritingDraftcomfortletterdate-onFinalcomfortletterdate(oneffectivedate,afterpricing