量化交易的上市公司（迅实资本海外上市）

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壹、为什么选择DCSX

我们经常会听到有中国企业或者是海外企业到境外上市，而其中荷兰加勒比证券交易所（DCSX）更是新闻中出现的常客，备受广大企业青睐。

而在这些企业中，有很多是以中国或者亚洲为基础的上市公司。

那为什么中国或者亚洲的公司会选择来DCSX上市？为什么是荷兰？

作为投资者或潜在投资者，这些公司对他们意味着什么？而他们于企业而言，又有什么意义？

图片来源：荷兰加勒比证券交易所官网

在我们深入了解这些海外上市公司的细节之前，让我们先研究一下在DCSX上的上市情况。

当我们谈到DCSX上的上市列表时，意味着什么？他们是股票还是债券还是别的什么？

图片来源：荷兰加勒比证券交易所官网

贰、DCSX上市的选择

（一）可交易上市

DCSX的上市列表中主要是一些证券，这些证券经过交易所的彻底评估，其依据是1998年的“证券交易法”，以便证券能够获准在交易所上市，有时还可供投资者进行交易。

这些上市公司目前以股票、债券为基础，以及共同基金或存托凭证等其他投资类型。

一般而言，那些寻求在DCSX等交易所上市的公司，要么寻求筹集一定水平的资金，为项目融资，要么为了股东的利益，改善上市证券的流动性、市场化程度。

这些都是我们说的“传统或常规”上市也就是可交易上市，我们都对它们很熟悉。因为对于这些上市企业，交易通常是频繁的。

（二）技术性上市

还有一些公司寻求DCSX这样的国际交易所，主要不是为了流动性、可营销性或筹集资金，而是为了使它们的上市公司能够从DCSX作为交换提议的遵守要求中受益，或者在其本国获得税收效益。这些列名被称为“技术性上市”。

当然，为了得到DCSX的批准，技术性上市还是存在一些特殊要求。

不过，无论是股票、债权或是共同基金，都可以寻求正常的可交易上市地位，也可以选择技术性的上市地位，这主要取决于它们申请上市的主要原因。

（三）上市企业的选择

企业如果是出于筹资以外的原因，股票或债券上市很可能申请技术性上市。

然而，如果企业是希望筹集资金或经常交易，那么还是需要选择传统的可交易上市地位。

叁、DCSX的技术性上市

有一些出于各种原因一定要上市的企业，他们选择了技术性上市。那为什么不回到自己的国家，或者在更大、更知名的交易所上市？

DCSX的经济规模相对较小，人口又少，难以和纽交所、纳斯达克甚至是东京交易所等竞争，这些都是可以理解的。

那他们为什么还是要选择DCSX？

其实正是因为DCSX的特点，对于寻求技术性上市的国际企业来说，它是一个很好的解决方案。

（一）上市成本低

对很多企业来说，在纳斯达克等交易所上市费用过于昂贵，和其想要获得或在国内获得某些优势相悖。而选择在DCSX上市则可以降低上市成本，减少企业负担。

（二）良好的监管制度

DCSX可以为小型国际公司提供了一个负担得起并且监管能力强的交易所解决方案。

DCSX可以帮助这些公司提供足够的机会，体验上市所涉及的问题。

最终，助力企业发展到足够大到能够支付在纳斯达克（NASDAQ）等大型交易所上市所需的资金和资源。

肆、DCSX的上市流程

无论企业原籍国如何，法律实体均可请求在荷兰加勒比证券交易所（DCSX）上市。

上市意味着通过公开或私人发行股票和债券等证券。

公开募股被通称为“首次公开募股”，简称为IPO。通过首次公开募股，上市企业的股票会被提供给投资公众。这种上市方式即可交易上市。

而另一方面，直接向有限数量的外部投资者出售证券，或仅限于该实体的股东，这些股东可能不得不选择在他们之间买卖股票。这种上市方式则为技术性上市。

无论是可交易上市还是技术性上市，他们的上市流程大多一致，不过可交易上市还有一些其他的需求需要补充。

以下是DCSX上市的四个主要步骤：

· 步骤一：选择合作伙伴

· 步骤二：上市准备

· 步骤三：交易所登记

· 步骤四：企业上市

图片来源：荷兰加勒比证券交易所官网

伍、DCSX上市步骤详解

（一）选择合作伙伴

在DCSX上注册的法律实体（发行人）必须选择上市顾问和经纪人。

上市顾问在上市过程中和作为上市实体的整个生命中始终充当发行人和交易所之间的协调者。

他将对信息的正确性和上市要求的遵守情况负责，并确保发行人履行其透明度要求。

而经纪人将监督上市证券的买卖。经纪人将与上市顾问和发行者一起进行路演，向有兴趣的各方推广上市。

所有有关各方、投资者必须向经纪人开立帐户。一旦上市过程获得批准和完成，经纪人将向其客户提供与DCSX交易平台相连的交易门户的访问，以便买卖上市证券。

与大众信仰不同的是，DCSX不向投资者提供直接进入其交易平台的机会。所有有关各方必须在发行人选定的经纪人或经DCSX批准的经纪公司拥有一个经纪帐户。

在有些情况下，发行人选择聘请专业人士进行上市。在一般意义上，这些人将像发行者的规划师或协调者一样工作。但与上市顾问不同的是，除了标识要求之外，他们对DCSX没有直接的义务。

合作伙伴的选择和评价是发行人的责任。发行人与其选定的合作伙伴之间的协议，包括上市顾问和经纪人的费用，由双方共同协商决定。DCSX对其上市顾问和经纪公司向客户收取的费用没有发言权。

（二）上市准备

在选择正确的合作伙伴之后，下一步就需要为上市做准备。

在这一阶段，上市顾问与发行人团队共同编写招股说明书、信息备忘录（若为可交易上市）或发行通知、私人发行备忘录（如为技术性上市)。

在这两种情况下，文件都提供了关于公司、上市证券以及相关风险和预测的详细信息。它有时被称为“详细的业务计划”。

上市顾问确保根据上市要求提交所有所需的法律文件以及经审计的财务报表。在此阶段中，DCSX还没有正式介入，应由上市顾问根据启动申请、注册过程的要求确保一切就绪。

（三）交易所登记

当一切所需文件完成后，这些文件连同申请函、表格一起发送给DCSX，以便登记和处理申请。

DCSX将对收到的文件进行内部审查，并向上市顾问提供反馈，说明收到的文件是否符合当地要求和国际指示。

（四）企业上市

如果收到的文件符合DCSX的要求，包括信息备忘录的定稿，则DCSX将继续把文件送交上市委员会，由上市委员会审查其文件，并提供必须由上市顾问处理的查询。

如果上市委员会收到的反馈意见令人满意，则将批准上市或上市交易。

一旦技术性上市获得批准，就可以直接在平台上上市。

图片来源：荷兰加勒比证券交易所官网

对于一个可交易上市的企业，流程将需要几个额外的步骤，以获得批准和开始官方交易。

这包括向私人和机构投资者进行路演的融资阶段、待交易股票的非物质化以及将所述股票存入保管人。

只有这样，上市证券才能在批准的市场上进行正式交易。

在这一点上，所有感兴趣的投资者，将会在发行者选定的经纪公司的经纪账户，即DCSX批准的，才能够进行交易或投资。

上市顾问：大伟 David

15618330219（微信同号）

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1、Why choose DCSX

Now and then as investors or potential investors, we hear about the listings that are on the local Securities Exchange, the Dutch Caribbean Securities Exchange (DCSX). We know, somewhat, that there are local listings such as the Building Depot Bonds, the EoM Bonds, and the Curaçao Heritage Fund Bonds. But we also hear that there are some listings from overseas, for instance, there are quite a few Chinese or Asian based listings.

I guess your first thought is, why in heavens name are Chinese or Asian based companies being listed on our local exchange? What is up with that? Why are they coming here? What does that even mean for me as an investor or potential investor? What does that mean for these companies?

Before we get into the details of these overseas listings, let us explore listing on the DCSX in general. What do we mean when we speak of the listings on the DCSX? So, what are they really? Are these stocks or bonds or something else?

2、The listing choose of DCSX

（1）Tradeable Listing

DCSX listings consist of a number of securities that went through a thorough assessment process by the Exchange, which is grounded in the Stock Exchange Law of 1998, in order for the security to be approved for listing with the Exchange and at times to be made available to investors for trading.

The listings are currently equity-based such as stocks, debt-based like bonds and other investment types like mutual funds or depositary receipts. In general, companies who seek to list on exchanges like DCSX, are seeking to either raise some level of money to finance a project or improve the liquidity/marketability of the listed security to the benefit of their shareholders.

These are what I will refer to as “traditional or regular” listings and what I believe you are more familiar with; for these listings, trading is normally frequent.

（2）Technical Listing

However, some companies, and primarily the overseas ones that we have mentioned earlier, seek out international exchanges like Curaçao, not primarily for liquidity, marketability or raising money, but so that their listed company can benefit from the compliance requirements that DCSX as an exchange offers or for tax efficiency benefits back in their home country.

These listings are referred to as “technical listings” and they have special requirements in order to be approved with DCSX. Therefore, stocks, bonds or mutual funds can either seek normal tradable listing status or a technical listing status, and it all depends on the main reason for their application to list.

（3）Choice Of Listed Companies

For example, if it is for other than capital raising reasons the equity or bond listing would likely be applying for a technical listing。

However, if you are looking to raise capital/money or to be traded frequently then you would seek a traditional or regular listing status.

3、Technical Listing Of DCSX

Ok, so there are technical listings and companies want to list for various reason. Why not list back in their home country or on bigger more recognizable Exchanges?

With Curaçao’s small economy and small population, it is quite understandable that DCSX would never be able to compete with the likes of NYSE or NASDAQ or even Tokyo’s Exchange.

So why DCSX? Haha! It is because of that fact, why DCSX is such a great solution for international companies who are seeking technical listings.

（1）Low Listing Cost

For some companies, listing on Nasdaq may prove too expensive to justify the certain benefits they want to obtain or achieve back home. Among such benefits again could be pure compliance benefits.

（2）Good Regulatory System

DCSX offers an affordable but regulatory strong exchange solution for small international companies who are looking for an opportunity to experience what being listed involves before they eventually grow large enough to be able to afford the money and resources that listing on larger exchanges like NASDAQ demands.

4、Listing Process Of DCSX

Regardless of its industrial sector or country of origin, a legal entity may request a listing on the Dutch Caribbean Securities Exchange (“DCSX”). The listing entails the issuance of securities, such as equities and bonds among others, through a public or private placement.

The public placement is popularly known as the Initial Public Placements or “IPO” for short. With an IPO the listed securities are offered to the investment public.

A Private Placement on the other hand offers the sale of securities directly to a limited number of outside investors or is limited to the shareholders of the entity which may have to option to buy and sell shares among themselves.

Both offering types, Private and Public, can be categorized as technical or tradeable listings. In the previous publication

1.To elevate the company profile on the market;

2.To elevate the company profile on the market;To elevate the compliance level of the legal entity including the transition to audited financial。

5、Details Of DCSX Listing Steps

（1）Partner Selection

The legal entity (the issuer) who whishes to list on the DCSX must select a Listing Advisor and a Broker or a set of Brokers. The Listing Advisor acts as coordinator between the issuer and the exchange at all times, both in the process of listing and throughout its life as a listed entity. The listing advisor will be accountable for the correctness of information and compliance with the listing requirements and ensures that the issuer fulfills its transparency requirements.

The Broker will oversee the buying and selling of the listed securities. The Broker together with the Listing Advisor and the Issuer will team up on a roadshow to promote the listing to interested parties. All interested parties / investors must open an account with the broker. Once the listing process is approved and completed the broker will offer access to its trading portal that is connected to the DCSX trading platform to their clients in order to buy and sell the listed securities. Unlike popular belief, the DCSX does not offer direct access to its trading platform to investors. All interested parties must have a brokerage account at the issuer’s selected broker or brokers approved by the DCSX.

There are instances where issuers chose to engage an arranger for the listing. The arranger will work like a planner or coordinator for the issuer in the general sense. Unlike the Listing Advisor the arranger doesn’t have a direct obligation with the DCSX, other than identification requirements.

The selection and evaluation of the chosen partners are the responsibility of the issuer. The agreements between the issuers and its selected partners including the listing advisor and Broker’s fees remain a private matter between both sides. The DCSX has no say in what its Listing Advisors and Brokers are charging their clients.

（2） Preparation

After selecting the right partners, the next step includes the preparation for the listing. At this stage the Listing Advisor together with the issuer team up to prepare the Prospectus/Information

Memorandum (in case of a public offering) or a, Offering Circular/Private Placement Memorandum (in case of a private placement).

In both cases, the documents offer detailed information about the company, the securities listed and the related risks and projections. It is sometimes referred to as a “detailed business plan”.

During this stage the Listing Advisor ensures to request all required legal documents as well as the audited financial statements in accordance with the listing requirements. At this stage the DCSX not officially involved yet. It is up to the Listing Advisor to ensure everything is ready in accordance to the requirements to start the application/registration process.

（3）Registration

When all required documentation is complete, these are sent together with the application letter/forms to the DCSX for registration and processing of the application.

The DCSX will internally review the received documentation and provide feedback to the Listing Advisor indicating whether received documents are in line with Local Requirements and International Directives.

（4）Listing

If the received documents are in line with the DCSX requirements including the final version of the Information Memorandum, the DCSX then proceeds to send the documentation to the Listing Committee who will review the documentation on their part and provide inquiries which must be addressed by the Listing Advisor. If received feedback is satisfactory for the Listing Committee then approval will be granted for the admission to list or trade.

· Technical Listing

· Once approval is obtained for a technical listing, it can be directly listed on the platform.

· Tradeable Listing

For a tradeable listing the process will require a few additional steps in order to receive approval and start the official trading.

These include a funding phase where the roadshow to private and institutional investors will take place, the dematerialization of the to be traded shares and the deposit of said shares with the custodian.

Only then, will the listed securities be ready for official trading on the approved marketplace. At this point all interested investors, with a brokerage account at the issuer’s selected broker, which is DCSX approved, will be able to trade or invest.

上市顾问：大伟 David

15618330219（微信同号）

Contacts：David

Tel：15618330219（WeChat）

内容/排版:Ian&Leo 校稿/初审:Leo 美工/审核:Josh

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