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第二届中法金融论坛 2nd SINO-FRENCH FINANCIAL FORUM
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第二届中法金融论坛第二届中法金融论坛22ndnd SINOSINO--FRENCH FINANCIAL FORUMFRENCH FINANCIAL FORUM
Benefits of Listing on NYSE EuronextBenefits of Listing on NYSE Euronext
北京 2008年10月17日 Beijing,October 17, 2008
北京香格里拉饭店 Shangri-La Hotel Beijing
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NYSE EuronextNYSE Euronext –– Global Exchange LeadershipGlobal Exchange Leadership
Global Exchange
1st Transatlantic Marketplace
Largest exchange by market capitalization of listed companies: $30 trillion
71 of the 100 largest companies globally
The world’s largest liquidity pool
Listing venue of choice: over 4,000 listings from 55 countries
Global Source of Capital Raising
Premier Brand
Diversified Product Offering
Financial Strength
A listed company: $16bn market capitalization
AA rated
Investor Confidence - Sound Governance and Regulatory Framework
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Asia & Middle East
NYSE
Cash Equities
Fixed Income
ETFs
DRs
NYSE Arca
Cash Equities
Equity Options
ETFs
DRs
Euronext
Cash Equities
Bonds
ETFs
Certificates
Warrants
DRs
Alternext
Cash Equities
DRs
Liffe
Derivatives
Gateway to the Euro-zone
Americas Europe
Strategic Relationships
NYSE Euronext
The world’s largest equity market
Global Choice of Listing Venues & ProductsGlobal Choice of Listing Venues & Products
Flexible Listing Venues Complement Capital Market Objectives
5% equity stake
5% equity stake
25% equity stake*
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Value Proposition For IssuersValue Proposition For Issuers
ListingListing Venue ChoiceChoice Multiple entry points for issuers of any size and geography in Europe, U.S. and Asia Listing options complement issuer’s strategy over time Fast Path access to European platform for US listed companies (using SEC filings)
Unique GlobalGlobal Visibility/MarketingVisibility/Marketing Unparalleled Brand Association Superior service offerings Superior peer alignment
Broad InvestorInvestor PoolPool Global and local investor access to the world’s largest sources of capital Investor outreach programs
Enhanced Liquidity & ValuationLiquidity & Valuation Access to $ and € – the world’s two leading currencies Single Order Book Product extensions (GDRs, ETFs, Options, Futures…) Indices – international companies eligible for key indices (Shares & GDRs accepted)
Sound RegulatoryRegulatory FrameworkFramework Simplified Processes and Reporting Filings/Ongoing Obligations in English European listings under EU regulatory regime, no Sarbanes Oxley
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NYSE Euronext: Largest BRICs FootprintNYSE Euronext: Largest BRICs Footprint
Market capitalisation & number of
BRICs companies (end 2007)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
NYSE
Euronext
London SE Nasdaq
ma
rke
tc
ap
$m
illio
n
0
20
40
60
80
100
120
No. of companies
NYSE Euronext has attracted more international listings from emergingeconomies than any other stock exchange
Average daily value traded by
BRICs companies (FY 2007)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
NYSE
Euronext
London SE Nasdaq
$m
illio
n
Source: Bloomberg, NYSE Euronext
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A Marketing Partnership with NYSE EuronextA Marketing Partnership with NYSE Euronext
Being listed on Euronext provides issuers with a range of value added servicesincluding:
Listing Day: a unique visibility opportunity
• Listing celebration
• Broadcast of the ceremony on the Web
• Photographs of the ceremony
• Press release displayed to the financial community
• CEO’s interview webcast
Beyond Listing Day: customized IR
• Sustainable relations: dedicated account managers,the secure Extranet and a 24/24 access (mailbox)
• MyListing.euronext.com: a secure extranet dedicated to issuers
• Education programs: training, learning, exchanges
• Leadership Events
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NYSE Euronext European PlatformNYSE Euronext European Platform
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The US and Euro-zone are key sources of global investment capital
Euro-zone countries dominate investment fund industry in Europe
82% of European UCITS domiciled in the Euro-zone
$56.1
$5,6$10,0
$14,2
$19,5
$37,6
0
10
20
30
40
50
60
United Euro Zone Japan Emerging United Other
Source: McKinsey
Total Financial Assets ($ tr)
Euro
Zone
United
Kingdom
Japan Emerging
Asia
Other
Western
Europe
United
States
Access to the World’s Largest Sources of Capital
Source: European Fund & Asset Management Association (EFAMA) end H1 2007
UCITS – Undertakings for the Collective Investment of Transferable Securities
European investment fund assets
United Kingdom
11%
Euro-zone
(ex Euronext)
56%
Euronext
countries
26%
Other Europe
7%
Global investment fund assets
Americas
53%Europe
35%
Asia & Pacific
12%
Africa
0.4%
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EuronextEuronext’’s Competitive Position in Europes Competitive Position in Europe
MARKET CAPITALISATION
European cash equity market capitalisation
(end 2007)
TRADING VOLUMES(2007)
Source: Federation of European Securities Exchanges (FESE)Figures include domestic & primary international listings
• Largest equity market in Europe
• Largest trading platform in Europe
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Euronext London
Stock
Exchange
Deutsche
Börse
Spanish
Exchanges
Borsa
Italiana
OMX SWX
Group
Va
lue
tra
de
d€
bili
on
0
20
40
60
80
100
120
140
160
180
Mill
ion
tra
de
s
Turnover Trades
Euronext
27%
London Stock
Exchange
25%Borsa Italiana
7%
Spanish Exchanges
(BME)
11%
SWX Sw iss Exchange
8%
OMX Nordic Exchange
8%
Deutsche Börse
14%
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Euronext is dominated by high quality brokerEuronext is dominated by high quality broker--dealers & listing agentsdealers & listing agents
• Bulge bracket and pan-European banks dominatethe marketplace
• Euronext gives access tothe Euro-zone…as well asUS & UK based investors:all major London basedinvestment banks are activemembers
• Over 50% of trading byLondon based broker-dealers
Top 25 broker-dealers and listing agents
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ChoiceChoice of Listing Standards Tailored to Issuer Requirementsof Listing Standards Tailored to Issuer Requirements
NYSE
EuronextEU regulated market forlarge, mid & small caps
* Minimum 25% shares distributed to the public (or minimum 5% if >€5m)* Three-year track record required (exemption for funds)* IFRS, US GAAP or recognized accounting standards
NYSE
Alternext
Exchange-regulatedmarket for mid & small capcompanies
* Minimum free float of €2.5m (€5m for private placements)* Two-year track record (exemption for funds)* IFRS, US GAAP or local GAAP with reconciliation table
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Euronext main boardEuronext main board –– key indicatorskey indicators
Number listed companies(primary listings)
979
Total market capitalisation € 2.2 trillion
Average deal size (capital raised) € 370m
Deal size range € 6.7m to € 1.6 billion
Euronext LSE main market
Trading model Mainly electronic orderbook Orderbook and market maker
Average market cap € 2.3 billion € 2 billion
Median market cap € 152m € 166m
Key indicators (H1 2008, primary listings)
P/E ratio (median) 12 12
Bid-ask spread ratio (median) 1.0% 1.5%
Volatility – 360 day (mean) 38% 35%
Velocity (annualised H1 2008) 128% 125%
Average number of analystrecommendations per stock*
5 5
Source: Euronext, LSE & Bloomberg * based on Bloomberg data
Euronext today (H1 2008)
Euronext vs. LSE
Average number of trades per
stock - H1 2008
-
20,000
40,000
60,000
80,000
100,000
Euronext LSE
Spread ratio = bid–ask spread / last price € = £ 0.793 Velocity = annualised value traded / market capitalisationVolatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price
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NYSE Alternext: the SME MarketNYSE Alternext: the SME Market
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AlternextAlternext –– The SME MarketThe SME Market
Alternext is an exchange-regulated market:
Designed for small and mid sized companies
Simplified listing rules and ongoing obligations
Open for companies from all sectors and countries
Launched mid-2005
Broad €uro-zone access
Same 4-country trading platform for Euronext and Alternext
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AlternextAlternext –– Key Listing RequirementsKey Listing Requirements
2 year company track record (exemption for funds)
IFRS or US GAAP
Audited FY accounts, un-audited 6 months report
Choice of Market Access:
Fast track dual listing through recognised market status
Access via offering circular for companies listed on another market
Use of Listing Sponsor mandatory
Public offeringAccess to retail and/or qualified investors
Private placementAccess to qualified investors only
Minimum free float: € 2.5m Minimum placing: € 5m
Prospectus cleared by regulator
EU Prospectus Directive
Offering circular
Not cleared by regulator; disclosures under responsibility of theListing Sponsor & Issuer
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AlternextAlternext –– key indicatorskey indicators
Number listed companies 125
Total market capitalisation € 5.3 billion
Average deal size (capital raised)* € 9.3m
Deal size range* € 2.6m to € 34m
Sector breakdown All sectors represented
Alternext AIM
Trading modelHybrid: option of orderbook or
market makerMainly market maker
dependent
Average market cap € 42m € 65m
Median market cap € 32m € 19m
Key indicators (H1 2008, primary listings)
P/E ratio (median) 14 9
Bid-ask spread ratio (median) 3% 8%
Volatility – 360 day (mean) 44% 49%
Stocks with Analyst recommendations** 53% 45%
Source: Euronext, LSE & Bloomberg * since 2005 ** based on Bloomberg data
Alternext today (H1 2008)
Alternext vs. AIM
Average number of trades per
stock - H1 2008
-
500
1,000
1,500
Alternext AIM
Spread ratio = bid–ask spread / last price € = £ 0.793 Velocity = annualised value traded / market capitalisationVolatility = annualized standard deviation of the relative price change for the 360 most recent trading days closing price
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Contact UsContact Us
Ms. Martine Charbonnier
Executive Vice President – European Listings
Phone: +33 1 4927 1608
Email: [email protected]
Ms. Yin Yee Chan
Manager – European Listings / Asia Pacific
Phone: +33 1 4927 1181
Email: [email protected]
Mr. Michael Yang
Chief Representative – NYSE Beijing Rep. Office
Phone: +86 10 6505 2188
Email: [email protected]
Ms. Inga Han
Representative – NYSE Beijing Rep. Office
Phone: +86 10 6505 2188
Email: [email protected]
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