{"id":10457,"date":"2020-12-20T17:45:18","date_gmt":"2020-12-20T09:45:18","guid":{"rendered":"http:\/\/www.chinado.cn\/?p=10457"},"modified":"2020-12-20T17:45:18","modified_gmt":"2020-12-20T09:45:18","slug":"%e7%be%8e%e8%82%a1%e7%9b%b4%e6%8e%a5%e4%b8%8a%e5%b8%82%ef%bc%9a%e4%b8%80%e7%a7%8d%e9%9d%9eipo%e6%96%b0%e5%9e%8b%e4%b8%8a%e5%b8%82%e6%96%b9%e5%bc%8f","status":"publish","type":"post","link":"https:\/\/cdo.develpress.com\/?p=10457","title":{"rendered":"\u7f8e\u80a1\u76f4\u63a5\u4e0a\u5e02\uff1a\u4e00\u79cd\u975eIPO\u65b0\u578b\u4e0a\u5e02\u65b9\u5f0f"},"content":{"rendered":"<p style=\"text-indent:2em;\">&nbsp;<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u9648 \u534e \u674e \u6768 \u5e38\u5c11\u89c2<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\"><span class=\"s1\">2020<\/span>\u5e74<span class=\"s1\">8<\/span>\u6708<span class=\"s1\">26<\/span>\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08<span class=\"s2\">\u4ee5\u4e0b\u7b80\u79f0\u201cSEC\u201d<\/span>\uff09\u53d1\u5e03\u8bb8\u53ef\u4ee4\uff0c\u6279\u51c6\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\uff08<span class=\"s2\">\u4ee5\u4e0b\u7b80\u79f0\u201c\u7ebd\u4ea4\u6240\u201d<\/span>\uff09\u5bf9\u5176\u4e0a\u5e02\u516c\u53f8\u624b\u518c\uff08<span class=\"s2\">L i s t e d C o m p a n y M a n u a l<\/span>\uff09\u8fdb\u884c\u4fee\u6539\uff0c\u5141\u8bb8\u4f01\u4e1a\u5728\u4e0d\u7ecf\u8fc7\u4f20\u7edf\u9996\u6b21\u516c\u5f00\u53d1\u884c\uff08<span class=\"s2\">IPO<\/span>\uff09 \u6d41\u7a0b\u7684\u60c5\u51b5\u4e0b\uff0c \u901a\u8fc7\u76f4\u63a5\u4e0a\u5e02\uff08<span class=\"s2\">Direct L isting<\/span>\uff09\u7684\u65b9\u5f0f\u53d1\u884c\u65b0\u80a1\u878d\u8d44\u3002\u6b64\u6b21\u7ebd\u4ea4\u6240\u6539\u9769\u589e\u52a0\u4e86\u76f4\u63a5\u4e0a\u5e02\u7684\u878d\u8d44\u529f\u80fd\uff0c\u4f7f\u5176\u6210\u4e3a\u4f20\u7edf<span class=\"s1\">IPO<\/span>\u4e4b\u5916\u4f01\u4e1a\u4e0a\u5e02\u878d\u8d44\u7684\u53e6\u4e00\u79cd\u53ef\u884c\u8def\u5f84\u3002\u4f46\u77db\u76fe\u4e0e\u4e89\u8bae\u968f\u4e4b\u800c\u6765\uff0c\u5c06\u76f4\u63a5\u4e0a\u5e02\u6446\u5728\u4e86\u516c\u4f17\u805a\u5149\u706f\u7684\u7126\u70b9\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u7f8e\u80a1\u76f4\u63a5\u4e0a\u5e02\u4e0e\u4f20\u7edfIPO\u7684\u533a\u522b<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u53ef\u4ee5\u8ffd\u6eaf\u5230<span class=\"s1\">2018 <\/span>\u5e74<span class=\"s1\">2<\/span>\u6708<span class=\"s1\">2<\/span>\u65e5<span class=\"s1\">SEC<\/span>\u6279\u51c6\u7ebd\u4ea4\u6240\u4e3a\u52a0\u5feb\u4e0a\u5e02\u901f\u5ea6\u800c\u63d0\u51fa\u7684\u4e0a\u5e02\u89c4\u5219\u4fee\u8ba2\u3002\u8be5\u89c4\u5b9a\u4e3a\u7f3a\u5c11\u524d\u671f\u80a1\u6743\u4ea4\u6613\u5386\u53f2\u6765\u8bc1\u660e\u5176\u5177\u6709\u8db3\u591f\u4f30\u503c\u7684\u5408\u683c\u79c1\u4eba\u516c\u53f8\u63d0\u4f9b\u4e86\u5feb\u901f\u4e0a\u5e02\u7684\u53ef\u80fd\u3002\u53ea\u8981\u516c\u53f8\u53ef\u4ee5\u83b7\u5f97\u6765\u81ea\u72ec\u7acb\u7b2c\u4e09\u65b9<span class=\"s1\">2.5<\/span>\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u4f30\u503c\u7684\u8bc1\u660e\uff0c\u5c31\u53ef\u4ee5\u4e0d\u901a\u8fc7\u524d\u671f\u79c1\u52df\u5e02\u573a\u4ea4\u6613\u4ef7\u683c\u7684\u65b9\u5f0f\u6765\u8bc1\u660e\u5176\u4f30\u503c\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u76f4\u63a5\u4e0a\u5e02\u4e0e\u4f20\u7edf<span class=\"s1\">IPO<\/span>\u4e0a\u5e02\u7684\u533a\u522b\u4e3b\u8981\u4f53\u73b0\u5728\u4ee5\u4e0b\u51e0\u4e2a\u65b9\u9762\uff1a \u4e00\u662f\u76f4\u63a5\u4e0a\u5e02\u7684\u521d\u8877\u662f\u4e3a\u975e\u516c\u4f17\u516c\u53f8\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e00\u6761\u5feb\u901f\u53d8\u73b0\u7684\u6e20\u9053\uff0c\u53ea\u5141\u8bb8\u51fa\u552e\u5b58\u91cf\u8001\u80a1\uff0c \u4f46\u4e0d\u5141\u8bb8\u53d1\u552e\u65b0\u80a1\uff0c\u4e0d\u5177\u5907\u878d\u8d44\u529f\u80fd\u3002\u4e8c\u662f\u76f4\u63a5\u4e0a\u5e02\u4e0d\u5b58\u5728\u201c\u9501\u5b9a\u671f\u201d\uff08<span class=\"s1\">Lock Up Period\uff0c\u7f8e\u56fd\u4e00\u822c\u4e3a1 8 0 \u5929<\/span>\uff09 \uff0c \u5373\u4f01\u4e1a\u9ad8\u7ba1\u3001\u5458\u5de5\u7b49\u4f01\u4e1a\u5185\u90e8\u4eba\u4ee5\u53ca\u4f01\u4e1a\u65e9\u671f\u6295\u8d44\u8005\u7b49\u4e0a\u5e02\u4e4b\u524d\u4fbf\u6301\u6709\u4f01\u4e1a\u80a1\u4efd\u7684\u4eba\u58eb\u5728\u9501\u5b9a\u671f\u5185\u4e0d\u5f97\u51fa\u552e\u81ea\u8eab\u6301\u6709\u7684\u80a1\u4efd\u3002\u5728\u7f8e\u80a1\u5e02\u573a\uff0c\u65b0\u80a1\u4e0a\u5e02\u7684\u9501\u5b9a\u671f\u539f\u672c\u5c31\u662f\u627f\u9500\u5546\u4e0e\u53d1\u884c\u4eba\u4e4b\u95f4\u7684\u4e00\u79cd\u534f\u8bae\u7ea6\u5b9a\uff0c \u76ee\u7684\u5728\u4e8e\u907f\u514d\u53d1\u884c\u4eba\u5185\u90e8\u4eba\u501f<span class=\"s2\">IPO<\/span>\u4e4b\u673a\u5927\u91cf\u629b\u552e\u6301\u6709\u7684\u80a1\u7968\u3001\u5bfc\u81f4\u80a1\u7968\u4ef7\u683c\u627f\u538b\u3002\u76f4\u63a5\u4e0a\u5e02\u5b89\u6392\u4e0b\u5e76\u4e0d\u5b58\u5728\u627f\u9500\u5546\u7684\u89d2\u8272\uff0c\u56e0\u6b64\u4e5f\u81ea\u7136\u4e0d\u5b58\u5728\u9501\u5b9a\u671f\u7684\u8981\u6c42\u3002\u4e09\u662f\u5728\u64cd\u4f5c\u65b9\u5f0f\u4e0a\uff0c\u76f8\u6bd4\u4e8e\u7531\u94f6\u884c<span class=\"s2\">\/ <\/span>\u8bc1\u5238\u516c\u53f8\u4f5c\u4e3a\u627f\u9500\u5546\uff08 <span class=\"s1\">U n d e r w r i t e r<\/span>\uff09\u4e00\u4e3e\u5305\u529e\u8bc1\u5238\u9500\u552e\u4e8b\u52a1\u7684<span class=\"s2\">IPO<\/span>\u6a21\u5f0f\uff0c \u76f4\u63a5\u4e0a\u5e02\u9700\u8981\u53d1\u884c\u4eba\u76f4\u63a5\u9762\u5411\u5e02\u573a\u53d1\u552e\u80a1\u4efd\u3002\u8fd9\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u51b3\u5b9a\u4e86\u9009\u62e9\u76f4\u63a5\u4e0a\u5e02\u7684\u516c\u53f8\u5fc5\u987b\u5177\u6709\u8f83\u5f3a\u7684\u54c1\u724c\u8ba4\u77e5\u5ea6\u548c\u516c\u4f17\u5438\u5f15\u529b\uff0c\u5426\u5219\u5176\u76f4\u63a5\u4e0a\u5e02\u5f88\u96be\u6210\u529f\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u76d1\u7ba1\u65b9\u9762\uff0c<span class=\"s2\">SEC<\/span>\u5bf9\u76f4\u63a5\u4e0a\u5e02\u7684\u76d1\u7ba1\u6846\u67b6\u4e0e\u4f20\u7edf<span class=\"s2\">IPO<\/span>\u57fa\u672c\u4e00\u81f4\uff0c\u56e0\u6b64\u4e0d\u5b58\u5728\u4e24\u79cd\u6a21\u5f0f\u4e4b\u95f4\u7684\u76d1\u7ba1\u5957\u5229\u95ee\u9898\u3002\u9996\u5148\uff0c\u6839\u636e\u73b0\u884c\u7684<span class=\"s2\">1933 <\/span>\u5e74\u300a\u8bc1\u5238\u6cd5\u300b\uff0c\u9009\u62e9\u76f4\u63a5\u4e0a\u5e02\u7684\u4f01\u4e1a\u9700\u5148\u5411<span class=\"s2\">SEC<\/span>\u63d0\u4ea4\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\uff08<span class=\"s1\">Registration Statement<\/span>\uff09 \uff08 <span class=\"s1\">\u4e0d\u8bba\u901a\u8fc7\u4f20\u7edfI P O \u6216\u76f4\u63a5\u4e0a\u5e02\u7684\u65b9\u5f0f\u8fdb\u884c\u53d1\u884c\uff0c \u90fd\u9700\u8981\u5411S E C \u63d0\u4ea4\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u3002\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u7531\u4e24\u90e8\u5206\u7ec4\u6210\uff1a \u62db\u80a1\u4e66\uff08prospectus<\/span>\uff09<span class=\"s1\">\u53ca\u6ce8\u518c\u8bf4\u660e\u4e66\u3002\u62db\u80a1\u4e66\u4f1a\u6ce8\u660e\u6ce8\u518c\u7684\u751f\u6548\u65f6\u95f4\u3001\u53d1\u884c\u65f6\u95f4\u3001\u53d1\u884c\u4ef7\u683c\u548c\u5176\u4ed6\u76f8\u5173\u4fe1\u606f\u3002\u5176\u4e3b\u8981\u5185\u5bb9\u5305\u62ec\uff1a\u6982\u8981\u3001\u8d44\u91d1\u6295\u5411\u3001\u5206\u914d\u653f\u7b56\u3001\u80a1\u6743\u644a\u8584\u3001\u8d44\u672c\u5316\u3001\u8d22\u52a1\u6570\u636e\u6458\u8981\u3001\u7ba1\u7406\u5c42\u7684\u8ba8\u8bba\u3001\u7ba1\u7406\u5c42\u53ca\u4e3b\u8981\u80a1\u4e1c\u3001\u6cd5\u5f8b\u8bc9\u8bbc\u3001\u8bc1\u5238\u4ecb\u7ecd\u3001\u603b\u7ed3\u7b49\uff1b\u6ce8\u518c\u767b\u8bb0\u8bf4\u660e\u4e66\u7684\u5185\u5bb9\u5305\u62ec\uff1a\u627f\u9500\u8d39\u7528\u3001\u8463\u4e8b\u53ca\u7ba1\u7406\u5c42\u7684\u916c\u91d1\u3001\u516c\u53f8\u672a\u767b\u8bb0\u7684\u8bc1\u5238\u3001\u5176\u6700\u8fd1\u4ea4\u6613\u60c5\u51b5\u53ca\u9644\u4ef6\u548c\u8d22\u52a1\u62a5\u8868\u76ee\u5f55\u7b49<\/span>\uff09\u548c\u516c\u5f00\u53d1\u884c\u7533\u8bf7\u8868\u683c\uff0c\u5b8c\u6210\u53d1\u884c\u6ce8\u518c\u540e\u65b9\u53ef\u51fa\u552e\u80a1\u7968\uff1b\u800c\u5728\u80a1\u7968\u6b63\u5f0f\u6302\u724c\u4e0a\u5e02\u4e4b\u540e\uff0c \u76f4\u63a5\u4e0a\u5e02\u4f01\u4e1a\u540c\u6837\u9700\u8981\u6839\u636e<span class=\"s2\">1934 <\/span>\u5e74\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u7684\u8981\u6c42\u8fdb\u884c\u4e25\u683c\u7684\u4fe1\u606f\u62ab\u9732\u3002\u518d\u6b21\uff0c\u76ee\u524d\u4ea4\u6613\u6240\u4e3a\u76f4\u63a5\u4e0a\u5e02\u8bbe\u7f6e\u7684\u95e8\u69db\u8981\u660e\u663e\u9ad8\u4e8e\u4f20\u7edf<span class=\"s2\">IPO<\/span>\u3002\u5728\u6b64\u60c5\u51b5\u4e0b\uff0c\u76f4\u63a5\u4e0a\u5e02\u6a21\u5f0f\u57fa\u672c\u4e0d\u5b58\u5728\u76d1\u7ba1\u5957\u5229\u7684\u7a7a\u95f4\u3002\u6700\u540e\uff0c<span class=\"s2\">SEC<\/span>\u5bf9\u76f4\u63a5\u4e0a\u5e02\u4f01\u4e1a\u7684\u53d1\u884c\u6ce8\u518c\u5ba1\u6838\u5e76\u4e0d\u5b58\u5728\u6240\u8c13\u7684\u201c\u7eff\u8272\u901a\u9053\u201d\u3002\u4f8b\u5982\uff0c\u5728<span class=\"s2\">Spotify<\/span>\u76f4\u63a5\u4e0a\u5e02\u7684\u4f8b\u5b50\u4e2d\uff0c<span class=\"s2\">SEC<\/span>\u5ba1\u6838<span class=\"s2\">Spotify<\/span>\u63d0\u4ea4\u7684\u7533\u8bf7\u82b1\u8d39\u4e86<span class=\"s2\">95<\/span>\u5929\uff0c \u4e0e\u4f53\u91cf\u76f8\u8fd1\u7684<span class=\"s2\">IPO<\/span>\u4e0a\u5e02\u516c\u53f8\u5ba1\u6838\u65f6\u95f4\u57fa\u672c\u6301\u5e73\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u7ebd\u4ea4\u6240\u80a1\u7968\u76f4\u63a5\u4e0a\u5e02\u6539\u9769\u8981\u70b9<\/p>\n<p style=\"text-indent:2em;\" class=\"p3\"><span class=\"s3\">\uff08\u4e00\uff09\u76f4\u63a5\u4e0a\u5e02\u91cd\u5206\u7c7b\u3002\u7ebd\u4ea4\u6240\u4fdd\u7559\u4e86\u201c\u76f4\u63a5\u4e0a\u5e02\u201d\u8fd9\u4e2a\u8bf4\u6cd5\uff0c\u5e76\u5c06\u76f4\u63a5\u4e0a\u5e02\u91cd\u5206\u4e3a\u201c<\/span>Selling Shareholder Direct Floor Listing<span class=\"s3\">\u201d\u548c\u201c<\/span>Primary Direct Floor Listing<span class=\"s3\">\u201d\uff08<\/span><span class=\"s1\">\u53ef<\/span><span class=\"s1\">\u8bd1\u4e3a\u201c\u5356\u51fa\u80a1\u4e1c\u4e0a\u5e02\u201d\u548c\u201c\u521d\u6b21\u76f4\u63a5\u4e0a\u5e02\u201d<\/span>\uff09\u4e24\u7c7b\u3002\u5176\u4e2d\u524d\u8005\u6307\u7684\u662f\u4f20\u7edf\u4e0a\u4e3a\u79c1\u52df\u80a1\u6743\u6295\u8d44\u8005\u63d0\u4f9b\u53d8\u73b0\u6e20\u9053\u7684\u76f4\u63a5\u4e0a\u5e02\uff0c\u540e\u8005\u7528\u6765\u6307\u4ee3\u6539\u9769\u540e\u7684\u5141\u8bb8\u975e\u516c\u4f17\u516c\u53f8\u4e0a\u5e02\u878d\u8d44\u7684\u76f4\u63a5\u4e0a\u5e02\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\uff08\u4e8c\uff09\u4e0a\u5e02\u51c6\u5165\u6807\u51c6\u3002\u7533\u8bf7\u521d\u6b21\u76f4\u63a5\u4e0a\u5e02\u7684\u516c\u53f8\u5fc5\u987b\u5728\u4e0a\u5e02\u4ea4\u6613\u9996\u65e5\u5f00\u76d8\u7ade\u4ef7\u73af\u8282\u4e2d\uff08<span class=\"s1\">opening auction<\/span>\uff09\u5356\u51fa\u4e0d\u5c11\u4e8e\u76f8\u5f53\u4e8e<span class=\"s2\">1<\/span>\u4ebf\u7f8e\u5143\u5e02\u503c\u7684\u80a1\u7968\uff0c\u6216\u8005\u6ee1\u8db3\u4e0a\u5e02\u4ea4\u6613\u9996\u65e5\u5f00\u76d8\u7ade\u4ef7\u73af\u8282\u5356\u5355\u603b\u5e02\u503c\u4e0e\u4e0a\u5e02\u524d\u4e00\u4ea4\u6613\u65e5\u5b58\u91cf\u516c\u4f17\u80a1\u5e02\u4ef7\u4e4b\u548c\u4e0d\u5c11\u4e8e<span class=\"s2\">2.5<\/span>\u4ebf\u7f8e\u5143\uff08<span class=\"s1\">\u5b58\u91cf\u516c\u4f17\u80a1\u5e02\u503c\u4ee5\u516c\u53f8\u6ce8\u518c\u6587\u4ef6\u4e2d\u63d0\u51fa\u7684\u80a1\u4efd\u51fa\u552e\u4ef7\u683c\u533a\u95f4\u4e0b\u9650\u4e3a\u5355\u4ef7\u8ba1\u7b97<\/span>\uff09\u3002\u7ebd\u4ea4\u6240\u7684\u62a5\u5907\u6587\u4ef6\u4e2d\u63d0\u51fa\uff0c\u8fd9\u4e00\u8981\u6c42\u5728\u672c\u8d28\u4e0a\u8fdc\u8fdc\u9ad8\u4e8e\u9488\u5bf9\u516c\u53f8<span class=\"s2\">IPO<\/span>\u7684\u6807\u51c6\u3002\u6b64\u5916\uff0c\u4e24\u7c7b\u76f4\u63a5\u4e0a\u5e02\u7684\u516c\u53f8\u5747\u9700\u6301\u7eed\u6ee1\u8db3\u5176\u4ed6\u9996\u6b21\u4e0a\u5e02\u7684\u6807\u51c6\uff0c \u5305\u62ec\u6301\u80a1\u8d85\u8fc7\u4e00\u624b\u7684\u80a1\u4e1c\u603b\u6570\u4e0d\u5f97\u5c11\u4e8e<span class=\"s2\">400<\/span>\u4eba\u3001\u4e0a\u5e02\u65f6\u516c\u4f17\u6301\u80a1\u6570\u4e0d\u5c11\u4e8e<span class=\"s2\">110<\/span>\u4e07\u80a1\u4ee5\u53ca\u9996\u53d1\u5355\u4ef7\u4e0d\u5f97\u4f4e\u4e8e\u6bcf\u80a1<span class=\"s2\">4<\/span>\u7f8e\u5143\u7b49\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\uff08\u4e09\uff09\u4ea4\u6613\u673a\u5236\u3002\u7ebd\u4ea4\u6240\u9488\u5bf9\u521d\u6b21\u76f4\u63a5\u4e0a\u5e02\u4ea4\u6613\u65b0\u8bbe\u201c\u53d1\u884c\u4eba\u76f4\u63a5\u53d1\u884c\u8ba2\u5355\u201d\uff08<span class=\"s1\">Issuer Direct O f f e r i n g O r d e r \uff0c \u7b80\u79f0\u201c I D O \u8ba2\u5355\u201d<\/span>\uff09\u7c7b\u578b\u3002<span class=\"s2\">IDO<\/span>\u8ba2\u5355\u662f\u4e00\u79cd\u4ec5\u9002\u7528\u4e8e\u53d1\u884c\u4eba\u8fdb\u884c\u521d\u6b21\u76f4\u63a5\u4e0a\u5e02\u7684\u9650\u4ef7\u8ba2\u5355\uff0c\u8981\u6c42\uff1a\uff08<span class=\"s2\">1<\/span>\uff09\u4e00\u5bb6\u521d\u6b21\u76f4\u63a5\u4e0a\u5e02\u7684\u53d1\u884c\u4eba\u53ea\u80fd\u59d4\u6258\u4e00\u5bb6\u7ebd\u4ea4\u6240\u4f1a\u5458\u673a\u6784\u63d0\u4ea4\u4e00\u7b14<span class=\"s2\">IDO<\/span>\u8ba2\u5355\uff1b\uff08<span class=\"s2\">2<\/span>\uff09 <span class=\"s2\">IDO<\/span>\u9650\u4ef7\u5fc5\u987b\u7b49\u4e8e\u53d1\u884c\u4eba\u6ce8\u518c\u6587\u4ef6\u4e2d\u6240\u63d0\u51fa\u7684\u552e\u4ef7\u533a\u95f4\u7684\u4e0b\u9650\uff1b \uff08<span class=\"s2\">3<\/span>\uff09<span class=\"s2\">IDO<\/span>\u8ba2\u5355\u5356\u51fa\u80a1\u6570\u5fc5\u987b\u7b49\u4e8e\u53d1\u884c\u4eba\u6ce8\u518c\u6587\u4ef6\u4e2d\u6240\u63d0\u51fa\u7684\u51fa\u552e\u80a1\u6570\uff1b\uff08<span class=\"s2\">4<\/span>\uff09<span class=\"s2\">IDO<\/span>\u8ba2\u5355\u4e0d\u53ef\u64a4\u56de\u6216\u8005\u4fee\u6539\uff1b\uff08<span class=\"s2\">5<\/span>\uff09<span class=\"s2\">IDO<\/span>\u8ba2\u5355\u5fc5\u987b\u5b8c\u5168\u6267\u884c\uff08<span class=\"s1\">executed in full<\/span>\uff09\u3002\u6307\u5b9a\u505a\u5e02\u5546\uff08<span class=\"s1\">Designated Market Maker\uff0c \u7b80\u79f0\u201c D M M \u201d <\/span>\uff09 \u5c06\u8d1f\u8d23\u786e\u5b9a\u552e\u4ef7\uff08<span class=\"s1\">auction price<\/span>\uff09\u5e76\u6267\u884c\u80a1\u6743\u51fa\u552e\u3002\u5982\u679c\u4e70\u65b9\u62a5\u4ef7\u4f4e\u4e8e\u4ef7\u683c\u533a\u95f4\u4e0b\u9650\u6216\u8005\u9ad8\u4e8e\u4ef7\u683c\u533a\u95f4\u4e0a\u9650\uff0c\u6216\u8005\u5982\u679c\u5e02\u573a\u9700\u6c42\u4e0d\u8db3\u4ee5\u5356\u51fa\u5168\u90e8\u62df\u51fa\u552e\u80a1\u7968\uff0c\u5219<span class=\"s2\">DMM<\/span>\u4e0d\u6267\u884c\u4ea4\u6613\uff0c\u6b64\u524d\u5df2\u7ecf\u88ab\u63a5\u53d7\u7684\u8ba2\u5355\u4e5f\u5c06\u88ab\u9000\u56de\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u7efc\u4e0a\u6240\u8ff0\uff0c\u6b64\u6b21\u7ebd\u4ea4\u6240\u7684\u76f4\u63a5\u4e0a\u5e02\u6539\u9769\u65b9\u6848\u6709\u4ee5\u4e0b\u4e3b\u8981\u7279\u5f81\uff1a\u4e00\u662f\u4e0a\u5e02\u6807\u51c6\u6574\u4f53\u4e0a\u9ad8\u4e8e<span class=\"s2\">IPO<\/span>\uff1b\u4e8c\u662f\u80a1\u7968\u91c7\u53d6\u53d1\u884c\u4eba\u59d4\u6258\u4e00\u5bb6<span class=\"s2\">DMM<\/span>\u4e0b\u5356\u5355\u7684\u65b9\u5f0f\u552e\u51fa\uff1b\u4e09\u662f\u5356\u5355\u552e\u4ef7\u4e0d\u5f97\u8d85\u8fc7\u53d1\u884c\u4eba\u6ce8\u518c\u6587\u4ef6\u4e2d\u6240\u63d0\u51fa\u7684\u4ef7\u683c\u533a\u95f4\uff1b\u56db\u662f\u53d1\u884c\u4eba\u53ef\u4ee5\u59d4\u6258<span class=\"s2\">DMM<\/span>\u4ee5\u7b49\u540c\u4e8e\u4ef7\u683c\u533a\u95f4\u4e0b\u9650\u7684<span class=\"s2\">IDO <\/span>\u8ba2\u5355\u552e\u51fa\u90e8\u5206\u6216\u8005\u5168\u90e8\u80a1\u7968\uff0c\u4f46<span class=\"s2\">IDO<\/span>\u8ba2\u5355\u4e00\u65e6\u4e0b\u5355\uff0c\u5c31\u5fc5\u987b\u5b8c\u5168\u6267\u884c\uff1b\u4e94\u662f\u6240\u6709\u5356\u5355\u5fc5\u987b\u5168\u90e8\u5f97\u5230\u6267\u884c\uff0c\u5426\u5219\u5df2\u63a5\u53d7\u7684\u8ba2\u5355\u9000\u56de\uff0c\u76f4\u63a5\u4e0a\u5e02\u5931\u8d25\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u4e0e\u6b64\u540c\u65f6\uff0c\u7ebd\u4ea4\u6240\u5728\u7f8e\u56fd\u5e02\u573a\u4e3b\u8981\u7684\u7ade\u4e89\u5bf9\u624b\u7eb3\u65af\u8fbe\u514b\u4e5f\u5728\u79ef\u6781\u63a8\u52a8\u7eb3\u65af\u8fbe\u514b\u7248\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u6539\u9769\u3002\u4ece\u5a92\u4f53\u62a5\u9053\u6765\u770b\uff0c\u7eb3\u65af\u8fbe\u514b\u7684\u65b9\u6848\u540c\u6837\u5c06\u8981\u6c42\u53d1\u884c\u4eba\u51fa\u552e\u56fa\u5b9a\u6570\u91cf\u7684\u80a1\u7968\uff0c\u4f46\u53d1\u884c\u4eba\u8bbe\u5b9a\u7684\u552e\u4ef7\u533a\u95f4\u5c06\u4e0d\u5177\u6709\u7ea6\u675f\u6027\uff08<span class=\"s1\">Non-binding Price Range<\/span>\uff09\u2014\u2014\u80a1\u7968\u552e\u4ef7\u4e0a\u9650\u4e0d\u5fc5\u4f4e\u4e8e\u552e\u4ef7\u533a\u95f4\u4e0a\u9650\uff0c\u800c\u80a1\u7968\u9996\u65e5\u552e\u4ef7\u4e0b\u9650\u4e0d\u5f97\u4f4e\u4e8e\u552e\u4ef7\u533a\u95f4\u4e0b\u9650\u7684<span class=\"s2\">80%<\/span>\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\"><a href=\"http:\/\/www.chinado.cn\/wp-content\/uploads\/2020\/12\/\u622a\u5c4f2020-12-20-\u4e0b\u53485.42.27.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-10458\" src=\"http:\/\/www.chinado.cn\/wp-content\/uploads\/2020\/12\/\u622a\u5c4f2020-12-20-\u4e0b\u53485.42.27.png\" alt=\"\" width=\"600\" height=\"308\" srcset=\"https:\/\/cdo.develpress.com\/wp-content\/uploads\/2020\/12\/\u622a\u5c4f2020-12-20-\u4e0b\u53485.42.27.png 600w, https:\/\/cdo.develpress.com\/wp-content\/uploads\/2020\/12\/\u622a\u5c4f2020-12-20-\u4e0b\u53485.42.27-300x154.png 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u7ebd\u4ea4\u6240\u80a1\u7968\u76f4\u63a5\u4e0a\u5e02\u6539\u9769\u52a8\u56e0\u4e0e\u4e89\u8bae<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u6b64\u6b21\u7ebd\u4ea4\u6240\u548c\u7eb3\u65af\u8fbe\u514b\u5148\u540e\u63a8\u51fa\u76f4\u63a5\u4e0a\u5e02\u6539\u9769\u53ef\u80fd\u4e0e\u76ee\u524d\u79d1\u6280\u521d\u521b\u4f01\u4e1a\u53d1\u5c55\u521d\u671f\u5927\u91cf\u63a5\u53d7\u98ce\u9669\u6295\u8d44\u548c\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u6ce8\u8d44\u7684\u6a21\u5f0f\uff0c\u4ee5\u53ca\u627f\u9500\u5546\u7b49\u4e2d\u4ecb\u673a\u6784\u5728<span class=\"s1\">IPO<\/span>\u6d41\u7a0b\u4e2d\u53d1\u6325\u7684\u5de8\u5927\u5f71\u54cd\u6709\u5173\u3002\u524d\u8ff0\u8def\u900f\u793e\u62a5\u9053\u6307\u51fa\uff0c\u6b64\u524d\u66fe\u6709\u591a\u4f4d\u98ce\u9669\u6295\u8d44\u4eba\u58eb\u6279\u8bc4\u73b0\u884c<span class=\"s1\">IPO<\/span>\u6a21\u5f0f\u4f7f\u5f97\u627f\u9500\u5546\u5f97\u4ee5\u5c06\u516c\u53f8\u80a1\u6743\u4ee5\u4f4e\u4ef7\u5356\u7ed9\u5176\u5173\u8054\u5ba2\u6237\u3002\u8fd9\u53ef\u80fd\u610f\u5473\u7740\uff0c\u5728\u65b0\u5174\u79d1\u6280\u4f01\u4e1a\u65e9\u671f\u53d1\u5c55\u4e2d\u626e\u6f14\u91cd\u8981\u89d2\u8272\u7684\u98ce\u9669\u6295\u8d44\u57fa\u91d1\u7b49\u65e9\u671f\u6295\u8d44\u8005\u5bf9<span class=\"s1\">IPO<\/span>\u7ed3\u6784\u5bfc\u81f4\u5176\u5229\u76ca\u53d7\u635f\u4e0d\u6ee1\u3002\u6539\u9769\u540e\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u5728\u4fdd\u7559\u4e0d\u8bbe\u9501\u5b9a\u671f\u3001\u7ef4\u6301\u8f83\u9ad8\u7684\u7075\u6d3b\u6027\u548c\u6d41\u52a8\u6027\u7684\u57fa\u7840\u4e0a\uff0c\u8ba9\u4f01\u4e1a\u5f97\u4ee5\u201c\u7529\u5f00\u201d\u4e3b\u627f\u9500\u5546\uff0c\u4ee5\u4f4e\u6210\u672c\u3001\u9ad8\u900f\u660e\u5ea6\u7684\u65b9\u5f0f\u51e0\u4e4e\u201c\u76f4\u63a5\u201d\u9762\u5411\u5e02\u573a\u53d1\u552e\u80a1\u7968\u5e76\u878d\u5165\u8d44\u91d1\uff0c\u9884\u8ba1\u5c06\u53d7\u5230\u4e0d\u5c11\u201c\u72ec\u89d2\u517d\u201d\u53ca\u5176\u79c1\u52df\u6295\u8d44\u8005\u7684\u9752\u7750\u3002\u6709\u4e1a\u754c\u4eba\u58eb\u8ba4\u4e3a\uff0c\u6539\u9769\u53bb\u9664\u4e86\u76f4\u63a5\u4e0a\u5e02\u4e0d\u5177\u5907\u878d\u8d44\u529f\u80fd\u7684\u5f31\u70b9\uff0c\u201c\u53ef\u80fd\u4ece\u6839\u672c\u4e0a\u6539\u53d8\u79d1\u6280\u4f01\u4e1a\u4e0a\u5e02\u6a21\u5f0f\u201d\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u4f46\u4e0e\u6b64\u540c\u65f6\uff0c\u56f4\u7ed5\u6539\u9769\u540e\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u5728\u6295\u8d44\u8005\u4fdd\u62a4\u65b9\u9762\u7684\u7f3a\u9677\u7684\u4e89\u8bae\u968f\u4e4b\u800c\u6765\u3002<span class=\"s1\">9 <\/span>\u6708<span class=\"s1\">8 <\/span>\u65e5\uff0c\u4ee3\u8868\u517b\u8001\u91d1\u7b49\u673a\u6784\u6295\u8d44\u8005\u7684\u975e\u8425\u5229\u6027\u673a\u6784\uff0c\u673a\u6784\u6295\u8d44\u8005\u7406\u4e8b\u4f1a\uff08<span class=\"s2\">C o u n c i l o f I n s t i t u t i o n a l Investors\uff0c\u7b80\u79f0\u201cCII\u201d<\/span>\uff09\u5411\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u9012\u4ea4\u7533\u8bc9\u4e66\uff0c\u4ee5\u7ebd\u4ea4\u6240\u6539\u65b0\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u53ef\u80fd\u635f\u5bb3\u6295\u8d44\u8005\u6743\u76ca\u4e3a\u7531\uff0c\u8981\u6c42\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u590d\u5ba1\u5e76\u63a8\u7ffb\uff08<span class=\"s2\">review and reverse<\/span>\uff09\u6b64\u524d\u505a\u51fa\u7684\u8bb8\u53ef\u7ebd\u4ea4\u6240\u4fee\u6539\u76f4\u63a5\u4e0a\u5e02\u76f8\u5173\u89c4\u5b9a\u7684\u51b3\u5b9a\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\"><span class=\"s1\">C I I <\/span>\u6b64\u6b21\u7533\u8bc9\u7684\u5173\u952e\u95ee\u9898\u5728\u4e8e\u73b0\u884c\u7f8e\u56fd\u8bc1\u5238\u5e02\u573a\u6cd5\u89c4\u4ee5\u53ca\u53f8\u6cd5\u6846\u67b6\u4e0b\u6295\u8d44\u8005\u8d2d\u5165\u8bc1\u5238\u7684\u53ef\u8ffd\u6eaf\u6027\uff08<span class=\"s2\">t r a c e a b i l i t y<\/span>\uff09\u95ee\u9898\u3002\u6240\u8c13\u53ef\u8ffd\u6eaf\u6027\uff0c\u6307\u7684\u662f\u6295\u8d44\u8005\u8d2d\u5165\u7684\u8bc1\u5238\u80fd\u5426\u4e0a\u6eaf\u5230\u53d1\u884c\u4eba\u7684\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u3002\u53ef\u8ffd\u6eaf\u6027\u4e4b\u6240\u4ee5\u91cd\u8981\uff0c\u5176\u8d77\u6e90\u5728\u4e8e\u7f8e\u56fd<span class=\"s1\">1933<\/span>\u5e74\u300a\u8bc1\u5238\u6cd5\u300b\u7b2c\u5341\u4e00\u6761\u89c4\u5b9a\uff0c\u5982\u679c\u53d1\u884c\u4eba\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u751f\u6548\u540e\u88ab\u53d1\u73b0\u5b58\u5728\u5bf9\u91cd\u5927\u4e8b\u5b9e\u8fdb\u884c\u4e0d\u5b9e\u9648\u8ff0\u6216\u8005\u5bf9\u5fc5\u9700\u3001\u5fc5\u8981\u4e8b\u5b9e\u5b58\u5728\u9057\u6f0f\uff0c \u5bfc\u81f4\u58f0\u660e\u4e66\u9648\u8ff0\u5177\u6709\u8bef\u5bfc\u6027\u7684\u60c5\u5f62\uff0c\u4efb\u4f55\u8d2d\u4e70\u201c\u6b64\u7c7b\u8bc1\u5238\u201d\uff08<span class=\"s2\">such security<\/span>\uff09\u7684\u6295\u8d44\u8005\u53ea\u8981\u4e8b\u5148\u5e76\u4e0d\u77e5\u60c5\uff0c\u90fd\u53ef\u4ee5\u901a\u8fc7\u5bf9\u76f8\u5173\u8d23\u4efb\u4eba\u53d1\u8d77\u8bc9\u8bbc\u7684\u5f62\u5f0f\u7ef4\u62a4\u81ea\u8eab\u6743\u76ca\u3002\u5bf9\u4e8e\u6cd5\u6761\u9648\u8ff0\u672c\u8eab\u5b58\u5728\u9610\u91ca\u7a7a\u95f4\u7684\u201c\u6b64\u7c7b\u8bc1\u5238\u201d\uff0c\u7f8e\u56fd\u53f8\u6cd5\u5224\u4f8b\u5728\u4f20\u7edf\u4e0a\u5c06\u5176\u72ed\u4e49\u5730\u89e3\u91ca\u6210\u6839\u636e\u7279\u5b9a\u7684\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u6240\u53d1\u884c\u7684\u8bc1\u5238\uff0c\u800c\u5e76\u975e\u53d1\u884c\u4eba\u53d1\u884c\u7684\u6240\u6709\u8bc1\u5238\uff0c\u56e0\u6b64\uff0c\u53ef\u8ffd\u6eaf\u6027\u6210\u4e3a\u4e86\u6295\u8d44\u8005\u5728\u906d\u9047\u8bc1\u5238\u6b3a\u8bc8\u65f6\u7ef4\u62a4\u81ea\u8eab\u6743\u76ca\u7684\u5fc5\u8981\u6761\u4ef6\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p3\"><span class=\"s1\">CII<\/span>\u5728\u7533\u8bc9\u4e66\u4e2d\u6307\u51fa\uff0c\u4f20\u7edf\u80a1\u7968\u53d1\u884c\u6846\u67b6\u4e0b\uff0c<span class=\"s1\">IPO<\/span>\u521d\u671f\u53d1\u884c\u7684\u80a1\u7968\u5747\u5728\u6ce8\u518c\u767b\u8bb0\u58f0\u660e\u4e66\u8303\u56f4\u4e4b\u5185\uff0c\u56e0\u6b64\uff0c\u53ef\u8ffd\u6eaf\u6027\u5e76\u4e0d\u5b58\u5728\u592a\u5927\u95ee\u9898\u3002\u4f46\u5728\u53d1\u884c\u4eba\u9ad8\u7ba1\u3001\u5458\u5de5\u7b49\u5185\u90e8\u4eba\u6301\u6709\u7684\u80a1\u4efd\u9501\u5b9a\u671f\u7ed3\u675f\u540e\uff0c \u5185\u90e8\u4eba\u5f00\u59cb\u51fa\u552e\u6301\u6709\u80a1\u7968\u7684\u65f6\u5019\uff0c \u7531\u4e8e<span class=\"s1\">1933<\/span>\u5e74\u300a\u8bc1\u5238\u6cd5\u300b\u7684\u201c<span class=\"s1\">144<\/span>\u89c4\u5219\u201d\uff08<span class=\"s2\">R u l e 1 4 4<\/span>\uff09\u5141\u8bb8\u6ee1\u8db3\u7279\u5b9a\u6761\u4ef6\u7684\u5185\u90e8\u4eba\u6240\u6301\u80a1\u7968\u5728\u53d1\u884c\u65f6\u53ef\u4ee5\u8c41\u514d\u6ce8\u518c\uff0c\u5bfc\u81f4\u9501\u5b9a\u671f\u7ed3\u675f\u540e\u4e8c\u7ea7\u5e02\u573a\u6295\u8d44\u8005\u8d2d\u5165\u80a1\u7968\u7684\u53ef\u8ffd\u6eaf\u6027\u6210\u4e3a\u96be\u9898\u3002\u6539\u9769\u524d\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u4e0d\u8bbe\u9501\u5b9a\u671f\uff0c\u672c\u8eab\u4fbf\u5b58\u5728\u4e0a\u8ff0\u95ee\u9898\uff1b\u7ebd\u4ea4\u6240\u6b64\u6b21\u6539\u9769\u540e\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\uff0c\u5728\u4fdd\u7559\u96f6\u9501\u5b9a\u671f\u7279\u5f81\u7684\u540c\u65f6\u5141\u8bb8\u53d1\u884c\u4eba\u901a\u8fc7\u76f4\u63a5\u4e0a\u5e02\u8fdb\u884c\u878d\u8d44\uff0c\u4e00\u65e6\u6210\u4e3a\u4f01\u4e1a\u4e0a\u5e02\u878d\u8d44\u7684\u4e00\u79cd\u4e3b\u6d41\u65b9\u5f0f\uff0c\u9884\u8ba1\u5c06\u4f7f\u66f4\u591a\u6295\u8d44\u8005\u9762\u4e34\u8d2d\u5165\u80a1\u7968\u53ef\u8ffd\u6eaf\u6027\u7684\u95ee\u9898\uff0c\u963b\u788d\u6295\u8d44\u8005\u4e3b\u5f20\u81ea\u8eab\u5408\u6cd5\u6743\u76ca\u3002\u56e0\u6b64\uff0c\u5c3d\u7ba1\u53ef\u8ffd\u6eaf\u6027\u95ee\u9898\u65e9\u4e8e\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u5b58\u5728\uff0c\u4f46<span class=\"s1\">CII<\/span>\u4ecd\u7136\u8ba4\u4e3a\u7ebd\u4ea4\u6240\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u6539\u9769\u662f\u201c\u706b\u4e0a\u6d47\u6cb9\u201d\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p3\">\u622a\u81f3\u672c\u6587\u64b0\u7a3f\u65f6\uff0c\u7531\u4e8e<span class=\"s1\">CII<\/span>\u63d0\u51fa\u4e86\u7533\u8bc9\uff0c\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u6309\u7167\u89c4\u7a0b\u81ea\u52a8\u7f13\u671f\u6267\u884c\uff08<span class=\"s2\">automatic stay<\/span>\uff09\u4e86\u7ebd\u4ea4\u6240\u65b0\u7684\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\uff0c\u5e76\u5f00\u59cb\u5bf9\u7533\u8bc9\u8fdb\u884c\u8bc4\u4f30\uff1b\u7eb3\u65af\u8fbe\u514b\u76f8\u5e94\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u6539\u9769\u7684\u7533\u8bf7\u4e5f\u88ab\u6682\u65f6\u9000\u56de\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p4\">\u4e3b\u8981\u542f\u793a<\/p>\n<p style=\"text-indent:2em;\" class=\"p3\">\u672c\u6b21\u7ebd\u4ea4\u6240\u80a1\u7968\u76f4\u63a5\u4e0a\u5e02\u6539\u9769\u96c6\u5408\u4e86\u5236\u5ea6\u7a81\u7834\u3001\u53f8\u6cd5\u4e89\u7aef\u3001\u5229\u76ca\u535a\u5f08\u7b49\u591a\u79cd\u5143\u7d20\uff0c\u60c5\u8282\u53d1\u5c55\u6ce2\u6f9c\u8d77\u4f0f\u3002\u4f5c\u4e3a\u5168\u7403\u6700\u53d1\u8fbe\u6210\u719f\u7684\u8d44\u672c\u5e02\u573a\uff0c\u7f8e\u56fd\u80a1\u7968\u53d1\u884c\u5236\u5ea6\u7684\u4e0d\u65ad\u6539\u9769\u4f18\u5316\u53ef\u4f9b\u6211\u56fd\u540e\u7eed\u63a8\u8fdb\u5b8c\u5584\u4ee5\u6ce8\u518c\u5236\u4e3a\u6838\u5fc3\u7684\u4e0a\u5e02\u5236\u5ea6\u6539\u9769\u53c2\u8003\u501f\u9274\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p3\">\u7b2c\u4e00\uff0c\u53d1\u884c\u5236\u5ea6\u7684\u8bbe\u8ba1\u5e94\u5c3d\u53ef\u80fd\u517c\u987e\u5404\u65b9\u5229\u76ca\uff0c\u901a\u8fc7\u9002\u5f53\u7684\u5236\u5ea6\u5b89\u6392\uff0c\u5728\u53d1\u884c\u4eba\u3001\u4ea4\u6613\u6240\u3001\u65e9\u671f\u6295\u8d44\u4eba\u3001\u4e2d\u4ecb\u673a\u6784\u3001\u4e00\u4e8c\u7ea7\u5e02\u573a\u6295\u8d44\u8005\u7b49\u5404\u65b9\u4e4b\u95f4\u6c42\u5f97\u5e73\u8861\u3002\u672c\u6b21\u7ebd\u4ea4\u6240\u76f4\u63a5\u4e0a\u5e02\u5236\u5ea6\u7684\u6539\u9769\uff0c\u4ece\u8087\u59cb\u5230\u53cd\u590d\u65e0\u4e0d\u53ef\u5f52\u7ed3\u4e3a\u5404\u65b9\u5229\u76ca\u7684\u4e89\u593a\u3002\u7c7b\u4f3c\u95ee\u9898\u5728\u6211\u56fd\u8bc1\u5238\u5e02\u573a\u4e0a\u540c\u6837\u5b58\u5728\u3002\u4f8b\u5982\uff0c\u5728\u65e7\u7684<span class=\"s1\">IPO<\/span>\u5b9a\u4ef7\u673a\u5236\u4e0b\uff0c\u53d1\u884c\u4ef7\u8fc7\u9ad8\u95ee\u9898\u635f\u5bb3\u4e86\u4e8c\u7ea7\u5e02\u573a\u6295\u8d44\u8005\u5229\u76ca\uff0c\u4f46\u8fd1\u671f\u79d1\u521b\u677f<span class=\"s1\">IPO<\/span>\u8fde\u7eed\u201c\u5730\u677f\u4ef7\u53d1\u884c\u201d\u7684\u73b0\u8c61\u5374\u663e\u793a\uff0c\u6539\u9769\u540e\u7684<span class=\"s1\">IPO<\/span>\u5b9a\u4ef7\u673a\u5236\u89e3\u51b3\u4e86\u53d1\u884c\u4ef7\u8fc7\u9ad8\u95ee\u9898\uff0c\u4f46\u53c8\u5e26\u6765\u4e86\u53d1\u884c\u4ef7\u8fc7\u4f4e\u95ee\u9898\uff0c\u635f\u5bb3\u4e86\u53d1\u884c\u4eba\u548c\u65e9\u671f\u6295\u8d44\u8005\u7684\u5229\u76ca\u3002\u65e0\u7591\uff0c\u8fd9\u9700\u8981\u66f4\u79d1\u5b66\u7684<span class=\"s1\">IPO<\/span>\u5b9a\u4ef7\u673a\u5236\u8bbe\u8ba1\uff0c\u4ee5\u5c3d\u53ef\u80fd\u5e73\u8861\u5404\u65b9\u5229\u76ca\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p1\">\u7b2c\u4e8c\uff0c\u7f8e\u56fd\u5404\u65b9\u673a\u6784\u63a8\u52a8\u76f4\u63a5\u4e0a\u5e02\u7684\u505a\u6cd5\uff0c\u4e3a\u6211\u56fd\u8d44\u672c\u5e02\u573a\u7ee7\u7eed\u63a8\u52a8\u5e02\u573a\u5316\u6539\u9769\u63d0\u4f9b\u4e86\u501f\u9274\u3002\u9996\u5148\uff0c\u4ece\u4f9b\u7ed9\u7aef\u51fa\u53d1\uff0c\u7f8e\u56fd\u4ea4\u6613\u6240\u96c6\u56e2\u867d\u7136\u5c5e\u4e8e\u81ea\u5f8b\u673a\u6784\uff08<span class=\"s2\">SRO<\/span>\uff09 \u5177\u6709\u76d1\u7ba1\u804c\u80fd\uff0c\u4f46\u672c\u8d28\u662f\u5c5e\u4e8e\u4ee5\u8425\u5229\u4e3a\u76ee\u7684\u4e0a\u5e02\u516c\u53f8\uff0c\u5bfc\u81f4\u4ea4\u6613\u6240\u63a8\u884c\u7684\u4e0a\u5e02\u5236\u5ea6\u4e0d\u5f97\u4e0d\u66f4\u8d34\u8fd1\u5e02\u573a\u9700\u6c42\u3002\u8fd1\u5341\u5e74\u6765\uff0c\u7f8e\u56fd\u4f01\u4e1a\u4e0a\u5e02\u6570\u91cf\u8d8a\u6765\u8d8a\u5c11\uff0c\u4ea4\u6613\u6240\u7684\u6536\u5165\u80fd\u529b\u53d7\u5230\u4e86\u6781\u5927\u5f71\u54cd\uff0c\u4ea4\u6613\u6240\u5e0c\u671b\u53ef\u4ee5\u901a\u8fc7\u89c4\u5219\u4fee\u8ba2\uff0c\u4e3a\u51c6\u4e0a\u5e02\u4f01\u4e1a\u63d0\u4f9b\u66f4\u591a\u9009\u62e9\u548c\u7a7a\u95f4\uff0c\u4ece\u800c\u589e\u52a0\u81ea\u5df1\u7684\u8425\u5229\u80fd\u529b\uff1b\u5176\u6b21\uff0c \u4ece\u9700\u6c42\u7aef\u51fa\u53d1\uff0c\u7f8e\u56fd\u7684\u79c1\u52df\u5e02\u573a\u8f83\u4e3a\u6d3b\u8dc3\uff0c\u5f88\u591a\u72ec\u89d2\u517d\u4f01\u4e1a\u5728\u4e0a\u5e02\u524d\u4f30\u503c\u5df2\u7ecf\u505a\u5927\u3002\u800c\u76f4\u63a5\u4e0a\u5e02\u7684\u5236\u5ea6\u53ef\u4ee5\u8bf4\u662f\u79c1\u52df\u5e02\u573a\u7684\u4e00\u79cd\u5ef6\u4f38\uff0c\u901a\u8fc7\u76f4\u63a5\u4e0a\u5e02\u4e0d\u4ec5\u62d3\u5bbd\u4e86\u80a1\u4efd\u8f6c\u8ba9\u7684\u5e7f\u5ea6\uff0c\u53c8\u4ee5\u4f4e\u6210\u672c\u7684\u65b9\u5f0f\u4e3a\u65e9\u671f\u6295\u8d44\u8005\u76f4\u63a5\u53d8\u73b0\u63d0\u4f9b\u4e86\u53ef\u80fd\uff0c\u8fd9\u662f\u76ee\u524d\u5f88\u591a\u72ec\u89d2\u517d\u4f01\u4e1a\u53ca\u5176\u79c1\u52df\u6295\u8d44\u8005\u7684\u6700\u5927\u9700\u6c42\uff1b \u6700\u540e\uff0c\u4ece\u76d1\u7ba1\u7684\u89d2\u5ea6\u51fa\u53d1\uff0c\u7f8e\u56fd\u8bc1\u76d1\u4f1a\u5728<span class=\"s1\">2020<\/span>\u5e74<span class=\"s1\">8 <\/span>\u6708<span class=\"s1\">26<\/span>\u65e5\u901a\u8fc7\u4e86\u7ebd\u4ea4\u6240\u4fee\u6539\u89c4\u5219\u7684\u7533\u8bf7\uff0c\u67d0\u79cd\u7a0b\u5ea6\u4e0a\u4f53\u73b0\u4e86\u76d1\u7ba1\u5c42\u5bf9\u8fd9\u79cd\u521b\u65b0\u7684\u5305\u5bb9\u6001\u5ea6\u3002\u9664\u4e86\u76f4\u63a5\u4e0a\u5e02\u5916\uff0c\u76ee\u524d\u7f8e\u56fd\u8fd8\u51fa\u73b0\u4e86\u901a\u8fc7\u66f4\u52a0\u7075\u6d3b\u7684\u7279\u6b8a\u76ee\u7684\u6536\u8d2d\u516c\u53f8\uff08<span class=\"s2\">S P A C<\/span>\uff09\u4e0a\u5e02\u7684\u65b9\u5f0f\uff08<span class=\"s2\">S P A C \u662f\u501f\u58f3\u4e0a\u5e02\u7684\u521b\u65b0\u878d\u8d44\u65b9\u5f0f\uff0c\u4e0e\u4f20\u7edf\u4e0a\u7684\u501f\u58f3\u4e0a\u5e02\u4e0d\u540c\u7684\u662f\uff0cSPAC\u81ea\u5df1\u9020\u58f3\uff0c\u5373\u9996\u5148\u5728\u7f8e\u56fd\u8bbe\u7acb\u4e00\u4e2a\u7279\u6b8a\u76ee\u7684\u7684\u516c\u53f8\uff0c\u8fd9\u4e2a\u516c\u53f8\u53ea\u6709\u73b0\u91d1\uff0c\u6ca1\u6709\u5b9e\u4e1a\u548c\u8d44\u4ea7\uff0c\u8fd9\u5bb6\u516c\u53f8\u5c06\u6295\u8d44\u5e76\u8d2d\u6b32\u4e0a\u5e02\u7684\u76ee\u6807\u4f01\u4e1a\u3002\u76ee\u6807\u516c\u53f8\u5c06\u901a\u8fc7\u548c\u5df2\u7ecf\u4e0a\u5e02SPAC\u5e76\u8d2d\u8fc5\u901f\u5b9e\u73b0\u4e0a\u5e02\u878d\u8d44\u7684\u76ee\u7684<\/span>\uff09\u3002\u8fd9\u4f53\u73b0\u4e86\u53ea\u8981\u4fdd\u8bc1\u5bf9\u6295\u8d44\u8005\u7684\u4fdd\u62a4\u5230\u4f4d\uff0c \u4fe1\u606f\u8db3\u591f\u900f\u660e\uff0c\u7f8e\u56fd\u76d1\u7ba1\u90e8\u95e8\u5219\u6709\u610f\u613f\u6ee1\u8db3\u5e02\u573a\u521b\u65b0\u9700\u6c42\u7684\u76d1\u7ba1\u5f39\u6027\u3002<\/p>\n<p style=\"text-indent:2em;\" class=\"p2\">\u7b2c\u4e09\uff0c\u5e94\u5173\u6ce8\u6280\u672f\u7684\u53d1\u5c55\u4e3a\u8bc1\u5238\u5e02\u573a\u57fa\u672c\u5236\u5ea6\u5b8c\u5584\u6240\u63d0\u4f9b\u7684\u673a\u9047\u3002\u7f8e\u56fd\u73b0\u884c\u5e02\u573a\u7ed3\u6784\u548c\u76d1\u7ba1\u65b9\u5f0f\u5efa\u7acb\u5728\u5176\u5386\u53f2\u53d1\u5c55\u7684\u57fa\u7840\u4e4b\u4e0a\uff0c\u5728\u5f88\u591a\u9886\u57df\u4e2d\u53d7\u5230\u6b64\u524d\u6280\u672f\u624b\u6bb5\u7684\u9650\u5236\uff0c\u800c\u5305\u62ec\u80a1\u4efd\u53ef\u8ffd\u6eaf\u6027\u5728\u5185\u7684\u8bf8\u591a\u95ee\u9898\u5747\u6709\u671b\u968f\u7740\u6280\u672f\u7684\u53d1\u5c55\u5f97\u5230\u89e3\u51b3\u3002<span class=\"s1\">CII<\/span>\u5728\u7533\u8bc9\u4e66\u4e2d\u6307\u51fa\uff0c\u201c\u6280\u672f\u65b9\u9762\u7684\u53d8\u9769\u4e3a\u6784\u5efa\u66f4\u597d\u7684\u80a1\u4efd\u6240\u6709\u6743\u8ffd\u6eaf\u4f53\u7cfb\u5e26\u6765\u4e86\u673a\u9047\u2026\u2026\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u53ef\u8ffd\u6eaf\u8bc1\u5238\u53ef\u4ee5\u7528\u4e8e\u6784\u5efa\u4e0d\u53ef\u7be1\u6539\u7684\u6258\u7ba1\u94fe\u6761\uff0c\u5728\u5fc5\u8981\u65f6\u53ef\u4ee5\u4e3a\u6295\u8d44\u8005\u4e3b\u5f20\u5176\u6240\u6709\u6743\u76ca\u548c\u6295\u7968\u51b3\u5b9a\u63d0\u4f9b\u8bc1\u636e\u3002\u201d\uff08<span class=\"s2\">\u672c\u6587\u4e3a\u56fd\u5bb6\u81ea\u7136\u79d1\u5b66\u57fa\u91d1\u9879\u76ee\u201c\u4ea4\u6613\u8005\u5f02\u8d28\u6027\u3001\u5229\u7387\u975e\u7406\u6027\u6ce2\u52a8\u4e0e\u592e\u884c\u5229\u7387\u8d70\u5eca\u673a\u5236\u5efa\u8bbe\u201d\u7684\u9636\u6bb5\u6027\u6210\u679c\uff0c\u9879\u76ee\u7f16\u53f7:71 70 31 6 5 \u3002\u672c\u6587\u4ec5\u4ee3\u8868\u4f5c\u8005\u5b66\u672f\u89c2\u70b9\uff0c\u4e0d\u4ee3\u8868\u6240\u5728\u673a\u6784\u610f\u89c1<\/span>\uff09<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p style=\"text-indent:2em;\" class=\"p3\">\u4f5c\u8005\u5355\u4f4d\uff1a\u4e2d\u56fd\u8bc1\u5238\u767b\u8bb0\u7ed3\u7b97\u6709\u9650\u8d23\u4efb\u516c\u53f8<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; \u9648 \u534e \u674e \u6768 \u5e38\u5c11\u89c2 2020\u5e748\u670826\u65e5\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08\u4ee5\u4e0b\u7b80\u79f0\u201cSEC\u201d\uff09\u53d1\u5e03\u8bb8\u53ef\u4ee4<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/cdo.develpress.com\/?p=10457\" title=\"\u9605\u8bfb\u66f4\u591a\">\u9605\u8bfb\u66f4\u591a<\/a><\/div>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/posts\/10457"}],"collection":[{"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10457"}],"version-history":[{"count":1,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/posts\/10457\/revisions"}],"predecessor-version":[{"id":10459,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=\/wp\/v2\/posts\/10457\/revisions\/10459"}],"wp:attachment":[{"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cdo.develpress.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}