Recent Pharmaceutical and Biotechnology Transactions
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Review Risk Management Institue
NOV 2016 · VOL 3 PRIVATE EQUITY GOSS INSTITUTE OF RESEARCH MANAGEMENT LIMITED NATIONAL UNIVERSITY OF SINGAPORE REVIEW RISK MANAGEMENT INSTITUE HAITAO JIN Qianhai Fund of Fund, LLP Exploring the Business Model of China’s Private Equity/Venture Capital (PE/VC) Fund of Funds (FOF) Investments KATAHIRA MASAKI Eastasia Investment (International) Limited New Findings on Japan’s Capital Market: A Study on Japan Post Group’s Successful Transformation through Capital Market WEI CUI, MIN DAI, AND STEVEN KOU Risk Management Institute’s New Research Initiative A Pricing and Risk Management System for Chinese Bonds PRIVATE EQUITY REVIEW PRIVATE EQUITY REVIEW CONTENTS EDITORIAL BOARD Darrell Duffie, Stanford University MESSAGE FROM THE EDITORS Quanjian Gao (Editor-in-Chief), GOSS Institute of Research COVER ARTICLE Management Ltd. 01 Exploring the Business Model of Jeff Hong (Co-Editor), China’s Private Equity/Venture Capital (PE/VC) City University of Hong Kong Fund of Funds (FOF) Investments Li Jin, Haitao Jin Oxford University Steven Kou (Co-Editor), ACADEMIC INSIGHTS National University of Singapore 10 New Findings on Japan’s Capital Market: Neng Wang, A Study on Japan Post Group’s Successful Columbia University Transformation Through Capital Market Houmin Yan, Katahira Masaki City University of Hong Kong Lin Zhou, CASE STUDY Shanghai Jiao Tong University 22 Will Private Equity (PE) Firms Continue to Invest in China’s Auto Consumption and Sales Industry? Yankun Hou ADVISORY BOARD 32 Quantitative Methods for Venture Capital Investment Weijian Shan, -
Articles of Association (Approved at the Extraordinary General Meeting Held on 28 September 2020)
上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (a joint stock limited company incorporated in the People’s Republic of China) (Stock Code: 1385) Articles of Association (Approved at the Extraordinary General Meeting held on 28 September 2020) (This Articles of Association is written in both Chinese and English, and the English version is only an English translation of the Chinese version. In case of inconsistency, the Chinese version shall prevail) *for identification only INDEX Page Chapter 1 General Provisions ……………………………………………………..... 2 Chapter 2 Objectives and Scope of Business …………………………….………..... 3 Chapter 3 Shares and Registered Capital ………………………………….……..… 3 Chapter 4 Reduction of Capital and Repurchase of Shares ………………………… 5 Chapter 5 Financial Assistance for the Purchase of Company Shares ……….…….. 7 Chapter 6 Share Certificates and Register of Shareholders …………………..…….. 9 Chapter 7 Rights and Obligations of Shareholders ……………….………………… 12 Chapter 8 Shareholders’ General Meetings ………………………………………… 14 Chapter 9 Special Procedures for Voting by Different Classes of Shareholders …… 21 Chapter 10 Board of Directors ……………………………………………………….. 23 Chapter 11 Secretary to the Board of Directors ……………………………………… 27 Chapter 12 General Manager ……………………………………………………….... 27 Chapter 13 Board of Supervisors …………………………………………………….. 28 Chapter 14 Qualifications and Duties of the Company’s Directors, Supervisors, General Manager and Other Senior Management Staff ……..…………... 29 Chapter 15 Financial and Accounting Systems and Distribution -
The Handbook of Financing Growth
ffirs.qxd 2/15/05 12:30 PM Page iii The Handbook of Financing Growth Strategies and Capital Structure KENNETH H. MARKS LARRY E. ROBBINS GONZALO FERNÁNDEZ JOHN P. FUNKHOUSER John Wiley & Sons, Inc. ffirs.qxd 2/15/05 12:30 PM Page b ffirs.qxd 2/15/05 12:30 PM Page a Additional Praise For The Handbook of Financing Growth “The authors have compiled a practical guide addressing capital formation of emerging growth and middle-market companies. This handbook is a valuable resource for bankers, accountants, lawyers, and other advisers serving entrepreneurs.” Alfred R. Berkeley Former President, Nasdaq Stock Market “Not sleeping nights worrying about where the capital needed to finance your ambitious growth opportunities is going to come from? Well, here is your answer. This is an outstanding guide to the essential planning, analy- sis, and execution to get the job done successfully. Marks et al. have cre- ated a valuable addition to the literature by laying out the process and providing practical real-world examples. This book is destined to find its way onto the shelves of many businesspeople and should be a valuable ad- dition for students and faculty within the curricula of MBA programs. Read it! It just might save your company’s life.” Dr. William K. Harper President, Arthur D. Little School of Management (Retired) Director, Harper Brush Works and TxF Products “Full of good, realistic, practical advice on the art of raising money and on the unusual people who inhabit the American financial landscape. It is also full of information, gives appropriate warnings, and arises from a strong ethical sense. -
FT PARTNERS RESEARCH 2 Fintech Meets Alternative Investments
FT PARTNERS FINTECH INDUSTRY RESEARCH Alternative Investments FinTech Meets Alternative Investments Innovation in a Burgeoning Asset Class March 2020 DRAFT ©2020 FinTech Meets Alternative Investments Alternative Investments FT Partners | Focused Exclusively on FinTech FT Partners’ Advisory Capabilities FT Partners’ FinTech Industry Research Private Capital Debt & Raising Equity Sell-Side / In-Depth Industry Capital Buy-Side Markets M&A Research Reports Advisory Capital Strategic Structuring / Consortium Efficiency Proprietary FinTech Building Advisory FT Services FINTECH Infographics Partners RESEARCH & Board of INSIGHTS Anti-Raid Advisory Directors / Advisory / Monthly FinTech Special Shareholder Committee Rights Plans Market Analysis Advisory Sell-Side Valuations / LBO Fairness FinTech M&A / Financing Advisory Opinion for M&A Restructuring Transaction Profiles and Divestitures Named Silicon Valley’s #1 FinTech Banker Ranked #1 Most Influential Person in all of Numerous Awards for Transaction (2016) and ranked #2 Overall by The FinTech in Institutional Investors “FinTech Excellence including Information Finance 40” “Deal of the Decade” • Financial Technology Partners ("FT Partners") was founded in 2001 and is the only investment banking firm focused exclusively on FinTech • FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 18 years of exclusive focus on Financial Technology FT PARTNERS RESEARCH 2 FinTech Meets Alternative Investments I. Executive Summary 5 II. Industry Overview and The Rise of Alternative Investments 8 i. An Introduction to Alternative Investments 9 ii. Trends Within the Alternative Investment Industry 23 III. Executive Interviews 53 IV. -
State Strategies to Promote Angel Investment for Economic Growth*
Contact: Chris Hayter, Program Director, Economic Development Social, Economic, and Workforce Programs Division 202/624-7833 February 14, 2008 State Strategies to Promote Angel Investment for Economic Growth* Executive Summary Governors are increasingly interested in entrepreneurship because of its key role in driving business innovation. While entrepreneurs face several common challenges, including developing business acumen and making connections with experts and mentors, often their greatest challenge is raising capital. Entrepreneurs’ emerging technologies are frequently viewed as too risky for banks, private equity firms and venture capitalists, yet many fledgling companies require more investment to grow than can be raised from friends and family. Angel investors are increasingly stepping in to fill this gap. Angel investors are wealthy individuals with business or technology backgrounds who provide entrepreneurs with capital, connections, and guidance. They provide early-stage financing in a space once occupied by venture capitalists, who now invest primarily in larger deals and more mature companies. Individual angels invest between $5,000 and $100,000 in local and regional ventures, primarily in high-technology sectors, giving their investments local impact. In the past decade, many angel investors have formed and joined groups because investing through groups offers several advantages, most notably a large and more diverse portfolio, access to expertise, and higher deal flow. States increasingly recognize the value of angel investments and are adopting policies to promote them. Some have created statewide networks to assist the formation of angel groups, link angel groups to share best practices, and help groups invest together in companies that need more funding than a single group can offer. -
Annual Report
行 The Chinese character “行” (pronounced as “xing”) denotes the idea of going forward( 前 行). The annual report this year is centred on the theme of “行”, which on the first level of significance, refers to the relentless efforts made by the Company to go forward despite numerous challenges and pressure on the operating results in the near future. “行” also has the meaning of action. On another level, the theme this year reflects the actions of * The Ming philosopher, Wang Shouren the Company to continuously enhance its (Yangming)(王守仁(陽明)), advocated the executive power based on meticulous analysis philosophy of uniting knowledge (“知”) with of external opportunities and challenges as well action (“行”) for achievement of virtue (“善”), as recognition of its own advantages and which exemplifies the inseparability of the shortcomings, with the aim of achieving the unity theoretic knowledge and actual actions. of knowledge and action( 知行合一)*. In the future, the Company will insist on the market- oriented principle, continuously develop the expressway industry business and strengthen the exploring of relative business of entrusted construction management and entrusted operation management, realising a synergistic growth in both of scale and return. The character “行” can also mean “capability”. With the recovery of economy, support of the national policies and ceaseless self-improvement of the Company, we firmly believe that the Company is embracing a bright future. The Chronicle of Yan Zi(晏子春秋) says: “the one who works completes his mission, the -
International Low-Carbon Clean Technology Project Roadshow Invitation to Project Owners
International Low-Carbon Clean Technology Project Roadshow Invitation to Project Owners The Shenzhen International Low-Carbon Forum has been successfully held by the Government of Shenzhen City since 2013 with NDRC and the Government of Guangdong Province as its counsels and generated wide influence in China and overseas. The Fifth Shenzhen International Low-Carbon City Forum is to open on September 7, 2017 at the Shenzhen International Low- Carbon City Convention and Exhibition Center. As a sideline activity at the forum, the International Low-Carbon Clean Technology Roadshow will be held for the first time to facilitate financing and industrialization for promising technologies and projects. The roadshow will be held at the Shenzhen International Low-Carbon City Convention and Exhibition Center on the afternoon of September 7 and morning of September 8. We invite project owners around the world to present their green low-carbon technologies at the road show in connection with clean technology, new energy, renewable energy, energy management, water treatment, waste treatment, green building, energy efficiency, energy saving, etc. The Roadshow will be attended by over 20 domestic or international venture capital funds, including Shenzhen Capital Group, Qianhai Mergers and Acquisitions Fund, Franklin Templeton Investments, Green Pine Capital Partners, Zhongjin Ansheng and Techcode. In addition, there will be a strong lineup of experts led by the Chinese Academy of Sciences and United Nations representatives to facilitate interfacing and cooperation between projects, investors and enterprises. More than 50 domestic and foreign media organizations having been invited to the forum, including the People's Daily, CCTV and other international mainstream media organizations as well as Sina, NetEase, Tencent and other leading new media organizations. -
Era of Equity Investment
Vol. 59 November 30th , 2016 Latest Report Report on China PE FOF Development Is Issued; FOFs Boom in “Era of Equity Investment” By Meng Yu , Zero2IPO Research Center China has entered “the era of equity investment” in 2016, and the most active regions are Circum-Bohai-Sea with Beijing as the center, Yangtze RiverDelta with Shanghai as the center and Pearl River Delta with Shenzhen as the center. Over two decades of development, the capital market has seen increasingly open policies, innovation become the national strategy, and active VC/PE firms exceeded 10,000, with over RMB6 trillion (or US$900M) of capital under management, making big leaps. As the interest rate is approaching zero and risk-free returns keep on declining, the financial market has entered a cold winter and asset allocation is under big pressure. Both government platforms and industrial parks are seeking industrial transformation and upgrading. Under such background, RMB FOFs are in full-swing development. From2015 to 2016, new VC/PE firms have been emerging in China and many established institutions set up new funds, providing abundant investment targets for FOFs. As a fund platform and asset allocation tool, China‟s FOFs will head to industrialization, specialization, polarization and integration for better development at both capital and asset ends. Against this backdrop, Zero2IPO Research Center released this special issue, the China Venture Capital & Private Equity Fund of Funds Development Research Report 2016, analyzing the industry landscape and current development of China‟s VC/PE FOFs and studying on their operating models and investment returns. It also sets forth the opportunities and challenges VC/PE FOFs are confronted with for the reference of VC/PE firms. -
Invitation to China Hi-Tech Fair 2018 in Iceland
Invitation to China Hi-Tech Fair 2018 in Iceland The Ministry for Foreign Affairs of Iceland, Promote Iceland and China Hi-Tech Fair Organizing Committee Office have the honor to invite you to attend China Hi-Tech Fair 2018 in Iceland at 09:00 am on May 28 at Hilton Reykjavík Nordica. China Hi-Tech Fair 2018 in Iceland aims to facilitate Chinese and Icelandic enterprises to explore business opportunities. A hi-tech business delegation of 80 representatives from over 50 tech-based companies from China is expected to be present. Events of China Hi-Tech Fair 2018 in Iceland include Forum, the China-Iceland companies networking lunch and business visits. We would like to share with you some advantages of participating in China Hi-Tech Fair 2018 in Iceland as follows. China Hi-Tech Fair 2018 in Iceland offers a unique opportunity for Icelandic start ups to reach the top investors and venture capitalists from China. You will meet with: - Shenzhen Capital Group Co., Ltd – China’s largest VC group - Shenzhen Investment Holdings Co., Ltd. – Shenzhen’s largest state-owned enterprise - Shenzhen HTI Group Co., Ltd., – one of China’s most influential financial service providers - Shenzhen Small & Medium Enterprises Credit Financing Guarantee Group Co., Ltd. – awarded the highest class AAA rating of Capital market in 2017 in China …. China Hi-Tech Fair 2018 in Iceland is designed for Icelandic companies from various industries to collaborate and partner with established and large companies from China. You will see: - BGI – one of the world famous genomics company - Kuang-Chi Institute of Advanced Technology – a world leader in metamaterials technology, intelligent photon technology, and novel space technology - Gree Electric Appliances Inc. -
Fostering Chemical Entrepreneurship
Fostering Chemical Entrepreneurship APRIL 23-24, 2019 | WILMINGTON, DE Thank You Conference Supporters Silver Sponsor Bronze Sponsor Aluminum Sponsor Exhibitor DELAWARE SUSTAINABLE CHEMISTRY ALLIANCE Enabling innovation through chemistry TABLE OF CONTENTS Conference Organizers ............................................................................................................................................. 2 Technical Program .................................................................................................................................................. 3-5 Startup Profiles .......................................................................................................................................................6-30 Biographies .............................................................................................................................................................31-41 Code of Conduct .......................................................................................................................................................42 TIPS FOR A SUCCESSFUL MEETING Say hello to everyone. You might make someone’s day. Introduce yourself to people you don’t know. They may be your next good friends. Stop and smile. You will brighten the room considerably. Be understanding. Everybody makes mistakes. Help those with less experience. We were all novices at some point. Respect others. We all have something valuable to contribute. Value staff and volunteers. They are here for you. Be kind. -
Global Offering
(Incorporated in the Cayman Islands with limited liability) Stock Code : 2150 GLOBAL OFFERING Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers IMPORTANT If you have doubt about any of the contents in this Prospectus, you should obtain independent professional advice. Nayuki Holdings Limited 奈雪的茶控股有限公司 (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under the Global Offering : 257,269,000 Shares (subject to the Over-allotment Option) Number of Hong Kong Public : 25,727,000 Shares (subject to reallocation) Offer Shares Number of International Offer Shares : 231,542,000 Shares (subject to reallocation and the Over- allotment Option) Maximum Offer Price : HK$19.80 per Offer Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars, subject to refund) Nominal value : US$0.00005 per Share Stock code : 2150 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus. A copy of this Prospectus, having attached thereto the documents specified in the section headed “Documents Delivered to the Registrar of Companies and available for inspection” in Appendix V to this Prospectus, has been registered by the Registrar of Companies in Hong Kong as required by Section 342C of the Companies (Winding up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). -
GREATER BAY AREA GUANGDONG - HONG KONG - MACAO OCTOBER 2018 Acknowledgements Pharmaboardroom Is Profoundly Grateful To…
“ONE COUNTRY, RETURN OF THE CROUCHING TIGERS, PLAYGROUND FOR NEW THREE SYSTEMS” SEA TURTLES HIDDEN DRAGONS HEALTHCARE MODELS PAGE 14 PAGE 18 PAGE 31 PAGE 44 FROM FACTORY FLOOR TO SILICON DELTA GREATER BAY AREA GUANGDONG - HONG KONG - MACAO OCTOBER 2018 Acknowledgements PharmaBoardroom is profoundly grateful to… Professor Albert C.H. Yu, Chairman, Hong Kong Biotechnology Organization (HKBIO) Cai Qiaowu, President, Shenzhen Medical Devices Association Dr. Grace Guo-Ying Zhou, Dean, Shenzhen International Institute for Biomedical Research (SIIBR) Yuan Qing, President, Shenzhen Life Sciences and Biotechnology Association Zhang Zhuangli and Guo Guo, Shenzhen Life Sciences and Biotechnology Association Dr. Harley Seyedin, President, American Chamber of Commerce South China for their continuous support, enthusiasm and encouragement in the compilation of this report. 2 Healthcare & Life Sciences Review: Greater Bay Area www.pharmaboardroom.com HEALTHCARE & LIFE SCIENCES REVIEW GREATER BAY AREA Global Leaders in Hifu Therapy Interview 42 CONTENTS — October 2018 2 ACKNOWLEDGEMENTS 4-5 FOREWORDS 7 PREFACE HKEx Biotech listing criteria 8 SNAPSHOT IN FIGURES Feature 12 CHINA GOING GLOBAL FEATURE 48 The Belt and Road Initiative 14 THE GREATER BAY AREA FEATURE The World’s Largest Mega-City 17 STATE STRATEGY FEATURE A Blueprint for Growth 18 CHINESE EXPERTISE FEATURE Returning Home 22 BIOMEDICAL RESEARCH IN SHENZHEN INTERVIEW Grace Zhou, SIIBR 25 CLUSTERING FEATURE Regional Investment Crossing the river by 28 THE HONG KONG BIOTECH ECOSYSTEM feeling the stones FEATURE Hong kong Science and Techonology Feature Parks (HKSTP) 56 31 MEDTECH FEATURE On the Up 36 INTELLECTUAL PROPERTY FEATURE Maturing Views 40 IN-VITRO DIAGNOSTICS INTERVIEW Zhang Guojian and Zhang Erying, KingFocus Biomedical 42 ULTRASOUND INTERVIEW George Zhang, PRO HIFU Medical The Healthcare & Life Sciences Review was produced by PharmaBoardroom.