{"id":3808,"date":"2021-02-04T21:05:07","date_gmt":"2021-02-04T21:05:07","guid":{"rendered":"https:\/\/new.marcdeschenaux.com\/?p=3808"},"modified":"2023-04-16T22:24:49","modified_gmt":"2023-04-16T22:24:49","slug":"ipo-incubator","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/cn\/essays\/ipo-incubator\/","title":{"rendered":"IPO\u5b75\u5316\u5668"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"3808\" class=\"elementor elementor-3808\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4590c14 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4590c14\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e710e9\" data-id=\"4e710e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8bb7f89 elementor-widget elementor-widget-heading\" data-id=\"8bb7f89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">FUNDRAISING INCUBATOR<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f429680 elementor-widget elementor-widget-heading\" data-id=\"f429680\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Transaction Financing Tool<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79b5e6a elementor-widget elementor-widget-heading\" data-id=\"79b5e6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Problematic<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8ab0d4 elementor-widget elementor-widget-text-editor\" data-id=\"a8ab0d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\u4e1a\u52a1\u4e2d\u5e38\u89c1\u7684\u95ee\u9898\u662f\uff1a\n\n<ul>\n<li>\u7ad9\u5728\u6295\u8d44\u8005\u7684\u89d2\u5ea6\uff1a\u5982\u4f55\u77ed\u65f6\u95f4\u6295\u8d44\u5e76\u83b7\u5f97\u53ef\u89c2\u7684\u5229\u6da6\uff1f<\/li>\n<li>\u4ece\u4f01\u4e1a\u5bb6\u6216\u516c\u53f8\u7684\u89d2\u5ea6\u6765\u770b\uff1a\u5982\u4f55\u4e3a\u5927\u7b14\u4ea4\u6613\u878d\u8d44\u5e76\u5728\u4e4b\u540e\u7acb\u5373\u6446\u8131\u6295\u8d44\u8005\uff1f<\/li>\n<\/ul>\n\nMore often than not, when acquiring or merging, it is possible to use the cash of the target company to pay off investors. Thus, transaction financing answers both these needs allowing the investor to make a quick profit in case of successful transaction.\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d713855 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"d713855\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163911b elementor-widget elementor-widget-text-editor\" data-id=\"163911b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>1. DEFINITION<\/b><\/p><p>A <strong>Fundraising Incubator<\/strong> is a company financing corporate transactions such as a merger, an acquisition, a securities private placement or an initial public offering (IPO) against an equity participation and a put option on this equityparticipation to the issuer itself. The put option, issued by the same issuer as the equity participation, ensures the investor that, in case of success ofthe transaction, it can resell this participation to the issuerimmediately after. Today, transaction financing is the exclusive privilege of all investment banks who make huge profits therefrom.<\/p><p><b>2. Objection<\/b><\/p><p>One could wonder why not a simple loan? The main reason is that under most jurisdictions, loans are limited to a certain interest rate percentage, called the usuryrate, generally less or far less than 25%. In Switzerland, the federal law limits this usury rate at 15% and makes any interest rate set above that limit unlawful and thus, not payable!<\/p><p>\u6295\u8d44\u8005\u901a\u5e38\u5e0c\u671b\u83b7\u5f97\u66f4\u9ad8\u7684\u6295\u8d44\u56de\u62a5\uff0c\u56e0\u4e3a\u81f3\u5c11\u4ece\u5e02\u573a\u8ba4\u77e5\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u4efb\u4f55\u4ea4\u6613\u878d\u8d44\u6295\u8d44\u90fd\u4ee3\u8868\u7740\u76f8\u5f53\u5927\u7684\u98ce\u9669\u3002<\/p><p><b>3. Risk of a Transaction Financing Investment<\/b><\/p><p>\u4e0e\u4ea4\u6613\u878d\u8d44\u6295\u8d44\u76f8\u5173\u7684\u98ce\u9669\u4e0e\u4ea4\u6613\u6210\u529f\u7684\u53ef\u80fd\u6027\u76f4\u63a5\u76f8\u5173\u3002<\/p><p>Therefore, as a rule of thumb, we can say that the transaction financing investment risk is directly linked to thequality of the agreements binding the parties to the transaction and to these parties\u2019 willingness to execute the transaction properly.<\/p><p><b>4. Rules of Prudence<\/b><\/p><p>\u4ea4\u6613\u878d\u8d44\u6295\u8d44\u7684\u57fa\u672c\u5ba1\u614e\u89c4\u5219\u5982\u4e0b\uff1a<\/p><ul><li><strong>Having a commitment from both parties to the transaction<\/strong> provides the safest conditions to the investment. However, this is rare and mostly impossible. Commonly, a transaction financing agreement is entered into between one party to the transaction and the representative of the investors.<\/li><li><strong>\u5c06\u6295\u8d44\u7684\u65f6\u95f4\u51cf\u5c11\u5230\u6700\u5c11\u3002<\/strong> \u8fd9\u4e2a\u76f8\u5f53\u7b80\u5355\u7684\u89c4\u5219\u6709\u5f88\u591a\u542b\u4e49\uff0c\u4ece\u7269\u6d41\u5230\u6cd5\u5f8b\u6761\u4ef6\u3002\u6295\u8d44\u8005\u4ee3\u8868\u5e94\u4e3a\u91d1\u878d\u5bb6\u6216\u5546\u4eba\uff0c\u800c\u975e\u5f8b\u5e08\uff0c\u5e94\u5c06\u8d44\u91d1\u6c47\u5165\u5176\u63a7\u5236\u7684\u8d26\u6237\uff0c\u5e76\u6838\u5b9e\u5404\u65b9\u7684\u540c\u610f\u548c\u610f\u613f\u3002<\/li><li><strong>Have all the transaction (key) terms agreed upon before the financing takes place.<\/strong> The investor or his representative must ascertain that the parties are in full agreement on all (key) terms of the transaction. While the parties might not be able to bear the cost of all agreements drafting before the transaction financing takes place, they can surely produce a complete term sheet for each agreement needed for the transaction. Any party receiving the transaction financing can also take the commitment toward the investor that no other additional or new (key) term shall be required from the other party after the financing takes place, preventing thereby the classic last minute requirement that makes the transaction fail.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>FUNDRAISING INCUBATOR Transaction Financing Tool Problematic A common problematic in business is: from the investor\u2019s standpoint: how to invest for a short period of time and make a significant profit ? from the entrepreneur\u2019s or the company\u2019s point of view: how to finance a large transaction and get rid of the investors immediately afterwards ? &#8230; <a title=\"IPO\u5b75\u5316\u5668\" class=\"read-more\" href=\"https:\/\/marc.deschenaux.com\/cn\/essays\/ipo-incubator\/\" aria-label=\"\u9605\u8bfb IPO Incubator\">\u9605\u8bfb\u66f4\u591a<\/a><\/p>","protected":false},"author":1,"featured_media":6486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":47,"footnotes":""},"categories":[47],"tags":[],"class_list":["post-3808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-essays"],"_links":{"self":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/3808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/comments?post=3808"}],"version-history":[{"count":0,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/posts\/3808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media\/6486"}],"wp:attachment":[{"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/media?parent=3808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/categories?post=3808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marc.deschenaux.com\/cn\/wp-json\/wp\/v2\/tags?post=3808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}