64

64

66

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67

37

68

45

69

60

82

71

Pre-IPO

71

71

72

73

ManivestAsia

ART B
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bb
74

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NASDAQ

75

AIM

76

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61

ART B
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10

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PE

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10

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62

ManivestAsia

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VS

2014

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[2014]37

75 11
75
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2014 7

CCTV

37

10

2013

4 5000

6000

2013

10

2013

PE

66

2012 27

2014 99

47
35

74%
2014 7 1
637
IPO
589 40
A

10

IPO

IPO

IPO

11
( 200575 75 ) 2005

63

ART B
VS

30 2008

A
2014
2014 7 1 637
IPO 589 40

129

2000

77

75

Venture CapitalVC

66

Private EquityPE+

27

2006 9 8
10
2009 6 22
2009 6

2009

2010

2011

2012

2013

7 2009 -2013

10
64

ManivestAsia

ART B
VS

65

ART B
VS

10

10

10

10

10
2006 9

10

10

10

10

2009

66

10

ManivestAsia

ART B
VS

10

10

37

2014
7 14

[2014]37

75

37
SPV

75

PE

37

67

ART B
VS

1.

2.

3.

4.

5.

37

1.

2.

3.

4.

5.

6.

7.

68

30
IC

75

SPV SPV

2014 7

14

A 25%

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SPV

CCTV
37

45

2012 12 20

2013
1 1

1. 4
5000 6000
2.
3.

ManivestAsia

ART B
VS

VIE
VIE 2012 11
VIE

2009 4 22

2009
82 82

VIE

82

VIE

2014

319 IPO
60%
2007 IPO
2014
99
47

35

74%

82

IPO H
69

ART B
VS

1/2 1/2

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10%

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VIE

SEC

SEC BDO
2014 1 22 SEC
6 2014 6 4 60 SEC

VIE 2012
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VIE

VIE

70

ManivestAsia

ART B
VS

Pre-IPO

Pre-IPO

2008

00866

BVI

75

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10

10

10

10
10

2007 3 20

71

ART B
VS

HK01833

PE

10

PE

5 3

10

PE

PE PE

2009 5 8

HK1333
10
40%

72

11
ManivestAsia

ART B
VS

10

10

40%

60%
60%

2009 2 23

HK0246

10

10

10

BVI
BVI
BVI

10

BVI
BVI

12

73

ART B
VS

BVI

2010 12 26

A
3 1

NASDAQ AIM
74

ManivestAsia

ART B
VS

NASDAQ
NASDAQ

GoogleFace-

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book

500

NASDAQ
1. 1500
2.

1000
3. 110
800
4. 400 100

NAS-

DAQ

AIM
AIMAlternative Investment
Market

5. 3 Market
Maker

AIM

NASDAQ

AIM

200 2014 5
IPO 20.5
260 IPO

NASDAQ SPV

2014

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SPV

NASDAQ

NAS-

2
3

75

ART B
VS

2014 7 851

H
195 130

AIM SPV
AIM
SPV

526

AIM

AIM
AIM

PLC

CREST(

AIM

(Hong
Kong Exchanges and Clearing
Limited HKEx )

76

ManivestAsia

ART B
VS

2010 12 10

SPV

5%

5,000
2,000

2,000

BVI

25% 5,000

25% 3,000

77