TH TRNG CHNG KHON

S CP
(Th trng pht hnh)
TS. L V Nam - Ging vin Khoa Kinh t HQG TP. HCM;
Ging vin thnh ging UBCKNN v TTCK.
TNaN 0Ia 00a 00aNN N0NI T8N
TNJ T800N0 0N0N0 kN0aN
DOANH NGHIP
Th trng s cp
Th trng th cp
Pht hnh chng khon
Mua bn li chng
khon pht hnh
Bn qua
BLPH hoc
i l (CTCK)
Bn u gi
ti TTGDCK
hoc CTCK
Nim yt/ng k
giao dch
KHI NIM V C IM
Khi nim: Th trng s cp l ni chng khon ln u tin
c pht hnh v c cho bn cho nh u t u tin.
Hay ni cch khc, l th trng mua bn ln u cc chng khon
mi pht hnh.
c im:
Chng khon ln u tin xut hin (pht hnh).
T chc pht hnh huy ng c vn thng qua vic bn hcng
khon cho nh u t.
Nh u t b tin ra mua i ly quyn s hu chng khon.
Chng khon l bng chng xc nhn mi quan h ti sn gia nh
u t v t chc pht hnh:
Quan h gp vn (nu mua c phiu).
Quan h vay mn (nu mua tri phiu).
KHI NIM V PHN LOI PHT HNH
CHNG KHON
Khi nim: Pht hnh chng khon l vic cho bn chng
khon trn th trng s cp.
Phn loi pht hnh c phiu:
Cn c vo t pht hnh:
Pht hnh ln u.
Pht hnh b sung.
Cn c vo tnh cht t pht hnh:
Pht hnh trc tip.
Pht hnh gin tip.
Cn c vo phng thc pht hnh:
Pht hnh cho bn ton phn.
Pht hnh cho bn tng phn.
Cn c vo phm vi phn phi:
Pht hnh ni b (ring l).
Pht hnh ra cng chng:
Pht hnh ln u ra cng chng (IPO).
Pht hnh c phiu b sung ra cng chng.
KHI NIM PHT HNH CHNG KHON RA
CNG CHNG VIT NAM
Khon 12 iu 6 Lut chng khon 2006: Cho
bn chng khon ra cng chng l vic cho bn
chng khon theo mt trong cc phng thc sau
y:
Thng qua phng tin thng tin i chng, k c
Internet;
Cho bn chng khon cho t 100 nh u t tr
ln, khng k nh u t chng khon chuyn
nghip;
Cho bn cho mt s lng nh u t khng xc
nh.
VAI TR CA HOT NG PHT HNH
CHNG KHON
i vi nn kinh t: To ra knh huy ng v
phn b vn hiu qu cho nn kinh t.
i vi Chnh ph: Pht hnh tri phiu cc
loi huy ng vn cho ngn sch, hoc b
p thm ht ngn sch hay cho cc d n
trng im ca quc gia, iu tit th trng tin
t.
i vi doanh nghip: To ra cho doanh
nghip c thm mt kinh huy ng vn mi ch
ng, hiu qu v linh hot.
i vi nh u t: To ra c hi u t cho
nhng t chc, c nhn c tin nhn ri.
PHP LUT IU CHNH HOT NG
PHT HNH CHNG KHON
Cc nc theo h thng thng lut (Common
Law) nh Anh, M, c:
Php lut v cng ty iu chnh c hot ng pht
hnh c phiu ring l v ra cng chng.
Php lut v chng khon iu chnh hot ng v
vn hnh ca TTCK.
Cc nc theo h thng lut Chu u lc a
(Civil Law) nh Php v mt s nc Chu
u:
Php lut v cng ty iu chnh hot ng pht hnh
c phiu ring l.
Php lut v chng khon iu chnh pht hnh c
phiu ra cng chng.
PHP LUT IU CHNH HOT NG
PHT HNH CHNG KHON TI VIT NAM
Php lut v doanh nghip iu chnh
pht hnh c phiu phn phi ni b;
Php lut v chng khon iu chnh pht
hnh c phiu ra cng chng.
C s php l: (Khon 4, iu 61 Lut doanh nghip
nm 1999; iu 22 Ngh nh 03 hng dn Lut doanh
nghip nm 1999; Khon 6 iu 87 Lut doanh nghip
nm 2005; iu 1 Ngh nh 144 v ck v TTCK; iu 1
Lut chng khon ngy 23/06/2006)
PHT HNH CHNG KHON RING L
Khi nim: L vic pht hnh phn phi cho mt s lng nh
u t c xx nh trc.
Hnh thc:
Pht hnh c phiu ln u cho cc c ng sch lp ti thi im
thnh lp doanh nghip.
Pht hnh phn phi cho c ng hin hu.
Pht hah c phiu tr c tc, thng.
Pht hnh phn phi cho c ng chin lc, ngi lao ng,
ngi qun l.
Quy trnh thc hin:
i hi ng c ng thng qua phng n pht hnh, s lng,
loi c phiu pht hnh.
Hi ng qun tr quyt nh thi im, gi, cch phn phi.
iu chnh li vn iu l.
Bo co c quan c thm quyn.
PHT HNH CHNG KHON RA CNG CHNG
c php lut iu chnh cht ch.
c c quan qun l Nh nc v chng khon
cp php hoc giy CNPH.
Chng khon pht hnh ra cng chng thng
c giao dch ti cc SGDCK sau khi p ng
c cc iu kin nim yt.
Tun th cc quy nh v cng b thng tin, ch
k ton, kim ton.
Phi thng qua t chc trung gian.
i tng phn phi khng hn ch.
Lng chng khon pht hnh phi t quy m nht
nh.
QUN L NH NC V PHT HNH
CHNG KHON RA CNG CHNG
Theo ch qun l cht lng (ch cp php):
C quan Nh nc c thm quyn v ck v TTCK xem xt,
nh gi cht lng ca c phiu pht hnh ra cng chng
thng qua vic thm nh ni dung ca t pht hnh trn c
s cc iu kin do php lut quy nh.
Ph hp nhng nc mi hnh thnh TTCK, h thng php
lut cn thiu ng b, tiu chun k ton, kim ton cha
y r rng, nh u t thiu kinh nghim.
QUN L NH NC V PHT HNH
CHNG KHON RA CNG CHNG
Theo ch cng b thng tin (ch ng k):
T chc pht hnh phi cung cp y cc thng tin quan
trng ca cng ty cho nhng nh u t h c th nh
gi cht lng c phiu v a ra quyt nh u t. C
quan qun l khng ng ra xem xt cht lng c phiu
m ch yu tp trung gim st ch cng b thng tin ca
t chc pht hnh.
p dng cc nc c TTCK pht trin, ch cng b
thng tin v ch k ton, kim ton r rng, vn ho kinh
doanh chng khon ca nh u t hnh thnh v pht
trin.
IU KIN PHT HNH
CHNG KHON RA CNG CHNG
iu kin nh tnh:
Cc nh qun l cng ty phi c kinh nghim
qun l, iu hnh kinh doanh
C cu t chc ca cng ty phi hp l v phi v
li ch cc nh u t
Bo co ti chnh, bn co bch v cc ti liu
cung cp thng tin ca cng ty phi c tin cy
cao nht
Cng ty phi c phng n kh thi t vic huy
ng vn thu c t t pht hnh.
Cng ty phi c mt hoc mt s t chc bo
lnh pht hnh ng ra thc hin bo lnh pht
hnh.
IU KIN PHT HNH
CHNG KHON RA CNG CHNG
iu kin nh lng:
Cng ty phi c quy m nht nh v vn.
Phi hot ng hiu qu trong mt s nm lin
tc trc khi pht hnh c phiu ra cng chng.
Tng gi tr ca t pht hnh phi t quy m
nht nh.
Mt t l nht nh c phiu t pht hnh phi
bn cho mt s lng quy nh cng chng u
t.
Cc thnh vin sng lp ca cng ty phi nm
gi mt t l nht nh vn c phn ca cng ty
trong mt khong thi gian nht nh.
IU KIN PHT HNH
CHNG KHON RA CNG CHNG MT S NC
Nc ieu kien phat hanh chng khoan lan au ra cong chung
Von ieu le
toi thieu
Li nhuan So co ong nho Ty le phat hanh
ra cong chung
Trung
Quoc
50 trieu
NDT 3 nam
Moi co ong
khong qua
0,05% so co
phieu
25%
15% neu VL >
400 trieu NDT
Thai Lan 2,4 trieu
USD
3 nam
>= 600
15% - 30%
Malaysia 50 trieu RM
5 nam>= 5
trieu RM
500-1.000
>= 25%
Han Quoc
5 ty won
3 nam gan
nhat >= 25%
>= 1.000 co
ong nho (la co
ong nam gi
<= 1% co phieu
a phat hanh )
>= 30% hoac t
nhat la 300.000
co phieu
TRNH T PHT HNH CHNG KHON
RA CNG CHNG
Bc 1: Chn t chc t vn hoc t chc bo
lnh pht hnh p ng iu kin.
Bc 2: Lp h s.
Bc 3: UBCKNN cp Giy CNPH.
Bc 4: Cng b vic pht hnh.
Bc 5: Phn phi c phiu.
Bc 6: Bo co kt qu t pht hnh.
THUN LI I VI DN KHI PHT HNH C
PHIU RA CNG CHNG
c tn dng hnh thc huy ng vn linh hot,
ch ng.
Hnh nh v uy tnh cng ty tng cao do c
qung b rng ri.
Lng c ng tng ln gip cng ty tranh th
c s ng gp v tr tu, kinh nghim trong
iu hnh.
Kh nng huy ng s vn cn thit v c
phiu c nh xc vi gi th trng.
THCH THC I VI DN KHI PHT HNH C
PHIU RA CNG CHNG
Phi cng khai thng tin v p dng ch k
ton, kim ton v bo co theo quy nh.
Chu s qun l ca UBCKNN.
C nguy c b mt quyn kim sot cng ty.
Quy m vn v lng c ng tng ln lm cho
vic qun l, iu hnh phc tp hn.
C cu quyn s hu khng n nh bi nhu cu
giao dch c phiu hng ngy ca cc c ng.
IU KIN PHT HNH
C PHIU RA CNG CHNG TI VIT NAM
C mc vn iu l gp ti thiu ti thi im
ng k pht hnh l 10 t ng tnh theo s
sch k ton.
Hot ng kinh doanh ca nm lin trc nm
ng k pht hnh phi c li, ng thi khng
c l ly k.
C phng n kh thi v vic s dng vn huy
ng c t t pht hnh.
S lng ti thiu nh u t ngoi cng ty c
mua l 100.
Phi thng qua t chc trung gian.
IU KIN PHT HNH
C PHIU RA NC NGOI
T chc pht hnh phi p ng cc iu kin:
Khng thuc danh mc ngnh ngh m php lut cm bn nc
ngoi tham gia v phi m bo t l tham gia ca bn nc ngoi
theo quy nh ca php lut;
C quyt nh thng qua vic cho bn c phiu ra nc ngoi v
phng n s dng vn thu c ca Hi ng qun tr hoc i
hi ng c ng;
p ng cc iu kin cho bn theo quy nh ca c quan c thm
quyn ca nc ni t chc pht hnh ng k cho bn
Ti thiu 10 ngy trc khi gi h s ng k cho bn c phiu ra
nc ngoi, t chc pht hnh phi gi cho BCKNN cc ti liu
sau:
Bn sao h s ng k cho bn vi c quan c thm quyn ca
nc ni t chc pht hnh ng k cho bn;
Cc ti liu chng minh p ng iu kin nu trn.
IU KIN PHT HNH
C PHIU RA NC NGOI
Trong thi hn 10 ngy, sau khi h s ng k cho bn c phiu ra
nc ngoi c hiu lc, t chc pht hnh gi UBCKNN bn sao h
s ng k cho bn c phiu c chp thun nc ngoi v
phi cng b ra cng chng cc thng tin v t cho bn.
T chc pht hnh cho bn chng khon ra nc ngoi c cc
ngha v sau y:
Cng b thng tin theo quy nh ca php lut nc ngoi v php
lut ca Vit Nam;
Trng hp t chc pht hnh cho bn chng khon ng thi
trong nc v ra nc ngoi, bo co ti chnh nh k phi c lp
theo chun mc k ton quc t hoc theo chun mc k ton quc
t v Vit Nam, km theo bn gii trnh cc im khc bit gia cc
chun mc k ton.
Trong thi hn 15 ngy, sau khi kt thc t cho bn, t chc pht
hnh gi UBCKNN bo co kt qu t cho bn.
Th tc chuyn cc khon tin lin quan n t cho bn c phiu
nc ngoi thc hin theo quy nh ca php lut v qun l ngoi
hi.
IU KIN PHT HNH TRI PHIU DN RA CNG
CHNG TI VT NAM
DNNN, CTCP, Cng ty TNHH.
Vn iu l ti thiu gp ti thi im pht hnh ti
thiu 10 ty theo s sch k ton.
Hot ng kinh doanh trc nm ng k pht hnh phi
c li, khng c l ly k, khng c cc khon n qu hn
trn 1 nm.
C phng n kh thi v vic s dng vn huy ng
c t t pht hnh do c quan c thm quyn trong
doanh nghip thng qua.
C cam kt thc hin ngha v i vi nh u t
C t chc bo lnh pht hnh.
Xc nh i din ngi s hu tri phiu.
IU KIN PHT HNH CHNG CH QU RA CNG
CHNG TI VT NAM
Tng gi tr chng ch qu ng k cho bn ti
thiu nm mi t ng Vit Nam;
C phng n pht hnh v phng n u t
s vn thu c t t cho bn chng ch qu
ph hp vi quy nh ca Lut ny.
Chnh ph quy nh iu kin cho bn chng
khon ra cng chng i vi doanh nghip nh
nc, doanh nghip c vn u t nc ngoi
chuyn i thnh cng ty c phn, doanh nghip
thnh lp mi thuc lnh vc c s h tng hoc
cng ngh cao; cho bn chng khon ra nc
ngoi v cc trng hp c th khc.
CC TRNG HP KHNG PHI NG K CHO
BN CHNG KHON RA CNG CHNG
Cho bn tri phiu ca Chnh ph Vit Nam;
Cho bn tri phiu ca t chc ti chnh quc
t c Chnh ph Vit Nam chp thun;
Cho bn c phiu ra cng chng ca doanh
nghip nh nc chuyn i thnh cng ty c
phn;
Vic bn chng khon theo bn n, quyt nh
ca To n hoc vic bn chng khon ca
ngi qun l hoc ngi c nhn ti sn
trong cc trng hp ph sn hoc mt kh
nng thanh ton.
CC TRNG HP PHT HNH THM
C PHIU CA CTC
Pht hnh c phiu tr c tc tng vn iu l: phi c
HC thng qua v c ngun thc hin t li nhun sau thu trn bo
co ti chnh gn nht c xc nhn ca kim ton.
Pht hnh c phiu thng cho c ng hin hu tng vn iu l:
Phi c HC thng qua v c ngun thc hin t cc ngun sau
y:
Qu u t pht trin;
Qu thng d vn (phn vn cng ty c phn c hng theo ch );
Trng hp thng d vn do chnh lch gia gi bn c phiu vi mnh
gi c phiu c pht hnh thc hin d n u t th cng ty ch c
s dng b sung vn iu l sau ba nm k t khi d n hon thnh
v a vo khai thc, s dng. Trng hp thng d vn do chnh lch
gia gi bn vi mnh gi c phiu pht hnh thm th cng ty ch c s
dng b sung vn iu l sau mt nm k t thi im kt thc t pht
hnh.
Li nhun tch lu;
Qu d tr khc theo quy nh ca php lut v ti chnh, ngn hng (nu
c).
CC TRNG HP PHT HNH THM
C PHIU CA CTC
Ti liu bo co pht hnh c phiu tr c tc, pht hnh c
phiu thng bao gm:
Quyt nh ca HC thng qua phng n pht hnh;
Bo co ti chnh c kim ton gn nht v ti liu cn thit khc
chng minh ngun vn hp php dng pht hnh thm c phiu.
Pht hnh c phiu theo chng trnh la chn cho ngi lao
ng trong cng ty phi p ng cc iu kin:
C chng trnh la chn v k hoch pht hnh c phiu c
HC thng qua;
Tng s c phiu pht hnh theo chng trnh khng c vt qu
5% vn c phn ang lu hnh ca cng ty.
Hi ng qun tr phi cng b r cc tiu chun v danh sch ngi
lao ng c tham gia chng trnh, nguyn tc xc nh gi bn
v thi gian thc hin.
CC TRNG HP PHT HNH THM
C PHIU CA CTC
Ti liu bo co pht hnh c phiu theo chng trnh la chn
cho ngi lao ng trong cng ty bao gm:
Quyt nh ca HC thng qua chng trnh la chn v k
hoch pht hnh cho ngi lao ng;
Ngh quyt ca HQT thng qua tiu chun v danh sch ngi lao
ng c tham gia chng trnh, nguyn tc xc nh gi bn v
thi gian thc hin.
Bo co vic pht hnh v cng b thng tin
TCPH phi gi cc ti liu nu trn cho UBCKNN ng thi cng b
thng tin trn cc phng tin thng tin i chng ti thiu 10 ngy
trc khi thc hin vic pht hnh. Trong thi hn 10 ngy sau khi
hon thnh vic pht hnh, TCPH phi bo co kt qu pht hnh
cho UBCKNN. i vi trng hp pht hnh c phiu theo chng
trnh la chn cho ngi lao ng, bo co kt qu pht hnh phi
km theo danh sch c ch k ca ngi lao ng c tham gia
mua c phiu.
Trng hp CTC c c phiu nim yt trn SGDCK hoc TTGDCK
phi ng thi bo co SGDCK hoc TTGDCK.
BO LNH PHT HNH CHNG KHAN
Khi nim: L vic t chc bo lnh gip t chc pht hnh
thc hin cc th tc trc khi cho bn chng khan, t
chc vic phn phi chng khan v gip bnh n gi chng
khan trong giai an u sau khi pht hnh.
Theo Lut chng khon 2006: L vic t chc bo lnh
pht hnh cam kt vi t chc pht hnh thc hin cc th
tc trc khi cho bn chng khan, nhn mua t phn hay
tan b chng khan ca t chc pht hnh bn li hoc
mua s chng khan cn li cha c phn phi ht ca t
chc pht hnh hoc h tr t chc pht hnh trong vic
phn phi cng khan ra cng chng.
T chc bo lnh pht hnh: L cng ty chng khan c
php thc hin hat ng bo lnh pht hnh chng khan
v ngn hng thng mi c UBCKNN chp thun bo
lnh pht hnh tri phiu theo iu kin do B ti chnh quy
nh.
CC HNH THC BO LNH PHT HNH
CHNG KHAN
Cam kt chc chn: T chc BLPH cam kt mua ton
b s chng khon pht hnh vi gi chit khu so vi
gi cho bn ra cng chng (Public Offering Price-POP)
hng chnh lch.
Bo lnh theo phng thc d phng: T chc
BLPH cam kt mua ht s chng khon cn li cha
c phn phi ht bn ra cng chng. Phng thc
ny thc hin trong trng hp Cng ty pht hnh
chng khon c dnh mt t l nht nh phn phi
ni b v p dng trong iu kin cc t chc BLPH c
tim lc ti chnh cn hn ch.
Bo lnh vi c gng cao nht: T chc BLPH lm i
l bn chng khon ra cng chng, ch cam kt c gng
ti a bn ht. Trng hp cn d s tr li tchc
pht hnh.
CC HNH THC BO LNH PHT HNH
CHNG KHAN
Bo lnh theo phng thc bn tt c hoc khng:
T chc pht hnh ra iu kin cho t chc BLPH bn
mt lng chng khon nht nh, nu khng bn ht
s hy ton b t pht hnh.
Bo lnh theo phng thc ti thiu-ti a: T chc
pht hnh yu cu t chc BLPH phi bn ti thiu mt
t l chng khon nht nh (mc sn). Vt trn mc
y, t chc BLPH c cho bn chng khon n
mc ti a theo quy nh (mc trn). Ngc li, nu
bn thp hn mc yu cu th s hy b t pht hah.
CH TH BO LNH PHT HNH
T hp bo lnh pht hnh.
T chc bo lnh pht hnh chnh.
Nhm i l phn phi.
QUY TRNH THC HIN BO LNH PHT
HNH CHNG KHON
Bc 1: Phn tch, nh gi kh nng pht hnh:
T vn ti chnh cho t pht hnh.
Phn tch tnh hnh th trng.
K hp ng bo lnh pht hnh.
Bc 2: Chun b h s:
La chn thnh vin t hp (nu cn).
Phn nh quyn v ngha v.
Lp t lm vic (trch nhim lin i).
Ln danh mc h s.
nh gi t cho bn.
Np h s xin php pht hnh.
QUY TRNH THC HIN BO LNH
PHT HNH CHNG KHON
Bc 3: Phn phi chng khon:
Nhn phiu ng k mua v lp danh sch phn phi.
Kho s.
Tt ton ti khon cho cact chc BLPH.
Bc 4: Bnh n v iu ho th trng.
Bc 5: Bo co kt qu t pht hnh.
IU KIN BO LNH PHT HNH CHNG
KHON TI VIT NAM
Cng ty chng khon phi p ng:
c php thc hin nghip v bo lnh pht hnh
chng khon;
Khng vi phm php lut chng khon trong 06 thng
lin tc lin trc thi im bo lnh;
Tng gi tr bo lnh pht hnh khng c ln hn
50% vn ch s hu ca t chc bo lnh pht hnh
vo thi im cui quy gn nht tinh n ngay ky hp
ng bo lnh pht hnh, tr trng hp bo lnh pht
hnh tri phiu Chnh ph, tri phiu c Chnh ph
bo lnh;
C t l vn kh dng trn n iu chinh trn 6% trong
ba (03) thng lin trc thi im nhn bo lnh pht
hnh.
HN CH BO LNH PHT HNH TI VIT NAM
T chc bo lnh pht hnh khng c bo lnh pht hnh
theo hnh thc cam kt chc chn trong cac trng hp sau
y:
T chc bo lnh pht hnh c lp hoc cng cc cng ty
con ca t chc bo lnh pht hnh c s hu t 10% tr ln
vn iu l ca t chc pht hnh;
Ti thiu 30% vn iu l ca t chc bo lnh pht hnh v
ca t chc pht hnh l do cng mt t chc nm gi.
Trng hp t pht hnh c tng gi tr cam kt bo lnh
ln hn hai (02) ln vn ch s hu ca t chc bo lnh
pht hnh, phi lp t hp bo lnh pht hnh. Trong trng
hp ny, t chc bo lnh pht hnh chnh chu trch nhim
k hp ng bo lnh vi t chc pht hnh, hon tt h s
php l v vic bo lnh pht hnh v k hp ng bo lnh
pht hnh vi cc t chc bo lnh pht hnh khc.
Khi bo lnh pht hnh chng khon, cng ty chng khon
phi m mt ti khon ring bit tai mt ngn hang ang hoat
ng hp php ti Vit Nam nhn tin t mua chng
khon ca khch hng.
AU GIA CO PHAN QUA
TRUNG TAM GIAO DCH CHNG KHOAN
TS. LE VU NAM
C CU VN TRONG CNG TY C PHN
KHI C PHN HA T DNNN
C NG T L MC GI
Nh nc Ty vo lnh vc ngnh
ngh v do C quan c
thm quyn quyt nh
Mnh gi
C ng chin lc Ti a 20% Khng thp hn mc
gi u bnh qun
Ngi lao ng Ti a 100CP/ nm lao
ng
60% mc gi trng thu
bnh qun
Cng chng Ti thiu 20% t mua mc no thanh
tan mc , xc nh
mc gi trng thu bnh
qun
0a0 N00N0 TN00 0a0 0Ia T8N TN 0I0I
u gi kiu Anh:
Cng ty pht hnh s thng bo khi lng c phn cho bn, ng
thi a ra mc gi ti thiu (gi khi im) hoc khng a ra.
Nh u t a ra cc mc gi v khi lng m h mun mua trong
phin u gi kn.
C nhiu mc gi trng thu, bt u t mc cao nht, sau n
mc gi lin k cho n khi khi lng c phn cho bn c bn
ht.
T chc di hnh thc u gi kn, cc nh u t s khng bit
c mc gi t mua ca nhau. Mc gi thanh ton cho mi nh
u t l mc gi m h trng thu.
u gi kiu H Lan:
Mc gi t mua s c sp xp t cao xung thp thng ng vi
khi lng t mua tng mc gi.
Ga trng thu l mc gi thng nht ti mc m khi lng c phn
ng k cho bn c bn ht. Cc nh u t s c thanh ton
cng mt mc gi.
u gi kin v cc nh u t vn khng bit c mc gi t mua
ca nhau.
00aNN N0NI Na0 00 TN 8aN 0a0 0Ia 00 NaN?
Cc doanh nghip c phn ha thc hin bn u gi c
phiu ln u ra cng chng c khi lng c phn bn ra
cng chng t 10 t ng tr ln (bt buc).
Cc doanh nghip c phn ha thc hin bn bt phn
s hu nh nc c tng mnh gi s c phn bn u gi
t 10 t ng tr ln (bt buc).
Cc doanh nghip thc hin huy ng thm vn tng vn
iu l m rng sn xut kinh doanh (khng bt buc).
Cc doanh nghip khc c nhu cu bn u gi c phn
qua TTGDCK (khng bt buc).
00I T00N0 TNaN 0Ia
Nha au t trong nc: cac to chc kinh te, to chc
xa hoi hoat ong theo luat phap VN va ca nhan Viet
Nam nh c nc ngoai c quyen mua co phan
cua cac DNNN co phan hoa vi so lng khong han
che.
Nha au t nc ngoai: cac doanh nghiep co von
au t nc ngoai, ngi nc ngoai hoat ong hp
phap tai Viet Nam c mua co phan cua cac DNNN
co phan hoa vi so lng theo quy nh cua phap luat
Viet Nam.So lng co phan ma nha au t nc ngoai
c mua toi a khong qua 30% tong so co phan cua
cong ty.
0I0 kIN TNaN 0Ia 0a0 0Ia 00 NaN
Co a ch cu the, ro rang. Ngi ai dien cho phap
nhan phai co giay uy quyen. Neu la ca nhan phai co
giay CMND hoac ho chieu.
Nha au t nc ngoai mua co phan phai m tai
khoan tai cac to chc cung ng dch vu thanh toan tai
Viet Nam va moi hoat ong mua ban co phan, nhan,
s dung co tc va cac khoan thu khac t co phan eu
phai thong qua tai khoan nay.
Nha au t co the tham gia au gia trc tiep tai cac
TTGDCK hoac thong qua cac CTCK ai ly.
TlN NI0 TN0N0 TIN 9 00T 0a0 0Ia
Thong tin ve cac t au gia co phan tai cac TTGDCK
c cong bo t nhat trc 20 ngay lam viec trc
ngay to chc au gia tai tru s cac TTGDCK, tren cac
bao ai hoac Web site cua cac TTGDCK
(www.vse.org.vn, www.hastc.org.vn), cac Ban tin
TTCK cua cac TTGDCK.
Thong tin chi tiet ve doanh nghiep ban au gia va cac
thong tin khac lien quan c cung cap tai tru s
chnh cac TTGDCK, tru s doanh nghiep ban au gia,
tru s CTCK lam ai ly au gia hoac tren cac Website
cua cac TTGDCK, CTCK ai ly.
0aN0 k TNaN 0Ia 0a0 0Ia
Nha au t nhan mau n ang ky tham gia au
gia co phan tai TTGDCK, cac ai ly au gia hoac
t in ra t cac Website neu tren.
ien ay u thong tin theo yeu cau trong n.
Nop tien at coc (bang tien mat hoac chuyen
khoan) vao ni lam thu tuc ang ky, toi thieu bang
10% gia tr co phan ang ky mua tnh theo gia
khi iem.
Nop n tai TTGDCK hoac ai ly:
Nha au t la ca nhan trong nc: khi nop n
phai xuat trnh Giay CMND hoac Ho chieu, giay
nop tien at coc hoac giay chuyen tien at coc.
0aN0 k TNaN 0Ia 0a0 0Ia (TT)
Nha au t la to chc trong nc: phai nop them
Giay uy quyen, trng hp ngi ng au phap
nhan lam thu tuc ang ky phai xuat trnh Quyet
nh bo nhiem.
Ca nhan hoac to chc au t nc ngoai: phai nop
them Giay xac nhan m tai khoan tai mot to chc
cung ng dch vu thanh toan ang hoat ong tai
Viet Nam.
Nha au t phai hoan tat thu tuc an ky tham gia
au gia cham nhat 5 ngay trc ngay to chc au
gia. Trc khi ket thuc ang ky, nha au t co the
huy hoac sa oi ang ky tham gia au gia theo
thu tuc quy nh.
La NI0 TNaN 00 0a0 0Ia
Sau khi xuat trnh n ang ky va Giay nop tien at coc,
nha au t c cap phieu tham d au gia.
Nha au t co thi gian toi thieu 5 ngay lam viec e xem
xet ky cac noi dung trong phieu, ien vao u cac thong
tin theo mau, kiem tra lai can than trc khi bo phieu.
Phieu tham d au gia c coi la hp le khi am bao
cac yeu cau sau ay:
La phieu do ban to chc au gia cap, co ong dau treo
theo quy nh cua TTGDCK va khong b rach, hong.
Cac thong tin c ien ay u khong tay xoa.
at mua toi a 5 mc gia, to so co phan at mua toi a
bang mc ang ky.
Cac mc gia at mua khong c thap hn gia khi
iem, cac mc gia phai ghi tron 100 ong.
La NI0 TNaN 00 0a0 0Ia
(nhung 4iou luu y)
Nha au t khong c nhan lai tien at coc neu
Phieu tham d au gia khong hp le.
Nha au t co the bo Phieu tham d au gia t
ngay ang ky en ngay to chc au gia. Thi han
ket thuc bo phieu c quy nh trong Quy che au
gia.
Trong thi han bo phieu, nha au t c quyen
xin cap oi phieu tham d au gia. Trng hp oi
phieu, nha au t oi phieu cu lay phieu mi hoac
lam n e ngh cap phieu mi 9theo mau).
NlNN TN00 80 NI0 TNaN 00 0a0 0Ia
Bo phieu trc tiep vao thung phieu tai
TTGDCK: cham nhat 30 phut sau thi iem
bat au au gia.
Bo phieu qua Bu ien: TTGDCK nhan c
cham nhat 15 phut trc thi iem bat au to
chc au gia.
Bo phieu tai cac ai ly au gia: thi gian quy
nh cu the trong Quy che au gia.
Sau khi bo phieu au gia, nha au t ky xac
nhan vao So theo doi bo phieu au gia at tai
thung phieu.
N00N Ta0 8a0 0JNN 0Ia T80N0 TNa0
Nguyn tc xc nh gi trng thu:
t mua gi no th thanh ton theo gi ln lt
t cao xung thp. Trng hp cc nh u t tr
gi bng nhau nhng s c phn cho bn t hn s
ng k th phn chia theo t l khi lng t mua
(v d km theo).
Nguyn tc xc nh gi u bnh qun:
c xc nh theo nguyn tc bnh qun gia
quyn ca cc gi u thnh cng v s lng c
phn trng gi tng ng ca cuc u gi (v d
km theo).
NNaN kT 00a 0a0 0Ia
Ket qua au gia c xac nh theo gia t cao
xuong thap. Nha au t at mua mc gia
nao th c mua theo gia o.
Nha au t c nhan ket qua au gia tai san
au gia sau khi ket qua au gia c cong
bo. Trng hp nha au t khong co mat tai
san, TTGDCK se gi qua ng Bu ien.
9l 00 00 TN
Cng ty XYZ
S lng c
phn bn u
gi cng
khai: 120.000
c phn
Gi khi
im: 11.000
ng/c phn
NT S lng Gi t mua
A 10000 20000
B 35000 19000
C 20000 18000
D 10000 17000
E 25000 16000
F 25000 15000
G 15000 15000
H 10000 15000
I 30000 14000
K 40000 13000
L 50000 10000
9l 00 00 TN (TT)
Nh u t L t gi di mc gi khi im nn b
loi;
Xt t trn xung di:
Tng s c phn n nh u t E l 100.000 c
phn, cn tha 20.000 c phn cn bn;
Tng s c phn n nh u t H t mc 150.000
c phn (vt qu 30.000 c phn );
Vy nh u t trng gi mua c phn l cc nh
u t t A n E (theo gi t mua). Nh u t F,
G, H t cng mc gi th s c chia nhau mua
s 20.000 c phn cn li theo t l t mua;
9l 00 00 TN (TT)
S c phn nh u t F mua c = 25.000 c
phn chia (:) 50.000 c phn nhn (*) 20.000 =
10.000 c phn;
S c phn nh u t G mua c = 15.000 c
phn chia (:) 50.000 c phn nhn (*) 20.000 = 6.000
c phn;
S c phn nh u t H mua c = 10.000 c
phn chia (:) 50.000 c phn nhn (*) 20.000 = 4.000
c phn;
Mc u bnh
qun=(10.000*20.000+35.000*19.000+20.000*18.00
0+10.000*17.000+25.000*16.000+20.000*15.000)/12
0.000=17.500ng/1 c phn.
TI NNaN NI0 TNaN 00 0a0 0Ia
TNaNN T0aN TIN 9a NNaN 00 NaN
Nha au t co trach nhiem thanh toan tien mua co
phan (bang ong Viet Nam) trong vong 15 ngay, ke t
ngay cong bo ket qua au gia. Hnh thc thanh toan
bang tien mat hoac chuyen khoan vao tai khoan cua
TTGDCK hoac cua ai ly au gia.
Sau khi hoan tat viec thanh toan tien mua co phan, nha
au t c nhan ay u so co phan theo hnh thc
chng ch hoac ghi so nh a ang ky.
Neu qua 15 ngay ma nha au t van khong nop hoac
khong nop u so tien phai thanh toan, th so co phan
cha c thanh toan c coi la so co phan nha au
t t choi mua va khong c nhan lai so tien at coc
tng ng.
L0I l0N 00a 9I0 TNaN 0Ia 0a0 0Ia N0a 00 NaN
(00I 90I NNa 0a0 T0)
n gian, nhanh chong, thuan tien: Thu tuc ang ky
tham gia au gia co phan c thiet ke n gian, tiet
kiem thi gian cho nha au t. Nha au t co the tham
gia an gky tai CTCK ai ly hoac trc tiep tai
TTGDCK.
Cong khai thong tin: Thong tin qua cac phng tien
cong bo cua TTGDCK va cac phng tien thong tin
ai chung, nha au t co the tiep can ay u thong tin
ve doanh nghiep tham gia au gia.
Bnh ang: Qua trnh au gia minh bach, cong khai,
bao am tnh bnh ang, khong phan biet oi x.
a dang hoa cac hnh thc au t: Nha au t co
them s la chon mua co phan phat hanh lan au cua
DNNN co phan hoa thong qua au thau canh tranh.
L0I l0N 00a 9I0 TNaN 0Ia 0a0 0Ia N0a 00 NaN
(00I 90I 00aNN N0NI)
Vic t gi, xt gi v cng b kt qu u gi
c thc hin theo mt quy trnh cht ch v
cng khai theo quy nh ca php lut
Cc quy nh hnh chnh c gim thiu: cc
doanh nghip ch cn c vn bn ng k u gi
v ti liu cng b thng tin
Thng tin v doanh nghip c m bo cng
khai, minh bch v thng tin v gi c m bo
b mt
L0I l0N 00a 9I0 TNaN 0Ia 0a0 0Ia N0a 00 NaN
(00I 90I 00aNN N0NI)
Thng qua u gi ti TTGDCK, gi tr ca
doanh nghip s c xc nh mt cch chnh
xc hn theo c ch th trng Tnh cnh
tranh cao.
Kh nng u gi thnh cng cao do c s
tham gia ca mng li rng ri ca cc nh
u t trn ton quc.
Hnh nh doanh nghip c qung b.
MT S NI DUNG CA QUY CH BN U
GIA C PHN CN LU (vd)
Ga khi im, bc gi, gii hn ng k mua:
Loi c phn bn u gi: c phn ph thng
Mnh gi mt c phn: 100.000 ng
Gi khi im: 184.000 ng
Bc gi: 100 ng
Bc khi lng: 10 c phiu
Tng s c phn cho bn: 144.000 c phn
Gii hn ng k mua:
Ti thiu: 100 c phn
Ti a: 5.000 c phn i vi php nhn
3.000 c phn i vi th nhn
Lu : ch c php ghi 3 mc gi vo phiu tham d u
gi.
QUY CH BN U GI C PHN
VI PHM QUY CH U GI
Nhng trng hp khng c tr li tin cc:
S dng Phiu u gi khng hp l.
Khng ghi gi v/hoc khi lng trn Phiu tham d u gi.
Vi phm quy nh v bc gi v/ hoc bc khi lng.
S lng t mua ln hn s lng c phn ng k.
Tr gi thp hn so vi gi khi im.
T chi quyn c mua ton b s c phn trng thu.
Khng trc tip tham d u gi hoc khng gi Phiu u gi theo hnh
thc vng mt.
Nhng trng hp c tr li mt phn tin cc:
S lng t mua nh hn s c phn ng k: s tin t cc tng
ng vi s lng c phn m nh u t khng t gi s khng
c hon li.
T chi quyn c mua ton b s c phn trng thu: s tin t cc
tng ng vi s lng c phn t chi mua theo kt qu u gi s
khng c hon li.
MT S LU KHI THAM GIA U GI
Thng tin v doanh nghip bn u gi tm u?
Lm th no khng t gi h?
Cnh gic hin tng li cun, lm gi hoc tung tin n
tht thit.
ng sau hin tng t gi trn tri l g?
Nhng lu khc.
CHN TH
CHN TH

NH C
NH C

M
M

N S
N S

CH
CH

THEO DI C
THEO DI C

A QU V
A QU V

!
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