Blockchain LPO

1. bitcoin is the ancestor and overlord of digital currency circle, and no currency can surpass it. The total market value of other counterfeit currencies is only a fraction of that of bitcoin. Bitcoin has gained wide attention in the world, and international giants such as Dell and Microsoft have begun to accept bitcoin payment. But bitcoin is still a small-scale social experiment
innovative digital currencies such as lightcoin, Ruitai coin and dogcoin can only be a supplement and a new attempt of bitcoin.

2. RMB IPO is the initial public offering of shares or IPO in RMB<
IPO process of RMB in Hong Kong:
in September 2010, the Hong Kong stock exchange concted the first RMB proct trading simulation test
on February 28, 2011 and March 1, 2011, two joint press conferences of RMB securities trading were held in Cantonese and English respectively
on March 4, 2011, the last press conference of listed RMB securities business was held
on March 7, 2011, the central clearing system was established The deadline for setting up RMB settlement accounts is
March 19-21, 2011. Securities companies must participate in the simulation test of RMB proct trading and settlement from March 19-21, 2011, and confirm with the Hong Kong stock exchange whether they are ready before March 21< On March 19, 2011, the Hong Kong stock exchange concted the second RMB proct trading simulation test
on April 11, 2011, Huixian real estate was officially offered
Huixian real estate trust was listed on the Hong Kong Stock Exchange on April 29, 2011
there are three situations for Hong Kong investors to subscribe for IPOs with RMB margin:
1. Securities companies own RMB positions and lend them to customers for margin investment
2. Securities companies convert the borrowed Hong Kong dollars into RMB and then lend them to indivial customers for margin trading< Third, customers borrow Hong Kong dollars from the bank and then convert the Hong Kong dollars into RMB.

3. Hello, the term of IPO is: initial
public offerings (IPO) refers to an enterprise or company that sells its shares to the public for the first time. Generally, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued by the corresponding Securities Regulatory Commission. Generally speaking, once the IPO is completed, the company can apply to the stock exchange or quotation system for listing. Before applying for IPO, a limited liability company should be changed into a joint stock limited company
after a company completes its IPO, everyone can buy its shares directly from its listed trading platform

ICO is relatively new to us. It's a concept that has only become popular in the past two years. ICO (initial coin offering), the concept of initial public offering (IPO) originated from the stock market, is the behavior of blockchain project to issue token for the first time, raise bitcoin, solve Ethereum and other common digital currencies
ICO is the most well-known application of blockchain technology, commonly known as "issuing currency". At present, it has been banned by the state. At 3 p.m. on September 4, the people's Bank of China led by the office of Internet information technology, the Ministry of instry and information technology, the state Administration for Instry and commerce, the China Banking Regulatory Commission, the Ministry of instry and information technology of the people's Republic of China, the Ministry of information technology of the people's Republic of China Seven ministries and commissions including China Securities Regulatory Commission (CSRC) and China Insurance Regulatory Commission (CIRC) issued the "notice on preventing the risks of token issuance financing", which pointed out that token issuance financing is essentially an unauthorized illegal public financing behavior. It requires that all kinds of token issuance financing activities should be stopped immediately from the date of the announcement. At the same time, organizations and indivials who have completed token issuance financing should make arrangements such as refund<

the differences between ICO and IPO
have something in common
they all raise funds by selling shares
there are potential investors taking risks in order to get huge potential returns
differences
most of ICO supporters are project enthusiasts or unprofessional investors
ICO does not need to register business license
ICO platform is a third-party neutral platform, and investors bear their own risks
this information does not constitute any investment proposal. Investors should not use such information to replace their independent judgment or make decisions only based on such information. If they operate on their own, please pay attention to position control and risk control.

4. Sto profile
according to the block crypto report, the US NASDAQ Exchange is planning to launch the Tongzheng securities platform. To this end, NASDAQ is negotiating with symbiont, a blockchain technology enterprise, with a view to reaching relevant cooperation. This means that some start-ups or enterprises will be able to carry out more flexible financing under the supervision of corresponding regulations in the United States

some people think that sto is the 2.0 version of IPO, some people think that sto is a legal ICO, and even many people claim that the future will be the world of sto. Is sto really that amazing? Chain tiger finance will take you to understand sto quickly and comprehensively through the following five questions

what is sto and how is it different from IPO and ICO

STO, the full name of security token offer, is a kind of security offering with token as the carrier. Under a certain regulatory framework, through non-public offering and public offering to finance, we can token the existing financial assets or interests, such as company equity, debt, intellectual property, Trust shares, gold and jewelry and other physical assets, Can be transformed into digital assets on the chain

take the analogy between security token and securities. When buying securities, the transaction is signed on paper, while st confirms the ownership of assets through blockchain transaction

ICO is a decentralized way of financing through virtual currency. The start-up project can be financed by issuing a token, which can be used as a voucher for the future use of the corresponding blockchain project, and can also be traded in the secondary market, but it does not have physical assets as a basis

e to the unregulated and threshold restrictions, the issue cost is extremely low. This also leads to ICO is easy to breed a variety of illegal fund-raising, pyramid scheme fraud and other problems, with high risk
IPO is the most familiar financing method for most investors. Compared with ICO, IPO is expensive and time-consuming, which may take as long as six months or more to complete. It also needs to meet many conditions such as issuance regulations, regulatory requirements and information disclosure

sto is more like a buffer between IPO and ICO, which combines advantages and avoids risks. It not only has the property of securities, accepts the supervision of securities regulatory agencies in various countries, but also uses blockchain technology to achieve more efficient operation
What are the advantages of STO

sto is based on real assets and issued with token as a carrier. To some extent, sto is a legal and standardized ICO, which has achieved a good balance in terms of supervision, efficiency and cost

easy to regulate. Compared with the chaos of the market caused by ICO, the projects carrying out sto all need to go through the compliance review, and the project code, team backtracking, project procts, etc. will go through the strict screening. This can effectively eliminate inferior projects and purify the current chaotic market environment

expand financing channels. Compared with the high threshold of IPO, sto expands the field of securities token, reces the threshold of user access, and anyone and any asset can participate in it, which greatly improves the global liquidity of high-quality assets

rece financing cost. Sto eliminates the need for middlemen, simplifies proceres, saves time, improves speed and reces costs. It is superior to IPO in terms of financing efficiency, financing time, financing cost, financing region and information symmetry. It is more suitable for entrepreneurship and innovation enterprises and high-tech SMEs

what is the development status of STO

there are some sto attempts in the current market, but they are still in the trial stage

in February 2018, the Canadian stock exchange (CSE) announced that it will launch a securities clearing and settlement platform based on Ethereum blockchain. Companies using this blockchain platform can raise funds from investors through stock token issuance (STO). Companies issuing tokens through CSE platform will be fully supervised by the corresponding securities commission

in June 2018, the securities and Futures Commission of the United States accepted the form d of exemption from registration submitted by blockchain.io according to regulation D. The exchange is also said to have won the approval of the French financial Prudential authority (autorit) é de contrle prudentiel et de r é Solution) registration. This is the first digital asset exchange to "register" with the two regulators at the same time

on September 11, 2018, Ethereum developer Stephane Gosselin announced a new proposal, security token - "erc1400". As a new standard, it combines the fungible of token with securities related business scenarios to design a set of common interfaces. The purpose of the new proposal is to facilitate users to issue securities on Ethereum in a legal and compliant manner

in October 2018, NASDAQ and symbiont negotiated to launch a new platform dedicated to token securities

what challenges does sto face

as an emerging market, the concept and vision of STO are undoubtedly beautiful, but there are still some problems to be solved in the actual financing application

first of all, sto is still in the exploratory stage. At present, no country has relaxed the Securities Law on the issue of securities tokens. In the case that the securitization token only token the traditional securities, from the perspective of the current law and supervision, sto has no great advantage

secondly, in order to make token compliance, how regulators will weigh the market, and the formulation of review standards and processes will also be a very cumbersome process

thirdly, the other side of excessive asset liquidity is the potential huge price fluctuation, which is also uncontrollable

finally, even if sto is implemented under the supervision of the token, but as long as the Internet, it is not immune from the threat of hackers, technical security is a key to be broken through

What do experts think of STO<

Fang Jun of Jung Finance said that sto is a vague concept. Is it for institutional financing or for the public? For institutional and corporate investors, there are existing equity arrangements

for the public, let's go for compliance. The SEC's specifications are clearly there. For institutional and corporate investors, isn't Nasdaq's LINQ already in compliance< According to Chen Yuzhang, sto is innovation, but it can't solve real problems

the underlying logic behind sto: who can find a good company better, retail investors (including big C) or professional institutional investors? Whose money do good companies prefer? Asset securitization is not a real demand, but a speculation. If blockchain wants to prove itself on STO, it needs to answer this question: how does it improve proctivity

xinruibao Chuzhuang said that the enterprise system of the company will be fragmented, and the resulting equity, creditor's rights, and even the currency itself will be redefined. The main area of future investment may no longer be equity in the traditional sense

sto may be the direction, and the specific morphological patterns need to be continuously evolved. Supervision is lagging behind, and new wine cannot be used in old bottles. In the capital market, supervision is never neutral, but a party participating in the game. And supervision has never been effective, supervision can not achieve its declared goal

according to Chen Zhipeng, a researcher of general securities economics, most of the existing STOs correspond to the company's equity, creditor's rights or real estate investment trust and other financial assets in reality. If only the existing securities are securitized simply, it is true that there is insufficient innovation and the generated value is limited. The purity is just a simple mapping of securities on the blockchain<

Friedman, chief executive of NASDAQ, once said: "if you decide to do ICO in a normative way, we are happy to find out if there is an opportunity to work with others."

it can be seen that Nasdaq, which is cautious about encrypted assets, is interested in issuing securitized tokens. As early as 2015, NASDAQ implemented the LINQ blockchain technology for securities trading

at a time when the global logic has turned to the pursuit of asset liquidity, NASDAQ's active exploration of STO will accelerate the arrival of the era of legalized ICO.

5. The basic process of enterprise listing
generally speaking, if an enterprise wants to be listed in the domestic securities market, it must go through three stages: comprehensive evaluation, standardized reorganization and formal start-up. The main work contents are as follows:
the first stage
comprehensive evaluation before enterprise listing
enterprise listing is a complex financial engineering and systematic work, compared with the traditional project investment, It also needs to go through the process of preliminary demonstration, organization and implementation, and post evaluation; But also faced with whether to be listed in the capital market, in which market, the path of listing. Listed in different markets, enterprises should do different work, channels and risks. Only through the comprehensive evaluation of enterprises can we ensure that the enterprises to be listed can operate correctly under the condition of controllable cost and risk. For enterprises, to organize and mobilize a large number of personnel, mobilize all aspects of the strength and resources to work, but also to pay a price. Therefore, in order to ensure the success of listing, the enterprise will first comprehensively analyze the above problems, comprehensively study and prudently come up with opinions, and then fully start the work of the listing team after getting a clear answer< In the second stage, there are hundreds of key issues involved in the internal standard reorganization of enterprises. Especially in the current specific environment of China, private enterprises generally have many problems left over by history, such as finance, taxation, law, corporate governance and historical evolution, and many problems are difficult to deal with in the later stage, It is very important for an enterprise to deal with some problems in advance in a planned and step-by-step way on the basis of the completion of the preliminary evaluation and with the assistance of the listed financial consultant. Through this work, the confidence of the sponsor, strategic shareholders, other intermediaries and regulators in the company can also be enhanced
the third stage
the listing work is officially launched
once the listing target is determined, the enterprise begins to enter the practical operation stage of external work of listing, which mainly includes: selecting and employing relevant intermediary agencies, carrying out joint-stock system transformation, auditing and legal investigation, counseling securities companies, issuing declaration, issuing and listing, etc. As the listing work involves external intermediary service agencies, there are five or six working at the same time, involving dozens of personnel. Therefore, organization and coordination are very difficult and need to be well coordinated by many parties.

6.

IPO is the abbreviation of initial public offerings in English. Its Chinese meaning is IPO, which means that an enterprise or company (limited company) sells its shares to the public for the first time

generally, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued by the corresponding Securities Regulatory Commission. Generally speaking, once the IPO is completed, the company can apply to the stock exchange or quotation system for listing. Before applying for IPO, a limited liability company should be changed into a joint stock limited company

< H2 > extended information:

corresponding to the primary market, most of the public shares are underwritten by the investment banking group and enter the market. The bank buys its own account from the issuer according to a certain discount price, and then sells it at the agreed price. The preparation cost of the public development bank is higher, and the private placement can partly avoid such costs to some extent

was launched in the US in the late 90s, when the United States experienced a bubble in the stock market. The founders will form a company with independent capital and raise funds through initial public offerings (IPOs) ring the bull market. Because investors believe that these companies have a chance to become Microsoft's second largest company, their stock prices usually rise in the early days of their listing

Many founders have become millionaires overnight. Employees also earn considerable income from stock options. In the United States, most of the stocks raised through IPOs are traded on the Nasdaq market. Companies in many Asian countries will use similar methods to raise funds to develop their businesses

7. Initial public offerings (IPO): refers to the initial public offering of a joint stock company to the public. IPO pricing process is divided into two parts. First, it estimates the theoretical value of listed companies through a reasonable valuation model. Second, it reflects the supply and demand of the market by selecting the appropriate issuance method, and finally determines the price. It refers to the process in which an enterprise issues additional shares to investors through the stock exchange for the first time in order to raise funds for enterprise development
IPO is the first time an enterprise sells its shares to the public. Generally, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued to the corresponding securities association. Generally speaking, once the IPO is completed, the company can apply to the stock exchange or quotation system for listing. Corresponding to the primary market, most of the public offering stocks are underwritten by the investment banking group and enter the market. Banks buy their own accounts from the issuers at a certain discount price, and then sell them at the agreed price. The preparation cost of public offering is higher, and private placement can partly avoid such costs to some extent.

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9.

IPO, namely initial public offerings (IPO), refers to the first time an enterprise sells its shares to the public

the first time means to start doing this kind of thing for the first time; To be public means to issue shares to the public. It should be noted that this is the only legal way to issue shares to the public, otherwise it is illegal to raise funds

generally, the shares of listed companies are sold through brokers or market makers according to the terms agreed in the prospectus or registration statement issued by the corresponding Securities Regulatory Commission. Generally speaking, once the IPO is completed, the company can apply to the stock exchange or quotation system for listing. Before applying for IPO, a limited liability company should be changed into a joint stock limited company

extended information:

listing has the following advantages for enterprises:

1. Financing: listing financing can bring a lot of funds for enterprises and help enterprises develop. After the listing of stocks, the company's valuation and enterprise value increase rapidly, which is concive to expanding the proction scale of the company, improving the proction efficiency, recing costs and recing business risks, so as to improve the market competitiveness and obtain better profits

(2) improving the company's system: IPO listing is concive to the establishment and improvement of the internal control system of enterprises and the improvement of the management level of enterprises. IPO listing is concive to the standardization of the company's rules and regulations and organizational structure. Some companies even make a thorough facelift and break the traditional management mode and operation mechanism. The company is supervised by the public and is concive to scientific management, It is beneficial to the development of the company

3. Increasing popularity: IPO listing is concive to expanding popularity, increasing the company's or enterprise's advantages in similar competitive procts, gaining the trust of consumers, and buying your procts more at ease