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对于许多快速成长的私营公司而言，首次公开募股（IPO）可以提供所需资本，提升其公众形象，加速增长，并有机会加强市场定位。 For many fast-growing private companies, an initial public offering (IPO) can provide the capital required to raise its public profile, accelerate growth and the opportunity to strengthen market positioning.

虽然公开上市是公司历史上的一个里程碑，但这是一个密集而复杂的过程，不应被视为只考虑短期因素的一次性活动。在决定进行IPO之前，公司应考虑其当前业务模式的可持续性和增长性、业务战略以及长期业务计划。有意上市的公司还应考虑成为上市公司的影响和现实情况，例如需要及时进行公开披露，承诺遵守严格的合规和公司治理标准，并对 minority股东负责，接受媒体监督。 While a public listing is a defining milestone in a company's history, it is an intensive and complex process and should not be perceived as a one-time exercise with short-term considerations in mind. Before deciding to proceed with an IPO exercise, a corporation should consider the sustainability and growth of its current business model, its business strategies, and its long-term business plans. A listing aspirant should also consider the implications and realities of being a publicly listed company, such as the need to make timely, public disclosures and have commitment to rigorous compliance and corporate governance standards and accountability to minority shareholders and media scrutiny.

首次公开募股（IPO）可以为快速成长的私营公司提供所需资本，以提升其公众形象、加速增长并加强市场定位。 An initial public offering (IPO) can provide fast-growing private companies with the capital needed to enhance their public profile, accelerate growth, and strengthen market positioning.

然而，虽然公开上市是一个重要的里程碑，但这是一个复杂而密集的过程，应以长期战略考虑来对待。 However, while a public listing is a significant milestone, it is a complex and intensive process that should be approached with long-term strategic considerations.

公司在进行之前必须评估其业务模式、战略和长期计划的可持续性。他们还应准备好承担上市公司的责任，包括及时披露信息、严格遵守公司治理标准，以及对 minority股东和媒体监督负责。 Companies must assess the sustainability of their business model, strategies, and long-term plans before proceeding. They should also be prepared for the responsibilities of being publicly listed, including timely disclosures, strict compliance with corporate governance standards, and accountability to minority shareholders and media scrutiny.

我们的参与始于上市前的融资和重组，这可能在尽职调查过程前6至9个月开始。我们指导客户与专业顾问进行尽职调查，与监管机构协调以获得必要的批准，组建IPO配售团队，并在公开发行前组织路演，与机构投资者和高净值个人接触。 Our involvement begins with pre-listing fundraising and restructuring, which may commence 6 to 9 months before the due diligence process. We guide clients through due diligence with professional advisors, coordinate with regulators for necessary approvals, assemble a placement team for the IPO, and organize roadshows to engage institutional investors and high-net-worth individuals before launching the public offer.

	主板 Mainboard	凯利板 Catalist
量化标准 Quantitative Criteria
初始上市要求 Initial Listing Requirements	主板 Mainboard 具有成熟的业绩记录 Established track record 公众持股比例根据市值从12%到25%不等，由至少500名股东持有 Public float ranges from 12% to 25% depending on market capitalization in the hands of at least 500 shareholders 上市由新交所评估 Admission assessed by SGX	凯利板 Catalist 无需业绩记录 No track record required 15%的公众持股比例，由至少200名股东持有 15% public float in the hands at least 200 shareholders 上市由保荐人评估 Admission assessed by Sponsor
量化要求 Quantitative Requirements	主板 Mainboard 发行人还必须满足以下要求之一： An issuer must also satisfy one of the following requirements: 根据最新财政年度经审计的综合账目，最低综合税前利润至少为3000万新元，且具有至少三年的运营记录； Minimum consolidated pre-tax profit (based on full year consolidated audited accounts) of at least S$30 million for the latest financial year and has an operating track record of at least three years; 在最近一个财政年度盈利（基于最新的全年综合经审计账目计算的税前利润），具有至少三年的运营记录，并且根据发行价和发行后已发行股本计算的市值不低于1.5亿新元；或 Profitable in the latest financial year (pre-tax profit based on the latest full year consolidated audited accounts), has an operating track record of at least three years and has a market capitalisation of not less than S$150 million based on the issue price and post-invitation issued share capital; or	凯利板 Catalist 最近一个完整财政年度的营业收入（实际或预计），根据发行价和发行后已发行股本计算的市值不低于3亿新元。 Operating revenue (actual or pro forma) in the latest completed financial year and a market capitalisation of not less than S$300 million based on the issue price and post-invitation issued share capital. 无市值要求 No market capitalization requirements 保荐人自行制定内部要求，新加坡交易所可能针对特定行业的上市申请人发布额外或其他标准 Sponsors determine their own house requirements and the Singapore Exchange may publish additional or other criteria for listing applicants in specific industries
财务状况和流动性 Financial Position and Liquidity	主板 Mainboard 集团必须处于健康的财务状况，包括经营活动产生的正现金流。 Group must be in a healthy financial position, including positive cash flow from operating activities. 董事、主要股东以及由董事和主要股东控制的公司欠集团的所有债务必须在上市前清偿。 All debts owing to the group by its directors, substantial shareholders, and companies controlled by directors and substantial shareholders must be settled prior to listing.	凯利板 Catalist 董事、主要股东以及由董事和主要股东控制的公司欠集团的所有债务必须在上市前清偿。 All debts owing to the group by its directors, substantial shareholders, and companies controlled by directors and substantial shareholders must be settled prior to listing. 董事和保荐人确认公司拥有足够的营运资金用于当前目的以及上市后至少12个月 Confirmation from the directors and Sponsor that the company has sufficient working capital for its present purposes and for at least 12 months after listing
发行价 Issue Price	主板 Mainboard 最低发行价为0.50新元 Minimum issue price of S$0.50	凯利板 Catalist 最低发行价为0.20新元 Minimum issue price of S$0.20
其他上市标准 Other Admission Criteria
内部控制 Internal Controls	董事会和审计委员会对发行人内部控制（包括财务、运营、合规和信息技术控制）和风险管理系统的充分性和有效性的意见。必须披露任何发现的重大缺陷，以及为解决这些缺陷所采取的步骤。 Board and Audit Committee's comments on the adequacy and effectiveness of the issuer's internal controls (including financial, operational, compliance and information technology controls) and risk management systems. Any material weaknesses identified must be disclosed, together with the steps taken to address them.
管理团队的能力、品格和诚信 Competence, Character and Integrity of Management Team	审计委员会就被任命为首席财务官（或同等职级）的人员的能力、品格和诚信提供声明 Audit Committee to provide statement on the competence, character and integrity of the person appointed as the Chief Financial Officer (or its equivalent rank) 主要高管（即首席执行官、首席财务官或首席运营官）或同等职位以及高级管理团队应具备适当的经验和专业知识、品格和诚信来管理发行人的业务。 Key executive officers (i.e. CEO, CFO or COO) or equivalents and senior management team should have appropriate experience and expertise, character and integrity to manage the issuer's business.

主板 Mainboard

凯利板 Catalist

量化标准 Quantitative Criteria

初始上市要求 Initial Listing Requirements

主板 Mainboard

具有成熟的业绩记录 Established track record
公众持股比例根据市值从12%到25%不等，由至少500名股东持有 Public float ranges from 12% to 25% depending on market capitalization in the hands of at least 500 shareholders
上市由新交所评估 Admission assessed by SGX

凯利板 Catalist

无需业绩记录 No track record required
15%的公众持股比例，由至少200名股东持有 15% public float in the hands at least 200 shareholders
上市由保荐人评估 Admission assessed by Sponsor

量化要求 Quantitative Requirements

主板 Mainboard

发行人还必须满足以下要求之一： An issuer must also satisfy one of the following requirements:

根据最新财政年度经审计的综合账目，最低综合税前利润至少为3000万新元，且具有至少三年的运营记录； Minimum consolidated pre-tax profit (based on full year consolidated audited accounts) of at least S$30 million for the latest financial year and has an operating track record of at least three years;
在最近一个财政年度盈利（基于最新的全年综合经审计账目计算的税前利润），具有至少三年的运营记录，并且根据发行价和发行后已发行股本计算的市值不低于1.5亿新元；或 Profitable in the latest financial year (pre-tax profit based on the latest full year consolidated audited accounts), has an operating track record of at least three years and has a market capitalisation of not less than S$150 million based on the issue price and post-invitation issued share capital; or

凯利板 Catalist

最近一个完整财政年度的营业收入（实际或预计），根据发行价和发行后已发行股本计算的市值不低于3亿新元。 Operating revenue (actual or pro forma) in the latest completed financial year and a market capitalisation of not less than S$300 million based on the issue price and post-invitation issued share capital.
无市值要求 No market capitalization requirements
保荐人自行制定内部要求，新加坡交易所可能针对特定行业的上市申请人发布额外或其他标准 Sponsors determine their own house requirements and the Singapore Exchange may publish additional or other criteria for listing applicants in specific industries

财务状况和流动性 Financial Position and Liquidity

主板 Mainboard

集团必须处于健康的财务状况，包括经营活动产生的正现金流。 Group must be in a healthy financial position, including positive cash flow from operating activities.
董事、主要股东以及由董事和主要股东控制的公司欠集团的所有债务必须在上市前清偿。 All debts owing to the group by its directors, substantial shareholders, and companies controlled by directors and substantial shareholders must be settled prior to listing.

凯利板 Catalist

董事、主要股东以及由董事和主要股东控制的公司欠集团的所有债务必须在上市前清偿。 All debts owing to the group by its directors, substantial shareholders, and companies controlled by directors and substantial shareholders must be settled prior to listing.
董事和保荐人确认公司拥有足够的营运资金用于当前目的以及上市后至少12个月 Confirmation from the directors and Sponsor that the company has sufficient working capital for its present purposes and for at least 12 months after listing

发行价 Issue Price

主板 Mainboard

最低发行价为0.50新元 Minimum issue price of S$0.50

凯利板 Catalist

最低发行价为0.20新元 Minimum issue price of S$0.20

其他上市标准 Other Admission Criteria

内部控制 Internal Controls

董事会和审计委员会对发行人内部控制（包括财务、运营、合规和信息技术控制）和风险管理系统的充分性和有效性的意见。必须披露任何发现的重大缺陷，以及为解决这些缺陷所采取的步骤。 Board and Audit Committee's comments on the adequacy and effectiveness of the issuer's internal controls (including financial, operational, compliance and information technology controls) and risk management systems. Any material weaknesses identified must be disclosed, together with the steps taken to address them.

管理团队的能力、品格和诚信 Competence, Character and Integrity of Management Team

审计委员会就被任命为首席财务官（或同等职级）的人员的能力、品格和诚信提供声明 Audit Committee to provide statement on the competence, character and integrity of the person appointed as the Chief Financial Officer (or its equivalent rank)
主要高管（即首席执行官、首席财务官或首席运营官）或同等职位以及高级管理团队应具备适当的经验和专业知识、品格和诚信来管理发行人的业务。 Key executive officers (i.e. CEO, CFO or COO) or equivalents and senior management team should have appropriate experience and expertise, character and integrity to manage the issuer's business.

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上市考量因素 Listing Considerations