Fraud Investigation: Jun Hong Shen's ASX IPO - 詐騙調查：雋鴻盛公司之澳大利亞交易所首次公開發行
Director 指揮 ： KEITH YUNXI ZHU 朱耘希｜HUI CHEN 陳慧｜OLIVER NILES WHITE 懷特 尼爾斯 奧利弗
Supervisor 監視 ： Lisha Chan 陳麗莎
Authors 作者 ： Lili Price, Xiaobei Chen, Benjamin Ducan, Chen Runzhou, Dou Minyue, Fabio Pavoncello, Haoyan Liu, Lorenzo Bianco, Victoria Dominiczak, Matthieu Denant, Yuhan Kang
EXECUTIVE SUMMARY
行政摘要
This report showcases a simplified TKEG Investigation Analysis of the legal structure of the Jun Hong Shen group, and its IPO plan. For a more detailed report on the JHS IPO case, you can require documentation by submitting the request form below.
此報告展示了一個被簡化的雋鴻盛集團法律結構及其首次公開發行計畫的奕資調查分析。若閣下想要獲取一個更詳細的雋鴻盛首次公開發行報告，您可透過傳送以下的表單來請求完整文件。
1
Background Brief
背景概要
JUN HONG SHENG (AUST) LIMITED is a business entity registered with the Australian Securities and Investments Commission (ASIC). The owner (person X) launched an Initial Public Offering (IPO) in Australia, in order to obtain a large number of shares at a price lower than the asset-backed investment. The core issue, in this case, is the level of sophistication and methodology employed by X: as the shell company in Australia was bought, they can use its existence as justification and essentially claim that they still plan to launch the IPO. Therefore, it is more difficult for this situation to be proved as fraudulent. This information is contained in the shareholder letter.
JUN HONG SHENG (AUST) LIMITED 是一家在澳大利亞證券和投資委員會 (ASIC) 註冊的商業實體。 所有者（X）在澳大利亞進行首次公開募股（IPO），以低於資產支持投資的價格獲得大量股份。 本案的核心問題是 X 所採用的複雜程度和方法：由於收購了澳大利亞的空殼公司，他們可以將其存在作為理由，並基本上聲稱他們仍計劃啟動首次公開募股。 因此，這種情況更難以證明是欺詐。 此信息包含在股東信函中
Our clients are major shareholders/investors of this IPO case established by JHS. They still cannot get their money back. This project aims to finalize the framework of this IPO scam, as well as the interest relationships among all their corporate shareholders.
我們的客戶是雋鴻盛 設立的本次首次公開募集案例的主要股東/投資者。 他們仍然無法取回他們的錢。 該項目旨在完成此次首次公開募集騙局之框架，以及所有公司股東之間的利益關係。
2
JHS Group’s Legal Structure Overview
雋鴻盛集團之法律結構概覽
Mainland China
中國大陸
The two main entities related to Jun Hong Sheng Limited (HK) are Jun Hong Sheng (Shanghai) Management Consulting Co. Ltd and Shanghai Junsheng Equity Investment Fund Management Co. Ltd. The executive director of the former is Long Chen, and of the latter is Hai Zhang.
與雋鴻盛有限公司（香港）相關的兩大主體為雋鴻盛（上海）管理諮詢有限公司和上海雋盛股權投資基金管理有限公司。前者執行董事為陳龍，後者執行董事為張海。
Jun Hong Sheng (Shanghai) Management Consulting Co. Ltd controls 60% of Shanghai Jun Hong Sheng New Energy Technology Co. Ltd, whose executive director is Xiwei Yang. It is worth noting that until December 23rd, 2019, Jun Hong Sheng (Shanghai) Management Consulting Co. Ltd also controls 100% of Shanghai Junsheng Equity Investment Fund. Since then, SJEIF has been wholly controlled by Shanghai Tengshan Information Technology Co. Ltd, whose majority shareholder is Huidong Yang.
隽鴻盛（上海）管理諮詢有限公司持有上海隽鴻盛新能源科技有限公司60%的股權，其執行董事為楊熹微。值得注意的是，截至2019年12月23日，隽鴻盛（上海）管理諮詢有限公司還持有上海隽盛股權投資基金（SJEIF）100%的股權。此後，SJEIF 由上海騰山信息技術有限公司全資控制，其大股東為楊惠東。
SJEIF has control of various companies all over the world. In mainland China, it has investments in a variety of companies across different sectors, ranging from 32.8% in Shenyang Parking Technology Co. Ltd to 20% in Beijing Mobile Game World Network Technology Co. Ltd. It also has an Australian subsidiary, Jun Hong Sheng (Australia) Limited and possible control over Jun Xing He Limited (BVI) as stated in a 2017 equity subscription agreement of SJEIF. It is worth noting that before Hai Zhang, Xuefeng Shen has served as executive director and legal representative of SJEIF until October 29th, 2019.
SJEIF 控制著世界各地的多家公司。在中國大陸，它投資於不同行業的各種公司，從瀋陽車泊樂科技有限公司的 32.8% 到北京手游世界網絡科技有限公司的 20%。它還擁有澳大利亞子公司隽鴻盛 (澳大利亞) 有限公司，以及 SJEIF 2017 年股權認購協議中所述的對隽興和英屬維京群島公司的可能控制權。值得注意的是，在張海之前，瀋雪豐一直擔任SJEIF的執行董事兼法定代表人直至2019年10月29日。
Currently, the main beneficiary of the diversified investments and international presence of SJEIF is Shanghai Tengshan Information Technology Co. Ltd, which controls 100% of SJEIF. And since Huidong Yang controls 99% of Shanghai Tengshan, it is reasonable to say he has direct influence over all subsidiaries and investments of SJEIF.
目前，SJEIF多元化投資和國際化的主要受益者是上海騰山信息技術有限公司，該公司擁有SJEIF 100%的股份。由於楊惠東控制著上海騰山99%的股份，可以說他對SJEIF的所有子公司和投資都有直接影響。
Hong Kong
香港
Jun Hong Sheng Limited (HK) is a private company with Xuefeng Shen as the director. It has 100% control in Jun Hong Sheng (Shanghai) Management Consulting Co. Ltd, which has influence over a variety of entities in mainland China. It also has a subsidiary in the British Virgin Islands, Jun Xing He (Limited).
隽鴻盛有限公司（香港）是一家私營公司，由沈雪峰擔任董事。它對隽鴻盛（上海）管理諮詢有限公司擁有100%的控制權，該公司對中國大陸的多個實體具有影響力。它還在英屬維爾京群島設有子公司隽興和有限公司。
The British Virgin Islands (BVI)
英屬維爾京群島
Jun Xing He Limited (BVI) is a private company in the British Virgin Islands. Not much information is known about this entity, other than its shareholders Haidong Ma and Yinbo Zhou. It is suspected that SJEIF controls Jun Hong Sheng (Australia) through Jun Xing He. Since a 2017 equity subscription agreement of SJEIF stated explicitly that the BVI company under its control will list on the Australian Securities Exchange, and Jun Xing He is the only BVI entity related to SJEIF.
隽興和有限公司是一家位於英屬維爾京群島的私營公司。除了其股東馬海東和周銀波之外，關於該實體的信息知之甚少。疑似SJEIF通過隽興和控制隽鴻盛（澳大利亞）。由於SJEIF 2017年的股權認購協議明確表示其控制的英屬維爾京群島公司將在澳大利亞證券交易所上市，而隽興和是唯一與SJEIF相關的英屬維爾京群島實體。
Australia
澳大利亞
Jun Hong Sheng (Australia) Limited is a business entity registered with the Australian Securities and Investment Commission, with Richard Symon being its director. It controls 9.65% of Powerhouse Ventures Limited, being the third-largest shareholder. Furthermore, Powerhouse Ventures' 2019 annual report, explicitly stated that Jun Hong Sheng (Australia) is a subsidiary of SJEIF. The fact that Jun Hong Sheng (Australia) is the company that will be listed is different from the information in the equity subscription agreement of SJEIF, which stated that Jun Xing He will be listed on the Australian Securities Exchange. Therefore, it is reasonable to suspect that Jun Hong Sheng (Australia) and Jun Xing He are closely associated and both are controlled by SJEIF. Furthermore, Jun Hong Sheng (Australia) being a subsidiary of SJEIF suggests that it could be controlled by SJEIF through Jun Xing He.
隽鴻盛（澳大利亞）有限公司是一家在澳大利亞證券和投資委員會註冊的商業實體，由Richard Symon擔任董事。它控制 Powerhouse Ventures Limited 9.65% 的股份，為第三大股東。此外，Powerhouse Ventures在2019年年報中明確表示，隽鴻盛（澳大利亞）是SJEIF的子公司。雋鴻盛（澳大利亞）在澳交所的上市與SJEIF的股權認購協議裡的信息有所不同。根據協議書，雋興和是將會在澳交所上市的公司。因此有理由懷疑雋鴻盛（澳大利亞）與雋興和有著說不清的干系，並且兩者都有可能受到SJEIF的控制。此外，雋鴻盛（澳大利亞）作為SJEIF的子公司意味著它可能被SJEIF通過雋興和控制。
Jun Hong Sheng Australia Legal Structure
雋鴻盛澳大利亞法律結構
JUN HONG SHENG (AUST) LIMITED (JHS Australia Ltd.) is a business entity registered with the Australian Securities and Investment Commission (ASIC), located in Melbourne, Australia. Having registered with ASIC on 21 February 2019, JHS Australia Ltd. is listed as an Australian public company limited by shares, so JSH Australia Ltd. can sell shares to the public, and their shareholders are protected by limited liability status. Under this corporate legal structure, shareholders are only financially liable for the amount they have invested in JHS Australia shares and not the debts of JHS Australia Ltd.
JUN HONG SHENG (AUST) LIMITED (JHS Australia Ltd.) 是一家在澳大利亞證券和投資委員會 (ASIC) 註冊的商業實體，位於澳大利亞墨爾本。 JHS Australia Ltd. 於 2019 年 2 月 21 日在 ASIC 註冊，被列為澳大利亞公眾股份有限公司，因此 JSHA Ltd. 可以向公眾出售股份，其股東受到有限責任地位的保護。 在這種公司法律結構下，股東僅對其投資於 JHS Australia 股票的金額承擔財務責任，而不對 JHS Australia Ltd 的債務承擔財務責任。
JHS Australia Ltd is further classed as an unlisted public company on ASIC. Unlike listed public companies, unlisted public companies cannot trade their shares on the stock exchange, so JHS Australia cannot offer its shares on the Australian Securities Exchange (ASX) but can still have an unlimited number of shareholders. Moreover, all unlisted public companies registered under the Corporations Act 2001 [1] must have a minimum of 3 directors, 2 of whom are Australian residents. One of JHS Australia Ltd.'s directors is Richard Symon, an Australian stockbroker with over 30 years of experience as a director and chair of ASX Listed Companies [2]. Symon was appointed as a director for JHS Australia Ltd. in February 2019 and remains an active board member [3].
JHS Australia Ltd 被進一步歸類為 ASIC 上的非上市公眾公司。 與上市公眾公司不同，非上市公眾公司不能在證券交易所交易其股票，因此 JHS Australia 不能在澳大利亞證券交易所 (ASX) 發售其股票，但仍然可以擁有無限數量的股東。 此外，所有根據 2001 年公司法註冊的非上市公眾公司都必須至少有 3 名董事，其中 2 名是澳大利亞居民。 JHS Australia Ltd. 的其中一位董事是 Richard Symon，他是一位澳大利亞股票經紀人，擁有 30 多年擔任 ASX 上市公司董事和主席的經驗。 Symon 於 2019 年 2 月被任命為 JHS Australia Ltd. 的董事，並仍然是活躍的董事會成員。
A further requirement of unlisted public companies is that there is a legal obligation for financial statements to get audited; this financial report examination is undertaken by a third party to ensure stakeholders that the information compiled is unbiased and objective.
對非上市公眾公司的另一項要求是財務報表有接受審計的法律義務； 該財務報告檢查由第三方進行，以確保利益相關者所編制的信息是公正和客觀的。Richard Symon Profile
Richard Symon的资料
Richard Symon was appointed as a JUN HONG SHENG (AUST) LIMITED director in February 2019 and remains in this position [3]. Symon has experience in stockbroking and corporate professions for over 30 years, including Member of the Australian Securities Exchange (ASX) and Executive Director of Prudential-Bache Securities (Australia), one of Australia's largest full-service stockbrokers of its day [4]. Symon's lengthy career in the financial markets spanned to being CEO of NSX Ltd (ASX:NSX), the operator of the National Stock Exchange, and an Executive Director of the Securities and Derivatives Industry Association (now Stockbrokers & Financial Advisers Association of Australia - SAFAA)[2]. Given his past and present involvement in several Australian technological companies, it is evident that Symon specializes in this segment of financial markets and supports the financial aspects of these businesses.
Richard Symon 於 2019 年 2 月被任命為君弘盛（澳大利亞）有限公司的董事並繼續擔任該職位。 西蒙擁有超過 30 年的股票經紀和公司專業經驗，包括澳大利亞證券交易所 (ASX) 的成員和 Prudential-Bache 證券公司（澳大利亞）的執行董事，澳大利亞最大的證券經紀公司之一。 西蒙在金融市場的漫長職業生涯包括擔任 NSX Ltd (ASX:NSX) 的首席執行官、國家證券交易所的運營商以及證券和衍生品行業協會（現為美國證券交易協會-美國證券交易協會）的執行董事 ）。 鑑於他過去和現在在多家澳大利亞科技公司的參與，很明顯，西蒙專注於金融市場的這一部分並支持這些業務的金融方面。
Symon was an Executive Chair, and then became Chief Executive Officer (CEO), of Sharetrade Australian Stockbroking Ltd. The company was then sold to PBL (Packer), a listed subsidiary of eCorp, and merged to bring Charles Schwab to Australia in 2000 [2].
Symon 曾擔任 Sharetrade Australia Stockbroking Ltd 的執行主席，然後成為首席執行官 (CEO)。該公司隨後被出售給 eCorp 的上市子公司 PBL (Packer)，並合併將 Charles Schwab 帶到了澳大利亞。
Symom was also an Executive Chairman of listed Sequoia Financial Group (SEQ:ASX) until August 2015, joining as Director of predecessor MDS in December 2008 [4]. SEQ is a "diversified financial services organization and ASX participant through stockbroker (D2MX), super admin and specialist products, financial planning and Market Data Services including Financial News Network (FNN)" [4].
Symom 還擔任上市紅杉金融集團 (SEQ:ASX) 的執行主席直至 2015 年 8 月，並於 2008 年 12 月加入前身 MDS 的董事。 專業產品、財務規劃和市場數據服務，包括財經新聞網 (FNN)”。
One of Symon's present focuses is his Non-Executive Director position at Gooroo Ventures (ASX:GOO), a human capital platform, since being appointed in January 2020 [3]. The platform is used by human resources departments to monitor remote location work, email activity, compliance oversight, and provision of employee engagement and has quickly expanded into the North American market [5]; it can be expected that Symon will play a significant role in Gooroo's vast overseas expansion. While Gooroo has a market capitalization of $9.735m on ASX, GOO shares are suspended and last traded at 5.7 cents per share [5]. Moreover, Gooroo seeks to expand inorganically by acquiring a US-based IT (SAAS and contracting) company [3].
自 2020 年 1 月被任命以來，Symon 目前的重點之一是他在人力資本平台 Gooroo Ventures (ASX:GOO) 的非執行董事職位。人力資源部門使用該平台來監控遠程定位工作、電子郵件活動、合規性 監督和提供員工敬業度，並迅速擴展到北美市場； 可以預計，西蒙將在古魯的大規模海外擴張中發揮重要作用。 雖然 Gooroo 在 ASX 的市值為 845 萬美元，但 GOO 的股票已停牌，最後交易價格為每股 5.7 美分。 此外，Gooroo 尋求通過收購一家美國 IT（SAAS 和承包）公司來實現無機擴張。
Symon further is also a Non-Executive Director of Bees Cap [3], a Mortgage and Property fund managing company that seeks to attract capital for high-value development projects in Australia [6]. Bees Cap seeks to connect international investors into Australia as this market presents "enormous growth opportunities but [is a] relatively untapped market making it a highly lucrative region for future growth"[6]. Given Bees Cap's commitment to "innovation", technology and supporting startups, it does not come as a surprise that Symon is involved in this company.
此外，西蒙還是 Bees Cap 的非執行董事，這是一家抵押和房地產基金管理公司，旨在為澳大利亞的高價值開發項目吸引資金。 Bees Cap 尋求將國際投資者與澳大利亞聯繫起來，因為這個市場提供了“巨大的增長機會，但[是]一個相對未開發的市場，使其成為未來增長利潤豐厚的地區”。 鑑於 Bees Cap 對“創新”、技術和支持初創企業的承諾，Symon 參與該公司也就不足為奇了。Financial Activity: Balance Sheet and Investment in Powerhouse Ventures Limited (PVL)
金融活動：Powerhouse Ventures Limited (PVL) 的資產負債表和投資
In terms of their balance sheet, JUN HONG SHENG (AUST) LIMITED has Total Equity Assets worth 210,538 USD [7].
就資產負債表而言，JUN HONG SHENG (AUST) LIMITED 的總股權資產價值為 210,538 美元。
In terms of investments, JUN HONG SHENG (AUST) LIMITED is listed as the third-largest shareholder in Powerhouse Ventures Limited (PVL) in 2019, an intellectual property commercialization company based in New Zealand [8]. In 2019, JHS Australia Ltd. completed a purchase of 3,120,000 PVL shares, each share priced at AUS$0.10. JHS Australia Ltd. thereby owns 9.65% of PVL's shares that were on the issue [8]. PVL board sees this investment as a "mutual business opportunity" of knowledge transfer: PVL aim to introduce Australian and New Zealand technologies to China while also bringing Chinese technology and Intellectual Property into Australasia[2]. The capital provided by JHS Australia is also seen as a crucial step for PVL and its portfolio companies in establishing strong relationships with overseas markets, raise capital and increase sales growth in China so that PVL can restructure itself into an "IP 'end to end' commercialization vehicle"[2].
在投資方面，JUN HONG SHENG (AUST) LIMITED被列為新西蘭知識產權商業化公司Powerhouse Ventures Limited (PVL)的第三大股東。 2019 年，JHS Australia Ltd. 完成購買 3,120,000 股 PVL 股票，每股價格為 0.10 澳元。 JHS Australia Ltd. 因此擁有 PVL 已發行股份的 9.65%。 PVL 董事會將此次投資視為知識轉移的“相互商業機會”：PVL 旨在將澳大利亞和新西蘭的技術引入中國，同時將中國的技術和知識產權引入澳大拉西亞。 JHS Australia 提供的資金也被視為 PVL 及其投資組合公司與海外市場建立牢固關係、籌集資金和增加在中國的銷售增長的關鍵一步，從而使 PVL 能夠將自己重組為“IP'端到端' 商業化車輛”。
While Symon is a director of JHS Australia Ltd, he was also appointed as a non-executive director of PVL in October 2019 [3], representing the interests of JHS Australia Ltd. However, within a year, Symon stepped down from the PVL Board [9] as PVL now focusses on developing its longer-term strategy with the commercialization of early-stage and later-stage Intellectual Property.
雖然 Symon 是 JHS Australia Ltd 的董事，但他還在 2019 年 10 月被任命為 PVL 的非執行董事，代表 JHS Australia Ltd 的利益。然而，在一年之內，Symon 從 PVL 董事會卸任，因為 PVL 現在專注於 就早期和後期知識產權的商業化發展其長期戰略。Shanghai Junsheng Equity Investment Fund Management Co., Ltd and JUN HONG SHENG (AUST) LIMITED
上海雋盛股權投資基金及雋鴻盛（澳大利亞）有限公司Shanghai Junsheng Equity Investment Fund Management
上海雋盛股權投資基金及雋鴻盛有限公司
Founded in 2014 with a registered capital of 138 million RMB, Shanghai Junsheng Equity Investment Fund is a private equity investment fund manager that is filed and registered with the Asset Management Association of China (AMAC) to support financial institutions of the National Equities Exchange and Quotations and securities investments in China [10]. SJEIF provides a range of financial services, including Equity Investment, Pre-IPO, Investing purchasing and Investment and Finance Consulting for public and pre-IPO companies. However, their services also extend to wealth management and wealth planning services for investors [10].
上海隽盛股權投資基金成立於2014年，是一家在中國基金業協會備案登記的私募股權投資基金管理人，支持全國中小企業股份轉讓系統金融機構在中國進行證券投資。 SJEIF 為上市公司和上市前公司提供一系列金融服務，包括股權投資、預先首次公開發行、投資採購以及投資和財務諮詢。 然而，他們的服務也延伸到為投資者提供的財富管理和財富規劃服務。
SJEIF states that the advantages of their firm are that the projects they select are high growth, with due diligence and complete risk control plans being developed for investors. SJEIF also states that "investment risk [is] diversified", with the investee having "certain competitive advantages"[11].
SJEIF表示，他們公司的優勢在於，他們選擇的項目具有高增長性，並為投資者製定了盡職盡責和完整的風險控制計畫。SJEIF還聲明“投資風險[是]多樣化的”，被投資方具有“某些競爭優勢”[11]。
SJEIF currently holds investments in 11 Chinese companies ranging in positions from 5% to 20% holdings, operating in a range of industries [8]. In addition to these investments, SJEIF has investment relationships with the following companies: GF Securities, LC Securities, China Fortune Securities, Shenwan Hongyuan Securities, and Guotai Junan Securities [12].
SJEIF 目前持有 11 家中國公司的投資，持股比例從 5% 到 20% 不等，業務涉及多個行業。除了這些投資，SJEIF還與以下公司建立了投資關係：廣發證券、LC證券、中國財富證券、深灣宏源證券和國泰君安證券[12]。JUN HONG SHENG (AUST) LIMITED
雋鴻盛（澳大利亞）有限公司
Powerhouse Ventures Limited's 2019 Annual Report, further states that JUN HONG SHENG (AUST) LIMITED is an Australian Subsidiary of the Shanghai-based investment company, Shanghai Junsheng Equity Investment Fund (SJEIF) Management Co., Ltd. Under the Corporations Act 2001, JUN HONG SHENG (AUST) LIMITED being a subsidiary this means that SJEIF :
在Powerhouse Ventures Limited的2019年年報中，進一步指出雋鴻盛（澳大利亞）有限公司是上海投資公司上海隽盛股權投資基金（SJEIF）的澳大利亞子公司。 根據 2001 年公司法，雋鴻盛（澳大利亞）有限公司作為子公司意味著隽盛基金 ：Controls the composition of JSA Australia's board of directors
控制雋鴻盛澳大利亞股東組成Can cast, or control the casting of, more than 50% of the maximum votes at JSA Australia's shareholder’s meeting; or
可以在雋鴻盛澳大利亞的股東大會上投出或控制超過50% 的最高票數； 或者Owns a controlling stake (more than 50% of shares) in JSA Australia
擁有雋鴻盛澳大利亞的控股權（超過 50% 的股份）
Data Sources
數據來源
Corporations Act 2001. Retrieved 13 July 2021, from https://www.legislation.gov.au/Details/C2017C00328.
Powerhouse Ventures Limited (2020). 'Annual Report 2020'. Retrieved 13 July 2021, from https://www.asx.com.au/asxpdf/20201029/pdf/44p8tr226d5psk.pdf.
Symon, R. (n.d). LinkedIn Profile. Retrieved 13 July 2021, from https://au.linkedin.com/in/richard-symon-52664413. [LinkedIn Profile crosschecked with sources 2, 4, 8 and 9, which include profile pictures of Richard Symon and descriptions of his corporate background.]
Gooroo Venture Ltd (2021). Board, Management & Advisors. Retrieved 19 July 2021, from https://www.goorooventures.com/management-team.
Simcock, L. (2021). Gooroo Ventures (ASX:GOO) relaunches HR software. Retrieved 19 July 2021, from https://themarketherald.com.au/gooroo-ventures-asxgoo-relaunches-hr-software-2021-04-09/.
Bees Cap. About Us. Retrieved 19 July 2021, from https://beescap.com.au/about.php.
61Financial (n.d.). Jun Hong Sheng (Aust) Ltd. Retrieved 19 July 2021, from http://www.61financial.com.au/en-au/info/shareholders/stock/5071157365/?name=Jun%20Hong%20Sheng%20.
Powerhouse Ventures Limited (2019). 'Annual Report 2019'. Retrieved 13 July 2021, from https://www.asx.com.au/asxpdf/20191028/pdf/449z10wl044y8j.pdf.
Powerhouse Ventures Limited (2021). 'Quarterly Update On Activities For The 3 Month Period Ended 31 December 2020'. Retrieved 19 July 2021, from 3A525873_PVL.pdf.
Jun Hong Sheng Limited (n.d.). About Junsheng. Retrieved 19 July 2021, fromhttp://en.jsifunds.com.
Jun Hong Sheng Limited (n.d.). Our Services: Our Advantages. Retrieved 26 July 2021, from http://en.jsifunds.com/products.aspx?TypeId=12&FId=t3:12:3.
Jun Hong Sheng Limited (n.d.). Our Services: Investor Relations. Retrieved 26 July 2021, from http://en.jsifunds.com/products.aspx?TypeId=13&FId=t3:13:3.
3
Whether JHS meets all of the requires to list on the ASX
雋鴻盛是否滿足在澳洲交易所上市的所有要求
Requirements when listing on the ASX
在澳大利亞上市的要求To begin the listing process, the company must appoint its advisors, specifically a lead manager, lawyer, and accountant. This should not take very long. [1]
要開始上市過程，公司必須任命其顧問，特別是牽頭經理、律師和會計師。 這應該不會花很長時間[1]。The second step is the longest and takes approximately nine weeks, as the company must prepare for its IPO.
第二步是最長的，大約需要九週時間，因為公司必須為 IPO 做準備。First, the company must meet the ASX's admission requirements by falling within one of three categories: general admission, debt issuer, or foreign exempt. In relation to JHS Australia, the company will most likely be listed under the general admission category, so that will be focused upon.
首先，公司必須符合 ASX 的准入要求，屬於以下三類之一：一般准入、債務發行人或外國豁免。就 JHS Australia 而言，該公司很可能會被列為一般准入類別，因此將重點關注。To meet the general admission category, the following conditions must be met: profit/asset test, shareholder spread, specific constitutional and corporate governance requirements, lodgement of a prospectus, a securities trading policy that is compliant with the ASX listing rules, evidence of the good fame and character of the directors and any proposed directors, a remuneration committee (if the company will be included in the S&P ASX 300 index), and finally, for the capital raising, a minimum issue price of $0.20 per share in the company's main class of security.
要滿足一般准入類別，必須滿足以下條件：利潤/資產測試、股東利差、特定的憲法和公司治理要求、招股說明書的提交、符合 ASX 上市規則的證券交易政策、董事和任何擬任董事的良好聲譽和品格、薪酬委員會（如果公司將被納入 S&P ASX 300 指數），以及最後，為籌集資金，公司主要股票的最低發行價為每股 0.20 美元安全等級。In addition to either satisfying the profit or asset test, the company must also satisfy the free float requirement. This will be met if at least 20% of the company's main class of securities are not subject to escrow and held by shareholders who are not related parties, or associates of related parties, of the company, referred to as “non-affiliated security holders”.
除了滿足利潤或資產測試外，公司還必須滿足自由流通量要求。如果至少 20% 的公司主要證券類別不受託管且由非關聯方或關聯方關聯方的股東（稱為“非關聯證券持有人”）持有，則將滿足這一要求”。Additionally, for the majority of fundraising activities, the company must follow the Corporations Act 2001 (Cth) and seek to raise funds through the issue of securities to issue a disclosure document. Due diligence must also be undertaken and guided by a committee comprised of company representatives. [2]
此外，對於大多數籌款活動，公司必須遵守《2001 年公司法》（Cth）並尋求通過發行證券來籌集資金以發布披露文件。盡職調查也必須由公司代表組成的委員會進行並指導。 [2]
The third step is comparatively much shorter, at approximately three weeks, and it concerns institutional marketing. Since the Corporations Act limits advertising IPOs before the company’s prospectus is lodged with the Australian Securities and Investment Commission (ASIC), marketing is limited. However, IPO roadshows, tombstone advertisements, pathfinder documents, and communications to employees and shareholders are allowed and can therefore be undertaken. [2] 第三步相對較短，大約為三週，涉及機構營銷。 由於《公司法》在向澳大利亞證券和投資委員會 (ASIC) 提交公司招股說明書之前限制了廣告 IPO，因此營銷是有限的。 但是，IPO 路演、墓碑廣告、探路者文件以及與員工和股東的溝通是允許的，因此可以進行。
The fourth step is for the company to lodge their prospectus with ASIC, which will take approximately two weeks. An ‘exposure period’ starts from the date of lodgement and is seven days long. During the exposure period, the public can review and comment on the prospectus, and the company cannot accept any applications under the offer. The company can process investment applications after the exposure period ends, but if ASIC is concerned about the disclosure in the prospectus, it can issue an interim or final order to stop the offer. [2] 第四步是公司向ASIC提交招股說明書，這大約需要兩週時間。 “暴露期”從提交之日開始，為期 7 天。 公開期間，公眾可以對招股說明書進行審閱和評論，本公司不接受要約項下的任何申請。 但是，ASIC 可以在提交申請後將這一期限延長最多 14 天。 公司可以在暴露期結束後處理投資申請，但如果 ASIC 擔心招股說明書中的披露，它可以發布臨時或最終命令來停止要約。
The fifth step is for ASX to process the listing application, which will typically occur within six weeks of the company lodging its prospectus with ASIC. The company must lodge its formal listing application with ASX within seven days of lodging with ASIC. [2]
第五步是讓 ASX 處理上市申請，這通常會在公司向 ASIC 提交招股說明書後的六週內進行。 該公司必須在向 ASIC 提交後的 7 天內向 ASX 提交正式的上市申請。The sixth step is the offer period, and the company can market to retail investors. This is generally open for three to five weeks. [2]
第六步是要約期，公司可以向散戶投資者進行營銷。 這通常開放三到五個星期。The final step is when the offers close. Shares will be allocated, and the company will be listed on the ASX; trading may commence. The estimated time required is two weeks. [1]
最後一步是報價結束時。 股份將被分配，公司將在澳大利亞證券交易所上市； 可以開始交易。 預計所需時間為兩週。
JHS may fail to meet the following requirements:
雋鴻盛可能無法滿足以下要求：According to the ASX Listing Rules, JHS must have at least AUD $4 million in net tangible assets at the time of admission [2]. However, according to 61Financial, it currently only has approximately AUD $286,306 [3].
根據澳交所上市規則，雋鴻盛在上市時必須擁有至少 400 萬澳元的淨有形資產 [2]。 然而，據 61Financial 稱，它目前只有大約 286,306 澳元 [3]。