1、%5,7,6+67$1$5 %6(1 ,(& ,QFRUSRUDWLQJ &RUULJHQGXP1R 3ROHVWHUILEUHZRYHQ WDSHV 3DUW6SHFLILFDWLRQVIRULQGLYLGXDO PDWHULDOV 6KHHW7DSHVZRYHQRQFRQYHQWLRQDO RUVKXWWOHOHVVORRPV 7KH(XURSHDQ6WDQGDUG(1KDVWKHVWDWXVRID %ULWLVK6WDQGDUG 3URGXFWFRGH ,&6%6(1 7KLV%ULWLVK6WDQGDUGKDYLQJ EHHQSUHSDUHGXQGHUWKH GLUHFWLRQRIWK
2、H(OHFWURWHFKQLFDO 6HFWRU%RDUGZDVSXEOLVKHG XQGHUWKHDXWKRULWRIWKH 6WDQGDUGV%RDUGDQG FRPHVLQWRHIIHFWRQ )HEUXDU %6, 7KHIROORZLQJ%6,UHIHUHQFHV UHODWHWRWKHZRUNRQWKLV VWDQGDUG&RPPLWWHHVUHVSRQVLEOHIRUWKLV %ULWLVK6WDQGDUG 7KHSUHSDUDWLRQRIWKLV%ULWLVK6WDQGDUGZDVHQWUXVWHGWR7HFKQLFDO &RPPLWWHH*(/,QVXODWLQJPDWHUL
3、DOVXSRQZKLFKWKHIROORZLQJERGLHV ZHUHUHSUHVHQWHG %ULWLVK&HUDPLF5HVHDUFK/WG %ULWLVK,QGXVWULDO&HUDPLF0DQXIDFWXUHUV“$VVRFLDWLRQ %ULWLVK7HOHFRPPXQLFDWLRQVSOF HSDUWPHQWRI7UDGHDQG,QGXVWU1DWLRQDO3KVLFDO/DERUDWRU (OHFWULFDODQG(OHFWURQLF,QVXODWLRQ$VVRFLDWLRQ%($0$/WG (OHFWULFLW$VVRFLDWLRQ )HGHUDWLRQRIWKH(OHFWUR
4、QLFV,QGXVWU 0LQLVWURIHIHQFH 5RWDWLQJ(OHFWULFDO0DFKLQHV$VVRFLDWLRQ%($0$/WG 7UDQVPLVVLRQDQGLVWULEXWLRQ$VVRFLDWLRQ%($0$/WG 7KHIROORZLQJERGLHVZHUHDOVRUHSUHVHQWHGLQWKHGUDIWLQJRIWKHVWDQGDUG WKURXJKVXEFRPPLWWHHVDQGSDQHOV &DSDFLWRU0DQXIDFWXUHUV“$VVRFLDWLRQ%($0$/WG &RYHUHG&RQGXFWRUV$VVRFLDWLRQ LDPRQG)LEUH&R/
5、WG (5$7HFKQRORJ/WG 3DSHU)HGHUDWLRQRI*UHDW%ULWDLQ 5RDO6RFLHWRI&KHPLVWU $PHQGPHQWVLVVXHGVLQFHSXEOLFDWLRQ $PG1R DWH &RPPHQWV &RUULJHQGXP 1R -XQH 7DEOH$GGLWLRQRI U VLJQWRDOOYDOXHVIRUZDUS HQGVDQGSLFNV%6(1 %6, L &RQWHQWV 3DJH &RPPLWWHHVUHVSRQVLEOH ,QVLGHIURQWFRYHU 1DWLRQDOIRUHZRUG LL )RUHZRUG ,QWURGXFWLRQ
6、 6FRSH 1RUPDWLYHUHIHUHQFHV 5HTXLUHPHQWV $QQH=$QRUPDWLYH1RUPDWLYHUHIHUHQFHVWR LQWHUQDWLRQDOSXEOLFDWLRQVZLWKWKHLUFRUUHVSRQGLQJ (XURSHDQSXEOLFDWLRQV 7DEOH6SHFLILFUHTXLUHPHQWIRUWSHVDQGWDSHV %6(1 LL %6, 1DWLRQDOIRUHZRUG 7KLV%ULWLVK6WDQGDUGKDVEHHQSUHSDUHGXQGHUWKHGLUHFWLRQRI7HFKQLFDO &RPPLWWHH*(/DQGLVWKH(Q
7、JOLVKODQJXDJHYHUVLRQRI(1 3ROHVWHUILEUHZRYHQWDSHV3DUW 6SHFLILFDWLRQVIRULQGLYLGXDOPDWHULDOV 6KHHW 7DSHVZRYHQRQFRQYHQWLRQDORUVKXWWOHOHVVORRPV SXEOLVKHGEWKH (XURSHDQ&RPPLWWHHIRU(OHFWURWHFKQLFDO6WDQGDUGLDWLRQ&(1(/(&,WLV LGHQWLFDOZLWK,(&LQFOXGLQJFRUULJHQGXP-DQXDU SXEOLVKHGEWKH,QWHUQDWLRQDO(OHFWURWHFKQLFDO
8、&RPPLVVLRQ,(& &URVVUHIHUHQFHV 7KH%ULWLVK6WDQGDUGVZKLFKLPSOHPHQWLQWHUQDWLRQDORU(XURSHDQSXEOLFDWLRQV UHIHUUHGWRLQWKLVGRFXPHQWPDEHIRXQGLQWKH%6,6WDQGDUGV&DWDORJXHXQGHU ,QWHUQDWLRQDO6WDQGDUGV&RUUHVSRQGHQFH,QGHRUEXVLQJWKH)LQGIDFLOLW RIWKH%6,6WDQGDUGV(OHFWURQLF&DWDORJXH $%ULWLVK6WDQGDUGGRHVQRWSXUSRUWWRLQFO
9、XGHDOOWKHQHFHVVDUSURYLVLRQVRID FRQWUDFW8VHUVRI%ULWLVK6WDQGDUGVDUHUHVSRQVLEOHIRUWKHLUFRUUHFWDSSOLFDWLRQ &RPSOLDQFHZLWKD%ULWLVK6WDQGDUGGRHVQRWRILWVHOIFRQIHULPPXQLW IURPOHJDOREOLJDWLRQV 6XPPDURISDJHV 7KLVGRFXPHQWFRPSULVHVDIURQWFRYHUDQLQVLGHIURQWFRYHUSDJHVLDQGLL WKH(1WLWOHSDJHSDJHVWRDQLQVLGHEDFNFRYHUDQG
10、DEDFNFRYHU 7KH%6,FRSULJKWQRWLFHGLVSODHGLQWKLVGRFXPHQWLQGLFDWHVZKHQWKH GRFXPHQWZDVODVWLVVXHG(8523($167$1$5 1250(8523e(11( (8523b,6&+(1250 (1 -XQH ,&6 HVFULSWRUVHOHFWULFDOLQVXODWLQJPDWHULDOVLQVXODWLQJPDWHULDOVZRYHQIDEULFVSROHVWHUILEUHVVSHFLILFDWLRQVVKULQNDJH WHQVLOH VWUHQJWK (QJOLVKYHUVLRQ 3ROHVWHUILE
11、UHZRYHQWDSHV 3DUW6SHFLILFDWLRQVIRULQGLYLGXDOPDWHULDOV 6KHHW7DSHVZRYHQRQFRQYHQWLRQDORUVKXWWOHOHVVORRPV ,(& 5XEDQVWLVVpVHQILEUHVGHSROHVWHU 3DUWLH6SpFLILFDWLRQVSRXUPDWpULDX SDUWLFXOLHUV )HXLOOH5XEDQVWLVVpVVXUGHVPpWLHUV FRQYHQWLRQQHOVRXVDQVQDYHWWH &(, *HZHEWH%lQGHUDXV3ROHVWHUILODPHQWHQ 7HLO%HVWLPPXQJHQI
12、UHLQHOQH 0DWHULDOLHQ %ODWW$XIKHUN|PPOLFKHQRGHUVFKWHQORVHQ :HEPDVFKLQHQJHZHEWH%lQGHU ,(& 7KLV (XURSHDQ 6WDQGDUG ZDV DSSURYHG E &(1(/(& RQ &(1(/(&PHPEHUVDUHERXQGWRFRPSOZLWKWKH&(1&(1(/(&,QWHUQDO 5HJXODWLRQVZKLFKVWLSXODWHWKHFRQGLWLRQVIRUJLYLQJWKLV(XURSHDQ6WDQGDUG WKHVWDWXVRIDQDWLRQDOVWDQGDUGZLWKRXWDQDOW
13、HUDWLRQ 8SWRGDWH OLVWV DQG ELEOLRJUDSKLFDO UHIHUHQFHV FRQFHUQLQJ VXFK QDWLRQDO VWDQGDUGVPDEHREWDLQHGRQDSSOLFDWLRQWRWKH&HQWUDO6HFUHWDULDWRUWRDQ &(1(/(&PHPEHU 7KLV(XURSHDQ6WDQGDUGHLVWVLQWKUHHRIILFLDOYHUVLRQV(QJOLVK)UHQFK *HUPDQ$YHUVLRQLQDQRWKHUODQJXDJHPDGHEWUDQVODWLRQXQGHUWKH UHVSRQVLELOLWRID&(1(/(&PH
14、PEHULQWRLWVRZQODQJXDJHDQGQRWLILHGWRWKH &HQWUDO6HFUHWDULDWKDVWKHVDPHVWDWXVDVWKHRIILFLDOYHUVLRQV &(1(/(&PHPEHUVDUHWKHQDWLRQDOHOHFWURWHFKQLFDOFRPPLWWHHVRI$XVWULD %HOJLXPHQPDUN)LQODQG)UDQFH*HUPDQ*UHHFH,FHODQG,UHODQG,WDO /XHPERXUJ1HWKHUODQGV1RUZD3RUWXJDO6SDLQ6ZHGHQ6ZLWHUODQGDQG 8QLWHG.LQJGRP &(1(/(& (XUR
15、SHDQ&RPPLWWHHIRU(OHFWURWHFKQLFDO6WDQGDUGLDWLRQ &RPLWp(XURSpHQGH1RUPDOLVDWLRQ(OHFWURWHFKQLTXH (XURSlLVFKHV.RPLWHHIU(OHNWURWHFKQLVFKH1RUPXQJ &HQWUDO6HFUHWDULDWUXHGH6WDVVDUW%UXVVHOV &RSULJKWUHVHUYHGWR&(1(/(&PHPEHUV 5HI1R(1(1 %6, )RUHZRUG 7KHWHWRIGRFXPHQW&2IXWXUHHGLWLRQ RI,(&SUHSDUHGE6& 6SHFLILFDWLRQVRI
16、,(&7&,QVXODWLQJPDWHULDOV ZDVVXEPLWWHGWRWKH,(&(1(/(&SDUDOOHOYRWH DQGZDVDSSURYHGE&(1(/(&DV(1 RQ 7KHIROORZLQJGDWHVZHUHILHG $QQHHVGHVLJQDWHGQRUPDWLYHDUHSDUWRIWKH ERGRIWKHVWDQGDUG,QWKLVVWDQGDUG$QQH=$LV QRUPDWLYH$QQH=$KDVEHHQDGGHGE &(1(/(& ODWHVWGDWHEZKLFKWKH (1KDVWREHLPSOHPHQWHG DWQDWLRQDOOHYHOE SXEOLFDW
17、LRQRIDQLGHQWLFDO QDWLRQDOVWDQGDUGRUE HQGRUVHPHQW GRS ODWHVWGDWHEZKLFKWKH QDWLRQDOVWDQGDUGV FRQIOLFWLQJZLWKWKH(1 KDYHWREHZLWKGUDZQ GRZ(1 %6, ,QWURGXFWLRQ 7KLV,QWHUQDWLRQDO6WDQGDUGLVRQHRIDVHULHVZKLFK GHDOVZLWKSROHVWHUILEUHZRYHQWDSHV7KLVSDUW DSSOLHVWRVSHFLILFDWLRQVIRULQGLYLGXDOPDWHULDOV 7KLVVHULHVFRQVL
18、VWVRIWKUHHSDUWV 3DUW HILQLWLRQVGHVLJQDWLRQDQGJHQHUDO UHTXLUHPHQWV ,(& 3DUW 0HWKRGVRIWHVW ,(& 3DUW 6SHFLILFDWLRQIRULQGLYLGXDO PDWHULDOV ,(& 7KLVVWDQGDUGFRQWDLQVRQHRIWKHVKHHWVFRPSRVLQJ SDUWDVIROORZV 6KHHW7DSHVZRYHQRQFRQYHQWLRQDORU VKXWWOHOHVVORRPV 6FRSH 7KLVVKHHWRI,(&JLYHVWKHUHTXLUHPHQWVIRU WDSHVZRYHQ
19、RQFRQYHQWLRQDORUVKXWWOHOHVVORRPV IURPFRQWLQXRXVILODPHQWSROHVWHUILEUHV 7KLVVKHHWJLYHVVSHFLILFUHTXLUHPHQWVIRUWKH QXPEHURIZDUSHQGVWKHQXPEHURISLFNVWKH VKULQNDJHOHQJWKDQGZLGWKDQGWKHWHQVLOH VWUHQJWKRIWSHDQGWDSHV 1RUPDWLYHUHIHUHQFHV 7KHIROORZLQJQRUPDWLYHGRFXPHQWVFRQWDLQ SURYLVLRQVZKLFKWKURXJKUHIHUHQFHLQWKL
20、VWHW FRQVWLWXWHSURYLVLRQVRIWKLV,QWHUQDWLRQDO6WDQGDUG $WWKHWLPHRISXEOLFDWLRQWKHHGLWLRQVLQGLFDWHG ZHUHYDOLG$OOQRUPDWLYHGRFXPHQWVDUHVXEMHFWWR UHYLVLRQDQGSDUWLHVWRDJUHHPHQWEDVHGRQWKLV ,QWHUQDWLRQDO6WDQGDUGDUHHQFRXUDJHGWR LQYHVWLJDWHWKHSRVVLELOLWRIDSSOLQJWKHPRVW UHFHQWHGLWLRQVRIWKHQRUPDWLYHGRFXPHQWV LQGL
21、FDWHGEHORZ0HPEHUVRI,(&DQG,62PDLQWDLQ UHJLVWHUVRIFXUUHQWOYDOLG,QWHUQDWLRQDO6WDQGDUGV ,(& 6SHFLILFDWLRQIRUSROHVWHUILEUH ZRYHQWDSHV 3DUW HILQLWLRQVGHVLJQDWLRQDQG JHQHUDOUHTXLUHPHQWV ,(& 6SHFLILFDWLRQIRUSROHVWHUILEUH ZRYHQWDSHV 3DUW 0HWKRGVRIWHVW 5HTXLUHPHQWV ,QDGGLWLRQWRFRPSOLQJZLWKWKHJHQHUDO UHTXLUHPH
22、QWVRISDUWRI,(&WDSHVVKDOO FRPSOZLWKWKHVSHFLILFUHTXLUHPHQWVDSSURSULDWH WRWKHLUWSHJLYHQLQ7DEOHRIWKLVVKHHW 7DEOH6SHFLILFUHTXLUHPHQWVIRUWSHVDQGWDSHV D 3URSHUW 7HVWPHWKRG VXEFODXVH RI,(& 1RPLQDO WKLFNQHVV PP 5HTXLUHPHQWV XQLWV 7SH 7SH 7SH :DUSHQGV HQGVFP U U U U U U U U U 3LFNV SLFNVFP U U U U U U U U U 6
23、KULQNDJHOHQJWK ! ! ! 6KULQNDJHZLGWK 15 15 15 RUPP ZKLFKHYHU LVJUHDWHU RUPP ZKLFKHYHU LVJUHDWHU 7HQVLOHVWUHQJWK 1PP U U U U U U U U U )RUFHPPWDSH ZLGWKGHYHORSHG ZKHQKHDWHG DW &1 U U U 1$ 1$ 1$ 1$ 1$ 1$ 127(6 15 1RUHTXLUHPHQW 1$ 1RWDSSOLFDEOH D 7SH7DSHVZRYHQIURPSROHVWHUDUQVRDVWRSURGXFHDWDSHZLWKKLJKVKU
24、LQNDJH 7SHDQG7DSHVZRYHQZLWKKHDWVHWSROHVWHUDUQVRDVWRSURGXFHDWDSHZLWKORZVKULQNDJH(1 %6, $QQH=$QRUPDWLYH 1RUPDWLYHUHIHUHQFHVWRLQWHUQDWLRQDOSXEOLFDWLRQVZLWKWKHLUFRUUHVSRQGLQJ (XURSHDQSXEOLFDWLRQV 7KLV(XURSHDQ6WDQGDUGLQFRUSRUDWHVEGDWHGRUXQGDWHGUHIHUHQFHSURYLVLRQVIURPRWKHUSXEOLFDWLRQV 7KHVHQRUPDWLYHUHIHUH
25、QFHVDUHFLWHGDWWKHDSSURSULDWHSODFHVLQWKHWHWDQGWKHSXEOLFDWLRQVDUHOLVWHG KHUHDIWHU)RUGDWHGUHIHUHQFHVVXEVHTXHQWDPHQGPHQWVWRRUUHYLVLRQVRIDQRIWKHVHSXEOLFDWLRQVDSSO WRWKLV(XURSHDQ6WDQGDUGRQOZKHQLQFRUSRUDWHGLQLWEDPHQGPHQWRUUHYLVLRQ)RUXQGDWHGUHIHUHQFHV WKHODWHVWHGLWLRQRIWKHSXEOLFDWLRQUHIHUUHGWRDSSOLHVLQFOXGL
26、QJDPHQGPHQWV 127( :KHQWKHLQWHUQDWLRQDOSXEOLFDWLRQKDVEHHQPRGLILHGEFRPPRQPRGLILFDWLRQVLQGLFDWHGEPRGWKHUHOHYDQW(1+ DSSOLHV 3XEOLFDWLRQ HDU 7LWOH (1+ HDU ,(& 6SHFLILFDWLRQIRUSROHVWHUILEUHZRYHQWDSHV 3DUW HILQLWLRQVGHVLJQDWLRQDQG JHQHUDOUHTXLUHPHQWV ,(& 3DUW 0HWKRGVRIWHVW EODQN%6(1 ,(& %6, &KLVZLFN+LJK5RD
27、G /RQGRQ :$/ %6,%ULWLVK6WDQGDUGV,QVWLWXWLRQ %6,LVWKHLQGHSHQGHQWQDWLRQDOERGUHVSRQVLEOHIRUSUHSDULQJ %ULWLVK6WDQGDUGV,WSUHVHQWVWKH8.YLHZRQVWDQGDUGVLQ(XURSHDQGDWWKH LQWHUQDWLRQDOOHYHO,WLVLQFRUSRUDWHGE5RDO&KDUWHU 5HYLVLRQV %ULWLVK6WDQGDUGVDUHXSGDWHGEDPHQGPHQWRUUHYLVLRQ8VHUVRI %ULWLVK6WDQGDUGVVKRXOGPDNHVX
28、UHWKDWWKHSRVVHVVWKHODWHVWDPHQGPHQWVRU HGLWLRQV ,WLVWKHFRQVWDQWDLPRI%6,WRLPSURYHWKHTXDOLWRIRXUSURGXFWVDQGVHUYLFHV :HZRXOGEHJUDWHIXOLIDQRQHILQGLQJDQLQDFFXUDFRUDPELJXLWZKLOHXVLQJ WKLV%ULWLVK6WDQGDUGZRXOGLQIRUPWKH6HFUHWDURIWKHWHFKQLFDOFRPPLWWHH UHVSRQVLEOHWKHLGHQWLWRIZKLFKFDQEHIRXQGRQWKHLQVLGHIURQWFRYHU
29、 7HO)D %6,RIIHUVPHPEHUVDQLQGLYLGXDOXSGDWLQJVHUYLFHFDOOHG3/86ZKLFKHQVXUHV WKDWVXEVFULEHUVDXWRPDWLFDOOUHFHLYHWKHODWHVWHGLWLRQVRIVWDQGDUGV %XLQJVWDQGDUGV 2UGHUVIRUDOO%6,LQWHUQDWLRQDODQGIRUHLJQVWDQGDUGVSXEOLFDWLRQVVKRXOGEH DGGUHVVHGWR&XVWRPHU6HUYLFHV7HO)D ,QUHVSRQVHWRRUGHUVIRULQWHUQDWLRQDOVWDQGDUGVLWLV%
30、6,SROLFWRVXSSOWKH %6,LPSOHPHQWDWLRQRIWKRVHWKDWKDYHEHHQSXEOLVKHGDV%ULWLVK6WDQGDUGV XQOHVVRWKHUZLVHUHTXHVWHG ,QIRUPDWLRQRQVWDQGDUGV %6,SURYLGHVDZLGHUDQJHRILQIRUPDWLRQRQQDWLRQDO(XURSHDQDQG LQWHUQDWLRQDOVWDQGDUGVWKURXJKLWV/LEUDUDQGLWV7HFKQLFDO+HOSWR(SRUWHUV 6HUYLFH9DULRXV%6,HOHFWURQLFLQIRUPDWLRQVHUYLFHV
31、DUHDOVRDYDLODEOHZKLFKJLYH GHWDLOVRQDOOLWVSURGXFWVDQGVHUYLFHV&RQWDFWWKH,QIRUPDWLRQ&HQWUH 7HO)D 6XEVFULELQJPHPEHUVRI%6,DUHNHSWXSWRGDWHZLWKVWDQGDUGVGHYHORSPHQWV DQGUHFHLYHVXEVWDQWLDOGLVFRXQWVRQWKHSXUFKDVHSULFHRIVWDQGDUGV)RUGHWDLOV RIWKHVHDQGRWKHUEHQHILWVFRQWDFW0HPEHUVKLS$GPLQLVWUDWLRQ 7HO)D &RSULJKW &R
32、SULJKWVXEVLVWVLQDOO%6,SXEOLFDWLRQV%6,DOVRKROGVWKHFRSULJKWLQWKH 8.RIWKHSXEOLFDWLRQVRIWKHLQWHUQDWLRQDOVWDQGDUGLDWLRQERGLHV(FHSWDV SHUPLWWHGXQGHUWKH&RSULJKWHVLJQVDQG3DWHQWV$FWQRHWUDFWPDEH UHSURGXFHGVWRUHGLQDUHWULHYDOVVWHPRUWUDQVPLWWHGLQDQIRUPRUEDQ PHDQVHOHFWURQLFSKRWRFRSLQJUHFRUGLQJRURWKHUZLVHZLWKRXWSU
33、LRUZULWWHQ SHUPLVVLRQIURP%6, 7KLVGRHVQRWSUHFOXGHWKHIUHHXVHLQWKHFRXUVHRILPSOHPHQWLQJWKHVWDQGDUG RIQHFHVVDUGHWDLOVVXFKDVVPEROVDQGVLHWSHRUJUDGHGHVLJQDWLRQV,IWKHVH GHWDLOVDUHWREHXVHGIRUDQRWKHUSXUSRVHWKDQLPSOHPHQWDWLRQWKHQWKHSULRU ZULWWHQSHUPLVVLRQRI%6,PXVWEHREWDLQHG ,ISHUPLVVLRQLVJUDQWHGWKHWHUPVPDLQFOXGHURDOWSDPHQWVRUDOLFHQVLQJ DJUHHPHQWHWDLOVDQGDGYLFHFDQEHREWDLQHGIURPWKH&RSULJKW0DQDJHU 7HO
copyright@ 2008-2019 麦多课文库(www.mydoc123.com)网站版权所有
备案/许可证编号:苏ICP备17064731号-1