反向并购借壳上市操作步骤

并借壳上市的说明

说明：国内地产公司至少需要注入2亿人民币以上优质地产资产，才能完成并购马来西亚挂牌地产公司PJIH并借壳上市。

 Phase 1: (第一阶段)

 Incorporation of new company (“New Co”) (设立新公司)

 NewCo acquires PJIH to be settled by issuance of new shares in NewCo

(应用新公司的股份来收购PJIH控股公司)

 NewCo acquires Assets from Chine Newly Real Estate (NRE) company to

be settled by issuance of new shares in NewCo (同样的，应用新公司的股份来收购国内的地产公司)

Phase 1 PJIH NRE Shareholde NewCo shares NewCo shares rs issued to NRE issued to PJIH for acquisition of shareholders as Assets consideration for NewCo PJIH shares Assets PJIH 国内地产公司的资产注 新公司收购PJIH 入新设立公司 NewCo acquires Assets NewCo acquires PJIH from NRE

说明：

NRE：国内未挂牌地产公司

PJIH：马来西亚股票交易所挂牌地产公司 NewCo：双方将新设立的公司

Group Structure (After，资产注入后) NRE (国内地产公司) PJIH shareholders NewCo Assets (New biz) PJIH

国内公司资产注入借壳上市步骤说明：

 We illustrate the steps involved in NewCo acquiring the Assets from NRE :-( 我们以图解来说明新公司如何收购国内地产的步骤：)

Step 1 NewCo issues a conditional offer letter (subject to, amongst others due diligence) Step 2 Acceptance of conditional offer letter by NRE Step 3 Signing of conditional ales and purchase (S&P) agreement (subject to, among others, satisfactory due diligence, authorise approval, etc) Step 4 Completion upon S&P become unconditional (detailed timeline in enclosed document) Completion of Proposed Acquisition of the Assets

 Phase 2 (第二阶段):

 Transfer of listings status from PJIH to NewCo (把PJIH上市公司的地位

转让于新公司)

 NewCo undertakes a public issue of new shares to general public to raise

money for its working capital purposes etc(新公司将向大众发出新股来筹集流动资金)

 NRE company undertakes an offer for sale of its shares in NewCo via

placement to raise the required amount of USD200 mil (国内地产公司将卖掉新公司的部分增发股，来筹集二亿元左右的资金去开发新项目)

Phase 2: Group Structure NRE Public shareholders PJIH shareholders NewCo 100% Assets (new biz) PJIH (existing biz)