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1、Chapter1Case1.1E-CENTIVES,INC.---RAISINGCAPITALINSWITZERLANDOnOctober3,2000,E-Centives,incorporatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.E-Centives’sofferingcircularstatedthatnooffersorsalesofthecompany’scomm
2、onstockwouldbemadeintheUnitedStates,andthattherewouldbenopublicmarketforthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedtheNewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfromSwitzerlandandabroad.Itprov
3、idesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsfortheNewMarketaresimple.Forexample,companiesmusthaveanoperatingtrackrecordof12months,theinitialpubliclistingmustinvolveacapitalincrease,andtoensuremarketliquidity,abankmustagreetomakeamarketinthesecurities.E-Cen
4、tivesE-Centives,Inc,isaleadingonlinedirectmarketinginfrastructurecompany.Thecompanyofferssystemsandtechnologiesthatenablebusinessestobuildlarge,richdatabasesofconsumerprofilesandinterests.Inreturn,consumersreceiveafreepromotionaloffersbasedontheirinterests.Atthetimeofthepublicoffering,E-Cen
5、tivesmaintainedover4.4millionE-Centivesonlineaccountsformembers.Thecompanydoesnotchargemembersafeeforitsservice.Instead,thatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroupsofE-Centivesmembers.E-Centivescurrentlyemploysmorethan100peopleinitsBethesd
6、a,Marylandheadquarters,anditsofficesinRedwoodCity,NewYorkandLosAngeles.Asoftheofferingdate,thecompanyhadlittlerevenueandhadnotbeenprofitable.RevenuefortheyearendedDecember31,1999,was$740000,withanetlossaboutUS$16million.AsofJune30,2000,aboutUS$39million.E-Centives‘growthstrategyistoexpandin
7、ternationally.Todate,thecompanyhasfocusedonpursuingopportunitiesintheUnitedStates.E-CentivesintendstoexpandintoEuropeandothercountries.ThecompanyiscurrentlyconsideringexpandingintoSwitzerland,theUnitedKingdom,andGermany.REQUIRED:1.Whichfactorsrelevantfor
