TW498238B - Integrated capital market system for small issuers, including auction - Google Patents

Abstract

A fully integrated market system and method for raising capital for business firms through an on-line network of self-directed accredited investors. The system and method allow prospective investors to access via the Internet a menu of investment opportunities in the unregistered securities, while assisting such investors' investment decision making, price setting via an auction process, transaction execution, and risk management by providing a suite of standardized analyses and financial and managerial reports, conveyed on-line on a periodic basis. Additionally, the system and method provide the establishment and support of a secondary market, wherein such unregistered securities are priced and traded.

Description

498238 A7 B7 V. Description of the invention (Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economics Background of the Invention The present invention is a program and system for raising capital. In some embodiments, computer networks and programs are used to represent information, Determine prices and execute transactions. The present invention can assist companies in raising capital, and assist investors in purchasing recently issued securities, and assist investors in buying and selling shares in the secondary market. These methods can be used for public (already traded in securities Commission (SEC) registration) and private (unregistered) securities. Some aspects of this system must be approved by the SEC before they can be used for public securities. Existing private capital markets For private companies, two external funds Sources are individual investors and venture capital funds. Investment banks also provide some external funds to private companies, but they tend to handle only very large private transactions (usually more than US $ 30 million) and are more expensive than venture funds Or the source of individual investors, the number is quite small. For those who want to grow to public stocks For companies raising capital in the ticket market, venture capital is often considered to be the main source of foreign funds. This is a false impression. The same day that risk funds are well-organized and play an important role in the capital formation process. Temple, the capital I provided by the investor, is actually greater than the amount raised through the venture fund. In addition to raising private funds, growing companies can also choose to enter the "fund collection. When doing this, It will cost a lot of money to register the various rules of listed companies whose public shell companies comply with listed companies. Improvements to the private capital market, especially for companies in the second phase, which are more likely to be sloppy, are expected to help. It avoids the expenses needed to enter the open capital market in the future. The paper maturity for the maturity period is τ Lai Jia Pi (CNS) A4 size (fine 498 238 A7 printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs).

V. Description of the invention (According to the inventor's research (refer to the 1993 Federal Tax Information Survey of the United States), compared with approximately _ listed companies whose stocks can be traded in the United States, almost _ home =; ^ transaction Grade companies have more than 10 employees. These private companies are domestic C- This invention is used to raise capital or obtain secondary secondary users from their stocks. Candidate Individual Investors of the <Public Cup> Individual investors with a lot of wealth have long been A source of capital for new corporates. In 1555 'Russian company was the first company to provide external capital in England. Investors have a co-operative treaty in a commercial institution. Since then, wealthy individuals have always owned and operated separately. The main source of the company ’s external capital funds. These individual external investors are now commonly referred to as “angels.” In the United States today, individual investors provide private companies with roughly twice the amount of risk funds (NSSBF , 1993). A rough estimate is that about 300,000 people have invested in private companies, and generally the amount invested in each investment case is about US Between $ 50,000 and $ 200,000. Further research on investors shows that (from the 1998 Consumer Finance Survey, also conducted by the Federal Reserve), about 5.7 million American households held more than net worth One million US dollars. Obviously, only a small number of joint investors are participating in the private capital market at this time. The capital provided by individual investors is smaller than that of venture funds. Entrepreneurs can usually use their networks. Road raises US $ 1 to 2 million, but it is difficult to raise more than this amount. The organization of the angel capital market is not complete, and it mainly depends on personal relationships. When this paper standard applies Chinese National Standards (CNS) A4 specification (21〇X 297mm) C Please read the phonetic on the back? Matters before filling out this page}

498238 A7 B7 Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs

V. Description of the invention (3) There are a few well-known "angel groups" who actively seek investable enterprises, that is, only when they are &gt; groups of people '. This is very rare. One of the reasons for the lack of organization of the angel process is the decree restricting individuals from investing in the private sector of the poor. Generally, in the United States, companies and brokers / merchants are regulated by the SEC at the federal government level and regulated by various regulations at the state government level. Individual investors provide private company funds unless each investor has a net worth of more than one million dollars . All organized private capital raisings are subject to SEC approval. Until recently, grants of national private property were not registered in the 50 states. Adopting Section 506D of the SEC Rule, in 1996, federal law pre-established the requirements for state registration as federal-level regulations. Venture capital The creation and growth of venture funds is a recent event. The first venture capital fund, American Research and Development Corporation, was established in 1946. The remaining venture funds were established over the next few decades. Between 1946 and 1977, new funds flowing into new venture funds grew hundreds of millions of dollars each year. In 1958, Congress passed the Small Business Investment Corporation Act with tax benefits to encourage the establishment of small business investment companies (SBics) to help small business finance. The scheme did not promote much additional investment. From the late 1970s to the early 1980s, capital flows to venture capital increased substantially. One factor that helped this increase was the Langjian Rule of 1979, which provided for trust trust investments. Prior to 1979, the Employee Pension Benefits Securities Act (ERISA) prohibited heritage funds from investing large amounts of money in venture capital and other high-risk assets. The Ministry of Labor's explanation of the thrifty rules clearly allows estate managers to engage in high risk.

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Investments in assets, including venture capital, as part of various investment portfolios. In 1978, individuals accounted for 32% of the total of $ 424 million in new venture funds, making them the largest shareholders. Retirement funds account for only 15%. Eight years later, the pension fund has been calculated to have more than half of $ 4 billion. In 1996 and 1997, there was another jump in venture capital activity. The venture fund will provide funding to companies with no tangible assets in the initial stage and more mature private companies with customers and income. Venture funds usually closely monitor the managers of the companies they invest in, require that they be represented on the boards of the companies they invest in, and organize their interests to invest in their favorite stocks in strict contracts to protect their interests. Venture capitalists provide high-level services to the companies they fund and charge high service fees accordingly. The minimum cost of funding venture capital and grassroots companies is 20% of the amount of technology they use (in the case of capital interest given to venture capitalists), and in many cases, the cost is even higher. The emergence of a large number of new business opportunities is due to the rapid growth of Internet use, which has also increased the amount invested by fund managers. The average amount of venture capital investment increased from US $ 200,000 a year to US $ 6.8 million a year. (Source: Venture Capitalist, San Francisco, California) Public sale The public market is only an option for larger companies to raise capital. There are reasons to generate, propose, and distribute registered securities with substantially fixed costs. Second, once presented, the securities must attract sufficient trading interest to sustain the securities-submarket. This prevents many companies from entering and leaving the company (please read the note on the back? Matters before filling out this page) 11111111 Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs

170 厶 JO A7 B7 V. Description of the Invention (Securities Market. Investment Bank: Uni-Investment Bank Plays a Restricted Role in Raising Private Capital? Normally, a developing company conducts its initial public offering or enters the process. New Agency not booked

Garage.com is a new group of Internet foundations. Some of them are similar to venture funds, and one of them is: an agency between angels who are interested in investing in companies that have creative ideas but no products that have returns. Potential investments are not provided with standardized, audited financial or other information, nor are they provided with any mechanism to price and allocate their shares. AngelTips.com is mainly engaged in intermediary services. These sites are all engaged in the market operation of private equity capital. Problems and Solutions As growing companies lack an important way to communicate with capital investors, they can find their personal angels, but this may not be successful in obtaining a $ 1 million fund. In the early days, they could trade with venture capitalists. This meant releasing considerable control and venture capitalists and paying 20% or more to venture capitalists for the fund. They may also try to contact investors through traditional investment banks, but such banks are not active in this process. Or it can go public before it reaches maturity. The present invention provides a solution to this problem. It allows growing companies to provide capital investment and all investors nationwide, in fact, investors worldwide. The use of the Internet and computers has resulted in significant cost reductions, and thus reduced costs associated with venture capital or traditional investment banks. The company obtained the paper size applicable in China _ Home Standard (CNS) A4 size ⑽ X 297 public love 498238

Description of the Invention (♦ The Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs prints the benefits of the open capital market without incurring the costs of participating in the market. One of the main benefits is the possibility of the secondary market. At this time, investors can still buy and sell shares. Today, private capital does not have a functional secondary market. Companies incur the expense of entering the open market to obtain benefits. The present invention provides an economical and attractive alternative. The present invention provides Another important method is more than the existing method of raising private capital-special advantages, and it is related to determining the price of f. In the existing method, the price is determined through negotiation (in the case of risk loans). ^), Or determined by the issuing company (in the case of angel investment or traditional investment banks). This price is not directly affected by the investor's willingness to invest. Therefore, when the investor wishes to buy more at the specified price The issue of capital shortages will occur when the company chooses to sell the shares it sells. The same problems often occur in the chat room. Seek the pipeline to obtain the desired IP ° 0 shares. The present invention solves this problem by using the principles of the market. In particular, 'the present invention provides-suitable for the production of private books. This program is in The initial sale price is equal to the price judged by the investor when he wants to buy the shares sold by the issuer. The same # 的 拍 f㈣ provides a secondary market seeking the same price as the desired purchase. System This system is built on the principle of using in other markets. In particular, the present invention uses the principle of the time test of auctions. 'This principle has been used for more than centuries. The form of auctions related to the type of securities, such as private capital is a single 4 Pui Pui Pui, where the auction process seeks to unify a single unit of many share transactions. In the stock market, there are many sellers and buyers, "Single price

(Please read the notes on the back before filling out this page) b # Order — — — — — — — —

P Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs, the term "Auction Auction" is used in the auction type of the present invention. Sometimes this type of auction is also called a "Dutch auction", although the term is also used in a single auction, where the auctioneer announces an increasingly competitive price until the bidder accepts the price. ^ The Arizona Stock Exchange (AZX) performs a single-price telephone auction to auction securities listed on various national exchanges. This system is intended for institutional investors only. All investors obtain company bids to buy or sell shares, and use these bids to find the price of the willingness to sell, such as the willingness to buy, among all participants. The AZX system has the following characteristics: ⑴ All contributors can see all statistical bids and quotes, but they cannot see individual claims and quotes, and therefore cannot know the representative list-customer order or the supply and demand of most customers For a specific segment, at a fixed end time, all bids of the market price of ⑶ or better than the market price are arranged along time 'to determine those that are filled, and the purchase bid entered later may not be filled. Even if its price is better than the market price. Park has introduced a Dutch auction of registered securities for sale during the initial public offering. Hambrcht's system can only be used for public offerings that have already been published in the main book. The HAMBRECHT system completely blocks bids during the auction period, that is, no transaction price or quantity will return 1amb coffee &amp; the auction also has a precise end time of-not long, so that the higher bidder will return to the auction and then Get a higher price. Η ** Announcement only on the Internet-Selling Memorandum without Hyperlink. No relevant information. ^ The single-price telephone auction is used four times a day at the Tokyo Stock Exchange, namely at the beginning and end of the morning and afternoon trading sessions. Exceed the exchange (Please read the note on the back? Matters before filling out this page) ----- r --- tr ---------

This paper size applies the Chinese National Standard (C'NS) A4 specification (2 ^ 297 mm). Half of the volume occurred at the auction. Only professional traders are allowed to belong to ^ Shore retail customers can only require managers to make profits on their behalf. During the auction period, the bidder can use the information about the bidding, a fixed time. When the bid phase ends, the bidder will test the price to ensure that its rights and interests are secret to other bidders. ^ = The following two reasons are undesired by bidders: No. _, which rejects useful information about the total revenue of a gain from the remaining bidders. Second: ^ Related-Whether the bid arrived in time and dispute. These questions are offered for sale = second auction and take place at the auction of other items and services. A conventional solution to this problem is to have a period of "proceeding,: line '," during which the bidder is forced by a later bid and has the opportunity to increase his bid. This ends after a period of no more than eight minutes or hours that no one has bid. Each bidder has an equal chance of becoming:: Last-bit bidder. This type of auction is extended to certain Internet auctions, such as Winebid.com, but has not been found to be used in securities auctions. The present invention includes-improving this shot # extension, making it applicable to securities auctions. ^ When the U.S. bond market issues new bond credit instruments, it implements a one-shot auction. When bids accumulate, no information is provided to bidders, = the auction is a strictly secretive bid. This type of auction is suitable for the government bond market, but it is not suitable for bidders who are private capital that is profitable from the transactions of other bidders. ^ In a security auction, since the price is determined based on the price offered by the remaining bidders, bidders who wish to purchase shares must plan their bids "without regard to what the price will be. In all known auctions, Bid 498238 V. Description of the invention (Φ Employee consumers must promise that if they are bidding on a niche or share. Therefore, the bidder is not sure about the amount of the bid amount when the bid is set ^. The present invention has been provided = 1 force &amp; 'People who will pay can designate a bid based on the bidding process of the investment to be made ^'. The bidding procedure is still-novel invention. So far, the project has just been completed. &Gt;, § Ancient // / fc a Features: / Some people use the following to sell all of the newly sold securities :, on the Internet, 'announce all relevant documents in a manner that includes appropriate hyperlinks. Fly 2. During the period,' the price of any transaction and Quantitative related: sequence, or include extended periods to allow external bidders 3. The use of the All-Guideball communication program to provide continuous reporting to investors β Μ People have not known 'f Periodic secondary market for private capital securities operations. SUMMARY OF THE INVENTION / Accordingly, one of the objects of the present invention is to provide new and understandable procedures and systems, using the Internet as the main communication tool for information dissemination, and using auctions. To determine the price of shares to promote the formation of capital. The other purpose of the transfer is to provide companies (issuers) seeking to raise capital and investors seeking to deploy capital through capital formation procedures to provide understandable Disclose constant information and provide a secondary market for the investment. One aspect of the present invention is a procedure that supports the following: (a) an initial inspection, analysis and organization of transactions on behalf of the issuer, which includes Paper size applies to China National Standard (Cns) A4 (210 X 297)

丨 Order --------- I · (Please read the notes on the back before filling out this page) 498238 A7 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economy The method of statistics and combination of information; (the method for b people to disseminate relevant information, fish, roads, shells, and installations; (c) the world and investors: the dialogue between people is based on time, and the price is managed Establish a market price with the distribution process and distribute stocks to investors who intend to buy at the market price; ⑻ Establish the required post-trade information standards and effectively disseminate such information from the issuer to investors ; And ⑴ on a regular reservation basis, to promote the desire of investors to sell their shares. Another aspect of the present invention is to provide a collective place and method of transactions for the resale and / or refinancing of securities Selling institutions. "The present invention provides methods and devices for individual investors in the world to examine, access, and participate in a dialogue manner, to limit the purchase price of an investment opportunity communication, and to purchase the main securities provided by the issuer. This invention also Provides issuers with a global-based, communications-remarkable and reliable method and system for issuer, securities bidding, their management, history and planning management, and financial execution information to assist investors in deciding what to buy In addition, the present invention provides a system to efficiently generate this useful information for a large number of investors. In addition, 'the present invention provides investors with a device that has an order of efficiency and standardization to test and evaluate a more existing system More useful and huge bids. The invention is therefore an efficient system for promoting two-way commerce to create a market. The invention enhances the issuer's ability to contact investors who are qualified to buy the issuer's bid, And enhance the ability of investors to seek bids. The objective of the present invention is to provide a large number of qualified investors and sellers (named or older investors) and assist them to complete a more efficient system than existing devices. (Please read the phonetic on the back? Matters before filling out this page) Order --------- This paper size applies to Chinese national standards (CNS) A4 specification (210 X 297 mm) V. Description of the invention (n) One of the purposes of the present invention is to gather people on the Internet, and this kind of breadth improvement meets a certain number of investments :: the investment expectation of the grid A complete sale. In order to gather on the Internet-determined :: sale of Greek investors, various market strategies are used to inform all potential investors of the investment opportunities provided by Tongtong. The scope of this article is provided by a systematic Method, which is used to make incoming bids, store information, display the status of bids, determine the price, and pass this price to the current and predictable, ::, when its bid must add more-some price, and in the absence of Potential ::: The auction is decided after a certain period of time. A special advantage of the present invention is that the bidder can specify the purchase price (for example, how many yuan) of the 4 investable amount of money. The present invention also provides a system for allocating shares to successful bidders and collecting relative funds. The present invention provides a money market for securities, where the owner of the securities can use the system to trade with other investors. The remaining objects and advantages of the present invention will be made clearer with reference to the accompanying drawings and subsequent description. Printed by the Employees' Cooperatives of the Intellectual Property Bureau of the Ministry of Economics Brief Description of Drawings Figure 1 is a block diagram illustrating an example of the investor network and database construction part of an embodiment of the system according to the present invention. Fig. 2 is a private image of / ;, L, which is used to explain an example of a procedure for building an investor network and database according to an embodiment of the present invention. Fig. 3 is a block diagram illustrating an example of the construction of the investment database of the embodiment of the system according to the present invention.

This paper size applies the Chinese National Standard (CNS) A4 specification (21,297 mm) 498238 A7 B7 V. Description of the invention (12. Printed by the Consumer Consumption Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs. Figure 4 is a flowchart illustrating An example of the procedure for the development of an investment database is shown. Figure 5 is a block diagram to illustrate the example of the root price procedure and the example of the investor interface part. Figure 6 of the unified system It is a block diagram illustrating an example of the embodiment of the path display part according to the present invention. Figure 7 is a block diagram illustrating the example of the embodiment of the price determination part according to the present invention ^ ",,, Figure 8 is a flowchart using 4th &amp; 丄 心 ^. Used to explain the embodiment of the auction part of the market in the top market according to the present invention. Figure 9 is a flowchart illustrating an embodiment of an auction having four stages according to the present invention. Figure 10 is a flowchart illustrating the implementation of a method for determining a price in an auction according to the present invention. Example: Figure 11 is a chart showing the rules for filling bids. The specified price is equal to the auction price. Fig. 12 is a block diagram illustrating an example of an embodiment of the end of the market system according to the present invention. Fig. 13 is a block diagram illustrating the market system reporting unit according to the present invention. 14 is a block diagram illustrating an embodiment of the transaction bid portion of the market system according to the present invention. A detailed description of the preferred embodiment is a preferred embodiment of the present invention. The sale is under Rule D of the Securities Exchange Act of 1933, paragraph 4 (2), and is administered by the Securities and Exchange Commission. 15 ^

Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs

Management. This requirement first obtains the Blue Sky registration in the United States, as long as the quotation is sold to a syndicated investor who is better defined by the US Securities Regulatory Commission. Qualified investor characteristics include specific income and net worth tiers, and imply a level of understanding of financial and investment matters. In a preferred embodiment of the present invention, a secure network connects qualified investors with each other, and the system of the present invention, and sends information on the network on behalf of the two. The present invention preferably uses a personal computer developed using an object-oriented language as an example. "Allows the modularization of a complex system with modular objects to express the relationship between objects in the real world and them. Examples of such items would include money and corporate assets. Although the related theoretical techniques are preferably used to implement or implement the present invention, for those skilled in the art, the description of the present invention here can use other programming techniques and general purpose hardware systems or special controllers Way to implement it is still very obvious. In addition, the present invention can make those skilled in the art better understand that the output of the system of the present invention can be in the form of printed or electronic reports, or through the display to let the user or electrical equipment perform the remaining actions. The present invention helps the establishment and operation of an understandable framework for the capital market system, so that companies can raise capital from a secure and secretive network of investors seeking to purchase these companies' securities. More specifically, the present invention provides procedures and systems to support the market, including participation in registration and review, research and development of financial memorandums, and other information, electronically distributing information to the Internet, and providing auction communication protocols for δ and fixed prices. Standardised period disclosure and investor reporting 'with a secondary market for shares. Investor Network Figure 1 is a description of the use of the investor network 120 and related. This paper size is applicable t mWm ^ TS) A4 m ^ r (210 x 297)

--------- tr --------- 4P-, ... (Please read the notes on the back before filling in this page) A7 ^-~ -2Z ______ V. Description of the invention (w) (Please read the notes on the back before filling this page) Block diagram of the program components of the investor database 122. In Figure 1 and the remaining block diagrams, the following symbols are used for block diagrams: rectangles represent the procedures or systems described, circles or ellipses represent databases or sources of information, diamonds represent decision points, and arrows The connecting line at the end of the number indicates the information transfer process or control process between the indicated direction of the procedure, system, database, information source, and decision point. According to the present invention, the general public 100 is exposed to various market procedures including the direct market 102, the brand establishment 104, and the indirect market 106. As a result, the individual voter collection is identified and defined by the general public. In the personal investor set 108, potential investors hope to participate in the system of the present invention to provide them with information on entering the registration process 110. As part of this process, a potential investor completes an application and, in the remaining events, proves that the investor is in line with the definition of the SEC. This application is completed electronically or on paper 'with the applicant's signature and a check of completeness and credit. Finally, a decision will be made to determine whether the applicant is eligible. If the answer is no, the application will be rejected. If the applicant is approved, I generate an investor profile on behalf of the investor. In addition, suitable institutional investors 116 are provided with the opportunity to participate in the system and similarly generate representative objects 118. The Intellectual Property Bureau of the Ministry of Economic Affairs employee consumer cooperative prints an account identifier and Passwords are assigned to investors' objects, so that investors, individuals or institutions can access this market system and can be uniquely identified within this market system. The investor network 120 in this market system enables communication between the investor and the system. The encryption communication protocol and the rest of the encryption technology are used to prove that the investor's identification is correct, and all communications between the investor and the rest of the participants in the system are separately made. This paper size applies to the Chinese National Standard (CNS) A4 specification (210 X 297 issued) &quot; &quot; '498238 V. Description of the invention (printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 B7 For investment reasons People may like the identification method that is not related to other investors in the market system. The invention protects the anonymity of investors through the use of identification keys. Investor profile objects and related identification keys are stored under the control of a central server And protected investor database 122. In order to ensure that investors are certified at the moment of individual investment, a preferred embodiment of the present invention requires investors to access the market each time before they can actually gain access The system needs to be reconfirmed when it is in the system. An additional feature of the present invention is the ability to store investor preferences in the investor database 122 when the model, purchase size, and other investor profile information is provided. Fig. 2 is a flowchart illustrating an exemplary procedure using the system described in Fig. I. In step 81, it uses various market procedures to identify each Investors gather. In step S2, it identifies the institution that wishes to participate in the system of the present invention. In step S3, potential investors are recognized. In a preferred embodiment, if the investor meets the aforementioned SEC qualifications, then It is considered to be approved. In step S4, investor profile objects are generated for the approved investors. These objects represent the investors and provide all investors who interact with the market system of the present invention with general parameters with preset parameters. Mode. In step S5, the investor profile is stored in the investor database 1. In step S6, the investor represented by the investor profile is employed and has access to the system. Investors are allowed Communicate with the system and with each other via the investor network 120 in the system. Back to Figure 3, which is a block diagram, according to the preferred paper size of the present invention, the CNS A4 specification ( 21G χ 297 公 爱) {Please read the notes on the back before filling in this page}

A7 _B7 V. Invention Description (i6) Reference 2 = Example system for constructing investment database. The commercial object of the present invention = ^-In order to sell the offer of the issuer (investment) to the investors, spread the knife-beixun to the investors' to help the investors make their own purchase differences. Before any quotation materials were disseminated, many issuer candidates were identified for potential companies to examine and analyze. The total number of all company coffees is exposed to the extended market programs 202, 204 and to identify the largest size of the target company set. Within the target company set 208, many members of the issuer candidate's favorite group also hope that the special H combination will be tested before the selected person participates in the market system of the present invention. It is hoped that the preset combination of characteristics preferably includes, but is not limited to, historical earnings and growth rate of planned income, the quality of the management team and interesting business strategies. To examine individual issuer candidates, a large amount of information is collected via the device of the present invention. At the beginning of verification of the issuer's candidate, the candidate is assigned an account identifier, a set of passwords, and a secure two-way communication tool, such as by a unique Internet World Wide Web resource locator 2110 . From this designated webpage, the issuer candidate can provide the requested information electrically. For investors, the issuer candidate represents the person using the object in the system of the present invention. Therefore, an issuer candidate object is generated 212 and stored in an issuer database 224. The issuer candidate objects in the issuer database 224 are a database for all information about the issuer candidates collected by the system. In a preferred embodiment, the present invention uses a multi-stage information aggregation process to identify issuer candidate objects. For example, in a three-stage process, two owner's attempts (ie, try 1, try 丨 丨 and try 丨 丨 丨) can be used to specify the specific requirements of the system at the appropriate stage of the information aggregation process. Information. This paper size applies the Chinese National Standard (CNS) A4 specification (21 × X 297 public love) 498238 A7 B7 V. Invention description (17. Attempt to print by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 1 will require better The candidate's previous information, and preferably an electrical display of the system of the present invention 212. Before completing the test for completeness and clarity, attempt 1 to better assign electrically to a group of preselected individuals for comment Of a candidate ’s basic business to determine whether consideration of the issuer ’s candidate should continue. This group of pre-selected individuals will preferably include specific traders, preferably those familiar with the financial or banking or securities trading communities. The members of this group are called smart capital analysts (“ICAs”). They provide business commentaries, their models and opportunities, and their respective industries, and transmit this commentary back to the system to Test 214 is performed. If the result of this pre-test 216 is not satisfactory, the issuer candidate is notified that it will not be allowed to participate in the system 218 of the present invention, and the issuer candidate Provided to another source of capital. The assessment of ICAs is based on, &quot; and no expected characteristics of the test, preferably including but not limited to, historical and planning revenue growth rate, the quality of the management team, and whether Has a better business strategy. If the result of inspection 216 is satisfactory, the system will issue a formal recognition certificate 22 to the issuer candidate in electrical form or in writing for implementation. This formal recognition certificate is better announced and provided Service items and conditions, including remuneration upon completion of the services provided. One of the more formal stages of the information gathering process begins before the issuer candidate receives a certificate of execution accreditation. &Amp; In the next stage, try 丨丨 will be displayed to the issuer candidate, ^ try to better request more detailed details about the issuer candidate 222. The information that will be included in the preferred embodiment is: the history of the institution, the quality of this section of the product is poor ? iii, ticket standard (cns) A4 297 mm) (Please read the phonetic on the back? Matters before filling out this page)

498238 A7 B7 V. Description of the invention (narrative and strategy, historical and planning financial information, production / distribution / market effort and strategy, competition and relative position, and management background, etc. Such information will preferably be provided by the issuer candidate , And electrically transmit back to the system, and return to the directory specific database 224 and the appropriate issuer candidate items according to the route. Those who are familiar with managing securities quotations, known as "traders", will receive and inspect the information, At the beginning and collection of financial and other analysis (including external advisers, consultants and accountants, etc.), a revised structure and price is displayed in the form of a memo (trader's memo). Trader's notes and records will be electronically transmitted to The Investment Committee for discussion, and finally, approved or rejected 218. Referring now to the flowchart illustrated in Figure 4, an exemplary embodiment of a procedure using the system described in Figure 3 will be generally described as follows. The target company set is identified using different market procedures. In step ", the identifier is assigned to the issuer candidate, and in step S9 Issuer candidate items representing issuer candidates are generated. In step S0, issuer candidate items are further defined and then sent to a pre-screen program to determine whether certain pre-determined conditions are met. In step sn A judgment is made, and if the object lacks the desired characteristics, the issuer candidate is provided to another source of capital in step S16. If the result is satisfactory, the issuer candidate is judged to be available in step S11. Accepted, an approval procedure will be executed in step S12. The approval procedure includes a more defined definition of the issuer's candidate items, and a commitment to service agreement between the issuer's candidate and the system. Next, in step si3, the issuer Candidate objects are stored in the issuer database. The next process of information collection is to make a decision in the system to bring in the issuer candidates (please read the precautions on the back before filling this page)

Printed on 498,238 pages by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs. Pages belong to online assets A7 V. Description of the invention (before the market, it occurs in step SU. If the issuer candidate does not receive permission, the system will guide the candidate Go to step S16. Another source of capital. If the system decides to grant the issuer permission based on the issuer information collected so far, the issuer is taken to the market portion of step S16.

Quotation I Return to the block diagram in Figure 5. Due to the permission of the investment committee of the system, it was decided to bring the issuer company to the market 228. The information received from the attempt will be used to develop a quote memorandum for the issuer candidate . This offer is for a group of securities to be issued by the issuer's company. The quote memorandum will preferably be a web-standard continuous form designed to transmit issuer information to investors 230. Included web pages include issuer's business activities, history, management, strategy: historical and planning financial information, and quotations. The trader will assist the issuer in handling the product and editing procedures. In a preferred embodiment, the recruitment and correction process will occur electronically using a web page. The special network will provide links to other web pages in the memorandum. This is to help investors read and analyze such memos in the way they want, without having to do so in a systematic way. In addition, the issuer will make available the information on the other separate online sites, such as access to all of its personal websites and possessions (common "company designation"), which will be able to trade with the issuer mentioned above page 3 2 The quote memo on 2 is used together. At the same time as the product editing process, try U1 will be better available to the publisher. In Attempt 111, the issuer is better asked to provide additional supporting documents and information, and to maintain certain selected non-commitments, as well as representatives provided by a parent who has a good relationship with the quote. This additional information is intended for investors to use for their own analysis and diligent testing 231. This additional supporting document is applicable to ... This female scale applies _ 家 标准 (CNS) ^ i size⑽ x 297 public love)

, I ----- · --- 4 .---- I (Please read the note on the back? Matters before filling out this page) -I I I-_ ^ ί ·

Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs

Description of the invention (The newsletter preferably includes the lease contract of the issuer in the remaining legal documents = options, and the rest are deemed to be properly verifiable, verified and / or clarified: disclosure of the information in the quotation memo. These materials; = service The device is electrically transmitted and stored in the-database, and becomes available for preservation and inspection by investor 270.: When there are conditions that are not included in the security document and the quotation conditions in the noun appear, preferably -Provisions for the establishment of a securities secondary market. An example of the mechanism for establishing such a secondary market will be described in reference to Figure 14 below. The investor's quotation channel still refers to Figure 5, and the quotation process is a block diagram. Explain the explanation of the investment interface part in the preferred embodiment of the system of the present invention. Through a publicly accessible website person π 232, the investor is preferably asked to log in using the investor password and identification to the system to Determining their identity 118. After access, the investor can check the general information and other desired information related to the market system of the present invention, including a series of actions performed by different issuers Price 268. In addition, for example, background 234, 236, 2% of the system of the present invention, investor relations assistants 242, 244, 246, 248, investor account information 25, 252, 254, and event notes 258 will be via the website 248 is preferably included and made available. Returning to the block diagram in Figure 6, investors interested in examining information related to a particular quote obtained from the current quote 268 will be directed to the issuer's overview Web pages 302 '304' 306, 308, which will briefly describe the issuer and its bids in general. In a preferred embodiment, investors who wish to see further information related to the offer will ask the trading network This paper size applies to China National Standard (CNS) A4 (210 X 297 mm)

2J (Please read the notes on the back before filling this page)

498238

Description of the invention (page access, before seeing the issuer's actual transaction webpage, investors will be required to implement the Electronic Non-Disclosure Agreement (NDA) 310. The NDA preferably specifies that the investor will be inspected for non-disclosure related to the issuer Public confidential information, and stated that investors will not disclose such information, and will not use such information for other purposes of evaluating participation in quotation. If the investor agrees to NDA312 and electrically implements NDA312, the investor will be allowed to enter The transaction webpage of the selected issuer. If the investor chooses not to execute Nda, it will return to the home page 314. Investors who have questions about NDA will be directed to contact the system's customer service function 316. Before completing the execution of NDA, this The inventive system will immediately record this information and electronically transmit the investor profile to the issuer to notify the investor of the identified issuer of 318. In a preferred embodiment, the issuer will either grant or deny specific access to Opportunities for specific investors of the issuer's trading webpage 32. In this way, access to the issuer's trading webpage will preferably be provided by the issuer; It is controlled electrically. If the access is rejected by the issuer, the system will electrically prevent access to the information of the specific investor 320. After the NDA is performed, and when the investor is permitted to access the issuer's parent website, the system displays The issuer and the issuer quote. The transaction, title page will preferably include a variety of one-way 324 and two-way 326 information sources for investors to check. The information obtained on the issuer's webpage is used as the issuer's virtual road show 322 ( VRS). One-way 324 and two-way 326 sources refer to the type of information represented by VRS322. One-way sources are static during the quotation process. Two-way sources are dynamic during the quotation process, and they are from the issuer. The new input is related to the system of the present invention. The one-way source preferably includes the system database C. Please read the notes on the back before filling this page) ----: ---- Order ------ --- Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs

498238 22, V. Description of the invention (from 270 information 'for example, including company statement 328 and option quote memorandum 330. Option 332 will preferably include all kinds of legality, accounting for the remaining price of the invention is purely legal Reliability_Responsibility Statement. The two-way source involves a large number of investor communities 336, the host news group, the investment ^ and the issuer can be electrically connected here, and other issuers and quotations are discussed. This includes management inspection The discussion will be conducted by email, telephone, video conference, etc. The discussion based on Lin will become ironic, and later non-text discussions will be translated verbatim. It is also ironic. The local information is preferably stored in the system library 338 'for later careful access by investors, systems and other appropriate roles (such as security maintainers). For the limited distribution of reinsurance data, it is only used by: Where the selected information can be printed. In a preferred embodiment, 'fine domains' are implemented with software that includes a personalized watermark on all material documents. Restriction. This watermark will include the name of the specific investor. The information printed by any website will include the investor's personal watermark. In addition, appropriate laws and safeguards will be used for non-disclosure documents and uncommitted language. It will be better to include it. In a preferred alternative embodiment, for example, it can be used to print the Λ, Chuan I, Hexi's Ad〇be system of Adobe by the Intellectual Property Bureau Employee Consumer Cooperative of the Ministry of Economy.

Acrobat can be used to restrict what is actually printable. In addition, when VRS data is available to investors (visiting 334 on the stand of pedestrians ^ will be better with the invention of Le Er :: and change the valley. In a preferred embodiment In the communication related to the visit, the communication during the visit will record the audio and / or video and store it in the unified system library 338 'for later review or inspection by the investor. 498238

Description of the Invention (The auction of the cooperative of employees of the Intellectual Property Bureau of the Ministry of Economic Affairs, which is used to determine the price and distribution of shares in an offer, returns to Figure 7, which illustrates a preferred implementation of the auction portion of the system of the present invention Example block diagram, which can be used by the issuer for quotation. The quotation period refers to the time for which the quotation is for the investor. During the leave period, the investor can go through the investor network. Accept a bid indicating the shares the investor wants, the amount the investor wants to buy, and the maximum price the investor is willing to pay. The system of the present invention then designates a unique tracking number to shoot out 4 and stores it in the bid information Library 405. A system of several bids by investors—electrical orders—price telephone auctions: This type of auction accumulates bids during the bidding period and 414 bids for all shares at the end of the order, balancing the demand for bids and Supply, and available quotes 411. The use of the telephone auction mechanism allows fair distribution of securities and bidders in situations where the total number of bids exceeds the number of quoted securities. Here, The amount of the price represents the number of shares that the investor can obtain at its quoted price, and the number of shares specified by the amount is calculated, that is, the number obtained by dividing the price by the amount. An important feature of a preferred embodiment of the present invention is the current auction price And the amount is continuously displayed with the investor 41 () during the quotation process. The bid is for a specific number of shares or a specific amount of investment. The important feature of the preferred embodiment of the present invention is that it provides a specific amount of investment. In this form of bidding, if the auction price becomes higher, the investor does not need to spend too much money. Instead, the investor obtains a smaller proportion of the shares. To ensure that the sale represents a strong purchase attempt, it is better to In the embodiment, the bid is irrevocable. The quotation is described by three quantities. The-is the quoted price,

(Please read the notes on the back before filling this page)

498238 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs A7 Invention Note (24) The minimum price acceptable to the issuer. The second is the highest quotation of shares], several miles. The second is the maximum number of quoted shares. The difference between the minimum and maximum number of quoted shares is called Γ shoes. " In a broader overview, an auction can have three looks. First, if the total bid amount is equal to the maximum or minimum number of shares quoted, the order will be determined at the quoted price. Second, if the total number of bids exceeds the maximum number, the present invention will seek market prices and distribution of securities in accordance with the following rules. Third, if only unqualified investments intend to participate, and the total price is less than the minimum amount quoted, the quote will be withdrawn, the auction will be cancelled, and no bid will be filled. In the first case, each investor receives the number of shares equal to 所得 divided by the quoted amount. For example, if an investor specifies a total of US $ 50,000 and the initial quoted price is US $ 5 per share ^ the investor will receive 10,000 shares. In the second case, the bidder of-, receives an amount equal to the number of injuries obtained by dividing the auction price by the bid amount. If the bid amount is US $ 50,000 and the auction price is US $ 11, the bidder will receive 5,000 shares. We will summarize successful bids = judgments later. However, it should be noted that, in most cases, the maximum amount is to be paid, which is 5% of the total cost, and 5 — W pays and works well, the price is 袼 (auction price ，), :: 二: At their personal maximum price. Therefore, even if the auction price becomes higher than the initial quoted price, the investor should specify the maximum price, which is higher than the reported price. This higher maximum price protects people, yttrium, or jewellery. ^ The door dares to give the investment-Beiren a stable position, prepared according to the maximum price and then based on the bid has been settled: right ,,, Yes-the possibility is that the auction price is higher than the maximum bid price; private paper size is T Guan Jia Xian (_CNS) A4 size (2f X 297 mm) (Please read the note on the back? Matters before filling out this page}

498238, invention description (printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs, in this case investors will be required to order, ^ μ &amp; Opportunity for quoting. ^ In the preferred embodiment, the 'investor's price bid is the most point set: 2: beat point. For example, the beat point is US $ 0.25. By analogy, the bid price will not be between the beating points. For example, the bid price of US $ 5.17 will not allow one US $ 4, ^^, and the order of one beating point. When the newspaper 4 At the beginning of the period, and the bidding is also open; when J starts, the beating point will preferably be set to about three percentage points of the price, for example, ten per share in the auction, where 'the quoted price is expected It is in the range of three dollars per share. When a quotation period is nearing the end, the jump point will be widened by 416 to encourage it; people will express their interest in the transaction as soon as possible, and prevent post-bidders when the price is only a small difference. Get priority over previous bidders Returning to Figure 7, if the bid is not within acceptable range, the investor can reappear 424. The bid auction price and quantity will continue to be displayed until the auction ends, at which time they are the final price. Finally The auction price will be set such that the supply of shares is equal to the demand for shares. The demand for shares is the number sought by all investors who bid at least equal to the auction price. For bids with reduced investments, the amount sought is used as a reason The amount of investment divided by the auction price. The supply of shares is the maximum number of shares quoted by the issuer. Once the final auction price is determined 418, the bidder has a price equal to or greater than the price at which its bid was accepted, and all successful The bidder paying the same price is the auction price of the offer. The present invention will issue an electronic confirmation 428 of accepting the bid 422 to prepare the investor's settlement. In some cases, the auction price will be higher than the maximum of the offer (please first Read the Zhuyin on the back? Matters and then fill out this page) 丨 · # ----: ---- Order -------- See _ · 1 · J.

498238 V. Description of the invention (26) !, but the quantity of the bid at any higher price is less. In this case: Straight: The use-distribution rule is required so that the auction price of the investor will be full. In the preferred embodiment, these investors will be filled with their bid time. Therefore, 'in the preferred embodiment, the bid is determined first by the price prior to the range' and is later determined by time priority by the bid in the market price found in the auction. Time priority provides an incentive for investors to specify their maximum price upon first entry, rather than increasing it later. However, any other priority system, including proportional allocation or random selection, can be used use. It should be noted that prices have absolute priority, and priority rules are only used when the highest price for a particular bid is equal to the f price. These rules define — 1 Sell ’to encourage participants to bid on the securities they want to trade, and to offer them out early, and therefore encourage the maximum number of mutually beneficial transactions. While the auction offers a reward that encourages early bidding, it also allows late bidding. We use the term dispatch to guide the determination of which bid is accepted. An accepted bid is called a filled bid. As noted in the note, all the highest prices specified above the auction price are filled and are located at:. Bids that specify the equivalent of the auction price are filled in priority order. Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs. The bidding pass 4 is filled after the negotiation based on the distribution at the negotiation time. As an example, suppose an investor returns home from a holiday to seek an auction for a particular issuer, which is only one day from the end 'and it is expected to have considerable success. He saw a complete transaction at a price of US $ 11 per share and wanted to pay more than this amount. This beating point is one dollar. The investor bids US $ 12, and collides with the price specified in the bidder database 405. This paper size applies the Chinese National Standard (CNS) A4 specification (210 x 297 mm). 5. Description of the invention (27) !: Ten-Yuanzhi ... We use the term "collision" to mean that when the two new bids enter the distribution, one of the positions of the distribution caused by their entry is private and the appearance is fairly fair, because the new investor is more fair Second, investors ^ stocks offer higher prices. And the new investor due to the late _, and / pay. A, J acknowledged that if it was released earlier, it will be able to bid US $ 11 70 'and have a good opportunity to bid at a lower price without having to Bid at twelve dollars. Only again: Bayer can update his bid during the shoot by increasing its maximum price. This is a desirable step if it decides to place such shares: above the maximum price specified by its previous bid. FIG. 8 summarizes the method of valuing the price of shares through an auction according to a preferred embodiment of the present invention. In step Chuan, the tick point is set to 2 a small percentage of the quoted price. In step S18, the investor performs staking via the investor network. Each bid includes the total amount or number of shares specified by the investor that he wishes to invest in the report. In one embodiment, the bidder must deduct at least US $ 25,000. In a preferred embodiment, at the time of bidding, the investor specifies the maximum price per share that he / she wants to pay. Then, investors have the opportunity to raise the maximum price, if the distribution reaches the point where the auction will not be filled. In step ^ 9, the bidder is assigned an identification number, and the same day ^ ^ time / date has been stamped. At the point of step S20, the system of the present invention determines whether the highest price of each bidder is higher than the current price. If the answer is negative, it is rejected and the investor is given an opportunity to re-price in step S21. If the bid is accepted, it is recorded in the bid database in step S22. The investor receives a confirmation that his bid is accepted. In step 498238 A7 B7 V. Description of the invention (28) (Please read the precautions on the back before filling this page) ’As the quotation period passes, the tick point interval can be increased. At step S24, the current auction price has been calculated as detailed above. When more investors compete to bid, the price that is continuously displayed may exceed. In step S25, when the price increases, the investor whose bid price has been exceeded by the fake cell is informed that his bid has been collided. Collision bids are kicked out based on price rules and time priorities. An investor with a collision bid is given an opportunity to bid again via steps S21 and S18. The system continues to repeat steps sl8, sl9, S20, S22, I S23, S24, S25, and S27 until the quotation period ends at step S27. Once the quotation period ends after step S27, the last auction price is established at the end of v24. The accepted bid is filled in step S29. All bids with the specified maximum price higher than the last price are filled. The bids that specify the highest price equal to the auction price are ordered in age, with the oldest best being filled first. Age is determined by the time when the maximum price was last increased, if the investor had re-bid. In step S31, the system of the present invention provides the inventor's successful bid to confirm that his bid will be filled. Finally, in step S32, the system ends the following steps. Returning to Fig. 9, it is a block diagram illustrating an embodiment of the four auction sections of the present invention. In this preferred embodiment, in the first stage, step S40 is performed again without reporting. This stage, called the reservation stage, performs a preset period, such as a lifetime (step S41). In the second phase, which is called the agreed period, starts at step M). All the steps of Zhang M2 are shown in Fig. 8, including the report of the bid price and the number of bids + a, number. The second segment ends after a preset daytime interval, such as four weeks (step S43), and the quantity will be withdrawn (step S44). If after a preset time (for example, four stars =, this paper scale play hat 498238 A7) The Ministry of Economic Affairs of the People's Republic of China Smart Consumers explained (29 the number is between the minimum and maximum values (step S45), then the quotation system ends, and: The bidder is filled with the quoted price (step S46). During the agreed period, if the quantity reaches the minimum value and a preset time (for example, five days) has passed (step, 7), then the third stage is the auction The extension begins (step s48). During the extension of the auction, all steps shown on the _ occur except that the investor cannot enter a new bid. In one embodiment, no investor can bid more than the price during the agreed period. A large amount of money. In an alternative embodiment, a person can give a car owner a larger number of shares that he has issued during the open contract period. In both embodiments, the 'investor can only update its price by increasing the price The bidder. The investors who collided in step S25 in Figure 8 are optional. The bidder in Figure 8 bids again. When they re-bid, they do not collide with other bids. When—the specified period, such as 12 hours, Or if 1 Has exceeded the specified commercial date (steps such as), this auction is postponed and no bids need to be collided (step S49). In the latter case, the program enters the extended acceleration phase, such as the same steps as the extended phase, except that The quiet period without any collision is a short period, such as four hours, to end the auction. The hours referred to here are preferably between 9 am and 9 pm. In one embodiment, the collision has Bidder designation-period, 再 re-bid within that period, such as hours during the extension period and four hours during the acceleration period. 时 At the beginning of the extension period of step S48 in FIG. 9, all bidders whose bids were previously collided, Was told that it needs to end during the extended period: 'bids' to maintain the auction. The extended period may end between the steps specified in step S49. In particular, the notified bidders are all bidders whose bid is less than the auction price of the extended period' plus collision Bidder, its best: Please choose the longest love% 12 when applicable to this paper size _ 家 鲜 (CNS) A4 size (21G χ Norwegian public ^

I A7 A7

The Consumer Property Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs printed a description of invention (3Q), which is inconsistent with the auction price. However, there may only be a certain Qiu Qiu, 1 for filling up with unqualified time. 4 h Shi Ya hit the bidder. In the alternative embodiment, the beating point or the bid selection amount I or the acceleration phase may become larger ^ ㈢1 in the extension phase (or larger). The larger tick is to reduce the price increment to reach the final price. ‘, 1. In the quick example, all bidders can increase their maximum prices during the extension period or at any time within the U-gate. Only the second person who bids have collided. # 代 实施 例. The maximum price can be adjusted during * HAI #. Auctions with bids sold. When Tian Paibei is used to support the secondary market, participants bid and purchase bids. The seller may place the bid on sale specific two: at a price at least as high as the minimum value specified in the bid. 2. When using 初始 to place the initial quote, as before. There will be valid orders-the minimum price of the sale ^ is the quoted price, and the number of shares is the maximum of the quote. The auction system described above will work with the sale and purchase bids. The only additional aspect of this system with a bid for sale is that of each step in the process, specifying rules for entering and changing bids. In one embodiment, during the first two phases, the sale price can be freely rolled into the system. The sale can be changed over an extended period by reducing its minimum price. When the specified period ends, for example, 12 hours, the auction ends in the extension phase without any change in the allocation of auctions, that is, no buyers or sellers are assigned more or less stock damage. Calculate the auction price and distribution. 73 Here's what we provide The rest of the determination of the auction price ^ (Please read the notes on the back before filling out this page) — — — — — — —

^^ 238 A7 V. Description of the Invention (31) In this description, we consider both the purchase bid and the sale bid. In the preferred embodiment, the auction price is calculated in cents rather than centered on the nearest tick point. In an alternative embodiment, the price is focused on the nearest higher tick. In this case, the auction will result in certain undistributed shares. In a second alternative embodiment, the price is concentrated to the nearest lower tick. In this case, the auction will result in a situation in which the purchaser will distribute more shares than available shares. In these two alternative embodiments, a completion procedure, which will be described later, can handle the gap between the allocated and available shares. The auction price satisfies the following conditions, which produces a more accurate concept of equal supply and demand: 1. The number of shares required by the investor is equal to the number of shares quoted (the number of shares required by the buyer is equal to the total amount; the bid is placed by all buyers Amount bid, whose maximum price is at least as high as the auction price divided by the auction price, plus the number of shares bid by the buyer, placing the bid with a specific share =, and its maximum price is at least as high as the auction price.) Or 2. purchase The number of shares required by the seller exceeds the number quoted by the seller, but the number of shares required by the buyer at any higher price will be less than the number quoted by the seller, or 3. The number of shares required by the buyer is less than the sale The number of shares quoted by the purchaser, but at any lower price, the number of shares required by the purchaser will exceed the number quoted by the purchaser. We refer to these as the first, second, and third type distributions. Paper Size Gujin® National Standard (CNS) A4 Specification (210x 297 Public Love) (Please read the note on the back? Matters before filling out this page) --- --r I .-- Order --------- Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs Normally, auction 498238 Five A7 Description of invention (32) Price is calculated by meeting one of these mutually exclusive conditions— Price. A specific method of seeking an auction price according to the embodiment shown in FIG. The auction price is determined as follows: • Make / be the range of various bids, / a] Λ,, Jiu, ... τν, arranged in increasing order of price (852). Makes the price of the price specified in any bid, and makes w higher than the price of the price specified in all bids. Let ^ be the amount, in the case of the purchase amount, in the case of repurchasing you, other ^ forms are 0, and the number of shares the buyer wants to purchase 'in the case of the purchase price of the specified number of shares', in other cases, it is 〇, and let Λ • be the number of shares quoted by the seller, in the case of the sale price, otherwise 〇. In addition, the buyer may pay the maximum price per share or the seller may accept the minimum price per share. Definition D (p) = ^-Η 工 Di pi &gt; p P pi &gt; p S (P) = ^ Si

Pi &lt; P and X (P) = D (p) -S (p) (Please read the phonetic on the back? Matters before filling out this page) 丨 · 1111111 Printed by the Intellectual Property Bureau Staff Consumer Cooperatives of the Ministry of Economic Affairs (854) These Demand function 'supply function and over-demand function Step 1 (852): Rank bids from low to high and calculate over-demand at each price (854). In step 856, the highest price is found, and the over-demand is not negative here: age suppression makes i the bid number, and # is the price if χ (ΡΝ-1) = χ (ΡΝ) = 〇9 ^ ρΝ . j This paper size applies the Chinese National Standard (CNS) A4 specification (210 χ 297 public love) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 498238 A7 ___B7 _ V. Description of the invention (33) Step 2: Set. Note, unless κΛΛ94. Step 3 (858): If it ends with the auction price 袼. Step 4 (860): If K is clever, end with the auction price. Step 5 (862): If Zλ / ′ ends at the auction price 〆3 Step 6 (864): If 坌 -Λν /, end at the auction price; 7 * # End Step 7 (866): Calculate V = Y / i

Pi &gt; P and N = Si-y] Di

Pi &lt; P Pi &gt; T and ends at auction price pbK / iV. Fill bids All purchase bids with the maximum price exceeding the auction price are completely filled. The specified amount is filled with several shares equal to the amount divided by the auction price. The specified number of shares is filled with that number. All sale bids with a minimum price below the auction price are also completely filled. Returning to Figure 11 ', it illustrates the rules for filling the bid when the specified maximum or minimum price is equal to the auction price. In a distribution of the type defined above, all bids with an equivalent auction price are also completely filled. In the first pie type, the sale price with all minimum prices equal to the auction price is filled. Purchase bids with the maximum price equal to the auction price are filled in priority order. The purchase bid for a second type of distribution may be partially filled. In the third type of distribution, all and the right 4 W have the highest price relative to the auction price. ) A7 Consumer News printed May 1 Invention Description (34) A '~ &quot; Selling bids are filled in priority order. A sale bid can be partially filled. ti * JL &gt; Completion In some embodiments, a completion is performed after the quote is closed. There is ΓΓ, ’^ the investor has received—partially filled’, but it may not have survived this, and was created to seek other willingness to acquire these shares at the price paid by all investors. If additional shares are available, they will be sold during the period. Then these shares will be quoted at the auction price; disclosure during the auction period = the unlisted book auction in the auction, 'the bid was not disclosed in any particular period to any investor for the rest of the investors Γ In a fully open book auction, bidders can know information about their personal bids because of this. The auction can reveal limited information between the private and full public. One of the advantages of a private book =; no: opportunity Make a strategy. In particular, bidders have no incentive to accept whether it is too late to bid or the price offered is less than their true maximum door: = ay Company's actual computer-based experience shows that this kind of behavior is very common when the books are made public.— The disadvantages of U's undisclosed books are that the publisher cannot know the bids of others, and at the same time, he knows that the transaction is balanced, so he can join the auction + J to sell at a low price, and therefore attract new bidders. The real assets of the market and many other investors who participated in the bid m W "People want to be paid. In the example, the information disclosed is the quotation that has been sold, and there is no additional information on the right. The sale price of the offer input. Please ask for paper rule &amp; fortune secret amp 297 public love_. 498238

The invention description (printed by the Intellectual Property Bureau employee consumer cooperative of the Ministry of Economic Affairs, printed δίι) is within the period during which the bids were collected and pretend to be too small to collect, and is updated as follows: For Ε = inquiry, if the auction is based on the current The bid ends when the bid is displayed, and j is displayed. After each bid, the auction price and distribution are determined (Figure 10), = to the bidder whose bid is fully filled or partially filled, according to 2W but this Or any other personal information will not be disclosed: others). Finally, the bidder is displayed with the price required by the bidder to guarantee participation in the auction based on the current bid. If the bidder is kicked out of the auction, the new bidder is notified when the new bid is entered. In an embodiment, during the initial quotation period, all capital market system subscribers (and not just subscribers signing a ship for a particular issue) are provided with access to current price information. The goal of Open Shot # is to allow prices to trade interest with others ’to attract more people interested in shooting. To achieve this, it is effective to give potential investors access to a brief description of the issuing company and information on price and interest levels.需求 In some embodiments, the demand curve is calculated and displayed to the system manager ', although this information is generally not disclosed with the investor or salesman. This demand curve takes price as the vertical axis and shares as the horizontal axis. The maximum amount is the total amount bid by the investor, minus the higher price. This chart starts at point _ ′ which is the highest maximum price among all purchasers. The horizontal line is then drawn to point ⑺⑻ / Ap). The latter curve (such as) is drawn, which is the 〆helm GP, where 〆 is the next lowest price. The horizontal line is then drawn ^ dots, and so on. At the same time, a supply curve is also created. In the case of initial quotation, the quoted price of the supply curve between the minimum value and the maximum value of the quoted shares has two horizontal lines, and then a vertical line to the highest relevant price. (Please read the notes on the back before filling this page) -f 订 Order ·

498238

V. Description of the Invention (36) The theory described in the present invention printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economics can refer to # ^ 60 / 159,621 ^ applied for on October 14, 1999. "Unit-price multi-unit auction" The disclosure is also here for reference. Auction Glossary Due to the necessary complexity of auction narratives, we provide here a glossary of special terms used in the scope of previous and subsequent patent applications. Significance According to the method in Figure 11, determine the number of shares offered to the purchaser and the number of shares accepted by the sale bidder. When no new bids are accepted in the auction, but earlier bidders can change their bids to maintain the distribution period. Apply the method in Figure 10 to a set of purchase and sale prices, the price obtained. The bid is left by the dispatch because another more valuable bid is entered into the dispatch. Two-dimensional chart, with the number of shares as the horizontal axis and the price as the vertical axis, indicating the number of shares sought by the bidder at each price. Equal interest in buying and selling to find the auction price and the corresponding distribution result. The point where the demand curve intersects the supply curve. The number of shares to be purchased at a given price, which exceeds the number of shares to be sold at that price. . Name Dispatch Auction Extended Auction Price Collision -------; ---- 7 丨 · —— ^^ ----- r I ί ^ --------- »· (Please read the back first Note to note? Please fill in this page again.) Demand curve This paper size applies to China National Standard (CNS) A4 (210 X 297 public love) 39- Ί IIJ · 498238

5. Description of the invention (

A Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs Extended period When no new bids are accepted in the auction, but earlier bidders can change their bids to maintain the distribution period. Filling the bids Allocating shares to purchase bidders or allocating shares by sell bidders. In the case of a purchase bid specified by the amount noun, filling up is related to the number of shares equal to the amount of the specific bid divided by the auction price. Initial Offer An auction where the issuer is the sole sell bidder. Maximum price: The maximum price that the bidder designated by the purchase bidder will pay. Minimum price The minimum price that the bidder designated by the sell bidder will accept. , T ± * JL &gt; το 成 Share exchange after auction at auction price. Quoted price The price set by the issuer in the initial quote, which shows the minimum price at which the shares will be sold. The priority rule is used to determine what kind of bid will be filled out of the maximum purchase price 最小 or the minimum sale price of the auction price ^ rule. Quiet period: For example, a preset period of 12 hours, during which the auction distribution does not change. Rebid An increase in the maximum price of the purchase price or a decrease in the minimum price of the sale price. Sub-Auctions Any number of sale bids can generate auctions (limited to the number of outstanding shares). Acceleration In the extension of the auction, the quiet period is shortened, for example, 12 hours for 4 hours.

(Please read the note on the back? Matters before filling out this page) · 11111 — 1 498238 A7 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 5. Description of the invention (a two-dimensional chart of the supply curve, with the number of shares as the horizontal axis, and the price The vertical axis indicates the number of shares quoted by the bidder sold at each price. A quantity such as US $ 0.25 makes the bid price specified in multiples of the tick point, such as US $ 3 and US $ 3.25 Etc. In the initial quote, the total amount of all shares sought by the purchaser is calculated by the bid specified by the amount noun to find a share equal to the specific amount divided by the quoted price. End the transaction and return to Figure 12 Block diagram, once the price is set, the system of the present invention assists the transaction with appropriate proposals, such as generating auction distribution records (including the identification of each successful participant in the auction and the price of each distributed security), issuing the issuer's securities, and Master the receipts and configuration of investors' purchase considerations. In a preferred embodiment, the transaction is via a standardized securities purchase agreement 502 (Hereinafter referred to as "SPA") and are generally documented and generally permitted only for financial terminology that is to be changed or amended. These SPAs are generally accessible to the investor network for system website 27 〇 Inspection. When applied to a specific quotation, the SPA is completed through appropriate legal consultations and distributed online to investors participating in this report purchase. Investors who are available to investors via the transaction webpage are annotated versions of SPA, which reflect the general The difference between the form and the specific form of the quotation. Through this process, this determination process ensures that only participating investors receive and execute the SPA. The number of reported jump points after the quotation (please read the notes on the back before filling this page) _ _ _ m _ _ _ _ _ _ _ _ _ _ -I ϋ I ^ J n ϋ ϋ I ί This paper size applies the Zhongguanjia Standard (CNS) A4 specification ⑵G x 297 public love) -41- 498238 Wisdom of the Ministry of Economic Affairs Printed by the Property Agency Staff Consumer Cooperative

(Please read the notes on the back before filling this page)

A A7-B7, Description of Invention (39) Returning to FIG. 13 ', it is a block diagram illustrating an example of a preferred embodiment of the reporting part of the system of the present invention, which will be described below. Prior to the end of the validity period of the entrusted investment order, each new issuer 602 is preferably required to provide detailed financial and official reports to the investors of the purchase portion of each issuer's offer. The nature and depth of this report is atypical for private (unregistered securities), but it is an important element of the present invention. = The invention rewrites the report material for the stockholders, citing the current Λ Kai Beiben. Every securities registration company is required to submit a specific periodic report to the coffee company. Usually these reports require a quote from the company's securities transactions under the Securities Exchange Act of 1934. This sEC commission report includes an annual report of the type ι〇_κ, The quarterly report in Form 10-Q and the current report in Form 8-K. When a company limited by shares requests a vote or obtains the consent of the stock holder, it must generally comply with the agency rules. Forms 10-K and 10_q include the company's previous business For presentation, including financial billing and management degradation and analysis related to the financial billing summary during the period (hereinafter referred to as "MD &amp; A"). The purpose of Format 8-K is to supplement the remaining formats when data items occur It should also immediately attract the attention of the investing public, such as the merger, sale of major assets, bankruptcy, or changes in accounting principles, etc. Regulations require special events to be disclosed 'and allow the company to choose the remaining events for voluntary use In addition, the company listed on the NASDAQ stock market of the National Association of Securities Dealers in the United States must have a copy of the NASDAQ application filed with the SEC and the parent exchange company must submit a copy of the application for exchange. The purpose of the report is to Maintain the stock market and its stock holders to be notified of relevant information development matters' whether they like it or not, in order to activate the activities of the notified investors. This invention applies to private securities to achieve publicly traded securities commissioned by the SEC. This paper applies to China National Standard (CNS) A4 Specification (210 X 297 mm) 498238 Printed by A7 of the Intellectual Property Bureau of the Ministry of Economic Affairs Consumer Cooperatives V. Invention Description (4) The same reporting purpose is to disseminate information on implementation efficiency and development, to To enable investors to understand the latest status of the issuer. Since the quotation of transactions in the system of the present invention is not a public transaction, information requirements are only directed to investors who purchase the issuer's quotation and investors who wish to participate in secondary market transactions. After signing the NDA, one of the features of the present invention is that the person participating in the issuance must comply with certain pre- Definitions and contractually agreed reporting requirements and identification of communication protocols In addition, the system of the present invention uses the system investor network to help disseminate information in a time-efficient and cost-effective manner. Reporting requirements are established based on the responsibility of the issuer and its management and its board When the investor obtains a valuable asset management tool that enables the investor to track the efficiency of the issuer, the main disadvantages of the conventional investment method of unregistered securities. The meeting point that meets the requirements is preferably tried by various electrical companies (try A, B In a preferred embodiment, try A as a price difference table to make it suitable for the issuer's business line, which is preferably based on a quarterly standard and is completed approximately thirty days after the end of the accounting quarter. The issuer This attempt will be received via its website and key financial information such as sales, gross profit, operating income and special income statement items will be inserted. When completed, this price difference table will be electronically transmitted to the system of the present invention for inspection 606. At the same time, the issuer is required to complete attempt B, which is made up of MD &amp; A in the most recent financial period, but unlike its reported public counterpart, such discussions will include discussions with reference to its previous cycle and its budget or forecast number An analysis of the issuer's operational efficiency. This will allow the system and the investor to determine how the issuer will execute the investor-related matters through its quotation period and its subsequent planning. In addition, non-financial special I * subsidies &gt; Xun are preferably provided, which may include The main rent, new customers, and ice scale are applicable to China's national standard ⑽X 297 Public Love {Please read the precautions on the back before filling this page]

Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs 498238 A7 ___B7 41 V. Description of Invention () Litigation, or any other development information during the period 609. This common information is similarly transmitted to the system for inspection purposes. This total information will be edited by the system for display purposes only, and encapsulated in report 612, which is disseminated to each investor's website 614. In the remaining events, the information from attempt a is directed to the issuer's systematic valuation model, which will use a series of valuation methodologies 608 '610 to provide an existing value study of the quote. This valuation assumes a small number of interests and this valuation is based on the issuer's existing execution and existing market conditions, m including a comprehensive consideration of the application market. In addition, attempt c is similarly prepared by the issuer on a cyclical basis, but only when certain information developments occur in the ordinary reporting series, and where the issuer management and its board of directors consider it a fiduciary duty to notify investors. This is similar to the published 8-K SEC format. Once again, the attempt is sent to the system electrically, which performs certain production edits in sequence without changing the content. In a preferred embodiment, a periodic journal is created and disseminated to the investor's website. About two weeks after the report was disseminated, the system of the present invention is held] Group 616, where the issuer and investor will participate in a The real-time discussion group discusses the two-way sequence, the content of the report and the rest of the issuer's information. This discussion group will preferably be hosted electrically by the Internet and will be conducted in the form of words, video and audio. In addition, for the purposes of the present invention, all comments will be transcribed and stored in a database for use in compensating for late door-to-door delays, and for investors who have not participated immediately. 'Reports and journals are preferably broadcast only to investors in the issuer's offer. However, the information contained herein will also be used in the exchange reports below. , (Please read the notes on the back before filling this page)

A7 B7 V. Description of the invention (42,)

I Employee consumption secondary market certification ::: Buy is characterized by providing-methods' allows a small number of unreliable basic liquidation == :: field: grid and a regular plan, the company has sold 4 to the application registration report Or a specific start to shoot ir, good implementation of wealth, investors will be able to go through cyclical secondary market = their holdings (such as exchange quotes). Prospective sellers are at the auction: A bid is issued, hoping to sell. The price at which someone has held the new shares with the new holder I. . The bid-purchasing program search-balances the hope of selling and buying. Referring to FIG. 14, which is an example of an exchange quotation implemented according to the present invention 'will be described below. An important feature of the present invention is to provide a method to allow the purchase of a small number of specific unregistered securities and to pay their investments at fair market prices and generally without having to wait until the application for a registration report or a specific issuing company has been sold. The part of the issuer repurchased or redeemed at a preset date from the quotation and the part of the relevant approved securities sold for quotation with the exact same terms except for the price, and then repurchased. This new requote is used as a reference for the exchange quote 70. The investor approves the 704 request for electrical ground, and approval of a specific pre-defined ratio does not require the issuer to be obliged to comply with the exchange of the quoted price 702. In the preferred embodiment, the predefined percentage is or lower. Approval has not been passed and no exchange will occur 708. In a preferred embodiment, the issuer will be punished if it fails to comply with the entrusted exchange price of 702. Order% 100 if this paper size is applicable to China National Standard (CNS) A4 (210 X 297mm f

I 498238 V. Description of the invention (43) By issuing-similar securities, in terms of capital participation, for example, 10% completion = diluted ordinary shares, the price the buyer is willing to pay is based on the status of the issuer and market conditions and Depending on implementation efficiency. For example, consider the following situation. If, at the time of quotation, the issuer sells a series of convertible preferred shares A (hereinafter referred to as "series A") and raises US $ 2 million, this series of eight can be converted into 忉% ordinary shares. From then on, within the year, based on its performance, investor interest and market conditions, the value of 10% of ordinary shares was approximately US $ 3 million. By issuing an issuer and redeeming the same securities at the same time, the holder of the original offer, that is, Sequence A, is allowed to liquidate its shareholding opportunities through this procedure. If they vote to maintain a standing investment, the investor will exchange their original securities (quote) for new securities (exchange quotes), which is a tax-free exchange under the International Revenue Service Code. The system of the present invention, through its VRS program and its ability to disseminate information about the issuer's database, will assist in the exchange of quoted sales by means of original quotes. In a preferred embodiment of the present invention, through the transaction website 71 °, NDAs310 secure access to 'VRS322 dynamics and auction institutions 41 °, the analysis and evaluation of the current securities 705 and the effect of this opportunity on the entire investor network (produced In terms of broad basic needs), the exchange quotation procedure is the same as the quotation procedure. As detailed above, those skilled in the art will understand that the present invention can be modified and applied without departing from the spirit of the present invention and the scope of the following patent applications. Accordingly, the description and drawings of the present invention are provided for illustrative purposes and not for limitation. In addition, although only specific embodiments are described in detail here, this paper size applies the Chinese National Standard (CNS) A4 specification (210 x 297 mm)

V. Description of the Invention (44), ...; The skilled person may still make modifications without departing from the spirit of the present invention. The comparison of the various materials is considered as the material of the material _ ㈣㈣ 作 = change 0 less 100 general public 104 brand building procedures 108 personal investor collection 112 refused to apply 116 institutional investors 120 investor network 200 all companies 204 brands Establish procedure 208 Target company set 212 Generate issuer candidate objects 214 Pre-filter procedure 218 Remove 222 Approve? 228 Company to market procedure 231 Support 232 Secure website 236 Task 240 Policy 246 Specific query Document reference comparison table 102 Direct market procedure 106 Indirect market procedure Π8 Produce investor profile 122 Investor database 202 Direct market procedure 206 Indirect market procedure 210 Give issuer candidate an application identifier 216 Is it a qualified issuer? 220 Joining Procedure 224 Issuer Database 230 Production Editing Content / Quotation Memorandum 234 System Background 238 Management 242 Source / Investor Relations 248 Private Market Development I I--I | ~ | II J- --- I -i -I itT ------ I--. (Please read the note on the back? Matters before filling out this page) This paper size applies to China National Standard (CNS) A4 (210 X 297 mm) -47-498238 B7 V. Description of the invention (Printed by the Employees' Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs 41 250 Account Information 252 Investment Activities 254 Portfolio Company Reports 256 Portfolio Company Evaluations 258 Project Actions 260 Individual Quotes 262 Individual Exchanges 264 Current quotes 270 Sources 302 Company ABC Abstract 304 Company DEF Abstract 306 Company GHI Abstract 308 Company JKL Abstract 310 Each Company Electronic Non-Disclosure Agreement 312 Agreement 314 Homepage 316 Lifted for Discussion 318 ID318 320 Company 322 Transaction Paging: "Virtual Road "Show" 324 one-way communication 326 two-way communication 328 company information 330 offer memo 332 option 334 visit on site 338 database irony 3 36 Investors Community Investors &lt;-&gt; Investors Investors Eight Investors &lt;-&gt; Agent Newsgroup Chat Room 402 Place Bid 404 Specify Bid # 405 Bid Database 410 Show Current Price 412 Market / Exchange 414 Collected 416 during the quotation period. Increased the size of the tick point. 418 Established the price. 420 Filled the order. 422 Accepted? 424 Re-bid. 428 Confirm. 426 Real-time market information. 428 Confirmed. 504 Purchase consideration. Specification Coffee χNuo Gongai ------ JI — ---- l · —! ^ --------- (Please read the note on the back before filling this page) 46, 498238 46, 498238 V. Description of the invention (502 Document 602 Company in the market 606 506 End 604 information cycle proposed system try format not edit business operation management city 3 608 analysis of production planning change evaluation 609 do not analyze production sentence 610 grade / The risk assessment format is updated by 614 investors in the company "616 Analysis call / discussion hosted by the system 618 All reports from all companies in the market ㈣ Company directory 702 Exchange Quotation ™ Analytical inspection / evaluation Do the shareholders of the 704 agree to the exchange? 7〇8 | exchange quotes 710 exchange transaction summary on the website 316 gradually increased 31 〇 whether to implement electronic NDa? 322 "virtual road show" 614 investors in the company 410% of the market / exchange centralized bid / ask the 8-day market establishment price 袼 852 Sort the bids by price, and generate a list of all the prices (maximum and minimum) of the bid &quot; Printer 854, Employee Consumer Cooperatives, Intellectual Property Bureau, Ministry of Economic Affairs, calculated the demand for each price in the list). The excess demand is the total number of units requested by the unit bidder, plus the purchase price of the sum ^ and the sum of the bonus amount for the bidder with the maximum price equal to the reduced heart, minus the sale bidder The number of quoted units is for bidders with a minimum price equal to minus greater than p. Na looks for the highest price, when the over demand is not negative, and paging this price and. Paging the next most southern price one. This paper size applies the Chinese National Standard (CNS) A4 specification (21: 0: 297 mm) Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs ___B7 V. Description of the invention (858 right Z (this 0, the auction price is set, And this is the first type of distribution, the end. 860 If the meaning (10,000) = 0, then take a picture of Meitun σ, and the last J is beaten by a grid; 7, and this is the first type of distribution, which ends. 86 Right Raise 仏 袼 slightly (by eliminating purchases with a maximum price of 袼 2) from £ to exclude the request, then the auction price is synonymous, and this is the second type of distribution, ending. The minimum price to be eliminated is the seller of the festival) 'Excluding supply, the auction price is down, and this is the third type distribution, ending. 866 This is the first type distribution, the price is between 2 and the adjustment, the auction price can be as high as 2 In order to reduce the number of units offered to bidders, the excess demand can be set to zero sufficiently. S1 identifies individual investor collections through various market procedures S2 identifies institutional investors S3 makes potential investors eligible S4 generates qualified investors Investor profile To move into the investor database via the investor network to motivate the investor to communicate with the system through various market procedures to identify the target company set to the issuer candidate application identifier to generate issuer candidate objects S10 execute the issuer candidate through a pre-filtering process Is the article S11 qualified? 5556575859 This paper size is applicable to Chinese National Standard (CNS) A4 (210 X 297 public love) (Please read the note on the back? Matters before filling out this page). L · If — Order ----- --- A7 V. Explanation of the invention (S12 Joint procedure S13 Is the issuer's object moved into the investment database 514 Is it approved? 515 The company to the market procedure 516 The removal procedure S17 sets the jump point increment to a small percentage of the expected final price s 18 The investor submits a bid via the investor network. S19 Bid is assigned the ID number and stamping time. S20 Bid status? S21 The rejected bidder is given the opportunity to bid again. S22 Each accepted bid is recorded, and the number of bids. 1 ί You Beiren receive acceptance confirmation 523 ^ time elapsed, and the surname during the quotation | J bamboo, 0 朿, you can increase the jump increment size 524 Price determination S25 When the price increases, bids lower than the current price are rejected. Can the bidder end the price increase period in S18 and S27? S 2 8 The final price is established. S29 bids are filled in age order. S31 winning bids are received. Filled sequence confirms that S32 ends S40 cumulative bids without reporting price or quantity S 41 疋 Has it passed a week? S42 accumulates bids and reports price and quantity ------ ^ ---- 4-- ---- (Please read the notes on the back before filling in this page) Order price-·%〉 _ This paper size is applicable to China National Standard (CNS) A4 (210 x 297 Gongai 498238 A7) 5. Description of the invention ( 543 One week has passed and the number is still below the minimum? 544 The quote was withdrawn 545 Four weeks have passed and the quantity is between the minimum and maximum? 546 Distributing shares at quoted price 547 Counting from the number exceeding the minimum, has five days passed? 548 Auction extension-inform the bidder of the collision and accept the higher maximum bid price 549 From the last collision, has twelve hours passed? • S50 accumulates the last auction price and distributes shares 551. It has been four days since the first time step S48 was reached. 552 The auction is extended and accelerated to inform the collision bidder and accept the higher maximum price. 553 Since the last collision, has it been four hours? ------- 一 ----, installed—— (Please read the phonetic on the back? Matters before filling out this page): —Order · Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs, Consumer Cooperatives Paper size applies to China Standard (CNS) A4 specification (210 X 297 mm) -52:

Claims (1)

Printed by A8 B8 C8 ___ D8 ^ _ of the Intellectual Property Bureau of the Ministry of Economic Affairs Consumer Cooperatives 6. Scope of Patent Application 1. A method to help promote capital formation, including the following steps: Sign a group of qualified investors; choose one or more sales Issuers of unregistered securities; execute online transactions to enable the eligible investors to bid on the shares of unregistered securities of these issuers; and distribute these shares among the joint investors. 2. The method described in item 1 of the scope of patent application, further includes the following steps: Electronically distribute information useful to qualified investors for their decision whether to invest in unregistered securities of these issuers. 3. The method described in paragraph 1 of the scope of the patent statement further includes the following steps: Provide an operable and secure communication network to allow qualified investors to communicate secretly with each other and with these issuers. 4. The method described in item 1 of the Shishen / Month Patent Scope includes the following steps: a. Provide an operable and secure communication network to allow the issuer to provide qualified investors with confidential information about their unregistered securities. The method described in item 4 of the scope of the controlled access work patent, wherein the step of providing a ^ = way includes requiring the qualified investors to control the access function in the related :: Π = Γ: Γ 2. The legal binding effect does not reveal the agreement action. 6. The method as described in the scope of patent application, 1 The step of selling includes execution-single-price telephone auction. Bu 1: As claimed: the method described in item 1 of the patent scope, in which the implementation of the “line shell step” includes accepting a bid to determine the amount of the desired investment. The paper size applies to the Chinese national standard 210X297 mm)- -I— I IK—-1— --- L- n ..... II I- (Please read the notes on the back before filling this page), lT ~ 53-498238 Patent application scope. Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 8. The selling steps as described in item 丨 of the scope of patent application include a pre-operation II: Perform an online auction to disclose information about statistical bidding. , U comes from accumulation, no need to 9: The method that is covered by the first item in the scope of patent application, in which the steps of performing the first-line and six-exchange include a pair of potential investors, and the same steps. Reporting steps: Bismuth tritium and quantity steps: The method as described in item 1 of the scope of patent application, wherein the step of performing six online exchanges includes a step of limiting the bid to a multiple of one, one, and three points. η. As described in the method of claim 10, the step of a multiple of the jump point includes the step of &amp; t J being the size of the jump point. The method described in item 12 of the scope of the patent application is added when the auction is continued. The step of executing the transaction includes-according to a priority rule, allocating shares to the bidder whose bid price is equal to the auction price. step. 13, 13. As specified in item 12 of the scope of patent application, it will be decided in time. Method w, where the priority rule = the method described in item 13 of the scope of patent application, wherein the priority rule specifies priority based on the last maximum or minimum price entered by the bidder for the bidder. ,! 5 · If the scope of patent application is the first! The method described in the above item, wherein the step of executing-online trading includes-notifying at the actual time-the bidder, a step that will not be met because of more than 1 bid closer. 16. If the scope of patent application is the first! The method described in the above item, in which _online and online delivery --------- ίφ ^ II Ψ i (Please read the precautions on the back before filling this page) The paper size of the table is applicable to China's national counties (CNS ) A4 size (21GX297 mm) — -54- • The step of printing by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs includes a step of bringing the bidder into the auction again. Raise the maximum price of the bidder 'H. As described in item 丄 of the scope of patent application 易 qk ^ square go, in which an online transaction is performed to find the price closest to the penny, this price makes buying eight interested and Buy interest is equal. Month U. Method as described in the patent application scope item i, in which the steps of performing an online transaction include a step of allocating shares w / mountain fine Γ Τ satisfy the purchaser who is higher than the auction price All bids at the maximum price of Bk — for the price of 4 lbs' are equal to the auction price obtained in an appropriate priority order. The purchase price is not satisfied, and the purchase price is lower than the maximum price of the purchase price. . 19. As described in item i of the scope of the patent application, the method 其中 in which the steps of performing an online transaction include a post-auction closing step and the selling price occurs. Additional transactions in China can be taken 20. As described in item 丨 of the scope of patent application and + only &lt; execution, which was not accepted online. The step of the door is new during this period. As described in item 20 of the scope of the patent application, the sales will be completed, where the auction ends during a quiet period of a preset length and is changed by selling. After that, no shoot occurred during this period. 22. The method as described in Patent Application No. 21, wherein the length of the quiet period is shortened to a preset length of one second after the preset period has elapsed. 23. The method as described in item i of the patent application scope, wherein the step of performing an online exchange includes a step of displaying the supply and demand curve. 24. If the scope of patent application is the first! The method described in the above item, which choose one or and pay the price (CNS) A4 ^ m (21〇X297 ^ J &quot; (Please read the precautions on the back before filling this page) -55- Applying for a patent scope A8 B8 C8 D8 The issuer's steps include the following steps: Su Ding & multi-stage inspection of the issuer who sells the original securities; ★ develop standardized documents describing these issuers and their original securities; And the analysis of the standardized documents related to the pre-defined standards is far from one or more of these issuers. 25. The method described in item 24 of the patent application, further comprising the steps of: storing the standardized document on the server in the form of a sale memorandum; and Rianwang Network, so that these qualified investors can Controlled access to the standardized file. 26. A 'market system for buying and selling unregistered securities, comprising: several computers interconnected internally via a network and operable to communicate via a secure and secure communication protocol; A first software module 'executes on one or more of these computers to access a database of objects defining unregistered securities of selected issuers;' I--I It--1 I -* '(Please read the notes on the back before filling out this page) Order a second software module printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs and run on one or more of these computers for = Fetch-contains an object database containing the decision to generate supporting information for qualified investors to determine whether to invest in one or the selected unregistered securities; / Xiyi third software module, which is executed in these computers One or more units are used to perform an auction to determine the value of these unregistered securities. A fourth software module is executed on one or more of the computers to execute the Waiting for unregistered securities at the price determined by the auction f-56- 'Scope of patent application These qualified investors. 27_ The system described in item% of the scope of patent application, further comprising: a network operable by a qualified investor to execute the first to fourth body modules. 28. — A database software for operating a market system for selling unregistered securities of the issuer to qualified investors, the database software contains: several objects representing qualified investors; several representatives of issuers Objects of unregistered securities; several objects representing bids made by qualified investors for the purchase of such unregistered securities; and auction modules for processing these bidding objects to determine the sale of such unregistered securities Last price. 29. — a network system with one or more computers programmed to implement a market system for qualified investors to invest in such companies by purchasing unregistered securities of those companies, with programmed computers The network includes: a number of computers interconnected by a network and operable to communicate via a secure and secret communication protocol; a first software module running on one or more of these computers To identify specific unregistered securities of the company as a qualified investment opportunity; a second software module, executed on one or more of these computers, to provide qualified investor decisions; to generate support, To choose what should be invested in unregistered securities identified as qualified investment opportunities; a third software module, executed on one or more of these computers, to bid on these qualified unregistered securities; apply for a patent Scope 1 The fourth software module that executes c. ^ A 1 D on one or more of the 4 computers to sell the qualified unregistered witnesses and 1 Beckham to these qualified voters-Article Five software modules Executed in order to execute the transaction, Bonzhong Textile Co., Ltd., on the 3rd, and the qualified unregistered securities selected by the second person, and Li Yao, were purchased by the qualified investors in the test. ^ 30_ If the 29th module of the scope of patent application includes: ^ of the first, first, where the second software-the sixth software module 'is executed on one or more of these computers to evaluate investment- The level of risk involved in specific unregistered securities; a seventh software module, executed on one or more of these computers, to generate financial and management qualified investors related to online companies, and guide卞 A specific eighth software module is executed on one or more of these computer orders to generate standardized analysis of these companies. 31. The system described in item 29 of the scope of patent application, wherein the third software module includes: a software module printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs to perform a single price telephone auction to set The price of these unregistered securities and is used to record purchase commitments related to those unregistered securities. ° w 32. An online market system for qualified investors to invest in these companies by purchasing unregistered securities of these companies, the system includes ... devices used to identify companies as joint investment opportunities; to provide Decided to produce a device to support these qualified investors; This paper size applies the Chinese National Standard (CNS) A4 specification (210X297 mm) 498238 A8 B8 C8 D8 6. The scope of patent application is used to set the price of these unregistered securities. A device used to promise to sell the unregistered securities to the investor at the set price; / a device used to execute a transaction, where the unregistered securities are set by the qualified investors with the setting The price was purchased. 33. The system described in the scope of the patent application, wherein the device used to provide decision generation support includes: a device used to determine the level of risk involved in investing in a specific unregistered security; The financial and management reports of online companies to the devices of these qualified investors; and the devices used to generate standardized analysis of these companies. 34. The market system described in item 32 of the scope of patent application, wherein the program includes the following steps: Assess the level of risk involved in investing in a specific unregistered security; Generate and allocate financial and management reports on these online companies Qualified investors; ^ Generate standardized analysis of these companies. 35. — A network system with one or more programmed telegrams to implement a market system for investors to invest in these companies through the purchase of these companies ’securities The network of stylized computers executes a program that includes the following steps: · Identifying a company's specific unregistered securities as a combined investment opportunity; Provide qualified investors to decide to generate support to choose the identified as a combined f --- -f V (Please read the notes on the back before filling this page) Order printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs -59- 6. What should be invested in the unregistered securities that apply for investment opportunities under the patent scope; bid on such qualified unregistered securities; (please read the notes on the back before filling out this page) • Quotation of β and other qualified unregistered securities In order to better these qualified investors, and philosophers, the selected qualified unregistered securities were purchased by investors like Xingjiange. 36. A capital market system comprising: a secure communications network; a device that can provide support to selected issuers selling unregistered securities through the communications network during the capitalization period; A device supporting the issuer's unregistered securities; which includes support for the selected issuer and the qualified investors, including the provision of a controlled subgroup of the combined investors via the communication network Proven information about these issuers and their unregistered securities. Printed by the Intellectual Property Bureau of the Ministry of Economic Affairs, Consumer Cooperatives. 37. The system described in item% of the scope of the patent application, in which support for these selected issuers and these qualified investors includes: Devices for initial inspection, analysis, and organization of selected issues related to transactions, including devices for statistics and combination of information used to assist inspection and analysis. 38. The system described in item 36 of the scope of patent application, wherein the support to the selected issuers and the qualified investors further includes: To disseminate applicable information to one of the qualified investors Netbook paper standards apply Chinese National Standard (CNS) M specifications (210 × 297 mm) 0 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 498238 A8 B8 C8 ________ D8 Appropriate means of communication between qualified investors and such selected issuers. 39. The system described in item 36 of the scope of patent application, wherein the support to the selected issuers and the qualified investors further includes: to manage a price procedure to establish the unregistered securities Device for the last price. 40. The system as described in item 36 of the scope of patent application, wherein the support to the selected issuers and the joint investors further includes: the distribution of shares of such unregistered securities to these Device for qualified investors. 41. The system as described in item 36 of the scope of patent application, wherein the support for the selected issuers and the qualified investors further includes: a device for establishing the standard of such on-demand transaction information. 42. The system described in item% of the scope of the patent application, wherein the support for the selected issuers and the qualified investors further includes: Cai Ding grants 4 specialized funds to the installations of these selected issuers' qualified investors. 43. The system described in item 36 of the declared patent scope, wherein the support to the selected issuers and the qualified investors further includes: Qualified investments to help invest in the securities of the selected issuers The sale of these unregistered securities on a regular plan basis. ^ 44. The system described in item 36 of the declared patent scope, wherein support for these selected issuers and these qualified investors further includes: ------------- '* (Please (Please read the notes on the back before filling out this page), 1T -61-498238 8 8 8 8 ABCD VI. Patent Application Scope It is used to inspect, evaluate and participate in a dialogue, and purchase the main securities provided by these selected issuers. 45. The system as described in item 36 of the scope of patent application, wherein the support for the selected issuers and the qualified investors further includes: a database including at least the issuer, the securities quote, the Significant and reliable information related to one of the issuer's management, historical management results, historical financial results, planning management results, and planning financial results. 46. The system described in item 36 of the scope of patent application, wherein the support for the selected issuers and the qualified investors further includes: a gathering place, which maximizes the assessment of the potential of the selected issuers. The number of combined investors of registered securities to improve the price setting and the consumption of these unregistered securities. 47. The system described in item 36 of the scope of patent application, wherein the support for these selected issuers and these qualified investors further includes:-by including at least one of the direct market, brand building and indirect market Market approach to increase the number of qualified investors and the number of selected issuers. 48. A method of operating a capital market system comprising: providing a secure communication network; during the capitalization period, supporting the selected issuer by selling unregistered securities through the communication network; and investing in such The unregistered securities of the selected issuer support qualified investors; σ which supports the steps of these selected issuers and these qualified investors ------------, t (Please read the (Please fill in this page for further information) ir f Printed by the Consumer Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs -62- 498238 A8 B8 C8-------- __D8 VI. Scope of patent application-including the provision of controlled sub-groups of these qualified investors via the communication network in relation to such issuers and their non- Proven information for registered securities. The method described in Item 48 of the scope of patent application, wherein the steps of supporting the selected issuers and the qualified investors further include the following steps: Provide an initial inspection on behalf of transactions involving the selected issuers , Analysis and organization, including statistics and combinations of information used to assist inspection and analysis. 50. The method as described in item 48 of the scope of patent application, wherein the steps of supporting the selected issuers and the qualified investors further include the following steps: Disseminating applicable information to the qualified investors-qualified Online to help the qualified investors and the selected issuers communicate appropriately on a timely basis. 5L The method described in item (1) of the scope of patent application, wherein the steps of supporting the selected issuers and the qualified investors further include the following steps: Management-^ Begg procedure to establish the final price of the unregistered securities . 52. The method described in item 48 of the scope of the patent application, wherein the support of the selected issuers and the qualified investors includes the following: the distribution of shares of the unregistered securities to the qualified investors . 53. The method described in item 48 of the scope of the patent application, wherein the support provided to the selected issuer and the qualified investor further includes the establishment of such standards for disclosure of transaction information upon request. 54. The method as described in item 48 of the scope of patent application, in which the support of the selected issuers and the qualified investors is guaranteed. This paper ruler is a standard T ^ iTl4 specification (^^ 衣-夂 I (Please read the notes on the back before filling this page) Order f Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs Application scope of patent Printed by the Consumers ’Cooperative of the Intellectual Property Bureau of the Ministry of Economic Affairs, etc., and selected by the issuer to disclose the criteria for investment. These are selected = transaction information after implementing the required requirements . Selected issuers and these qualified: Method 'which supports these through a regular planning basis, the steps to help = include the following steps: the qualified issuers of securities organized by these selected issuers56 · 中 中Please specialize in the sales of the coupons of the first rule / ... The selected issuer and materials are qualified to vote f ^ 7 λ The support in λ is used for inspection in dialogue form. The steps include the following steps: material. Selection of raw materials and raw materials: As described in the method described in item 48 of the patent scope, the steps of supporting such qualified investors as Si include the following steps: Reliable information: The securities report II =: management, historical management results, historical financial results, corporate results and planning financial results. 58. If the issuer and the qualified investment are selected in the scope of patent application: 'which supports these provided-meeting sites, 22 = step includes the following steps: select the issuer's unregistered securities: = investment: person evaluation Of these securities.纟 "Improved price determination and the unregistered 59. The method described in item 48 of the scope of patent application, wherein the steps of supporting the selected issuers and the qualified investors include the following steps: vIncluding one of direct market, brand building and indirect market marketing methods (Please read the notes on the back before filling out this page) ir -m a— I I-1 = · 0, Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs, “w types of electronic fine media can be captured for use in a capital market system. The electronic medium can be used to store media_ computer programs, which define the following processing steps : Identifying several qualified investors; remote selection-or multiple issuers selling unregistered securities; performing online auctions' to enable the qualified investors to bid on such unregistered securities of these issuers; and ▲, to Bid online at the determined price, and allocate the unregistered securities of these issuers to the winning bidder. Seed media is for use in a capital market system. The information media has the following processing steps. The computer program on it: to identify several joint investors; to select one or more issuers that sell unregistered securities; to execute and pat the stomach online, so that the qualified investors will respond to the unregistered securities of these issuers Bidding; and allocating the unregistered securities of these issuers to the winning bidders at the prices determined by the online auction. 62. An information transmission medium for use in a capital market system Λ Transmission media communication—a computer program that defines the following steps: identifying several qualified investors; selecting one or more issuers that sell unregistered securities; ordering an online transaction to enable such qualified investments The bidder for those unregistered securities of these issuers; and (Please read the notes on the back before filling this page) JT f AS B8 C8 8 Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs Scope of patent application _ Extend the period so that the auction will not be decided until the quiet period of a certain time has elapsed ^ without changing the share allocation in the auction. 66. The method as described in item 65 of the scope of patent application, wherein: a period of no women's rest occurs within the first end period of the preset length; The security period within the end period is initialized to a specific length of period. &quot; • 67. The method as described in item w of the patent scope, wherein the step of calculating the auction price includes the following steps: determining the highest price among all bid prices, and for k, It is not negative and judges the next highest price p; if the over-demand price per share is zero, it is defined as the auction price; in addition, if the over-demand is zero at the price p, it is determined that p is In addition, if the over-demand is negative at the price ^, the purchase price specified when p is the maximum price is excluded and judged; 7 is the auction price; and, and the price between P is used as the auction price. Alas, making the over demand zero. Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs 68. The method described in item 63 of the scope of patent application, and further includes the following steps: All purchase bidders whose maximum price is higher than the auction price are divided; by all minimum prices Allotment of shares among sale bidders below the auction price; ^ If over-demand is positive at the auction price, all sale bidders that specify the auction price as the minimum price will distribute shares in priority order C Please read the notes on the back before filling in this page; &gt; t 3Τ. F -67- 'Apply for the patent scope to distribute shares to the purchase bidder until there are no remaining shares; if over-demand is negative at the auction price, distribute shares To all purchase bidders whose specific auction price is the maximum price, and the shares are distributed in priority order from the sale price until there are no remaining shares; and, in addition, the shares are distributed to all the bidders whose maximum price is equal to the auction price And all sales bidders with a minimum price equal to the price of the auction will distribute shares. U. 69. The method as described in claim 68, wherein: the priority rule prefers bids received earlier. 70. —A securities auction system for establishing a price per unit of securities units, including: means for receiving bids for such securities, wherein the bids may specify a total amount of investment to be made; and, 71, a type of securities auction system that determines the price and distributes these securities in response to these exceptions, which are used to determine-the auction of securities includes: collection; distribution, including the device used to conduct an auction 'of which the securities The bid is taken to determine the default period that elapses in response to the extension of the auction. The bid distribution device is one of the auction shares, and the auction distribution has not been changed until a period of 72.-A securities auction system, including a device for conducting an auction &quot; The bid was accepted and the patent scope was collected, and a response to the bid was used to generate a pair of bidders: Γ selling price: determined; in time, these bids were accumulated. ° The installation of auction prices for auctions, 73.—a securities auction system, including: to receive bidding order ordinance distributions; and… husband—the auction of securities in response to such bids is used to inform bidders, When set in the distribution of clothes. 〃 3 is no longer included in this auction: 74 · —A kind of securities auction system, including… · Used to receive bids and determine a return to the 嗲 Securities Auction Distribution M _ ¥ ^ ^ ", the current price of μ special deduction袼 | Including two or two of which the current price is-the bidder is the price that must be bid for Haipai to buy; the device used to notify the current bidders of each bidder. 75. The system described in item 70 of the scope of the patent application also includes: a device for conducting an auction to decide in response to such out-auction allocations; and ... Control the beat 2 and extend the ## until-the preset period has been reached, during which the period / beat distribution has not changed. 76. The system described in item 72 of the scope of patent application also includes: a device for conducting an auction to determine a response to such bids 丨 and a device for extending the auction until a preset period has elapsed The auction allocation has not changed during this period. 77. The system described in item 73 of the scope of patent application, also includes: The paper size is appropriate) 8 secrets (210X297) &quot; '— ~ ----—- A8 B8 C8 D8 The scope of patents has been declared and is in use To extend the auction until a preset period has elapsed, the auction allocation does not change. 78. The system described in item 74 of the patent application scope also includes: A device that has passed a preset period &quot; The auction allocation has not changed during the period. Printed by the Consumer Cooperatives of the Intellectual Property Bureau of the Ministry of Economic Affairs This paper is sized for the Chinese National Standard (CNS) A4 (2i × 297mm) -70-