Shelf Registration属于公开发行还是私下募集？

问题如下：

A British company listed on the Alternative Investment Market of the London Stock Exchange, announced the sale of 6,686,665 shares to a small group of qualified investors at £0.025 per share. Which of the following best describes this sale?

选项：

A.

Shelf registration.

B.

Private placement.

C.

Initial public offering.

解释：

B is correct.

This sale is a private placement. As the company is already publicly traded, the share sale is clearly not an initial public offering. The sale also does not involve a shelf registration because the company is not selling shares to the public on a piecemeal basis.

考点：非公开发行

1、公开市场交易是面向所有公众的，而私下配售才是只针对一小撮合格的投资者（small group of qualified investors）。

2、需要明确一下，Shelf Registration也是公开发行，Shelf Registration的重点不在于它发行给谁而是它的发行方式：一次注册可以多次发行，在权益里这样的分批上市的做法可以缓解一次大规模发行对于价格的下行压力。

3、解析里piecemeal basis的意思就是发行量很小。