{"id":59766,"date":"2023-10-27T15:44:50","date_gmt":"2023-10-27T06:44:50","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=59766"},"modified":"2023-11-08T22:06:52","modified_gmt":"2023-11-08T13:06:52","slug":"exit-by-ipo-m-and-a","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a","title":{"rendered":"C\u00e1c ph\u01b0\u01a1ng ph\u00e1p EXIT th\u00f4ng qua IPO v\u00e0 M&amp;A"},"content":{"rendered":"\n<p>C\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n kh\u1edfi nghi\u1ec7p \u0111\u1ec1u h\u00e0nh \u0111\u1ed9ng v\u1edbi m\u1ee5c \u0111\u00edch ki\u1ebfm l\u1ee3i nhu\u1eadn. Tuy nhi\u00ean, vi\u1ec7c ki\u1ebfm l\u1ee3i nhu\u1eadn kh\u00f4ng ch\u1ec9 c\u00f3 m\u1ed9t c\u00e1ch m\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n qua nhi\u1ec1u ph\u01b0\u01a1ng ph\u00e1p kh\u00e1c nhau. Do \u0111\u00f3, trong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p EXIT th\u00f4ng qua IPO &amp; M&amp;A, \u0111\u00e2y l\u00e0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea1i di\u1ec7n \u0111\u1ec3 c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 ki\u1ebfm l\u1ee3i nhu\u1eadn.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#EXIT_la_gi\" title=\"EXIT l\u00e0 g\u00ec?\">EXIT l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Cach_thuc_hien_EXIT\" title=\"C\u00e1ch th\u1ef1c hi\u1ec7n EXIT\">C\u00e1ch th\u1ef1c hi\u1ec7n EXIT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Thoat_von_thong_qua_Niem_yet_co_phieu_IPO\" title=\"Tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)\">Tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Dinh_nghia_Niem_yet_co_phieu_IPO\" title=\"\u0110\u1ecbnh ngh\u0129a Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)\">\u0110\u1ecbnh ngh\u0129a Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Co_che_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\" title=\"C\u01a1 ch\u1ebf tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)\">C\u01a1 ch\u1ebf tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Loi_ich_cua_viec_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\" title=\"L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)\">L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Nhuoc_diem_cua_viec_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\" title=\"Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)\">Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Thoat_khoi_thong_qua_M_A\" title=\"Tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A\">Tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Dinh_nghia_M_A\" title=\"\u0110\u1ecbnh ngh\u0129a M&amp;A\">\u0110\u1ecbnh ngh\u0129a M&amp;A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Co_che_thoat_khoi_thong_qua_M_A\" title=\"C\u01a1 ch\u1ebf tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A\">C\u01a1 ch\u1ebf tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Loi_ich_cua_viec_thoat_khoi_thong_qua_M_A\" title=\"L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A\">L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Nhuoc_diem_cua_viec_thoat_khoi_thong_qua_M_A\" title=\"Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A\">Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/vi\/general-corporate\/exit-by-ipo-m-and-a\/#Tom_tat\" title=\"T\u00f3m t\u1eaft\">T\u00f3m t\u1eaft<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"EXIT_la_gi\"><\/span>EXIT l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>EXIT l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong l\u0129nh v\u1ef1c kinh doanh kh\u1edfi nghi\u1ec7p v\u00e0 t\u00e1i c\u1ea5u tr\u00fac doanh nghi\u1ec7p, n\u00f3i \u0111\u1ebfn vi\u1ec7c c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m (VC) thu h\u1ed3i v\u1ed1n \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd v\u00e0 thu l\u1ee3i nhu\u1eadn th\u00f4ng qua vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu ho\u1eb7c th\u1ef1c hi\u1ec7n M&amp;A. \u0110\u01a1n gi\u1ea3n h\u01a1n, EXIT n\u00f3i \u0111\u1ebfn vi\u1ec7c c\u00e1c nh\u00e0 s\u00e1ng l\u1eadp v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p thu \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn th\u00f4ng qua vi\u1ec7c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p. Ngo\u00e0i ra, EXIT c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;Harvesting&#8221;, c\u00f3 ngh\u0129a l\u00e0 thu ho\u1ea1ch, \u0111\u1ec3 ch\u1ec9 s\u1ef1 thu h\u1ed3i v\u1ed1n v\u00e0 thu l\u1ee3i nhu\u1eadn.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cach_thuc_hien_EXIT\"><\/span>C\u00e1ch th\u1ef1c hi\u1ec7n EXIT<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>C\u00f3 hai ph\u01b0\u01a1ng ph\u00e1p ch\u00ednh \u0111\u1ec3 th\u1ef1c hi\u1ec7n EXIT:<\/p>\n\n\n\n<ul>\n<li>EXIT th\u00f4ng qua vi\u1ec7c ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<\/li>\n\n\n\n<li>EXIT th\u00f4ng qua M&amp;A<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thoat_von_thong_qua_Niem_yet_co_phieu_IPO\"><\/span>Tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u ti\u00ean c\u00f3 th\u1ec3 xem x\u00e9t l\u00e0 tho\u00e1t v\u1ed1n th\u00f4ng qua IPO.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dinh_nghia_Niem_yet_co_phieu_IPO\"><\/span>\u0110\u1ecbnh ngh\u0129a Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/02\/shutterstock_318368702-1024x683.jpg\" alt=\"\" class=\"wp-image-7173\" \/><figcaption class=\"wp-element-caption\">Ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch v\u1ec1 vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua IPO.<\/figcaption><\/figure>\n\n\n\n<p>IPO l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a initial public offering, c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu, c\u00f4ng b\u1ed1 c\u1ed5 phi\u1ebfu, c\u1ed5 phi\u1ebfu c\u00f4ng b\u1ed1 m\u1edbi, ngh\u0129a l\u00e0 vi\u1ec7c ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu l\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n, c\u00f4ng b\u1ed1 c\u1ed5 phi\u1ebfu cho c\u00f4ng ch\u00fang, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho b\u1ea5t k\u1ef3 ai c\u0169ng c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09 wp-block-embed-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"u32bJX1M2K\"><a href=\"https:\/\/monolith.law\/vi\/general-corporate\/comparison-ico-ipo\">L\u1ee3i \u00edch v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a ICO so v\u1edbi IPO<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;L\u1ee3i \u00edch v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a ICO so v\u1edbi IPO&#8221; &#8212; \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\" src=\"https:\/\/monolith.law\/vi\/general-corporate\/comparison-ico-ipo\/embed#?secret=GkChByx48t#?secret=u32bJX1M2K\" data-secret=\"u32bJX1M2K\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_che_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\"><\/span>C\u01a1 ch\u1ebf tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0110\u1ea7u ti\u00ean, h\u00e3y xem x\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ee7a ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p. Ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, t\u1ea5t nhi\u00ean, s\u1edf h\u1eefu nhi\u1ec1u c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty c\u1ed5 ph\u1ea7n \u0111\u00f3. Khi th\u1ef1c hi\u1ec7n IPO, gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu s\u1ebd t\u0103ng \u0111\u1ed9t bi\u1ebfn. Khi \u0111\u00f3, ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p c\u00f3 th\u1ec3 b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd s\u1edf h\u1eefu v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu cao sau IPO \u0111\u1ec3 thu l\u1ee3i nhu\u1eadn. Ti\u1ebfp theo, h\u00e3y xem x\u00e9t t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC.<\/p>\n\n\n\n<p>\u0110\u1ea7u ti\u00ean, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC s\u1ebd \u0111\u00e1nh gi\u00e1 xem doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p c\u00f3 tri\u1ec3n v\u1ecdng ph\u00e1t tri\u1ec3n trong t\u01b0\u01a1ng lai hay kh\u00f4ng d\u1ef1a tr\u00ean n\u1ed9i dung kinh doanh. N\u1ebfu h\u1ecd \u0111\u00e1nh gi\u00e1 r\u1eb1ng doanh nghi\u1ec7p c\u00f3 tri\u1ec3n v\u1ecdng ph\u00e1t tri\u1ec3n trong t\u01b0\u01a1ng lai, h\u1ecd s\u1ebd \u0111\u1ea7u t\u01b0 v\u00e0o doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p v\u00e0 mua c\u1ed5 phi\u1ebfu. T\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y, do c\u00f4ng ty \u0111ang \u1edf giai \u0111o\u1ea1n tr\u01b0\u1edbc khi ph\u00e1t tri\u1ec3n, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC c\u00f3 th\u1ec3 mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p. Sau \u0111\u00f3, t\u00f9y thu\u1ed9c v\u00e0o tr\u01b0\u1eddng h\u1ee3p, h\u1ecd c\u00f3 th\u1ec3 h\u1ed7 tr\u1ee3 ban l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p b\u1eb1ng c\u00e1ch t\u01b0 v\u1ea5n, v\u1edbi m\u1ee5c ti\u00eau IPO cho doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p. Khi \u0111\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC c\u00f3 th\u1ec3 thu l\u1ee3i nhu\u1eadn b\u1eb1ng c\u00e1ch b\u00e1n c\u1ed5 phi\u1ebfu m\u00e0 h\u1ecd \u0111\u00e3 mua v\u1edbi gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i th\u1ea5p tr\u01b0\u1edbc IPO v\u1edbi gi\u00e1 c\u1ed5 phi\u1ebfu cao sau IPO. Th\u00f4ng qua c\u01a1 ch\u1ebf n\u00e0y, h\u1ecd s\u1ebd th\u1ef1c hi\u1ec7n tho\u00e1t v\u1ed1n th\u00f4ng qua IPO.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loi_ich_cua_viec_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\"><\/span>L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>L\u1ee3i \u00edch l\u1edbn c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua IPO l\u00e0 kh\u1ea3 n\u0103ng t\u1ea1o ra l\u1ee3i nhu\u1eadn l\u1edbn. N\u1ebfu b\u1ea1n l\u00e0 ng\u01b0\u1eddi s\u00e1ng l\u1eadp doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p, b\u1ea1n \u0111\u00e3 mua nhi\u1ec1u c\u1ed5 phi\u1ebfu v\u1edbi m\u1ed9t s\u1ed1 ti\u1ec1n r\u1ea5t th\u1ea5p. N\u1ebfu b\u1ea1n l\u00e0 m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, m\u1eb7c d\u00f9 s\u1ed1 ti\u1ec1n \u0111\u1ea7u t\u01b0 s\u1ebd t\u0103ng \u0111\u00e1ng k\u1ec3 n\u1ebfu b\u1ea1n mua c\u1ed5 phi\u1ebfu ngay tr\u01b0\u1edbc khi doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p IPO, nh\u01b0ng n\u1ebfu doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p m\u1edbi \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp, b\u1ea1n c\u0169ng c\u00f3 th\u1ec3 mua nhi\u1ec1u c\u1ed5 phi\u1ebfu v\u1edbi m\u1ed9t s\u1ed1 ti\u1ec1n r\u1ea5t th\u1ea5p. N\u1ebfu s\u1ed1 ti\u1ec1n b\u1ea1n ph\u1ea3i tr\u1ea3 ban \u0111\u1ea7u th\u1ea5p, b\u1ea1n c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn l\u1edbn b\u1eb1ng c\u00e1ch b\u00e1n c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 tr\u1ecb cao h\u01a1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nhuoc_diem_cua_viec_thoat_von_thong_qua_Niem_yet_co_phieu_IPO\"><\/span>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua Ni\u00eam y\u1ebft c\u1ed5 phi\u1ebfu (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua IPO l\u00e0 r\u1ee7i ro kh\u00f4ng th\u1ec3 tho\u00e1t v\u1ed1n. \u0110\u1ec3 th\u1ef1c hi\u1ec7n IPO, c\u1ea7n ph\u1ea3i ph\u00e1t tri\u1ec3n doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p \u0111\u1ebfn m\u1ee9c c\u00f3 th\u1ec3 ch\u1ecbu \u0111\u1ef1ng \u0111\u01b0\u1ee3c qu\u00e1 tr\u00ecnh ki\u1ec3m tra ni\u00eam y\u1ebft, nh\u01b0ng c\u00f3 nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p ph\u1ea3i t\u1eeb b\u1ecf IPO v\u00ec kh\u00f4ng th\u1ec3 ph\u00e1t tri\u1ec3n \u0111\u1ebfn m\u1ee9c \u0111\u00f3. Khi \u0111\u00f3, t\u1ea5t nhi\u00ean, b\u1ea1n kh\u00f4ng th\u1ec3 thu l\u1ee3i nhu\u1eadn t\u1eeb vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua IPO. Ngo\u00e0i ra, vi\u1ec7c \u0111\u01b0a doanh nghi\u1ec7p kh\u1edfi nghi\u1ec7p l\u00ean s\u00e0n IPO \u0111\u00f2i h\u1ecfi nhi\u1ec1u c\u00f4ng s\u1ee9c. Vi\u1ec7c m\u1ea5t nhi\u1ec1u c\u00f4ng s\u1ee9c \u0111\u1ec3 th\u1ef1c hi\u1ec7n tho\u00e1t v\u1ed1n th\u00f4ng qua IPO c\u0169ng l\u00e0 m\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t v\u1ed1n th\u00f4ng qua IPO.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thoat_khoi_thong_qua_M_A\"><\/span>Tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/Monolith.law\/wp-content\/uploads\/2020\/02\/shutterstock_1413966269-1024x683.jpg\" alt=\"\" class=\"wp-image-7174\" \/><figcaption class=\"wp-element-caption\">Ti\u1ebfp theo, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch v\u1ec1 vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A.<\/figcaption><\/figure>\n\n\n\n<p>Ph\u01b0\u01a1ng ph\u00e1p th\u1ee9 hai c\u00f3 th\u1ec3 xem x\u00e9t l\u00e0 tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dinh_nghia_M_A\"><\/span>\u0110\u1ecbnh ngh\u0129a M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a Mergers (s\u00e1p nh\u1eadp) v\u00e0 Acquisitions (mua l\u1ea1i), n\u00f3i \u0111\u1ebfn vi\u1ec7c s\u00e1p nh\u1eadp v\u00e0 mua l\u1ea1i doanh nghi\u1ec7p. T\u00f9y thu\u1ed9c v\u00e0o ng\u1eef c\u1ea3nh s\u1eed d\u1ee5ng, vi\u1ec7c li\u00ean k\u1ebft doanh nghi\u1ec7p c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c bao g\u1ed3m trong kh\u00e1i ni\u1ec7m M&amp;A.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09 wp-block-embed-\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"8oIVYqtEC3\"><a href=\"https:\/\/monolith.law\/vi\/general-corporate\/merger-acquisition\">L\u1ef1a ch\u1ecdn c\u1ea5u tr\u00fac M&amp;A cho vi\u1ec7c mua l\u1ea1i \u1ee9ng d\u1ee5ng di \u0111\u1ed9ng<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;L\u1ef1a ch\u1ecdn c\u1ea5u tr\u00fac M&amp;A cho vi\u1ec7c mua l\u1ea1i \u1ee9ng d\u1ee5ng di \u0111\u1ed9ng&#8221; &#8212; \u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30b5\u30a4\u30c8\uff08\u30d9\u30c8\u30ca\u30e0\u8a9e\uff09\" src=\"https:\/\/monolith.law\/vi\/general-corporate\/merger-acquisition\/embed#?secret=H7u7U39Cap#?secret=8oIVYqtEC3\" data-secret=\"8oIVYqtEC3\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_che_thoat_khoi_thong_qua_M_A\"><\/span>C\u01a1 ch\u1ebf tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M&amp;A l\u00e0 ph\u01b0\u01a1ng ph\u00e1p thu l\u1ee3i nhu\u1eadn b\u1eb1ng c\u00e1ch b\u00e1n c\u00f4ng ty ho\u1eb7c kinh doanh c\u1ee7a c\u00f4ng ty. C\u1ee5 th\u1ec3, b\u1ea1n s\u1ebd ph\u00e1t tri\u1ec3n c\u00f4ng ty, v\u00e0 khi gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty t\u0103ng l\u00ean, b\u1ea1n s\u1ebd thu l\u1ee3i nhu\u1eadn b\u1eb1ng c\u00e1ch b\u00e1n c\u00f4ng ty ho\u1eb7c kinh doanh c\u1ee7a c\u00f4ng ty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Loi_ich_cua_viec_thoat_khoi_thong_qua_M_A\"><\/span>L\u1ee3i \u00edch c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M\u1ed9t l\u1ee3i \u00edch c\u1ee7a M&amp;A l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 tho\u00e1t kh\u1ecfi m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ebfn IPO. C\u00f3 nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p m\u00e0 gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty \u0111\u00e3 t\u0103ng l\u00ean nh\u01b0ng kh\u00f4ng \u0111\u1ea1t \u0111\u1ebfn IPO. Trong tr\u01b0\u1eddng h\u1ee3p \u0111\u00f3, b\u1ea1n c\u00f3 th\u1ec3 thu l\u1ee3i nhu\u1eadn th\u00f4ng qua vi\u1ec7c tho\u00e1t kh\u1ecfi b\u1eb1ng M&amp;A. \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, h\u1ecd c\u00f3 th\u1ec3 ch\u1eafc ch\u1eafn r\u1eb1ng h\u1ecd s\u1ebd t\u1eeb b\u1ecf c\u1ed5 phi\u1ebfu, do \u0111\u00f3 h\u1ecd c\u00f3 th\u1ec3 tr\u00e1nh \u0111\u01b0\u1ee3c r\u1ee7i ro kh\u00f4ng t\u00ecm th\u1ea5y ng\u01b0\u1eddi mua c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nhuoc_diem_cua_viec_thoat_khoi_thong_qua_M_A\"><\/span>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A l\u00e0 quy\u1ec1n \u0111i\u1ec1u h\u00e0nh s\u1ebd chuy\u1ec3n t\u1eeb ban qu\u1ea3n l\u00fd hi\u1ec7n t\u1ea1i sang ban qu\u1ea3n l\u00fd m\u1edbi. Ngay c\u1ea3 khi quy\u1ec1n \u0111i\u1ec1u h\u00e0nh \u0111\u00e3 chuy\u1ec3n \u0111\u1ed5i, t\u1eeb g\u00f3c \u0111\u1ed9 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u01b0 VC, \u0111i\u1ec1u n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m, nh\u01b0ng \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, h\u1ecd c\u00f3 th\u1ec3 kh\u00f4ng th\u1ec3 tham gia v\u00e0o vi\u1ec7c qu\u1ea3n l\u00fd sau n\u00e0y, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 coi l\u00e0 m\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m. M\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m kh\u00e1c c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A l\u00e0 r\u1ee7i ro r\u00f2 r\u1ec9 th\u00f4ng tin. Khi th\u1ef1c hi\u1ec7n M&amp;A, b\u00ean mua kh\u00f4ng quy\u1ebft \u0111\u1ecbnh mua m\u00e0 kh\u00f4ng \u0111i\u1ec1u tra g\u00ec, m\u00e0 s\u1ebd th\u1ef1c hi\u1ec7n due diligence (DD) v\u00e0 quy\u1ebft \u0111\u1ecbnh mua. Trong qu\u00e1 tr\u00ecnh n\u00e0y, b\u00ean b\u00e1n c\u1ea7n cung c\u1ea5p m\u1ed9t s\u1ed1 th\u00f4ng tin cho b\u00ean mua, do \u0111\u00f3 c\u00f3 r\u1ee7i ro r\u00f2 r\u1ec9 th\u00f4ng tin. \u0110\u1ec3 ng\u0103n ch\u1eb7n r\u00f2 r\u1ec9 th\u00f4ng tin nh\u01b0 v\u1eady, vi\u1ec7c k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng b\u1ea3o m\u1eadt l\u00e0 r\u1ea5t quan tr\u1ecdng.<\/p>\n\n\n\n<p>V\u00e0, m\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m kh\u00e1c c\u1ee7a vi\u1ec7c tho\u00e1t kh\u1ecfi th\u00f4ng qua M&amp;A l\u00e0 vi\u1ec7c c\u1ea7n ch\u0103m s\u00f3c nh\u00e2n vi\u00ean. T\u00f9y thu\u1ed9c v\u00e0o n\u1ed9i dung h\u1ee3p \u0111\u1ed3ng M&amp;A, vi\u1ec7c chuy\u1ec3n giao quan h\u1ec7 h\u1ee3p \u0111\u1ed3ng v\u1edbi nh\u00e2n vi\u00ean c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c bao g\u1ed3m trong M&amp;A. Khi \u0111\u00f3, m\u00f4i tr\u01b0\u1eddng l\u00e0m vi\u1ec7c v\u00e0 quan h\u1ec7 l\u00e0m vi\u1ec7c tr\u01b0\u1edbc \u0111\u00e2y c\u00f3 th\u1ec3 thay \u0111\u1ed5i, v\u00e0 nh\u00e2n vi\u00ean c\u00f3 th\u1ec3 g\u1eb7p kh\u00f3 kh\u0103n trong c\u00f4ng vi\u1ec7c. Nh\u00e2n vi\u00ean l\u00e0 t\u00e0i s\u1ea3n quan tr\u1ecdng c\u1ee7a c\u00f4ng ty, v\u00ec v\u1eady vi\u1ec7c c\u1ea7n ch\u0103m s\u00f3c nh\u00e2n vi\u00ean c\u00f3 th\u1ec3 coi l\u00e0 m\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_tat\"><\/span>T\u00f3m t\u1eaft<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p tho\u00e1t kh\u1ecfi doanh nghi\u1ec7p th\u00f4ng qua IPO v\u00e0 M&amp;A. Nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n kh\u1edfi nghi\u1ec7p \u0111\u1ec1u c\u00f3 m\u1ee5c ti\u00eau chung l\u00e0 ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb vi\u1ec7c \u0111\u1ea7u t\u01b0. Do \u0111\u00f3, vi\u1ec7c hi\u1ec3u r\u00f5 v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p tho\u00e1t kh\u1ecfi doanh nghi\u1ec7p c\u00f3 th\u1ec3 gi\u00fap nh\u1eefng ng\u01b0\u1eddi s\u00e1ng l\u1eadp c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111i \u0111\u00f4i v\u1edbi nhau. \u0110\u1ea7u ti\u00ean, vi\u1ec7c hi\u1ec3u r\u00f5 v\u1ec1 IPO v\u00e0 M&amp;A, hai ph\u01b0\u01a1ng ph\u00e1p tho\u00e1t kh\u1ecfi doanh nghi\u1ec7p ph\u1ed5 bi\u1ebfn nh\u1ea5t, l\u00e0 r\u1ea5t quan tr\u1ecdng. Vi\u1ec7c hi\u1ec3u v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p tho\u00e1t kh\u1ecfi doanh nghi\u1ec7p th\u00f4ng qua IPO v\u00e0 M&amp;A \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c chuy\u00ean m\u00f4n v\u1ec1 lu\u1eadt c\u00f4ng ty v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan. N\u1ebfu b\u1ea1n c\u1ea3m th\u1ea5y kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 vi\u1ec7c hi\u1ec3u ph\u01b0\u01a1ng ph\u00e1p tho\u00e1t kh\u1ecfi doanh nghi\u1ec7p th\u00f4ng qua IPO v\u00e0 M&amp;A, h\u00e3y t\u00ecm \u0111\u1ebfn s\u1ef1 t\u01b0 v\u1ea5n c\u1ee7a m\u1ed9t lu\u1eadt s\u01b0.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>C\u00e1c nh\u00e0 s\u00e1ng l\u1eadp c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c c\u00f4ng ty c\u1ed5 ph\u1ea7n kh\u1edfi nghi\u1ec7p \u0111\u1ec1u h\u00e0nh \u0111\u1ed9ng v\u1edbi m\u1ee5c \u0111\u00edch ki\u1ebfm l\u1ee3i nhu\u1eadn. Tuy nhi\u00ean, vi\u1ec7c ki\u1ebfm l\u1ee3i nhu\u1eadn kh\u00f4ng ch\u1ec9 c\u00f3 m\u1ed9t c\u00e1ch m\u00e0 c [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":60588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59766"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=59766"}],"version-history":[{"count":1,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59766\/revisions"}],"predecessor-version":[{"id":60589,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59766\/revisions\/60589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/60588"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=59766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=59766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=59766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}