(Th trng pht hnh)

TS. L V Nam - Ging vin Khoa Kinh t - Lut, g HQG TP. HCM.

THAM GIA CA DOANH NGHIP TRN TTCK

DOANH NGHIP

Th trng s cp

Th trng th cp

Pht hnh chng khon

Mua bn li chng khon pht hnh p

Cho bn ni b

Cho bn ra cng chng

Nim yt/ng k giao dch

KHI NIM V C IM C
Khi nim: Th trng s cp l ni chng khon ln u h khon i ht hnh. chng kh mi pht h h c im: Chng khon ln u tin xut hin (pht hnh). g (p ) T chc pht hnh huy ng c vn thng qua vic bn hcng khon cho nh u t. Nh u t b tin ra mua i ly quyn s hu chng khon. Chng khon l bng chng xc nhn mi quan h ti sn gia nh u t v t chc pht hnh: g p Quan h gp vn (nu mua c phiu). Quan h vay mn (nu mua tri phiu).

CHC NNG CA TH TRNG S CP

i vi nn kinh t: Huy ng vn cho nn kinh t. To ra nhiu c hi u t t. L knh phn b vn hiu qu ng vn n cc d n, to ra gi tr kinh t n t. To ra c ch cnh tranh lnh mnh thu ht vn gia cc doa nghip. g a doanh g p

CHC NNG CA TH TRNG S CP

i vi Chnh ph: p Gai quyt cc vn thiu ht ngn sch, c thm vn u t vo c s hn, cc cng trnh trng im m khng phi pht hnh tin tin. Thc hin chnh sch tin t. i vi doanh nghip: g p Pht hnh chng khon huy ng vn mt cch hiu qu, ch ng m khng phi vay ngn hng hng. L c hi doanh nghip u t vo doanh nghip khc mt cch d dng.

CH TH CA TH TRNG S CP
Chnh ph: huy ng vn v t chc qun l, p y g q , iu hnh v gim st. Cc doanh nghip: huy ng vn v u t. Cc loi hnh doanh nghip bao gm: CTCP, C l i h h d h hi b CTCP DNNN, CT TNHH, CTHD, DNTN. Qu u t: huy ng vn hnh thnh cc qu v s dng u t. Cc nh u t: cc t c c, c nhn t o g v t chc, trong ngoi nc.

CC HNH THC CHO BN CHNG KHON

Cn c vo t pht hnh:
Pht hnh ln u u. Pht hnh b sung.

Cn c vo tnh cht t pht hnh:

Pht hnh trc tip. Pht hnh gin tip.

Cn c vo phng thc pht hnh:

Pht hnh cho bn ton phn. Pht hnh cho bn tng phn.

Cn h C c vo phm vi phn phi: i h hi

Pht hnh ni b (ring l). g g Pht hnh ra cng chng:
Pht hnh ln u ra cng chng (IPO). Pht hnh c phiu b sung ra cng chng.

CHO BN RING L (NI B) Khi nim: L vic cho bn chng khon cho mt s ngi nht nh (thng l c nh u t c t chc) vi nhng iu kin hn ch v khng tin hnh mt cch rng ri ra cng chng chng. Theo Ngh nh 01/N-CP/2010:

CHO BN RING L (NI B)

c im: Doanh nghip khng cn phi p ng nhng iu kin nht nh. Khng phi cng b thng tin. Chng khon pht hnh khng phi l i tng nim yt v giao d h ti SGDCK ngay t i t i dch sau . Chu s iu chnh ca Lut cng ty (Lut doanh nghip).

CHO BN RING L (NI B)

Doanh nghip cho bn chng khon ni b khi g p g no? Khng iu kin cho bn ra cng chng. S vn cn huy ng t t. Gam chi ph cho bn. Duy tr cc quan h kinh doanh (bn cho cc i tc chin lc). Gi chn ngi lao ng (cho bn c phiu ESOP). ESOP) Phn phi c phiu thng, tr c tc bng c p phiu.

CHO BN RING L (NI B) Quy trnh thc hin: i hi ng c ng thng qua phng n pht hnh s lng loi c phiu pht hnh, lng, hnh. Hi qun t quyt nh thi im, ng tr t h i gi, cch phn phi. iu chnh li vn iu l. q quyn. Bo co c quan c thm q y

CHO BN RA CNG CHNG

Khi nim: L vic cho bn chng khon rng ri cho g g mt s lng ln cng chng u t, trong mt t l nht nh chng khon c phn phi cho cc nh u g gi p quy t nh v tng g tr t cho bn phi t mt q y m nht nh. Khon 12 iu 6 Lut chng khon 2006: Cho bn chng khon ra cng chng l vic cho bn chng khon theo mt trong cc phng thc sau y:
Thng qua phng tin thng tin i chng, k c Internet; Cho bn chng khon cho t 100 nh u t tr ln khng k ln, nh u t chng khon chuyn nghip; Cho bn cho mt s lng nh u t khng xc nh.

CHO BN RA CNG CHNG

c im: Phi p ng nhng iu kin nht nh. Phi kim ton bo co ti chnh. Phi cng khai thng tin. Phi ng k hoc xin php UBCKNN. Chng khon pht hnh thng c nim yt v giao dch ti SGDCK SGDCK. Phi thng qua t chc trung gian. i tng phn phi khng hn ch. Lng chng kh pht h h phi t quy m nht L h khon ht hnh hi t ht nh. Do Lut chng khon iu chnh.

CHO BN RA CNG CHNG

Doanh nghip cho bn chng khon ra cng g p g g chng khi no? p ng nhng iu kin m php lut quy nh. h nim yt chng khon sau khi cho bn. Cn t l C mt lng vn l v mun c th d ln thng d cao. Mun qung b tn tui tui. sn sng tip nhn cc nh u t mi v p p g phiu. chp nhn s pha long c p

CHO BN RA CNG CHNG

Hnh thc cho bn ra cng chng: g g i vi c phiu: Cho bn ln u ra cng chng (IPO): L vic cho bn trong c phiu ca CTCP ln u tin c bn rng ri cho cng chng u t. Nu cho bn ln u nhm tng vn th gi l IPO s cp; nu cho bn ln u t s c phn hin hu th gi l IPO th cp cp. Cho bn s cp (phn phi s cp):L vic cho bn c phiu b sung ca CTCP ra cng chng huy ng vn b sung sau khi cho b l h bn ln u. i vi tri phiu: ch thng qua cho bn s cp.

CHO BN RA CNG CHNG

iu 3, N 14/2007/N-CP quy nh cc hnh thc cho bn ra cng chng: 1. Cho bn c phiu, chng ch qu ln u ra cng chng bao gm: a) Cho bn c phiu, chng ch qu ln u ra cng chng huy ng vn cho t chc pht hnh; b) Ch b c phiu ln u ra cng chng tr th h cng t i Cho bn hi l h t thnh ty i chng thng qua thay i c cu s hu nhng khng lm tng vn iu l ca t chc pht hnh. p g qu g g 2. Cho bn thm c phiu, chng ch q ra cng chng bao gm: a) Cng ty i chng cho bn thm c phiu ra cng chng hoc cho bn quyn mua c phn cho c ng hin hu tng vn iu l; b) Cng ty i chng cho bn tip c phiu ra cng chng thay i c cu s hu nhng khng lm tng vn iu l; c) Cng ty qun l qu cho bn thm chng ch qu ng ra cng chng; cng ty u t chng khon cho bn thm c phiu ra cng chng. chng 3. Cho bn tri phiu ra cng chng.

PHP LUT IU CHNH HOT NG PHT HNH CHNG KHON

Cc nc theo h thng thng lut (Common Law) nh A h M, h Anh, M c: Php lut v cng ty iu chnh c hot ng pht hnh p g g g c phiu ring l v ra cng chng. Php lut v chng khon iu chnh hot ng v vn hnh ca TTCK. Cc nc theo h thng lut Chu u lc a (Civil Law) nh Php v mt s nc Chu u: Php lut v cng ty iu chnh hot ng pht hnh c phiu ring l hi i l. Php lut v chng khon iu chnh pht hnh c phiu g g ra cng chng.

PHP LUT IU CHNH HOT NG PHT HNH CHNG KHON TI VIT NAM

Php lut v doanh nghip iu chnh pht hnh c phiu phn phi ni b; Php lut v chng khon iu chnh pht hnh c phiu ra cng chng.
C s php l: (Khon 4 iu 61 Lut doanh nghip 4, nm 1999; iu 22 Ngh nh 03 hng dn Lut doanh nghip nm 1999; Khon 6 iu 87 Lut doanh nghip nm 2005; iu 1 Ngh nh 144 v ck v TTCK; iu 1 Lut chng khon ngy 23/06/2006)

QUN L NH NC V PHT HNH CHNG KHON RA CNG CHNG

Theo ch qun l cht lng (ch cp php): C quan Nh nc c thm quyn v ck v TTCK xem xt, nh gi cht lng ca c phiu pht hnh ra cng chng thng qua vic thm nh ni dung ca t pht hnh trn c s cc iu kin do php lut quy nh. Ph hp nhng nc mi hnh thnh TTCK, h thng php lut cn thiu ng b, tiu chun k ton, kim ton cha y r rng, nh u t thiu kinh nghim.

QUN L NH NC V PHT HNH CHNG KHON RA CNG CHNG

Theo ch cng b thng tin (ch ng k): T chc pht h h phi cung cp cc th ti quan h ht hnh hi y thng tin trng ca cng ty cho nhng nh u t h c th nh gi cht lng c phiu v a ra quyt nh u t. C quan qun l khng ng ra xem xt cht lng c phiu m ch yu tp trung gim st ch cng b thng tin ca t chc pht hnh. p dng cc nc c TTCK pht trin ch cng b trin, thng tin v ch k ton, kim ton r rng, vn ho kinh doanh chng khon ca nh u t hnh thnh v pht trin.

IU KIN PHT HNH CHNG KHON RA CNG CHNG iu kin nh tnh: Cc nh qun l cng ty phi c kinh nghim qun l, iu hnh kinh doanh C cu t chc ca cng ty phi hp l v phi v li ch cc nh u t Bo co ti chnh, bn co bch v cc ti liu cung cp th ti ca cng t phi c ti cy thng tin ty hi tin cao nht Cng ty phi c phng n kh thi t vic huy ng vn thu c t t pht hnh. Cng ty phi c mt hoc mt s t chc bo lnh pht hnh ng ra thc hin bo lnh pht hnh.

IU KIN PHT HNH CHNG KHON RA CNG CHNG iu kin nh lng: Cng ty phi c quy m nht nh v vn. Phi hot ng hiu qu trong mt s nm lin tc trc khi pht hnh c phiu ra cng chng. Tng gi tr ca t pht hnh phi t quy m nht nh nh. Mt t l nht nh c phiu t pht hnh phi bn cho mt s lng quy nh cng chng u t. Cc thnh vin sng lp ca cng ty phi nm gi mt t l nht nh vn c phn ca cng ty trong mt khong thi gian nht nh.

IU KIN CHO BN CHNG KHON RA CNG CHNG MT S NC

Nc ieu kien phat hanh chng khoan lan au ra cong chung
Von ieu le toi thieu Trung Quoc 50 trieu NDT 3 nam Li nhuan So co ong nho Moi co ong khong qua 0,05% so co phieu >= 600
500-1.000

Ty le phat hanh ra cong chung 25% 15% neu VL > 400 trieu NDT 15% - 30% >= 25% >= 30% hoac t nhat la 300.000 co phieu

Thai Lan Malaysia Han Quoc

2,4 trieu USD 50 trieu RM

3 nam 5 nam >= 5 trieu RM 3 nam gan nhat >= 25%

5 ty won

>= 1.000 co ong nho (la co ong nam gi <= 1% co phieu a phat hanh )

IU KIN PHT HNH C PHIU RA CNG CHNG TI VIT NAM

C mc vn iu l g p ti thiu ti thi im gp ng k pht hnh l 10 t ng tnh theo s sch k ton. Hot ng kinh doanh ca nm lin trc nm ng k pht hnh phi c li, ng thi khng c l l k ly k. C phng n cho bn v phng n s dng vn vn huy ng c t t cho bn c HC thng qua.

IU KIN CHO BN C PHIU RA NC NGOI

T chc pht hnh phi p ng cc iu kin: Khng h d h Kh thuc danh mc ngnh ngh m php l cm bn nc h h h lut b ngoi tham gia v phi m bo t l tham gia ca bn nc ngoi theo quy nh ca php lut; q y g qua p g C quyt nh thng q vic cho bn c phiu ra nc ngoi v phng n s dng vn thu c ca Hi ng qun tr hoc i hi ng c ng; p ng cc iu kin cho bn theo quy nh ca c quan c thm quyn ca nc ni t chc pht hnh ng k cho bn Ti thiu 10 ngy trc khi gi h s ng k cho bn c phiu ra nc ngoi, t chc pht hnh phi gi cho BCKNN cc ti liu sau: Bn B sao h s ng k cho b vi c quan c thm quyn ca h bn i th nc ni t chc pht hnh ng k cho bn; Cc ti liu chng minh p ng iu kin nu trn.

IU KIN CHO BN C PHIU RA NC NGOI

Trong thi hn 10 ngy, sau khi h s ng k cho bn c phiu ra nc ngoi c hiu lc t chc pht hnh gi UBCKNN bn sao h lc, s ng k cho bn c phiu c chp thun nc ngoi v phi cng b ra cng chng cc thng tin v t cho bn. T chc pht hnh cho bn chng khon ra nc ngoi c cc ngha v sau y: Cng b thng tin theo quy nh ca php lut nc ngoi v php lut ca Vit Nam; g p p g g Trng hp t chc pht hnh cho bn chng khon ng thi trong nc v ra nc ngoi, bo co ti chnh nh k phi c lp theo chun mc k ton quc t hoc theo chun mc k ton quc t v Vit Nam, km theo bn gii trnh cc im khc bit gia cc chun mc k ton. Trong thi hn 15 ngy, sau khi kt thc t cho bn, t chc pht hnh gi UBCKNN bo co kt qu t cho bn. Th tc chuyn cc khon tin lin quan n t cho bn c phiu nc ngoi thc hin theo quy nh ca php lut v qun l ngoi hi.

IU KIN PHT HNH TRI PHIU DN RA CNG CHNG TI VT NAM

DNNN, CTCP, DNNN CTCP Cng ty TNHH TNHH. Vn iu l ti thiu gp ti thi im pht hnh ti thiu 10 ty theo s sch k ton. Hot ng kinh doanh t nm k pht h h phi H t ki h d h trc ng ht hnh hi c li, khng c l ly k, khng c cc khon n qu hn trn 1 nm. C phng n cho bn, phng n s dng v tr n vn thu c t t cho bn c HQT hoc Hi ng thnh vin hoc Ch s hu cng ty thng q g g y g qua. C cam kt thc hin ngha v i vi nh u t v iu kin cho bn, thanh ton, bo m quyn v li ch hp php ca nh u t v nhng iu kin khc khc.

IU KIN PHT HNH CHNG CH QU RA CNG CHNG TI VT NAM Tng g tr chng ch q ng k cho bn ti g gi g qu g thiu nm mi t ng Vit Nam; C phng n pht hnh v phng n u t s vn thu c t t cho bn chng ch qu ph hp vi quy nh ca Lut ny. Chnh ph quy nh iu kin cho bn chng khon ra cng chng i vi doanh nghip nh nc, doa nghip c vn u t nc ngoi c, doanh g p c go chuyn i thnh cng ty c phn, doanh nghip thnh lp mi thuc lnh vc c s h tng hoc cng ngh cao; cho bn chng khon ra nc ngoi v cc trng hp c th khc.

CC TRNG HP KHNG PHI NG K CHO BN CHNG KHON RA CNG CHNG

Cho bn tri phiu ca Chnh ph Vit Nam; p p Cho bn tri phiu ca t chc ti chnh quc t c Chnh ph Vit Nam chp thun; Cho bn c phiu ra cng chng ca doanh nghip nh nc chuyn i thnh cng ty c phn; Vic bn chng khon theo bn n, quyt nh ca To n hoc vic bn chng khon ca ngi qu l hoc ngi c nhn t s g qun oc g ti sn trong cc trng hp ph sn hoc mt kh nng thanh ton.

TH TC CHO BN LN U
Bc 1: Chun b h s Lp t hp bo lnh pht hnh (nu c). TCBLPH k hp ng bo lnh vi TCPH. Chun b h s (TCBLPH lp, TCPH h tr): n; Bn sao c cng chng Giy PHP THNH LP LP, CNKKD hoc Q chuyn DNNN thnh CTCP. iu l; Ngh N h quyt HC v vic pht h h t i ht hnh; Bn co bch; y DS v So yu l lich thnh vin HQT v Ban G; Bo co ti chnh c kim ton 2 nm lin tc; Cam kt bo lnh pht hnh (nu c). Chuyn h s cho cng ty lut thm nh nh. Hp ra sot trch nhim cc bn (c lp bin bn).

TH TC CHO BN LN U
Bc 1: Np h s ln UBCKNN p Chnh sa h s ln cui v np (trc tip hoc qua Bu in). TCPH chnh sa theo yu cu ca UBCKNN (vic chnh sa c lp bin bn). Trong thi gian UBCKNN xem xt h s, TCPH c s dng cc th ti t d thng tin trung th t thc trong h s th d th thm trng nhng khng c php mi cho, qung co, tit l gi hoc trin vng ca TCPH. Trong thi gian ny, TCBLPH v TCPH chun b d tho cng b cho bn, Bn co bch tm tt, chn p phng tin cng b vic cho bn. g g

TH TC CHO BN LN U Bc 3: Cng b vic cho bn

TCBLPH kt hp TCPH cng b v vic cho bn trong vng 5 ngy k t ngy UBCKNN cp ngy, php trn 1 t bo TW hoc 1 t bo a phng. g Chuyn Bn co bch v h s c lin quan n cc i l v nhng ni khc nh u t tip cn.

TH TC CHO BN LN U
Bc 4: Phn phi chng khon p g Nh u t nhn phiu ng k v in y thng tin. Nh u t tin hnh t cc (10% trn tng gi tr ng k mua). Thi hn ng k l 20 ngy lm vic. g g y Ht hn ng k, TCPH v TCBLPH thng bo s c phiu ng k mua. Vic phn phi theo nguyn tc: u tin v gi hoc u tin v thi gian hoc u tin khc kh6ng tri php lut.

TH TC CHO BN LN U
Bc 5: Kt thc t cho bn
TCBLPH, TCPH chuyn giao tin v chng khon cho ngi mua mua. Ti Vit Nam, sau khi kt thc t pht hnh thi hn chuyn giao l 30 ngy; tin thu c s chuyn vo ti khon phong ta ti ngn hng. Sau khi kt thc t cho bn, trong thi hn 10 ngy TCBLPH v TCPH phi bo co UBCKNN.

THUN LI I VI DN KHI PHT HNH C PHIU RA CNG CHNG c tn dng hnh thc huy ng vn linh hot, ch ng. Hnh nh v uy tnh cng ty tng cao do c qung b rng ri. Lng c ng tng ln gip cng ty tranh th c s ng gp v tr tu, kinh nghim trong iu hnh. Kh nng huy ng s vn cn thit v c phiu hi c h xc vi gi th t nh i i trng.

THCH THC I VI DN KHI PHT HNH C PHIU RA CNG CHNG Phi cng khai thng tin v p dng ch k ton, kim ton v bo co theo quy nh. Chu s qun l ca UBCKNN. g y quyn g y C nguy c b mt q y kim sot cng ty. Quy m vn v lng c ng tng ln lm cho vic qun l, iu hnh phc tp hn. C cu quyn s hu khng n nh bi nhu cu giao dch c phiu hng ngy ca cc c ng.

BO LNH PHT HNH CHNG KHAN O C G

Khi nim: L vic t chc bo lnh gip t chc pht hnh thc hin cc th tc trc khi cho bn chng khan, t chc vic phn phi chng khan v gip bnh n gi chng khan trong giai an u sau khi pht hnh. Theo Lut chng khon 2006: L vic t chc bo lnh p pht hnh cam kt vi t chc p pht hnh thc hin cc th tc trc khi cho bn chng khan, nhn mua t phn hay tan b chng khan ca t chc pht hnh bn li hoc mua s chng khan cn li cha c phn phi ht ca t chc pht hnh hoc h tr t chc pht hnh trong vic phn phi cng khan ra cng chng. T chc bo lnh pht hnh: L cng ty chng khan c p p php thc hin hat ng bo lnh pht hnh chng khan g p g v ngn hng thng mi c UBCKNN chp thun bo lnh pht hnh tri phiu theo iu kin do B ti chnh quy nh.

CC HNH THC BO LNH PHT HNH CHNG KHAN

Cam kt chc chn: T chc BLPH cam kt mua ton b s chng kh pht h h vi gi chit khu so vi h khon ht hnh i i hit kh i gi cho bn ra cng chng (Public Offering Price-POP) hng chnh lch. Bo lnh th B l h theo phng thc d phng: T chc h th d h h BLPH cam kt mua ht s chng khon cn li cha c phn phi ht bn ra cng chng. Phng thc ny thc hin trong trng hp Cng ty pht hnh chng khon c dnh mt t l nht nh phn phi ni b v p dng trong iu kin cc t chc BLPH c tim lc ti chnh cn hn ch. Bo lnh vi c gng cao nht: T chc BLPH lm i l bn chng khon ra cng chng, ch cam kt c gng g p ti a bn ht. Trng hp cn d s tr li tchc pht hnh.

CC HNH THC BO LNH PHT HNH CHNG KHAN

Bo lnh theo phng thc bn tt c hoc khng: T chc pht h h ra i ki cho t chc BLPH b h ht hnh iu kin h h bn mt lng chng khon nht nh, nu khng bn ht s hy ton b t pht hnh. Bo lnh theo phng thc ti thiu-ti a: T chc pht hnh yu cu t chc BLPH phi bn ti thiu mt t l chng khon nht nh (mc sn) Vt trn mc sn). y, t chc BLPH c cho bn chng khon n mc ti a theo quy nh (mc trn). Ngc li, nu bn thp hn mc yu cu th s hy b t pht hah hah.

C CH TH BO LNH PHT HNH O

T hp bo lnh pht hnh hnh. T chc bo lnh pht hnh chnh. Nhm i Nh i l phn phi. h hi

QUY TRNH THC HIN BO LNH PHT HNH CHNG KHON

Bc 1: Phn tch, nh gi kh nng p g g pht hnh: T vn ti chnh cho t pht hnh. Phn tch tnh hnh th trng. K h b l h pht h h hp ng bo lnh ht hnh. Bc 2: Chun b h s: La chn thnh vin t hp (nu cn). Phn nh quyn v ngha v. Lp t lm vic (trch nhim lin i). Ln danh mc h s. nh gi t cho bn. Np h s xin php pht hnh hnh.

QUY TRNH THC HIN BO LNH PHT HNH CHNG KHON

Bc 3: Phn phi chng khon: p g Nhn phiu ng k mua v lp danh sch phn phi. Kho s. Tt ton ti khon cho cact chc BLPH. Bc 4: Bnh n v iu ho th trng. Bc 5: Bo co kt qu t pht hnh.

IU KIN BO LNH PHT HNH CHNG KHON TI VIT NAM

Cng ty chng khon phi p ng: c php thc hin nghip v bo lnh pht hnh chng khon; Khng vi phm php lut chng khon trong 06 thng ; lin tc lin trc thi im bo lnh; Tng gi tr bo lnh pht hnh khng c ln hn 50% vn ch s hu ca t chc bo lnh pht hnh vo thi im cui qu gn nht tnh n ngy k hp q g g y p ng bo lnh pht hnh, tr trng hp bo lnh pht hnh tri phiu Chnh ph, tri phiu c Chnh ph bo lnh; C t l vn kh dng trn n iu chnh trn 6% trong ba (03) thng lin trc thi im nhn bo lnh pht hnh.

HN C CH BO LNH PHT HNH TI VIT NAM O

T chc bo lnh pht hnh khng c bo lnh pht hnh theo hnh thc cam kt chc chn trong cc trng hp sau y: y T chc bo lnh pht hnh c lp hoc cng cc cng ty con ca t chc bo lnh pht hnh c s hu t 10% tr ln vn iu l ca t chc pht hnh; Ti thi 30% vn i l ca t chc b l h pht h h v thiu iu h bo lnh ht hnh ca t chc pht hnh l do cng mt t chc nm gi. Trng hp t pht hnh c tng gi tr cam kt bo lnh ln hn hai (02) ln vn ch s hu ca t chc bo lnh pht hnh, phi lp t hp bo lnh pht hnh. Trong trng hp ny, t chc bo lnh pht hnh chnh chu trch nhim k hp ng bo lnh vi t chc pht hnh, hon tt h s php l v vic b lnh pht h h v k h ng bo lnh h i bo l h ht hnh hp b l h pht hnh vi cc t chc bo lnh pht hnh khc. Khi bo lnh pht hnh chng khon, cng ty chng khon phi m mt ti khon ring bit ti mt ngn hng ang hot ng hp php ti Vit Nam nhn tin t mua chng khon ca khch hng.

CHN THNH CM N S CH THEO DI CA QU V !