牵手融e邦，资本运作很简单。当地时间8月21日，Arm Holdings Ltd向美国SEC递交招股书，拟以ARM为股票代码，申请纳斯达克全球精选板上市，该公司是软银旗下的全球芯片架构设计巨头。

根据招股说明书，Arm Holdings Ltd计划募资100亿美元左右，或将成为今年全球资本市场规模最大的IPO，同时或将成为继特斯拉劲敌Rivian（137亿美元）以来最大的美股IPO。软银为其上市前大股东，对Arm估值640亿美元。其主承销商为巴克莱、高盛、摩根大通、瑞穗金融。

Arm Holdings Limited于2018年成立。Arm设计、开发和授权高性能、低成本和高能效的CPU产品和相关技术，许多世界领先的半导体公司和原始设备制造商都依赖这些技术来开发自己的产品。如今，Arm CPU运行着世界上绝大多数的软件，包括智能手机、平板电脑和个人电脑、数据中心和网络设备、车辆的操作系统和应用程序，以及智能手表、恒温器、无人机和工业机器人等设备中的嵌入式操作系统。

招股书地址：https://www.sec.gov/Archives/edgar/data/1973239/000119312523216983/d393891df1.htm#rom393891_26

我们的商业概述

Arm正在定义计算的未来。半导体技术已经成为世界上最关键的资源之一，因为它能够实现当今所有的电子设备。这些设备的核心是CPU，Arm是CPU的行业领导者。我们设计、开发和许可高性能、低成本和节能的CPU产品及相关技术，许多世界领先的半导体公司和原始设备制造商都依赖这些产品和技术来开发产品。截至2022年12月31日，我们的节能CPU已在全球99%以上的智能手机中实现了高级计算，累计超过2500亿个芯片为从最小的传感器到最强大的超级计算机的一切提供了动力。如今，Arm CPU运行着世界上绝大多数的软件，包括智能手机、平板电脑和个人电脑、数据中心和网络设备以及车辆的操作系统和应用程序，以及智能手表、恒温器、无人机和工业机器人等设备中的嵌入式操作系统。我们估计，全球约70%的人口使用基于Arm的产品，而且Arm的覆盖范围不断扩大，仅在截至2023年3月31日的财政年度，据报道就有超过300亿颗基于Arm的芯片出货，这比截至2016年3月30日的财政年期增长了约70%。

如今，任何公司都可以通过我们高效节能的CPU IP和相关技术的独特组合，以及我们无与伦比的技术合作伙伴生态系统，制造出现代计算机芯片，并且由于我们灵活的商业模式，成本效益高。每种CPU产品都可以授权给多家公司，从而实现规模经济，使我们能够向每一位被授权人收取仅为其内部开发成本的一小部分的费用，同时将其风险和上市时间降至最低。随着CPU设计的复杂性呈指数级增长，在过去的十年里，没有一家公司从零开始成功设计出现代CPU。几十年来，我们一直在计算技术的前沿进行创新，并与推动多个行业计算未来的公司建立了重要关系。超过260家公司报告称，在截至2023年3月31日的财政年度，他们已经发货了基于Arm的芯片，其中包括全球最大的科技公司（如亚马逊和Alphabet）、主要的半导体芯片供应商（如AMD、英特尔、NVIDIA、高通和三星）、汽车行业的现有企业、领先的汽车供应商、物联网创新者等。

智能设备在消费者和企业市场的指数级增长增加了对芯片的需求，这些芯片在优化能效的同时提供了更多的计算能力。30年前，个人电脑是大多数人在家、工作或学校唯一可以使用的电脑。然后，手机变成了我们口袋里的电脑，数字电视变成了我们客厅里的电脑。现在，车辆实际上是车轮上的计算机，服务器和网络设备是将设备和服务连接在一起的计算机。此外，还有数十亿种小型低成本设备——从传感器到电动机控制器——现在也都是功能计算机。这些计算机中的每台都需要至少一个CPU，在许多情况下需要不止一个。这一趋势推动了Arm芯片在过去几年的急剧增长。

我们创建的Arm CPU架构是世界上使用最广泛的CPU架构，它导致了当今人们所知的计算机的激增和发展，推动了一种提高计算性能和业界领先的能效的范式。我们推动了手机和智能手机革命，通过我们对能源效率的关注和不断创新的历史，我们实现了新类别的“智能”消费电子产品。今天，我们正在重新定义云计算、汽车和物联网等行业的可能性。能源效率不仅对企业很重要，也是实现地球可持续发展的关键组成部分。这使得Arm CPU技术成为当前和未来计算应用的理想选择，因为对计算性能的需求呈指数级增长，而对低功耗的需求仍然至关重要。

每个CPU都有一个ISA，它定义了可以由CPU执行的软件指令，本质上是软件开发人员使用的通用语言。ISA为在这些CPU上运行的大型兼容软件库奠定了基础。由于Arm CPU是历史上最受欢迎和普及的CPU，Arm ISA也是历史上最流行和普及的ISA。这意味着基于Arm的芯片拥有一个熟悉如何编程CPU的全球软件开发人员社区。利用Arm CPU的芯片设计师可以添加所需的功能（Wi-Fi连接、图像处理、视频处理等），以创建满足任何终端市场需求的SoC。

我们的主要产品是领先的CPU产品，可满足不同的性能、电源和成本要求。GPU、系统IP和计算平台等补充产品也可用，可为各种日益复杂的设备和应用程序创建高性能、高效、可靠的系统级产品。我们的开发工具和强大的软件生态系统进一步巩固了我们作为世界上采用最广泛的处理器架构的地位，并创造了采用的良性循环，这意味着软件开发人员为基于Arm的设备编写软件，因为它为他们的产品提供了最大的市场，芯片设计师选择Arm处理器是因为它们对软件应用程序有最广泛的支持。

这种普遍性和易移植性的结合使我们的CPU设计拥有世界上最丰富的软件生态系统，与领先的操作系统提供商（包括谷歌安卓、微软Windows和所有主要的Linux发行版）、软件工具和游戏引擎供应商（如EA、Unity和Epic Games）以及应用程序开发商合作构建。我们还支持嵌入式软件第三方工具供应商的蓬勃发展的生态系统和充满活力的物联网生态系统。开源软件在Arm芯片的成功中发挥着至关重要的作用，我们致力于为开源软件和工具做出贡献，以确保我们的产品针对最新技术进行优化。

随着世界越来越多地向人工智能和ML计算迈进，Arm将成为这一转变的核心。Arm CPU已经在数十亿台设备中运行AI和ML工作负载，包括智能手机、相机、数字电视、汽车和云数据中心。CPU在所有人工智能系统中都至关重要，无论是完全处理人工智能工作负载，还是与GPU或NPU等协同处理器相结合。在大型语言模型、生成人工智能和自动驾驶等新兴领域，将更加强调这些算法的低功耗加速。在我们最新的ISA、CPU和GPU中，我们添加了新的功能和指令，以加速未来的AI和ML算法。我们正在与Alphabet、Cruise、Mercedes-Benz、Meta和NVIDIA等领先公司合作，部署Arm技术来运行人工智能工作负载。

截至2023年3月31日，Arm在北美、欧洲和亚洲拥有5963名全职员工。截至2023年3月31日，我们是一家工程第一的公司，拥有约80%的全球员工，专注于研究、设计和技术创新，我们在英国、欧洲、北美、印度和亚太设有全球运营和研发中心。我们的总部位于英国剑桥。

截至2023年3月31日的财年，我们的总收入相对持平，为26.79亿美元，而截至2022年3月30日的财年为27.03亿美元。在截至2023年3月31日的财政年度，我们的毛利率为96%，营业收入率为25%。在截至2023年3月31日的财政年度，我们的持续经营净收入为5.24亿美元（非公认会计原则持续经营净收益6.57亿美元），而截至2022年3月30日的财政财年为6.76亿美元（无公认会计原则连续经营净收益6.63亿美元）。

截至2022年3月31日的财年，我们的总收入增长了33%，从截至2021年3月30日的财年的20.27亿美元增至27.03亿美元。在截至2022年3月31日的财政年度，我们的毛利率和营业收入占总收入的百分比分别为95%和23%，而截至2021年3月30日的财政财年分别为93%和12%。在截至2022年3月31日的财年，我们的持续经营净收入为6.76亿美元（非公认会计原则持续经营净收益6.63亿美元），而截至2021年3月30日的财年为5.44亿美元（无公认会计原则连续经营净收益2.07亿美元）。

我们的财务数据汇总

以下截至2023年、2022年和2021年3月31日财年的合并财务数据摘要来源于本招股说明书其他地方包含的经审计财务报表。截至2023年和2022年6月30日的财政季度的以下财务数据摘要来源于本招股说明书其他地方包含的未经审计的合并中期简明财务报表。管理层认为，未经审计的简明合并财务报表反映了所有调整，包括正常经常性调整，这些调整是简明合并资产负债表、损益表和这些中期现金流量的公允报表所必需的。我们的历史结果并不一定表明未来可能出现的结果。您应阅读以下财务数据摘要以及“管理层对财务状况和经营成果的讨论和分析”以及本招股说明书其他地方包含的我们的合并财务报表和相关附注。

根据招股说明书披露信息，2021财年至2023财年，Arm年收入分别为20.27亿美元、27.03亿美元、26.79亿美元；净利润分别为3.88亿美元、5.49亿美元、5.24亿美元。自成立以来，Arm芯片出货量累计超过2500亿颗，拥有超过1500万名软件开发者。

（1） 形式信息考虑了标题为“公司重组”的章节中所述的预期公司重组，预计这将导致向与他们之前持有的Arm Limited相同类别和数量的股东发行Arm Holdings Limited的普通股。因此，公司重组既不会导致已发行股票发生重大变化，也不会影响预计每股收益或资产负债表信息。

（2）上述每股形式收益反映了（a）约5500万美元的高管奖励的影响，该奖励将在首次公开募股（包括本次发行）时部分授予，预计将以Arm Holdings Limited的普通股结算，（b）本次发行完成后将授予我们首席执行官的特别现金奖励的估计公允价值，以及（c）根据2019年AEP、2019年高管IPO计划（“2019 EIP”）和2022年RSU计划授予Arm Limited员工和高管的负债类奖励的加速授予和结算，将以Arm Holdings Limited的普通股结算。基于股份的薪酬费用的公允价值估计以及与这些奖励的结算相关的Arm Limited将发行的普通股数量假设每股的首次公开发行价格，这是本招股说明书封面上规定的价格范围的中点。

MANAGEMENT AND EXECUTIVE REMUNERATION（管理和高管薪酬）

Executive Officers and Directors：The following table sets forth information regarding our executive officers and directors as of the date of this prospectus.

Masayoshi Son has served as a Director and Chairman of our Board of Directors since March 2018. From September 2016 to March 2018, Mr. Son served as Chairman of the Board of Directors of Arm Holdings plc. Mr. Son founded SoftBank Group in September 1981 and has been its Chairman and Chief Executive Officer since February 1986. Founded initially as a PC software distribution business, SoftBank Group and its portfolio of companies have expanded to cover a range of technologies, including advanced telecommunications, internet services, AI, smart robotics, and IoT. Mr. Son has overseen investments in some of the world’s fastest-growing technology companies. Mr. Son serves in various capacities within SoftBank Group’s portfolio of companies, including SoftBank Corp. (Japanese Telecommunication Operator) as its Chairman since 2015 and served as its Chairman and Chief Executive Officer from 2006 to 2015. Mr. Son has also served as Honorary Chairman of the Broadband Association in Japan.

Mr. Son was selected to serve on our Board of Directors because of his vast executive leadership experience, including through his service as Chairman and Chief Executive Officer of SoftBank Group, a large international public company and our controlling shareholder, along with his significant expertise in technology and innovation.

Ronald D. Fisher has served as a Director of our Board of Directors since March 2018. Mr. Fisher is a Senior Advisor at SoftBank Investment Advisors. Mr. Fisher joined SoftBank Group in 1995 and was the founder and Managing Partner of SoftBank Capital. Mr. Fisher joined the Board of SoftBank Group in 1997 and was Vice Chairman from 2017 to 2022. Mr. Fisher has more than 40 years of experience of working with high-growth and turnaround technology companies. Prior to joining SoftBank Group, Mr. Fisher was the Chief Executive Officer of Phoenix Technologies Ltd., the leading developer and marketer of system software products for personal computers, from 1990 to 1995. Mr. Fisher joined Phoenix from Interactive Systems Corporation, a

Mr. Fisher was selected to serve on our Board of Directors due to his extensive business, operational and management experience in the technology industry.

Jeffrey A. Sine has served as a Director of our Board of Directors since September 2022. Mr. Sine is the Co-Founder and Partner of The Raine Group LLC, a global merchant bank focused on technology, media, and communications. Prior to founding The Raine Group LLC, he served as Vice Chairman and Global Head of Technology, Media & Telecom Investment Banking at UBS Investment Bank. Mr. Sine was a Managing Director at Morgan Stanley and an attorney at Sullivan & Cromwell in New York and London. Mr. Sine currently serves on the boards of many portfolio companies and subsidiaries of The Raine Group LLC. He also serves on the boards of National Public Radio, ITHAKA, Educational Testing Service, American University and The Manhattan Theatre Club.

Mr. Sine was selected to serve on our Board of Directors due to his significant experience as a leader and director of multiple global companies with international operations as well as his capital markets and financial experience from his tenure at global financial institutions.

Karen E. Dykstra has served as a Director of our Board of Directors since September 2022. Ms. Dykstra is the Chief Financial Officer of VMware, Inc., a position she has held since June 2023. Ms. Dykstra previously served as Chief Financial and Administrative Officer, and as Chief Financial Officer, of AOL, Inc., a web portal and online service provider. Prior to joining AOL, Inc., Ms. Dykstra was a Partner at Plainfield Asset Management LLC (“Plainfield”), where she served as Chief Operating Officer, Chief Financial Officer and a director of Plainfield Direct LLC, Plainfield’s business development company. Previously, she spent over 25 years with Automatic Data Processing, Inc., a provider of human capital management solutions to employers, serving most recently as Chief Financial Officer, and prior thereto as Vice President—Finance, Corporate Controller, and in other capacities. Ms. Dykstra is a director of VMware, Inc. and former director of Crane Co., AOL, Inc. and Boston Properties, Inc.

Ms. Dykstra was selected to serve on our Board of Directors due to her broad executive management experience and financial expertise as the Chief Financial Officer of multiple global companies and her experience from serving on the board of directors of other companies in the technology industry.

Anthony Michael Fadell has served as a Director of our Board of Directors since September 2022. Mr. Fadell is an active investor and entrepreneur with over 30 years of experience in founding companies and designing consumer products. He is the Principal at the Build Collective, an investment and advisory firm that invests in deep tech startups. Currently, the Build Collective is working with startups on over 200 innovative technologies. Mr. Fadell is the founder and former Chief Executive Officer of Nest, a major pioneer in the IoT space. He was Senior Vice President of Apple’s iPod division and led the team that created the first 18 generations of the iPod and the first three generations of the iPhone. Mr. Fadell also served as an Advisor to the Chief Executive Officer at Apple. Throughout his career, Mr. Fadell has authored more than 300 patents. He is also a New York Times bestselling author of BUILD: An Unorthodox Guide to Making Things Worth Making.

Mr. Fadell was selected to serve on our Board of Directors due to his extensive experience in a range of technology companies as well as his significant leadership experience, including serving as the founder and Chief Executive Officer of a leader in the IoT space, and his in-depth knowledge of the technology industry.

Rosemary Schooler has served as a Director of our Board of Directors since December 2022. Ms. Schooler has over 30 years of experience in the global technology industry. She most recently served as Corporate Vice

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President and General Manager of Data Center and AI Sales for Intel Corporation. During her 33-year career at Intel, Ms. Schooler managed and oversaw sales and corporate strategy for the company’s IoT business. Ms. Schooler also held vice president and general manager positions at a number of Intel start-up initiatives in the embedded/IoT, networking and storage businesses, including architecture, product development and customer success efforts. In her networking role, Ms. Schooler led industry transforming initiatives, including Network Function Virtualization and technologies such as Data Plane Development Kit. Ms. Schooler has supported industry efforts, including ATIS and TIA, as well as non-profits, including the National Center for Women in Technology. She was previously a director for Cloudera and currently serves on the board of directors for Zurn Water Solutions. Ms. Schooler earned a B.S. in ceramic science and engineering from Penn State University.

Ms. Schooler was selected to serve on our Board of Directors due to her expansive knowledge of corporate strategy and strategic planning and vast experience as a leader in the technology industry.

Paul E. Jacobs, PhD has served as a Director of our Board of Directors since December 2022. Dr. Jacobs is the Chairman and Chief Executive Officer of XCOM Labs, which he founded in 2018 to develop high performance wireless technologies and applications. Prior to founding XCOM Labs, Dr. Jacobs served as the Chief Executive Officer and Executive Chairman of Qualcomm Inc., where he spearheaded the company’s efforts to develop and commercialize fundamental mobile technology breakthroughs that fueled the wireless internet and smartphone revolutions. Dr. Jacobs is a prolific inventor with over 80 U.S. patents granted or pending in the field of wireless technology and devices. Dr. Jacobs currently serves as a director of Dropbox, Inc. and For Inspiration and Recognition of Science and Technology. He earned a B.S. in Electrical Engineering and Computer Science, M.S. in Electrical Engineering, and Ph.D. in Electrical Engineering and Computer Science from the University of California, Berkeley. He founded the Jacobs Institute for Design Innovation at the University of California, Berkeley. Dr. Jacobs is a member of the National Academy of Engineering and a Fellow of the American Academy of Arts and Sciences.

Dr. Jacobs was selected to serve on our Board of Directors based on his experience as the leader and board member of multiple global companies, as well as his innovation and business experience with companies in, and his in-depth knowledge of, the technology sector

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