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1、Documentation and Due Diligence 文件提供和 尽 职 调 查,M&A in China 并购在中国,Prelude 序 言,Documentation and Due Diligence 文 件 提 供 和 尽 职 调 查,A Case For Proper Documentation案 例：适 当 提 供 文 件,1,Documentation,Respect for the Rule of Law in China 遵 守 中 国 法 律,A Gentlemans Agreement?君 子 协 定？,Documentation mandatory under
2、 law?提 供 适 当 文 件：法 定 义 务？,CRITICAL DOCUMENTS,2,Documentation,Documentation is driven by deal structure:,Type of Transaction,Asset acquisition,type of structuretype of target investment vehicle,Key Acquisition Documentation,Sale and purchase agreement(sometimes known as“asset acquisition agreement),E
3、quity interest acquisition,Sale and purchase agreement,Subscription agreement,Equity interest acquisition(by way of new subscription of equity interest),CRITICAL DOCUMENTS,3,Documentation,Type of TargetInvestment Vehicle,Wholly-owned foreign enterprise,Key Constituent Documentation,Articles of assoc
4、iation,Equity joint venture enterprise,Joint venture contractArticles of association,Co-operation joint venture enterprise,Joint venture contractArticles of association,Joint stock company,Articles of association,关 键 文 件,目标投资机构的类型：外国全资企业 合资企业 合作企业 股份有限公司,关键章程文件：公 司 章 程合 资 合 同公 司 章 程公 司 章 程,关 键 文 件,A
5、cquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,4,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购 买/收 购 协 议,Requirements under law法 律 要 求,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,5,Documentation,Sale and Purchase/Acquisition Agreement
6、(“S&P Agreement”)购 买/收 购 协 议,What needs to be included in an S&P Agreement?收 购 协 议 的 内 容：,Contracting parties合 同 缔 约 方,List of assets资 产 清 单,Equity interest股 份,Acquisition completion procedures完 成收 购 程 序,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,6,Documentation,Sale and Purch
7、ase/Acquisition Agreement(“S&P Agreement”)购 买/收 购 协 议,Rights and obligations权 利 和 责 任,Breach liquidated damages?约 定 违 约 赔 偿 金,Dispute resolution争 议 解 决,Date and place of execution执 行 的 时 间 和 地 点,Governing law?法 律 适 用？,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,7,Documentation,
8、Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购 买/收 购 协 议,Representations and Warranties 陈 述 和 保 证 条 款,Key Provisions in an S&P Agreement 收 购 协 议 中 的 关 键 条 款,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,8,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agree
9、ment”)购买协议/收购协议,Undertakings承诺,Key Provisions in an S&P Agreement购买协议中的重要条款,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,9,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购买协议/收购协议,Asset listing in the case of asset acquisition资产清单在资产收购的情形下,Key Provisions i
10、n an S&P Agreement购买协议中的重要条款,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,10,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购买协议/收购协议,Group structure in the case of equity interest acquisition集团结构在股份收购的情况下,Key Provisions in an S&P Agreement购买协议中的重要条款,Consi
11、deration,Payment/Capital Injection对价，支付/注资条款,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,11,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购买/收购协议,Key Provisions in an S&P Agreement购买协议中的重要条款,Indemnity/Compensation provisions补偿/赔偿条款,Acquisition Documentat
12、ionEssential Terms and Conditions收购协议中的必要条款,12,Documentation,Sale and Purchase/Acquisition Agreement(“S&P Agreement”)购买/收购协议,Key Provisions in an S&P Agreement收购协议的重要条款,Governing Law and Dispute Resolution争端解决和法律适用,Acquisition DocumentationEssential Terms and Conditions收购协议中的必要条款,13,Documentation,Su
13、bscription Agreement(“Subscription Agreement”)增资协议,Key differences between a Subscription Agreement and an S&P Agreement增资协议和购买协议的重要区别,Establishment DocumentationEssential Terms and Conditions公司发起的文件准备-必要条款,14,Documentation,Sino-Foreign Equity Joint Venture Contract中外合资经营企业合同,Requirements under law法
14、律要求,Establishment DocumentationEssential Terms and Conditions公司发起的文件准备-必要条款,15,Documentation,Sino-Foreign Equity Joint Venture Contract中外合资经营企业合同,Establishment DocumentationChinese and English versions公司发起的文件准备-中英文文本,16,Documentation,English and Chinese versions-which should prevail?英文和中文文本-哪份有优先效力？
15、,Establishment Documentation-Total Investment Amount and Registered Capital,17,Documentation,Mandatory Ratios,Total Investment Amount,US$3 million,Ratio of Registered Capital toTotal Investment Amount,70%,US$3 million but US$10 million,50%(subject to a min.of US$2.1 million where total investment am
16、ount is less than US$4.2 million),US$10 million but US$30 million,40%(subject to a min.of US$5 million where total investment amount is less than US$12.5 million),US$30 million,331/3%(subject to a min.of US$12 million where total investment amount is less than US$36 million),17,Documentation,法定比例,投资
17、总额,小于等于三百万美元,注册资本占投资总额的比例,70%,三百万美元到一千万美元之间,50%（例如：当投资总额少于4。2百万美元时，注册资本不得少于2。1百万美元）,一千万美元到三千万美元之间,40%（例如：当投资总额少于12。5百万美元时，注册资本不得少于5百万美元）,三千万美元以上,331/3%（例如：当投资总额少于36百万美元时，注册资本不得少于12百万美元）,公司发起的文件准备-投资总额和注册资本,Establishment DocumentationCapital Injection公司发起的文件准备-资本注入,18,Documentation,Establishment Docu
18、mentationEssential Provisions公司成立的文件准备-必要条款,19,Documentation,Articles of Association公司章程,Provisions closely track those in the Joint Venture Contract合资经营企业中与公司章程紧密相关的条款,Board composition and decision-making procedures董事会的组织和决策程序,Establishment DocumentationSino-Foreign Co-operation Joint Venture公司发起的
19、文件准备-中外合作企业,20,Documentation,Special Features特别之处,Other Documents 其 他 文 件,21,Documentation,In the context of an acquisition 在 收 购 中 的 文 件 内 容,Resolutions 决 议,Audited financial report 财 务 审 计 报 告,Technical services agreement or technology transfer agreement(if relevant)技 术 服 务 协 议 或 者 相 关 的 技 术 转 让 协
20、 议,Employees 雇 员,Due Diligence 尽 职 调 查,22,Due Diligence,Due Diligence an essential part of pre-negotiation preparation 尽 职 调 查 谈 判 前 准 备 的 必 要 部 分,Why is due diligence essential?为 什 么 必 需 尽 职 调 查？,Due Diligence 尽 职 调 查,23,Scope of Due Diligence 尽 职 调 查 的 范 围,Due diligence can be broadly categorised
21、into legal due diligence and financial due diligence 尽 职 调 查 可 以 广 泛 地 分 为 法 律 尽 职 调 查 和 财 务 尽 职 调 查,The main focus of the legal due diligence 法 律 尽 职 调 查 的 主 要 关 注 点,Due Diligence,Due Diligence 尽 职 调 查,24,Due Diligence Checklist 尽 职 调 查 清 单,Due Diligence,Due Diligence审慎调查,25,Corporate Investigation
22、s公司调查,Are these necessary and when do you obtain them?是否需要和何时获得？,To what extent can the reports be relied upon?报告在多大程度上可信？,Instructing the corporate investigators公司调查的说明,Securing Your Right to Documents and Information保证获取文件和信息的权利,Typical issues and difficulties faced典型问题和难点,Due Diligence,Due Dilige
23、nce审慎调查,26,Securing Your Right to Documents and Information保证获得文件和信息的权利,Hiding behind the clout of confidentiality隐藏在机密背后的信息,When all attempts fail当所有的尝试都失败时。,Beware of“back-door”qualifying of the representations and warranties through the use of Disclosure Letter注意到披露函中陈述与保证条款中所含的“后门”,What do you r
24、eally need to know?Must-have vs.Good-to-have什么是你真正需要知道的？“必须知道”还是“最好知道”？,Determination often driven by availability of time,resources as well as size of the deal决定取决于可供利用的时间、资源以及交易规模,Due Diligence,Due Diligence审慎调查,27,Due Diligence Methodology审慎调查的方法,Organising Your Team组织你的团队,Organizing the Due Dili
25、gence Process组织调查程序,Due Diligence,Due Diligence审慎调查,28,Working Your Due Diligence Into Negotiation审慎调查中的协商活动,Pre-negotiation strategizing协商前的战略安排,Due Diligence,Due Diligence审慎调查,29,Working Your Due Diligence Into Negotiation审慎调查中的协商,Who is to draft?Purchaser or Seller?谁来规划？购买者还是规划者？,Defensive Measures防御措施,Key is to effectively use Representations,Warranties,Undertakings and Indemnities关键是有效地利用陈述、保证承诺、补偿条款。,Due Diligence,
