合资并购常用英语课件

Documentation and Due Diligence 文件提供和 尽 职 调 查M&A in China 并购在中国Documentation and Due Diligenc1Prelude 序 言Documentation and Due Diligence 文文 件件 提提 供供 和和 尽尽 职职 调调 查查PreludeDocumentation and Due D2A Case For Proper Documentation案 例：适 当 提 供 文 件1DocumentationRespect for the Rule of Law in China 遵遵 守守 中中 国国 法法 律律A Gentlemans Agreement?君君 子子 协协 定？定？Documentation mandatory under law?提提 供供 适适 当当 文文 件：件：法法 定定 义义 务？务？A Case For Proper Documentatio3CRITICAL DOCUMENTS2DocumentationDocumentation is driven by deal structure:Type of TransactionAsset acquisitiontype of structuretype of target investment vehicleKey Acquisition DocumentationSale and purchase agreement (sometimes known as“asset acquisition agreement)Equity interest acquisitionSale and purchase agreement Subscription agreementEquity interest acquisition(by way of new subscription of equity interest)CRITICAL DOCUMENTS2Documentati4合资并购常用英语课件5CRITICAL DOCUMENTS3DocumentationType of TargetInvestment VehicleWholly-owned foreign enterpriseKey Constituent DocumentationArticles of associationEquity joint venture enterpriseJoint venture contractArticles of association Co-operation joint venture enterpriseJoint venture contractArticles of association Joint stock companyArticles of association CRITICAL DOCUMENTS3Documentati6 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 关 键 文 件目标投资机构的类型：关键章程文件：关 键7Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款4DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购购 买买/收收 购购 协协 议议Requirements under law法法 律律 要要 求求Acquisition Documentation4Docu8Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款5DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购购 买买/收收 购购 协协 议议What needs to be included in an S&P Agreement?收收 购购 协协 议议 的的 内内 容：容：vContracting partiesv合合 同同 缔缔 约约 方方vList of assetsv资资 产产 清清 单单vEquity interestv股股 份份 vAcquisition completion proceduresv完完 成收成收 购购 程程 序序Acquisition Documentation5Docu9Acquisition Documentation-Essential Terms and Conditions收购协议中的必要条款6DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购购 买买/收收 购购 协协 议议vRights and obligationsv权权 利利 和和 责责 任任vBreach liquidated damages?v约约 定定 违违 约约 赔赔 偿偿 金金vDispute resolutionv争争 议议 解解 决决vDate and place of executionv执执 行行 的的 时时 间间 和和 地地 点点Governing law?法法 律律 适适 用？用？Acquisition Documentation6Docu10Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款7DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购购 买买/收收 购购 协协 议议vRepresentations and Warrantiesv 陈陈 述述 和和 保保 证证 条条 款款Key Provisions in an S&P Agreement 收收 购购 协协 议议 中中 的的 关关 键键 条条 款款Acquisition Documentation7Docu11Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款8DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购买协议购买协议/收购协议收购协议vUndertakingsv承诺承诺Key Provisions in an S&P Agreement购买协议中的重要条款购买协议中的重要条款Acquisition Documentation8Docu12Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款9DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购买协议购买协议/收购协议收购协议 vAsset listing in the case of asset acquisitionv资产清单资产清单在资产收购的情形下在资产收购的情形下Key Provisions in an S&P Agreement购买协议中的重要条款购买协议中的重要条款Acquisition Documentation9Docu13Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款10DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购买协议购买协议/收购协议收购协议vGroup structure in the case of equity interest acquisitionv集团结构集团结构在股份收购的情况下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购买协议中的重要条款vConsideration,Payment/Capital Injectionv对价，支付对价，支付/注资条款注资条款 Acquisition Documentation10Doc14Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款11DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购买购买/收购协议收购协议Key Provisions in an S&P Agreement购买协议中的重要条款购买协议中的重要条款vIndemnity/Compensation provisionsv补偿补偿/赔偿条款赔偿条款Acquisition Documentation11Doc15Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款12DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购买购买/收购协议收购协议Key Provisions in an S&P Agreement收购协议的重要条款收购协议的重要条款vGoverning Law and Dispute Resolutionv争端解决和法律适用争端解决和法律适用Acquisition Documentation12Doc16Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款13DocumentationSubscription Agreement(“Subscription Agreement”)增资协议增资协议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增资协议和购买协议的重要区别Acquisition Documentation13Doc17Establishment Documentation-Essential Terms and Conditions-公司发起的文件准备-必要条款14DocumentationSino-Foreign Equity Joint Venture Contract中外合资经营企业合同中外合资经营企业合同Requirements under law法律要求法律要求Establishment Documentation14D18Establishment Documentation-Essential Terms and Conditions-公司发起的文件准备-必要条款15DocumentationSino-Foreign Equity Joint Venture Contract中外合资经营企业合同中外合资经营企业合同Establishment Documentation15D19Establishment Documentation-Chinese and English versions-公司发起的文件准备-中英文文本16DocumentationEnglish and Chinese versions-which should prevail?英文和中文文本英文和中文文本-哪份有优先效力？哪份有优先效力？Establishment Documentation16D20Establishment Documentation-Total Investment Amount and Registered Capital17DocumentationMandatory RatiosTotal Investment Amount US$3 millionRatio of Registered Capital toTotal Investment Amount70%US$3 million but US$10 million50%(subject to a min.of US$2.1 million where total investment amount is less than US$4.2 million)US$10 million but US$30 million40%(subject to a min.of US$5 million where total investment amount is less than US$12.5 million)US$30 million331/3%(subject to a min.of US$12 million where total investment amount is less than US$36 million)Establishment Documentation17D2117Documentation法定比例法定比例投资总额投资总额 小于等于三百万美元小于等于三百万美元 注册资本占投资总额的比例注册资本占投资总额的比例70%三三百百万万美美元元到到一一千千万万美美元之间元之间 50%（例例如如：当当投投资资总总额额少少于于4。2百百万万美美元元时时，注注册册资资本本不不得得少少于于2。1百万美元）百万美元）一一千千万万美美元元到到三三千千万万美美元之间元之间 40%（例例如如：当当投投资资总总额额少少于于12。5百百万万美美元元时时，注注册册资资本本不不得得少少于于5百万美元）百万美元）三千万美元以上三千万美元以上 331/3%（例例如如：当当投投资资总总额额少少于于36百百万万美美元元时时，注注册册资资本本不不得得少少于于12百万美元）百万美元）公司发起的文件准备-投资总额和注册资本17Documentation法定比例投资总额 小于等于三百22Establishment Documentation-Capital Injection-公司发起的文件准备-资本注入18DocumentationEstablishment Documentation18D23Establishment Documentation-Essential Provisions-公司成立的文件准备-必要条款19DocumentationArticles of Association公司章程公司章程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董事会的组织和决策程序Establishment Documentation19D24Establishment Documentation-Sino-Foreign Co-operation Joint Venture-公司发起的文件准备-中外合作企业20DocumentationSpecial Features特别之处特别之处Establishment Documentation20D25Other Documents 其 他 文 件21DocumentationIn the context of an acquisition 在在 收收 购购 中中 的的 文文 件件 内内 容容vResolutionsv 决决 议议vAudited financial reportv 财财 务务 审审 计计 报报 告告vTechnical services agreement or technology transfer agreement(if relevant)v 技技 术术 服服 务务 协协 议议 或或 者者 相相 关关 的的 技技 术术 转转 让让 协协 议议vEmployeesv 雇雇 员员Other Documents21Documentation26Due Diligence 尽 职 调 查22Due DiligenceDue Diligence an essential part of pre-negotiation preparation 尽尽 职职 调调 查查 谈谈 判判 前前 准准 备备 的的 必必 要要 部部 分分vWhy is due diligence essential?v 为为 什什 么么 必必 需需 尽尽 职职 调调 查？查？Due Diligence22Due DiligenceDu27Due Diligence 尽 职 调 查23Scope of Due Diligence 尽尽 职职 调调 查查 的的 范范 围围vDue diligence can be broadly categorised into legal due diligence and financial due diligencev 尽尽 职职 调调 查查 可可 以以 广广 泛泛 地地 分分 为为 法法 律律 尽尽 职职 调调 查查 和和 财财 务务 尽尽 职职 调调 查查vThe main focus of the legal due diligencev 法法 律律 尽尽 职职 调调 查查 的的 主主 要要 关关 注注 点点Due DiligenceDue Diligence23Scope of Due Di28Due Diligence 尽 职 调 查24Due Diligence Checklist 尽尽 职职 调调 查查 清清 单单Due DiligenceDue Diligence24Due Diligence C29Due Diligence审慎调查25Corporate Investigations公司调查公司调查vAre these necessary and when do you obtain them?v是否需要和何时获得？是否需要和何时获得？vTo what extent can the reports be relied upon?v报告在多大程度上可信？报告在多大程度上可信？vInstructing the corporate investigatorsv公司调查的说明公司调查的说明Securing Your Right to Documents and Information保证获取文件和信息的权利保证获取文件和信息的权利vTypical issues and difficulties facedv典型问题和难点典型问题和难点Due DiligenceDue Diligence25Corporate Inves30Due Diligence审慎调查26Securing Your Right to Documents and Information保证获得文件和信息的权利保证获得文件和信息的权利vHiding behind the clout of confidentialityv隐藏在机密背后的信息隐藏在机密背后的信息vWhen all attempts failv当所有的尝试都失败时。当所有的尝试都失败时。vBeware of“back-door”qualifying of the representations and warranties through the use of Disclosure Letterv注意到披露函中陈述与保证条款中所含的注意到披露函中陈述与保证条款中所含的“后门后门”What do you really need to know?Must-have vs.Good-to-have什么是你真正需要知道的？什么是你真正需要知道的？“必须知道必须知道”还是还是“最好知道最好知道”？vDetermination often driven by availability of time,resources as well as size of the dealv决定取决于可供利用的时间、资源以及交易规模决定取决于可供利用的时间、资源以及交易规模Due DiligenceDue Diligence26Securing Your R31Due Diligence审慎调查27Due Diligence Methodology审慎调查的方法审慎调查的方法vOrganising Your Teamv组织你的团队组织你的团队vOrganizing the Due Diligence Processv组织调查程序组织调查程序Due DiligenceDue Diligence27Due Diligence M32Due Diligence审慎调查28Working Your Due Diligence Into Negotiation审慎调查中的协商活动审慎调查中的协商活动vPre-negotiation strategizingv协商前的战略安排协商前的战略安排Due DiligenceDue Diligence28Working Your Du33Due Diligence审慎调查29Working Your Due Diligence Into Negotiation审慎调查中的协商审慎调查中的协商vWho is to draft?Purchaser or Seller?v谁来规划？购买者还是规划者？谁来规划？购买者还是规划者？Defensive Measures防御措施防御措施vKey is to effectively use Representations,Warranties,Undertakings and Indemnitiesv关键是有效地利用陈述、保证承诺、补偿条款。关键是有效地利用陈述、保证承诺、补偿条款。Due DiligenceDue Diligence29Working Your Du34