目前中国民营企业IPO明显出现了堰塞湖现象、经营环境的恶化也使得很多民营企业越来越倾向于向外国投资者出售企业的控股权。与此同时，很多跨国企业目前也正在加大在中国的战略布局，早期的绿地投资模式已经难以跟上快速扩张的步伐，因此直接并购中国境内比较成熟的民营企业成为了众多跨国企业迅速占领中国市场的最佳选择。而众所周知的是，中国的民营企业或多或少有所谓的“原罪”现象，如何衡量和控制由此产生的并购风险因此成为主要的考量。另外，中国政府对外资并购境内企业目前有众多的审批要求，包括但不限于商务部门审批、外汇核准（登记）、反垄断审查、国家安全审查、税务申报等等，如何将国际通行的并购操作和中国的政府审批实践相结合，也在跨国公司在实施并购中必须面对和解决的问题。如何去解决这些主要的问题，则需要具有丰富经验的并购顾问提供切合实际的战略指导。

慧岩咨询特邀上海元达律师事务所的资深顾问蔡律师客座讲授。蔡律师是具有非常丰富的一线项目操作经验的专职并购律师，本课程的主要特点就是完全务实、一切从实际案例出发、从解决并购中的实际问题入手，从而避免类似讲座的空谈理论现象。

At present, Chinese private enterprises IPO obviously appear Lake Phenomenon; the deterioration of the business environment also makes a lot of private enterprises more and more inclined to selling the enterprise’s majority ownership to foreign investors. Meanwhile, many multinational enterprises are also expanding the strategic layout in China, early green investment model has been difficult to keep up with the pace of rapid expansion, so direct merge and acquisition on Chinese domestic mature private enterprise has become the best choice for many multinational companies to quickly occupy the Chinese market. As every knows is that Chinese private enterprises have more or less the so-called “original sin” phenomenon, how to measure and control the risk caused by M&A has become a major consideration. In addition, the Chinese Government has many approval requirements on foreign acquisition on domestic enterprise, including but not limited to the commerce department approval, foreign exchange examination and approval (registration), antitrust review, the national security review, tax declaration and so on, how to combine the international M&A and Chinese government approval practice, has to face and solve the problems in the implementation of the acquisition of Multi-national Corporation. How to solve these main problems, need the rich experienced M&A advisor to provide the realistic strategic guidance.

Wisdom Rock especially invited the senior consultant Lawyer Cai from Shanghai Yuan Da law firm. Lawyer Cai is very experienced full-time M&A lawyer of first-line project operator. This course’s main feature is entirely practical; everything sets out from the actual case, start from solving the actual problem in M&A, so as to avoid the doctrinaire phenomenon.

 

课程对象 Target Audience：

外商投资企业、外向型中资、民营企业、私募资本、金融机构等单位的负责人、总经理、财务总监、法律总监等，具有境内并购需求的企业负责人、总经理、财务总监、法律总监等。

Foreign investment enterprise, export-oriented Chinese enterprise, private enterprise, private equity investments, financial institutions and other units’ responsible person, the GM, CFO, Legal director etc., the enterprise responsible person who has domestic M&A needs, GM, Finance director, Legal director.

 

课程收益 Course Benefit：

l  了解并购战略及交易构架选择

Understanding the M&A strategy and transaction frame selection

l  掌握并购谈判焦点

Mastering the negotiation focus of M&A

l  掌握法律尽职调查

Mastering the legal due diligence

l  掌握并购协议的起草

Mastering the M&A agreement draft

l  了解交割及并购后整合

Understanding delivery and integration after M&A

第一部分：并购战略及交易构架选择

Part 1: M&A strategy and transaction frame selection

1.   为什么要并购：你的关键战略考量

- 减少潜在竞争对手

- 获得市场进入渠道

- 获得生产能力

l  Why do you need M&A: your key strategic consideration

-            Reduce the potential competitors

-            Gain the market access

-            Gain the production ability

2. 所在行业对外资并购项目的影响

- 可否100%并购？

- 合资是过渡安排还是长期策略

- VIE结构的风险

- 国家安全审查

l  The located industry’s influence on foreign enterprise’s M&A project

-            Can 100% mergers and acquisitions?

-            Joint venture is transitional arrangements or long-term strategy

-            The risk of VIE structure

-            The national security review

3. 如何确定最佳并购主体？

- 海外SPV？

- 境内投资性公司？

- 境内一般外资企业？

l  How to confirm the best M&A body?

-            Overseas SPV?

-            Domestic Investment Company?

-            Domestic general foreign enterprises?

4. 股权并购VS资产并购，如何做出切合实际的选择？

- 你最看重目标公司什么资产？

- 需要慎重考虑经营证照重新申请的难度

- 债务的继承和潜在责任的承担

- 员工的去留和劳动合同问题

- 税务上哪个安排更经济

- 资产收购真的可以避免目标公司债务风险吗？

l  Stocks M&A VS. Asset M&A, how to make the realistic choice?

-            What assets do you value most?

-            Need to carefully consider the re-applied difficulty of business license

-            The debt inheritance and potential responsibility

-            The staff’s stay or leave and the labor contract problem

-            Which arrangement in tax is more economy?

-            The asset acquisition really can avoid the debt risk of Target Company?

5. 需要筹划海外公司构架吗？

- 海外收购的优点

- 可否创造一个海外构架

- 返程投资的问题

- 税发698号文的申报要求和实践操作

l  Need to plan overseas company’s framework?

-            The advantage of overseas M&A

-            Whether we can create an overseas structure

-            The problem of return investment

-            The report requirements and practical operation of tax No. 698

6.       哪些政府审批要过，一开始就要做好的功课

-     是否有行业主管机关

-     除当地外资委外，是否需要发改委的审批

-     外管局：并购登记和资产变现账户的开立

-     并购后证照变更的审批

l  What government approval need to pass, should do the homework at the beginning

-            Whether has the industry competent authority

-            Except the local foreign investment committee, whether need to send the Reform Commission’s approval.

-            State Administration of Foreign Exchange: M&A registration and the opening of assets account

-            The approval of certification change after M&A

 

第二部分：并购谈判焦点

Part 2: M&A negotiation focus

1. 购买股权比例及其对并购后公司治理的影响

- 外资占大股如何设置合资治理结构

- 50-50时如何设置合资治理结构

- 外资占小股时如何保护自身的利益

- 高级管理人员的任免策略

l  Buying equity ratio and its’ influence on company’s governance after M&A

-            While foreign investment accounted for a large shares, how to set up the joint governance structure?

-            While 50-50, how to set up the joint governance structure?

-            While foreign investment accounted for a small shares, how to protect their own interest?

-            The appointment and removal strategy for senior management person

2. 目标公司股权结构过于分散怎么办？

- 是否可能先集中再并购

- 如果有股东不愿意退出怎么办

- 按比例收购是否可行

- 小股东可能对公司运作产生的重大影响

l  The target corporation’s ownership structure is overly dispersed, how to do?

-            Whether it’s possible to concentrate first, then M&A?

-            If there are shareholders don’t want to exist, how to do?

-            Whether it’s feasible to do M&A according to the proportion?

-            The small shareholders’ impact on company’s operation

3. 目标公司管理层：去还是留？如何去，如何留？

- 目标公司管理层的过渡作用

- 怎么样留住原管理层

- 股东到职业经理人的转变

- 原管理层的解职策略

l  The target corporation’s management leaders: to leave or to stay? How to leave? How to stay?

-            The transition function of target corporation’s management

-            How to keep the original management leaders stay?

-            The changes from shareholders to professional mangers

-            The original management leaders’ dismissal strategy

4. 不竞争条款：注意商业不竞争义务和员工竞业禁止的区别

- 售股股东的不竞争义务

- 当售股股东同时成为公司员工

- 不竞争的期限：适用合同法还是劳动法

l  Uncompetitive clause: pay attention to the difference between commercial uncompetitive obligations and employee competition prohibition

-            The uncompetitive obligation of shareholders who sale the shares

-            When the shareholders who sale the shares become the company’s employee

-            The uncompetitive period: apply to the contract law or labor law

5. 意向书中最需要关注的要点：保密和排他性约定

- 注意区分哪些条款是有约束力的

- 保密条款务必详细

- 排他性约束：避免半路杀出个程咬金

l  The most focused key points in Intention Letter: confidentiality and exclusive agreement

-            Pay attention to distinguish what clauses are binding

-            The confidentiality clause must be detailed

-            The exclusive restrains: avoid “jump in monsters”

 

第三部分：法律尽职调查

1.   法律尽职调查：如何去发现重大问题？

Part 3: Legal due diligence

- 哪些公开资源可以查询

- 私人调查机构可以用吗

- 目标公司材料的收集和管理层会谈注意事项

- 注意和其他部门的合作和资料分享

l  The legal due diligence: how to discover the significant problem?

-            What public resources can be inquired?

-            Can private investigators be used?

-            The material collection of Target Company and the notice of management conference.

-            Pay attention to the cooperation with other departments and material sharing

2. 法律尽职调查中常见的重大问题分析

- 股权复杂或者不清晰，有纠纷或存在代持现象

- 存在未经审批的返程投资或者VIE结构安排

- 核心经营证照缺失或者即将到期

- 低缴土地出让金或者擅自改变容积率

- 土地使用权为划拨

- 没有房产证

- 劳动合同和劳动手册不合规

- 第三方派遣员工

- 少缴社保金

- 并购重组需要第三方同意

- 关联交易是否公平合理

- 有严重的商业贿赂行为

- 有侵犯他人知识产权行为

- 没有获得适当环评批复或者违规排污

- 有正在发生的诉讼或者将发生的诉讼

l  The common major issues’ analysis in legal due diligence

-            The equity is complex or unclear, there are disputes or existing holding phenomenon

-            There exits the returned investment without approval or VIE structure arrangement

-            The core business license is missing or is about to expire.

-            Low pay land transfer fee or unauthorized change of volume rate

-            Land-use right is allocated

-            Without housing ownership certificate

-            The labor contract and labor handbook are irregular

-            The third party dispatched employee

-            Less pay for social insurance

-            M&A needs the third party agree

-            Whether the related party transactions is fair and reasonable

-            Serious commercial bribery

-            Infringement of intellectual property rights

-            Without gaining the appropriate EIA approval or illegal sewage

-            there are ongoing litigation or future litigation

3.  如何评估目标公司的不法行为，买还是不买？

- 风险是否涉及刑事责任

- 风险是否可以量化

- 风险是否影响并购目的的实现

l  How to evaluate the illegal behavior of the Target Corp, to buy or not to buy?

-            Whether risk is involved in criminal responsibility

-            Whether risk can be quantified

-            Whether risk can affect the realization of M&A

 

第四部分：并购协议的起草

Part 4: the draft of M&A agreement

1.   股权转让协议：关键条款的法律分析

- 付款的节奏和资金的安全

- 收购价格的调整

- 政府审批及反垄断申报条款

- 不竞争、不招徕

- 税务申报

- 原名称和商号的使用

- 争议解决

- 文本效力

l  The equity transfer agreement: the law analysis of key clause

-            The rhythm of payment and the safe of funds

-            The adjustment of purchased price

-            The government approval and the anti-monopoly declaration clause

-            No competition, no soliciting

-            Tax declaration

-            The use of the original name and trade name

-            dispute resolution

-            Text effect

2. 并购中的外汇问题：汇差可能让你损失惨重！

- 外资并购的外汇登记

- 究竟以什么汇率为准：付款时还是外管局的出资确认登记

- 曾有外资并购方为此损失几千万

l  The exchange issues in M&A: exchange difference may let you suffer heavy losses

-            The foreign exchange registration in foreign enterprise M&A

-            Regard what rates as standards: when you pay or confirming the registration capital of State Administration of Foreign Exchange

-            there have been foreign acquirers lose tens of millions

3. 交易附属协议的起草和审阅要点

- 母公司担保的问题

- 出售方律师的法律意见书

- 过渡期间协议

l  The draft of trading subsidiary agreement and review points

-            The problems of parent company’s guarantee

-            The legal opinions of the sale party’s lawyer

-            The agreement during the transition

 

4. 资金监管：比例、用途和安全

- 资金监管期限和外资并购付款期限要求的冲突

- 一般多少比例资金合适

- 监管账户开在谁的名下？

- 如何确保监管资金的安全？

l  The supervision and control of funds: proportion, use and safety

-            The conflicts between fund supervision period and foreign M&A payment request.

-            How many proportion of capital is suitable?

-            Regulatory accounts opened in whose name?

-            How to ensure the regulatory capital is safe?

5. Earn-out在中国可行吗？

- 什么是Earn-out安排

- Earn-out是否和审批机关的要求冲突

l  Is earn-out feasible in China?

-            What is the earn-out arrangement

-            Whether earn-out is conflict to the requirements of examining and approving organization

 

第五部分：交割及并购后整合

Part 5:  Delivery and integration after M&A

1.   交割：什么时候进行交割，如何交割？

- 交割需要递交的文件

- 交割的条件

- 交割的实际操作

l  Delivery: when should we do delivery, how to do it?

-            The submitted documents of delivery

-            The conditions of delivery

-            The practical operation of delivery

2.  并购后企业成功融合的要点

- 保留原管理团队有利有弊

- 文化融合最重要

- 制度必须逐步统一

- 重视合规意识的提高

l   The key point of successful integration of enterprise after M&A

-            There are advantages and disadvantages to Keep the original management team

-            The cultural integration is the most important

-            The system must be gradually unified

-            Pay attention to the improvement of the compliance awareness

 更多详情，请联系：Chris Lin | Tel: 86-21-6142 1635*8002 | Mob: 86-136 3652 7143 | Email: chris.lin@wisdomrockcorp.com