合资并购常用英语.ppt

DocumentationandDueDiligence文件提供和尽职调查,M&AinChina并购在中国,Prelude序言,DocumentationandDueDiligence文件提供和尽职调查,ACaseForProperDocumentation案例：适当提供文件,1,Documentation,RespectfortheRuleofLawinChina遵守中国法律,AGentlemansAgreement?君子协定？,Documentationmandatoryunderlaw?提供适当文件：法定义务？,CRITICALDOCUMENTS,2,Documentation,Documentationisdrivenbydealstructure:,TypeofTransaction,Assetacquisition,typeofstructuretypeoftargetinvestmentvehicle,KeyAcquisitionDocumentation,Saleandpurchaseagreement(sometimesknownas“assetacquisitionagreement),Equityinterestacquisition,Saleandpurchaseagreement,Subscriptionagreement,Equityinterestacquisition(bywayofnewsubscriptionofequityinterest),CRITICALDOCUMENTS,3,Documentation,TypeofTargetInvestmentVehicle,Wholly-ownedforeignenterprise,KeyConstituentDocumentation,Articlesofassociation,Equityjointventureenterprise,JointventurecontractArticlesofassociation,Co-operationjointventureenterprise,JointventurecontractArticlesofassociation,Jointstockcompany,Articlesofassociation,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,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,4,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,Requirementsunderlaw法律要求,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,5,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,WhatneedstobeincludedinanS&PAgreement?收购协议的内容：,Contractingparties合同缔约方,Listofassets资产清单,Equityinterest股份,Acquisitioncompletionprocedures完成收购程序,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,6,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,Rightsandobligations权利和责任,Breachliquidateddamages?约定违约赔偿金,Disputeresolution争议解决,Dateandplaceofexecution执行的时间和地点,Governinglaw?法律适用？,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,7,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,RepresentationsandWarranties陈述和保证条款,KeyProvisionsinanS&PAgreement收购协议中的关键条款,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,8,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买协议/收购协议,Undertakings承诺,KeyProvisionsinanS&PAgreement购买协议中的重要条款,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,9,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买协议/收购协议,Assetlistinginthecaseofassetacquisition资产清单在资产收购的情形下,KeyProvisionsinanS&PAgreement购买协议中的重要条款,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,10,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买协议/收购协议,Groupstructureinthecaseofequityinterestacquisition集团结构在股份收购的情况下,KeyProvisionsinanS&PAgreement购买协议中的重要条款,Consideration,Payment/CapitalInjection对价，支付/注资条款,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,11,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,KeyProvisionsinanS&PAgreement购买协议中的重要条款,Indemnity/Compensationprovisions补偿/赔偿条款,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,12,Documentation,SaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议,KeyProvisionsinanS&PAgreement收购协议的重要条款,GoverningLawandDisputeResolution争端解决和法律适用,AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款,13,Documentation,SubscriptionAgreement(“SubscriptionAgreement”)增资协议,KeydifferencesbetweenaSubscriptionAgreementandanS&PAgreement增资协议和购买协议的重要区别,EstablishmentDocumentationEssentialTermsandConditions公司发起的文件准备-必要条款,14,Documentation,Sino-ForeignEquityJointVentureContract中外合资经营企业合同,Requirementsunderlaw法律要求,EstablishmentDocumentationEssentialTermsandConditions公司发起的文件准备-必要条款,15,Documentation,Sino-ForeignEquityJointVentureContract中外合资经营企业合同,EstablishmentDocumentationChineseandEnglishversions公司发起的文件准备-中英文文本,16,Documentation,EnglishandChineseversions-whichshouldprevail?英文和中文文本-哪份有优先效力？,EstablishmentDocumentation-TotalInvestmentAmountandRegisteredCapital,17,Documentation,MandatoryRatios,TotalInvestmentAmount,US$3million,RatioofRegisteredCapitaltoTotalInvestmentAmount,70%,US$3millionbutUS$10million,50%(subjecttoamin.ofUS$2.1millionwheretotalinvestmentamountislessthanUS$4.2million),US$10millionbutUS$30million,40%(subjecttoamin.ofUS$5millionwheretotalinvestmentamountislessthanUS$12.5million),US$30million,331/3%(subjecttoamin.ofUS$12millionwheretotalinvestmentamountislessthanUS$36million),17,Documentation,法定比例,投资总额,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,EstablishmentDocumentationCapitalInjection公司发起的文件准备-资本注入,18,Documentation,EstablishmentDocumentationEssentialProvisions公司成立的文件准备-必要条款,19,Documentation,ArticlesofAssociation公司章程,ProvisionscloselytrackthoseintheJointVentureContract合资经营企业中与公司章程紧密相关的条款,Boardcompositionanddecision-makingprocedures董事会的组织和决策程序,EstablishmentDocumentationSino-ForeignCo-operationJointVenture公司发起的文件准备-中外合作企业,20,Documentation,SpecialFeatures特别之处,OtherDocuments其他文件,21,Documentation,Inthecontextofanacquisition在收购中的文件内容,Resolutions决议,Auditedfinancialreport财务审计报告,Technicalservicesagreementortechnologytransferagreement(ifrelevant)技术服务协议或者相关的技术转让协议,Employees雇员,DueDiligence尽职调查,22,DueDiligence,DueDiligenceanessentialpartofpre-negotiationpreparation尽职调查谈判前准备的必要部分,Whyisduediligenceessential?为什么必需尽职调查？,DueDiligence尽职调查,23,ScopeofDueDiligence尽职调查的范围,Duediligencecanbebroadlycategorisedintolegalduediligenceandfinancialduediligence尽职调查可以广泛地分为法律尽职调查和财务尽职调查,Themainfocusofthelegalduediligence法律尽职调查的主要关注点,DueDiligence,DueDiligence尽职调查,24,DueDiligenceChecklist尽职调查清单,DueDiligence,DueDiligence审慎调查,25,CorporateInvestigations公司调查,Arethesenecessaryandwhendoyouobtainthem?是否需要和何时获得？,Towhatextentcanthereportsbereliedupon?报告在多大程度上可信？,Instructingthecorporateinvestigators公司调查的说明,SecuringYourRighttoDocumentsandInformation保证获取文件和信息的权利,Typicalissuesanddifficultiesfaced典型问题和难点,DueDiligence,DueDiligence审慎调查,26,SecuringYourRighttoDocumentsandInformation保证获得文件和信息的权利,Hidingbehindthecloutofconfidentiality隐藏在机密背后的信息,Whenallattemptsfail当所有的尝试都失败时。,Bewareof“back-door”qualifyingoftherepresentationsandwarrantiesthroughtheuseofDisclosureLetter注意到披露函中陈述与保证条款中所含的“后