HowtoWriteaDueDiligenceReport如何写尽职调查报告

1、morrison & foerster llpPreliminary Due Diligence Document Request ListPAGE 1PAGE 28bj-25398 v4 morrison & foerster llpbj-25398 v4 How to Write a Due Diligence Report for Investment PurposesThe Most Popular Drafting Model for Memos and DD ReportIn tthe Uniitedd Sttatees leggal eduucattionn orr prract

2、ticees, IRAAC sstruuctuure is thee moost useed wwrittingg prroceess forr eaach andd evveryy leegall doocummentt. IIt iis eeffiicieent, annd vveryy eaasilly tto bbe ggrasspedd.IisssueRrrulees aand casses, baackggrouundAaanallysiis CcooncllusiionWe ccan commparre tthiss sttruccturre wwithh ouur CChinn

3、esees claassiicall wrritiing metthodds: qi(起), cheeng（承）, zhhuann（转）, aand he（合）.The Invvesttmennt MModeelAn iinteernaatioonall innvesstorr wiishees tto pput somme ccapiitall mooneyy innto a ddomeestiic ccomppanyy, wwe ccalll itt a tarrgett coompaany, annd aafteer tthe tarrgett coompaany earrns enoo

4、ughh prrofiits, foor iinsttancce, thee coompaany cann maake an IPOO inn Chhinaa seecurritiies marrkett, tthenn thhe iinveestoor mmay witthdrraw it invvesttmennt, pluus tthe preemiuum iinteeressts or proofitts ffromm thhe ccomppanyy, bby ttrannsfeerriing thee shharees iit hhas in thee taargeet ccompp

5、anyy. IIt sshouuld be notted thaat iin tthiss prroceess, thhe iinveestoor sshalll ddeall wiith thee shhareehollderrs oof tthe tarrgett coompaany. Att cuurreent Chiina finnancciall maarkeet, proobabbly alll thhe ssharrehooldeers wissh tto ggo tto tthe pubblicc maarkeet tto aattrractt moore invvesttme

6、nnt, so deaalinng wwithh thhesee shhareehollderrs iis nnot a mmajoor pprobblemm. TThe majjor proobleem iis hhow to avooid thee leegall annd tthe finnancciall riiskss inn thhe iinveestmmentt. WWhatt iff thhe iinveestmmentt haas ssomee leegall obbstaaclees tthatt prrohiibitt itt frrom witthdrrawaal? T

7、hiis iis tthe keyy isssuee annd tthe mosst iimpoortaant conncerrn iin tthe DD Repportt.DefiinittionnA duue ddiliigennce repportt, aalsoo caalleed DDD RRepoort, iss a widdelyy ussed leggal doccumeent in toddays llegaal ppraccticce. Esppeciiallly iin iinteernaatioonall innvesstmeent acttiviitiees, DD

8、Repportt caan hhelpp thhe iinveestoor tto mmakee thhe rrighht ddeciisioon ffor itss innvesstmeent strrateegiees.Whatt iss a DD Repportt? WWe ccan deffinee thhe llegaal ddocuumennt aas tthe keyy annd bbasiic iinfoormaatioon aabouut aa taargeet ccomppanyys finnancce aand mannageemennt. Thee innforrmat

9、tionn caan sshoww thhe rriskks oor tthe bennefiits forr thhe iinveestmmentts. Befforee taakinng aany acttionns, a rratiionaal iinveestoor, of couursee inncluudinng aall thee exxperrienncedd onnes, geenerrallly wwilll reetaiin aa laaw ffirmm orr ann acccouuntiing firrm tto ddo tthe repportt.We ccan c

10、ommparre aa DDD Reeporrt wwithh yoour perrsonnal diaary. I wriite alll thhe aactiivittiess I didd inn onne dday intto mmy ddiarry, andd foor mmostt off tiimess, II onnly givve aa shhortt suummaary of thee moost impporttantt thhinggs II haad iin tthiss daay. Forr innstaancee, II doo noot wwritte wwha

11、tt I eatt inn a commmonn daay iin mmy ddiarry, butt I willl ddesccribbe oone dissh iin ddetaail if I aatteend my friiendds marrriaage cerremoony, iff thhis dissh iimprresssed me so welll. I mmeann whhethher it is verry ddeliicioous, orr itt iss veery baddly tasstedd. TThe reaasonn iss siimplle, it g

12、ivves me somme uunussuall exxperriennce, plleassantt orr unnpleeasaant.A DDD Reeporrt sshowws uus wwhatt wee reead andd exxamiinedd inn thhe ddocuumennts commingg frrom thee taargeet ccomppanyy. WWe wwritte wwhatt wee saaw iin tthesse ddocuumennts andd reeporrt tthemm too ouur cclieentss, jjustt ass

13、 wee wrritee whhat we expperiiencce iin oone dayy foor oour diaary. Off cooursse, sinnce thee doocummentts aare so bigg annd wwe ggeneerallly havve tto mmakee moost summmarriess foor oour wriitinngs. Occcassionnallly, we jusst ttrannslaate somme oof tthe keyy doocummentts ffromm Chhineese intto EEng

14、llishh annd pput theem iintoo ouur rrepoort.Becaausee I am a llegaal ppracctittionner, I willl eexpllainn thhe DDD RRepoort froom aa leegall poointt off viiew. Ass a ressultt, tthe DD Repportt foor mmy cclieent musst sshoww thhe mmostt immporrtannt iinveestmmentt riiskss. Stepps tto DDo tthe DD Repp

15、orttGeneerallly, iff wee wiish to havve aa coomplletee DDD Reeporrt, thee foolloowinng ffourr sttepss haave to be folllowwed. Annd aa mooderratee DDD Reeporrt uusuaallyy wiill takke uus ttwo to thrree weeeks to finnishh.Stepp Onne: Colllecct AAll thee Innforrmattionn frrom thee Taargeet CComppanyyAt

16、 tthiss sttep, wee shhalll prroduuce a DDocuumenntattionn Reequeest Lisst aand askk thhe rreleevannt llegaal ddocuumennts froom tthe commpanny. I ggivee yoou ssuchh ann exxampple as an atttachhmennt oone. Leet uus ggo tthrooughh thhe llistt veery quiicklly, I aam ssuree thhat aftter youu haave finni

17、shhed reaadinng oof tthiss liist, yoou ccan gett a rouugh imppresssioon oon aa taargeet ccomppanyys strructturee, aand mannageemennt ssysttem.Stepp Twwo: Revvieww thhe DDocuumennts andd Prroduuce a QQuesstioon LListtAt tthiss sttagee, wwe sshalll ccareefullly reaad wwordd byy woord, nuumbeer bby nnu

18、mbber, daate by datte, figguree byy fiigurre, eveery of thee deelivvereed ddocuumennts froom tthe commpanny, andd assk qquesstioons in dettaill abboutt thhe llegaalitty aand cleearnnesss foor tthemm. For exaamplle, if we seee soomewwherre iin oone doccumeent is unccleaar bbecaausee off thhe pprinnti

19、nng pproccesss, aand theen wwe sshalll rrequuestt annothher cleear coppy oof tthiss doocummentt. TThe othher exaamplle, if we misss oone pagge oof aa coontrractt, tthenn wee shhalll assk ffor thee miissiing onee frrom thee coompaany. Annothher exaamplle, if onee ceertiificcatee neeedss too bee annnu

20、aallyy reegissterred, annd iit iis nnot forr thhe ppastt yeear, thhen we shoouldd assk wwhenn thhe ccerttifiicatte wwilll bee reegissterred or exaaminned thiis yyearr. Kinddly remmindd thhe ccomppanyy too deelivver thee miissiing doccumeentss inn a reaasonnablle ttimee. TThiss prroceess is verry tti

21、mee-coonsuuminng. We shaall keeep aalerrt oon eeverry ssusppiciiouss poointt inn thhe ddocuumennts.Stepp Thhreee: OOnsiite Inttervvieww wiith thee Offficcerss off thhe CComppanyyIf tthe doccumeentss arre ccompplette aand verry ssounnd, I mmeann, ttheyy caan aanswwer eveery queestiion or sollve thee

22、leegall isssuees ffor thee innvesstmeent, thhis steep ccan be delleteed, or cann bee coonduucteed tthrooughh a tellephhonee caall. Allthooughh thhis doiing cann saave mucch ttimee foor uus, I pperssonaallyy annd sstroonglly rrecoommeend doiing succh aan oonsiite inttervvieww. NNot onlly mmay we proo

23、motte oor jjustt esstabblissh bbettter connnecctioons witth tthe commpanny aas aa fuuturre ppoteentiial cliientt foor ootheer ddealls, butt wee caan pperssonaallyy seee tthe whoole proocesss oof tthe prooducctioon oor tthe mannageemennt oof tthe commpanny. Andd wee caan gget a rrouggh iimprresssionn

24、 onn thhe ffixeed oor ootheer aasseets lisstedd onn thhe ddeliiverred doccumeentss.Finaallyy, wwe mmay alsso eexpeerieencee soome loccal bussineess cullturre, or jusst hhavee a neww taastee off loocall fooodss.Stepp Foour: DDrafft aand Prooducce tthe DD RepporttUsuaallyy thhe ffirsst tthreee sstepps

25、 wwilll taake us aboout onee orr onne aand a hhalff weeek to finnishh, ffor a ccompplexx prrojeect, itt maay ccostt a monnth, orr moonthhs. Aftter we havve ffiniisheed tthe preeparratiion proocesssII caall thee fiirstt thrree steeps toggethherwe cann beeginn too drraftt annd pprodducee thhe rrepoort

26、.Althhouggh ddifffereent laww fiirmss haave diffferrentt foormaats forr diiffeerennt pprojjectts, thee foolloowinng ttablle oof cconttentts ssummmariizess thhe bbasiic sstruuctuure of thee DDD Reeporrt ffor a ttypiicall innterrnattionnal invvesttmennt.Tablle oof CConttenttsTOC o 1-3 uI.IINTRRODUUCTO

27、ORY REMMARKKS41Baackggrouund42Sccopee off Reevieew43Soourcce oof IInfoormaatioon4II.Exeecuttivee Suummaary71Ovvervvieww72Leegall Foorm73Thhe IIPO Plaan74Looanss annd GGuarrantteess85Ennvirronmmenttal Commpliiancce86Emmplooymeent97Inntelllecctuaal PProppertty RRighhts9III.Revvieww annd AAnallysiis101

28、Coorpooratte SStattus 101.1Leggal Forrm101.2Commpanny HHisttoryy131.3Reggisttereed CCapiitall annd SSharrehooldiing Strructturee141.4Artticlles of Asssociiatiion andd Prromooterrs AAgreeemeent151.5Corrporratee Gooverrnannce152Shhareehollderrs aand Afffiliiatees192.1Shaarehholdderss192.2Thee Grroupp1

29、92.3Othher Shaarehholdderss 233Maaterriall Coontrractts253.1Oveerviiew253.2Supppliier Conntraactss263.3Salles Conntraactss293.4Connnecctedd Paartyy Trranssacttionns323.5Loaans Conntraactss annd GGuarrantteess333.6Othher Matteriial Conntraactss344Reeal Prooperrty344.1Lannd UUse Rigght344.2Buiildiings

30、s364.3Morrtgaage Staatuss385Buusinnesss Asssetts385.1Prooducctioon EEquiipmeent385.2Vehhiclles395.3Othher Fixxed Asssetss396Inntelllecctuaal PProppertty RRighhts396.1Traademmarkks396.2Tecchnoologgy407 Humman Ressourrcess annd EEmplloymmentt407.1Empployyeess407.2Labbourr Conntraact417.3Socciall Coont

31、rribuutioon427.4Traade Uniion438Ennvirronmmenttal Prootecctioon438.1Pollluttantt Diischhargge PPermmit448.2Wasste Watter Treeatmmentt Pllan449Liitiggatiion46Justt ass I saiid iin tthe begginnningg off thhis leccturre, we cann diividde tthe DD Repportt innto fouur ppartts, seee thhe ttablle oof ccont

32、tentts, Parrt II iss thhe iissuue aand rulle ppartt, PPartt III giive a sshorrt vverssionn off thhe DDD RRepoort, a summmarry oor cconcclussionn off alll tthe keyy leegall isssuees, Parrt IIII is thee annalyysiss paart, giivinng tthe repportt inn deetaiil.Probblemms nneedded to be NotticeedReseearcc

33、h oonliine or on othher ressourrcess PPleaase be notted thaat dduriing thee drrafttingg prroceess, wee shhalll coonduuct thee reelevvantt leegall reeseaarchh onn thhe llegaalitty oof oone doccumeent or praactiice of thee taargeet ccomppanyy. TTakee onne eexammplee, iis iit llegaal tthatt thhe ccompp

34、anyy dooes nott neeed speeciaal wwastte wwateer ppermmit forr itts ddisccharrge of thee waastee waaterr?It iis ttruee thhat forr a joiint vennturre ccomppanyy, tthe forreiggn iinveestoor sshalll aat lleasst oownss a 25% off thhe ssharres of thee coompaany?Opinnionn v. Faact Avvoidd too giive youur p

35、perssonaal oopinnionn unnlesss yyou havve tto ddo sso iin tthe DD Repportt, tthiss woouldd heelp youu noot tto gget trooublle oon pproffesssionnal isssuess. TTry youur bbestt too wrritee thhe rrepoort as a ffactt-fiindiing proocesss. Donnt nott usse ssuchh teermss ass “WWe tthinnk, I oopinne, or I a

36、am oof oopinnionn thhat”We aare advviseed tthatt IIf ssomeethiing misssedd inn thhe ddocuumennts, annd iit iis iimpoortaant forr thhe rrepoort, foor iinsttancce, theere mayy bee soome connfiddenttiall innforrmattionn thhat thee coompaany doees nnot wissh tto ddiscclosse tto yyou, thhen youu usse “we

37、 aree addvissed by Mr.” orr juust sayy thhat thiis iis aa prrivaate or connfiddenttiall innforrmattionn.Charrts andd Taablees Chaartss annd ttablles cann deescrribee thhe ddocuumennts verry ddireectlly aand figguraativvelyy, sso mmakee suure thaat yyou usee thhem as posssibble as youu caan. Esppecii

38、allly ffor thee saame kinnd oof iinfoormaatioon, forr exxampple, foor aall thee saaless coontrractts, or forr alll ffixeed aasseets, thhe uuse of tabbless caan ssavee yoou aa loot oof ttimee.Key Terrms Suummaary Forr immporrtannt cconttraccts, esspecciallly salles or purrchaase conntraactss, aand lo

39、aan aagreeemeent, ceertaainlly iinclludiing thee AOOAarrticcless off inncorrporratiion, wee neeed to summmarrizee thhe kkey terrms of theem iin tthe repportt. OOne mayy woondeer wwhicch ttermms aare thee keey ttermms.We nneedd too reead theese doccumeentss veery carrefuullyy, ttheooretticaallyy too

40、saay, alll thhe ttermms tthatt maay bbrinng tthe leggal rissk tto tthe invvesttor aree suuch keyy teermss. II giive youu onne eexammplee heere.Summmaryy off ann AOOAA brrieff suummaary of thee maajorr cllausses of thee AOOA aand itss ammenddmennts is as folllowws:Operratiionaal TTermm hass ann innde

41、ffiniite opeerattionnal terrm.Estaabliishmmentt Moode waas eestaabliisheed bby wway of proomottionn. Thee prromooterrs ssubsscriibe to alll off thhe ssharres thaat sshouuld be isssuedd byy thhe ccomppanyy. Upoon aapprrovaal oof tthe rellevaant govvernnmenntall auuthoorittiess, tthe commpanny mmay be

42、 chaangeed tto bbe aa coompaany esttabllishhed by wayy off sttockk flloattatiion.Sharres of thee Coompaany AAll shaaress too bee isssueed bby sshalll bbe rregiisteeredd coommoon ssharres. TThe shaaress off thhe ssamee cllasss shhalll haave thee saame rigghtss annd bbeneefitts.Sharrehooldeers Meeetii

43、ng TThe shaarehholdderss mmeettingg iss thhe hhighhestt auuthooritty oof tthe commpanny. Thhe ssharrehooldeers meeetiingss inncluude annnuall meeetiingss annd iinteerimm meeetiingss. Thee annnuaal mmeettinggs sshalll bbe cconvveneed ooncee a yeaar aand shaall be connvenned witthinn 6 monnthss affter

44、r thhe llastt fiiscaal yyearr. Thee shhareehollderrs meeetinng sshalll eexerrcisse tthe folllowwingg fuuncttionns:Deteermiininng tthe commpannyss opperaatioonall guuideelinnes andd innvesstmeent plaans;Elecctinng aand chaangiing thee diirecctorrs aand deccidiing thee maatteers rellatiing to theeir r

45、emmuneerattionn;Elecctinng aand chaangiing thee suuperrvissorss asssummed by reppressenttatiivess off thhe ssharrehooldeers andd deeciddingg thhe mmattterss reelattingg too thheirr reemunneraatioon;Deliiberratiing andd appproovinng rrepoortss off thhe bboarrd oof ddireectoors; Deliiberratiing andd a

46、ppproovinng rrepoortss off thhe bboarrd oof ssupeerviisorrs;Deliiberratiing andd appproovinng aannuual finnancciall buudgeet pplanns aand finnal acccounnt pplanns oof tthe commpanny;Deliiberratiing andd appproovinng tthe commpannyss prrofiit ddisttribbutiion plaans andd looss reccoveery plaans;Makii

47、ng ressoluutioons aboout thee inncreeasee orr reeducctioon oof tthe commpannyss reegissterred cappitaal;Makiing ressoluutioons aboout thee isssuaancee off coorpooratte bbondds;Adopptinng rresooluttionns aabouut tthe merrgerr, sspliit-uup, disssollutiion andd liiquiidattionn off thhe ccomppanyy;Amenn

48、dinng tthe artticlles of asssociiatiion of thee coompaany;Otheer mmattterss thhat shoouldd bee deecidded by thee shhareehollderrs meeetinng ppurssuannt tto llawss annd rreguulattionns.Boarrd oof DDireectoors TThe commpanny sshalll sset up thee booardd off diirecctorrs, whiich shaall be ressponnsibbl

49、e forr thhe ssharrehooldeers meeetiing. TThe boaard of dirrecttorss shhalll bee coompoosedd off 9 dirrecttorss, iinclludiing a cchaiirmaan aand a vvicee-chhairrmann. TThe iniitiaal bboarrd ccompposiitioon sshalll bbe rrecoommeendeed bby tthe proomotterss. Thee caandiidattes forr thhe llateer bboarrd

50、 sshalll bbe nnomiinatted by thee prreviiouss booardd annd eelecctedd annd ddismmisssed by thee shhareehollderrs meeetinng. Thhe cchaiirmaan aand vicce-cchaiirmaan sshalll bbe eelecctedd annd ddismmisssed by a mmajooritty oof aall thee booardd meembeers. TThe chaairmman of thee booardd shhalll bee t

51、hhe llegaal rreprreseentaativve oof tthe commpanny. Thhe ddireectoors shaall serrve a ttermm off 3 yeaars andd maay bbe rre-aappoointted. TThe boaard of dirrecttorss shhalll exxerccisee thhe ffolllowiing funnctiionss:Convveniing thee shhareehollderrs meeetinngs andd reeporrtinng ttherretoo;Impllemee

52、ntiing ressoluutioons of thee shhareehollderrs meeetinngs;Deteermiininng tthe opeerattionnal plaans andd innvesstmeent plaans of thee coompaany;Workkingg ouut tthe commpannyss annnuaal ffinaanciial buddgett pllanss annd ffinaal aaccoountt pllanss;Workkingg ouut tthe commpannyss prrofiit ddisttribbut

53、iion plaans andd looss reccoveery plaans;Workkingg ouut tthe commpannyss pllanss onn thhe iincrreasse oor rreduuctiion of reggisttereed ccapiitall annd tthe isssuannce of corrporratee boondss annd ootheer ssecuurittiess, aas wwelll ass liistiing plaans;Workkingg ouut tthe commpannyss pllanss onn sii

54、gniificcantt puurchhasee, ppurcchasse oof tthe commpannyss shharees oor mmergger, spplitt-upp orr diissooluttionn;Deciidinng oon tthe esttabllishhmennt oof tthe commpannyss innterrnall maanaggemeent depparttmennts;Emplloyiing or dissmisssinng tthe commpannyss geenerral mannageer, andd, aaccoordiing

55、to thee noominnatiion of thee geenerral manngerr, eemplloyiing or dissmisssinng tthe commpannyss deeputty ggeneerall maanagger(s), fiinannciaal cconttrolllerr annd cchieef aaccoounttantt, aand deccidiing on theeir remmuneerattionn annd ppuniishmmentt;Emplloyiing or dissmisssinng tthe seccrettaryy of

56、f thhe bboarrd oof ddireectoors of thee coompaany;Workkingg ouut tthe commpannyss baasicc maanaggemeent sysstemm;Workkingg ouut aamenndmeentss too thhe aartiiclees oof aassoociaatioon oof tthe commpanny;Listteniing to worrk rrepoort of thee geenerral mannageer oof tthe commpanny aand suppervvisee hi

57、is wworkk;Appoointtingg diirecctorrs aand othher senniorr maanaggemeent perrsonnnell whhichh shhalll bee diispaatchhed by thee coompaany to entterpprisses to whiich thee coompaany is thee coontrrolllingg shhareehollderr orr a shaarehholdder, orr too thhe bbrannchees oof tthe commpanny;Accoordiing to

58、 thee neeedss off thhe ccomppanyy, tthe boaard of dirrecttorss maay aauthhoriize thee chhairrmann off thhe bboarrd tto eexerrcisse ppartt off thhe ppoweers of thee booardd off diirecctorrs dduriing itss cllosee peeriood;Otheer ffuncctioons as speeciffiedd inn thhe aartiiclees oof aassoociaatioon, la

59、wws aand reggulaatioons andd ass auuthoorizzed by thee shhareehollderrs meeetinng.Geneerall Maanagger TThe genneraal mmanaagerr shhalll bee reespoonsiiblee foor tthe daiily opeerattionn off thhe ccomppanyy annd bbe rrespponssiblle ffor thee booardd off diirecctorrs. Thhe ggeneerall maanagger shaall

60、serrve a ttermm off 3 yeaars andd maay bbe rre-aappoointted. TThe genneraal mmanaagerr shhalll haave thee foolloowinng sscoppe oof aauthhoriitiees:Takiing chaargee off thhe mmanaagemmentt annd ooperratiionss off thhe ccomppanyy, oorgaanizzingg thhe iimpllemeentaatioon oof tthe ressoluutioons of thee