合资并购常用英语课件

DocumentationandDueDiligence

文件提供和尽职调查M&AinChina

并购在中国DocumentationandDueDiligenc1Prelude

序言DocumentationandDueDiligence

文件提供和尽职调查PreludeDocumentationandDueD2ACaseForProperDocumentation案例：适当提供文件1DocumentationRespectfortheRuleofLawinChina

遵守中国法律AGentleman’sAgreement?

君子协定？Documentation–mandatoryunderlaw?

提供适当文件：法定义务？ACaseForProperDocumentatio3CRITICALDOCUMENTS2DocumentationDocumentationisdrivenbydealstructure:TypeofTransactionAssetacquisitiontypeofstructuretypeoftargetinvestmentvehicleKeyAcquisitionDocumentationSaleandpurchaseagreement(sometimesknownas“assetacquisitionagreement)EquityinterestacquisitionSaleandpurchaseagreementSubscriptionagreementEquityinterestacquisition (bywayofnewsubscriptionofequityinterest)CRITICALDOCUMENTS2Documentati4合资并购常用英语课件5CRITICALDOCUMENTS3DocumentationTypeofTargetInvestmentVehicleWholly-ownedforeignenterpriseKeyConstituentDocumentationArticlesofassociationEquityjoint ventureenterpriseJointventurecontractArticlesofassociationCo-operationjointventureenterpriseJointventurecontractArticlesofassociationJointstockcompanyArticlesofassociationCRITICALDOCUMENTS3Documentati6

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7AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款4DocumentationSaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议Requirementsunderlaw法律要求AcquisitionDocumentation4Docu8AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款5DocumentationSaleandPurchase/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AcquisitionDocumentation5Docu9AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款6DocumentationSaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买/收购协议Rightsandobligations权利

和责任Breach–liquidateddamages?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？AcquisitionDocumentation6Docu10AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款7DocumentationSaleandPurchase/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AcquisitionDocumentation7Docu11AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款8DocumentationSaleandPurchase/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AcquisitionDocumentation8Docu12AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款9DocumentationSaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买协议/收购协议Assetlisting–inthecaseofassetacquisition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AcquisitionDocumentation9Docu13AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款10DocumentationSaleandPurchase/AcquisitionAgreement(“S&PAgreement”)购买协议/收购协议Groupstructure–inthecaseofequityinterestacquisition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AcquisitionDocumentation10Doc14AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款11DocumentationSaleandPurchase/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AcquisitionDocumentation11Doc15AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款12DocumentationSaleandPurchase/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AcquisitionDocumentation12Doc16AcquisitionDocumentationEssentialTermsandConditions收购协议中的必要条款13DocumentationSubscriptionAgreement(“SubscriptionAgreement”)增资协议KeydifferencesbetweenaSubscriptionAgreementandanS&PAgreement增资协议和购买协议的重要区别AcquisitionDocumentation13Doc17EstablishmentDocumentationEssentialTermsandConditions公司发起的文件准备--必要条款14DocumentationSino-ForeignEquityJointVentureContract中外合资经营企业合同Requirementsunderlaw法律要求EstablishmentDocumentation14D18EstablishmentDocumentationEssentialTermsandConditions公司发起的文件准备--必要条款15DocumentationSino-ForeignEquityJointVentureContract中外合资经营企业合同EstablishmentDocumentation15D19EstablishmentDocumentationChineseandEnglishversions公司发起的文件准备--中英文文本16DocumentationEnglishandChineseversions-whichshouldprevail?英文和中文文本-哪份有优先效力？EstablishmentDocumentation16D20EstablishmentDocumentation-TotalInvestmentAmountandRegisteredCapital17DocumentationMandatoryRatiosTotalInvestmentAmount

US$3millionRatioofRegisteredCapitaltoTotalInvestmentAmount70%

US$3millionbut US$10million50%(subjecttoamin.ofUS$2.1millionwheretotalinvestmentamountislessthanUS$4.2million)

US$10millionbut US$30million40%(subjecttoamin.ofUS$5millionwheretotalinvestmentamountislessthanUS$12.5million)

US$30million331/3%(subjecttoamin.ofUS$12millionwheretotalinvestmentamountislessthanUS$36million)EstablishmentDocumentation17D2117Documentation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17Documentation法定比例投资总额小于等于三百22EstablishmentDocumentationCapitalInjection公司发起的文件准备--资本注入18DocumentationEstablishmentDocumentation18D23EstablishmentDocumentationEssentialProvisions公司成立的文件准备--必要条款19DocumentationArticlesofAssociation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EstablishmentDocumentation19D24EstablishmentDocumentationSino-ForeignCo-operationJointVenture公司发起的文件准备--中外合作企业20DocumentationSpecialFeatures特别之处EstablishmentDocumentation20D25OtherDocuments

其他文件21DocumentationInthecontextofanacquisition

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OtherDocuments21Documentation26DueDiligence

尽职调查22DueDiligenceDueDiligence–anessentialpartofpre-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？DueDiligence22DueDiligenceDu27DueDiligence

尽职调查23ScopeofDueDiligence

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DueDiligenceDueDiligence23ScopeofDueDi28DueDiligence

尽职调查24DueDiligenceChecklist

尽职调查清单DueDiligenceDueDiligence24DueDiligenceC29DueDiligence审慎调查25CorporateInvestigations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DueDiligenceDueDiligence25CorporateInves30DueDiligence审慎调查26SecuringYourRighttoDocumentsandInformation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”qualifyingoftherepresentationsandwarrantiesthroughtheuseofDisclosure