合资并购常用英语-.ppt

Documentation and Due Diligence 文件提供和 尽 职 调 查M&A in China 并购在中国1Prelude 序 言Documentation and Due Diligence 文文 件件 提提 供供 和和 尽尽 职 调 查2A 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 定？定？Documentation mandatory under law?提提 供供 适适 当当 文文 件：件：法法 定定 义 务？3CRITICAL 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)45CRITICAL 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 6 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 买/收收 购 协 议Requirements under law法法 律律 要要 求求8Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款5DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购 买/收收 购 协 议What needs to be included in an S&P Agreement?收收 购 协 议 的的 内内 容：容：vContracting partiesv合合 同同 缔 约 方方vList of assetsv资 产 清清 单vEquity interestv股股 份份 vAcquisition completion proceduresv完完 成收成收 购 程程 序序9Acquisition Documentation-Essential Terms and Conditions收购协议中的必要条款6DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购 买/收收 购 协 议vRights and obligationsv权 利利 和和 责 任任vBreach liquidated damages?v约 定定 违 约 赔 偿 金金vDispute resolutionv争争 议 解解 决决vDate and place of executionv执 行行 的的 时 间 和和 地地 点点Governing law?法法 律律 适适 用？用？10Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款7DocumentationSale and Purchase/Acquisition Agreement(“S&P Agreement”)购 买/收收 购 协 议vRepresentations and Warrantiesv 陈 述述 和和 保保 证 条条 款款Key Provisions in an S&P Agreement 收收 购 协 议 中中 的的 关关 键 条条 款款11Acquisition 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/收收购协议vUndertakingsv承承诺Key Provisions in an S&P Agreement购买协议中的重要条款中的重要条款12Acquisition 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/收收购协议 vAsset listing in the case of asset acquisitionv资产清清单在在资产收收购的情形下的情形下Key Provisions in an S&P Agreement购买协议中的重要条款中的重要条款13Acquisition 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/收收购协议vGroup structure in the case of equity interest acquisitionv集集团结构构在股份收在股份收购的情况下的情况下Key Provisions in an S&P Agreement购买协议中的重要条款中的重要条款vConsideration,Payment/Capital Injectionv对价，支付价，支付/注注资条款条款 14Acquisition 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/收收购协议Key Provisions in an S&P Agreement购买协议中的重要条款中的重要条款vIndemnity/Compensation provisionsv补偿/赔偿条款条款15Acquisition 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/收收购协议Key Provisions in an S&P Agreement收收购协议的重要条款的重要条款vGoverning Law and Dispute Resolutionv争端解决和法律适用争端解决和法律适用16Acquisition Documentation-Essential Terms and Conditions-收购协议中的必要条款13DocumentationSubscription Agreement(“Subscription Agreement”)增增资协议Key differences between a Subscription Agreement and an S&P Agreement增增资协议和和购买协议的重要区的重要区别17Establishment Documentation-Essential Terms and Conditions-公司发起的文件准备-必要条款14DocumentationSino-Foreign Equity Joint Venture Contract中外合中外合资经营企企业合同合同Requirements under law法律要求法律要求18Establishment Documentation-Essential Terms and Conditions-公司发起的文件准备-必要条款15DocumentationSino-Foreign Equity Joint Venture Contract中外合中外合资经营企企业合同合同19Establishment 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-哪份有哪份有优先效力？先效力？20Establishment 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)2117Documentation法定比例法定比例投投资总额 小于等于三百万美元小于等于三百万美元 注册注册资本占投本占投资总额的比例的比例70%三三百百万万美美元元到到一一千千万万美美元之元之间 50%（例例如如：当当投投资总额少少于于4。2百百万万美美元元时，注注册册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元之间 40%（例例如如：当当投投资总额少少于于12。5百百万万美美元元时，注注册册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：当当投投资总额少少于于36百百万万美美元元时，注注册册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22Establishment Documentation-Capital Injection-公司发起的文件准备-资本注入18Documentation23Establishment 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合合资经营企企业中与公司章程中与公司章程紧密相关的条款密相关的条款Board composition and decision-making procedures董事会的董事会的组织和决策程序和决策程序24Establishment Documentation-Sino-Foreign Co-operation Joint Venture-公司发起的文件准备-中外合作企业20DocumentationSpecial Features特特别之之处25Other Documents 其 他 文 件21DocumentationIn the context of an acquisition 在在 收收 购 中中 的的 文文 件件 内内 容容vResolutionsv 决决 议vAudited financial reportv 财 务 审 计 报 告告vTechnical services agreement or technology transfer agreement(if relevant)v 技技 术 服服 务 协 议 或或 者者 相相 关关 的的 技技 术 转 让 协 议vEmployeesv 雇雇 员26Due Diligence 尽 职 调 查22Due DiligenceDue Diligence an essential part of pre-negotiation preparation 尽尽 职 调 查 谈 判判 前前 准准 备 的的 必必 要要 部部 分分vWhy is due diligence essential?v 为 什什 么么 必必 需需 尽尽 职 调 查？27Due Diligence 尽 职 调 查23Scope of Due Diligence 尽尽 职 调 查 的的 范范 围vDue diligence can be broadly categorised into legal due diligence and financial due diligencev 尽尽 职 调 查 可可 以以 广广 泛泛 地地 分分 为 法法 律律 尽尽 职 调 查 和和 财 务 尽尽 职 调 查vThe main focus of the legal due diligencev 法法 律律 尽尽 职 调 查 的的 主主 要要 关关 注注 点点Due Diligence28Due Diligence 尽 职 调 查24Due Diligence Checklist 尽尽 职 调 查 清清 单Due Diligence29Due Diligence审慎调查25Corporate Investigations公司公司调查vAre these necessary and when do you obtain them?v是否需要和何是否需要和何时获得？得？vTo what extent can the reports be relied upon?v报告在多大程度上可信？告在多大程度上可信？vInstructing the corporate investigatorsv公司公司调查的的说明明Securing Your Right to Documents and Information保保证获取文件和信息的取文件和信息的权利利vTypical issues and difficulties facedv典型典型问题和和难点点Due Diligence30Due Diligence审慎调查26Securing Your Right to Documents and Information保保证获得文件和信息的得文件和信息的权利利vHiding behind the clout of confidentialityv隐藏在机密背后的信息藏在机密背后的信息vWhen all attempts failv当所有的当所有的尝试都失都失败时。vBeware of“back-door”qualifying of the representations and warranties through the use of Disclosure Letterv注意到披露函中注意到披露函中陈述与保述与保证条款中所含的条款中所含的“后后门”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？“必必须知道知道”还是是“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决定取决于可供利用的时间、资源以及交易源以及交易规模模Due Diligence31Due Diligence审慎调查27Due Diligence Methodology审慎慎调查的方法的方法vOrganising Your Teamv组织你的你的团队vOrganizing the Due Diligence Processv组织调查程序程序Due Diligence32Due Diligence审慎调查28Working Your Due Diligence Into Negotiation审慎慎调查中的中的协商活商活动vPre-negotiation strategizingv协商前的商前的战略安排略安排Due Diligence33Due Diligence审慎调查29Working Your Due Diligence Into Negotiation审慎慎调查中的中的协商商vWho is to draft?Purchaser or Seller?v谁来来规划？划？购买者者还是是规划者？划者？Defensive Measures防御措施防御措施vKey is to effectively use Representations,Warranties,Undertakings and Indemnitiesv关关键是有效地利用是有效地利用陈述、保述、保证承承诺、补偿条款。条款。Due Diligence34