一、 为什么要并购：你的关键战略考量
Why
M&A: Your key strategic considerations
1.
减少潜在竞争对手
Reduce potential competitors
2.
获得市场进入渠道
Gain market entry channels
3.
获得生产能力
Gain production abilities
4.
获得品牌、技术和关键管理人员
Gain brand, technology and key management staff
5.
并购时机是否有利买方
Whether the
acquisition time is beneficial to the buyer
二、 所在行业对外资并购项目的影响
Industry impacts on foreign
mergers and acquisitions
1.
可否100%并购？
Is 100% M&A ok for you?
2.
合资是过渡安排还是长期策略
Transition arrangement or long-term strategy for
the joint venture?
3.
VIE结构的风险
The risk for VIE structure
4.
国家安全审查
Country safety review
三、 如何确定最佳并购主体：利弊分析
How to
confirm the best M&A subject: Analysis of advantages and disadvantages
1.
海外SPV？
Overseas SPV?
2.
境内投资性公司？
Domestic investment company?
3.
境内一般外资企业？
Domestic foreign-invested company?
四、 股权并购VS资产并购，如何做出切合实际的选择？
Equity M&A vs. Assets
M&A, how to make the proper decision?
1.
你最看重目标公司什么资产？
What do you most value in the target company's
assets
2.
需要慎重考虑经营证照重新申请的难度
Need to carefully
consider the difficulties of business license renewal application
3.
债务的继承和潜在责任的承担
Debt inheritance and bear
of potential responsibility
4.
员工的去留和劳动合同问题
Employees stay or go and labor contract issues
5.
税务上哪个安排更经济
Which is more economic for tax planning
6.
资产收购真的可以避免目标公司债务风险吗？
Can asset acquisition really avoid debt risks of
the target company
五、 需要筹划海外公司构架吗？
Is it
need to plan the overseas company structure?
1.
海外收购的优点
The advantages of overseas
acquisition
2.
可否创造一个海外构架
Possibility of creating an overseas structure
3.
返程投资的问题
The issue of return
investment
4.
税发698号文的申报要求和实践操作
Reporting requirements and practices in No. 698 tax
issue
六、 哪些政府审批要过，一开始就要做好的功课
Which government approvals need to be passed, it
should be well prepared in the very beginning
1.
反垄断审查的最新政策动向
The latest policy trend of antitrust review
2.
公司法最新修订对审批要求的影响
The impact of latest revised company law towards
the review requirements
3.
是否有行业主管机关
Is there industry supervisor organization
4.
除当地外资委外，是否需要发改委的审批
In addition to the local foreign investment
committee, is it need to be reviewed by the development and reform committee
5.
工商局：经常会有你意想不到的登记麻烦
Secretary for trade and industry: there are often
unexpected registration troble
6.
外管局：并购登记和资产变现账户的开立
State administration of foreign exchange: M&A
registration and the setting up of asset cash accounts
7.
并购后证照变更的审批
The approval of license changes after the merger
approval
七、 购买股权比例及其对并购后公司治理的影响
Purchase equity ratio and the impact to company
management after M&A
1.
外资占大股如何设置合资治理结构
How to set the joint-venture management structure
in case the foreign investment is major shareholder
2.
50-50时如何设置合资治理结构
How to set the joint-venture management structure in case of
50-50
3.
外资占小股时如何保护自身的利益
How to protect your own interests in case the
foreign investment is the minority shareholder
4.
高级管理人员的任免策略
The appointment and dismissal of senior management
policy
八、 目标公司股权结构过于分散怎么办？
How to deal with the case that
the ownership structure of the target company is too dispersive
1.
是否可能先集中再并购
Is it possible first
concentrate, second M&A
2.
如果有股东不愿意退出怎么办
What if shareholders don't want to quit
3.
按比例收购是否可行
Is proportional takeover feasible
4.
小股东可能对公司运作产生的重大影响
The minority shareholders are possible to
significantly impact on company operation
5.
收购选择权和退出选择权如何设计
How to design the choice
right of acquisition and quit
九、 目标公司管理层：去还是留？如何去，如何留？
The
target company management team: leave or stay? How to leave, how to stay?
1. 目标公司管理层的过渡作用
The transition function of
target company management team
2. 怎么样留住原管理层
How to reserve the original
management team
3. 股东到职业经理人的转变
The transition from
shareholder to professional executive staff
4. 原管理层的解职策略
Dismissal of the original management strategy
十、 不竞争条款：注意商业不竞争义务和员工竞业禁止的区别
Non-competition clauses: pay attention to the
difference between commercial non-competition obligations and employee non-compete
1.
售股股东的不竞争义务
The non-competition obligations of the share sale shareholders
2.
当售股股东同时成为公司员工
When the share sale shareholders meanwhile become
company employees
3.
不竞争的期限：适用合同法还是劳动法
Non-competition period: contract law or labour law
十一、 意向书中最需要关注的要点：保密和排他性约定
The points need to focus in the letter of intent: confidentiality
and exclusivity agreement
1.
注意区分哪些条款是有约束力的
Pay attention to which kind of clause are binding
2.
保密条款如何设计对买方有利
How to design the confidentiality clause to be
beneficial to the buyer
3.
排他性约束：避免半路杀出个程咬金
Exclusion constraint: avoid ‘jump in monsters’
十二、 法律尽职调查：如何去发现重大问题？
Legal due-diligence: How to
find out the key problems
1.
哪些公开资源可以查询
What kind of public resource could be demand
2.
私人调查机构可以用吗
Can we use the private research institutions
3.
目标公司材料的收集和管理层会谈注意事项
Target company materials collection and the considerations
of management team meeting
4.
注意和其他部门的合作与资料分享
Pay attention to the co-operation with the other
departments and material sharing
十三、 法律尽职调查中常见的重大问题分析
The common major problems analysis in legal due
diligence
1.
股权复杂或者不清晰，有纠纷或存在代持现象
Equity is complicated or unclear, there are
disputes or held by others instead
2.
存在未经审批的返程投资或者VIE结构安排
Exist the return investment without the approval or
VIE structure arrangement
3.
核心经营证照缺失或者即将到期
The lack of core business license or is going to
expire
4.
低缴土地出让金或者擅自改变容积率
Low pay land leasing fee or changing volume rate without
authorization
5.
土地使用权为划拨
Land allocation
6.
没有房产证
No certificate of real estate evaluator
7.
劳动合同和劳动手册不合规
Labor contract and labor manuals not compliant
8.
不合法的劳务派遣
Illegal labor dispatch
9.
少缴社保金
Pay less social security
10. 并购重组需要第三方同意
Mergers and restructuring needs the consent of
third parties
11. 关联交易是否公平合理
Are the related party transactions are fair and
reasonable
12. 有严重的商业贿赂行为（交易重点调查问题）
There are serious commercial bribery (the survey
questions of business deal highlights)
13. 有侵犯他人知识产权行为
Infringes the intellectual property rights
14. 没有获得适当环评批复或者违规排污
Without proper environmental assessment approval or
illegal sewage
15. 有正在发生的诉讼或者将发生的诉讼
There is ongoing litigation or coming litigation
十四、 如何评估目标公司的不法行为，买还是不买？
How to assess the target company's
wrongful, to buy or not?
1.
风险是否涉及刑事责任
Whether the risks touch criminal liability
2.
风险是否可以量化
Whether the risk can be quantified
3.
风险是否影响并购目的的实现
Whether the risk affect the realization of M&A
goal
十五、 股权转让协议：关键条款的法律分析
Equity transfer agreement: the legal analysis of
key clauses
1.
付款的节奏和资金的安全
The payment rhythm and financial security
2.
收购价格的调整
The acquisition price
adjustment
3.
政府审批及反垄断申报条款
Government approval and antitrust filings teams
4.
不竞争、不招揽
No competition, no incur
5.
税务申报
Tax filing
6.
原名称和商号的使用
The use of original name
and business brand
7.
争议解决
Dispute resolution
8.
语言及文本效力
Language and text effection
十六、 并购中的外汇问题：汇差可能让你损失惨重！
The Foreign Exchange Issue
in M&A: Exchange rate difference may make you lose
1.
在什么情况下以什么币种计价对自己最有利
In what circumstances, to denominate in what
currency is most beneficial for your own
2.
外资并购的外汇登记
The FE registration in
foreign investment M&A
3.
究竟以什么汇率为准：付款时还是外管局的出资确认登记
What kind of rate taken as the standard: payment
time or funding confirmation registration of state administration of foreign
exchange
4.
有外资并购陷入严重外汇纠纷
Some foreign investment mergers are skin into
serious foreign exchange disputes
十七、 交易附属协议的起草和审阅要点
Trading subsidiary agreement
drafting and reviewing key points
1.
母公司担保的问题
Parent company guarantee problem
2.
出售方律师的法律意见书
The legal opinions letter from sellers attorney
3.
过渡期间协议
Transition period agreement
十八、 资金监管：比例、用途和安全
Fund supervision: Ratio, use
and security
1.
资金监管期限和外资并购付款期限要求的冲突
The conflict
between fund supervision limitation and foreign investment mergers payment
limitation requirement
2.
一般多少比例资金合适
What proportion of funds generally fit
3.
监管账户开在谁的名下？
Regulatory accounts opened under the whose name?
4.
如何确保监管资金的安全？
How to ensure that regulatory capital security
十九、 Earn-out在中国可行吗？
Is Earn-out feasible in China?
1.
什么是Earn-out安排
What is Earn-out
arrangement
2.
Earn-out是否和审批机关的要求冲突
Dose Earn-out conflict by the approval authority’s
requirements
二十、 交割：什么时候进行交割，如何交割？
Delivery: When the delivery,
how?
1.
交割需要递交的文件
The submit files required during the delivery
2.
交割条件的满足
To meet the delivery conditions
3.
交割的实际操作要点
The practical operation
points in delivery
二十一、 并购后企业成功融合的要点
Enterprise successful
integration after merger and acquisition
1.
保留原管理团队有利有弊
The pros and cons of retaining the original
management team
2.
文化融合最重要，强龙如何和地头蛇和谐相处
The culture integration is
the most important, dragon how to harmony with local bosses
3.
制度必须逐步统一
System must be progressive unification
4.
重视合规意识的提高
Emphasis on compliance awareness raising