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1、Legal Considerations on Overseas Investment by Chinese Enterprises 中国企业海外投资有关法律问题,Wei Jun 魏军 Co-Managing Partner 联席执行合伙人 Hogan & Hartson L.L.P 霍金豪森律师事务所 Beijing and Shanghai Offices 北京/上海代表处,Investment Mode 投资模式 Legal & Tax Structuring 法律/税收结构 Corporate Governance 公司治理 Local Legal Exposure 当地法律风险 Ri
2、sks & Prevention 风险与预防,Main Issues to Think About 主要考虑的因素,2,Greenfield Investment 绿地投资 Cash investment 现金投资 Investment with acquired assets 吞并投资 Investment through M&A 并购投资 Acquire and control an existing company 吞并控制现存公司 Buy into an existing company through share purchase 通过购入股票,买进现存公司 Other invest
3、ment 其他投资 Generate revenue by providing specific services, including exploration and development, equipment lease, etc. 通过提供包括勘探和开发及设备租借在内的特殊服务获取利润 Invest through specific risk sharing arrangement, including oil, gas and mine exploration and excavation, and product sharing agreements 通过包括石油、天然气及矿物勘探
4、和发掘以及产品分摊协议等特别风险分摊协议进行投资,Investment Mode 投资模式,3,Important issues to be considered under each mode 在每种投资模式下需考虑的重要因素 Creditors right 债权人的权利 Internal corporate governance 公司内部治理 Tax implication and accounting consideration 税收问题和财务上的考虑 Operational issues（brand promotion, etc.） 经营因素（品牌推介等）,Investment Mod
5、e（continued） 投资模式,4,Greenfield investment 绿地投资 Advantages: clean debts, raise of tax basis for assets, relatively low risks 优点：债务清空， 通过资产增加税收，风险相对教小 Disadvantages: maybe difficult for takeover of existing business and/or government permit 缺点：或许对现存的企业并够存在困难或者难以得到政府许可 Investment through M&A 通过并购进行投资 A
6、dvantages: automatic takeover of existing business and/or government permit 优点：自动获得包括政府在内的对现存的企业并购的许可 Disadvantages: undertaking of debts and employees, relatively high risks (due diligence necessary) 缺点：将会接受原企业的债务和员工，风险相对较高（需引起注意） Other investment 其他投资方式 Advantages: improvement of Chinese enterpris
7、es international competition strength, higher return 优点：提高中国企业的国际竞争力，高回报 Disadvantages: relatively higher risks 缺点：风险相对较高,Investment Model（continued） 投资模式,5,Factors to be considered for corporate structure： 公司结构需考虑的因素 Establish business entities based on business types and particular industrial risk
8、s 基于商业模式和具体产业风险,建立商业实体 Establish special purpose vehicle in tax heaven countries 在自由港建立有特殊目的的媒介 Optimise corporate structure by considering both the above factors 在考虑以上两点的基础上,优化公司结构,Legal & Tax Structuring 法律&税收结构,6,Wholly (or majority) owned subsidiaries 独资(或控股)分支机构 Simple structure for corporate g
9、overnance purpose 简化企业机构以便实现公司治理的目的 Subsidiaries not under control 非控股分支机构 Structure of Board of Directors 董事会结构 Deadlock-breaking mechanism 防死锁机制 Resolutions on material matters 生产原料方面的考虑 Exit mechanism 退出机制,Corporate governance 公司治理,7,Local environment protection policy 本地环境保护政策 Understand and pre
10、cisely evaluate environmental risks associated with the relevant industry 了解并高度重视环境风险 Enterprises strict, retroactive and joint liability on environment protection issues under the laws of some countries 一些国家的相关法律对企业在环境保护方面有严格的规定严格，对企业在环境保护方面有追究力且要求企业承担这方面的义务 Agree upon indemnification and compensat
11、ion clauses on environment issues when acquiring assets or equity 对企业资产或债权进行吞并时，有涉及环境的赔偿条款 Local employment 雇佣当地员工 Employment strategy based on local policy 本地就业政策 Understand rules regarding local labor union right, employee welfare, layoff, etc. 理解本地工会的相关雇佣、工资、失业等规定,Local legal issues (continued) 当
12、地法律,8,Local policy for particular industries 特殊行业的本地政策 Government approvals for particular industries (bank, insurance, energy, mining, telecom, etc.) 政府对特殊行业的审批（银行、保险、能源、矿产、电信等） Administrative rules for particular industries 对特殊行业的行政管理规定 Local policy concerning foreign investment 当地的外资政策 Coexistenc
13、e of preferential policies and restrictive policies for foreign investment 优惠和限制政策兼有 Local foreign exchange control 本地外汇交换控制 Government commitment to foreign investors 政府对外资的承诺,Local legal issues (continued) 当地法律,9,Main types of political risks 政治风险的主要类型 Nationalization (recent oil industry national
14、ization in Venezuela） 国有化(最近委内瑞拉发生的石油行业国有化) Change in law (mostly arising from government alternation) 法律变化(主要是由政府换届引起的) Political situation政治局势 Government guarantee 政府担保 Letter of guarantee issued by the central government, the ministry of finance or the central bank 由中央政府出具的保证书,财政部或中央银行 Waiver of
15、sovereign immunity by the government 政府对自动免疫的回避 Letter of comfort/support issued by government （generally not legally binding, but more for moral undertaking） 政府签发的支持信(没有法律效力,但能从道义上给予支持) Commercial risks 商业危机 Resolution 解决办法 Careful due diligence, sound legal structure and proper legal documentation
16、 良好的法律结构和恰当的法律文件 Overseas investment risk insurance 海外投资风险担保,Risks & prevention风险与预防,10,Baltimore Beijing Berlin Boulder Brussels Budapest Caracas Colorado Springs Denver Geneva Hong Kong London Los Angeles Miami Moscow New York Northern Virginia Paris Shanghai Tokyo Warsaw Washington, DC,For more information onHogan & Hartson, please visit us at,Thank You！谢谢!,11,
