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1、Documentation and Due Diligence 文件提供和 尽 职 调 查,M&A in China 并购在中国,Prelude 序 言,Documentation and Due Diligence 文 件 提 供 和 尽 职 调 查,A Case For Proper Documentation 案 例：适 当 提 供 文 件,1,Documentation,Respect for the Rule of Law in China 遵 守 中 国 法 律,A Gentlemans Agreement? 君 子 协 定？,Documentation mandatory und
2、er law? 提 供 适 当 文 件： 法 定 义 务？,CRITICAL DOCUMENTS,2,Documentation,Documentation is driven by deal structure:,Type of Transaction,Asset acquisition,type of structure type of target investment vehicle,Key Acquisition Documentation,Sale and purchase agreement (sometimes known as “asset acquisition agree
3、ment),Equity interest acquisition,Sale and purchase agreement,Subscription agreement,Equity interest acquisition (by way of new subscription of equity interest),CRITICAL DOCUMENTS,3,Documentation,Type of Target Investment Vehicle,Wholly-owned foreign enterprise,Key Constituent Documentation,Articles
4、 of association,Equity joint venture enterprise,Joint venture contract Articles of association,Co-operation joint venture enterprise,Joint venture contract Articles of association,Joint stock company,Articles of association,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
5、 司 章 程,关 键 文 件,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,4,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购 买 /收 购 协 议,Requirements under law 法 律 要 求,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,5,Documentation,Sale and Purc
6、hase / Acquisition Agreement (“S&P Agreement”) 购 买/ 收 购 协 议,What needs to be included in an S&P Agreement? 收 购 协 议 的 内 容：,Contracting parties 合 同 缔 约 方,List of assets 资 产 清 单,Equity interest 股 份,Acquisition completion procedures 完 成收 购 程 序,Acquisition Documentation Essential Terms and Conditions 收购协
7、议中的必要条款,6,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购 买 /收 购 协 议,Rights and obligations 权 利 和 责 任,Breach liquidated damages? 约 定 违 约 赔 偿 金,Dispute resolution 争 议 解 决,Date and place of execution 执 行 的 时 间 和 地 点,Governing law? 法 律 适 用？,Acquisition Documentation Essentia
8、l Terms and Conditions 收购协议中的必要条款,7,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购 买 /收 购 协 议,Representations and Warranties 陈 述 和 保 证 条 款,Key Provisions in an S&P Agreement 收 购 协 议 中 的 关 键 条 款,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,8,Documen
9、tation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购买协议/收购协议,Undertakings 承诺,Key Provisions in an S&P Agreement 购买协议中的重要条款,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,9,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购买协议/收购协议,Asset l
10、isting in the case of asset acquisition 资产清单在资产收购的情形下,Key Provisions in an S&P Agreement 购买协议中的重要条款,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,10,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购买协议/收购协议,Group structure in the case of equity interes
11、t acquisition 集团结构在股份收购的情况下,Key Provisions in an S&P Agreement 购买协议中的重要条款,Consideration, Payment/Capital Injection 对价，支付/注资条款,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,11,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购买/收购协议,Key Provisions in an
12、S&P Agreement 购买协议中的重要条款,Indemnity / Compensation provisions 补偿/赔偿条款,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,12,Documentation,Sale and Purchase / Acquisition Agreement (“S&P Agreement”) 购买/收购协议,Key Provisions in an S&P Agreement 收购协议的重要条款,Governing Law and Dispute Resolut
13、ion 争端解决和法律适用,Acquisition Documentation Essential Terms and Conditions 收购协议中的必要条款,13,Documentation,Subscription Agreement (“Subscription Agreement”) 增资协议,Key differences between a Subscription Agreement and an S&P Agreement 增资协议和购买协议的重要区别,Establishment Documentation Essential Terms and Conditions 公司
14、发起的文件准备 - 必要条款,14,Documentation,Sino-Foreign Equity Joint Venture Contract 中外合资经营企业合同,Requirements under law 法律要求,Establishment Documentation Essential Terms and Conditions 公司发起的文件准备 - 必要条款,15,Documentation,Sino-Foreign Equity Joint Venture Contract 中外合资经营企业合同,Establishment Documentation Chinese and
15、 English versions 公司发起的文件准备 -中英文文本,16,Documentation,English and Chinese versions - which should prevail? 英文和中文文本-哪份有优先效力？,Establishment Documentation - Total Investment Amount and Registered Capital,17,Documentation,Mandatory Ratios,Total Investment Amount, US$3 million,Ratio of Registered Capital t
16、o Total Investment Amount,70%, US$3 million but US$10 million,50% (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 million,40% (subject to a min. of US$5 million where total investment amount is less than US$12.5 million), US$30 million,331/3% (subject to a min. of US$12 million where total investment amount is less than US$36 million),17,Documentation,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
