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cf手游 www.wfwqj.icu 您當前所在位置:cf手游 >> 新聞中心 >> 常見問題 >> 安保公司海外并購和融資主要法律風險

安保公司海外并購和融資主要法律風險
來源:cf手游  點擊次數:544    發布時間:2018-02-21
保安服務公司為了在拓展境外業務或引進國外保安資本或品牌,通過“走出去”或“請進來”的方式,采取投資、收購、并購、融資、合資(合作)、股份制改造(IPO)等途徑成立一些境外保安公司或者境內合資保安服務公司(主要是中資企業集中的高風險地區國家HRA)。下文在總結了中國企業海外收購、融資中的主要法律風險的基礎上,提出了應對風險管理措施,謹供參考,不構成投資建議。
The security service company for overseas business expansion or the introduction of foreign capital or brand security, through the "go out" or "please come in" approach, take investment, acquisitions, mergers and acquisitions, financing, joint venture (cooperation), joint-stock transformation (IPO) and other ways to set up some security companies overseas or domestic joint venture security service company (mainly is the Chinese enterprises to focus on the national high risk area HRA). On the basis of summarizing the main legal risks of overseas acquisitions and financing of Chinese enterprises, the paper puts forward countermeasures for risk management, for reference, and does not constitute investment advice.
1.交易鎖定/確定性的風險
1. transaction locking / certainty risk
風險分析:除了某些比較特殊的情況(比如賣方因為某種原因,例如破產,必須在短時間內出售相關資產),賣方一般在國際并購交易中占據相對主導的地位。對中國安保投資人而言,一個常見的風險是在投入不小的人力、時間和費用以后,賣方決定同其他投資人簽訂協議,從而造成中國投資人最終失去投資機會,并且產生了前期投入的浪費和消耗。
Risk analysis: in addition to some special cases (such as sellers for some reason, for example, bankruptcy, they must sell related assets in a short time), sellers generally occupy a relatively dominant position in international M & A transactions. To China security investors, a common risk in the future is not a small investment of manpower, time and cost, the seller signed an agreement with other investors, resulting Chinese investors eventually lose investment opportunities, and the initial investment and consumption waste.
應對措施:
Countermeasures:
(1)中國投資人需要從項目的最開始持續判斷賣方的出售意向以及變化。一個比較簡單的依據是對方采取的交易方式:究竟賣方采用的是“一對一”的談判,還是競標形式。相對于競標形式,一對一的方式中賣方被買方鎖定的確定性更大。賣方對于溝通流程的節奏把握也是判斷賣方意向的重要來源,比如賣方是否同意排他性地同中國投資人開始談判。此外,中國投資人應當考慮從各類正式或非正式渠道獲得相關信息,協助對賣方的出售意向進行判斷。

(1) Chinese investors need to continue to judge the seller's selling intentions and changes from the beginning of the project. A relatively simple basis is the way the other party deals with: whether the seller uses "one to one" negotiations or the form of bidding. Relative to the form of bidding, the seller is more determinable by the buyer in a one to one way. The seller's grasp of the rhythm of the communication process is also an important source to judge the seller's intentions, such as whether the Seller agrees to start negotiations with Chinese investors exclusivity. In addition, Chinese investors should consider obtaining relevant information from various formal or informal channels to assist the seller to judge the sale intention.

(2)從溝通策略上而言,中國投資人可以考慮在項目的較早階段就開始同賣方商討關鍵商業點,以盡快確定雙方是否有可能達成交易,從而降低前期投入的浪費。如果中國投資人確定了希望進行交易的意圖,那么應當盡量在項目前期就向賣方表明完成交易的意愿,并且有說服力地證明中國投資人確實有能力和經驗同賣方在短時間內完成交易,從而引導賣方終止和其他投資人的溝通,逐步增加交易的確定程度。
(2) from the perspective of communication strategy, Chinese investors can consider discussing the key business points with the sellers at the earlier stage of the project, so as to ascertain whether the two sides are likely to conclude the transaction as soon as possible, so as to reduce the waste of initial investment. If investors China determined intention to carry out transactions, then it should be as far as possible in the project to the seller that will complete the transaction, and convincing evidence that the China investors really have the ability and experience to complete the transaction with the seller in a short period of time, so as to guide the seller termination and other investors to communicate, gradually increase the degree of uncertainty of transaction the.
(3)無論是一對一方式的談判還是競標形式,中國投資人都應當考慮在合適的時點(尤其是判斷出中國投資人相對于其他潛在投資人而言,已經處于非常明顯的領先優勢的情況下),要求同賣方簽署具有法律約束力的排他性協議,將交易鎖定在一定的排他期內。
(3) whether it is a way of negotiation or bid form, China investors should consider at the right time (especially the judge China investors relative to other potential investors, has been in the lead is very obvious in the case of requirements), signed an exclusive agreement legally binding with the seller, the transaction will be locked in a certain period of exclusion.
2.交易架構的風險
The risk of 2. trading architecture
風險分析:在海外并購交易,如果架構設計不當,一個重要的風險是可能對投資人會產生不利的稅務影響,比如投資人的股息分紅可能會被征收更高的稅負。
Risk analysis: in overseas M & A transactions, if the architecture is not properly designed, an important risk is that it may have an adverse tax impact on investors, for example, investors' dividend payments may be subject to higher taxes.
此外,不當的交易架構也可能會妨礙投資人實現其投資目的。一個比較常見的情形是中國投資人在收購歐洲的家族企業后,可能仍然希望借助賣方(可能既是股東又是管理層)繼續管理被收購的業務。如果中國投資人全部買斷賣方的股份,那么賣方在其股份完全退出的情況下,可能沒有較強的動力繼續作為管理層投入精力對所出售的目標企業進行管理。
In addition, the improper trading structure may also prevent investors from achieving their investment purposes. A more common case is that Chinese investors may still want to continue to manage the acquired business with the help of the seller (maybe shareholders and management) after buying family businesses in Europe. If Chinese investors buy all the sellers' shares, the sellers may not have strong motivation when their shares are completely withdrawn. They will continue to devote energy to management of the target business as a management.
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