英文版复件 修改完整版=专题东软医疗对X企业战略并购

1,1,Features:NeusoftmedicalforXenterprisestrategicmDeterminethefinancialadviser,legaladvisers,formulatetheinvestmentstructure;Contact,screeningofaccountants,assetappraiserintermediaryinstitutions;andIn-depthvaluationmeasure,inordertoconfirmvalueanddeterminechoiceinvestorsstandard.Beforestartingtocontactpotentialinvestorsplanandprepareallthenecessarybasicdocuments:confidentialityagreementandtheinformationmemorandum,mainconditionsofprivateequityinvestmentframeworkagreement,etc.,Privatefundmainwork,Stepone:Theprivatepreparatorywork,8,Issuingcompanyinformationmemorandum,thescreeningofprivateinvestorsEstablishoneortwointentionalityinvestors,signaframeworkagreementAlthoughframeworkagreementofbothpartiesshallnotconstitutealegalconstraints,butcontainsthemaintradingtermsisthefoundationforfurthernegotiations.Frameworkagreementintheprerequisitesforthedeal,tradestructure,valuationmethods,exclusiveandfollow-upworkwillbethetermsoftheprinciple;Fromcontactwiththeinvestorstoreachaframeworkagreementusuallyneedto2monthstime.,Privatefundmainwork,Step2:Initialinvestorschooseanddeterminetheframeworkagreement,9,IntermediaryagencytoconductduediligenceonbothsidesAboutthecompanysaccountingauditbythecompanyhiredfourbigaccountingfirmstoaudit,theinvestoraccountantonlytheauditresultsarechecked;Investorslegaladviserforthecompanysinceitsinceptionlegaldocumentsasacomprehensivelegalinvestigation;Assetappraiserforthecompanysassetsevaluation,theinvestormayalsoemployprofessionalevaluationorganizationforthecompanysbusinessinvolvesmarketforindependentassessmentsofmarketforecast;Bothfinancialadvisortocoordinatetheworkofthepartiesinvolvedandcommunication;Duediligencetimedependingonthecomplexityofthecompanyin3060daystocomplete.Completeduediligence,toinvestonpricenegotiationsAccordingtotheresultofduediligence,thetwosideshaveframeworkagreementreachedinthemaintradingtermsonebyoneindetail;Companiessometimesneedtoinvestigateexposureoffinancial,legalissuestoinvestorspromisesolutionsortomakesomeconcessions;Thefocusofthenegotiationstendtofocusonthedifferencesofvaluationtothecompany;Negotiationshavedifferentlengthoftime.,Privatefundmainwork,Step3:Duediligenceandnegotiatebusiness,10,Negotiationstoreachanagreement,thetwosideslawyerreorganisingandtradelawenforcementThispartoftheworkoffiledraftingintheearly,earlystaycanbeexecutedafterthetalksended;Relatedrestructuring,transactionapprovalworkdependingonthedifferentcompanystructureandtradestructureshouldbesubmittedforexaminationandapprovalofdifferentdepartments,localandcentrallevelbusinessdepartment,theadministrationofforeignexchange,taxdepartment,thedepartmentofindustrialandcommercialregistration,etc.;Thatpartofthetimealsodependingonthedifferentlengthoftrading.Completelegalprocedure,investorsmoneyinplaceUndernormalcircumstances,startfromtheprivatetotheinvestormoneyinto,needabout56months,ifyouhaveanyexperiencewithfinancialadvisers,canacceleratetheprocessofprivate.,Privatefundmainwork,Stepfour:Signedagreementandfundinginplace,11,私募时间表,12,Thefinancialadvisorintheprivatefinancing,Workasawholetheprivatefinancing,Involvedwiththeprojectorganizationandtheoverallcoordinationoftheteamwork,designworkplan,ensurethattheworkscheduleandworkefficiency,promotethewholeprojectworksmoothly,Screeningofprivateinvestors,Designstructureandinvolvedinthecommunication,Tradeexecution,Usetheirprofessionalknowledgeandstyleofinternationalprivateequityinvestors,operatingpracticeconsideringthevalueevaluation,thecognitiontotheindustry,aswellastothecompanyinvestmenthighlightsthedepthofthemaster,screeningtoconformtothegoalofstrategicdevelopmentpartners,andestablishthecommunicationbetweenthetwosidesdealimportantbridge,Toconductacomprehensiveduediligence,dealstructuredesignandworkplanToassistthecompanytonegotiate,accordingtotherequirementsofbothsides,undertheconditionsoffeasibletransactioncoordinationcommunication,CoordinationoflawyersandotherprofessionalinstitutionscompletethetransactiondocumentsToassistthecompanyintradeexecutionworkaftertheinvestmentagreement,toensurethetransactioniscompleted,Inacompleteprivatefinancingproject,financierswilltocoordinate,thewholeprocessofprivatefinancialadviser,mainworkcontentsseeright.,13,Thefunctionandnecessityoffinancialadvisers,Financialadvisersonbehalfofyourcompanypositioncompletely,strengthenyourcompanyfinancingrequiredprofessionaltalentsintheprocessofpower,Intheprocessofnegotiations,theuseoffinancialadvisoryexperienceeveryoneunderstandtheproblem,putforwardthefeasiblesolution,Remindthecompanytoguardagainsttherelevantriskduringtheprocessoftradingandtrap,toprotecttheinterestsofthecompany,Asinvestmentandfinancingtoeliminatedifferencesbetween,communicationamongimportantplatform,improvethefinancingefficiencyandsuccessrate,Familiarwithdomesticandforeignfinancialmarketpoliciesandrules,balancedoverallfinancingissues,avoidsubsequentfinancingobstacles,Togetherwithlawyerstocheckcommercialandtradingtermsforthecompany,tomaximizethecompanysinterests,14,Otherproblemsinprivate,Intheprocessofgeneralprivatefinancingnegotiations,investorswillalsofocusonthefollowingissues,differentcompaniesaredifferent,emphasisfinancialadvisorwillworkwiththecompanycarefullyresearch:LegalstructureproblemFinancialandvaluationproblemEmployeestockownershipplanIndependentoperation,relatedpartytransactionsandcompetitionissuesTaxproblemsPropertyrightproblemExecutivesdontcompetitioncommitmentproblemGovernmentdepartmentsforapproval(ifany),Privatefinancinggoodfinancialadvisorcanhelpyourcompanyvaluemaximization,Unsolicitedneusoftmedicalsystemsco.,LTDenterprisebackground：,Neusoftmedicalsystemco.,LTD.,foundedin1998,isawhollyownedsubsidiaryofneusoftgroupco.,LTD.,isChinasleadingmedicalequipment,medicalITsolutionsandhealthservicesupplier.Inthefieldofmedicalequipmentproductsandservices,thecompanyhasaseriesofCT,mri,digitalX-raymachine,colourtoexceed,automaticbiochemicalanalyzer,radiotherapyequipment,nuclearmedicalimagingequipment,andotherproducts.InadditiontothecompanysproductshavebeensoldtoChinaHongKongandMacaos32provinces,municipalitiesandautonomousregions,andhassubsidiariesintheUnitedStates,theMiddleEast,productsexportedtotheUnitedStates,Italy,RussiaandeasternEurope,theMiddleEast,Africaandsoonnearly60countriesandregions,hasmorethan5000largeequipmentusersaroundtheworld.InthefieldofhealthcareITsolutions,thecompanyprovidesPACS/HIS/LIS/EMR/RIS,remotemedicalconsultationsystem,computeraideddetectionofCAD,communityhealthserviceinformationsystem,regionalhealthcollaborativeplatform,network,softwareproductsandservicessuchashealthcarecommunityserviceplatform.Inthefieldofhealthservices,thecompanyprovidescitykangthisnewfamilyhealthdynamicmonitoringandprofessionalmanagementservices,iscommittedtoprofessionalhealthserviceintothefamily.Byneusoftmedicallatestsuccessfuldevelopmentof16CTagain,superconductingmagneticresonance(NMR),linearaccelerator,PETproductsfillthegapsintherelatedareasofChina,Chinarankstothehigh-endmedicalequipmentproducer.Willbeonmedicalscienceandtechnologytocreateahealthylife,neusoftmedicalequipmentandthetechnicalinnovationintheserviceofhumanhealth,andiscommittedtobecometheworldsleadingmedicalequipment,medicalITsolutionsandhealthservicesupplier.,Neusoftmedicalproductline1-,Neusoftmedicalproductline2-,Xcompanymergersandacquisitionspartybasicbackground:,Whoarewe?XprovidesadvancedImagingSolutionsthathelpearlydetectionofillnessandimprovepatientoutcomes.Wemanufactureallourproductsonsite,inanISO13485facilityWeareaprivatelyheldSCorporation,wehavenooutsideinvestorsWeprovidegrowthopportunitiesforouremployeesWereinvestinResearchandDevelopmentWeholdpatentsandinternalIPthatmayleadtokeyadvancesinMedicalImaging.WhatAreWe?ModalitySpecificVendor:CR,DR,PACS,ViewersITCompany:VenderNeutralPACS/softwareMarketSpecific:Mammography,Ortho,Chiro,Hospital,RadiologyEquipmentProvider:Newproduct:TurnkeysolutionsforX-rayroomsOEMManufacturerCustomandprivatelabelproducts,Xcompanymergersandacquisitionspartybasicbackground:,SWOTAnalysisStrengths:EstablishedCRManufacturer(1of7)UniqueOfferingsiDR,iDR-L,Fusion,ClarityPACS,VertXEstablishedSoftwarePlatformsAcquisitions/PACSProductDevelopment-NewDirectConversionmaterialsforDRSoftwareDevelopment-RISandPracticeManagementSWSoftwareCustomization:AsneededmultiplemodalityEstablishedOEMandDealerChannel:DomesticDiversifiedInternationalSalesChannel:WorldwideRegulatoryApprovalProcessforFDAinplaceMarketingCommunications:Webpresence,knownnamebrandAmericanManufacturer,Xcompanymergersandacquisitionspartybasicbackground:,OpportunitiesEstablishedCRandPACSManufacturerEntrytotheradiologyspace:FuturepotentialasaDRvendorEstablishedOEMandDealerChannelRapidFilmConversation:DigitalCompany,nodependenceonfilmrevenue.NewDeviceAcceptanceCBCT(recentlyFDAapproved)SoftwareStandardizationOnePlatformNewDevelopments:CBCT,DR,PracticeManagementSoftwareHighrevenuepotentialfrominstallbase(Supportcontracts)ThreatsFallingPriceofDRFallingPriceofCRHighBarriersofEntryIntoNewDeviceMarketsPACSMustkeepdevelopingRIS/PracticeManagement:FracturedmarketMultipleVendorsofDR,Xcompanymergersandacquisitionspartybasicbackground:,SalesStrateegyProcessgoals:Dealer/DistributorsBecomeasinglesourceproviderCR/DR/PAC/RIS/X-ray.SystemIntegratorsTargetcompaniesthataddressmarketsXisnotfocusedon.EndUsersPromotespecificproductlinesthroughdirectmarketingandtradeshowparticipation.1.Developabiggerdirectsalesforce.2.Revampserviceandtechnicalsupportprocedures:Addrevenuestream3.Targetproducts,-iDRL,Vmotion,ClarusCT,PACSSpecialtyModulesApproach1.Hospitals-X2.Ambulatory-Dealers/X3.Clinics-Dealers4.SpecialtyMarkets-OEM/SI,Xcompanymergersandacquisitionspartybasicbackground：,InHardware:DRplatedesignfordirectconversion:3Xmoreefficientthancurrentpanels,3XlessexpensivetomanufactureiDR34Crystal:Longboneimagingisanecessityineveryhospital.AsmarketschangefromCRandFilm,iDRwillcommandalargemarketshareasacosteffectiveandefficientwaytocreatedigitallongboneimagesChrome+,ChromeM,Neo:SpecialtyCRdevicesfornichemarketsDualEnergyCassettes:NewdevelopmentforChestimagingInSoftware:PracticeManagementsoftwareClarityPractice:Thissolutionisdesignedtoworkasasmallpracticemanagementsolutionforclinics.HL7andDICOMcompliant,thisinternationalsolutioncanactasacomponentofthelargerXoffering,toprovideaturnkeysolutionMammoCAD(WithOEMPartners).AdvancedViewers:AllModalityviewersdevelopedwithOEMpartners.LUNGCADforCT:AdvancedscreeningsoftwareforlungCAD(WithOEMpartners).Marketsize,share,growthrate2015-2020EstimatedCRandDRmarket:25,000peryearXhas2%-5%marketshareinsomeCRmarkets,0inothers:Xsells800-1000CRsystemsperyear2016DRandCRsalesat50/50internationallyXmustconvertalargepercentageofitsCRclientsbetween2016-2020,Xcompanymergersandacquisitionspartybasicbackground:,Goals:10-15%peryeargrowthwithexistingproductlineExpandthroughnewproductofferings,completeimagingsystems,X-raysolutions.AddmoreMilitaryproductofferings.(Moremilitarybusiness)Marketingpushtoraiseawareness,presentcompleteX-raysolutions.Salesinregion2015$6MinUSA$1MinWesternEurope$3MinFareast$3MinMiddleEast$3MinSARevenueandUnitsperYearAveragerevenueof$21M/yearovera5yearperiod.(Maximumof$29Min2013)2015:$17Mwith$2MbacklogofordersatyearendAverageof1000unitsperyearovera5yearperiod.Profitableoperation:reinvestmentinnewdevelopmentisovertakingprofitcapability:Opportunitywithaninternationalmanufacturingpartnertodoubleortripleoutput,atlowoverhead.,Xcompanymergersandacquisitionspartybasicbackground:,VolumewithdirectbusinessmodelinUSCurrently,Xisconvertingsomeofitssalestodirectmodel,justbeginning:Estimate$2Min2016(Normallylessthan$1M)FinancialreportinDollarRevenueofmilitary(US/Russia)in2013-2015US-Militaryorderswerealmostnon-existentin2013-2015.Therewasalargepartspurchasein2015,butonlyafewintheUSAin2014and2015RussianMilitaryishandledthroughourpartnerinthatregion,andtheysawasharpdropinsalesin2014(MedicalbudgetwasusedforOlympics),buttheypurchased30machinesorsoin2015.ThemilitaryremainsinterestedinourportableDRsolution,theykeepaskingaboutit,buttheyhavenotpurchasedthisunitfromus.Ourmilitarysalesrecordisclean,ourmachineshavebeenoperatinginthatarenaforover6yearsnow.Wehavehadalargepartsorderin2015,Assessmentforthecompanytomakestrategicinvestmentoracquisitionvaluesignificance,1.TheglobaleconomicslowdownmakethemhavethechancetocontactlikeXenterprise.2.Abatchofthenicheadvantageofsmallandmediumenterprises,asaresultoftheeconomiccrisisofEuropeanBankstolendthatisinacriticalperiodtoexpandfundingtheyhavetooutward.3.Plentymoneyinhand,theChineseinvestorsarealreadyhungryforEuropesadvancedtechnology,sothetwohititoff,andtheoverseastechnology,combinedwiththeforcesoftheChinesemarkethasalwaysbeentobereckonedwith.4.Nowproductshaveacommoncharacteristic,namelytheoptimalperformance.5.overseastechnology+activecapitalmarketmadeinChina6.Longtermwin-winrelationship,thinkingandothermOrtooptimizetheallocationofresources,realizethelinkageeffectoftheindustrialchain,forthepurposeofthelongitudinalmergersandacquisitions.,Transactionstructuredesignproposal,theformofacquisitionequity-mergerandacquisitionAformofpayment-cashpaymentAssessmentvalue-basedonenterprisecashflow,DCFmodelvaluationmethodSynergies-chainsynergy,upstreamanddownstream,transverselongitudinalFinancialaccounting,consolidated,takeoverpremium.,28,28,Anoverview,dealstructuredesignSecond,thechoiceofthepathThird,tradeorganizationstructureFour,financingandpaymentstructureFive,thesocialtermsSix,riskmanagementSeven,dealstructuredesignprinciple,29,Aoverview,dealstructuredesign1,theconceptandpurpose(1)transactionstructuredesignconceptLordreferredfortransactionlegalrequirements,target,financing,payment,specificarrangementssuchastaxandaccountingtreatment.Becauseoftheuncertaintyoftheenvironment,themergerpartiesresourcesuniqueness,comprehensivedeterminesthecomplexityofeachdealstructuredesignanduniqueness.Thepurposeof(2)dealstructuredesign(1)improvetheprobabilityofsuccess(2)toevadelegalobstacles(3)ontransactionrisk(4)toexcludecompetitors(5)establishafinancingplatform6reduceacquisitioncosts7)reasonabletaxincreasereturnoninvestmentPet-namerubycreateconditionsforthesubsequentmanagementattendingprovideconveniencefortheequitytransfer,30,30,2、TheprocessoflearningEffectivedesignisalearningprocess.Duetotheeconomicproblemsandthenatureoftheparticipantsbehaviordecidedtoeliminatealldelayandcomplexityisimpossible,butagoodleadershipcanminimizetheireffects.,31,3、总体框架,32,32,4、交易体系,33,竞价者采用善意的方式接近目标公司董事会,目标公司董事会反应,同意,继续谈判解决问题,不同意,走开,竞价者采用更为激进的方式接近目标公司的董事会,熊抱(协议),目标公司董事会反应,同意,继续谈判解决问题,不同意，开始收购,股权收购(要约),公开市场收购,代理对抗,要约收购与代理对抗,目标公司反应,同意,不同意,二、交易路径1、一般并购路径,要约收购,34,34,2、specialpath,(1)takeoverbid(auction)(2)thefinancialrestructuringanacquisition:(1)debtstockacquisition(2)ChengZhaiShiacquisition(3)mortgagetypetobuy(4)bankruptcyreorganization(5)acquisitionofcourtdecisions,35,35,(3)theassetsreorganizationofanacquisition(1)assetrestructuring,acquisition(2)acquisitions,assetrestructuring(4)controlinstages,therealizationofacquisition(1)thelease-purchaseBythebankorotherinvestorstobuytheassetsofthetargetenterprise,andaswheretenantstoassetsleasedtoinvestors,investorsasthelesseeisresponsibleforthemanagement,andintheformofrentpaytherent.(2)hosting-acquisition,36,三、Tradeorganizationstructure,(a)dealtochoosefivekeyfactors1thetax2riskpositions3control4sustainable5aformofpayment,36,37,(二)Generaltradeorganizationstructure,（1）Useofcashorsecuritiestobuyassets,37,a,AA,assets,cash,38,（2）Cashorbondstobuyshares,38,39,（3）Triangularmergerincash,39,1.Thenablamerger,2.Theequilateraltrianglemerger,40,（4）Thelegalmergerorconsolidation(Arestructuring),40,A,B,b,a,ab,AB,新公司股票,41,（5）正三角兼并（“A”类重组）,41,42,（6）倒三角兼并（“A”类重组）,42,43,（7）有投票权的换股收购（“B”类重组）,43,44,（8）有投票权的股票换资产收购（“C”类重组）,44,45,（三）多层次控股交易组织结构,（1）资产收购境内转让的交易结构,45,AAAA,AAA,AA,A,100%控股,100%控股,100%控股,a,资产转让,支付对价,aa,持股,aay,持股,46,（2）资产交易境内合资的交易结构,46,AAAA,AAA,AA,Aa,100%控股,100%控股,a,资产出资，持股,aa,持股,aay,持股,现金出，持股,47,（3）资产交易境内合资后收购的交易结构,47,AAAA,AAA,AA,Aa,100%控股,100%控股,a,资产转让,支付对价,aa,持股,aay,持股,现金出资，持股,现金出资，持股,现金出资，持股,48,（4）资产交易境外合资后收购的交易结构,48,AAAA,AAA,AA,Aa,持股,100%控股,100%控股,a,资产转让,支付对价,aa,持股,aay,持股,持股,持股,49,（5）股权收购“境内-境内”结构,49,AAAA,AAA,AA,Aa,100%控股,100%控股,100%控股,a,资产转让,支付对价,aa,持股,aay,持股,持股,A,股权转让,支付对价,支付对价,持股,50,（6）股权收购“境外-境外”结构,50,AAAA,AAA,AA,aa,100%控股,100%控股,ab,支付对价,支付对价,a(a),持股,a,持股,资产转让,100%控股,aay,持股,股权转让,支付对价,持股,51,（7）“红筹”结构,51,AAAA,AAA,AA,a,100%控股,aa,100%控股,控股,参股,100%股权转让,支付对价,52,（8）“协议控制”结构,52,AAAA,AAA,AA,A,100%控股,aa,控股,参股,股权质押,a,100%控股,贷款,服务费与特许权费,100%控股,服务与特许权,53,Commonlyused(minority)shareholdersprotectionclause(theoriginalfoundershareholders,smallnewinvestors),theactualoperatingoffshorecompaniesoftenneedtodesignorspecialarrangement.(1)priorityterms:convertiblebondsandconvertiblepreferredstock(withrestrictiveclause-ownership,usufructandcontrol);Giveprioritytoreceivedividends.Preferredliquidationrights;Pre-emptionrights;Rightoffirstrefusal.(2)specialrightsclause:foreclosure;Commonrights;Forcewithsales;Anti-dilutionprotection;Theprotectiveterms;Informationrighttoknow;Shareoption;Theboardofdirectors.,（三）Specialprotectionclause,54,四、融资与支付结构,55,（一）Financingstructure,MIn1998,theUnitedStatessimilartofullyusecashaspaymentmethodinmergersandacquisitionsaccountforonly17%,whilepurepayofmergersandacquisitionsaccountforabout50%.Inthe1990stheUnitedStates,about70%ofmergersandacquisitionsincludesequityfinancingtopay.Alargenumberofstudieshaveshownthatdifferentwaysofpaymentdifferentinfluenceontheinterestsoftheshareholders.,70,70,AcquirersinconsideringthemeansofpaymentofmOntheotherhand,willbemoreinclinedtocashbid.(4)thetargetcompanypreferenceforpayment.Buyerscantignorethetargetcompanyoritsshareholderspreferencesandrequirementsforpayment.Ingeneral,hostiletakeovercanonlypaybycash.(5)scale.Largeacquisitionsforcapitaldemandbigmoreofthestockpaymentorcashandstockmixofpayment.,72,72,(6)thecostoffinancingandtaxfactors.Whenthereturnoncapitalishigherthantheinterestrate,debtmanagementmoreeconomicalthanusingitsownfundsmanagement.Throughdebtfinancingtobuybecauseofincreasedfinancialleverage,candeductpartofthetaxburden.(7)legalnorms.Acquisitionpaymentwillbeinfluencedandlimitedbylocallawsandregulationsandpolicy.(8)degreeof