




版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
1、Legal Issues in Private Equity and Listings for Chinese Companies Mason Ching, LL.M.PrincipalMason Ching & Associates16 October 2021Speakers ProfileMason Ching is the founder of Mason Ching & Associates. He is qualified to practise in Hong Kong and England & Wales and holds an LLM degree with distin
2、ction in technology and investment laws. His experience is gained in Baker & McKenzie. His expertise is in venture investment, PRC direct investment, fund establishment, securities, listing, takeovers and other corporate finance matters. Convertible Loan Preference Shares Series A or Series B Conver
3、tibleRedeemableVotingPreferenceWarrantsCommon SharesForm of Private Equity InvestmentBoard seatsVeto rights on certain key actionsInformation rightsProfit guarantee and price adjustmentWhen to convertRights of preferred sharesTerms of investmentPre-emptive Right / Right of ParticipationRight of Firs
4、t RefusalCo-sale / Tag-alongDrag-alongAnti-dilutionDown-side price protection Full Ratchets or Weighed AverageProtective ProvisionsNon-compete covenants from controlling shareholdersPut back option if IPO does not take placeConfidentialityFounders guaranteeFounders provision of security Founders ind
5、emnityProtective ProvisionsVendor sale at the time of IPOPlacing after lock-upIssue of derivatives: warrants, exchangeable / convertible bond Repurchase by issuerPrivate Placements / Block TradeExit - IPORepurchase by investee companyPut back to founders Trade saleForced trade saleReverse takeoversL
6、iquidationExit Aborted IPOHong Kong Regulatory IssuesListing DecisionsConversion Price“toxic convertiblesLock-upTargetSOEsPrivate EnterpriseStructure Red ChipDirect InvestmentInvesting into ChinaInvestment in legal person sharesValuationApproval processRestrictions on disposal of promoters sharesPRC
7、 Company Law shares issued by a company prior to the public offering of shares shall not be transferred within one year from the Listing DateManagement buy-outsInvestment in H shares Discount on IPO Price Investing into China H Share potentialsPing An Insurance (Group) Company of China Ltd. (2005)Go
8、ldman Sachs and Morgan Stanley invested in 1994Dai-Ichi Mutual Life InsuranceHSBC Insurance subscribed for 10% equity interest (legal person shares) in 2002Legal person shares converted into H SharesCase Studies Ping AnRed chip restructuring Relevant PRC LawsNotice of the State Administration of For
9、eign Exchange on the Relevant Issues Concerning Foreign Exchange Administration of Financing and Returning Home Investment by Domestic Residents through Special-purpose Companies (国家外汇管理局关于境内居民通過境外特殊目的公司融資及返程投資外匯管理有关问题的通知) issued by The State Administration of Foreign Exchange (SAFE) on 21 November
10、2005Notice on Relevant Issues in the Registration of the Offshore Investments of Individual Domestic Residents and Foreign Exchange Registration of Mergers and Acquisitions by Foreign Investors (国家外汇管理局关于境内居民个人境外投资登记及外资并购外汇登记有关问题的通知) issued by SAFE on 21 April 2005Notice on Relevant Issues in Perfec
11、ting Foreign Exchange Control in Mergers and Acquisitions by Foreign Investors (关于完善外资并购外汇管理有关问题的通知) issued by SAFE on 24 January 2005 Private Enterprises (non-H Share Listing) No.75 Notice“Returning home investment - direct investment activities carried out inside China by residents inside China th
12、rough a special purpose company:to acquire or swap the interest of the Chinese party in an enterprise inside China; to establish a FIE inside China and acquire control of assets inside China through that FIE; Foreign exchange registrationRepatriation and use of fundsProvisions of the Ministry of Com
13、merce, State-owned Assets Supervision and Administration Commission of the State Council, the State Administration of Taxation, the State Administration for Industry and Commerce, Securities Regulatory Commission of China and the State Administration of Foreign Exchange on Mergers and Acquisitions o
14、f Domestic Enterprises by Foreign Investors (2006Revision)Took effect on 8 September 2006Applies to domestic enterprises onlyMOC and CSRC approval required for restructuring and oversea listing of a special purpose vehicle Share swap allowedUnwind after 12 months failing listingPrivate Enterprises (
15、non-H Share Listing) Private Enterprises (non-H Share Listing)Notice of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Operating Rules for the Notice of the State Administration of Foreign Exchange on the Relevant Issues about Foreign
16、Exchange Control over the Financing and Return Investment of Domestic Residents through Overseas Special Purpose Companies (No. 106 2007 of the General Affairs Department under the State Administration of Foreign Exchange) (国家外汇管理局综合司关于印发?国家外汇管理局关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知?操作规程的通知(2007修改) 汇综发
17、2007106号) 2007-05-29Successful Structure for Red-Chip Original Shareholders do not retain control post-IPOTransfer of AssetsThird party involvementCase Study Solargiga Energy Holdings Limited (Stock Code 757)Mr. TANSECHuaxin SiliconPLCJinzhou Xinri(PRC)Jinzhou Yangguang(PRC)Jinzhou Huari(PRC)Jinzhou
18、 Huachang(PRC)74.1%75%25.83%25%70%30%25%75%100%Solargiga After restructuringWWICTIL(BVI)Company(Cayman Islands)SECMr. TANOther Relevant OfficersOther ShareholdersMr. CHONGSolartech(Cayman Islands)BVI CompanyJinzhouXinri(PRC)Jinzhou Huari(PRC)Jinzhou Yangguang(PRC)Jinzhou Huachang(PRC)Jinzhou Youhua
19、(PRC)Shanghai Jingji (PRC)33%100%100%3.12%16.3%8.55%10.61%28.42%100%100%100%100%100%100%100%Case Study Xingfa Aluminium Holdings Limited (Stock Code 98)Messrs. Luo Su, Luo Riming and Liao YuqingXingfa GroupXingfa AluminiumXingfa SGXingfa BVIXingfa Curtin WallOur CompanyLeahin CoatingXingfa Innovatio
20、n100%100%100%100%100%100%51%91.3%Case Study JES Singapore Acquisition of assets, liabilities, operations and businessProcessing AgreementRestricted Cash Account AgreementDebt Repayment AgreementFixed Assets Lease AgreementEntrusted Loan AgreementRestricted for Foreign investment Fixed lineTobaccoICP
21、 Internet contentsMobile contents mobile phone entertainmentDigital publication online gameInvesting in Restricted CategoriesSpecial StructureNeed to consolidate accounts Loan agreementOption agreementEquity pledgeUndertaking / power of attorneyTechnical service / business agreementTrade name and co
22、pyright licenseInvesting in Restricted CategoriesListing Decision LD 43-3 (2005) Company APRC Subsidiaries Structure ContractsOwning all operating licences to perform the Groups businessRegistered Owners Structure ContractsOwning all intellectual propertiesOPCOOutside PRCInside PRC100%100%Direct Inv
23、estment VehicleForeign-invested EnterprisesEJV, CJV and WFOEForeign-invested Joint Stock CompaniesRMB FundSet up a WFOEDirect InvestmentConvertible Loan / WarrantsPreference Shares Series A or Series B ConvertibleRedeemableVotingDirect InvestmentRepurchase by issuerPrivate Placements / Block Trade -
24、 Measures for Administration of Strategic Investment by Foreign Investors in Listed Companies外国投资者对上市公司战略投资管理方法 2006-02-01Put back to founders Trade saleForced trade saleReverse takeoversLiquidation - Measures for Liquidation of Enterprise with Foreign Investment Direct InvestmentRMB Fund对外贸易经济合作部、科
25、学技术部、国家工商行政管理总局、国家税务总局、外汇管理局令2003年第2号Promulgated by the Ministry of Foreign Trade and Economic Cooperation, Ministry of Science and Technology, State Administration for Industry and Commerce, State Administration of Taxation and State Administration of Foreign Exchange on 30 January 2003 and effecti
26、ve as of 1 March 2003.RMB Fund Regulationsthe number of investors shall be more than two and less than 50, and there shall be at least one requisite investor as specified in Article 7;the minimum amount of capital contribution a Non-legal Person Venture Investment Enterprise - US$10 milliona Corpora
27、te Venture Investment Enterprise - US$5 million. having a clear organizational form;having a clear and legitimate investment direction;at least three professional management personnel with experience in venture investment business; andother conditions stipulated by laws and administrative regulation
28、s.RMB Fund Regulationhaving venture investment as its main line of business;having cumulative capital under its management of not less than US$100 million in the three years before the application, and at least US$ 50 million of which has been used for venture investment. having at least three professional management pe
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 甘肃靖远县高三数学试卷
- 高校联盟数学试卷
- 方城县中学二模数学试卷
- 关于千克方面的数学试卷
- 2025年甘肃中医药大学招聘41人笔试历年专业考点(难、易错点)附带答案详解
- 2025至2030船体清洁机器人行业市场深度调研及前景趋势与投资报告
- 赣州高考二模数学试卷
- 二年级毕业题数学试卷
- 高一集合数学试卷
- 体育赛事官方艺术家合作项目的社区参与度分析考核试卷
- 2025-2030中国物理气相沉积(PVD)涂层系统行业市场发展趋势与前景展望战略研究报告
- 2025河南省豫地科技集团社会招聘169人笔试参考题库附带答案详解
- 人教版(2024)七年级下册英语期末模拟测试卷(含答案)
- 兵团开放大学2025年春季《公共关系学》终结考试答案
- 电线电缆出入库管理制度
- 供应蒸汽服务合同协议书
- T/CADCC 003-2024汽车漆面保护膜施工技术规程
- 中国机器人工程市场调研报告2025
- 2025年金融科技企业估值方法与投资策略在金融科技企业并购中的应用案例报告
- 福建省厦门市双十中学2025届七年级生物第二学期期末联考模拟试题含解析
- 【小学】新苏教版小学数学四年级下册暑假每日一练(02):计算题-应用题(含答案)
评论
0/150
提交评论