霍金豪森律师事务所演讲稿课件

LegalConsiderationsonOverseasInvestmentbyChineseEnterprises

中国企业海外投资有关法律问题WeiJun魏军Co-ManagingPartner联席执行合伙人Hogan&HartsonL.L.P霍金·豪森律师事务所

BeijingandShanghaiOffices北京/上海代表处LegalConsiderationsonOverse

InvestmentMode

投资模式

Legal&TaxStructuring法律/税收结构

CorporateGovernance公司治理

LocalLegalExposure当地法律风险

Risks&Prevention

风险与预防

MainIssuestoThinkAbout

主要考虑的因素2MainIssuestoThinkAbout2GreenfieldInvestment绿地投资Cashinvestment现金投资Investmentwithacquiredassets吞并投资InvestmentthroughM&A并购投资Acquireandcontrolanexistingcompany吞并控制现存公司Buyintoanexistingcompanythroughsharepurchase通过购入股票,买进现存公司Otherinvestment其他投资Generaterevenuebyprovidingspecificservices,includingexplorationanddevelopment,equipmentlease,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Investthroughspecificrisksharingarrangement,includingoil,gasandmineexplorationandexcavation,andproductsharingagreements通过包括石油、天然气及矿物勘探和发掘以及产品分摊协议等特别风险分摊协议进行投资

InvestmentMode投资模式3GreenfieldInvestment绿地投资IImportantissuestobeconsideredundereachmode在每种投资模式下需考虑的重要因素Creditor’sright债权人的权利Internalcorporategovernance公司内部治理Taximplicationandaccountingconsideration

税收问题和财务上的考虑Operationalissues（brandpromotion,etc.）经营因素（品牌推介等）

InvestmentMode（continued）投资模式4ImportantissuestobeconsideGreenfieldinvestment绿地投资Advantages:cleandebts,raiseoftaxbasisforassets,relativelylowrisks优点：债务清空，通过资产增加税收，风险相对教小Disadvantages:maybedifficultfortakeoverofexistingbusinessand/orgovernmentpermit

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InvestmentthroughM&A通过并购进行投资Advantages:automatictakeoverofexistingbusinessand/orgovernmentpermit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:undertakingofdebtsandemployees,relativelyhighrisks(duediligencenecessary)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）Otherinvestment其他投资方式Advantages:improvementofChineseenterprises’internationalcompetitionstrength,higherreturn优点：提高中国企业的国际竞争力，高回报Disadvantages:relativelyhigherrisks缺点：风险相对较高

InvestmentModel（continued）投资模式5Greenfieldinvestment绿地投资IFactorstobeconsideredforcorporatestructure：公司结构需考虑的因素Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks

基于商业模式和具体产业风险,建立商业实体Establishspecialpurposevehicleintaxheavencountries

在自由港建立有特殊目的的媒介Optimisecorporatestructurebyconsideringboththeabovefactors

在考虑以上两点的基础上,优化公司结构

Legal&TaxStructuring法律&税收结构6FactorstobeconsideredforcWholly(ormajority)ownedsubsidiaries

独资(或控股)分支机构Simplestructureforcorporategovernancepurpose

简化企业机构以便实现公司治理的目的Subsidiariesnotundercontrol非控股分支机构StructureofBoardofDirectors董事会结构Deadlock-breakingmechanism防死锁机制Resolutionsonmaterialmatters生产原料方面的考虑Exitmechanism退出机制

Corporategovernance

公司治理7Wholly(ormajority)ownedsubLocalenvironmentprotectionpolicy

本地环境保护政策Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry

了解并高度重视环境风险Enterprise’sstrict,retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries

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Agreeuponindemnificationandcompensationclausesonenvironmentissueswhenacquiringassetsorequity对企业资产或债权进行吞并时，有涉及环境的赔偿条款Localemployment雇佣当地员工Employmentstrategybasedonlocalpolicy本地就业政策Understandrulesregardinglocallaborunionright,employeewelfare,layoff,etc.理解本地工会的相关雇佣、工资、失业等规定

Locallegalissues(continued)当地法律8LocalenvironmentprotectionpLocalpolicyforparticularindustries特殊行业的本地政策Governmentapprovalsforparticularindustries(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）Administrativerulesforparticularindustries

对特殊行业的行政管理规定Localpolicyconcerningforeigninvestment当地的外资政策Coexistenceofpreferentialpoliciesandrestrictivepoliciesforforeigninvestment优惠和限制政策兼有Localforeignexchangecontrol本地外汇交换控制Governmentcommitmenttoforeigninvestors政府对外资的承诺

Locallegalissues(continued)

当地法律9LocalpolicyforparticularinMaintypesofpoliticalrisks政治风险的主要类型Nationalization(recentoilindustrynationalizationinVenezuela）国有化(最近委内瑞拉发生的石油行业国有化)Changeinlaw(mostlyarisingfromgovernmentalternation)

法律变化(主要是由政府换届引起的)Politicalsituation政治局势Governmentguarantee政府担保Letterofguaranteeissuedbythecentralgovernment,theministryoffinanceorthecentralbank由中央政府出具的保证书,财政部或中央银行Waiverofsovereignimmunitybythegovernment政府对自动免疫的回避Letterofcomfort/supportissuedbygovernment（generallynotlegallybinding,butmoreformoralundertaking）政府签发的支持信(没有法律效力,但能从道义上给予支持)Commercialrisks商业危机Resolution解决办法Carefulduediligence,soundlegalstructureandproperlegaldocumentation良好的法律结构和恰当的法律文件Overseasinvestmentriskinsurance海外投资风险担保

Risks&prevention风险与预防10MaintypesofpoliticalrisksBaltimoreBeijingBerlinBoulderBrusselsBudapestCaracasColoradoSpringsDenverGenevaHongKongLondonLosAngelesMiamiMoscowNewYorkNorthernVirginiaParisShanghaiTokyoWarsawWashington,DCFormoreinformationon

Hogan&Hartson,pleasevisitusatThankYou！谢谢!11BaltimoreFormoreinformationLegalConsiderationsonOverseasInvestmentbyChineseEnterprises

中国企业海外投资有关法律问题WeiJun魏军Co-ManagingPartner联席执行合伙人Hogan&HartsonL.L.P霍金·豪森律师事务所

BeijingandShanghaiOffices北京/上海代表处LegalConsiderationsonOverse

InvestmentMode

投资模式

Legal&TaxStructuring法律/税收结构

CorporateGovernance公司治理

LocalLegalExposure当地法律风险

Risks&Prevention

风险与预防

MainIssuestoThinkAbout

主要考虑的因素13MainIssuestoThinkAbout2GreenfieldInvestment绿地投资Cashinvestment现金投资Investmentwithacquiredassets吞并投资InvestmentthroughM&A并购投资Acquireandcontrolanexistingcompany吞并控制现存公司Buyintoanexistingcompanythroughsharepurchase通过购入股票,买进现存公司Otherinvestment其他投资Generaterevenuebyprovidingspecificservices,includingexplorationanddevelopment,equipmentlease,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Investthroughspecificrisksharingarrangement,includingoil,gasandmineexplorationandexcavation,andproductsharingagreements通过包括石油、天然气及矿物勘探和发掘以及产品分摊协议等特别风险分摊协议进行投资

InvestmentMode投资模式14GreenfieldInvestment绿地投资IImportantissuestobeconsideredundereachmode在每种投资模式下需考虑的重要因素Creditor’sright债权人的权利Internalcorporategovernance公司内部治理Taximplicationandaccountingconsideration

税收问题和财务上的考虑Operationalissues（brandpromotion,etc.）经营因素（品牌推介等）

InvestmentMode（continued）投资模式15ImportantissuestobeconsideGreenfieldinvestment绿地投资Advantages:cleandebts,raiseoftaxbasisforassets,relativelylowrisks优点：债务清空，通过资产增加税收，风险相对教小Disadvantages:maybedifficultfortakeoverofexistingbusinessand/orgovernmentpermit

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InvestmentthroughM&A通过并购进行投资Advantages:automatictakeoverofexistingbusinessand/orgovernmentpermit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:undertakingofdebtsandemployees,relativelyhighrisks(duediligencenecessary)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）Otherinvestment其他投资方式Advantages:improvementofChineseenterprises’internationalcompetitionstrength,higherreturn优点：提高中国企业的国际竞争力，高回报Disadvantages:relativelyhigherrisks缺点：风险相对较高

InvestmentModel（continued）投资模式16Greenfieldinvestment绿地投资IFactorstobeconsideredforcorporatestructure：公司结构需考虑的因素Establishbusinessentitiesbasedonbusinesstypesandparticularindustrialrisks

基于商业模式和具体产业风险,建立商业实体Establishspecialpurposevehicleintaxheavencountries

在自由港建立有特殊目的的媒介Optimisecorporatestructurebyconsideringboththeabovefactors

在考虑以上两点的基础上,优化公司结构

Legal&TaxStructuring法律&税收结构17FactorstobeconsideredforcWholly(ormajority)ownedsubsidiaries

独资(或控股)分支机构Simplestructureforcorporategovernancepurpose

简化企业机构以便实现公司治理的目的Subsidiariesnotundercontrol非控股分支机构StructureofBoardofDirectors董事会结构Deadlock-breakingmechanism防死锁机制Resolutionsonmaterialmatters生产原料方面的考虑Exitmechanism退出机制

Corporategovernance

公司治理18Wholly(ormajority)ownedsubLocalenvironmentprotectionpolicy

本地环境保护政策Understandandpreciselyevaluateenvironmentalrisksassociatedwiththerelevantindustry

了解并高度重视环境风险Enterprise’sstrict,retroactiveandjointliabilityonenvironmentprotectionissuesunderthelawsofsomecountries

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Agreeuponindemnificationandcompensationclausesonenvironmentissueswhenacquiringassetsorequity对企业资产或债权进行吞并时，有涉及环境的赔偿条款Localemployment雇佣当地员工Employmentstrategybasedonlocalpolicy本地就业政策Understandrulesregardinglocallaborunionright,employeewelfare,layoff,etc.理解本地工会的相关雇佣、工资、失业等规定

Locallegalissues(continued)当地法律19LocalenvironmentprotectionpLocalpolicyforparticularindustries特殊行业的本地政策Governmentapprovalsforparticularindustries(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）Administrativerulesforparticularindustries

对特殊行业的行政管理规定Localpolicyconcerningforeigninvestment当地的外资政策Coexistenceofpreferentialpoliciesandrestrictivepoliciesforforeigninvestment优惠和限制政策兼有Localforeignexchangecontrol本地外汇交换控制Governmentcommitmenttoforeigninvestors政府对外资的承诺

Locallegalissues(continued)

当地法律20LocalpolicyforparticularinMaintypesofpoliticalrisks政治风险的主要类型Nationalization(recentoilindustry