中外跨境战略合作新趋势
New Age of Cross-border
Strategic Joint Ventures
李强,法学博士
Qiang Li, J.D.
美国美迈斯律师事务所上海代表处合伙人
Partner, O'Melveny ...
中外战略合作在中国的演变(1/8)
Evolution of Joint Ventures in China (1/8)
• 传统的中外战略合作/ Traditional Sino-Foreign Joint Venture
境外 / Offs...
中外战略合作在中国的演变(2/8)
Evolution of Joint Ventures in China (2/8)
• 避免合营 / Joint Venture Avoidance
境外 / Offshore
中国 / China
跨国公...
中外战略合作在中国的演变(3/8)
Evolution of Joint Ventures in China (3/8)
• 可变利益实体/VIE
境外 / Offshore
中国 / China
外商独资企业
WFOE
跨国公司
Multin...
中外战略合作在中国的演变(4/8)
Evolution of Joint Ventures in China (4/8)
中外战略联盟的回归!
Joint Ventures are Back!
5
中外战略合作在中国的演变(5/8)
Evolution of Joint Ventures in China (5/8)
• 为方便而设的合营企业 / Joint Ventures of Convenience
境外 / Offshore
中国...
中外战略合作在中国的演变(6/8)
Evolution of Joint Ventures in China (6/8)
• 境内战略合作 / Onshore Strategic Joint Venture
境外 / Offshore
中国 /...
中外战略合作在中国的演变(7/8)
Evolution of Joint Ventures in China (7/8)
• 全球战略合作 / Global Strategic Joint Venture
外国公司
Foreign Compan...
中外战略合作在中国的演变(8/8)
Evolution of Joint Ventures in China (8/8)
• 全球战略合作 / Global Strategic Joint Venture
案例 / Case : Renown ...
驱动跨国公司与中国企业之间战略合作的关键因素
Key Drivers for Strategic JVs between Multinationals and Chinese Companies
• 在全球经济放缓背景下中国市场依然高成长
Im...
11
中国公司“走出去”法律制度方面的一些挑战
Challenges of Offshore Legal Environment for Chinese Companies
• 有些中国公司习惯于接受大量政府扶持,不适应市场规则
Some Ch...
战略合作的十大法律问题 / Top 10 Legal Issues for JVs
1. 投资结构 – 境外/境内合营、合资企业、合作企业或股份公司
Investment Structure– Offshore / Onshore JV, EJ...
1. 投资结构 / Investment Structure (1/2)
• 境外合营的优点
Advantages of Offshore JVs
– 以境外上市作为退出机制(比境内上市更为灵活)
Offshore listing as exi...
14
• (境内)合资经营企业
(Onshore) Equity Joint Ventures
– 利润分配通常按股权比例(投入的注册资本)进行
Profits generally split proportionally to equity ...
2. 控制权问题 / Control Issues (1/2)
• 有时,谁能根据美国通用会计准则/中国通用会计准则进行会计报表的合并成为决定因素
Sometimes driven by who may consolidate under US...
2. 控制权问题 / Control Issues (2/2)
• 公司印章
Enterprise Chops/Seals
– 企业公章
Official Enterprise Chop
– 法定代表人章
Legal Representativ...
3. 出口/进口管制问题 / Export/Import Control Issues
• 中国技术进口/出口问题
China Technology Import/Export Issues
– 进口和出口技术均分为三大类:禁止类、限制类和允许...
4. 出资 / Capital Contributions
• 现金出资
Cash contributions
• 以知识产权作为资本出资
Contributing intellectual property as capital
– 就合资企...
5. 知识产权许可/保护 / IP Licensing / Protection
• 哪些知识产权/技术作为出资转让或许可给合营企业?
What IP/technology gets contributed/licensed into the ...
6. 税收考虑 / Tax Considerations
• 影响税收结构安排的“大范围”考虑因素
“Big picture” considerations that influence the tax structuring include:...
7. 与国企合作的有关问题/ SOE Issues
• 执行问题
Enforcement concerns
• 国有资产和股权
State-owned assets and equity interests
– 转让须在国资委指定的公开资产交易...
8. 避免同业竞争/ Non-compete
• 合营企业的经营是否会有地域限制?
Will operations of JV be geographically restricted?
• 合营各方与合营企业之间的非竞争限制是怎样的?
Wha...
9. 争议解决 / Dispute Resolution
• 各色法律的“大集中地”:分散化的中国相较于集中化的中国
The “great patchwork” of laws: fragmented vs. centralized China...
10. 退出策略 / Exit Strategy
• 您的退出战略将会如何?
What will your exit strategy be?
– 全盘收购
Buyout
– 向第三方转让股份
Share transfer to third p...
The End!
25
问答时间
Any Questions?
李强
26
李强是美迈斯律师事务所上海代表处的主管合伙人,同时也是并购业务部的成员。李律师自1997年以来在香港和上海共执业超过14年。
他的执业范围包括并购、私募股权投资和公司融资。他主要为跨国公司、中国公司以及基金客户就其跨境并购和直接投资...
Qiang Li
27
Qiang Li is the managing partner of O’Melveny’s Shanghai office and a member of the Mergers & Acquisitions Pra...
美迈斯律师事务所简介 / Firm Overview
28
 美迈斯成立于1885年。作为一家大型国际律师事务所,我们在亚洲、美国及欧洲设有15间办公室,约800名律师。
 O’Melveny & Myers was founded in ...
美迈斯全球分布/Global Coverage
29
approximately 800 lawyers 15 offices 3continents 23languages
伦敦
东京
新加坡
雅加达
上海
香港
旧金山
硅谷
洛杉矶
世纪城...
荣誉和业界评价/Awards and Recognitions
30
被评为全美20家最佳律师事务所
《全国法律期刊》连续两年将美迈斯列为“一流
上诉律所”之一,以表彰本所在处理“高等法院
最重要的案件”中的成功业绩(2008-2009年)
《...
《全国法律期刊》连续两年将美迈斯列为
“一流上诉律所”之一,以表彰本所在处
理“高等法院最重要的案件”中的成功业
绩(2008-2009年)
《钱伯斯全球法律指南》表彰了美迈斯的30
名律师和25个执业领域
(2011年)
《全球仲裁评论》将美...
在亚洲的创新及领导地位 / Innovation and Leadership in Asia
32
在中国:
In China we:
• 为一些最早且最知名的中美合营项目提供法律服务
• Led some of the earliest a...
领先的亚洲业务/Market-leading Asia Practice
33
• 东京代表处由25余位律师组成-包括辩护律师和美国律师
• Tokyo office is comprised of approximately 25 lawye...
美迈斯业界领先的中国业务/ O’Melveny has the leading practice in China
34
• 在中国的悠久历史
Long History in China
– 首批获得中国政府许可在北京和上海两地设立办事处的国际...
洛杉矶
400 South Hope Street
Los Angeles
CA 90071-2899
United States
T: +1-213-430-6000
F: +1-213-430-6407
新港滩
610 Newport Ce...
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  1. 1. 中外跨境战略合作新趋势 New Age of Cross-border Strategic Joint Ventures 李强,法学博士 Qiang Li, J.D. 美国美迈斯律师事务所上海代表处合伙人 Partner, O'Melveny & Myers LLP, Shanghai 2012年10月 October 2012
  2. 2. 中外战略合作在中国的演变(1/8) Evolution of Joint Ventures in China (1/8) • 传统的中外战略合作/ Traditional Sino-Foreign Joint Venture 境外 / Offshore 中国 / China 中国公司 Domestic 合营企业 Joint Venture 跨国公司 Multinational 现金 / Cash 土地 / Land 劳动力 / Employees 现金 / Cash 技术 /Technology 外国专有技术 / Foreign Know-how 特点/ Characteristics: • 中国公司在合营比重上投入不多: Chinese companies often did not bring a lot to the “joint” venture table: - 土地使用权/ Land use rights 政府部门方面的支持 / Help with government authorities • 往往导致“失败的合营企业”和小股东 权力困扰,几乎无法通过合同来避免 Often led to “Bad JVs” and trouble with minority rights – almost impossible to contract around • 最常见的问题:“敲竹杠” Most common issue: “hold-up” 2
  3. 3. 中外战略合作在中国的演变(2/8) Evolution of Joint Ventures in China (2/8) • 避免合营 / Joint Venture Avoidance 境外 / Offshore 中国 / China 跨国公司 Multinational 特点 / Characteristics: • 合营初期的问题使许多外国投资者尽可 能地避免采用合营形式,而是采用外商 独资企业的形式,特别是在中国加入世 贸组织以后 Early problems with joint ventures led many foreign investors to avoid JVs if possible and seek WFOEs especially after WTO • 在某些行业仍需依法采用合营的形式 Joint ventures still required for some industries 外商独资企业 WFOE 3
  4. 4. 中外战略合作在中国的演变(3/8) Evolution of Joint Ventures in China (3/8) • 可变利益实体/VIE 境外 / Offshore 中国 / China 外商独资企业 WFOE 跨国公司 Multinational 特点 / Characteristics: • 在限制外商投资领域广泛运用,特别是在互 联网等轻资产行业 Often used in industries where foreign investment is restricted, particularly in asset-light industries, such as the Internet • 外国公司设立一家外商独资企业,中国公民 或国内公司设立一家国内运营实体 Foreign company establishes a WFOE, and PRC nationals or domestic entities establish the domestic operating entity • 外商独资企业、名义股东和附属公司通过签 订一系列的合同有效地将附属公司的控制权 和经济权益转给外商独资企业 The WFOE, Nominee and Captive Company enter into series of contractual arrangements to effectively pass control and economics of the Captive Company to the WFOE • 中国商务部的国家安全审查或将为VIE带来 不确定性? MOFCOM National Security Review: VIE in crisis? 中国名义股东 PRC Nominee 附属公司 Captive Company 合同关系 Contractual Relationships 4
  5. 5. 中外战略合作在中国的演变(4/8) Evolution of Joint Ventures in China (4/8) 中外战略联盟的回归! Joint Ventures are Back! 5
  6. 6. 中外战略合作在中国的演变(5/8) Evolution of Joint Ventures in China (5/8) • 为方便而设的合营企业 / Joint Ventures of Convenience 境外 / Offshore 中国 / China 外国公司 Foreign Company 特点 / Characteristics: • 可能设立境外结构 Structuring may happen offshore • 外国公司取得多数股权 Foreign Company takes majority interest - 逐步获得全部所有权 – 往往2-3年可从 中方股东手中买断,合资形式增加中方 回报并维持稳定性 Stepping stone to full ownership - often buys out Chinese shareholder in 2-3 years, allows for earn-out and stability • 外国公司取得少数战略股权 Foreign Company takes minority strategic interest - 中国公司上市前融资 Chinese Company might be pre-IPO - 外国公司了解中国市场 Foreign Company learns Chinese market 中国公司 Chinese Company 合营企业 Joint Venture 现金/ Cash 6 现金/ Cash
  7. 7. 中外战略合作在中国的演变(6/8) Evolution of Joint Ventures in China (6/8) • 境内战略合作 / Onshore Strategic Joint Venture 境外 / Offshore 中国 / China 外国公司 Foreign Company 特点 / Characteristics: • 中国公司尚不具有征服世界的决心 Chinese companies not out to conquer the world • 就“A级”产品–中国公司指望以中国市场换 取先进技术 For “Grade A” products – Chinese companies looking to trade China market in exchange for modern technology • 就“B级”产品–外国公司可从其中国合作方 学到一些窍门 For “Grade B” products – Foreign companies may have things to learn from their Chinese counterparts 中国公司 Chinese Company 合营企业 Joint Venture 现金 / Cash 陈旧技术 / Older Technology 进入中国市场 / China Market Access 土地 / Land 劳动力 / Employees 现金 / Cash 技术 / Technology 外国专有技术 / Foreign Know-how 国外市场 / Foreign Market 7
  8. 8. 中外战略合作在中国的演变(7/8) Evolution of Joint Ventures in China (7/8) • 全球战略合作 / Global Strategic Joint Venture 外国公司 Foreign Company 特点 / Characteristics: • 不仅局限于境内–由于中国公司拥有外国公司 的少数股权而形成全球关系 Not just onshore – a global relationship as Chinese company takes a minority interest in foreign company • 使中国公司共同投资共担风险 Provides Chinese company with skin in the game • 有时带来中国投资的免费资金 Free money to pay for China investment • 具体案例: Some known examples: - 上海–通用汽车 SAIC – GM - 如意–Renown Ruyi - Renown 中国公司 Chinese Company 合营企业 Joint Venture 对中国投资 Investment into China 8 少数战略股权 Minority but Strategic Interest 境外 / Offshore 中国 / China
  9. 9. 中外战略合作在中国的演变(8/8) Evolution of Joint Ventures in China (8/8) • 全球战略合作 / Global Strategic Joint Venture 案例 / Case : Renown / Shandong Ruyi Group (山東如意集団) (2010.5) 山东如意集团 Shandong Ruyi Group Renown 通过第三方配股获得41.18% 的股份 (仍为上市公司) 41.18% through third party allotment (still listed) 新合营企业 (中国) New Joint Venture (China) 品牌 / Brand Renown的优势 / Renown’s strengths • 产品规划、设计和质控/ Product planning, design • 店铺设计 / Shop design • 零售商店运作的专有知识 / Know-how on operation of retail shops • 广告、促销 / Advertisement, promotion 如意的优势 / Ruyi’s strengths • 原材料采购 / Sourcing materials • 生产(高质量、低成本)/ Production (high quality, cost efficient) • 零售商店在中国的开发和运作 / Development and operation of retail shops in China 目的 / Purposes • 完善资产负债表 / Improve the balance sheet • 降低产品成本,提高盈利能力/ Reduce product cost and improve profitability • 建立在亚洲的销售网络/ • Establish sales network in Asia 协同效应 Synergies 9
  10. 10. 驱动跨国公司与中国企业之间战略合作的关键因素 Key Drivers for Strategic JVs between Multinationals and Chinese Companies • 在全球经济放缓背景下中国市场依然高成长 Importance of the high-growth Chinese market in light of the global economic slowdown − 一些在美国拥有成熟技术的夕阳产业被视为中国的朝阳产业 Some sunset industries with mature technology in the US considered sunrise industries in China • 中国“用市场换技术”的战略(一般是当代技术) China’s strategy of trading market for technology (typically current generation technology) − 跨国公司是否愿意取决于机会的大小 Willingness of multinationals depend on size of the opportunity − 在开发新一代技术时,跨国公司仍然拥有其在创新文化中的优势 Multinationals still hold advantage in their innovative culture in developing next generation of technology • 中国的高流动性(部分由于美国的定量宽松政策) High liquidity in China (partly as a result of the quantitative easings in the US) 10
  11. 11. 11 中国公司“走出去”法律制度方面的一些挑战 Challenges of Offshore Legal Environment for Chinese Companies • 有些中国公司习惯于接受大量政府扶持,不适应市场规则 Some Chinese companies have grown accustomed to overwhelming government support • 缺少当地社区的支持 Lack of access to and support from local communities • 当地诉讼文化 Litigation culture • 环保合规成本高 – 通常承担连带责任而不是谁污染谁负责 Environmental compliance – “superfund” vs “polluter pays” • 外国投资审查 Foreign investment approval
  12. 12. 战略合作的十大法律问题 / Top 10 Legal Issues for JVs 1. 投资结构 – 境外/境内合营、合资企业、合作企业或股份公司 Investment Structure– Offshore / Onshore JV, EJV, CJV or Joint Stock Company 2. 控制权问题 Control Issues 3. 出口/进口管制问题 Export / Import Control Issues 4. 出资 Capital Contributions 5. 知识产权许可/保护 IP Licensing / Protection 6. 税收考虑 Tax Considerations 7. 与国企合作的有关问题 SOE Issues 8. 避免同业竞争 Non-compete 9. 争议解决 Dispute Resolution 10. 退出策略 Exit Strategy 12
  13. 13. 1. 投资结构 / Investment Structure (1/2) • 境外合营的优点 Advantages of Offshore JVs – 以境外上市作为退出机制(比境内上市更为灵活) Offshore listing as exit (more flexible than onshore listing) – 容易安排员工持股计划 Easy to structure ESOP – 境内外的融资选择更为灵活 More flexible financing options onshore and offshore – 使用股份作为未来融资/收购的“货币” Use of stock as “currency” for future financing/acquisition – 公司文件的保密性 Confidentiality of corporate documents • 境外合营的缺点 Disadvantages of Offshore JVs – 中国相关机构的审批风险 Chinese approval risks – 参与政府采购的潜在不利因素 Possible disadvantage in participating in government procurement – 未来的境内投资需得到中国相关机构批准 Future onshore investments subject to Chinese approval – 在合营企业收购美国资产时需向美国外国投资委员会申报 CFIUS approval if JV to acquire US assets 13
  14. 14. 14 • (境内)合资经营企业 (Onshore) Equity Joint Ventures – 利润分配通常按股权比例(投入的注册资本)进行 Profits generally split proportionally to equity investment (registered capital ownership) – 董事会席位的分配通常也按股权比例进行 Board seats also split proportionally to equity investment – 可预测性 - 法律和实践操作较为成熟 Predictability – more established laws and practices • (境内)合作经营企业 (Onshore) Cooperative Joint Ventures – 利润分配更灵活 More flexibility in distributing profits – 管理和控制更灵活 More flexibility in management and control – 在合营各方的出资难以量化时,往往使用该结构,例如:市场进入 Often a useful form of joint venture where parties’ contributions are harder to quantify, e.g. market access – 与合资企业相比,审批机构对合作企业的审查更为严格 Approval authorities will likely scrutinize CJVs more than EJVs • (境内)股份公司 (Onshore) Joint Stock Companies – 无法定的小股东保护(控制权的灵活性) No statutory minority protection (flexibility in control) – 在获取国际外债时需外汇管理机构审批 Need foreign exchange authority approval for taking on international debt – 可能以国内上市作为退出机制 Possible domestic listing as exit strategy 1. 投资结构 / Investment Structure (1/2)
  15. 15. 2. 控制权问题 / Control Issues (1/2) • 有时,谁能根据美国通用会计准则/中国通用会计准则进行会计报表的合并成为决定因素 Sometimes driven by who may consolidate under US GAAP / PRC GAAP • 常常需要经过艰苦的谈判 Often heavily negotiated – 特别是非控制一方获得否决权时 Especially negative controls (i.e., “veto rights”) afforded to party not in control • 在合营各方都没有控制权情况下的僵局问题 Deadlock concerns if neither party controls • 对合资企业而言, 董事会席位通常根据所有权比例来确定,但谁来任命董事长、总经理? For EJV, board seats generally determined by ownership percentage, but who will appoint chairman, general manager? • 法定代表人 The Legal Rep – 通常是董事长,但取决于不同的司法管辖区,也可能是总经理 Generally the Chairman, but possibly GM depending on jurisdiction – 负有代表合营企业行事的责任和权力 Has primary responsibility and power to act on behalf of the JV – 法定代表人有权代表合资企业签订协议 Apparent authority to sign on behalf of JV – 考虑在卸任后归还印章 – Consider having Legal Rep enter into agreement to return chop upon termination 15
  16. 16. 2. 控制权问题 / Control Issues (2/2) • 公司印章 Enterprise Chops/Seals – 企业公章 Official Enterprise Chop – 法定代表人章 Legal Representative Chop – 财务及其他印章 Finance and Other Seals • 对签订合同的权限实施控制 Implementing control over contracting authority – 制定印章使用方面的条例和程序 Formulate rules and procedures for use of seals – 将法定代表人的印鉴在政府机关备案 File specimen of Legal Representative Chop with public authorities – 印章的使用需要特别授权(如:董事会决议) Require specific authorization (e.g. Board resolution) for use of seals 16
  17. 17. 3. 出口/进口管制问题 / Export/Import Control Issues • 中国技术进口/出口问题 China Technology Import/Export Issues – 进口和出口技术均分为三大类:禁止类、限制类和允许类,管理的方式均不同 Both import and export technology are classified into three categories: prohibited, restricted and permitted, which are regulated differently – 合同条款的若干法定限制,包括: Several statutory limitations on contractual terms, including: • 强制保证 – 外国许可方必须确保: Mandatory Warranties – foreign licensor must guarantee that: – 其是技术的合法所有人或者有权授予技术许可 It is the legal owner of, or the party with the right to license, the technology – 必须承担因被许可方使用被许可技术所产生的任何侵权责任 Must bear responsibility for any infringement liability resulting from licensee’s use of the licensed technology – 许可技术是“完整、无差错、有效并能产生预期结果的” The licensed technology is “complete, error-free, effective and able to achieve the intended results” • 改进 Improvements – 在协议有效期内,改进属于改进方 During the term of the agreement, improvements must be owned by the improving party – 无法限制中方被许可方进行被许可技术的改进 Chinese licensee cannot be restricted from improving the licensed technology • 外方本国法律的适用性? Applicability of Foreign party’s home country laws? – 例如:美国对技术的出口管制问题 E.g., U.S. Export Control Issues on Technology • 许可要求取决于该技术的技术特点、目的地、最终用户和最终用途 License requirements are dependent upon an item’s technical characteristics, the destination, the end-user and the end-use 17
  18. 18. 4. 出资 / Capital Contributions • 现金出资 Cash contributions • 以知识产权作为资本出资 Contributing intellectual property as capital – 就合资企业而言,必须以所有权转让的形式 For EJV, must be in the form of ownership transfer – 就合作企业而言,技术许可可作为“合作条件” For CJV, a technology license might form a “cooperative condition” – 估值问题 Evaluation issues • 如果知识产权没有作为对合营企业的出资,知识产权也可许可给合营企业并收取使用费,此类使用 费可作为对合营企业的资本出资(在税收流失后) If IP is not contributed to JV, may also be licensed for royalty and the royalty payment may be contributed to JV as capital (after tax leakage) • 对外商投资企业子公司的出资 Capital contributions to subsidiaries of the FIE – 对于在中国设立的非控股公司,作为母公司的外商投资企业无法以其注册资本向子公司进行投资 For non-holding companies set up in China, investment into subsidiaries cannot come from parent FIE’s registered capital – 控股公司的特别规则 – 近期的外管局问题 Special rules for holding companies – recent SAFE issues 18
  19. 19. 5. 知识产权许可/保护 / IP Licensing / Protection • 哪些知识产权/技术作为出资转让或许可给合营企业? What IP/technology gets contributed/licensed into the JV? • 哪一方拥有对合营各方投入技术所作的改进? Who owns improvements made to each parent’s input technology? • 合营各方及合营企业间是否存在对于技术改进的回授许可安排? Will there be license grant-backs among parents and JV for improvements? • 许可的范围多广,是否仅限于合营企业的经营范围? What will be the field of use for the license agreement - tied to JV’s business scope? • 合营企业破产或解散后其知识产权/技术如何处理? What happens to the JV’s IP/technology upon bankruptcy or dissolution of the JV? • 在哪些情况下合营一方可终止其技术许可? Under what circumstances can the technology license from a parent be terminated by such parent? • 技术许可终止时合营各方根据相关协议仍将保留哪些权利? Upon such termination, what surviving rights, if any, will the parties have under the agreement? 19
  20. 20. 6. 税收考虑 / Tax Considerations • 影响税收结构安排的“大范围”考虑因素 “Big picture” considerations that influence the tax structuring include: - 先前与跨国合营企业的相关经验 Prior experience with cross-border JVs - 全球整体的税收和税收合规战略 Overall global tax and tax compliance strategy - 风险状况 Risk profile - 合营企业所取得收益的性质 Nature of the income to be earned by the JV - 适用的税收条约 Applicable tax treaties - 与知识产权相关的税收问题 IP-related tax issues • 合营各方需妥协 Parties may need to compromise - 从中方、外方母国和全球角度而言最为有效的结构安排。 Structure has to be the most efficient from a Chinese, Foreign home country and global perspective. • 随着全球税收制度的日益严格以及税收执法力度的日益加强,在结构安排时应尽可能地保留灵活性。 Structure should strive to preserve flexibility as tax regimes around the world tighten and tax enforcement becomes more aggressive. 20
  21. 21. 7. 与国企合作的有关问题/ SOE Issues • 执行问题 Enforcement concerns • 国有资产和股权 State-owned assets and equity interests – 转让须在国资委指定的公开资产交易中心以拍卖或公开招标方式进行。 Transfers must be conducted via auction or public bidding at a public asset exchange center designated by SASAC – 此要求针对从建筑物、机械等有形资产到股权、土地使用权、知识产权等无形资产的多种资产。 Required for broad range of assets, from tangible assets like buildings and machines to intangible assets such as equity interests, land use rights and intellectual property. – 适用于国家完全或部分拥有的资产;国资委具有宽泛的裁量权 Applies to assets owned entirely or in part by the State; SASAC has broad discretion. – 须由具有资质的评估人进行评估。 Appraisal required by qualified appraiser. – 除非经国资委另行批准,转让价格须高于或等于估定价值的90%。 Transfer price must be greater than or equal to 90% of appraised value unless otherwise approved by SASAC. • 政府鼓励投资政策及优惠 Government incentives 21
  22. 22. 8. 避免同业竞争/ Non-compete • 合营企业的经营是否会有地域限制? Will operations of JV be geographically restricted? • 合营各方与合营企业之间的非竞争限制是怎样的? What about non-compete restrictions between each party and the JV? • 在中国的新机会是否必须先提供给合营企业,之后才能由合营各方独立利用? Do new opportunities in China have to be first brought to JV before either party can explore independently? • 执行问题 Enforcement issues – 案例:达能 诉 娃哈哈 E.g. Danone vs. Wahaha 22
  23. 23. 9. 争议解决 / Dispute Resolution • 各色法律的“大集中地”:分散化的中国相较于集中化的中国 The “great patchwork” of laws: fragmented vs. centralized China • 中国的法院不像诸多海外体系那样成熟 Chinese courts not as sophisticated as many foreign systems – 腐败和偏见问题 Corruption and bias issues – 法官对法律上的争论点和事实上的争论点皆具有宽泛的裁量权 Judges have broad discretion on both issues of law and issues of fact • 一般倾向于境外仲裁 Offshore arbitration generally preferred – 香港常常被视为可接受的仲裁地 Hong Kong often considered acceptable – 欧洲(斯德哥尔摩)仲裁亦有可能 European (Stockholm) arbitration possible – 中国仲裁(中国贸仲委)也被视为可能的替代性选择 Chinese arbitration (CIETAC) also considered possible alternative • 外国法院的裁决不能在中国直接执行 Foreign court awards not directly enforceable in China • 外国仲裁裁决 Foreign arbitration awards – 金钱损害赔偿 – 如中国公司在中国境外有资产,一般可根据《纽约公约》在中国境内和境外均得到执行 Monetary damages – generally enforceable under New York Convention, both inside China and outside China if the Chinese company has assets outside China – 实际履行 – 境外仲裁机构下达的初步禁制令在中国不可执行;实际履行理论上可得到执行,但更倾向于寻求金钱损害赔偿 Specific performance – preliminary injunctions by offshore arbitrators not enforceable in China; specific performance enforceable in theory, but monetary damages preferred 23
  24. 24. 10. 退出策略 / Exit Strategy • 您的退出战略将会如何? What will your exit strategy be? – 全盘收购 Buyout – 向第三方转让股份 Share transfer to third parties – 上市(地点?纽约、香港还是中国内地?) IPO (where? NY, Hong Kong, China?) • 何种转让限制应该/可以施加? What kind of transfer restrictions should/can be imposed? – 中国的合营企业法对未经其他合营方同意而进行的转让一般予以完全禁止。 Chinese JV law generally mandates complete bar of transfer without consent of other JV party. • 买入/卖出选择权的可执行性 Enforceability of call/put options 24
  25. 25. The End! 25 问答时间 Any Questions?
  26. 26. 李强 26 李强是美迈斯律师事务所上海代表处的主管合伙人,同时也是并购业务部的成员。李律师自1997年以来在香港和上海共执业超过14年。 他的执业范围包括并购、私募股权投资和公司融资。他主要为跨国公司、中国公司以及基金客户就其跨境并购和直接投资项目提供法律 意见。 鉴于其“高水平的法律服务”和“执业经验”,《亚太法律500强》2009—2010年版特别推荐了李强律师。2012版《国际金融法律评论 1000强》(IFLR1000)也将李律师评为顶级律师。 李律师近年来的经历包括: • 协助美国一家“财富100强”公司2011年收购一家新加坡注册的跨国企业; • 协助中国一家知名航空公司25亿元人民币点心债券的发行; • 协助美国一家“财富100强”公司2011年与一家中国大型国有企业进行战略合作 • 协助一家美国大型化工企业收购一家台湾化工企业; • 协助一家美国大型对冲基金对澳门一高档住宅楼进行收购和融资; • 协助一家欧洲房地产投资基金在中国各地为其一系列房地产项目进行收购以及融资与在融资; • 协助一家家喻户晓的主要美国跨国公司进行一系列的收购并处置其位于中国的商业资产; • 协助一家大型欧洲银行对一家北京大型娱乐场所进行租赁融资; • 协助一家多边组织收购中国某大型银行的部分股权; • 协助中国一家前国有公司在管理层控股的情况下在香港联交所进行首次公开发售; • 协助美国一家领先的啤酒酿造商与在香港联交所上市的中国某主要啤酒酿造商建立战略性联盟。 学历: 哥伦比亚大学法学院,法学博士,1997 纽约大学,理学硕士,1992 复旦大学,理学士,1988 专业活动: 会员,上海律师协会航空法协会创始理事 出版物,在“Inside the Minds: Best Practices for International Business Transactions in China”,一书中撰写章节(合著): “Assessing the State of M&A in China”(中国并购现状调查),该书于2011年由Thomson 路透社旗下Aspatore出版;“The New M&A Code and the New Takeover Rules: Impact on Future M&A Transactions”,2007年China Law Update,CCH出版; 在《中国投资手册》一书第一卷中撰写章节(合著):“争议解决” 语言,汉语普通话;上海方言;英语 合伙人 qli@omm.com 常驻代表处 中国上海 200040 南京西路1266号 恒隆广场1号楼37层 电话:+86-21-2307-7018 传真:+86-21-2307-7300
  27. 27. Qiang Li 27 Qiang Li is the managing partner of O’Melveny’s Shanghai office and a member of the Mergers & Acquisitions Practice. Qiang has been practicing in Hong Kong and Shanghai since 1997. His practice covers mergers and acquisitions, private equity investment and corporate finance. He advises multinational and Chinese corporate and fund clients on their cross-border M&A and direct investment projects. Qiang has significant experience in representing Chinese airline companies in aviation finance. He is also a founding board member of the Aviation Law Society of Shanghai Law Society. Qiang Li is recommended by the Legal 500 Asia Pacific 2009/10 for his “high-calibre legal service” and “business experience.” Recently, Qiang Li has been nominated as a leading lawyer in the 2012 Edition of the IFLR1000. Qiang's recent experience includes advising: • A leading Chinese airline company in its RMB2.5 billion dim sum bond issuance in 2011 • A US Fortune100 company in the acquisition of a Singapore-based multinational company in 2011 • A US Fortune100 company in its strategic alliances with a number of major state-owned Chinese company in 2011 and 2012 • A major US chemical company in its acquisition of a Taiwan chemical company • A major US private equity fund in its purchase and financing of a block of high-end residential apartments in Macao • A European real estate investment fund in the acquisition, financing and re-financing of a series of real estate projects in various parts of China • A major US multinational company with a household name in a series of purchases and dispositions of China-based business assets • A major European bank in its lease financing of a major recreational facility in Beijing • A multilateral organization in its acquisition of a stake in a major Chinese bank • A formerly state-owned Chinese company controlled by its management on its initial public offering of shares on the Hong Kong Stock Exchange • A leading US beer manufacturer on its strategic alliance with a leading Chinese beer manufacturer listed on the Hong Kong Stock Exchange Education Columbia University, J.D., 1997 New York University, M.S., 1992 Fudan University, B.S., 1988 Professional Activities Member, Founding board member of Aviation Law Society of Shanghai Law Society Publications, “Assessing the State of M&A in China” (co-author) in Inside the Minds: Best Practices for International Business Transactions in China, 2011 edition, published by Aspatore; “The New M&A Code and the New Takeover Rules: Impact on Future M&A Transactions”, China Law Update, CCH (2007); “Dispute Resolution” (co-author), China Investment Manual, Volume I Languages: Mandarin Chinese; Shanghainese; English Qiang Li Partner qli@omm.com Resident Office Shanghai: Plaza 66, Tower 1, 37th Floor 1266 Nanjing Road W Shanghai, 200040 People’s Republic of China Telephone +86-21-2307-7018 Facsimile +86-21-2307-7300
  28. 28. 美迈斯律师事务所简介 / Firm Overview 28  美迈斯成立于1885年。作为一家大型国际律师事务所,我们在亚洲、美国及欧洲设有15间办公室,约800名律师。  O’Melveny & Myers was founded in 1885. We are an international law firm with approximately 800 lawyers in 15 offices in Asia, the United States and Europe.  美迈斯来到亚洲已有20多年,在亚洲主要金融中心-北京、香港、上海、东京、新加坡和雅加达设有5间办公室,拥 有逾150名专业服务人员。  O’Melveny & Myers has been in Asia for more than two decades with over 150 legal professionals in five offices in Asia’s key financial bubs of Beijing, Hong Kong, Shanghai, Tokyo, Singapore and Jakarta.  我们代表的客户范围广泛,有家族自营企业也有全球最大的公司,有处于创业初期的风险投资者也有大型另类资产 管理公司。得益于广泛的专业涉猎,我们能为客户提供众多执业领域和市场的协调一致、专业化且具有创新性的法 律意见。  We represent a broad spectrum of clients, ranging from family-owned businesses to some of the world’s largest corporations and early-stage venture investors through to bulge-bracket alternative asset managers. Our broad expertise enables us to provide coordinated, expert and innovative legal advice in an extensive range of practice areas and markets.  私募股权、房地产和并购是我们的主要业务领域。我们在私募股权的所有领域均具备丰富的经验,从基金设立到结 构设计,从融资、收购和处置到复杂股权持有人安排的谈判及执行。  Private equity, real estate and M&A are at the core of our transactions practice. We have extensive experience in all areas of private equity ranging from fund formation to structuring, financing and executing acquisitions and disposals to negotiating and implementing complex equity holder arrangements.  美迈斯尤其擅长为基金经理提供其所需要的增值、战略性建议,本所在为私募股权基金提供服务方面经验丰富,擅 长处理房地产基金的设立以及其他法律和商务问题。  O’Melveny is particularly well-suited to provide the kind of value-added, strategic advice that the fund manager would be looking for in its counsel given our wealth of experience advising private equity funds—including real estate-focused funds—on establishment matters and other legal and business issues.  我们在提供客户服务中的创造力、创新性及忠诚度使得我们成为众多全球领先公司及金融机构选择律所时的不二之 选。无论是资产价值最大化,亦或是最大限度降低潜在责任,或只是完成交易,我们都能想客户所想,帮助他们实 现目标。  Our creativity, innovation and commitment to client service have earned us a reputation as the firm of choice for many of the world’s leading companies and financial institutions. Our client’s critical objectives are our focus, whether that be maximising the value of their assets, minimising potential liabilities or simply getting the deal done. 全球最大、最领先的律所之一 Among the world’s largest and most pre- eminent law firms 全球平台,本地视角 Global platform with strong cultural ties to our local markets 本所800多名律师分布于全球各大城市或 金融中心的15间办公室 800 lawyers working from 15 offices located in the hub of global financial centers 本所成功得益于我们的价值观:追求卓 越、争做行业先导、强调公民责任感 Success guided by our values for uncompromising excellence, distinctive leadership and superior citizenship
  29. 29. 美迈斯全球分布/Global Coverage 29 approximately 800 lawyers 15 offices 3continents 23languages 伦敦 东京 新加坡 雅加达 上海 香港 旧金山 硅谷 洛杉矶 世纪城 新港滩 纽约 华盛顿特区 北京 布鲁塞尔
  30. 30. 荣誉和业界评价/Awards and Recognitions 30 被评为全美20家最佳律师事务所 《全国法律期刊》连续两年将美迈斯列为“一流 上诉律所”之一,以表彰本所在处理“高等法院 最重要的案件”中的成功业绩(2008-2009年) 《钱伯斯美国法律指南》表彰了美迈斯的64名律 师和37个执业领域 (2010年) 《全球仲裁评论》将美迈斯列为全球领先的仲裁律 所之一 (2010年) “一家令人尊敬的律所,备受华盛顿各界推崇” 《证券法360》将本所评为四家最顶级的证券诉 讼律所之一(2009年) 《2009国际金融法律评论1000强》将美迈斯评 选为欧盟竞争法、银行、资本市场、并购、私募 股权、重组以及破产领域全球领先的律所 《公司董事会成员》杂志将美迈斯评为20家最佳 公司律所之一 (2008-2009年) 在《美国律师》2009年公司评比中位列债券发 行人法律顾问的第一位,2008年完成了48项投 资级别的债券发行交易,超过了任何其他律所 《钱伯斯全球法律指南》表彰了美迈斯的24名律师 和22个执业领域 (2011年)
  31. 31. 《全国法律期刊》连续两年将美迈斯列为 “一流上诉律所”之一,以表彰本所在处 理“高等法院最重要的案件”中的成功业 绩(2008-2009年) 《钱伯斯全球法律指南》表彰了美迈斯的30 名律师和25个执业领域 (2011年) 《全球仲裁评论》将美迈斯列为全球领先的 仲裁律所之一 (2010年) 美迈斯的娱乐、体育和媒体业务在2011年 《钱伯斯法律指南》的钱伯斯美国法律大 奖的评选中获得了最高奖 (2011年) 美迈斯连续两年被《国际私募股权》 和《亚洲私募股权》列为亚洲最佳律 所(基金设立) (2011-2012年) 《证券法360》将本所评为四家最顶级的证券 诉讼律所之一(2009年) 在2012年《国际金融法律评论》1000强排名 中,18名美迈斯律师获得了“领先律师”的 特别嘉许 《公司董事会成员》杂志将美迈斯评为20家 最佳公司律所之一 (2008-2009年) 《美国律师》杂志再次将美迈斯评为美国顶 级诉讼律所 (2012年) 《亚太法律500强》 推荐了美迈斯的21个执业领 域,其中就推荐本所在印度尼西亚执业的众多业 务领域中为“业界领先的律师”,包括结构化融资 和证券化、重组和破产、公司和并购、银行和融 资、资本市场、项目和能源 (2012年) 31 荣誉和业界评价/Awards and Recognitions
  32. 32. 在亚洲的创新及领导地位 / Innovation and Leadership in Asia 32 在中国: In China we: • 为一些最早且最知名的中美合营项目提供法律服务 • Led some of the earliest and most prominent US-China joint ventures • 为一家中美合资电厂项目首次获得中国国务院的批准 • Gained the first-ever approval granted by the PRC State Council for a Sino-US JV power plant project • 为一家独立风险投资机构在华设立首支人民币基金 • Set up the first-ever renminbi-denominated fund operated by an independent venture capital firm • 代表客户就向中国许可一项美国核心技术进行谈判 • Negotiated the first-ever licensing of US core technology in China • 就首个大型不良资产投资组合的出售为客户提供法律服务 • Conducted the first-ever large-scale portfolio sale of non-performing loans 在日本: In Japan we: • 为一家日本上市公司实施“毒丸”计划提供结构设计方面的建议 • Structured the first-ever “poison pill” adopted by a Japanese-listed company • 代表客户处理日本历史上首笔“高收益”发行交易 • Handled the first-ever “high-yield” issuance in Japan’s history • 完成了日本历史上最大的一笔杠杆全面收购交易 • Closed one of the largest leveraged buyout transactions in Japanese history • 成立了首个日本房地产投资信托并完成上市 • Formed and listed the first-ever Japanese REIT 在其他地区: In other areas we: • 安排了菲律宾首个财团备用信用证贷款 • Arranged the Philippines’ first-ever syndicated standby letter of credit facility • 为韩国首个未来现金流证券化交易进行结构设计 • Structured Korea’s first-ever future-flow securitization transaction • 处理了亚洲最大的住宅抵押证券化交易 • Handled Asia’s largest residential mortgage-backed securitization • 正在为客户处理一笔最大的新兴市场重组交易 • Are working on the largest emerging markets restructuring transaction
  33. 33. 领先的亚洲业务/Market-leading Asia Practice 33 • 东京代表处由25余位律师组成-包括辩护律师和美国律师 • Tokyo office is comprised of approximately 25 lawyers – including bengoshi and US lawyers • 二十余年在亚洲代理客户的经验 • More than two decades of experience representing clients across Asia • 无可匹敌的中国业务,常驻北京、香港和上海三家代表处约100余位法律 专业人士 • An unmatched practice in China, with approximately 100 legal professionals in Beijing, Hong Kong, and Shanghai • 雅加达和新加坡代表处在东南亚地区提供一流服务 • Jakarta and Singapore offices provide top-tier services across Southeast Asia • 亚洲平台涵盖日本、韩国、台湾、泰国、越南和其它亚洲重点国家 • Platform includes coverage spanning Japan, Korea, Taiwan, Thailand, Vietnam, and other key Asia nations 《钱伯斯亚太》对本所17位律师和23项专业领域作出表彰(包 括对本所在争议解决、仲裁、投资基金、组建人民币基金、私 募股权投资、以及重组/破产领域的服务给予一流评价-表彰几 乎覆盖本所全体亚洲合伙人,而且对这些执业领域的表彰几乎 超过任何其它国际律师事务所) Chambers Asia recognizes 17 lawyers and 23 practice areas (including top tier rankings in Dispute Resolution, Arbitration, Investment Funds, RMB Fund Formation, Private Equity, Venture Capital Investment, and Restructuring/Insolvency – representing nearly all of our Asia partners, and more practice recognitions in these categories than almost any other international firm)
  34. 34. 美迈斯业界领先的中国业务/ O’Melveny has the leading practice in China 34 • 在中国的悠久历史 Long History in China – 首批获得中国政府许可在北京和上海两地设立办事处的国际律所 – One of the first international law firms licensed by the Chinese government to maintain offices in both Beijing and Shanghai – 首批在上海设立办事处的美国律所,该上海办事处是大陆地区所有外资律所中规模最大的 We were among the very first US law firms to establish a Shanghai office, and ours is one of the largest mainland offices of all international law firms • 香港、中国和国际法 Hong Kong, China, and International Law – 首批获准在香港执业的美国律所 – One of the first US firms licensed to practice Hong Kong law – 本所律师具备丰富的经验,熟悉能源、并购、一般公司问题以及监管事宜在内的诸多香港法律问题 – Lawyers experienced in advising on a broad range of Hong Kong law matters including energy, M&A, general corporate, and regulatory work. – 非常熟悉中国市场,在各类本地以及跨境事务中与中国内资所紧密合作 Extensive knowledge of the China market and work closely with local law firms on local and cross-border matters • 诉讼和非诉讼业务 Transactional and Dispute Resolution – 人员配备能满足客户大型交易的需要,工作团队能以中英文双语进行尽职调查、监管申报、谈判、文档起 草及交割等事宜 – Staffed to meet the needs of clients for large scale projects and able to form teams to conduct due diligence, regulatory filings, negotiations, documentation and closings in both English and Chinese – 争议解决团队具备丰富的经验,能解决多数亚洲国家和地区的争议 Experienced dispute resolution team has advised on contentious situations involving most Asian jurisdictions 大中华地区拥有100多名律师。办公室分布于北京、 上海和香港,整个中国业务组就配有20名合伙人。 100+ lawyers in Greater China. Offices in Beijing, Shanghai, and Hong Kong and 20 partners exclusively in the China practice group 美国、新加坡、日本和英国与中国办公室的中国业 务团队紧密合作 China practice teams in the United States, Singapore, Japan, and the United Kingdom that work closely with our China offices 被认为是任何国际律所中最优秀的中国业务组 Regarded as one of the preeminent China practices of any international law firm 作为向客户和朋友们提供的一项服务,本所经常就 中国法律领域的热点问题发表深度报告 Publishers of in-depth reports on areas of current interest in Chinese law as a service to our clients and friends
  35. 35. 洛杉矶 400 South Hope Street Los Angeles CA 90071-2899 United States T: +1-213-430-6000 F: +1-213-430-6407 新港滩 610 Newport Center Drive 17th Floor Newport Beach, CA 92660 United States T: +1-949-760-9600 F: +1-949-823-6994 纽约 Times Square Tower 7 Times Square New York, NY 10036 United States T: +1-212-326-2000 F: +1-212-326-2061 旧金山 Two Embarcadero Center 28th Floor San Francisco CA 94111-3823 United States T: +1-415-984-8700 F: +1-415-984-8701 上海 中国上海市南京西路1266号 恒隆广场1号楼37层 邮政编码:200040 T: +86-21-2307-7000 F: +86-21-2307-7300 新加坡 9 Raffles Place #22-01/02 Republic Plaza 1 Singapore, 048619 T: +65 6593 1800 F: +65 6593 1801 东京 Meiji Yasuda Seimei Building, 11th Floor 2-1-1, Marunouchi Chiyoda-ku Tokyo 100-0005 Japan T: +81-3-5293-2700 F: +81-3-5293-2780 华盛顿特区 1625 Eye Street, NW Washington, DC 20006 United States T: +1-202-383-5300 F: +1-202-383-5414 北京 中国北京市建国门外大街2号 银泰中心C座37层 邮政编码:100022 T: +86-10-6563-4200 F: +86-10-6563-4201 布鲁塞尔 Blue Tower 326 Avenue Louise Brussels, 1050 Belgium T: +32-2-642-4100 F: +32-2-642-4190 世纪城 1999 Avenue of the Stars 7th Floor Los Angeles CA 90067-6035 United States T: +1-310-553-6800 F: +1-310-246-6779 香港 中国香港特别行政区中环 干诺道1号AIG大厦31层 T: +852-3512-2300 F: +852-2522-1760 伦敦 Warwick Court 5 Paternoster Square London, EC4M 7DX England T: +44-20-7088-0000 F: +44-20-7088-0001 雅加达* The Plaza Office Tower 41st Floor Jl. M. H. Thamrin Kavling 28-30 Jakarta 10350 Indonesia T: +6221-2992-1988 F: +6211-2992-8198 *美迈斯律师事务所与印度尼西亚Tumbuan & Partners律师事务所合作 硅谷 2765 Sand Hill Road Menlo Park, CA 94025-7019 United States T: +1-650-473-2600 F: +1-650-473-2601 美迈斯全球分布/Our Offices 35
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