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1、Legal Issues in Private Equity and Listings for Chinese Companies Mason Ching,LL.M.PrincipalMason Ching&Associates16 October 2008Speakers 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 distinction in
2、 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 lSeries A or Series B lConvertiblelRedeemable
3、lVotinglPreferenceWarrantsCommon 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 First RefusalCo-sal
4、e/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 indemnityProtective
5、ProvisionsVendor sale at the time of IPOPlacing after lock-upIssue of derivatives:lwarrants,exchangeable/convertible bond Repurchase by issuerPrivate Placements/Block TradeExit-IPORepurchase by investee companyPut back to founders Trade saleForced trade saleReverse takeoversLiquidationExit Aborted I
6、POHong Kong Regulatory IssuesListing DecisionslConversion Pricel“toxic convertibles”lLock-upTargetlSOEslPrivate EnterpriseStructure lRed ChiplDirect InvestmentInvesting into ChinaInvestment in legal person sharesValuationApproval processRestrictions on disposal of promoters sharesPRC Company Law sha
7、res 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)Goldman Sachs and Mor
8、gan 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 LawslNotice of the State Administration of Foreign Exchange on the
9、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 2005lNotice on Relevant I
10、ssues 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 2005lNotice on Relevant Issues in Perfecting Foreign Exchange Con
11、trol 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 through a special purpose compan
12、y:lto acquire or s interest of the Chinese party in an enterprise inside China;lto 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 Commerce,State-owned Assets Supervision
13、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 of Domestic Enterprises by Foreign Investo
14、rs(2006Revision)lTook effect on 8 September 2006lApplies to domestic enterprises onlylMOC and CSRC approval required for restructuring and oversea listing of a special purpose vehicle lShare slUnwind after 12 months failing listingPrivate Enterprises(non-H Share Listing)Private Enterprises(non-H Sha
15、re 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 Exchange Control over the Financing and Return Inve
16、stment 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2007106号)2007-05-29Successful Structure for Red-Chip Orig
17、inal 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 Huachang(PRC)74.1%75%25.83%25%70%30%25%75%100%Solargiga Aft
18、er 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(PRC)Shanghai Jingji(PRC)33%100%100%3.12%16.3%8.55%10.61%28.42%
19、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 Innovation100%100%100%100%100%100%51%91.3%Case Study JES Singapore Acquisiti
20、on of assets,liabilities,operations and businessProcessing AgreementRestricted Cash Account AgreementDebt Repayment AgreementFixed Assets Lease AgreementEntrusted Loan AgreementRestricted for Foreign investment lFixed linelTobaccolICP Internet contentslMobile contents mobile phone entertainmentlDigi
21、tal publication online gameInvesting in Restricted CategoriesSpecial StructurelNeed to consolidate accounts lLoan agreementlOption agreementlEquity pledgelUndertaking/power of attorneylTechnical service/business agreementlTrade name and copyright licenseInvesting in Restricted CategoriesListing Deci
22、sion 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 Investment VehiclelForeign-invested EnterprisesEJV,CJV and WFOElFo
23、reign-invested Joint Stock CompaniesRMB FundSet up a WFOEDirect InvestmentConvertible Loan/WarrantsPreference Shares lSeries A or Series B lConvertiblelRedeemablelVotingDirect InvestmentRepurchase by issuerPrivate Placements/Block Trade-Measures for Administration of Strategic Investment by Foreign
24、Investors in Listed Companies（外国投资者对上市公司战略投资管理办法）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
25、 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 effective as of 1 March 2003.）RMB Fund Regulationsthe number of investors
26、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 Corporate Venture Investment Enterprise-US$5 million.having a clear organiza
27、tional 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 regulations.RMB Fund Regulationhaving venture investment as its main line of busine
28、ss；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 personnel with not less than three years experience in ve
29、nture investment business；not have been prohibited by the judicial authorities or other relevant regulatory authorities of their own countries from engaging in venture investment or investment and consultancy business，or subjected to penalty for reasons such as fraud；capital contribution-a Non-legal
30、 Person Venture Investment Enterprise 1%;a Corporate Venture Investment Enterprise-not less than 30%Set up a WFOEWFOE as investment vehicleConsent of the Commerce DepartmentApproval of supervisory departmentApproval of CSRCShanghai stock exchangeShenzhen stock exchangeShenzhen SME A Share Market asa
31、n Exit ChannelRegulatory risksPolitical risksCredit risksWeak in law enforcement Aggressive creditorsLoose control over special structureEntrepreneurs Integrity Risks associated with intermediariesRisks of Investing in China-Thank You-Mason ChingTel:2973 6838Fax:2973 6608email:1、每一个成功者都有一个开始。勇于开始，才能
32、找到成功的路。11月-2211月-22Tuesday,November 8,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。19:17:4419:17:4419:1711/8/2022 7:17:44 PM3、每天只看目标，别老想障碍。11月-2219:17:4419:17Nov-2208-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。19:17:4419:17:4419:17Tuesday,November 8,20225、积极向上的心态，是成功者的最基本要素。11月-2211月-2219:17:4419:17:44November 8,20226、生活总会给你另一个机会，这个机
33、会叫明天。08 十一月 20227:17:44 下午19:17:4411月-227、人生就像骑单车，想保持平衡就得往前走。十一月 227:17 下午11月-2219:17November 8,20228、业余生活要有意义，不要越轨。2022/11/8 19:17:4419:17:4408 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。7:17:44 下午7:17 下午19:17:4411月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/8/2022 7:17:44 PM19:17:4408-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/8/2022 7:17 PM11/8/2022 7:17 PM11月-2211月-22谢谢大家谢谢大家