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.pptx
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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.pptx
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LegalIssuesinPrivateEquityandListingsforChineseCompaniesMasonChing,LL.M.PrincipalMasonChing&Associates16October2008SpeakersProfileMasonChingisthefounderofMasonChing&Associates.HeisqualifiedtopractiseinHongKongandEngland&WalesandholdsanLLMdegreewithdistinctionintechnologyandinvestmentlaws.HisexperienceisgainedinBaker&McKenzie.Hisexpertiseisinventureinvestment,PRCdirectinvestment,fundestablishment,securities,listing,takeoversandothercorporatefinancematters.ConvertibleLoanPreferenceShareslSeriesAorSeriesBlConvertiblelRedeemablelVotinglPreferenceWarrantsCommonSharesFormofPrivateEquityInvestmentBoardseatsVetorightsoncertainkeyactionsInformationrightsProfitguaranteeandpriceadjustmentWhentoconvertRightsofpreferredsharesTermsofinvestmentPre-emptiveRight/RightofParticipationRightofFirstRefusalCo-sale/Tag-alongDrag-alongAnti-dilutionDown-sidepriceprotectionFullRatchetsorWeighedAverageProtectiveProvisionsNon-competecovenantsfromcontrollingshareholdersPutbackoptionifIPOdoesnottakeplaceConfidentialityFoundersguaranteeFoundersprovisionofsecurityFoundersindemnityProtectiveProvisionsVendorsaleatthetimeofIPOPlacingafterlock-upIssueofderivatives:
lwarrants,exchangeable/convertiblebondRepurchasebyissuerPrivatePlacements/BlockTradeExit-IPORepurchasebyinvesteecompanyPutbacktofoundersTradesaleForcedtradesaleReversetakeoversLiquidationExitAbortedIPOHongKongRegulatoryIssuesListingDecisionslConversionPricel“toxicconvertibles”lLock-upTargetlSOEslPrivateEnterpriseStructurelRedChiplDirectInvestmentInvestingintoChinaInvestmentinlegalpersonsharesValuationApprovalprocessRestrictionsondisposalofpromoterssharesPRCCompanyLawsharesissuedbyacompanypriortothepublicofferingofsharesshallnotbetransferredwithinoneyearfromtheListingDateManagementbuy-outsInvestmentinHsharesDiscountonIPOPriceInvestingintoChinaHSharepotentialsPingAnInsurance(Group)CompanyofChinaLtd.(2005)GoldmanSachsandMorganStanleyinvestedin1994Dai-IchiMutualLifeInsuranceHSBCInsurancesubscribedfor10%equityinterest(legalpersonshares)in2002LegalpersonsharesconvertedintoHSharesCaseStudiesPingAnRedchiprestructuringRelevantPRCLawslNoticeoftheStateAdministrationofForeignExchangeontheRelevantIssuesConcerningForeignExchangeAdministrationofFinancingandReturningHomeInvestmentbyDomesticResidentsthroughSpecial-purposeCompanies(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)issuedbyTheStateAdministrationofForeignExchange(SAFE)on21November2005lNoticeonRelevantIssuesintheRegistrationoftheOffshoreInvestmentsofIndividualDomesticResidentsandForeignExchangeRegistrationofMergersandAcquisitionsbyForeignInvestors(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)issuedbySAFEon21April2005lNoticeonRelevantIssuesinPerfectingForeignExchangeControlinMergersandAcquisitionsbyForeignInvestors(关于完善外资并购外汇管理有关问题的通知)issuedbySAFEon24January2005PrivateEnterprises(non-HShareListing)No.75Notice“Returninghomeinvestment”-directinvestmentactivitiescarriedoutinsideChinabyresidentsinsideChinathroughaspecialpurposecompany:
ltoacquireorswaptheinterestoftheChinesepartyinanenterpriseinsideChina;ltoestablishaFIEinsideChinaandacquirecontrolofassetsinsideChinathroughthatFIE;ForeignexchangeregistrationRepatriationanduseoffundsProvisionsoftheMinistryofCommerce,State-ownedAssetsSupervisionandAdministrationCommissionoftheStateCouncil,theStateAdministrationofTaxation,theStateAdministrationforIndustryandCommerce,SecuritiesRegulatoryCommissionofChinaandtheStateAdministrationofForeignExchangeonMergersandAcquisitionsofDomesticEnterprisesbyForeignInvestors(2006Revision)lTookeffecton8September2006lAppliestodomesticenterprisesonlylMOCandCSRCapprovalrequiredforrestructuringandoversealistingofaspecialpurposevehiclelShareswapallowedlUnwindafter12monthsfailinglistingPrivateEnterprises(non-HShareListing)PrivateEnterprises(non-HShareListing)NoticeoftheGeneralAffairsDepartmentoftheStateAdministrationofForeignExchangeonPrintingandDistributingtheOperatingRulesfortheNoticeoftheStateAdministrationofForeignExchangeontheRelevantIssuesaboutForeignExchangeControlovertheFinancingandReturnInvestmentofDomesticResidentsthroughOverseasSpecialPurposeCompanies(No.1062007oftheGeneralAffairsDepartmentundertheStateAdministrationofForeignExchange)(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)2007-05-29SuccessfulStructureforRed-ChipOriginalShareholdersdonotretaincontrolpost-IPOTransferofAssetsThirdpartyinvolvementCaseStudySolargigaEnergyHoldingsLimited(StockCode757)Mr.TANSECHuaxinSiliconPLCJinzhouXinri(PRC)JinzhouYangguang(PRC)JinzhouHuari(PRC)JinzhouHuachang(PRC)74.1%75%25.83%25%70%30%25%75%100%SolargigaAfterrestructuringWWICTIL(BVI)Company(CaymanIslands)SECMr.TANOtherRelevantOfficersOtherShareholdersMr.CHONGSolartech(CaymanIslands)BVICompanyJinzhouXinri(PRC)JinzhouHuari(PRC)JinzhouYangguang(PRC)JinzhouHuachang(PRC)JinzhouYouhua(PRC)ShanghaiJingji(PRC)33%100%100%3.12%16.3%8.55%10.61%28.42%100%100%100%100%100%100%100%CaseStudyXingfaAluminiumHoldingsLimited(StockCode98)Messrs.LuoSu,LuoRimingandLiaoYuqingXingfaGroupXingfaAluminiumXingfaSGXingfaBVIXingfaCurtinWallOurCompanyLeahinCoatingXingfaInnovation100%100%100%100%100%100%51%91.3%CaseStudyJESSingaporeAcquisitionofassets,liabilities,operationsandbusinessProcessingAgreementRestrictedCashAccountAgreementDebtRepaymentAgreementFixedAssetsLeaseAgreementEntrustedLoanAgreementRestrictedforForeigninvestmentlFixedlinelTobaccolICPInternetcontentslMobilecontentsmobilephoneentertainmentlDigitalpublicationonlinegameInvestinginRestrictedCategoriesSpecialStructurelNeedtoconsolidateaccountslLoanagreementlOptionagreementlEquitypledgelUndertaking/powerofattorneylTechnicalservice/businessagreementlTradenameandcopyrightlicenseInvestinginRestrictedCategoriesListingDecisionLD43-3(2005)CompanyAPRCSubsidiariesStructureContractsOwningalloperatinglicencestoperformtheGroupsbusinessRegisteredOwnersStructureContractsOwningallintellectualpropertiesOPCOOutsidePRCInsidePRC100%100%DirectInvestmentVehiclelForeign-investedEnterprisesEJV,CJVandWFOElForeign-investedJointStockCompaniesRMBFundSetupaWFOEDirectInvestmentConvertibleLoan/WarrantsPreferenceShareslSeriesAorSeriesBlConvertiblelRedeemablelVotingDirectInvestmentRepurchasebyissuerPrivatePlacements/BlockTrade-MeasuresforAdministrationofStrategicInvestmentbyForeignInvestorsinListedCompanies(外国投资者对上市公司战略投资管理办法)2006-02-01PutbacktofoundersTradesaleForcedtradesaleReversetakeoversLiquidation-MeasuresforLiquidationofEnterprisewithForeignInvestmentDirectInvestmentRMBFund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(PromulgatedbytheMinistryofForeignTradeandEconomicCooperation,MinistryofScienceandTechnology,StateAdministrationforIndustryandCommerce,StateAdministrationofTaxationandStateAdministrationofForeignExchangeon30January2003andeffectiveasof1March2003.)RMBFundRegulationsthenumberofinvestorsshallbemorethantwoandlessthan50,andthereshallbeatleastonerequisiteinvestorasspecifiedinArticle7;theminimumamountofcapitalcontributionaNon-legalPersonVentureInvestmentEnterprise-US$10millionaCorporateVentureInvestmentEnterprise-US$5million.havingaclearorganizationalform;havingaclearandlegitimateinvestmentdirection;atleastthreeprofessionalmanagementpersonnelwithexperienceinventureinvestmentbusiness;andotherconditionsstipulatedbylawsandadministrativeregulations.RMBFundRegulationhavingventureinvestmentasitsmainlineofbusiness;havingcumulativecapitalunderitsmanagementofnotlessthanUS$100millioninthethreeyearsbeforetheapplication,andatleastUS$50millionofwhichhasbeenusedforventureinvestment.havingatleastthreeprofessionalmanagementpersonnelwithnotlessthanthreeyearsexperienceinventureinvestmentbusiness;nothavebeenprohibitedbythejudicialauthoritiesorotherrelevantregulatoryauthoritiesoftheirowncountriesfromengaginginventureinvestmentorinvestmentandconsultancybusiness,orsubjectedtopenaltyforreasonssuchasfraud;capitalcontribution-aNon-legalPersonVentureInvestmentEnterprise1%;aCorporateVentureInvestmentEnterprise-notlessthan30%SetupaWFOEWFOEasinvestmentvehicleConsentoftheCommerceDepartmentApprovalofsupervisorydepartmentApprovalofCSRCShanghaistockexchangeShenzhenstockexchangeShenzhenSMEAShareMarketasanExitChannelRegulatoryrisksPoliticalrisksCreditrisksWeakinlawenforcementAggressivecreditorsLoosecontroloverspecialstructureEntrepreneursIntegrityRisksassociatedwithintermediariesRisksofInvestinginChina-ThankYou-MasonChingTel:
29736838Fax:
29736608email:
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