证券公司支持科技型企业合理开展跨境并购研究

Group 1: Challenges in Cross-Border Mergers and Acquisitions - Chinese technology companies face declining institutional predictability and rising compliance risks in cross-border M&A due to geopolitical tensions and tightening regulations[4] - In 2024, the number of cross-border M&A transactions by domestic companies dropped to 73, representing only 27% of Japan's, 5% of the US's, and 2% of Europe's transaction volumes[8] - The complexity of transaction structures and tightening financing channels pose significant operational challenges for cross-border M&A[19] Group 2: Role of Securities Firms - Securities firms are transitioning from traditional "transaction facilitators" to "full-cycle enablers" in supporting technology companies' cross-border M&A efforts[11] - A proposed "five-dimensional empowerment system" includes risk identification, value assessment, structural design, integration support, and compliance assurance[22] - Securities firms should establish a comprehensive compliance support system covering pre-, during, and post-transaction phases to navigate the increasingly stringent multi-jurisdictional compliance environment[34] Group 3: Risk Management and Value Assessment - The need for a systematic risk identification framework is critical, especially in high-sensitivity sectors like AI and semiconductors, to mitigate geopolitical risks[23] - A specialized technical due diligence and intangible asset valuation system is essential for accurately assessing the value of technology companies[26] - The design of transaction structures must incorporate diverse funding support plans and flexible financing arrangements to enhance feasibility under regulatory constraints[27]