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交易双方、中介机构视角下的并购环节要点梳理
梧桐树下V· 2025-08-07 14:10
Core Insights - The article highlights that the number of IPOs in A-shares for 2024 is only 100, marking the lowest in a decade, prompting many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections - **M&A Trends**: The tightening of IPOs and frequent M&A policies have led to an increase in companies considering M&A as an alternative to going public [1]. - **Practical Guide**: A new manual titled "Corporate M&A Practical Handbook" has been launched to assist in understanding M&A operations [1][4]. - **Content Overview**: The handbook consists of 342 pages and covers 11 chapters, detailing operational points and common issues from the perspectives of buyers, sellers, and intermediaries [4]. - **Key Considerations**: The first chapter emphasizes the importance of communication and understanding between buyers and sellers to avoid failures in M&A [11]. - **Financial Viability**: Buyers must assess the financial viability of sellers before engaging in M&A, as certain industries may have inherent challenges in achieving financial compliance [12]. - **Government Support**: Local government policies may provide financial support for M&A activities, which should be considered by both buyers and sellers [14]. - **M&A Structure**: The handbook outlines essential elements for designing M&A plans, including acquisition ratios, operational timelines, and performance guarantees [18]. - **Valuation Methods**: It discusses four common pricing methods and three evaluation methods, along with considerations for performance guarantees [19]. - **Payment Methods**: The fifth chapter focuses on payment methods and financing arrangements, detailing the pros and cons of various payment options [23]. - **Negotiation Strategies**: The sixth chapter provides insights into negotiation tactics, emphasizing the importance of preparation and strategy during negotiations [25]. - **Public Company M&A**: The ninth chapter elaborates on the operational logic of public company acquisitions, including various acquisition methods and their respective considerations [27]. - **Integration Strategies**: The final chapter shares practical experiences and strategies for integrating acquired companies, focusing on team collaboration and resource sharing [30].
厦门港务: 福建信实律师事务所关于厦门国际港务有限公司免于发出要约事宜之法律意见书
Zheng Quan Zhi Xing· 2025-08-05 16:33
Core Viewpoint - Fujian Xinshi Law Firm provides a legal opinion regarding Xiamen International Port Co., Ltd.'s acquisition of a 70% stake in Xiamen Container Terminal Group Co., Ltd. and the exemption from making a public offer [1][2]. Group 1: Acquisition Details - The acquisition involves Xiamen International Port purchasing 70% of the shares from Xiamen Container Terminal Group and raising supporting funds through issuing shares and cash [5]. - After the acquisition, Xiamen International Port will hold 76.84% of the shares in the listed company, maintaining its status as the controlling shareholder [5][6]. Group 2: Legal Compliance - Xiamen International Port is a legally established limited liability company in China, with no circumstances that would prohibit it from acquiring a listed company as per the regulations [5][6]. - The acquisition qualifies for exemption from making a public offer under the relevant regulations, as it involves increasing ownership without affecting the company's listing status [5][7]. Group 3: Procedural Requirements - The necessary approvals and authorizations for the acquisition have been obtained, including various resolutions from the board of directors [6][7]. - The acquisition has fulfilled the required legal procedures up to the date of the legal opinion, with further approvals still needed as per the regulations [6][8]. Group 4: Disclosure Obligations - Xiamen International Port has complied with information disclosure obligations, announcing the acquisition and its progress through designated information disclosure platforms [7][8]. - The company has not engaged in any securities violations related to the acquisition within the six months prior to the announcement [8].
尚纬股份: 尚纬股份有限公司收购报告书
Zheng Quan Zhi Xing· 2025-07-30 16:46
Core Viewpoint - The acquisition involves Fuhua Tongda Chemical Co., Ltd. purchasing shares of Shangwei Co., Ltd. through a private placement, which will increase Fuhua's stake to over 30%, triggering a mandatory tender offer obligation, unless exempted by the shareholders' approval [3][17]. Group 1: Acquisition Details - Fuhua Tongda plans to subscribe for up to 181,338,685 shares at a price of 6.31 RMB per share, with a total subscription amount not exceeding 1,144,247,102.35 RMB [11][16]. - Following the acquisition, Fuhua Tongda's shareholding will increase from 25.35% to 42.21%, maintaining its status as the controlling shareholder of Shangwei [18][10]. - The acquisition is subject to approval from the shareholders' meeting and regulatory bodies, including the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][19]. Group 2: Financial and Operational Background - Fuhua Tongda reported total assets of 1,344,052.07 million RMB and net assets of 372,473.69 million RMB as of December 31, 2024 [8]. - The company has a diversified business model, focusing on mineral resource development and chemical product applications, with key products including glyphosate and its formulations [8][19]. - Fuhua Tongda has not faced any administrative or criminal penalties in the last five years, indicating a stable compliance record [8]. Group 3: Future Plans and Governance - The acquisition aims to enhance Fuhua's control and decision-making capabilities over Shangwei, ensuring long-term strategic stability [9][19]. - There are no immediate plans to change the current board or senior management of Shangwei, but future adjustments may occur based on operational needs [19][20]. - The company intends to modify the articles of association related to registered capital and share capital following the completion of the private placement [19].
大连圣亚: 北京市中伦律师事务所关于上海潼程企业管理合伙企业(有限合伙)免于发出要约事项的法律意见书
Zheng Quan Zhi Xing· 2025-07-30 16:45
免于发出要约事项的 法律意见书 致:上海潼程企业管理合伙企业(有限合伙) 北京市中伦律师事务所(以下简称"本所"或"本所律师")接受委托,担 任上海潼程企业管理合伙企业(有限合伙)(以下简称"上海潼程"或"收购 人")通过接受表决权委托及认购大连圣亚旅游控股股份有限公司(以下简称 "大连圣亚"或"上市公司")定向发行的股份(以下简称"本次发行")取得 上市公司 30%以上表决权事项(以下简称"本次收购")的专项法律顾问。 本所根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华 人民共和国证券法》(以下简称"《证券法》")、中国证券监督管理委员会 (以下简称"中国证监会")颁布的《上市公司收购管理办法》(以下简称 "《收购管理办法》")和《律师事务所从事证券法律业务管理办法》《律师事 务所证券法律业务执业规则(试行)》等有关规范性文件的规定,按照律师行业 北京市中伦律师事务所 关于上海潼程企业管理合伙企业(有限合伙) 公认的业务标准、道德规范和勤勉尽责精神,就收购人本次收购所涉及的免于发 出要约事项出具本法律意见书。 为出具本法律意见书,本所特作如下声明: 证券法律业务执业规则(试行)》等我国现行法 ...
尚纬股份: 华泰联合证券有限责任公司关于尚纬股份有限公司收购报告书之财务顾问报告
Zheng Quan Zhi Xing· 2025-07-30 16:36
Group 1 - The acquisition report by Huatai United Securities for Shangwei Co., Ltd. indicates that the acquisition is based on the recognition of the long-term investment value and development prospects of the listed company [6][9] - The financial advisor confirms that the acquisition report complies with relevant laws and regulations, and no false records or misleading statements were found [16][27] - The acquirer, Fuhua Chemical, has a registered capital of 82,705 million RMB and operates in the chemical industry, focusing on pesticide production and chemical sales [7][9] Group 2 - Fuhua Chemical's financial data shows total assets of 1,344,052.07 million RMB and net assets of 372,473.69 million RMB as of December 31, 2024, with a debt-to-asset ratio of 69.32% [9] - The company reported operating income of 767,189.24 million RMB and a net profit of 60,271.22 million RMB for the year 2024 [9] - The acquirer has committed to maintaining the independence of the listed company and avoiding any conflicts of interest or related party transactions that could harm the company's interests [19][21][23] Group 3 - The acquisition does not involve changes in the actual controller of the listed company, ensuring that the company's operational independence remains intact [19][26] - Fuhua Chemical has outlined plans for potential asset restructuring and business adjustments within the next 12 months, while ensuring compliance with legal requirements [16][18] - The financial advisor has verified that the acquisition funding will come from the acquirer's own or legally raised funds, ensuring the legality of the funding sources [13][14]
尚纬股份: 北京天驰君泰(成都)律师事务所关于《尚纬股份有限公司收购报告书》之法律意见书
Zheng Quan Zhi Xing· 2025-07-30 16:36
Group 1 - The core opinion of the article is that Fuhua Chemical intends to acquire shares of Shangwei Co., Ltd. through a cash subscription, aiming to enhance control and decision-making capabilities over the company [1][9][10] - Fuhua Chemical's basic information includes a registered capital of 82.705 million yuan and a business scope that encompasses pesticide production, chemical products sales, and technology services [2][3] - The shareholding structure indicates that Fuhua Group controls 56.32% of Fuhua Chemical, making it the controlling shareholder [3][4] Group 2 - The acquisition aims to recognize the long-term investment value of Shangwei Co., Ltd. and maintain strategic stability [9][10] - The acquisition process has been approved by the boards of both Fuhua Chemical and Shangwei Co., Ltd., with necessary legal procedures underway [10][12] - The subscription agreement stipulates a maximum of 181,338,685 shares to be acquired at a price of 6.31 yuan per share, which will increase Fuhua Chemical's stake to 42.21% post-acquisition [10][11][13] Group 3 - Fuhua Chemical has committed to not transferring the newly acquired shares for 36 months following the issuance [10][11] - The funding for the acquisition will come entirely from Fuhua Chemical's own funds or legally raised funds, ensuring compliance with relevant regulations [16] - There are no existing legal restrictions on the shares held by Fuhua Chemical, and the company has not faced any significant legal penalties in the past five years [6][14][15]
尚纬股份: 北京天驰君泰(成都)律师事务所关于福华通达化学股份公司免于发出要约事宜之法律意见书
Zheng Quan Zhi Xing· 2025-07-30 16:36
北京天驰君泰(成都)律师事务所 关于 福华通达化学股份公司免于发出要约事宜 之 法律意见书 法律意见书 北京天驰君泰(成都)律师事务所 法律意见书 北京天驰君泰(成都)律师事务所 关于福华通达化学股份公司免于发出要约事宜之 致:福华通达化学股份公司 根据福华通达化学股份公司(以下简称"福华化学"或"收购人")的委托, 北京天驰君泰(成都)律师事务所(以下简称"本所")现就福华通达化学股份 公司免于发出要约事宜,依据《中华人民共和国证券法》《中华人民共和国公司 法》 《上市公司收购管理办法》 《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则(试行)》等有关法律、行政法规、部门规章的 相关规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神出具本法律 意见书。 为出具本法律意见书,本所及本所律师特作如下声明: 出具本法律意见书之目的,不包括中国香港特别行政区、中国澳门特别行政区及 中国台湾地区)现行有效的法律、法规及其他规范性文件的规定发表法律意见, 并仅根据对相关事实的了解和对法律的理解发表法律意见。 提供了本所为出具本法律意见书所要求收购人提供的原始书面材料、副本材料、 复印材料 ...
东安动力: 国浩律师(北京)事务所关于中国长安汽车集团有限公司收购哈尔滨东安汽车动力股份有限公司免于发出要约的法律意见书
Zheng Quan Zhi Xing· 2025-07-29 16:21
Core Viewpoint - China Changan Automobile Group Co., Ltd. is acquiring Harbin Dong'an Automobile Power Co., Ltd. and is exempt from making a public offer for shares due to the nature of the transaction, which does not change the actual controller of the listed company [9][12]. Group 1: Acquisition Details - The acquisition involves the transfer of 100% equity of Chenzhi Group from China Weapon Equipment Group to China Changan Automobile, resulting in Changan indirectly holding 50.93% of Harbin Dong'an's shares [8][9]. - The actual controller of Harbin Dong'an remains the State-owned Assets Supervision and Administration Commission of the State Council, ensuring compliance with regulatory requirements [9][12]. Group 2: Legal and Regulatory Compliance - The acquisition has followed necessary legal procedures, including obtaining relevant approvals and fulfilling disclosure obligations as per the Securities Law and the Regulations on the Management of Acquisitions [10][11]. - The law firm confirms that there are no substantial legal obstacles to the acquisition, and the acquiring party has not engaged in any illegal securities activities in the six months prior to the acquisition [11][12]. Group 3: Company Information - China Changan Automobile Group Co., Ltd. is a state-owned limited liability company with a registered capital of 2 billion RMB, established on July 27, 2025 [6][10]. - The company is involved in various automotive-related activities, including vehicle manufacturing, investment management, and technology services [6].
东安动力: 中信建投证券股份有限公司关于哈尔滨东安汽车动力股份有限公司收购报告书之财务顾问报告
Zheng Quan Zhi Xing· 2025-07-29 16:21
中信建投证券股份有限公司 关于 哈尔滨东安汽车动力股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二〇二五年七月 重要提示 目 录 三、对收购人主体资格、经济实力、规范运作能力、其他附加义务及诚信 七、涉及收购人以证券支付收购价款的,应当说明有关该证券发行人的信 十三、收购人、收购人的关联方与被收购公司之间是否存在业务往来,收 购人与被收购公司的董事、监事、高级管理人员是否就其未来任职安排达成某 十四、本次交易中,收购人、财务顾问不存在直接或间接有偿聘请其他第 第一节 释 义 在本财务顾问报告中,除非另有说明,以下简称具有如下含义: 《中信建投证券股份有限公司关于哈尔滨东安汽车动力股份 本财务顾问报告 指 有限公司收购报告书之财务顾问报告》 收购人、中国长安汽 中国长安汽车集团有限公司,中国兵器装备集团有限公司存 指 车 续分立的新设公司 兵器装备集团 指 中国兵器装备集团有限公司 上市公司、东安动力 指 哈尔滨东安汽车动力股份有限公司 国务院国资委 指 国务院国有资产监督管理委员会 收购报告书 指 《哈尔滨东安汽车动力股份有限公司收购报告书》 《分立协议》 指 《中国兵器装备集团有限公司分立协议》 兵 ...
湖南天雁: 中信建投证券股份有限公司关于湖南天雁机械股份有限公司收购报告书之财务顾问报告
Zheng Quan Zhi Xing· 2025-07-29 16:21
中信建投证券股份有限公司 关于 湖南天雁机械股份有限公司 收购报告书 之 财务顾问报告 财务顾问 二〇二五年七月 重要提示 本部分所述的词语或简称与本财务顾问报告"释义"部分所定义的词语或 简称具有相同的涵义。 本次收购系兵器装备集团实施存续分立,其汽车业务分立至新设的中国长 安汽车,根据《分立协议》约定,分立前兵器装备集团所持辰致集团 100%股权 分立至中国长安汽车。分立完成后,中国长安汽车通过辰致集团间接持有湖南 天雁 37.25%的股份,成为湖南天雁间接控股股东。本次收购完成后,上市公司 的实际控制人保持不变,仍然为国务院国资委,中国长安汽车在湖南天雁拥有 权益的股份比例将超过 30%。本次收购未导致上市公司的实际控制人发生变化, 根据《上市公司收购管理办法》第六十二条第(一)项的相关规定,中国长安 汽车可免于以要约方式增持股份。 中信建投证券接受收购人中国长安汽车的委托,担任本次收购的财务顾问, 依照相关法律法规规定,按照行业公认的业务标准、道德规范,本着诚实信用 和勤勉尽责的原则,在审慎调查的基础上出具本财务顾问报告。 三、对收购人主体资格、经济实力、规范运作能力、其他附加义务及诚信 七、涉及收购 ...