摩根士丹利证券（中国）首席执行官钱菁在上交所国际投资者大会并购专场上分享了她的观察。她表 示，近年来，中企海外并购呈现三大趋势。首先，为高质量服务共建"一带一路"倡议，国有企业开启全 球布局的趋势。其次，民营企业积极"出海"，拓展海外市场。例如，一些中国新能源行业龙头企业通过 获得来自海外主权基金或外资PE基金的投资，为全球业务扩张获取了所需资金。"另外，我们也看到外 国资本积极参与投资中国的先进产业——中国近年来最具竞争力的产业，包括生物医药和新能源，都对 外资展现出强大吸引力。"钱菁表示。 上证报中国证券网讯（记者 汪友若）11月12日，一年一度的上海证券交易所国际投资者大会正式启 幕。今年的会议以"价值引领 开放赋能——国际资本投资并购新机遇"为主题。 在钱菁看来，促成并购交易成功的核心要素在于清晰的战略规划、相通的企业文化、恰当的交易时机， 以及合理的估值定价。基于此，她也对中国企业提升跨境并购能力提出几点建议。 来源：上海证券报·中国证券网 "第一，应建立专业的并购团队，内部要有懂行业，具备估值、财务、法律等专业技能，理解跨境并购 的交易流程和核心条款，并能管理中介机构的人才。"钱菁表示。"其次是选 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of Chinese companies engaging in overseas mergers and acquisitions (M&A), particularly through Tender Offers (TOB), while facing significant regulatory challenges and institutional conflicts that hinder successful transactions [2][11]. Group 2 - The article compares the process and regulatory differences between TOB and general acquisitions, noting that TOB has a more rigid timeline and stricter requirements, particularly in the Japanese market [3][4]. - In Japan, TOB requires all preparatory work to be completed before the announcement, including securing funding and drafting necessary documents, which contrasts with the more flexible timeline of general acquisitions [4][5]. Group 3 - A detailed overview of the TOB process in Japan is provided, emphasizing the need for timely completion of sensitive tasks such as signing contracts with major shareholders and ensuring funding arrangements [6][7]. - The timeline for TOB includes specific milestones, such as the signing of the subscription contract and the announcement of the TOB, which must occur on the same day to prevent insider trading [8][9]. Group 4 - The article discusses the challenges faced by Chinese companies in meeting the "funding certainty" requirement for TOB, which conflicts with the lengthy foreign exchange approval and outbound investment registration processes in China [11][12]. - Recommendations for overcoming these challenges include establishing a special foreign exchange green channel for TOB and allowing preliminary agreements with major shareholders to initiate approval processes [12][13].