"工欲善其事，必先利其器。"在并购重组这场博弈中，预算就是那把最锋利的器——握得不稳，轻则效率低下，重则全盘皆输。 在当下这个资本流动速度堪比高铁、监管规则日新月异的时代，上市公司要想通过并购重组撬动市值、突破增长天花板，一份"既合规又灵活"的预算方案， 是所有动作顺利落地的"点睛之笔"。但很多企业家一脚迈进交易谈判桌，才发现：预算不是你想调就能调的，有些地方动一分都可能触碰红线；而有些却能 巧妙布局、灵活调整，甚至成为交易的"润滑剂"。 美国更好并购集团 美国更好并购集团（Goheal）在多年操盘并购项目的实战中，早已摸清了这套游戏的"预算准则"。今天，我们不妨来场"预算显微镜"之旅，逐帧拆解并购重 组中哪些花得值、哪些花不得、哪些还能花得更聪明。 能调的，不只是价格 在资本市场，预算并不是写死的"表格"，而是随着交易进程动态流动的"肌体"。最有弹性的部分，往往藏在交易的外围，但作用却不容小觑。 比如说，尽职调查。这本是个"看家本领"，但不是一成不变的流程。美国更好并购集团（Goheal）在处理一家科技型标的时，就根据其数据清晰度、大额订 单确认透明度，主动建议客户缩减法律尽调范围，把预算更多投向了IT系统 ...

Core Insights - The article discusses the complexities and challenges of cross-border mergers and acquisitions (M&A) in the Hong Kong capital market, emphasizing the need for preparedness to navigate these challenges [1][4]. Legal and Regulatory Framework Conflicts - In Hong Kong, acquiring control of listed companies requires compliance with both the "Code on Takeovers and Mergers" and specific regulatory requirements from mainland China, such as the State-owned Assets Supervision and Administration Commission's Order No. 36, which can create conflicting compliance challenges [5]. - The dual compliance requirements often place acquirers in a dilemma, particularly in shell transactions involving complex asset structures that may trigger scrutiny under mainland regulations [5]. - Antitrust reviews present another significant challenge, as cross-border acquisitions often require multiple reviews across jurisdictions, complicating the approval process [5]. Cross-Border Capital Flow Challenges - Foreign exchange controls in mainland China pose a major challenge, requiring detailed disclosures that conflict with Hong Kong's confidentiality regulations [6]. - The execution rate of earn-out agreements in cross-border M&A is often below 40% due to foreign exchange limits, leading to risky practices that compromise transaction legality and transparency [6]. - Valuation discrepancies between A-share and Hong Kong markets can range from 30% to 50%, increasing the risk of goodwill impairment during audits for state-owned acquisitions [6]. Governance Power Dynamics - Cross-border M&A involves a struggle for governance and control, with foreign shareholders often leveraging anti-takeover measures to secure board positions, while mainland acquirers seek to influence governance structures [7]. - Conflicts arise between Hong Kong's "super voting shares" and mainland's "one share, one vote" principle, complicating shareholder structure designs [7]. - ESG factors are increasingly important to international investors, but differing focuses on long-term versus short-term performance between Hong Kong and mainland acquirers can create governance gaps post-acquisition [7]. Cultural Differences - Cultural differences, such as the decision-making pace between mainland and Hong Kong entities, can lead to significant delays in transaction processes, with a 57% delay rate in signing key documents [8]. - Misaligned risk perceptions contribute to M&A failures, with Hong Kong investors prioritizing long-term brand value while mainland capital often seeks short-term returns, leading to management challenges post-acquisition [8]. - A staggering 87% of cross-border M&A experiences significant turnover in core teams within three years, posing a major management challenge for acquirers [8]. Solutions to International Challenges - The article suggests a three-pronged solution involving a "pre-communication mechanism for domestic approvals, a Hong Kong SPV firewall, and multi-currency payment channels" to effectively address the challenges of cross-border M&A [10]. - The Goheal Group, with its extensive experience in cross-border M&A, offers tailored solutions to help clients navigate complex legal, regulatory, and cultural challenges [10].

Core Viewpoint - Derlin Holdings (01709) plans to sell a total of 3,152 shares of DL Digital Family Office, representing approximately 28.0% of its issued share capital, at an implied valuation of about $35 million for 100% equity, totaling around $9.8 million, equating to $3,109 per share [1] Group 1 - The company will hold 4,033 shares of DL Digital Family Office, which will account for approximately 35.8% of the total issued share capital after the completion of the sale agreement and ESOP [2] - The company, through its subsidiaries, has been collaborating with various strategic partners to develop and optimize an AI-driven digital consulting service platform, known as DLiFO, which aims to provide refined investment strategies and enhance client interaction [2][4] Group 2 - The board believes that the sale agreement will provide a broader commercial framework to facilitate collaboration among the company, Qraft Technologies, and investors in developing proprietary AI models and managing the financial and capital structure of DL Digital Family Office [3] - The adoption of the DFO share plan and ESOP contribution is seen as a strong strategy for the long-term development of DLDFO Group, aligning employee interests with the long-term success of the business and fostering a culture of ownership and accountability [3]

Goheal：上市公司资本运作如何推动企业国际化？全球视角解析！ "登泰山而小天下。"——要想在全球市场站稳脚跟，企业必须跳出本土市场的局限，登上资本运作的高地，才能俯瞰更广阔的商业版图。近年来，越来越多 的企业通过资本运作加速国际化进程，从收购海外企业、跨境并购到资本市场融资，资本手段成为企业出海的关键引擎。 美国更好并购集团 美国更好并购集团（Goheal）长期关注全球资本运作的趋势，为企业提供专业并购与国际化布局的策略支持。在当前全球竞争格局下，资本运作如何成为企 业国际化的助推器？有哪些成功经验可以借鉴？让我们从全球市场的角度，深入剖析资本如何塑造企业的全球化未来。 资本运作：打开国际市场的金钥匙 国际化并非简单的"走出去"，而是资本、资源、人才、技术等多维度的全球配置。资本运作在其中扮演着重要角色，帮助企业突破本土市场的限制，快速占 领全球市场份额。企业若仅靠内生增长实现全球扩张，往往步履蹒跚，而借助资本市场的力量，则能事半功倍。美国更好并购集团（Goheal）观察到，在全 球市场上，许多企业通过收购兼并、股权投资、海外上市等方式，实现了业务国际化和品牌的全球影响力。 资本市场的全球化，也为企业的国 ...