老生常谈的尽职调查可以老树开新花 讲者：马可．马泽斯基律师 2018中国企业走出去风险发布会 2018年3月20日 | 中国 珠海 2018年3月20日 | 中国 珠海 江泰国际合作联盟 主办

讲者 马可．马泽斯基律师 马泽斯基有限公司创办人 2017法律名人榜 (Who’s who Legal) 意大利最受推荐的移民法律律师 注册於米兰律师协会 (1988) 25年以上的商业法和移民法执业经验 美国移民律师协会(AILA) 正式会员 国际律师协会 (IBA) 正式会员 Asian Business Research 亞洲商業 研究期刊編輯委員 讲者 马可．马泽斯基律师 马泽斯基有限公司创办人

大纲 什么是尽职调查，它为什么很重要? 尽职调查的主要目标 法律尽职调查的要点 不允许做的事 案例研究 INDEX What is a Due Diligence and why is it important Main goals of a Due Diligence Tips for legal due diligence Things to avoid Case Studies

在买二手车时，你不检查引擎是否正常?

难道不用检查公司的帐户、负债及潜在的损失？ 当你收购或投资一家公司… 难道不用检查公司的帐户、负债及潜在的损失？ Why buy or invest in a company... without checking its accounts, liabilities and possible losses?

1.什么是尽职调查，为什么它很重要? 尽职调查是为了保护双方，但主要是保护收购方 收购方做决策前，从各个方面评估业务状况的过程 了解 财务状况 寻找 潜在负债 评估 隐藏风险 防止 意外损失 The process of evaluating a business situation from all aspects before making a decision It is performed to protect both parties, but mainly the purchaser: Understand financial situations For finding potential liabilities Evaluate hidden risks To prevent unexpected losses. 6

2.尽职调查的主要目标 评估价值 预测损失 尽职调查 主要目标 节约成本 规避风险 价值评估 预测损失 成本节约 规避风险 TC业务是否可作 为买方的价值， 且整合到买方的 业务中 预测损失 收购后TC可能遭受 的潜在的隐性债务 和/或损失 尽职调查 主要目标 节约成本 规避风险 成本节约 收购TC是否可 创造成本节约的 机会 规避风险 买方在购买TC时 所承担的任何其 他风险 Main goals of a Due Diligence if the TC business can be a value for the Buyer and can be integrated in the Buyer’s operations; if acquisition of TC can generate cost savings opportunities; To discover what are the possible hidden liabilities and/or losses that the TC could suffer after the acquisition; To avoid any other risks that Purchaser can have in purchasing TC

04 03 02 01 3. 法律尽职调查的要点 设定目标 任命当地的专家 商定明确调查范围 制定整合计划 设定目标 设定调查范围 当地专家 设定目标 设定目标 确保对自己的目标有清晰的认识 任命当地的专家 合理任命当地的专家 商定明确调查范围 开始时，每个专业顾问起草一份详细的问卷 制定整合计划 提前准备好如何运行和管理TC的清晰计划 Tips for legal due diligence Set your goals; Make sure you have a clear idea of your objectives. Appoint local experts; Use local experts and use them wisely – They know local laws and customs and can give you some tips Agree a clear due diligence scope; draft a detailed questionnaire with each professional adviser at the outset Prepare an after Closing integration plan (put also in the title After closing integration plan) Be ready in advance with a clear plan on how to manage the TC – Put in place supervision on local managers

4.不允许做的事 不要吝啬 不要忘记关键要点 不要冷落你的顾问 不要低估文化差异和 沟通障碍 为了省钱，你可能会放弃法律上 的尽职调查，转而依赖于销售协 议中的保证和赔偿 许多尽职调查过程完全专注于资 产和业务操作 不要冷落你的顾问 不要低估文化差异和 沟通障碍 确保你选择的顾问之间相互沟通， 并指定一个人来协调他们的工作 你必须准备好在收购后立即控制 TC Things to avoid Don’t scrimp: To save money, you could be tempted to forgo legal due diligence and instead rely on warranties and indemnities in a sale agreement: bad Idea Don’t leave your advisers in the dark: Make sure the counsels you select talk each other and appoint someone to coordinate their work.   Don’t forget the hot topics: Do not focus only on assets and business operations, also legal, tax and other areas can cause heavy losses  o the TC Do not underestimate cultural differences and communication barriers: You must be ready to take control of the TC immediately after acquisition. 9

中国TCL集团以5.6亿美元收购法国汤姆逊电器公司 5-1.案例研究1 中国TCL集团以5.6亿美元收购法国汤姆逊电器公司 TCL拒绝聘用并购专家，也没有进行任何数据要求。在收购后TCL： 意识到汤姆逊公司产品陈旧，且在前一年损失了1亿美元。 不需要聘用汤姆逊的员工，没有具备足够国际经验的中国管理人。 在收购后的2年里，汤姆逊累计亏损6.8亿美元，第三年TCL关闭了其欧洲业务。 Case Studies 1 TCL $ 560 Million acquisition of Thomson 中国TCL集团以5.6亿美元收购法国汤姆逊电器公司 TCL refused to hire M&A experts and did not conduct any DD. After acquisition, TCL: - realized that Thomson products were old and tired and that Thomson had suffered a $ 100 Million losses the previous year - did not have to assimilate Thomson’s people and did not have Chinese managers with adequate international experience. In the 2 years after acquisition Thomson accumulated $ 680 Million of losses and the third year TCL closed its European operations

5-2. 案例研究2 中信泰富投资澳大利亚铁矿山 2007年，中信集团旗下子公司中信泰富斥资42亿澳元收购了澳大利亚矿区的采矿权。中信证券没有广泛的DD，且一些因素导致其收购后的大成本和必要的投资。中信没有考虑到： 中国人和当地工人文化差异造成的劳动问题 由于签证限制使用外籍劳工，中信无法使用中国劳动力来减少劳动力成本。 澳大利亚政府环境保护的费用。 澳大利亚政府将矿业税提高了40%。 Case Studies 2 - CITIC Pacific investment in Australian iron ore mines 中信泰富投资澳大利亚铁矿山 In 2007, CITIC Pacific, a subsidiary of the CITIC Group, purchased for 4.2 Billion AUSD the extraction rights in a mining area in Australia. CITIC did not carry an extensive DD and several factors resulted in a substantial increase of costs after and necessary investments after the acquisition. CITIC did not take into account: - labor issues caused by cultural differences between Chinese and local workers - high labor costs that CITIC could not bypass by using Chinese workforce, due to visa restrictions on the use of foreign workers - Costs deriving from Australian government’s environmental protection - Australian government increased mining taxes by 40%

5-3. 案例研究3 钱江汽车收购贝内利摩托车 钱江汽车公司收购了一家小型的、属家族所有的意大利摩托车制造商——贝内利摩托车。意大利只启用了中国的销售总监、零件质量经理和总经理。之后出现了一些并购后的整合问题，包括国家文化差异、态度、生活方式和商业管理方法问题。并购后也没有整合两家公司的会计和管理信息系统。 Case Studies 3 Qianjiang Motors acquires Benelli Motorcycles 钱江汽车收购贝内利摩托车 Qianjiang Motors acquired Benelli Motorcycles, a small, family-owned Italian manufacturer of motorcycles from bankruptcy. Only the sales director, the part quality manager, and the managing director were transferred from China to Italy. Several post-merger integration issues including national cultural differences with respect to attitudes, lifestyles, and approaches to business management emerged. The accounting and management information systems of the two companies did not go through post-merger integration either.

MAZZESCHI S.R.L. Avv. Marco Mazzeschi 马泽斯基有限公司 意大利移民服务领导品牌 mm@mazzeschi.it +39 0057926921 www.mazzeschi.it