M&A in Mainland China: an analysis of market dynamics
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
Saarbrücken
VDM Verl. Müller
2006
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 79 S. |
| ISBN: | 9783836402385 3836402386 |
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Record in the Search Index
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| adam_text | Table of Contents
List of Figures iv
List of Tables V
List of Abbreviations vi
1 Introduction 1
I.I Research Problem 1
l.ll Methodology 1
II Definition of M A 3
III Rationale for M A in Mainland China 5
III.I Value Generation of Cross-Border Transactions 5
III.II Pros and Cons for M A in China 6
III.II.1 Pros 6
III.II.II Cons 7
III.Ill Summary 8
IV FDI 9
IV. 1 Inbound FDI to China 9
IV.II The Importance of M A Transactions 11
IV.III Summary 13
V The Chinese M A market 14
V.I Numbers from Literature Review 14
V.I I An Analysis of the Chinese M A Market from 2000 until 2004 16
V.ll.l The Overall Market 17
V.I 1.11 Sector Segmentation 17
V.ll.lll Geographic Segmentation 18
V.lll The Future of M A in China 19
V.IV Summary 20
VI Available Investment Entities for Foreign Investors 21
VI.I Foreign Investment Enterprises 23
VI.1.1 Joint Ventures 24
VI.I.II Wholly Foreign Owned Enterprises 25
VI.I.Ill Foreign Investment Companies - Limited by Shares 26
VI.I.IV Shares of Chinese Listed Joint-Stock Companies 27
VI.II Summary 28
l
VII Transaction Forms 29
VI1.1 Transaction Classes 30
Vll.l.l Asset Deals 30
Vll.l.ll Share Deals 32
Vll.l.lll Mergers 37
VII.II Summary 39
VII.Ill Transaction Structures 40
VII.III.I Direct Acquisitions - Onshore 40
VII.III.II Direct Acquisitions - Offshore 40
VII.III.Ill Indirect Acquisitions - Onshore 41
VII.III.IV Indirect Acquisitions - Offshore 41
VII.IV Summary 43
VIII Legal Environment 44
VIM.I Key Government Agencies 44
VIII.II Recent Legislation 45
Vlll.lll Land Use Rights 47
VIII.IV Summary 48
IX Peculiarities of the M A Transactions in China 50
IX. I Cross-Border Issues 50
IX. 11 Government Approvals 51
IX.II.I Sector Regulation 52
IX.II.II Antitrust Review 54
IX.II.III Valuation Procedure 55
IX.II.IV Summary 57
IX. 111 Due Diligence 57
IX.III.I Financial 59
IX.III.II Legal 60
IX.III.III Tax 61
IX.III.IV Summary 63
IX. IV Documentation 63
IX.IV.I Letter of Intent 64
IX.IV.II Covenants 64
IX.IV.III Representations and Warranties 65
IX.V Other Issues 66
IX.V.I Taxation 66
IX.V.II Management Incentives
IX.V.III Financing
IX.V.IV Consideration
IX.V.V Exit Options
68
68
69
70
IX.VI Summary 70
X Case Study 72
X.I Legal Environment for M A Transactions Involving Banks 72
X.ll The Acquirer and the Target Firm 74
X.I 1.1 The Acquiror 74
X.I 1.11 The Target 74
X.lll The Transaction 75
X.IV Rationale and Analysis 76
XI Evaluation of Findings 78
XI. I Conclusion 78
References a
Sources m
List of Figures
Figure 1: Types of M A Transactions 4
Figure 2: Expected Modes of Investment 2004-2005 13
Figure 3: Sectoral Distribution by Value and Volume 18
Figure 4: Geographic Distribution by Value and Volume 19
Figure 5: The Voyage from JV to M A in China 21
Figure 6: Investment Forms 22
Figure 7: Available Investment Entities for Foreign Investors 22
Figure 8: Structure of a Merger 38
Figure 9: Structure before Offshore Transaction 42
Figure 10: Structure after Offshore Transaction 43
Figure 11: Investment Categories 53
Figure 12: Information-Economical Difficulties 58
Figure 13: Shareholding Structure as of 31/12/03 and 31/08/04 75
iv
List of Tables
Table 1: Real GDP Growth in China 6
Table 2: Utilised FDI to and from China 9
Table 3: Favoured Countries for FDI 11
Table 4: Cross-Border M A in China between year 1985 and 2006 15
Table 5: Source of Funds per Country 15
Table 6: Cross-Border M A in China between year 1988 and 2003 16
Table 7: M A in China between year 2000 and 2004 17
Table 8: Foundation Requirements for FIE 23
Table 9: Advantages and Disadvantages of a JV 25
Table 10: Advantages and Disadvantages of a WFOE 26
Table 11: Classes of Shares and Exchanges 27
Table 12: Acquisition Targets 29
Table 13: Advantages and Disadvantages of Asset Deals 31
Table 14: Advantages and Disadvantages of Acquisitions 36
Table 15: Advantages and Disadvantages of Mergers 39
Table 16: Overview about Legal Regulations 45
Table 17: Sector Regulation Overview 53
Table 18: Enforceable non-compete clauses 64
Table 19: Liability for Severance Payments 65
|
| adam_txt |
Table of Contents
List of Figures iv
List of Tables V
List of Abbreviations vi
1 Introduction 1
I.I Research Problem 1
l.ll Methodology 1
II Definition of M A 3
III Rationale for M A in Mainland China 5
III.I Value Generation of Cross-Border Transactions 5
III.II Pros and Cons for M A in China 6
III.II.1 Pros 6
III.II.II Cons 7
III.Ill Summary 8
IV FDI 9
IV. 1 Inbound FDI to China 9
IV.II The Importance of M A Transactions 11
IV.III Summary 13
V The Chinese M A market 14
V.I Numbers from Literature Review 14
V.I I An Analysis of the Chinese M A Market from 2000 until 2004 16
V.ll.l The Overall Market 17
V.I 1.11 Sector Segmentation 17
V.ll.lll Geographic Segmentation 18
V.lll The Future of M A in China 19
V.IV Summary 20
VI Available Investment Entities for Foreign Investors 21
VI.I Foreign Investment Enterprises 23
VI.1.1 Joint Ventures 24
VI.I.II Wholly Foreign Owned Enterprises 25
VI.I.Ill Foreign Investment Companies - Limited by Shares 26
VI.I.IV Shares of Chinese Listed Joint-Stock Companies 27
VI.II Summary 28
l
VII Transaction Forms 29
VI1.1 Transaction Classes 30
Vll.l.l Asset Deals 30
Vll.l.ll Share Deals 32
Vll.l.lll Mergers 37
VII.II Summary 39
VII.Ill Transaction Structures 40
VII.III.I Direct Acquisitions - Onshore 40
VII.III.II Direct Acquisitions - Offshore 40
VII.III.Ill Indirect Acquisitions - Onshore 41
VII.III.IV Indirect Acquisitions - Offshore 41
VII.IV Summary 43
VIII Legal Environment 44
VIM.I Key Government Agencies 44
VIII.II Recent Legislation 45
Vlll.lll Land Use Rights 47
VIII.IV Summary 48
IX Peculiarities of the M A Transactions in China 50
IX. I Cross-Border Issues 50
IX. 11 Government Approvals 51
IX.II.I Sector Regulation 52
IX.II.II Antitrust Review 54
IX.II.III Valuation Procedure 55
IX.II.IV Summary 57
IX. 111 Due Diligence 57
IX.III.I Financial 59
IX.III.II Legal 60
IX.III.III Tax 61
IX.III.IV Summary 63
IX. IV Documentation 63
IX.IV.I Letter of Intent 64
IX.IV.II Covenants 64
IX.IV.III Representations and Warranties 65
IX.V Other Issues 66
IX.V.I Taxation 66
IX.V.II Management Incentives
IX.V.III Financing
IX.V.IV Consideration
IX.V.V Exit Options
68
68
69
70
IX.VI Summary 70
X Case Study 72
X.I Legal Environment for M A Transactions Involving Banks 72
X.ll The Acquirer and the Target Firm 74
X.I 1.1 The Acquiror 74
X.I 1.11 The Target 74
X.lll The Transaction 75
X.IV Rationale and Analysis 76
XI Evaluation of Findings 78
XI. I Conclusion 78
References a
Sources m
List of Figures
Figure 1: Types of M A Transactions 4
Figure 2: Expected Modes of Investment 2004-2005 13
Figure 3: Sectoral Distribution by Value and Volume 18
Figure 4: Geographic Distribution by Value and Volume 19
Figure 5: The Voyage from JV to M A in China 21
Figure 6: Investment Forms 22
Figure 7: Available Investment Entities for Foreign Investors 22
Figure 8: Structure of a Merger 38
Figure 9: Structure before Offshore Transaction 42
Figure 10: Structure after Offshore Transaction 43
Figure 11: Investment Categories 53
Figure 12: Information-Economical Difficulties 58
Figure 13: Shareholding Structure as of 31/12/03 and 31/08/04 75
iv
List of Tables
Table 1: Real GDP Growth in China 6
Table 2: Utilised FDI to and from China 9
Table 3: Favoured Countries for FDI 11
Table 4: Cross-Border M A in China between year 1985 and 2006 15
Table 5: Source of Funds per Country 15
Table 6: Cross-Border M A in China between year 1988 and 2003 16
Table 7: M A in China between year 2000 and 2004 17
Table 8: Foundation Requirements for FIE 23
Table 9: Advantages and Disadvantages of a JV 25
Table 10: Advantages and Disadvantages of a WFOE 26
Table 11: Classes of Shares and Exchanges 27
Table 12: Acquisition Targets 29
Table 13: Advantages and Disadvantages of Asset Deals 31
Table 14: Advantages and Disadvantages of Acquisitions 36
Table 15: Advantages and Disadvantages of Mergers 39
Table 16: Overview about Legal Regulations 45
Table 17: Sector Regulation Overview 53
Table 18: Enforceable non-compete clauses 64
Table 19: Liability for Severance Payments 65 |
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| index_date | 2024-07-02T16:27:59Z |
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| isbn | 9783836402385 3836402386 |
| language | English |
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| spelling | Brückner, Tim Verfasser aut M&A in Mainland China an analysis of market dynamics Tim Brückner Saarbrücken VDM Verl. Müller 2006 79 S. txt rdacontent n rdamedia nc rdacarrier Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf China (DE-588)4009937-4 gnd rswk-swf China (DE-588)4009937-4 g Mergers and Acquisitions (DE-588)4205916-1 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015428813&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brückner, Tim M&A in Mainland China an analysis of market dynamics Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4009937-4 |
| title | M&A in Mainland China an analysis of market dynamics |
| title_auth | M&A in Mainland China an analysis of market dynamics |
| title_exact_search | M&A in Mainland China an analysis of market dynamics |
| title_exact_search_txtP | M&A in Mainland China an analysis of market dynamics |
| title_full | M&A in Mainland China an analysis of market dynamics Tim Brückner |
| title_fullStr | M&A in Mainland China an analysis of market dynamics Tim Brückner |
| title_full_unstemmed | M&A in Mainland China an analysis of market dynamics Tim Brückner |
| title_short | M&A in Mainland China |
| title_sort | m a in mainland china an analysis of market dynamics |
| title_sub | an analysis of market dynamics |
| topic | Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Mergers and Acquisitions China |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015428813&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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