Both Chemland Industrial Co., Ltd and CCS (Shanghai) Functional Films Industry Co, Ltd. were established by one technical expertise, the former is a fine chemicals enterprise specializing in development, manufacture and sales of functional film coatings for coated products; the latter is the only enterprise in China which can manufacture all series backlight module using the optical film products including diffusion film, prism film, micro – permeable membrane, membrane, etc. The two companies have developed quickly for their advanced technology and popular products; however, they were at the corner of closing due to being involved in many debt disputes for reasons on management and operation. Shanghai Dehui Group is an innovation group on science and technology combining science and technology, industry and finance which owns rich experiences on industry investment and integration. Therefore, Dehui Group decided to acquire these two companies and increase the capital to conduct overall restructuring and integration to fully give play to their technical advantages.
As the legal consultant of Shanghai Dehui Group, legal team of Chambers Yang has provided full-scale legal services for this acquisition and restructuring. The legal team addressed several issues to be taken care of during the acquisition and restructuring based upon the all-round legal due diligence on the two companies; in addition, team also analyzed and conducted researches on the advantages and disadvantages of different acquisition and restructuring programs to put forward legal proposals on the possible and potential risk and its prediction, avoidance, reduction and control. Considering the status that part of old investors held the equity of Chemland while part of old investors jointly held the equity of CCS with Chemland, also considering the status that the value of assessment of the two companies were far below their registered capitals and cannot be conducted discounted capital increase, the original equity structure shall be changed as each investor respectively holding the equity of the two companies by the same proportions, thus to realize the independent operation, independent capital operation and further restructuring of the two companies, and to equally protect the interest of each new and old investor, also to specify the investment interest of each party. To this end, we have designed the two-step program of equity transfer and capital increase; and, we have also calculated the price and proportion of equity transfer by mathematical model. The acquisition, capital increase and restructuring program has also resolved many legal issues including affiliate transaction, debt restructuring, supplementation of capital contribution by part of old investors, exit of part of old investors, transfer and pricing of state-owned equity, equity incentive and source of fund, payment and supervision of equity transfer price, arrangement on the offset of equity transfer price against the capital increase.
In addition, we also participated in the business negotiation relating to the transaction and put forward legal proposals on relevant issues; drafted the legal documents relating to the transaction including but not limited to a blanket agreements of framework agreement, investment agreement, equity transfer agreement, capital increase agreement, articles of association, relevant shareholder resolutions, BoD resolutions; reviewed the business documents (including but not limited to loan agreement, mortgage agreement and guarantee agreement) relating to the transaction and put forward legal proposals; reviewed the performance of the preconditions of the transaction and supervised the completion of such transaction.
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杨春宝一级律师简介
杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多常见法律问题
并购重整中法律尽职调查的核心要点有哪些?
法律尽职调查是并购重整的基石,其核心在于全面识别目标公司的法律风险与合规瑕疵。从法律概念与规则层面看,尽职调查需覆盖主体资格、股权结构、重大资产、债权债务、劳动用工、税务、诉讼仲裁及行政处罚等维度,通过核查工商档案、合同文本、权属证明及涉诉记录,评估目标公司是否存在出资不实、股权质押、资产抵押、未决诉讼等影响交易安全的情形。就本案而言,科茂实业与CCS公司虽拥有先进技术和畅销产品,但因管理经营问题陷入多起债务纠纷,濒临关闭。法律团队对两家公司展开全方位尽职调查,重点查明部分老股东持有科茂股权、部分老股东与科茂共同持有CCS股权的交叉持股结构,以及两家公司评估价值远低于注册资本、无法进行折价增资等关键事实。这些发现直接决定了后续交易架构的设计。在实务指引方面,建议收购方在尽职调查中特别关注目标公司是否存在关联方资金占用、对外担保未披露、股权代持等隐性风险,并应结合财务审计结果交叉验证法律信息,确保风险识别全面准确。对于发现的历史遗留问题,应在交易文件中明确责任承担主体与解决方案,避免收购后风险爆发。
股权转让与增资两步走方案在并购重整中如何设计?
股权转让与增资两步走方案是解决困境企业股权结构复杂、资本不足问题的常用交易架构。从法律概念与规则层面看,该方案分两步实施:第一步通过股权转让调整股权结构,使各投资者按相同比例分别持有两家目标公司的股权,实现两家公司独立运营、独立资本运作;第二步通过增资扩股引入新资金,充实公司资本实力,为后续重整整合奠定基础。该方案需重点解决关联交易、债务重组、部分老股东出资补足与退出、国有股权转让定价、股权激励及资金来源、转让价款支付与监管、转让价款与增资款抵销安排等法律问题。就本案而言,鉴于科茂实业与CCS公司存在交叉持股且评估价值远低于注册资本,无法直接进行折价增资,法律团队设计了两步走方案,并运用数学模型精确计算股权转让价格与比例,确保新旧投资者利益均衡。在实务指引方面,设计此类方案时应充分考虑税务成本、国有资产交易程序、债权人利益保护等因素。股权转让定价需依据评估结果并参考市场可比交易,国有股权转让须履行进场交易程序。增资方案应明确增资价格、出资方式、出资期限及违约责任,并同步修订公司章程、股东会及董事会决议等配套文件。同时,应设置交易先决条件,包括取得内部批准、完成债务重组、解除权利负担等,并监督条件成就与交易交割,确保交易安全落地。
并购重整中如何防控债务纠纷与关联交易风险?
债务纠纷与关联交易是困境企业并购重整中的高风险领域,需通过交易结构设计与法律文件安排予以系统防控。从法律概念与规则层面看,债务重组旨在通过协商变更债务清偿条件,包括债务减免、展期、债转股或以资抵债等方式,缓解目标公司偿债压力;关联交易防控则需确保交易定价公允、决策程序合规、信息披露充分,防止利益输送损害公司或中小股东权益。就本案而言,科茂实业与CCS公司因管理经营问题陷入多起债务纠纷,濒临关闭。法律团队在尽职调查基础上,将债务重组作为交易先决条件之一,并针对关联交易、部分老股东出资补足与退出、股权转让价款支付与监管、转让价款与增资款抵销等事项提出法律意见。同时,法律团队参与交易谈判,起草框架协议、投资协议、股权转让协议、增资协议、公司章程及相关股东会、董事会决议,并审查贷款合同、抵押合同、担保合同等交易文件,确保风险防控措施落实到具体法律条款。在实务指引方面,建议在交易文件中明确债务重组方案及实施主体,约定目标公司存量债务的清偿安排与担保解除条件;建立关联交易公允性审查机制,要求关联方回避表决,并聘请独立评估机构出具定价依据;设置交易价款分期支付与共管账户监管机制,确保资金安全;明确各方陈述保证与违约责任条款,对未披露债务、或有负债设定赔偿机制。通过上述安排,实现风险的事前识别、事中控制与事后追责。
以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn



