【正文】 h an Another option is a buyback arrangement, where the buyer can request that the seller repurchase the equity interests originally sold to the buyer at a fixed price upon the occurrence of specified events, such as the pany39。有意購買者應(yīng)立即 讓自己熟悉這個指引。 此外，有意購買者 不 應(yīng)該感到 非常驚訝，如果完全盡職調(diào)查表明，目標(biāo)公司沒有 在 有適當(dāng)?shù)?執(zhí)照或許可證 的情況下從事生產(chǎn)經(jīng)營活動的 。買方還需要非常小心， 目標(biāo)公司的重大資產(chǎn) 是否是 從 一個破產(chǎn)被拍賣的 國有企業(yè) 中被收購 。未能捕捉到不規(guī)則或非法稅收的做法和相關(guān)的量化 相關(guān) 隱 性負(fù)債和下行風(fēng)險(xiǎn)可能會導(dǎo)致嚴(yán)重的問題。這種 情況的意識可能特別重要 ， 當(dāng) 稅務(wù)風(fēng)險(xiǎn)和分配計(jì)入有關(guān)賠償或其他安排。私人擁有 的公司進(jìn)行了重組或從原國有企業(yè)轉(zhuǎn)為買方應(yīng)警惕可能出現(xiàn)的侵犯，并負(fù)起先前的“重組”或管理 收購相 關(guān)責(zé)任。 該期限可以延長，須經(jīng)政府批準(zhǔn)，但不低于百分之六十的款項(xiàng)必須在 新的營業(yè)執(zhí)照簽發(fā) 6個月內(nèi)支付，余額必須在一年內(nèi)支付 。 除了精心起草，以盡量減少在確定財(cái)政目標(biāo)和獲利能力付款的小動作計(jì)算的風(fēng)險(xiǎn)，特別需要給予考慮創(chuàng) 建一種機(jī)制，是強(qiáng)制執(zhí)行的，根據(jù)中華人民共和國法律。 其二，中華人民共和國中外合資經(jīng)營企業(yè)法規(guī)定 ，如兼并，收購和公司章程的規(guī)定變更事項(xiàng) 需要 董事會的一致批準(zhǔn)。經(jīng)驗(yàn)豐富， 有創(chuàng)意，實(shí)用的律 師可以幫助 投資者 對于在中國市場平衡風(fēng)險(xiǎn)和機(jī)遇做 出明智的決策 提供非常寶貴的意見。但這些條款的可執(zhí)行性仍有待檢 驗(yàn)，他們可能受到 監(jiān)管障礙。（它也可以用來彌補(bǔ)買方和賣方之間的分歧，該公司的估值。 不像在美國的并購交易，提存賬戶 和中國 可贖回 的選項(xiàng)是非常有限的，不能令人滿意 ，由于監(jiān)管約束和欠發(fā)達(dá)的金融服務(wù)市場。 否則一旦交易減少，對削減勞動力的討論很可能是既不舒適也不友好。如果確定是違反中華人民共和國交易轉(zhuǎn)讓定價(jià)的法律，該公司可能要支付稅款和罰款。潛在的重大責(zé)任風(fēng)險(xiǎn)的典型領(lǐng)域包括稅收，就業(yè)，遺留問題和環(huán)境問題。 重要的是要認(rèn)識到目標(biāo)公司的資產(chǎn)可能已經(jīng)在關(guān)聯(lián)方交易中使用。因此，關(guān)鍵是要在早期階段確定是否 所需的執(zhí)照 及許可證，可續(xù)簽或 在目標(biāo)公司轉(zhuǎn)換為外商投資企業(yè) 后換一個新的 。例如，如果目標(biāo)公司是一家綜合企業(yè)，部分資產(chǎn)可能需要留存 出來，以確保目標(biāo)公司將避開認(rèn)為是“禁止”或“限制”外商投資領(lǐng)域。s books. Through these transactions, profits may be shifted to domestic entities that are in a loss position or to offshore entities such as those in Hong Kong. If it is determined that a transaction has violated PRC transferpricing laws, the pany may have to pay back taxes and penalties. Buyers should also keep in mind another important aspect of Chinese tax law— there is generally no statute of limitations for tax liabilities. Awareness of this circumstance may be particularly important when allocating tax exposures and entering into related indemnification or other arrangements. Employment issues frequently arise when the target is a stateowned enterprise with significant labor redundancy. Major layoffs might trigger worker protests and other social unrest, thereby politicizing the transaction and attracting unwanted attention from the local government authorities. Another frequently encountered issue is how much of the workforce the target pany may reduce after the acquisition. This is often a heavily negotiated issue, and the seller may even bring it up again at the last minute, hoping the buyer will promise. Given the political plications of employment matters, it would be prudent for the buyer to take a firm stand about its position, negotiate relentlessly upfront, and resist the temptation to leave this issue behind for future friendly discussion. Once the deal is otherwise cut, discussions on cutting back the workforce are likely to be neither pleasant nor friendly. Finally, one of the most difficult headaches for potential buyers of Chinese panies is the legacy issue inherited from former stateowned enterprises or created during the reform and restructuring (., privatization) process. Buyers of privately owned panies that were restructured or converted from former stateowned enterprises should be alert to possible violations and liabilities associated with the prior restructurings or management buyouts. A normal duediligence investigation frequently will not reveal much in terms of such legacy problems, because any problematic elements of the pany39。A transactions in China, with the aim of helping dealmakers identify and address important issues at an early stage. Assessing Regulatory Restrictions An initial matter that a foreign investor needs to assess in setting its expectation is how the Chinese regulatory restrictions and the personal views of the applicable approval authorities may affect the structure and process of the deal. One of the first things that a buyer may want to look into is whether the target pany, after being acquired by a foreign investor, can continue to conduct its business and operations in the same manner without being subject to additional regulatory restrictions. There are still a number of business sectors in China that are not fully open to foreign investors and in which such investors cannot establish wholly foreignowned enterprises (WFOEs) or even joint ventures. A foreign investor should determine as early as possible whether there are percentage limitations on potential ownership in an enterprise in a given industrial sector, as this will directly affect the deal structure. For example, if the target pany is a conglomerate, some assets may need to be carved out to make sure the postclosing target pany will steer clear of