Case of Acquisition and Restructuring: Dehui Group’s Acquisition and Restructuring of Chemland Industrial Co., Ltd. and CCS (Shanghai) Functional Films Industry Co, Ltd.

文章摘要 本案是上海德辉集团收购重组Chemland公司与CCS公司的典型案例。德辉集团作为科技产业投资方,拟通过收购加增资方式整合两家技术先进但陷入债务困境的企业。法律顾问团队在全面尽职调查基础上,针对两公司评估值低于注册资本、老股东交叉持股等复杂情况,设计股权转让与增资两步走方案,通过数学模型精确计算转让价格与比例,系统处理了关联交易、债务重组、老股东出资补缴与退出、国有股权转让定价、股权激励、价款支付监管等法律问题,并起草全套交易文件、参与商务谈判、监督交易履行,为同类并购重组提供重要实务参考。

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.

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

评估值低于注册资本时如何合法增资?

公司增资应当遵循资本维持原则,增资价格不得低于公司每股净资产对应的公允价值,否则可能损害公司债权人利益,构成出资瑕疵。当目标公司评估值低于注册资本时,直接折价增资缺乏合法基础,通常需要先对原股权结构进行调整,或者通过减资程序消除账面资本虚高,再引入新投资。

本案中,Chemland和CCS两公司因债务缠身濒临关闭,评估值已远低于其注册资本,无法进行折价增资。法律团队在全面尽职调查基础上,设计了股权转让与增资两步走方案,先按照同一比例调整原股东分别持有两家公司的股权,再实施增资,并通过数学模型精确计算股权转让价格和各股东比例,从而兼顾新老股东权益。

实务中遇到类似情形,可优先考虑由原股东等比例调整持股比例,再由新投资方溢价增资,或者先依法减资至评估值以下再增资。操作中应召开股东会并形成有效决议,修改公司章程,办理变更登记,同时向债权人履行通知或公告程序,防范因出资不实、价格不公允而引发的争议与行政责任。

交叉持股的关联公司重组如何实现股权清晰?

关联企业交叉持股是指两家或多家公司相互持有对方股权,容易引发股权归属混乱、表决权行使困难以及关联交易利益输送等问题。法律上并未禁止交叉持股,但公司在进行重组时应当通过股权转让、股权置换或者新设持股平台等方式,厘清各方出资关系,确保各公司独立经营。

本案中,部分老投资者直接持有Chemland股权,同时另一部分老投资者与Chemland共同持有CCS股权,形成交叉持股格局。为便于独立运营和资本运作,法律团队建议改变原有股权结构,使每位投资者按照相同比例分别直接持有两家公司股权,两项交易同步完成,既保障了新老投资者利益均衡,也明确了各自投资权益。

在具体操作上,需要起草股权转让协议、签署股东会决议和公司章程修正案,明确转让基准日、价款支付及税费承担。同时应当处理交叉持股期间形成的往来款项、担保关系、关联交易合同,必要时进行债务重组。完成工商变更后,两家公司应分别建立独立的财务核算体系和管理制度,避免人格混同。

收购重组中法律尽职调查应重点关注哪些风险?

法律尽职调查是收购重组交易中识别风险的核心环节,调查范围包括目标公司设立及历史沿革、股权结构、主要资产权属、重大合同、融资担保、涉诉情况、知识产权、劳动用工、税务及环保合规等,以判断目标公司是否存在影响交易进行的法律障碍。

在德辉集团收购两公司的项目中,法律团队围绕两公司债务纠纷和经营困境展开全面尽调,重点核查了老股东出资是否到位、国有股权转让是否需要审批及定价机制、关联交易是否公允、债务重组方案可行性等问题。基于尽调结果,团队比较了不同收购方案的利弊,设计了股权转让与增资两步走结构,并针对潜在风险提出预防与控制预案。

实务操作中,应特别关注目标公司是否存在未披露的对外担保、股权质押或查封冻结,土地房产等核心资产权利是否完整,以及重大诉讼和行政处罚记录。若涉及国有股权转让,须履行资产评估、核准或备案手续,并依法进入产权交易机构公开挂牌,避免因程序违规导致交易效力受质疑。对于发现的风险点,应在交易文件中设置相应陈述保证条款和赔偿机制。

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

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