介绍:
各位好，今天非常荣幸邀请到大成律师事务所欧洲区中国业务主任peter deegan律师与大家一起交流中欧跨境投资并购与合资的机遇挑战和解决方案。peter是英国律师，也是一名典型的国际级律师，他曾在澳大利亚、英国、美国、匈牙利、波兰、西班牙、俄罗斯、土耳其和阿联酋生活和工作。
Hello everyone it is my great pleasure to have our colleague Peter Deegan with us today. Peter is the Head of the China Business Group of Dentons Europe. He is an English qualified lawyer with 40 years experience and he has lived and worked in Australia, United Kingdom, United States, Hungary, Poland, Spain, Russia, Turkey and the United Arab Emirates.
Qianwu: Peter, you are just completing a 3-week visit to China during which you have visited various cities. Is there any theme that has emerged from your talks with Chinese companies?
您马上就要结束您在中国的三周之旅，您也拜访了我们的很多中国客户。在您和中国客户的交流中，都出现了那些交谈的主题。
Peter: Yes. The impetus to invest abroad is strong, with more interest being shown in Europe – especially Germany. And another theme is investment along the route of One Belt, One Road
是的。中国客户去海外尤其是欧洲投资的动力是很强的，大家对德国的投资并购性质尤其浓厚。另外一个主题就是沿线的投资。
Qianwu: What kinds of investments have Chinese companies been talking to you about?
中国客户都和您提及了那些投资类型。
Peter: Of course, it varies by sector, but the common theme is a desire to move up the value chain. Many Chinese companies are interested not only in getting better access to European and other overseas markets, but also in bringing back to China some of the technology and management expertise they see in Europe. There’s a big interest in robotics and other IT innovations and in clean energy and environmental protection.
各个领域都有，但共同的主题是提升价值链。很多中国企业不能对进入欧洲和海外市场感兴趣，也对把欧洲的技术和管理引入中国很感兴趣。大家普遍对机器人以及其他IT创新技术、清洁能源和环保抱有很大兴趣。
Qianwu: Are there any sectors where China has a technological advantage?
中国的企业在哪些领域有技术优势呢？
Peter: China’s nuclear power industry is very advanced. Although Germany has moved away from nuclear power, for many countries nuclear power is becoming more important for base load generation. China is also the leading manufacture of photovoltaic cells and it is a leading wind turbine manufacturer. Energy investments represent the biggest share of foreign investment by Chinese enterprises and this seems likely to continue.
中国的核技术非常先进。尽管德国从核能领域退出了，但对很多国家来说，核能对于基础电能负荷变得日益重要。
Qianwu: China’s steel industry has been very much in the news lately, with Chinese exports facing punitive tariff barriers and anti-dumping law suits in various countries. What’s your view on this?
由于中国钢铁出口在多个国家面临惩罚性关税壁垒和反倾销诉讼，中国的钢铁工业最近频频出现在新闻中，您对此有何看法？
Peter: China produces half the world’s steel. As growth slows down in China and the rest of the world, the steel industry will rationalize. There will be consolidation and capacity cuts in China. So it makes sense for Chinese steel makers to invest globally, especially in high value downstream products. This is already happening, but it can be expected to accelerate. One Belt One Road will be important because, as well as consuming a lot of steel, it will create a chain of development along its route and that’s where we should see increasing Chinese investment – in places like Iran, Turkey and Egypt where there are large internal markets as well as proximity to significant regional markets.
全球一般的钢铁产量来自中国。当增长在中国和世界其他地方开始放缓，钢铁产业将关停并转。中国将会出现产能整合和消减。所以对中国钢铁产商来说，全球性投资是有意义的，尤其是更高价值的下游产品。实际上这已经在发生，而且将会加速发生。将很重要，这是因为建设将会消耗很多钢材，这本身会在沿线创造一个发展链条，在这个链条上我们应看到更多的中国投资，例如伊朗、土耳其和埃及，这些地方不仅有很大的国内市场，而且这些地方还接近重要的区域市场。
Qianwu: Are we able to assist Chinese clients in this process?
我们能否在这个过程中协助我们的中国客户呢？
Peter: Yes. Dentons has the most comprehensive network of offices along the route of One Belt One Road. When you couple this with the largest network of offices in China, we are well placed to help Chinese clients wherever they go. We are able to serve clients locally and globally. Already we have many Chinese lawyers spread across our network and we plan to have more.
当然，因为我们大成在沿线有非常全面的办公室布局。由于我们大成在中国也有顶级的办公室网络布局，我们大成在全球不论是我们的中国客户走到哪里，我们都可以为我们的中国客户提供无缝连接的服务。毫无疑问，我们可以在中国本土和全球为我们的客户提供服务。我们已经在我们的欧洲各办公室安排中国律师同事，而且我们将会安排的更多。
Qianwu: Finally, what are the most important things Chinese companies need to consider when investing abroard?
最后一个问题，我们的中国客户去海外投资的时候，有哪些最重要的事情需要考虑呢？
Peter: First of all, thorough risk analysis is vital. This means doing detailed market, financial and legal and tax due diligence. Use experienced local experts and bring them in early. Second, is to think carefully about how to finance the acquisition. Consider foreign exchange risks and tax treatment in China and in the target’s country, as well as the level of financial support that the Chinese parent company is willing to provide. Third is to plan the post-acquisition integration from the outset. Many M&A deals fail to realize value because the buyer doesn’t have a clear plan for the target from the outset. Integration takes a lot of effort and, if it doesn’t begin on day one, the value of the target can easily decline as high-value employees leave because they don’t know what the future holds for them.
首先，详尽的风险分析是极为重要的。这意味着详细的市场、金融、法律和税务尽职调查。我们应该在投资的早些阶段聘请来自当地的专业人士。第二，我们应谨慎的思考如何来为这些投资收购安排融资。考虑到中国和投资目标地区的外汇和税收问题，以及中国母公司愿意提供的融资支持。第三，是要在一开始的时候就要考虑并购后的整合问题。很多并购交易没能实现价值，实际上是因为买方对于投资标的公司在开始的时候就没有清晰的计划。整合将需要很多努力的，而且，如果整合不是在一开始的时候筹划，目标公司的价值可能很容易降低因为高价值的员工可能会离开，因为这些高价值员工不知道他们在新公司的未来。
Qianwu: many thanks for you insightful and comprehensive analysis. considering you are leaving China in one hour, let’s wrap it up here. fortunately, i know you will come back to china regularly and the nearest time is next month. Many thanks again and have a nice trip to Australia .
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