The Bridge - N°

Transcription

1 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 The Journal Of SwissCham China 中国瑞士商会会刊 Cover Story 封面故事 Summer 2016 Issue 年春季刊 第 43 期 First Mover Advantage 首发优势 Patrick Scheibli, Managing Director of Fracht (Shanghai) talks on 20 years of logistics in China 瑞仕富达上海公司总经理 Patrick Scheibli 谈进入中国 20 年在物流行业的发展 Finance under the new normal Banking in China 新常态 下的金融市场中国的银行业 Latest Swiss Business Survey Positive Thinking 最新瑞士商业调查保持乐观 Beijing Shanghai Guangzhou SUMMER 2016 Hong ISSUE Kong 43 北京 橋上海 2016 广州年夏季刊 香港 第 43 期 1

2 Canton of Basel-Stadt INQUISITIVE MINDS & INNOVATIVE THINKERS Administrative building of the Novartis Campus in Basel by Frank O. Gehry / Photo by Novartis 2 Basel is the most dynamic business location in Switzerland and one of the most productive worldwide. Global players such as Novartis and Roche are based in Basel and the surrounding region. But many other companies as well from the research-oriented areas of life sciences, chemistry and nanotechnology are powerful drivers of innovation perhaps for your own career. CityBasel

3 BUY OR SELL USD/CNH? TAKE LEAD. Trade Forex with a Swiss Bank Forex Commodities Stock Indices Bonds Innovative banking technology Trusted by 220,000 traders worldwide swissquote.com/fx Swissquote Bank Ltd ( Swissquote ) is a bank licensed in Switzerland under the supervision of the Swiss Financial Market Supervisory Authority (FINMA). The support on which this advertisement is published (such as a newspaper or a magazine) might incidentally be distributed in the USA. Swissquote is not authorized as a bank or broker by any US authority (such as the CFTC or the SEC). The products and services presented in this advertisement are in particular not intended to US persons (such as US citizens, US residents or US entities organized or incorporated under the laws of the USA). This advertisement does not constitute an offer, a solicitation or an invitation to US Persons to purchase or sell any banking or financial products or use any banking or financial services. Swissquote does not open any account for US persons. The products and services presented in this advertisement are as a general rule authorized for sale in Switzerland only. They are not intended for any person/s who, based on their nationality, place of business, domicile or for any other reasons, is/are subject to legal provisions which prohibit foreign financial services providers from engaging in business activities in these jurisdictions, or which prohibit or restrict legal entities or natural persons from accessing websites of foreign financial services providers. FX Transactions with leverage are highly speculative. Trading FX bears high risk and might lead to the loss of your entire deposit. You should carry out FX transactions only if you understand the nature of such FX transactions and the extent of your exposure to risk, and if such FX transactions are suitable for you in light of your circumstances and financial resources. Swissquote neither assesses the suitability of FX transactions nor does it provide investment advice. No information 3 provided by Swissquote must be considered as an offer or a piece of advice.

4 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Presidents Page 总裁专栏 Dear Members and Readers, Bernhard Stefan President SwissCham Beijing 中国瑞士商会北京主席 In March 2016, SwissCham offices once again carried out their respective Regional Annual General Assemblies (RAGA) as well as the National Annual General Assembly (NAGA) this year in Shanghai. New boards of directors and regional representatives have been elected. Let me address my warm congratulations to the newly (re)elected directors and presidents. I am very much looking forward to working with all of you again in the future. I would also like to take this opportunity to thank our members for their continuous support marks the 20th anniversary of the establishment of SwissCham China, an iconic age. In the past two decades the value of Swiss exports to Mainland China has increased almost nineteen-fold, while Switzerland purchased ten times more in value from China. The number of Swiss companies established in China spectacularly increased to reach about 1,000 in The celebrations for the 20th anniversary were launched at the Swiss Traditional Dinner that followed the RAGA in Beijing during which we unveiled our 20th anniversary logo. It was followed by the NAGA and the Swiss Ball in Shanghai, as well as the 3rd SwissCham Open 2016 in Dongguan. We will continue to celebrate the anniversary throughout the year at other events with our members and partners. Alberto Bertoz President SwissCham Shanghai 中国瑞士商会上海主席 The highlight of the beginning of the year was undoubtedly the 4th Sino-Swiss Economic Forum successfully held on 8 April 2016 in Beijing, with the presence of the President of the Swiss Confederation, H.E. Johann N. Schneider-Ammann and the Vice Minister of Commerce of the P.R. China, H.E. Zhong Shan. More than 380 guests attended the event, including top leaders from Swiss and Chinese companies, as well as high level representatives from both countries. A report and pictures of the Forum are available in the Chamber News at the end of the magazine. Thank you for supporting SwissCham and let s continue the celebrations all year long! Yours sincerely, Gabriel Mallet President SwissCham Hong Kong 中国瑞士商会香港主席 Bernhard Stefan President SwissCham Beijing 亲爱的会员和读者朋友们 : 2016 年 3 月, 中国瑞士商会各地区办公室再次举办了各自的区域年度大会 (RAGA), 此外, 全国年度大会 (NAGA) 也成功的在上海举办 大会选举了新一任董事会和区域代表 在此, 请允许我对当选的新一任董事会和区域总裁表示最衷心的祝贺 我十分期待在未来的工作中与你们共事, 同时也要借此机会感谢各位会员对我们一直以来的支持 Alain Barblan President SwissCham Guangzhou 中国瑞士商会广州主席 2016 年是中国瑞士商会设立 20 周年, 这是十分有纪念意义的一年 在过去 20 年里, 瑞士向中国内地的出口总额增长了近 19 倍, 同时, 瑞士从中国的进口总额也增长了 10 倍多 截至 2015 年, 在中国设立的瑞士企业数已经达到约 1,000 家 20 周年的庆祝活动从北京区域年度大会上的瑞士传统晚宴开始正式启动, 会上, 我们还正式公布了 20 周年庆的周年纪念标志 庆祝活动在全国年度大会 在上海举办的瑞士舞会 (Swiss Ball) 以及在东莞举行的第三届瑞士商会高尔夫联谊赛上得到了延续 我们将继续在今年的其他活动中与会员和伙伴们共同庆祝这一周年纪念 2016 年上半年的重大事件之一无疑是 4 月 8 日成功在北京举办的第四届中瑞经济论坛, 瑞士联邦主席约翰施奈德 - 阿曼 (Johann N. Schneider-Ammann) 阁下和中国商务部副部长钟山阁下出席了论坛 此外,380 多名中瑞高层领导人和高层代表也参加了论坛 本期杂志的商会新闻栏目介绍了本届论坛的情况和相关图片 Daniel Meyer Chairman SwissCham China 中国瑞士商会中国主席 感谢各位对中国瑞士商会的支持, 我诚挚的邀请大家参与到中国瑞士商会的 20 周年庆活动中来! Bernhard Stefan 中国瑞士商会北京主席 4 SUMMER 2016 ISSUE 43

5 FRACHT FWO GROUP Your Swiss freight forwarder since 1955 Fracht USA : Own fleet of 8-, 12- and 16-axle depressed center rail cars, modern light-weight built FRACHT AROUND WORLD Australia, Austria, Brazil, Canada, Chile, China, Czech Republic, Denmark, France, Finland, Germany, Hong Kong, Hungary, Indonesia, Italy, Japan, Malaysia, Malta, Netherlands, Pakistan, Peru, Poland, Russia, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates, United Kingdom, United States of America.. and also on the web and why don't you follow us on facebook and twitter 5

6 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Contents 目录 Business News 商业新闻 10 Swiss-China Business News 瑞中商业新闻 Cover Story 封面故事 15 Financing for Foreign Firms 为外资企业提供融资 18 The Lure of Swiss Finance 瑞士金融市场入门 Interview 访谈 22 Market Mover 顺应市场变化 Expert Opinion 专家观点 26 Penetrating the Chinese Market 深入中国市场 In Focus 聚焦 30 Confident on China 对中国市场充满信心 Bilateral Relations 双边关系 34 Sino-Swiss Diplomatic Traffic 中瑞外交往来 Chamber News 商会新闻 38 Beijing 北京 46 Shanghai 上海 54 Guangzhou 广州 55 Hong Kong 香港 Economic Data 经济数据 58 Sino-Swiss Economic Data and Indices 中瑞经济数据与指标 DISCLAIMER is a quarterly publication. Editorial and advertising are independent and do not necessarily reflect the views of the Board, the members or the staff. Any article in The Bridge Magazine is for advertorial or information purposes only. It does not reflect the views of the Swiss Chamber of Commerce in China and Hong Kong, and therefore they may not be held liable. 免责声明 桥 是一本季刊 杂志内所有评论和广告都是独立的, 不代表瑞士商会 会员或员工的观点 该杂志中所有的评论式广告或信息不代表中国瑞士商会和香港瑞士商会的观点, 中国瑞士商会和香港瑞士商会对此不承担责任 6 SUMMER 2016 ISSUE 43

7 欧盟原装进口 EU Import 加湿净化二合一功能 2-in-1 hybrid device: Choice of operating as a Humidifier and/or Purifier 0 臭氧排放 Zero Ozone LEARN MORE LEARN MORE H680 HYBRID HUMIDIFIER & PURIFIER 博瑞客 H680 空气处理器 boneco.com.cn BONECO Trading (Jiaxhing) Co., Ltd. No.1184 Gangshan Road, Jiaxing Economics & Development Zone Jiaxing, Zhejiang Province Phone: Fax: 博瑞客贸易 ( 嘉兴 ) 有限公司 浙江省嘉兴经济技术开发区塘汇街道岗山路 1184 号

8 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 The Bridge Team 桥 团队 Publisher 出版机构 : SwissCham China Administrator 管理机构 : SwissCham Shanghai Managing Editor 执行编辑 : Geoff de Freitas Editor 编辑 : Thomas Mckinley Editorial Support Staff 编辑人员 : Rolf Studer (Beijing 北京 ) / Joyce Chan (Hong Kong 香港 ) / Philip Kinseher (Guangzhou 广州 ) / Juana He (Shanghai 上海 ) / Peter Bachmann (Shanghai 上海 ) Bridge Oversight Board 桥 监督委员会 : Ken Goenawan (Shanghai 上海 ) / Pauline Houl (Beijing 北京 ) / Philip Kinseher (Guangzhou 广州 ) / Ivo Hahn (Hong Kong 香港 ) / Rolf Studer (Beijing 北京 ) / Peter Bachmann (Shanghai 上海 ) Marketing and Sales 市场营销 销售 : SwissCham Shanghai Translation 翻译 : Jina Sun 孙继娜 Copy Editing / Proofreading 审稿 / 校对 : Jina Sun 孙继娜 / Andy Walkington Layout Design 编排设计 : Global Media Solutions Ltd Printer 印刷商 : Shanghai Sea Bird Printing Co Ltd. Cover Picture 封面图片 : Fracht Circulation and Advertising Contacts 发行及广告联络处 - Shanghai Address: Room 915, No.1388 North Shaan Xi Road, Shanghai 上海市陕西北路 1388 号银座企业中心 915 室 Post Code: Tel: info@sha.swisscham.org - Beijing Address: Room 611, Xinyuanli West 19, Chaoyang District, Beijing 中国北京市朝阳区新源里西 19 号 611 室 Post Code: Tel: info@bei.swisscham.org - Guangzhou Address: 27th Floor, Grand Tower No.228 Tianhe Road, Guangzhou 广东市天河路 228 号广晟大厦 27 楼 Post Code: Tel: info@swisscham-gz.org - Hong Kong The Swiss Chamber of Commerce in Hong Kong Limited c/o Franke Address: Flat B 19/F., Soundwill Plaza Phase II-Midtown, No Tang Lung Street, Causeway Bay, Hong Kong 香港铜锣湾登龙街 1-29 号金朝阳中心二期 19 楼 B 座由弗兰卡公司轉交香港瑞士商会 Tel: admin@swisschamhk.org Website: A Big Thanks to Our Advertisers and Sponsors 特别感谢本刊所有赞助商 Inside Front Cover: City of Basel First Page: Swissquote Inside Back Cover: Regus Outside Back Cover: Swiss Airlines P5: Fracht P7: Boneco P9: DHL P13: Schuler P17: College du Leman P37: Swiss Center CONTRACT PUBLISHED BY A special thanks to our distribution sponsors: 8 SUMMER 2016 ISSUE 43

9 CONNECTING YOUR BUSINESS TO CHINA Your partner for shipments from and to China, providing the best connections to strengthen your competitive position in the global market! Benefit from our expertise in logistics by air freight, ocean freight, railway transportation and more. Get in contact with our specialist: Luca Ribaux - Trade Lane Manager Asia

10 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Business News 商业新闻 Swiss-China Business News 瑞中商业新闻 A round-up of the main recent China business stories involving or affecting Swiss companies. 近期包含或影响瑞士企业的主要中国商业新闻 综述 New visa requirements damage China tourism Last winter, the number of Chinese tourists visiting Switzerland declined for the first time, according to the Swiss National Tourist Office, with the new requirement for biometric fingerprint data for visas cited as one of the key factors. This has been mandatory for anyone applying for a visa to Europe s Schengen zone of countries, which includes Switzerland, since last November. Now all Chinese visa applicants must travel to a Swiss consulate in person to apply. In order to submit fingerprint data for a visa, Chinese tourists have to trudge through the vast expanses of their own country, which is nothing short of an additional barrier, said Jürg Schmid, head of Switzerland Tourism in an interview with Swiss public television service, SRF. In addition to visa issues, weak domestic growth, a higher Swiss franc, increased fears of terrorist attacks and the ongoing European refugee crisis have also impacted tourist numbers. 23 May 2016 SSM Zhongshan moves to Sino-Swiss Industrial Park Schärer Schweiter Mettler (SSM), a Switzerland-based textile machinery manufacturer, has recently announced the relocation of its SSM Zhongshan plant to the Sino-Swiss Industrial Park (SSIP) in Cuiheng new district, Zhongshan, China. The SSM Zhongshan division manufactures and assembles winding machines for the Asian market. The company also functions as a logistics base for spare parts and is capable of handling all electronic circuit boards and components used in SSM machines. The new location of SSM Zhongshan is equipped with a product showroom that figures as a technology centre for product demonstrations, customer-specific trials and product development. 20 May 2016 签证新规损害瑞士旅游业瑞士国家旅游局的信息显示, 去年冬天, 赴瑞士旅游的中国游客数量首次出现下滑, 主要原因之一是要求采集指纹信息的签证新规定 这一规定自去年 11 月起对所有前往欧洲包括瑞士在内的申根签证申请者强制执行, 这要求所有中国游客在申请签证时必须本人前往瑞士领事馆办理 为了采集指纹信息, 来自中国各地的游客不得不往返奔波, 这增加了签证的繁琐程序, 瑞士旅游局负责人 Jürg Schmid 在接受瑞士公共电视台 SRF 的采访中表示 除了签证的问题外, 国内经济增长缓慢 瑞士法郎升值 对恐怖袭击的担忧以及欧洲一直以来的难民危机也影响了游客的数量 2016 年 5 月 23 日 SSM 中山工厂迁至中瑞工业园瑞士纺织品机械生产商 SSM 公司 (Schärer Schweiter Mettler) 近期宣布将其中山工厂迁至中山市翠亨新区中瑞工业园 (SSIP) SSM 中山工厂主要针对亚洲市场生产 组装络纱机, 是公司的零部件物流基地, 拥有处理 SSM 机械所有电子电路板和部件的能力 10 SUMMER 2016 ISSUE 43

11 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Business News 商业新闻 ChemChina Extends $43 Billion Syngenta Offer China National Chemical Corp extended its tender offer for Syngenta AG shares by more than a month as it waits for regulatory approval for its planned US$43 billion takeover of the Swiss seed and pesticide maker. State-owned ChemChina offered in February to buy Syngenta for $465 a share in cash plus a special dividend of five Swiss francs a share. The main offer period has been extended to July 18, with potential further extensions to be determined, CNAC Saturn, an arm of ChemChina, said in a statement. The previous deadline was May 23. ChemChina aims to complete the deal by the end of 2016 in what would be the biggest acquisition by a Chinese firm. The transaction will need approval from antitrust authorities in Europe and also from a U.S. national security panel called the Committee on Foreign Investment in the United States. The U.S. Department of Agriculture has agreed to join the U.S. state panel in the review, Reuters has said until approval is granted, ChemChina may continue to extend the main offer period until Nov. 23, according to the prospectus. After this date, the Swiss Takeover Board would need to sign off on any further changes to the deadline. 17 May 2016 Credit Suisse ups efforts on China Asia will continue to be a priority region for growth for Swiss financial firm Credit Suisse as the bank s net new assets for private banking rose to USD4.4bn in Q1. According to a Reuters report, Credit Suisse is planning to hire more staff in the region to build on its momentum despite Asia Pacific s slowing economies and cut-throat competition. In the first three months of the year, Credit Suisse saw a pickup in inflows of net new money into its Asia Pacific private banking unit while it continues to struggle overall. In a statement, Credit Suisse said it will raise the number of its staff in the region to 800 by 2018 after hiring 40 in the March quarter that took the tally to 630 by end-march. 13 May 2016 Clariant increases resources in China Swiss specialty chemical giant Clariant International is beefing up its resources and management in China. Christian Kohlpaintner, a member of the company s four-member executive committee, has relocated to Shanghai in April to oversee the company s Asia-Pacific operations, the company announced in Shanghai last month. The company also predicts that by the end of the decade, about 60 percent of absolute growth in chemical sales will take place in China. Between 2010 and 2020, China s chemical industry will more than double to about $1.9 trillion, the company predicts. Clariant, which set up its first office in Tianjin in 1995, now has more than 1,500 employees in its greater China region. Except for a factory in Kunming, all the company s mainland facilities are located along the East Coast. Last year s regional sales totaled 640 million Swiss francs ($660 million), about 11 percent of global sales of 5.8 billion Swiss francs ($5.99 billion). 13 May 2016 SSM 中山工厂的新厂址配备了产品展览室, 作为产品展示 客户特定测试和产品开发的技术中心 2016 年 5 月 20 日中国化工集团延长对先正达的报价期由于较长的行政审批过程, 中国化工集团延长了以 430 亿美元的报价收购瑞士种子和农药生产商先正达的报价期, 延期一个多月 中国国有企业中国化工集团在今年 2 月时提出以每股 465 美元的价格加上每股 5 瑞士法郎的特别分红以现金的形式收购先正达 中国化工集团子公司 CNAC Saturn 在一份声明中表示将报价期延长至 7 月 18 日, 未来还可能进一步延期 之前的报价截止日期为 5 月 23 日 中国化工集团拟在 2016 年年底前完成收购, 这将是中国企业最大的海外并购交易 交易将需要获得欧洲反托拉斯当局以及美国国家安全委员会美国外国投资委员会的批准 美国农业部已同意加入美国国家委员会的审批, 据路透社报道, 在审批结束前, 中国化工集团有权将报价期延长至 11 月 23 日 期间, 瑞士收购委员会必须签字同意每次对报价截止日的推迟 2016 年 5 月 17 日瑞信继续推进中国业务亚洲将继续成为瑞士金融公司瑞信的首要增长地区, 今年一季度, 瑞信在亚洲的个人银行业务新增净资产达 44 亿美元 据路透社报道, 在这一增长势头下, 瑞信计划扩大在该地区的人才招聘, 尽管亚太区正承受着经济增速放缓和激烈的市场竞争等挑战 虽然整体形势仍不太乐观, 今年前三个月, 瑞信亚太区个人银行业务新净资产流入实现增长 瑞信在一份声明中表示, 截至 2018 年, 公司在该地区的人员将增至 800 人, 在 40 名新人于三月份入职后, 截至今年 3 月底, 瑞信在亚太区的员工总数为 630 人 2016 年 5 月 13 日科莱恩加快中国布局瑞士特种化学品公司科莱恩国际不断增强在中国的布局和管理 科莱恩近期宣布, 公司由四位高管组成的委员会成员之一 Christian Kohlpaintner 于 4 月份被调派至上海, 主要监管公司在亚太地区的运营 公司还预测截至 2020 年,60% 的化学品销售增长将来自中国 据公司预测, 在 2010 年至 2020 年前, 中国的化学品行业将翻一番并增至约 1.9 万亿美元 科莱恩于 1995 年在天津设立首个办公室, 迄今为止在大中华区共拥有 1,500 多名员工 除了昆明工厂外, 公司在中国内地的所有生产设施都设在东部沿海地区 去年公司的区域销售额达到 6.4 亿瑞士法郎 (6.6 亿美元 ), 占全球总销售额 58 亿瑞士法郎 (59.9 亿美元 ) 的 11% 2016 年 5 月 13 日 SUMMER 2016 ISSUE 43 11

12 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Business News 商业新闻 China acquiring a taste for chocolate Barry Callebaut AG, which makes one out of every five chocolate products, is renewing its push in China, according to a Bloomberg report. The Zurich-based company plans to add several smaller factories and work with Chinese producers to improve the quality of their products, according to Chief Financial Officer Victor Balli. We believe we should go in, maybe at a lower price point, but slightly upgrade the taste, said Balli. You conquer the market and gain size, but you have to be willing to live with zero to very small, maybe even negative, margins. But you d be in the market, and once this market grows, you d grow with it. Barry Callebaut is a well-known brand inside the industry despite its low profile with consumers. China only makes up about 2 percent of global chocolate consumption, the market is forecast to grow 47 percent by 2020, according to data tracker Euromonitor. 28 AprIL2016 Switzerland officially joins AIIB On April 25th, Switzerland officially ratified its membership of the newly created Asian Infrastructure Investment Bank (AIIB) and has become its 37th founding member. The Chinese-led body will bankroll transport links and other large scale projects in the region. Switzerland has pledged to underwrite $706.4 million ($691 million) of the bank s capital, which aims to reach $100 billion once all contributions are paid in. Under the terms, Switzerland will now release US$28.26 million being the first of five instalments. The country has also proposed Johann Schneider-Ammann and Didier Burkhalter as the country s AIIB Governor and Acting-Governor respectively. Switzerland will vote in a bloc alongside Denmark, Iceland, Norway, Poland, Sweden and the United Kingdom. 25 April 2016 Marine insurance demand to rise in China Experts at Zurich General Insurance predict a rise in demand for marine cover from Chinese companies as China s Belt and Road initiative raises the number of overseas projects involving Chinese firms. Scott Yao, China head of the marine department of Zurich was quoted by Shanghai Daily as saying that demand for cargo and affiliated Delay in Start-Up (DSU) insurance will continue to grow by double digits in the coming years. Yao said China s Belt and Road vision will encourage more investment into overseas infrastructure and resources projects, and cargo cover will be needed to protect against material losses during transportation. DSU policies will protect against the indirect financial losses caused from delayed construction and will be an essential requirement for getting financing from banks, Yao said. 8 April 2016 巧克力公司进入中国市场据彭博社报道, 占全球巧克力市场五分之一的瑞士巧克力公司 Barry Callebaut AG 推出全新的中国市场战略 据公司首席财务官 Victor Balli 表示, 公司计划在中国增开几家小型工厂, 并与中国生产商合作帮助它们提升产品品质 我们认为应该进入中国市场, 也许以较低的价格进入, 只需要对巧克力的味道进行微调, Balli 说, 公司可以赢得市场份额和规模, 但也必须承担得起从零利润甚至是亏损到较低利润的压力 只有进入市场, 在市场成长时, 企业才能随之成长 Barry Callebaut 是一个知名巧克力品牌, 尽管公司在市场推广方面较为低调 据数据监测公司 Euromonitor 表示, 目前中国对巧克力的消费量仅占全球的 2%, 截至 2020 年, 该市场有望增长 47% 2016 年 4 月 28 日 瑞瑞士正式加入亚投行 4 月 25 日, 瑞士正式成为亚洲基础设施投资银行 (AIIB) 的一员, 成为亚投行的第 37 位创建成员国 由中国牵头的亚投行将主要为该地区的交通运输路线和其他大型项目建设提供资金支持 瑞士承诺提供 7.06 亿美元 (6.91 亿瑞士法郎 ) 作为银行资本, 预计所有出资到位时亚投行的总资本将达到 1,000 亿美元 根据相关条款规定, 作为五次分期付款中的第一次, 目前瑞士需出资 2,826 万美元 此外, 瑞士还提名约翰 ä 施奈德 - 阿曼 (Johann Schneider-Ammann) 和迪迪尔 ä 布尔克哈尔德 (Didier Burkhalter) 分别为国家亚投行管理人和执行管理人 瑞士将与丹麦 冰岛 挪威 波兰 瑞典和英国一起进行区域投票 2016 年 4 月 25 日 中国对海洋险的需求提高 4 苏黎世一般保险公司 (Zurich General Insurance) 的专家预测, 随着 一带一路 倡议的推进, 中国企业参与的海外项目持续增加, 这将提高中国企业对海洋险的需求 苏黎世海洋部的中国区负责人 Scott Yao 在接受 上海日报 的采访中表示, 未来几年中国对货运险和附加延迟开工险 (DSU) 的需求将继续保持两位数增长 Yao 表示, 中国的 一带一路 愿景将鼓励更多的资金进入海外基础设施和资源项目中, 企业将需要货运险来保障运输中任何可能产生的材料损失 Yao 表示, 延迟开工险的政策将保护企业不受由于开工延迟而导致的间接财务损失, 这将是企业从银行获得融资的基本要求 2016 年 4 月 8 日 12 SUMMER 2016 ISSUE 43

13 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Business News 商业新闻 Swiss and Chinese presidents meet in Beijing Swiss President Johann Schneider- Ammann has met his Chinese counterpart Xi Jinping in Beijing, where the two agreed to an innovative strategic partnership. The aim, according to the economics ministry, is to give an added dimension and fresh impulse to bilateral relations. During the visit part of a three-day state visit to China seven agreements and protocols were signed. Three concern cooperation on matters of occupational safety, scientific cooperation and cooperation between Switzerland Innovation and Tsinghua University Science Park; and four concern the Sino-Swiss Low Carbon Cities (SSLCC) project, which aims to promote the sustainable growth of Chinese cities. With the establishment of the innovative strategic partnership, Switzerland joins some 60 states with which China has entered into such partnerships. 7 April 2016 Social Insurance rates drop in China On March 21, 2016, the Shanghai Municipal People s Government announced reduced employer s contribution rates to basic pension, 中瑞国家领导人在北京会面瑞士联邦总统约翰 ä 施奈德 - 阿曼 (Johann Schneider-Ammann) 与中国国家主席习近平在北京会面, 双方达成了 创新型战略伙伴关系 据经济部的消息称, 这一伙伴关系将为双边关系 带来附加维度的 全新的动力 在访问期间 作为三天访华日程的一部分 双方签署了七项协议和协定书 其中三份与职业安全 科技合作和瑞士创新与清华大学科技园间的合作有关 ; 四份与中瑞低碳城市 (SSLCC) 项目有关, 旨在促进中国城市的可持续性发展 创新型战略伙伴关系 的建立标志着瑞士成为 60 多个与中国达成此类伙伴关系的国家之一 2016 年 4 月 7 日 中国降低社保缴纳要求瑞 2016 年 3 月 21 日, 上海市人民政府宣布降低企业支付的基本养老保险 基本医疗和失业保险的比率 截至 2016 年 3 月 24 日的信息显示, 下调将追溯至 2016 年 1 月 1 日, 员工的缴纳比率不变 在早前的 2016 年 1 月 5 日, 北京市人力资源与社会保障局同样宣布调整工伤险的比率, 执行 SUMMER 2016 ISSUE 43 13

14 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Business News 商业新闻 basic medical and unemployment insurance. Based on information obtained until March 24, 2016, the reduction is effective retroactively since January 1, Employees contribution rates remain unchanged. Earlier, on January 5, 2016, the Beijing Human Resource and Social Security Bureau also announced newly adjusted contribution rates for work-related injury insurance, to be implemented as of July 1, Given the substantially higher cap in Beijing i, mandatory insurance of foreigners and roughly 5% higher overall employer contribution rates, Beijing is now more expensive than Shanghai. In October 2015, Tianjin issued notices regarding reduced contributions rates to the work-related injury insurance and maternity insurance, effective as of October 1, Since the beginning of 2016, other provinces, municipalities and cities have also released local rules to reduce social insurance contribution rates. 21 March 2016 Novartis settles SEC China bribe case for USD25m Novartis AG has agreed to pay USD25m to settle a U.S. Securities and Exchange Commission (SEC) case in which it claimed that the drugmaker had violated the Foreign Corrupt Practices Act by paying bribes to health professionals in China to increase sales from 2009 to 2013, according to Bloomberg. The SEC has now issued a cease-and-desist order and said that Novartis submitted a settlement offer and that the agency has accepted it. The company s payment includes USD2m in a civil penalty and USD1.47m in interest. Novartis has neither confirmed nor denied that it accepts the SEC s allegation against its conduct. The issues raised by the SEC, which relate to our subsidiaries in China and go back as far as 2009, largely pre-date many of the compliance-related measures introduced by Novartis across its global organization in recent years, Novartis spokesman Eric Althoff said. 24 March 2016 Tudor says HK watch market could get worse Tudor, Rolex s sister brand, said that the Hong Kong market may get worse as rich Chinese shop for luxury goods in markets with lower prices, according to Bloomberg. Swiss watch exports to Hong Kong slid 25 percent in February, dropping for the 13th consecutive month, according to the Federation of the Swiss Watch Industry. In mainland China we ve already touched the bottom of the pool, said Philippe Peverelli, chief executive officer of Tudor. As for Hong Kong, I ve never seen such a deep pool. We haven t reached the bottom there yet. Hong Kong became the biggest export market for Switzerland s timepieces almost a decade ago, In the past three years, however, the Chinese government s crackdown on bribery and extravagance has taken a heavy toll on the market. Last year Tudor got just under 60 percent of its sales from greater China, down from more than 90 percent in March 2016 日期为 2016 年 7 月 1 日 由于北京较高的缴费基数 强制要求外国人缴纳保险以及企业缴费比率高出约 5% 的情况, 目前北京的劳动力比上海更昂贵 2015 年 10 月, 天津发表公告表示降低工伤险和生育险, 并于 2015 年 10 月 1 日起正式开始实施 自 2016 年初以来, 其他省份 自治区和直辖市也都分别出台了降低社会保险比率的政策 2016 年 3 月 21 日诺华为贿赂事件支付昂贵代价据彭博社报道, 就美国证券与交易委员会 (SEC) 指控的诺华违反 美国反海外腐败法 的规定, 在 2009 年至 2013 年期间为了提高公司的销售额而贿赂中国的医疗界专业人士的案件, 诺华公司同意支付 2,500 万美元的罚款 SEC 已向诺华发出了禁止令, 并表示诺华已提交解决方案,SEC 也接受了该方案 诺华支付的罚款中还包括 200 万美元的民事罚款和 147 万美元的利息 对于 SEC 的指控诺华未表示承认或是否认 SEC 提出的问题与我们在中国的分支有关, 而且要追溯到 2009 年, 这要远早于诺华于近年来才在其全球分公司引入的与合规相关的政策, 诺华发言人 Eric Althoff 表示 2016 年 3 月 24 日香港腕表市场面对更大挑战据彭博社报道, 劳力士的姐妹品牌帝舵表示由于中国富有的腕表消费者选择在价格更低的市场购买奢侈品, 香港腕表市场可能会进一步下滑 据瑞士钟表业协会的数据显示, 今年 2 月, 瑞士对香港的腕表出口下滑 25%, 连续 13 个月下滑, 我们在中国内地的销售已经触底, 帝舵首席执行官 Philippe Peverelli 表示, 而在香港, 底部如此之深以至于迄今为止我们仍然还未到底 约十年前, 香港成为瑞士最大的腕表出口市场 然而, 在过去三年里, 随着中国的反腐败和反浪费运动, 香港市场受到了严重的打击 去年, 帝舵在大中华区的销售额占比从 2010 年的 90% 多下滑至 60% 以下 2016 年 3 月 22 日 14 SUMMER 2016 ISSUE 43

15 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 Financing for Foreign Firms 为外资企业提供融资 As China embarks on transforming its economy it has introduced a raft of new regulations to bring its financial sector into line. But how much have things changed for Swiss businesses, particularly in the SME sector? 随着中国启动经济转型, 金融行业引入了一系列的新规定 瑞士企业尤其是中小企业面对着哪些变化呢? by Benjamin Hanna 作者 : Benjamin Hanna T he Chinese government for some time has been trying to steer the economy towards developing its own domestic markets and away from a reliance on an export-driven economy. Refocusing on domestic markets has meant strengthening infrastructure, creating jobs and cultivating business opportunities for the public. This in turn has meant encouraging the development of its own commercial sector and the financial services to support its development. This objective has led the administration to try and nurture its entrepreneurs better and provide the financial infrastructure to support them so their startups can turn into long term, sustainable larger businesses. To achieve this, the government is trying to promote the development of local small and medium sized businesses (SMEs), but so far this has brought limited results. The first challenge is that traditionally the government has focused its support on the large state owned enterprises (SOEs), and despite the recent change of direction, these still enjoy the lion s share of government largesse and the money lent by the big state-owned banks. Second, SMEs in China are still shunned by many banks, as thye are in many parts of the world, due to their lower earning potential and higher credit risk. For the government this is a problem, as in most developed countries around the world SMEs substantially outnumber state-owned businesses; they employ more people; they are generally regarded as major drivers of innovation, change and competition and they are a vital sector for the development of any economy. The third issue is patchy regulation and the lack of financial transparency and good financial practice in many private companies in the SME sector, means that banks are understandably nervous to lend. For most Chinese companies - unless they are listed and have to comply with statutory requirements - the quality of financial reporting is just not adequate to allow for big-scale lending. Manipulation of financial statements and even fraud are still far too common. A light on the horizon? But things may be changing. The recent policy shift away from SOEs towards promoting the riskier SME sector comes at a time when China is not only looking to develop a more diverse market economy, but also a solid middle class. Rather than nurture these sectors with subsidies and incentives, however, the CPC is increasingly trying to harness market forces. Banks in China are now under 随 着中国经济从以往的出口导向转型为国 内消费导向, 将重点重新放回国内市场意 味着加强基础设施建设投资 创造更多的 就业机会和为公众提供更多的商业机会 相应的, 这表示中国将鼓励其商业领域和金融服务领域的发展, 以支撑整个经济的发展 这一目标引导着中国的行政机构尝试更好的培养企业家, 为他们提供更好的融资机会以帮助这些新兴企业实现更长期的 更可持续性的规模发展 为了实现这一目标, 政府不断鼓励本土中小企业的发展, 但迄今为止收效甚微 首要的挑战是多年以来政府一直将支持的重点放在大型国有企业身上, 尽管近年来政府的政策有所转变, 但国有企业仍然享受着政府慷慨的政策和大型国有银行的贷款支持 其次, 中国的中小企业受到许多银行的排斥, 因为它们潜在的低盈利能力和较高的信用风险 对于政府来说这是一个问题, 因为在全球的大多数发达国家, 中小企业的数量要远远多于国有企业的数量 ; 它们提供更多的就业机会 ; 它们被普遍的认为是创新 变化和竞争的主要推动力, 是国家经济发展的重要部分 第三个问题是不完善的法律法规以及许多私营企业和中小企业的财务缺乏透明性 财务实践有待提高, 这意味着银行在贷款给这些企业时会有许多顾虑 对于大多数的中国企业来说 上市公司除外, 因为它们必须遵守相关的法定要求 财务报告的质量不足以说服银行给予它们较大额度的贷款 此外, 操纵财务报告甚至是造假的现象仍然十分常见 地平线上的曙光? 不过, 情况也许正在改变 近期关于将发展重点从国有企业转移到风险较高的中小企业的政策恰 SUMMER 2016 ISSUE 43 15

16 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 pressure from the regulators, says Dr. Stefan Otto, Regional Board Member Asia, Commerzbank AG in Shanghai. Local and larger foreign banks have had to set up special departments for SME businesses and now must meet certain ratios regarding the percentage of SME business in their credit portfolio. Even so, Otto believes that this initiative has so far only had mixed results. Improving capital markets One area in which the regulatory environment is extremely challenging is in the country s capital markets. Although some progress has been made in recent years, the development of the capital markets in China still has a long way to go. Manipulation of financial reporting and fraud scandals are all too common occurrences in a system that is still severely lacking in transparency. The combination of this lack of transparency, dependable information and the propensity for the government to use the financial markets as an instrument to enact policy makes any large-scale or long term lending in China a risky business. The domestic stock exchanges, in particular, are very short term and plagued by speculation. Although the number of institutional investors active on the Chinese stock exchanges has increased substantially, they still tend to act in a similar manner to individual investors, so rather than providing stability by making long-term investment, they also seek out short term profits. Last year, the massive and radical intervention by the Chinese government to protect the markets from an even more serious crash than it experienced is testament to the seriousness with which the authorities take maintaining high corporate valuations. This may be one reason the government has so far not allowed foreign companies to list on the A share market. One of the government s concerns in so doing, suggests Ludwig Fella, Head of European Desk at Commerzbank s Shanghai Branch, could be that local investors would flock to the new quality in the market abandoning local listed companies, thus driving down their share price, at a time when it is trying to stimulate domestic enterprises. Still, the Chinese government is actively working on pragmatic solutions which will continue to improve their local markets and attract international business. One of the best improvements the government could make at this point would be introducing real CNY cross-border cash management. This is expected to happen soon, after the recent bout of CNY depreciation has stabilized. Then the way would be for the government to continue the process of liberalizing the Chinese economy with a more internationalized currency. Banking strategies The regulatory environment can be very difficult in China 中国的法规要求十分复杂 In part because of these initiatives, and also the unpredictable and fast changing economic and financial landscape in the country, there are still opportunities for the international banks in the Chinese market, particularly in niche sectors. An example is Commerzbank that has positioned itself to support international companies doing business or expanding their activities in the Middle Kingdom as a specialist that can help them in navigating China s complex and fast-changing markets. We can step in and provide both new and existing customers with valuable advice, says Otto. The regulatory environment can be very difficult in China, especially for companies with no experience of operating in the mainland. Another trend that is developing is that companies in China s second tier cities are getting more capital investment from the major financial hubs. 好发生在中国寻求发展更为多元化的市场经济和更为坚固的中产阶级的时间节点上 然而, 中国采取的策略是更多的利用市场力量, 而不是用补贴或是激励手段来培养这些企业 中国的银行承受着来自监管层的压力, 德国商业银行上海分行亚洲区董事会 成员 Stefan Otto 表示, 本土银行必须设立专门针对中小企业的部门, 而且每年给中小企业的贷款必须达到所有贷款的一定比例要求 尽管如此,Otto 和他的同事 德国商业银行上海分行公司银行业务负责人 Ludwig Fella 都认为这一策略到目前为止带来的效果是喜忧参半的 这些政策以及中国难以预测且瞬息万变的经济和金融市场格局, 使得国际银行尤其是在某些利基领域仍然拥有许多机会 举个例子来说 德国商业银行以服务于那些寻求进入中国市场或扩张中国业务的国际企业为定位, 以专家的身份帮助客户制胜于中国复杂和多变的市场 德国商业银行的介入将为新老客户提供有建设性的实用建议, Otto 和 Fella 表示, 中国的法规要求十分复杂, 尤其是对于那些没有在中国内地运营经验的企业来说 完善资本市场 在法规方面极具挑战性的一个领域是中国的资本市场 虽然近年来各方面不断完善, 但是中国资本市场的发展仍有较长的路要走 操纵财务报表以及财务造假的丑闻仍时有发生, 中国企业的财务体系的透明性仍亟待提高 缺乏透明性和可靠的信息以及中国政府倾向于利用金融市场来执行政策使得任何大额或长期的贷款都存在着较高的风险性 中国的股票市场尤其受制于投资者的短期和投机行为 尽管中国股票市场上活跃的机构投资者数量实现了大幅增长, 但是它们的投资行为仍然类似于个人投资者, 因此它们所追求的并不是长期投资以维持市场稳定, 而是寻求短期利益 去年, 中国政府不得不对股票市场进行大规模的根本性干预以避免市场遭遇有史以来最为惨重的暴跌, 这证明了中国政府在保持高企业估值方面的严肃性 这可能也是政府不允许外资企业在 A 股上市的原因之一 Fella 认为, 政府可能担心如果允许外资企业上市则可能导致所有的本土投资者蜂拥购入这些外资企业的股票而丢弃本土上市公司, 因而拉低它们的股价, 而这不是意在促进国内企业发展的政府所希望看到的 然而, 中国政府仍在积极寻求实用的方案来不断改善本土市场环境, 吸引国际企业 据德国商业银行称, 目前中国政府可以做的最好的改善是引入真正的人民币跨境管理, 在人民币贬值企稳后, 相信这将在不久的将来实现 这将为政府继续以更为国际化的货币推进中国经济自由化清扫障碍 国际银行策略 16 SUMMER 2016 ISSUE 43

17 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 Many international banks are turning their focus towards creating and managing more complex network of Chinese clients, and seeking out the opportunities in new parts of the country. To do this, the strategy of some of the larger banks like Citi, HSBC and Deutsch is to set up subsidiaries which allow them to obtain business licences for retail and private banking alongside their commercial banking interests. This strategy generally requires having a physical presence wherever the market is growing. Smaller niche players are taking a different strategy and focusing solely on a particular sector and thus avoiding the need to build extended branch networks. For those banks that focus on corporate finance for international businesses many of the changes in the domestic sector have had little impact on strategy. The new normal and new regulations that go with it, do not overly affect our strategy or the acceptable amount of risk we can entertain for foreign-invested SMEs, since their credit facilities in China are usually covered by parent companies abroad, says Otto. Swiss benefits 另一大趋势是在中国二线城市的企业可以从主要的 金融机构获得资本投资 许多国际银行开始将重点 转向创造和管理更为复杂的中国客户网络 在广泛 的中国市场寻求机会 为了这个目的 像花旗银行 汇丰银行和德国银行这样的大型银行的策略是开设 分支以获得开展私人银行业务的牌照并实现商业银 行利益 总的来说 这一策略要求在增长的市场建 立实体分支 然而 德国商业银行则采取了一套完 全不同的策略 它仍以公司银行为单一业务重点 集中开发这一领域的资源 对于德国商业银行这样以为国际企业提供公司 融资为业务重点的银行来说 中国国内市场的变化 对其策略影响有限 新常态和相应的新规对我们 的策略或是我们能为外资中小企业提供信用而承担 可接受风险的影响不大 因为我们在中国采用的信 用手段往往已经被在海外的母公司涵盖了 Otto 和 Fella 称 瑞士企业的利益 Still, Swiss companies are now benefiting from some of the changes. Thanks to the free trade agreement they can enjoy lowered import tax duties and other transaction costs for exports and imports. For Swiss companies one of the biggest advantages to the changing financial landscape is the steps that Switzerland has taken to become an offshore yuan trading centre, says Fella. Now, Swiss companies can set up offshore CNH accounts with banks in Switzerland at the parent company level. They can then switch payment streams with their China subsidiaries into CNH and hedge the CNH foreign exchange risk centrally. All of which makes commerce considerably more efficient and consequently, more profitable. 当然 瑞士企业也在从中国的某些变化中受益 自 由贸易协定使它们享受到了较低的进口关税税率和 其他进出口交易成本 对于瑞士企业来说 中国 不断变化的金融格局的最大优势之一是瑞士为成为 离岸人民币交易中心而做出的努力 Otto 和 Fella 说 现在瑞士企业可以在瑞士银行开设离岸人民 币账户 然后转账给他们在中国的分公司 从而集 中管理人民币外汇风险 这一切都使得商业变得更 高效和有利可图 Collège du Léman is one of the world s most renowned Swiss boarding schools educating the sons and daughters of the world s leaders in business, politics and the arts. Nestled on the outskirts of Geneva, Collège du Léman enrolls boarding and day students in a vibrant campus that brings together students with global perspectives to learn in a dynamic and secure educational setting. SUMMER 2016 ISSUE 43 橋 2016年夏季刊 第43期 FOR MORE INFORMATION PLEASE CONTACT US AT ADMISSIONS@CDL.CH

18 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 The Lure of Swiss Finance 瑞士金融市场入门 What should Chinese firms consider when acquiring a Swiss financial institution or launching an IPO in Switzerland. by Felix Sutter & Martin Liebi C hinese companies are increasingly looking overseas for their expansion, and are considering the options that Switzerland can offer them. Some may consider acquiring or investing in a Swiss-regulated financial institution, because of the current low prices of Swiss banking assets and Switzerland s world class reputation as a financial centre. Others may look closely at an initial public offering (IPO) in Switzerland, because of the advantages associated with being listed on the Swiss stock exchange, such as its deep liquidity, high valuation multiples, outstanding international reputation, market-driven regulatory environment and high-calibre advisors. In this article, we highlight some of the key elements to consider in any acquisition of a Swiss-regulated financial institution. This includes such entities as a bank, securities 18 中国企业收购瑞士 金融机构或在瑞士 IPO 时应注意哪些 问题 作者 : Felix Sutter & Martin Liebi 中 国企业开始越来越频繁的寻求海 外扩张 瑞士所能提供的选择也 是它们的诸多考虑之一 由于当 前瑞士银行资产较低的价格和瑞士世界级 金融中心的声誉 使得一些企业考虑收购 或是投资瑞士监管的金融机构 此外 在 瑞士证券交易所上市的诸多优势 较强 的流动性 较高的估值倍数 良好的国际 声誉 市场化的监管环境和高级顾问资源 也使得一些企业考虑在瑞士 IPO 在本文中 我们着重介绍了收购瑞 士监管的金融机构 包括银行 证券交 易商 基金管理公司 集合投资计划的资 产管理公司或是保险公司 以上均称为 SUMMER 2016 ISSUE 43 橋 2016年夏季刊 第43期

19 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 dealer, fund management company, asset manager of collective investment schemes or an insurance company (all referred to as Target ). We also take a close look at launching an IPO in Switzerland. Acquisition of a Swiss financial institution Transaction Structure: A Chinese buyer can acquire a Target under Swiss law in many different ways, such as: (1) in a public takeover in the event that the target company is listed on a Swiss stock exchange; (2) a merger by means of an absorption or combination of multiple companies, (3) by purchase of shares (share deal); (4) an individual acquisition of assets (regular asset deal); (4) a de-merger by spinning of a business in exchange for shares in the acquiring company; and (5) an acquisition of assets and liabilities in bulk by means of a specific transfer agreement of selected assets and liabilities listed on an inventory. The preferred transaction structure will depend upon the goals pursued by the acquisition and the riskiness of the Target. Share deals were the most preferred acquisition method prior to the financial crisis. However, asset and liability deals in bulk have recently replaced share deals. This is because they provide the ability to cherry-pick assets and clients and omit any potential non-quantifiable liabilities attached to ailing Targets, e.g. as a result of impending tax claims by foreign authorities directed at the Target. Swiss banking secrecy: This feature of operating in Switzerland still has a high impact, and deserves special mention. It generally involves the protection of the secrecy of banking customers data. The practice of Swiss banking secrecy affects an acquisition on multiple levels. The names of the bank s clients might neither be disclosed in the due diligence process nor on the inventory list to be submitted to the commercial register, in case of an asset transfer in bulk. Regulatory treatment of a transaction by FINMA: The Swiss Financial Supervisory Authority, FINMA, must be informed in detail about any transaction related to a Target. It also has the right to approve such a transaction and to request additional information. FINMA is generally an approachable and reasonable regulator. Much can be gained by approaching FINMA proactively preferably with a local representative -- and clearly communicating the strategy pursued by the acquisition. In a merger or a substantial banking asset transfer, a new licence will have to be obtained from FINMA in case the entity resulting from the transaction will engage in an activity requiring supervision by FINMA. In a share deal, anyone buying or selling directly or indirectly a participation of at least 10 per cent in the Target or having a material impact on the business activity of the Target must undergo an approval process with FINMA. The authority must also be notified of any later increase or decrease of such a participation exceeding or falling below 20 per cent, 33 per cent, or 50 per cent of the capital or voting rights. FINMA must also approve the purchase by any non-swiss person or entity (e.g. Chinese) of a qualified shareholding in a Target. In case the Target becomes part of a financial group or conglomerate headquartered in China, adequate supervision in China is required to get FINMA s approval. 标的 ) 时企业应考虑的主要要素 我们还将详细的介绍一下瑞士的 IPO 政策 收购瑞士金融机构交易结构 : 依照瑞士法律, 中国企业可以通过多种不同的方式收购标的, 如 : (1) 公开购入在瑞士证券交易所上市的标的公司 ;(2) 合并, 即吸收或整合多家企业 ;(3) 购买股权 ( 股权交易 ); (4) 个人资产收购 ( 常规资产交易 );(5) 分拆, 即通过分拆业务交换收购公司的股权 ;(6) 通过财务目录下的选定资产和负债的特别交易协议大量收购资产和负债 优选的交易结构取决于收购的目的和标的的风险 在金融危机之前, 股权交易是最受欢迎的收购方式 然而, 近期大量购入资产和负债取代股权交易成为最受欢迎的收购方式, 原因是前者允许收购方选择资产和客户, 这有助于避开标的潜在的非优质负债, 如由于即将发生的来自外国当局的税收债权等 瑞士银行业的保密性 : 在瑞士运营的这一特点仍然具有较高的影响力, 需要特别的关注 它往往涉及到银行客户数据的保密性 瑞士银行业的保密性的实践会对收购产生多个层面的影响 在大量资产转让的情况下, 银行客户的姓名不得在尽职调查过程中泄露, 也不得出现在用于提交给商业注册的财务账目清单上 FINMA 规定的交易监管处理 : 任何与标的相关的交易详情都应告知瑞士金融监管当局 FINMA 此外, FINMA 有权批准这一交易并要求提供额外的材料 总的来说,FINMA 在监管方面相对易于交涉, 且做事合乎情理 积极的与 FINMA 沟通 最佳的方式是通过当地代表开展 并清晰的交流收购的策略可以为收购方带来意想不到的益处 在合并或是大型银行资产转移中, 收购方需从 FINMA 获得新的营业执照, 以备交易后的实体从事由 FINMA 监管的商业活动 在股权交易中, 任何直接或间接买卖标的 10% 以上或对标的的商业活动产生实质影响的行为都必须首先经过 FINMA 的批准 任何后续的增持或减持使资金或投票权比例超过或是低于 20% 33% 或是 50% 的行为都必须报备 FINMA 此外, 任何非瑞士个人或实体 ( 如中国人或企业 ) 购买合格的持股比例前都必须获得 FINMA 的批准 如果标的成为总部设在中国的某个金融公司或是集团的一部分, 那么在中国适当的监管应获得 FINMA 的批准 SUMMER 2016 ISSUE 43 19

20 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 IPOs for Chinese firms in Switzerland Launching an IPO in Switzerland is a smooth and efficient process. Any IPO candidate has the choice between five main segments, each having different listing criteria and requirements for operating as a public company: 中国企业到瑞士上市在瑞士 IPO 的程序是十分顺畅和高效的 所有的拟 IPO 企业都可以从五个主要类别中进行选择, 每个类别都对作为上市公司运营有着不同的上市标准和要求 : International Swiss Reporting Investment Standard for Real Standard for Reporting Standard Standard Companies Estate Companies Depository Receipts 国际报告标准 瑞士报告标准 投资公司标准资 房地产公司标准产 存托凭证标准 Financial track record 3 years 3 years 3 years n.a. n.a. 财务记录 3 年 3 年 3 年 Minimum i capital requirements (in CHF) 25m m m m m 2.5 最低资本要求 ( 瑞士法郎 ) Free float in % 自由浮动幅度 (%) Free float market capitalisation (in CHF) 25 m 25 m 25 m 25 m 25 m 自由浮动市值 ( 瑞士法郎 ) Swiss GAAP ARR/Standard Financial reporting IFRS/US GAAP IFRS/US GAAP Swiss GAAP ARR/IFRS IFRS/US GAAP according to Banking Act 财务报告 IFRS/ 美国 GAAP IFRS/ 美国 GAAP 瑞士 GAAP ARR/IFRS IFRS/ 美国 GAAP 瑞士 GAAP ARR/ 银行法标准 Regular reporting obligations i Semi-annually Semi-annually Semi-annually Semi-annually Annually 常规报告义务 半年 半年 半年 半年 一年 Ad hoc publicity Yes Yes Yes Yes Yes 临时公告 要求 要求 要求 要求 要求 Corporate governance Yes Yes Yes Yes No 公司管理 要求 要求 要求 要求 不要求 Management transactions Yes Yes Yes Yes No 管理层交易 要求 要求 要求 要求 不要求 List of insiders No No No No No 内幕人清单 不要求 不要求 不要求 不要求 不要求 Main criteria for going public Compliance with local law: The establishment, the articles of association, or the deed of partnership of the issuer must comply with the national law to which it is subject. The auditing body of the issuer must be admitted as an auditing company under state oversight or be subject to a recognised foreign audit oversight authority. Track record: The issuer must have existed as a company for a minimum of three years and presented its annual accounts for the three complete financial years that precede submission of the listing application, such accounts being in conformity with the accounting principles to which the issuer is subject. Exemptions might, however, be granted. Minimum capital requirements: Capital resources must amount to at least CHF25m (USD25.2m). If the issuer is the parent company of a group, this requirement refers to consolidated capital resources. A guarantor providing a guarantee can step in to fulfil this requirement. Securities: At the time of listing, the securities must have been issued in accordance with the law to which the issuer is subject and must satisfy the provisions that apply to those securities. The form of those securities must also comply with the law that applies to both the securities and the issuer. The listing must comprise all of the issued securities in the same category. The proper trading of securities on the stock exchange must be ensured, and there must be rules on establishing legal ownership. Securities that are subject to approval or to restrictions with respect to potential purchasers may be listed if their tradability is guaranteed and there is no risk to the fulfilment of the transaction. Financial statements: The issuer must have produced annual financial statements that comply with the financial reporting standards applicable to the issuer for the three full financial years preceding the listing application. 上市的主要标准遵守当地法律 : 发行方的设立 公司章程或合作伙伴的行为都必须符合对其进行约束的全国法律的规定 发行方的审计单位必须是在政府监管下运营或是受经认可的外国审计监管当局约束的审计公司 财务记录 : 发行方必须成立满三年, 并提交在申请上市前的三个完整财政年的年度报表, 这些报表必须符合对发行方进行监管的会计准则的要求 某些特殊情况可以获得豁免 最低资本要求 : 资本财力必须在 2,500 万瑞士法郎 (2,520 万美元 ) 以上 如果发行方是集团母公司, 这一要求指合并后的资本财力 为了满足这一要求, 发行方可请保证人担保 证券 : 上市时, 证券的发行必须依照对发行方进行约束的相关法律进行, 必须满足这些证券所适用的规定 这些证券的形式必须遵守对证券和发行方均适用的法律规定 上市必须包括所有发行的同类别证券 必须保证证券在股票交易所的合法交易, 必须建立关于法定所有权的规则 潜在购买者可以公开交易需经审批或受限制的证券, 前提是这些证券的交易有所保证, 而且不存在完成交易的风险 财务报表 : 发行方必须已经准备好符合适用于发行方的财务报告标准要求的 提出上市申请前三个财政年的年度财务报表 自由浮动 : 权益证券的分销必须达到上市时间的最低要求水平 如果发行方 25% 以上的指定类 20 SUMMER 2016 ISSUE 43

21 JOURNAL OF SWISSCHAM CHINA 中国瑞士商会会刊 Cover Story 封面故事 Free float: Distribution of equity securities must have reached an adequate level by the time of listing -- at the latest. An adequate level of distribution is reached if at least 25 per cent of the issuer s outstanding equity securities of the given category are in the hands of the public, and the capitalisation of the equity securities in the hands of the public amounts to at least CHF25m (USD25.2m) -- or, if the capitalisation cannot be calculated due to lack of offexchange trading, a projected capitalisation to the same amount. Main requirements as a public firm Financial Reporting: Depending on the chosen segment, the listed company will have to report financials based on Swiss GAAP, IFRS, or US GAAP, and on a semi-annual or annual basis. Corporate Governance: The listed company will have to comply with certain basic requirements related to corporate governance and must report any changes to these requirements. Ad hoc publicity: Any new information related to company matters that has the potential to materially influence the stock price of the listed company must generally be reported immediately in most segments, unless certain exemptions or reasons to postpone the disclosure apply. Management transactions: Any transactions in stocks or options of the company s management or closely related persons must be reported and disclosed in most segments. In no segment, however, can insider lists be established. The IPO process The IPO process in Switzerland consists of five distinctive phases. The approval process at the Swiss stock exchange takes only approximately four weeks. Please refer to the chart below: 别的优质权益证券在公众手中, 而且公众手中的权益证券的总值达到 2,500 万瑞士法郎 (2,520 万美元 ) 以上 或是由于缺乏场外交易而无法计算权益证券的总值时预估的总值达到 2,500 万瑞士法郎 (2,520 万美元 ) 以上, 则表示达到了分销的充分水平 上市公司的主要要求财务报告 : 根据所选类别的不同, 上市公司必须每半年或一年依照瑞士 GAAP IFRS 或是美国 GAAP 的要求报告财务情况 公司管理 : 上市公司必须遵守关于公司管理的某些基本要求, 必须根据要求公告任何的变动 临时公告 : 大多数类别都要求对任何可能对上市公司的股价产生实质影响的与公司事务相关的新情况进行及时公告, 除非由于某些豁免或是原因不得不推迟公告 管理交易 : 大多数类别都要求公司的管理层或是密切相关人员公报和披露其任何股票或期权的交易行为 任何类别都不允许建立内幕人士名单 IPO 程序瑞士的 IPO 程序包括五个阶段 瑞士股票交易中心的审批大约需四周的时间, 请参照以下图表 Preparation Phase 准备阶段 Pre-going public 上市之前 Review corporate governance and company structures 审核公司管理和公司结构 Preparation 准备 Start due diligence 开展尽职调查 Marketing Phase 市场推广阶段 Launch 启动 Announce going public 公告上市 Bookbuilding 询价圈购 Hold a management roadshow (group presentations one-onone meetings) 组织管理层路演 ( 小组演示文稿和一对一会面 ) Post-going public 上市后 Take care of investor relations 处理好投资者关系 Draw up investment case 草拟投资项目 Draw up research and publicity guidelines 草拟研究和上市指南 Hold a pre-marketing/analyst roadshow 上市前 / 分析师路演 Start bookbuilding process 启动询价圈购程序 Choose partners for going public 选择上市伙伴 Hold kick-off meeting: fix structuring of going public, offer details, timetable etc. 组织启动会议 : 决定上市的结构 发行详情和时间表等 Conduct initial share valuation 开展原始股估值 Draw up listing documents (listing prospectus, listing notice, official announcement etc.) 草拟上市文件 上市大纲 上市公告 官方宣布等 Finalise investment case 完结投资项目 Select syndicate banks and give a presentation to analysts 选择银行伙伴, 将演示文稿发给分析师 Obtain an admission decision 取得同意决策 Fix and publish share-price range 确定并公布股价范围 Collect price offers in the order book from the syndicate banks 整理合作银行在交易委托账本中的报价 Fix share price 确定股价 Allocate shares 分配股票 About the authors 关于作者 Felix Sutter, Risk Assurance Partner and Head of Asia Business Group, PwC Switzerland Felix Sutter, 普华永道瑞士风险保障合伙人 亚洲业务集团代表 Martin Liebi, Legal FS Regulatory & Compliance Services Practice, Head Capital Markets, Senior Manager, PwC Switzerland Martin Liebi, 普华永道瑞士法律 FS 监管 & 合规服务实践部负责人 资本市场部总经理表 SUMMER 2016 ISSUE 43 21