STRATEGY FOR OUTBOUND M&A [YOUR PRESENTATION TITLE IN CHINESE] 对外并购战略【您演讲的中文标题】

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1 ACQUISITIONS, DISPOSALS AND JOINT VENTURES IN AFRICA: SEIZING THE OPPORTUNITIES AND MANAGING THE RISKS 在非洲进行的收购, 出售及合营项目 : 把握机会及管理风险 Rebecca Major, Partner 合伙人, Rebecca.Major@hsf.com David Clinch 郭德偉, Partner 合伙人 David.Clinch@hsf.com Hilary Lau 劉愷信, Partner 合伙人 Hilary.Lau@hsf.com Michelle Chan 陳曼珊, Partner 合伙人 Michelle.Chan@hsf.com

2 WHY INVEST IN AFRICA? 为何在非洲进行投资? Market Size 市场规模 54 countries with a combined population of approximately 1 billion 54 个国家的总人口数约有 10 亿 Economic Growth 经济发展 GDP growth of Africa is forecast to remain robust, averaging 5% up to 2015 非洲的国内生产总值增长强劲, 预计到 2015 年, 将保持平均 5% 的强劲增长 Competition from Global Investors 全球投资者的竞争 Strong growth forecasted for foreign direct investment into Africa from US$80 billion in 2011 to US$150 billion in 2015* 外商在非洲的境内投资预测由 2011 年的 800 亿美元大幅增长到 2015 年的 1500 亿美元 * *(research commissioned from Oxford Economics 委托牛津大学经济学研究 ) 284

3 OPPORTUNITIES 机会 Demand from a growing middle class 中产阶级扩大刺激需求 Continued investment in infrastructure, oil and gas, mining and power 持续投资与设施石油和天然气采矿和电力有关的项目 Emerging sectors: telecoms, banking, chemical projects and consumer goods 新兴行业 : 电信银行化工项目和消费品 Developments in areas such as liquefied natural gas (LNG), land acquisitions, farming and green business 在液化天然气 (LNG), 土地收购, 农业和绿色企业等领域的发展 Need for infrastructure developments, including power to meet rising domestic demand 对基建发展的需求, 包括电力供应, 以满足国内不断增长的需求 285

4 CHINESE INVESTMENT IN AFRICA 中国在非洲的投资 China - Africa Trade and Investment: Recent Highlights 中国在非洲的贸易与投资 : 最新发展 China / Africa Summit held earlier this year in Beijing 中国 / 非洲首脑会议已在今年较早时候在北京举行 US$20 billion in credit pledged by China for Africa over the next three years 中国对非洲承诺未来三年, 会对非洲提供 200 亿美元的信贷 China is now Africa s single largest trading nation 中国目前是非洲最大的贸易国 286

5 CULTURAL, LINGUISTIC AND LEGAL DIVERSITY REGIONALISATION 文化, 语言和法律的多样性 - 区域化

6 A CONTINENT OF CULTURAL, LINGUISTIC AND LEGAL DIVERSITY 非洲大陆的文化, 语言和法律的多样性 In addition to native languages: 除了本地语言以外 : Francophone countries 法语国家 Anglophone countries 英语国家 Morocco 摩洛哥 Western Sahara 西撒哈拉 Arabic / French speaking countries 以阿拉伯语 / 法语为母语的国家 Arabic / English speaking countries 以阿拉伯语 / 法语为母语的国家 Spanish and Portuguese speaking countries 以西班牙语和葡萄牙语的国家 Algeria 阿尔及利亚 Tunisia 突尼斯 Libya 利比亚 Egypt 埃及 Mauritania Mali Senegal Niger 塞内加尔毛里塔尼亚马里 Sudan Sudan 尼日尔 Guambia 冈比亚 Chad 苏丹苏丹 Eritrea 厄立特里亚 Guinea-Bissau 几内亚比绍 Burkina Burkina Faso 乍得 Djibouti 吉布提 Guinea 几内亚布基纳法索 Faso Nigeria Ivory Nigeria Central Central African South Ethiopia Somalia 索马里 Liberia 利比里亚 Coast 尼日利亚 Republic Sudan 象牙海岸 Cameroon 中部非洲共和国埃塞俄比亚 Sierra Leone South 南苏丹 Sudan 塞拉利昂 Benin 喀麦隆 Uganda Ghana 加纳 Kenya 贝宁 Congo 乌干达 Kenya Togo 多哥 Gabon 肯尼亚刚果 DRC DRC Rwanda 卢旺达加蓬刚果民主 Burundi 布隆迪 Equatorial 共和国 Tanzania Guinea 坦桑尼亚赤道几内亚 Angola Angola 安哥拉 Zambia Comoros 科摩罗 Zambia Malawi Malawi 马拉维赞比亚 Mozambique 莫桑比克 Namibia Zimbabwe 津巴布韦纳米 Botswana Botswana Madagascar 马达加斯加比亚博茨瓦纳 Mauritius 毛里求斯 South South Africa Swaziland 斯威士兰 Africa 南非 Lesotho 莱索托 288

7 REGIONALISATION: REGIONAL ORGANISATIONS 区域化 : 区域的组织 African Union: All 54 African countries are members 非洲联盟 :54 个非洲国家都是成员之一 the African Union recognises 8 economic regional economic communities: 非洲联盟承认 8 个经济区域经济共同体 : CEN-SAD (Community of Sahel- Saharan States) ( 撒哈拉国家共同体 ) Benin, Burkina Faso The Central African Republic, Chad, Côte d'ivoire, Djibouti, Egypt, Eritrea, Gambia, Ghana, Guinea Bissau, Liberia, Libya, Mali, Morocco, Niger, Nigeria, Senegal, Sierra Leone, Somalia, North Sudan, Togo, Tunisia COMESA (Common Market for East and South Africa) ( 东非和南非共同市场 ) Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia and Zimbabwe EAC (East African Community) ( 东非共同体 ) Kenya, Uganda, Tanzania, Rwanda and Burundi (South Sudan reported to be a prospective member) ECCAS (Economic Community of Central African States) ( 中部非洲国家经济共同体 ) Angola, Burundi, Cameroon, Central African Rep., Chad, Republic of Congo, DR Congo, Eq. Guinea, Gabon, Sao Tome & Principe ECOWAS (Economic Community of West African States) ( 西非国家经济共同体 ) Benin, Burkina Faso, Cape Verde, Cote d'ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo IGAD (Inter-Governmental Authority on Development) ( 政府间发展管理局 ) Djibouti, Eritrea, Ethiopia, Kenya, Somalia, Sudan, Uganda SADC (South Africa Development Community) ( 南部非洲发展共同体 ) Angola, Botswana, DR Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe UMA (Arab Maghreb Union) ( 阿拉伯马格里布联盟 ) Algeria, Libya, Mauritania, Morocco and Tunisia 289

8 REGIONALISATION: REGIONAL ORGANISATIONS 区域化 : 区域组织 Other significant economic organisations: 其他显着的经济组织 : CEMAC (Economic and Monetary Community of Central Africa) ( 中非经济和货币共同体 ) Cameroon, Central African Rep, Chad, Eq. Guinea, Gabon, Congo-Republic SACU (Southern African Customs Union) ( 南部非洲关税同盟 ) Botswana, Lesotho, Namibia, South Africa, Swaziland UEMOA/WAEMU (West African Economic and Monetary Union) ( 西非经济和货币联盟 ) Benin, Burkina Faso, Cote d Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo Expansion and deepening of economic organisations into political union? 扩大和深化经济组织让它们成为政治联盟? the EAC aims to establish a single common currency and achieve full political federation by 2015 东非共同体的目标是建立一个共同的货币, 及在 2015 年实现全面政治联盟 290

9 REGIONALISATION: REGIONAL LEGAL SYSTEMS OHADA 区域化 : 地区的法律制度 - 组织协调非洲商业法 OHADA (Organisation for the Harmonisation of Business Law in Africa) ( 组织协调非洲商业法 ) 14 signatory states: Benin, Burkina Faso, Cameroon, Central African Republic, Republic of Congo, Côte d'ivoire, Gabon, Guinea-Bissau, Equatorial Guinea, Mali, Niger, Senegal, Chad, Togo 14 个签署国 : 贝宁, 布基纳法索, 喀麦隆, 中非共和国, 刚果 ( 布 ), 科特迪瓦, 加蓬, 几内亚比绍, 赤道几内亚, 马里, 尼日尔, 塞内加尔, 乍得, 多哥 2 accessions states: Comoros and Guinea 2 个会加入的国家 : 科摩罗和几内亚 The Democratic Republic of Congo has agreed to adhere but not yet in force 刚果民主共和国已同意遵守, 但商法尚未生效 291

10 INVESTING IN AFRICA: GENERAL CHALLENGES AND RISKS 在非洲进行投资 : 一般的挑战和风险

11 POLITICAL RISKS 在非洲进行交易的挑战和风险 : 政治风险 Political Risks 政治风险 Changes of government 政府的变动 Change of law (sanctity of contracts vs. Sovereignty) 法律的变动 ( 合同的神圣性与主权 ) Resource nationalism and indigenisation 资源民族主义与本土化 Armed conflicts 武装冲突 Renegotiation: allegations of unbalanced or illegal contracts 重新谈判 : 不平衡或非法合同的指控 Pressures from price fluctuations 价格波动的压力 293

12 POLITICAL RISKS 在非洲进行交易的挑战和风险 : 政治风险 How can investors mitigate political risk? 投资者如何减低政治风险? Due diligence (legal, financial reputational) 尽职调查 ( 法律, 财务声誉 ) Understand the law: risks and protections 了解法律 : 风险与保障 Understand the politics and public opinion 了解政治和舆论 Structure the deal for bilateral investment treaty protection 在交易结构中加入双边投资条约以保护投资者 Check you are buying into a fair and clearly negotiated and drafted deal 检查你的交易是经过公平和明确的协商 294

13 POLITICAL RISKS 在非洲进行交易的挑战和风险 : 政治风险 How can investors mitigate political risk? 投资者如何减低政治风险? Express contractual rights to walk away from a deal without liability if a material adverse change occurs prior to completion 在合同列明免责权利, 若交易在未完成前出现重大不利的变动, 投资者可终止交易而不需承担任何责任 Influence of your government and the influence of your Contractor partners and finance providers (IFC, African Development Bank etc) 利用贵国政府承包商和融资者的影响力 ( 国际金融公司, 非洲开发银行等 ) Political risk insurance 政治风险保险 295

14 FOREIGN EXCHANGE CONTROL 在非洲进行交易的挑战和风险 : 外汇管制 Foreign Exchange Control 外汇管制 Restrictions on money transfers into countries may impact the closing timetable and future funding of projects (e.g. South Africa and Mozambique) 非洲国家的汇款限制可能会影响项目完成的时间和未来项目融资的事宜 ( 如南非和莫桑比克 ) Restrictions on money transfers out of the target country will affect distributions (e.g. South Africa and Nigeria) 限制资金转离目标国会影响资金的分配 ( 例如, 南非和尼日利亚 ) Restrictions on the holding of foreign currency and requirements to maintain local currency accounts 限制及规管持有外币的数量及维持当地的货币市场 Use of offshore bank accounts for revenues / project finance 利用离岸银行账户作收入 / 项目融资 296

15 SANCTIONS 在非洲进行交易的挑战和风险 : 制裁 Sanctions 制裁 Be aware of sanctions imposed on target countries 注意目标国家是否被制裁 If sanctions apply, be aware of different sanction regimes and their scope (for example, divergence in approach to Sudan sanctions between wide US sanctions and more limited EU sanctions) 如果目标国家被制裁, 投资者要注意不同的制裁制度及制裁的范围 ( 例如, 美国对苏丹实施比较全面的制裁 ; 而欧盟对苏丹的制裁比较宽松 ) Do the sanctions apply to your company or your employees? 制裁会否套用到您的公司或您的员工身上? Do they apply to your advisors or potential financiers (banks)? If so, what are the consequences? Can they act and, if not, are there alternatives? 制裁会否套用到您的顾问或潜在的融资机构 ( 银行 ) 身上? 如果套用到的话, 后果是什么? 他们可以为您提供服务吗? 如果不可, 有其他解决方案吗? 297

16 LEGAL ADVICE 在非洲进行交易的挑战和风险 : 法律意见 Local legal counsel can help on many issues including: 当地法律顾问可以助你解决许多问题, 包括 : Completing filings (tax, transfer applications, licence applications etc) 提交及完成申请 ( 税务, 转让申请, 牌照申请等 ) Providing updated versions of local laws and regulations and views on how these are applied in practice 为您提供最新的地方性法规和规章及在法规的应用提供法律意见 Issuing legal opinions, particularly to lending banks 出具法律意见, 特别对贷款银行适用 Helping to draft local law agreements (e.g. leases, employment contracts) 协助起草当地的法律协议 ( 如租赁协议, 就业合同 ) Setting up local SPVs 设立当地特殊目的投资机构 In many African countries, e.g. Francophone Central and West Africa, Herbert Smith Freehills can provide international and local law advice 史密夫律师事务所可以在大部分的非洲国家, 例如讲法语的非洲中部和非洲的西部, 提供国际及本地法律服务 298

17 LEGAL ADVICE 在非洲进行交易的挑战和风险 : 法律意见 Potential Challenges with Local Law Advice 咨询当地律师潜在的挑战 Technology IT systems and other communication technologies may not be reliable 科技 - 信息技术系统和其他通信技术未必一定可靠 Language - many local lawyers may not be confident to speak or write English 语言 - 许多当地律师可能没有信心以英语沟通 Lack of experience there may not be any precedent for your proposed transaction 缺乏经验 - 您拟议的交易, 当地律师可能没有任何先例以供参考 Quality how can quality be monitored and ensured? 质量 - 如何监测和保证质量? Timing the impact of time zones and the need to adhere to project timetables 时间时区的影响和遵循项目时间表的重要性 299

18 LEGAL ADVICE 在非洲进行交易的挑战和风险 : 法律意见 International counsel can assist by: 国际律师可以协助您 : utilising their experience, technical expertise and specialist knowledge 利用他们的经验, 技术专长和专业知识 utilising their relationships with local legal counsel and experience to manage the transaction process and ensure local legal counsel: 利用他们与当地律师的关系和经验来管理交易, 确保当地法律顾问 : is available and understands the transaction 提供法律服务并了解交易 is responsive and has available the required technical resources 提供适时的服务及所需的技术资源 acts with integrity, including confidentiality 拥有诚信, 包括保密 has an understanding of client aims, including timing 了解客户的目标, 包括项目的时间管理 is transparent in their billing 做到费用完全透明 Effectively acting as a one stop shop managing local counsel 有效地提供一个一站式服务来管理当地律师 300

19 LOCAL LAW 在非洲进行交易的挑战和风险 : 当地法律 Local Law Potential Issues 当地法律 - 潜在的问题 Erratic publication of regulations and case law 不定期地出版法规和判例法 Lack of consistency in the interpretation of the law (by local courts and administrative authorities) 对法律的解释缺乏一致性 ( 由当地法院和行政机关对法律作出解释 ) Existing law may not be clear, there may be no precedent for its application / interpretation and in some cases there may not be any relevant law 现有的法律可能不是很清楚它有可能没有以作应用 / 解释的先例, 并在某些情况下, 可能不会有任何相关的法律 301

20 TAXATION 在非洲进行交易的挑战和风险 : 税收 Consents to change of control/transfers conditioned on payment of capital gains or other tax 同意控制权的变动 / 移交对支付资本收益或其他税收的影响 Tax Audits may be triggered by the completion of M&A transactions 并购交易可能引发税务审计 Double Tax Agreements (DTAs) - consider investing through countries which have a DTA with the target country 双重税收协定 (DTAs)- 考虑通过拥有 DTA 的国家投资与目标国 Withholding Taxes - withholding taxes often applied on a wide range of outbound payments 预扣税 - 预扣税经常被广泛应用在对境外支付的款项上 Different effective tax rates may exist for fees, interest and dividends 费用, 利息和股息的有效税率可能存有不同 302

21 LOCAL CONTENT 在非洲进行交易的挑战和风险 : 当地的情况 Employment quotas 就业配额 Training and promotions obligations 培训和促销活动的义务 Local procurement are local suppliers available/sufficient? 本地采购 - 本地有可用的供应商吗? 数量足够吗? Local community development 地方社区发展 Direct participation 直接参与 303

22 LOCAL PARTNERS 在非洲进行交易的挑战和风险 : 地方合作伙伴 Partnering with state / local companies 与国家 / 地方公司合作 Which company? Who chooses? 应与哪家公司合作? 谁来决定? What if state / local partner doesn t pay: forfeiture difficult to enforce, solvency issues, think about carrying a state / local partner financially 如果国家 / 地方合作伙伴不付费 : 难以执行没收担心对方偿付能力的问题及考虑背负着国家 / 地方合作伙伴的财政 Compliance / bribery issues: you may be responsible for policing your joint venture party 合规性 / 贿赂的问题 : 您可能需要负责监管您的合营伙伴 State / local back in rights 国家 / 本地备份的权利 304

23 EMPLOYMENT ISSUES 在非洲进行交易的挑战和风险 : 就业问题 Talent Challenges 招募人才的挑战 Local workers: finding the right education and skills levels 当地工人 : 需找到拥有合适教育程度和技能水平的工人 Expatriates: 外籍人员 : work visas will be required 需要工作签证 gap in remuneration may create social tensions with local staff 与当地工人的薪酬差距可能会造成社会局势紧张 305

24 ENVIRONMENT 在非洲进行交易的挑战和风险 : 环境 Environmental Issues 环境问题 Many African countries now have detailed environmental laws 现在许多非洲国家拥有详细的环境法律 Financing of the project: consider global standards (Equator Principles) 项目融资 : 需考虑國際融資的标准 ( 赤道原則 ) Reduce the risk of (indirect) expropriation : governments may use a breach of environmental regulations as a reason to withdraw a permit/renegotiate the terms of the investment 减少被 ( 间接 ) 征收的风险 : 当地政府可以以违反环保法规为理由, 撤销许可证 / 重新谈判投资的条款 For reputational reasons: both locally and internationally (non-governmental organisations and other stakeholders) 对于声誉的考虑 : 有关本地和国际的声誉 ( 非政府组织和其他利益相关者 ) 306

25 CHALLENGES AND RISKS IN AFRICAN TRANSACTIONS MERGER CONTROL REGIMES 在非洲进行交易的挑战和风险 - 合并控制制度 Merger Control Regimes in Africa 在非洲的合并控制制度 Mixture of national laws and regional communities with regional rules (including CEMAC, COMESA and UEMOA) 混合国家法律与区域社区的区域规则 ( 区域社区包括中非经济与货币共同体东南非共同市场和西非经货联盟 ) National laws vary from one country to another 国与国之间的法律各有不同 The different regional merger control regimes are also very different in scope (application and thresholds) and procedure (mandatory or voluntary) 不同区域的合并控制制度, 拥有非常不同的合并控制范围 ( 申请和门槛 ) 与程序 ( 强制性或自愿性 ) National laws of countries may also diverge from and conflict with the regional merger control regimes of those communities of which they are also a member 非洲国家, 作为区域社区的成员, 其国家法律可能偏离和与区域的合并控制制度有所冲突 307

26 CHOICE OF LAW 在非洲进行交易的挑战和风险 : 法律的选择 Parties will generally be able to choose the law which governs the transaction documents: 一般而言, 交易双方能够选择规管交易文件的法律 : no requirement to use the laws of the target state or the laws of one of the parties to the transaction 交易文件并没有规定需要使用目标国的法律或交易其中一方的国家法律 choice of governing law should be a law widely used in global commercial transactions to provide as much certainty as possible to the parties (English law, French law etc) 交易双方应该选择最被广泛应用在全球商业交易的法律, 这可为双方提供最多的确定性 ( 英国法律, 法国法律等 ) 308

27 CHOICE OF LAW 在非洲进行交易的挑战和风险 : 法律的选择 Local law will still need to be considered in and applied: 交易在某情况下仍需要考虑和应用到当地的法律 : where required by law or regulation 当法律或法规要求下 in security documentation which secures local assets 当需要担保文件以保护本地资产的情况下 in underlying documents with government or state companies 当需要政府或国有企业相关的文件的情况下 Mixing local laws and international arbitration 可以将当地的法律与国际仲裁混合应用 309

28 TRANSACTION CONSENTS 在非洲进行交易的挑战和风险 : 交易的同意协定 Important that all required governmental, regulatory and other third party consents are identified and obtained 重要的是必须确定并取得所有规定的, 包括政府, 监管机构及第三方的同意 Deal timetable needs to reflect the time required to obtain the required consents 交易的时间表需包括取得所有规定的同意的时间 Transaction documentation should include all required consents as conditions precedent to closing 交易文件是否已包括所有规定的同意协定是完成交割的先决条件 Authorities can be particularly sensitive if not approached for approval and may claim jurisdiction despite unclear or non-existent legal powers 如没有经过当局的审批, 他们可能对交易特别敏感并可能要求司法管辖权, 尽管他们不清楚或并没有法律的权力 Local law consents and approvals should also be considered when structuring to allow for future sales. Have an understanding about exit. 起草交易方案时应考虑到当地法律的同意协定和审批, 以便于未来的销售及需对退出交易有充份的了解 310

29 CHANGE OF CONTROL ISSUES 在非洲进行交易的挑战和风险 : 控制权的变动 The law or the government licence/contract may require consent for a transfer 法律或政府的牌照 / 合同的转让可能需要取得同意 Parties may try to avoid this by doing a share transfer instead of an asset transfer 交易各方可进行股份转让而非资产转让去避免审批 Governments/relevant ministries and regulators may object and argue that consent is required for a share deal ( indirect transfers ) and an asset deal ( direct transfer ) 政府 / 有关部委和监管部门可能会反对及要求股份交易 ( 间接转让 ) 和资产交易 ( 直接转让 ) 都需要取得同意 A change of control is often used by authorities to extract concessions in terms of fees, settlement of disputes and licence/contract amendments 当局经常利用控制权的变动来在费用方面, 解决纠纷和牌照 / 合同条款中得益 Consent may be dependent on payment of tax 取得同意与否可能是根据您缴纳的税款 311

30 CHANGE OF CONTROL ISSUES 在非洲进行交易的挑战和风险 : 控制权的变动 An example: Cove Energy deal 例子 : 英国石油天然气开采公司的交易 Public takeover of Cove Energy (a company listed on the London stock exchange) 英国石油天然气开采公司的上市公司收购案 ( 一家在伦敦证券交易所上市的公司 ) Indirect transfer of upstream participating interest in Mozambique (Rovuma) 间接转移在莫桑比克上游的权益 ( 鲁伍马 ) Indication by the Mozambique authorities that the Mozambique company will be subject to Mozambique corporate income tax on the imputed capital gain arising on the transfer of the Mozambique interests as a result of the takeover 莫桑比克当局指出, 莫桑比克公司需就收购案因利益转移而产生的资本收益, 缴交莫桑比克企业的所得税 The Kenyan government has also indicated that it may not approve the indirect transfer of Cove Energy s Kenyan petroleum assets to PTTEP until it has negotiated a fair tax charge* 肯尼亚政府还表示, 它需与企业达成一项公平的税收 *, 否则它可能不会批准英国石油天然气开采公司把肯尼亚的石油资产间接转让与泰油勘产 *(Source: Upstream Online, 16 November 2012 来源 : Upstream Online, 2012 年 11 月 6 日 ) 312

31 CHANGE OF CONTROL ISSUES 在非洲进行交易的挑战和风险 : 控制权的变动 PTTEP Africa Investment Limited 泰油勘产的非洲公司 100% PTTEP 泰油勘产 (Thailand)( 泰国 ) 100% Cove Energy PLC 英国石油天然气开采公司 (AIM Listed in UK)( 在英国另类投资市场上市 ) Oil & Gas Rights 石油和天然气的的权益 Rovuma Area 1 鲁伍马 1 区 Mozambique 莫桑比克 100% Cove Energy Mozambique 英国石油天然气开采公司, 鲁伍马 Rovuma Offshore 鲁伍马离岸区 (Mozambique Entity) ( 莫桑比克的机构 ) 8.5% 313

32 AFRICAN COUNTRIES THAT HAVE RATIFIED THE ICSID / WASHINGTON & NEW YORK CONVENTIONS 成为解决投资争端国际中心 / 华盛顿及纽约公约缔约国的非洲国家 Country 国家 ICSID Convention 投资争端国际中心 New York Convention 纽约公约 Algeria 阿尔及利亚 Benin 贝宁 Botswana 博茨瓦纳 Burkina Faso 布基纳法索 Burundi 布隆迪 Cameroon 喀麦隆 Central African Republic 中非共和国 Chad 乍得 Comoros 科摩罗 The Congo 刚果 Côte d'ivoire 科特迪瓦 Democratic Republic of the Congo 刚果民主共和国 Djibouti 吉布提 Egypt 埃及 Gabon 加蓬 Gambia 冈比亚 Ghana 加纳 Guinea 几内亚 Guinea Bissau 几内亚比绍 Kenya 肯尼亚 Liberia 利比里亚 Madagascar 马达加斯加 Country 国家 ICSID Convention 投资争端国际中心 New York Convention 纽约公约 Malawi 马拉维 Mali 马里 Mauritania 毛里塔尼亚 Morocco 摩洛哥 Mozambique 莫桑比克 Niger 尼日尔 Nigeria 尼日利亚 Rwanda 卢旺达 Senegal 塞内加尔 Seychelles 塞舌尔 Sierra Leone 塞拉利昂 Somalia 索马里 South Africa 南非 South Sudan 南苏丹 Sudan 苏丹 Swaziland 斯威士兰 Tanzania 坦桑尼亚 Togo 多哥 Tunisia 突尼斯 Uganda 乌干达 Zambia 赞比亚 Zimbabwe 津巴布韦 314

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untitled and Due Diligence M&A in China Prelude and Due Diligence A Case For Proper A Gentleman s Agreement? 1 Respect for the Rule of Law in China mandatory under law? CRITICAL DOCUMENTS is driven by deal structure:

STRATEGY FOR OUTBOUND M&A [YOUR PRESENTATION TITLE IN CHINESE] 对外并购战略 【您演讲的中文标题】

STRATEGY FOR OUTBOUND M&A [YOUR PRESENTATION TITLE IN CHINESE] 对外并购战略【您演讲的中文标题】