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.
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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
目标公司评估价值低于注册资本时如何进行增资重组?
在企业并购重组实务中,当目标公司的评估价值低于其现有注册资本时,直接进行折价增资往往面临法律与操作障碍。此时需通过调整原股权结构,使各投资者按相同比例分别持有目标公司股权,以明确各方投资利益并实现独立运营。核心规则在于通过新老投资者之间的股权转让与后续增资相结合,打破估值倒挂带来的注资困境。在本案中,凯玛兰德与CCS两家公司因管理运营问题深陷债务纠纷,且两家公司的评估价值远低于其注册资本,无法直接开展折价增资。同时,部分老投资者持有前者股权,部分老投资者与前者共同持有后者股权,股权结构交叉复杂。法律团队针对这一实务场景,设计出股权转让与增资两步走方案,并通过建立数学模型精确计算股权转让的价格与比例。实务操作中,面对估值倒挂的困境企业,重组方案的设计必须兼顾新老投资者的利益平衡与合规性。操作要点在于先通过股权转让理顺交叉持股关系,再实施增资实现资金注入。风险防范方面,需重点关注股权转让价格的数学模型计算依据是否公允,避免引发国有资产流失或损害债权人利益的争议。同时,需将股权转让价款与增资款进行抵销安排,确保交易资金闭环安全与履约可控。
并购重组过程中如何处理复杂的债务与关联交易问题?
并购重组中的债务重组与关联交易处理是核心法律环节。债务重组指在债务人发生财务困难时,债权人按照其与债务人达成的协议作出让步,以清理债权债务关系。关联交易则指企业与其关联方之间发生的资源转移或义务事项。在困境企业并购中,必须对存量债务进行清理与重组,并规范关联交易,防止利益输送,保障目标公司资产与业务的独立性。本案中,两家目标公司因管理运营问题卷入大量债务纠纷,面临倒闭风险。德汇集团在决定收购并增资进行整体重组时,法律团队基于全面的法律尽职调查,发现并梳理了目标公司复杂的债务网络与关联交易隐患。在重组方案落地过程中,团队将债务重组、关联交易清理与部分老投资者补足出资、部分老投资者退出等事项统筹考虑,一揽子解决了阻碍重组的复合型法律问题。处理困境企业债务与关联交易时,实务操作要点在于开展穿透式尽职调查,全面摸清隐性债务与担保关系。在重组协议中,应设定明确的债务剥离与承担机制,要求原股东对未披露债务承担兜底赔偿责任。针对关联交易,需在重组后建立严格的内部决策程序与回避机制,确保新公司治理结构的独立性。风险防范的核心在于切断原违规关联交易链条,避免新投资方因历史遗留问题承担连带损失。
并购重组交易中如何设计交易文件并监督履约?
并购重组的交易文件设计是落实重组方案的法律载体,涵盖框架协议、投资协议、股权转让及增资协议等核心文本。这些文件不仅需明确交易架构与定价机制,还需设定先决条件、交割安排与违约责任。履约监督则是指在交易文件签署后,持续审查先决条件的成就情况,监督交易各方按照约定履行支付价款、交割股权等义务,确保交易目的合法合规实现。本案法律团队在德汇集团并购重组项目中,不仅设计了股权与增资两步走方案,还深度参与了商业谈判并起草了全套法律文件。起草范围包括框架协议、投资协议、股权转让协议、增资协议、公司章程及相关股东会与董事会决议。同时,团队审查了贷款协议、抵押协议和担保协议等商业文件,并全程审查了交易先决条件的履行情况,监督股权转让价款支付与增资抵销安排的最终完成。实务操作中,交易文件起草必须与商业谈判紧密结合,将风险预测与控制措施转化为具体的合同条款。要点在于设置严密的交割先决条件,如债务清理完毕、关键审批获取等,作为支付价款的前提。风险防范方面,应对股权激励资金来源、国有股权转让定价等特殊事项进行合规性审查。履约监督阶段需建立定期跟进机制,核对各项承诺的兑现情况,及时处置违约行为,保障重组整合平稳过渡。
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



