Transcript Dentons GermanyOur Offices

走出去 - Outbound M&A Investment by
Chinese Enterprises in Germany
Dr. Hermann Meller
Partner / German Attorney-at-Law
Dentons Europe LLP
Dentons
德同
Dentons is a global firm driven to provide its clients with the competitive edge in an
increasingly complex and interconnected marketplace. We were formed by the March
2013 combination of three international law firms:
德同律师事务所是一家国际化的律师事务所，致力于在日愈交错复杂的市场环境下为您提
供竞争优势。我们于2013年3月由以下三家国际律所合并组建而成：
• Salans LLP
(Europe, CEE, China)
英国胜蓝律师事务所 (欧洲, CEE, 中国)
• Fraser Milner Casgrain LLP
Fraser Milner Casgrain LLP
• SNR Denton
(Canada)
(加拿大)
(USA, UK, Middle East, Africa, China)
信安律师事务所 (美国, 英国, 中东, 非洲以及中国)
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Dentons
德同
Clients now benefit from approximately 2,500 lawyers and professionals in 79 locations spanning 50plus countries across Africa, Asia Pacific, Canada, Central Asia, Europe, the Middle East, Russia and
CIS, the UK and the US who are committed to challenging the status quo to offer creative business and
legal solutions.
德同在全球有近2,500名律师和专业人士。我们的律师分布于非洲、亚太地区、加拿大、中亚、欧洲、中
东、俄罗斯与独联体、英国与美国的50多个国家的79个代表处。他们致力于为客户提供创新、可行的商
业和法律解决方案。
Canada
United States
Europe
Central and Eastern
Europe
Africa
Middle East
Asia Pacific
Calgary
Atlanta
Barcelona
Bratislava
Accra
Abu Dhabi
Beijing
Edmonton
Boston
Berlin
Bucharest
Algiers
Amman
Hong Kong
Montréal
Chicago
Brussels
Budapest
Bissau
Beirut
Shanghai
Ottawa
Dallas
Frankfurt
Istanbul
Bujumbura
Doha
Singapore
Toronto
Kansas City
Madrid
Prague
Cairo
Dubai
Vancouver
Los Angeles
Paris
Warsaw
Cape Town
Kuwait City
Miami
Zurich
Casablanca
Manama
New Orleans
Dar Es Salaam
Muscat
New York
Johannesburg
Riyadh
Phoenix
Kampala
San Francisco
Kigali
Short Hills
Lagos
United Kingdom
Russia and the CIS
St. Louis
London
Krasnodar
Lusaka
Almaty
Washington, DC
Milton Keynes
Kyiv
Maputo
Ashgabat
Moscow
Nairobi
Baku
Rostov on Don
Nouakchott
Tashkent
St. Petersburg
Port Louis
Tbilisi
Praia
Silicon Valley
Luanda
Central Asia
São Tomé
Tripoli
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Dentons
德同
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2,500 lawyers and
professionals
2,500名律师及专业人士
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79 locations
79个城市
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52 countries
52个国家
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Dentons Germany
Our Offices
Dentons Berlin
Dentons Frankfurt am Main
• Opened in 1991
• Transition to Salans in 2006
• Opened as second German Salans
office in 2008 by an established team
• Global law firm Dentons created by
Salans, Fraser Milner Casgrain and
SNR Denton in 2013
• Global law firm Dentons created by
Salans, Fraser Milner Casgrain and
SNR Denton in 2013
• Full service law firm
• Full service law firm
• Total staff app. 190, thereof more
than 60 professionals
• Total staff app. 40, thereof more than
20 professionals
• 17 partners
• 7 partners
Revenue Germany 2014: €32 Mio. (+18% compared to 2013)
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Dentons Germany
Practice areas and business sectors
Practice areas
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Arbitration/litigation and dispute resolution
Banking and finance
Capital markets
Competition and antitrust
Corporate/Mergers and Acquisitions
Employment and labor
Intellectual property and technology
Notary services
Public law
Public policy and regulation
Real estate
Restructuring, insolvency and bankruptcy
Tax
Trade, WTO and customs
Venture technology and emerging growth
companies
Business sectors
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Automotive
Financial institutions
Chemicals industry
Retail
Energy
Hotels and leisure
Real estate
Technology
Life sciences and health care
Luxury, fashion and beauty
Manufacturing
Media, entertainment and sports
Communications
Private equity
Transportation
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Dentons Germany
Experience (I)
• Görtz Group: Advising in the context of the acquisition of a 40% stake by
AFINUM Management GmbH while serving as a double-sided trustee.
• Spitzenverbände der Deutschen Kreditwirtschaft (DK): Representation in
the Federal Cartel Office’s antitrust proceeding on the Electronic Cash
System.
• Scholz AG: Advising in the context of the acquisition of a 39.9% stake by
Japanese industrial group Toyota Tsusho Corporation (TTC) while serving
as a double-sided trustee.
• E.ON Connecting Energies (ECT): Advising on the acquisition of the
Russian company Noginsky Teplovoy Center (NTZ) from AMG Industrial
Investment Corporation.
• CorealCredit: Advising in procedure against former AHBR board
members in third instance.
• Johanniter GmbH: Advising on the acquisition of a hospital in
Mönchengladbach and various other transactions.
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Dentons Germany
Experience (II)
• Decor Druck Leipzig GmbH: Advising on the sale to a new owner during a
protective shield proceeding.
• IBS Group Holding: Advising in the context of the first (and so far only)
admission of a GDR-program in the regulated market of the Frankfurt
stock-exchange as well as completion of the respective prospectus and
advice on post-admission liabilities.
• S-Finanzgruppe, represented by Deutscher Sparkassen- und Giroverband
(DSGV): Advising on all legal and tax aspects in connection with the
acquisition of a 50% share in DekaBank at a purchase price of €2.3 billion.
• CORPUS SIREO: Providing legal and strategic advice on the divestment
of CORPUS SIREO Investment Residential No. 31 GmbH, a housing
association with a real estate holding of 4,680 residential units and 59
commercial units in Berlin.
• Converse Inc.: Advising on a highly complex trademark litigation before
the German Federal Court of Justice and securing a landmark decision
shifting the burden of proof in trademark infringement cases.
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Dentons Germany
Experience (III)
• Zoomlion Heavy Industry Science & Technology Co.: Advising the listed
Chinese company on the takeover of the construction engineering
company m-tec Mathis Technik GmbH.
• K/S VindInvest Cottbuser See: Advising in connection with the sale of the
interest in a German wind park company to funds managed by Allianz
Capital Partners.
• AyoxxA Biosystems GmbH: Advising on the in-licensing of a certain
diagnostic technology from the National University of Singapore,
including negotiating the royalty structure and all other terms and
conditions of the in-licensing transaction.
• GSG Asset GmbH & Co. Verwaltungs KG (ORCO-GSG): Advising on the
refinancing of a €299 million financing loan acquisition issued by the
Royal Bank of Scotland (RBS) in 2007.
• Brink’s Inc.: Advising in a complex Phase II merger control procedure
before the German Federal Cartel Office regarding the sale of Brink’s
German Cash-in-Transit subsidiaries to Prosegur.
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Dentons Germany
Selected clients
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Dentons Germany
Market recognition* (I)
• Chambers Global, 2014 and Chambers Europe, 2014
• “Top Ranked Law Firm”
• Listed in the rankings for Banking & Finance, Capital Markets, Competition/
European Law, Healthcare, Intellectual Property, Life Sciences, Real Estate,
Restructuring/Insolvency and Tax
• The Legal 500 Deutschland, 2015
• Recommended in the areas Energy, Healthcare, Real Estate and Construction,
Antitrust, Intellectual Property, Private Equity, Insolvency and Restructuring as
well as Tax
• Best Lawyers, 2014
• Many of our partners, of counsel and counsel are consistently listed as top
lawyers
• One of our partners is awarded the 2014 “Lawyer of the Year” honor
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Dentons Germany
Market recognition* (II)
• JUVE Awards, 2014
• Shortlisted for the award “Law firm of the year for M&A”
• JUVE Handbook German Commercial Law Firms, 2014/2015
• Top 50 Law Firm in Germany
• Top Law Firm in Region East (Berlin)
• Top Law Firm in Region Hessen (Frankfurt)
• Our expertise is recognized in the following areas: Antitrust, Corporate,
Energy, Healthcare, M&A, Media antitrust, Private equity, Real estate,
Restructuring and corporate rescue, Tax, Trademarks and unfair competition
as well as Venture Capital
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Dentons GmbH
Supplementary expertise
Dentons Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft mbH
• Supplements the advisory services of the LLP
• Advises comprehensively on all business and tax related issues:
• Auditing and supplemental advice
• Tax advice for firms and private individuals
• Mergers & Acquisitions
• Corporate finance
• Restructuring
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China Desk
Link between Germany and China
Key service areas
• We advise on all legal matters related to the acquisition of companies in
Germany.
• We advise on EU-customs law and EU-antitrust law.
• We advise on transfer of employees and international personnel
placement including negotiations with Chinese and German authorities.
• We help structuring overseas ventures with regard to tax issues.
• We advise our clients on compliance issues.
• We advise on IPOs and listings on the Frankfurt Stock Exchange and
other German stock exchanges.
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Investment Overlook
投资概况
• 2013 Chinese investors successfully completed 120 outbound M&A transactions in
Europe including 25 transactions in Germany
在2013年，中国投资者在欧洲成功完成了120项海外并购交易，其中包括25项在德国的交
易。
• 2012 to 2013 Company acquisitions and – participations by Chinese investors in
Europe have doubled
从2012年到2013年公司，中国投资者在欧洲参与和收购的交易数量翻倍增长。
• 2002 to 2013 Chinese investors acquired 78 German companies
从2002年到2013年，中国投资者在德国收购了78家德国公司。
• 2013 Transaction volume of outbound projects in the aquisition pipeline has
increased, many transactions with a volume of EUR 300 to 500 million
在2013年，海外项目的交易量在收购的渠道有所增加，很多交易量达到3亿到5亿欧元。
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Investment Overlook
投资概况
Germany is and will remain the most popular destination in Europe for Chinese investors
seeking investment opportunities
德国是并将保持作为寻求海外投资机会的中国投资者在欧洲的首选之地。
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Excellent reputation of German brands ("Made in Germany")
“德国制造”的良好品牌信誉
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Access to key industries (automotive, information technologies, mechanical
engineering, renewable energies)
德国企业在基础工业中强有力的竞争力支持（汽车工业、信息技术、机械工程、可再生能源）
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Access to highly developed distribution and sales networks in Germany and Europe
德国企业在德国和欧洲拥有高度发达的分销和销售网络
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Investment Overlook
投资概况
• Stable political and economic environment - Eight Heads of Government in 66 years
德国拥有稳定的政治和经济环境
8th German Federal Chancellor
Angela Merkel, elected in 2005
Helmut Kohl was Germany’s longest
running Federal Chancellor from 1982
to 1998
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Investment Overlook
投资概况
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Reliable legal and administrative framework conditions
可靠的法律和行政框架条件
German business law is governed by the principle of the freedom of
economy.
Business activities generally do not require a specific permit or
license.
There is no distinction between Germans and foreign nationals
regarding investments or the establishment of companies.
Germany provides administrative stability and transparency.
Judicial independence and high quality of courts and judges ensure
swift and fair legal proceedings.
An effective enforcement system protects investors.
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Investment Overlook
投资概况
• Solid Codifications
The German Civil Code was enacted in 1900, the Limited Liability Companies
Act in 1892, the Civil Procedure Act in 1879.
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Investment Overlook
投资概况
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Trade between Germany and China has increased substantially over the last
decade.
China is now Germany’s fourth main trading partner (after France, the
UK and the US).
German foreign direct investment into China in 2014 amounted to 2.07
billion USD.
Chinese foreign direct investment into Germany in 2014 amounted to
1.6 billion USD.
EU-China International Investment Treaty (IIA) will further improve the
legal framework, investor protection and market access for foreign
investors. Negotiations launched were in late 2013.
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Investment Overlook
投资概况
The Chinese government encourages Chinese companies to invest abroad in order
to operate more competitively in the global market.
走出去：中国政府鼓励中国企业去国外投资使其在全球市场中更有竞争力。
The Chinese government promotes investments particularly in German technology
companies (mechanical engineering, automotive, renewable energies, information
technology) to acquire technical know-how and to become market leader in core
industries.
中国政府促进对德国的技术公司（机械工程、汽车工业、再生能源、信息科技）进行投资，
尤其是获得技术知识从而成为核心产业市场的领导者。
Especially German private equity companies will increasingly open up to strategic
Chinese investors in the next years.
在未来数年，特别是德国的私人股权公司将加快开放给中国的战略投资者。
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Investment Overlook
投资概况
Chinese investors are particularly interested in German small- and medium-sized
companies with high-quality technology assets. Such investments are beneficial for
both parties.
中国投资者对德国高质量技术资产型的中小型公司特别感兴趣。这样的投资对双方都有益处。
• German companies gain access to an established distribution network in China.
德国公司获得并建立在中国的分销网络。
• German family-owned businesses can solve the succession problem.
德国家族企业能解决继承问题。
• Chinese companies acquire advanced German technology and know-how as well as
access to the German market.
中国公司收购德国先进技术以及深入德国市场的技术诀窍。
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Chinese M&A acquisitions of German assets:
Historical data 中国并购收购德国资产的历史数据
Greater China outbound M&A activity into Germany
大中国地区在海外德国的并购
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Chinese M&A acquisitions of German assets:
Historical data中国并购收购德国资产的历史数据
Greater China outbound M&A activity into Germany (Sector deal numbers)
大中国地区在海外在德国的并购 （交易量）
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Chinese M&A acquisitions of German assets:
Historical data 中国并购收购德国资产的历史数据
Greater China outbound M&A activity into Germany (Sector deal volumes)
大中国地区在海外在德国的并购 （交易量）
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Chinese M&A acquisitions of German assets:
Historical data中国并购收购德国资产的历史数据
Top Chinese outbound M&A acquisitions of German assets
(October 2014)
Rank.
Announced
Date
Target Company
Bidder
Company
Seller Company
Deal Value
(US$m)
1
August
2012
KION Group
(25% Stake);
Linde Hydraulics (70%
Stake)
Weichai Power Co Ltd
2
December
2012
Oerlikon Saurer; Oerlikon
Schlafhorst;
Oerlikon Textile
Components
The Jiangsu Jinsheng
Group
OC Oerlikon Corporation
702
3
January
2012
Putzmeister Holding
Sany Heavy Industry Co
Ltd;
CITIC Private Equity
Funds Management Co
Ltd
Karl Schlecht Stiftung
(Private Investor);
Karl Schlecht Familienstiftung
(Private Investor)
661
4
October
2014
Hilite International
AVIC Electromechanical
Systems Co Ltd
591
5
October
2014
Boge Elastmetall GmbH
CSR through Zhuzhou
Times New Material
Technology
394
6
May
2012
Preh
Liaoyuan Joyson
Electronic Corp.
928
Deutsche Beteiligungs AG;
Joyson Holding Co
364
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Chinese M&A acquisitions of German assets:
Historical data中国并购收购德国资产的历史数据
Top Chinese outbound M&A acquisitions of German assets
(October 2014)
Rank.
Announced
Date
Target
Company
Bidder Company
Seller Company
Deal Value
(US$m)
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September
2013
Thyssen Krupp
Tailored Blanks
Wuhan Iron and Steel Company
Ltd
Thyssen Krupp AG
334
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March
2013
Grohe AG
(undisclosed stake)
Jianshe Cai
(Private Investor);
Jilin Cai
(Private Investor)
119
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October
2014
S.A.G. Solarstrom
AG
Shunfeng Photovoltaic
International Ltd through SF
Clean Energy Gruppe
81
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July
2014
KACO GmbH & Co
KG
Zhongding Sealing Parts
80
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March
2014
m-tec mathis technik
GmbH
Zoomlion Heavy Industry Science
& Technology Development Co.
Ltd.
St. Gobain
47
12
April
2013
HIB-Trim Part
Solutions Bruchsal &
Co
Ningbo Huaxiang Electronic Co
Ltd
Mutares AG
45
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Principal Challenges of the Acquisition of a German
Company
中德企业并购流程的主要问题
1.
Identification of the target
寻找目标公司
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Knowledge of the market and important players
洞察市场环境，发现重要的竞争者
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Current reluctance to sell (inflation scare / Euro crisis)
目前缺乏愿意出售的意愿（通胀恐慌/欧元危机）
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Principal Challenges of the Acquisition of a German
Company
中德企业并购流程的主要问题
2.
Due Diligence （analysis of corporate history, tax, finance, employment and
pending litigation）
尽职调查（公司历史，税务，财务，劳动雇佣以及未决诉讼的分析）
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Files in the German language
用德语作文件归档
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Local management may not be fluent in English
本地管理很可能得不到流利的英语作为支持
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Documentation may be incomplete and/or outdated
资料可能不完整和/或已过时
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Principal Challenges of the Acquisition of a German
Company
中德企业并购流程的主要问题
3. Acquisition Structure
并购方式
• Share Deal - Rule
股权并购 - 规则
• Asset Deal - Exception
资产并购 - 例外
4. Chinese Government Approval Requirements
中国政府审批要求
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Principal Challenges of the Acquisition of a German
Company
中德企业并购流程的主要问题
5. Post closing integration
并购整合
• Interaction with local management
与地方管理的互动
• Different management cultures
管理文化的差异
• Cultural barriers
文化障碍
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Principal Challenges of the Acquisition of a German
Company
中德企业并购流程的主要问题
5. Post closing integration
并购整合
• Communication
交流
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"The Awful German Language"（Mark Twain）
由马克·吐温撰写的“可怕的德语”
Language proficiency of local management
当地管理的语言能力
• Complexity and rigidity of German tax, labour and social laws
德国的税法，劳动法和社会法很复杂
• Different accounting standards
德国的不同的会计准则
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Selected Cases
精选案例
1. Zoomlion Heavy Industry Science & Technology Co., Ltd.
中联重科
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One of the largest construction machinery manufacturers in China
中国最大的工程机械制造商之一
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First investment in Germany
首次在德投资
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Acquisition of all shares in the construction engineering company m-tec Germany,
a subsidiary of the French Saint-Gobain group, that develops, manufactures and
sells plant engineering and site equipment for the industrial mortars industry
全资收购法国圣戈班集团下属企业,德国m-tec建设工程公司。该公司为砂浆工业研
发、制造和销售工程及工地设备。
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M-tec Germany has several hundred employees in Germany and subsidiaries in
China, the Czech Republic and the United Kingdom
M-tec公司在德国拥有数百名员工，并在中国、捷克以及英国拥有分支机构。
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Selected Cases
精选案例
2.
Goldrooster AG
金鸡股份有限公司
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Goldrooster AG is the German holding company of Goldrooster Group, an operator
of a leading sports fashion brand in China
金鸡股份有限公司是金鸡集团的德国控股公司。该公司是一个领先的中国时尚运动品
牌商。
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Advice on its Initial Public Offering (IPO) on the Frankfurt Stock Exchange
为金鸡公司在法兰克福交易市场上市提供建议
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Selected Cases
精选案例
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Comprehensive advice in the preparation and implementation of the IPO:
为上市的前期准备和具体实施提供全面的建议
• Establishing the German listing vehicle
设立德国上市公司
• Setting up the necessary corporate offshore structure
设计离岸结构
• Assisting in the legal due diligence
开展尽职调查
• Preparing the securities prospectus
准备招股说明书
• Coordinating the approval procedure with the German Federal Financial
Supervisory Authority
协助获得德国联邦金融监管局的批准
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Contact
联系方式
Dr. Hermann Meller
麦荷曼博士
Partner
合伙人
Office: Shanghai / Berlin
办公室：上海 / 柏林
Direct Line: +86 21 2315 6000
直线：+86 21 2315 6000
Email: [email protected]
邮箱：[email protected]
Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Salans FMC SNR Denton Europe LLP is
a limited liability partnership registered in England and Wales under no. OC316822. It is authorised and regulated by the Solicitors Regulation
Authority. A list of its members and non-members who are designated as partners are open for inspection at its registered address: Millennium
Bridge House, 2 Lambeth Hill, London, EC4V 4AJ, England. Please see dentons.com for Legal Notices
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Thank you!
谢谢！
Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. Salans FMC SNR Denton Europe LLP is
a limited liability partnership registered in England and Wales under no. OC316822. It is authorised and regulated by the Solicitors Regulation
Authority. A list of its members and non-members who are designated as partners are open for inspection at its registered address: Millennium
Bridge House, 2 Lambeth Hill, London, EC4V 4AJ, England. Please see dentons.com for Legal Notices
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