中国企业对日投资须知(1)

最近两年，中国企业对日投资急剧增多,投资金额增加两倍以上，达到2.25亿美元。

本稿介绍几个中国企业在日本的M&A投资项目和日本有关M&A的规定。

尚德电力 (Suntech Power)-MSK
2006年8月2日，中国生产太阳能电池的大企业无锡尚德电力（Suntech Power）宣布收购日本MSK公司。

日本MSK公司是日本最大的太阳能组件生产企业。

尚德电力原在开曼群岛成立，在NASDAQ和中国上市。

该收购项目吸引了媒体的广泛报道，而且在如何管理被收购后的日本目标公司这一问题上可资借鉴。

该收购分两阶段进行。

首先，尚德电力在2006年9月末前以1.07亿美元购得MSK 的三分之二股份。

之后，2008年6月尚德电力通过用其自身的131.03万股股份进行换股交易，收购了MSK剩余的47.66万股。

应关注的是，该收购是以获取技术为目的。

通过该收购，尚德电力进入急速成长的建材一体型太阳光伏市场。

因利用MSK的专门技术和世界销售网络尚德电力将日本的技术带到中国，故得以加强其经营和销售能力，投资亦因而引人注目。

另一方面2007年3月，MSK在日本的其中一所工厂在收购完成后突然关闭，
该工厂的员工全部被解雇。

显然，收购方“有效经营”的观念和被购方“维持雇用”的观念存在着矛盾。

其后，被解雇员工采用员工收购(employee buyout)的方式设立新公司，以维持经营。

中国企业对日投资须知(1)
苏宁电器 – Laox 公司
2009年6月，苏宁电器公布收购日本主要家电零售企业Laox。

Laox的主要店铺位于秋叶原，并在东京证券交易所二部上市。

这是中国上市公司首次收购日本上市公司。

苏宁电器的开曼子公司以认购约8亿日元的Laox的新股，并且认购行权价格约为2亿1千万日元的可以选择认购新股的新股预约权，成为持有该公司近30%股份的第一大股东。

Laox同时向其老客户——一家以中国游客为客户的日本观光免税公司-配售相当于7亿日元的新股和新股预约权（行权价格合计约为1亿9千万日元）。

通过该配售，Laox合计筹资约19亿日元，用于为秋叶原地区的业务进货，改善资金周转，以及赎回优先股份。

若Laox的各股东行使全部新股预约权，苏宁电器子公司的持股比例为29.33%，日本观光免税公司为25.67%，合计55%。

Laox已从苏宁电器和日本观光免税公司分别接受四名董事和两名监事，事实上已经成为苏宁电器的子公司。

利用新股预约权是本案的一大特征。

在中国公司法中新股预约权的发行尚未被认可。

在日本法例下，新股预约权是一独立权利，并不附随于某一公司的债券或股份。

该权利的持有人可以在一定期限内行使权利，缴付预先规定的行权价款后取得新股；也可以不行使权利，等权利的持有人认为股价动向有利时才行使权利。

在此交易中Laox发行的新股预约权如下：
发行日期 2009年8月3日
需资金总额 400,000,000日元
发行价格 0
新股预约权数量 20,000,000
每一个新股预约权授予的股份数目 1股
行权价格 每股20日元（固定价格）
行权期限 自2010年1月15日至2013年1月14
日
若新股预约权全部行使，发行股份数量 普通股20,000,000股
所以，若苏宁电器子公司在2013年的行权期限之前行使部分或全部新股预约权，缴付4亿日元后将取得普通股份2千万股。

日本的新股预约权制度非常灵活。

行权价格是固定的，但公司也可以发行附修正条款的新股预约权。

与中国不同,在日本最近收购经营处于困境的日本企业时，由投资人通过法院的程序收购这些企业是很常见的。

情况于2000年民事再生法实施后尤其明显。

根据该法律，可以由经营层继续维持控制权而向法院提出申请。

民事再生法的这一特点与美国《联邦破产法》第十一章的程序类似。

另外，收购方与目标公司在向法院申请前协商收购计划的事先厘定程序中，通过新投资人的资金能够确保重整经营处于困境的公司。

迄今已有中国企业通过法院程序收购日本企业的先例，上海电气收购秋山电气就是其中之一。

在该案中，上海电气在日本设立用于收购的新公司，经过法院选任监督委员的同意，新公司按照民事再生法从秋山电气收购了业务。

经过法院程序，原来目标公司的债务被合法剥离，上海电气有效地获取了秋山电气拥有的技术、人力资源及客户关系。

Issues facing Chinese enterprises
investing in Japan (Part I)
T he number of investments made in Japan by Chinese enterprises has increased sharply in the past two years, with the amount invested more than doubling over the same period to around US$225 million.
Starting with this article, we will examine a series of M&A projects conducted in Japan by Chinese enterprises, and Japan’s M&A regulations.
Suntech Power – MSK
On 2 August 2006 Wuxi’s Suntech Power, a major producer of solar cells in China which is incorporated in the Cayman Islands and listed on NASDAQ, announced the acquisition of Japan’s MSK, the biggest producer of solar modules in Japan. The project received extensive media coverage and provides a point of reference concerning how to manage a target company after it has been acquired. The acquisition was divided into two stages. First, Suntech Power acquired two thirds of the shares in MSK for US$107 million by the end of September 2006. It subsequently acquired the remaining 476,600 shares in MSK in a swap for 1,310,300 of its own shares in June 2008.
Through the acquisition, Suntech moved into the rapidly growing integrated building materials-solar photovoltaic market. The project sparked concerns, as Suntech made use of the expertise and global sales network of MSK to improve its operations and sales by introducing Japanese technology into China. In another development, all the employees of one of MSK’s factories in Japan were dismissed in March 2007 after the factory was suddenly shut down upon completion of the acquisition. Subsequently, a new company was formed by the dismissed employees to continue operation by means of an employee buyout.
Suning Appliance – Laox
In June 2009 Suning Appliance announced its acquisition of Laox, a leading Japanese home appliance retailer with its main store in Akihabara, which is listed on the Second Board of the Tokyo Stock Exchange. It is the first acquisition by a Chinese listed company of a Japanese listed company.
Suning Appliance’s subsidiary in the Cayman Islands became the largest shareholder in Laox, holding nearly 30% of the shares, by subscribing for new Laox shares worth approximately 800 million yen (US$8.8 million) and subscribing for share acquisition rights –options to subscribe for new shares – over new shares exercisable at a price of approximately 210 million yen. Meanwhile, Laox placed new shares and new share acquisition rights (exercisable at a total price of approximately 190 million yen) worth 700 million yen with its regular client Nihon Kanko Menzei, a Japanese duty-free company whose business is targeted at Chinese tourists.
The proceeds raised through the placing amounted to approximately 1.9 billion yen and were used to buy more supplies for the business in Akihabara, to improve cash flow, and to redeem preference shares. If all of the shareholders of Laox exercise their new share acquisition rights, Suning Appliance will hold 29.33% of
Laox, and Nihon Kanko Menzei will hold 25.67%, making a total shareholding of 55%. Laox having become a subsidiary of Suning Appliance, Suning Appliance appointed four directors and Nihon Kanko Menzei appointed two supervisors to Laox.
A highlight of the project was the use of share acquisition rights, which are not provided for in the PRC Company Law. Under Japanese law, a share acquisition right is an independent right not attaching to particular corporate bonds or shares; the holders of such a right may exercise it within a certain period and acquire new shares by paying the exercise price, or they may choose not to exercise the right until it is financially profitable to do so due to the movement of share prices. In this transaction, Laox issued the following new share acquisition rights:
Issue date 3 August 2009
Total capital required400,000,000 yen
Issue price0
No. of new share acquisition rights20,000,000
No. of shares attached to each right 1 share
Exercise price20 yen per share (fixed price)
Exercise period15 January 2010 to 14 January 2013
20,000,000 ordinary shares
No. of shares to be issued when all rights
are exercised.
Thus Suning Appliance can acquire 20 million ordinary shares, if it exercises all of its share acquisition rights before the exercise date in 2013, by paying 400 million yen.
The share acquisition rights regime in Japan is very flexible. The exercise price in the project is fixed; however, share acquisition rights with revised terms can also be issued.
Distressed company takeovers
Unlike in the PRC, it has become common in recent years for investors to use court proceedings to acquire financially distressed companies in Japan. This trend became particularly noticeable after the Civil Rehabilitation Law came into force in 2000. Under this law, a financially distressed company may file an application for court protection, with management maintaining control over the company.
This is similar to the Chapter 11 procedure in the US. A pre-packaged plan, agreed by an acquirer and target company in advance of filing an application, is more likely to rehabilitate the bankrupt company with new capital to be injected by the new investor.
There are several precedents for Chinese companies acquiring Japanese companies through court proceedings, one of which is Shanghai Electric’s acquisition of Akiyama Electric in 2001. Shanghai Electric formed a new Japanese acquisition vehicle, and upon approval from a court-appointed supervisor, the new entity acquired the business of Akiyama Electric under the Civil Rehabilitation Law. By the court proceedings, the debt of the target company was legally reduced, and Shanghai Electric efficiently acquired the technology, human resources and customer relationships of Akiyama Electric.
* * * *
W r i t e r
中川裕茂(Hiroshige NAKAGAWA, Mr.)
E-mail: hiroshige.nakagawa@
Phone: +86-6590-9060 (Beijing), +81-3-6888-1174 (Tokyo)
E d i t o r s
中川裕茂(Hiroshige NAKAGAWA, Mr.)
E-mail: hiroshige.nakagawa@
Phone: +86-6590-9060 (Beijing), +81-3-6888-1174 (Tokyo)
李加弟(Jiadi LI, Ms.)
E-mail: ljd@
Phone: +86-6590-9060
A d d r e s s
安德森·毛利·友常律师事务所(Anderson Mori & Tomotsune)
北京代表处：
中华人民共和国北京市朝阳区东三环北路5号北京发展大厦809室，邮编100004
Beijing Office:
Beijing Fortune Building, Room 809, No. 5, Dong San Huan Beilu, Chao Yang Qu, Beijing 100004 People's Republic of China
东京总部：
日本国东京都港区六本木一丁目6-1泉花园塔(Izumi Garden Tower)，邮编106-6036
Tokyo Office:
Izumi Garden Tower, 6-1, Roppongi 1-chome, Minato-ku, Tokyo 106-6036, Japan
*本时事通讯的内容作为一般信息提供，不包含具体的法律建议。

另，尽管弊事务所北京代表处被允许在中国国内营业，但是没有资格提供有关中国法的意见。

*T h i s n e w s l e t t e r i s p u b l i s h e d a s a g e n e r a l s e r v i c e t o c l i e n t s a n d f r i e n d s a n d d o e s n o t c o n s t i t u t e l e g a l a d v i c e.O u r B e i j i n g R e p r e s e n t a t i v e O f f i c e i s q u a l i f i e d t o p r a c t i c e i n P R C b u t n o t q u a l i f i e d t o p r o v i d e a n y s p e c i f i c a d v i c e
r e l a t i n g t o P R C l a w s.。