2013-04-11_在德国投资及并购-中国投资方必须知道的事_Lin

Hannover Trade Fair 2013

EUCEC –EU-China Economic Cooperation Forum 2013 M&A in Germany –What Chinese Investors must Know 在德国投资及并购–中国投资方必须知道的事

Hannover, April 11th 2013

Dr. rer. pol. Kuang-Hua Lin

IF YOU WANT TO HEAR THIS PRESENTATION AND GET FURTHER

您希望用中文听更详尽的演讲吗？？INFORMATION IN CHINESE 您希望用中文听更详尽的演讲吗

On 17. May 2013, APMC together with GTAI(German Trade and Invest, the official Investment Promotion Office for Germany, also known as …Invest in Germany“) and NRW-Invest(the official Investment Promotion Office for the State Northrhein-Westfalia) will conduct an …Investment in Germany“Seminar in Shanghai. The language of the seminar is CHINESE.

If you are interested, please write to apmc@asia-pacific.de with a short information of your company and your interest (Greenfield investment/Company founding? M&A?Generally about doing business in Germany?).

2013年五月17日，德国亚太企管和德国联邦外贸与投资署，北莱因邦投资局，将在上海举办一场投资德国的讲座。您有兴趣的话，请将您公司的简单资料，及想了解的讯息（成立公司？投资工厂？并购？）写邮件到apmc@asia-pacific.de

-pacific.de

GTAI IS THE OFFICIAL INVESTMENT PROMOTION OFFICE FOR GERMANY

RECENT PROJECTS OF APMC

total volume of at

least 150 Mio. US$

3 Chinese

investors and 5

German sellers

a total volume

of at least 300 Mio.

Euro

Blanks

Automobile Duisburg, Sep. '12

Blanks Automobile Duisburg, Sep. '12Schwing

Concrete Pumps Herne, Apr. '12Schwing Concrete Pumps Herne, Apr. '12Medion Consumer Electronics Essen, June '11

Medion Consumer Electronics Essen, June '11Latch '12'12Güstrower Wärmepumpen

Pumps

Güstrow, Jan. '11

Güstrower Wärmepumpen Pumps Güstrow, Jan. '11KSM Castings Automobile/Casting Hildesheim, July '11

KSM Castings Automobile/Casting Hildesheim, July '11Format Tresorbau

Safe

Hessisch Lichtenau,

June '11

Format Tresorbau Safe Hessisch Lichtenau, June '11Arnstadt, Jan. '12

Arnstadt, Jan. '12Wadern/Büschfeld, Apr. ‚11

Wadern/Büschfeld, Apr. ‚11CEC Crane, Engineering & Consulting

Crane Freystadt, Aug.'11CEC Crane, Engineering & Consulting Crane Freystadt, Aug.'11EMAG

EMAG Putzmeister

Putzmeister Saunalux

Sauna Cabin Grebenhain, Feb. '12

Saunalux Sauna Cabin Grebenhain, Feb. '12Preh

Automobile/Electronic Control Bad Neustadt a. d. Salle, Apr. '11

Preh Automobile/Electronic Control Bad Neustadt a. d. Salle, Apr. '11RECENT CHINESE ACQUISITION IN GERMANY

Do´s and Don´ts; Recommendations

Most Common Mistakes of Chinese Investors in Germany

Did not ask all parties (sellers, advisors, translators, travel guides/drivers, accountants, lawyers) to sign NDA and/or exclusivity/non-competition

Has not actively and systematically searched for the best company/targets Has not discussed with the banks of the targets whether Chinese investors are welcomed or not, whether the current credit line can be maintained

Has not discussed with the labor/trade union and/or did not understand the legal restriction of dismissing in Europe/Germany

Did not conduct Due Diligence in correctly

Financed by RMB loans in China (for > 6% p.a.) instead of EURO loans in Europe/Germany (can be as low as 2 to 4% p.a. with no exchange rate risk) Paid too high a price (in multipliers of EBITDA, EBIT or Cash Flow)

Did not ask to stretch the payment in 2 to 3 years

Did not set up an optimized tax structure before the acquisition(e.g.

Holding structure, …Körperschaftsteuerliche Organschaft“)