Details

Due Diligence in China


Due Diligence in China

Beyond the Checklists
Wiley Corporate F&A 1. Aufl.

von: Kwek Ping Yong

90,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 22.08.2013
ISBN/EAN: 9781118469040
Sprache: englisch
Anzahl Seiten: 256

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Beschreibungen

<b>A plain-English guide that demystifies the business landscape in China from a due diligence point of view</b> <p>Due diligence is crucial to any business deal, and, thankfully, due diligence research has come a long way over the years. What used to be a cumbersome, time-consuming process has been standardized and systemized with generally accepted auditing frameworks and tools, such as the all-important auditing "checklists." But when it comes to doing due diligence in China, with its opaque regulatory system and byzantine accounting standards, all bets are off. In this book an acknowledged expert in the field takes you beyond the checklists to arm you with China-specific due diligence strategies, tools and techniques that go beyond what is typically part of the process.</p> <ul> <li>Gives a detailed account of why conventional frameworks used in the west simply don't work in China</li> <li>Provides first-hand accounts based on the author's years of experience as a private equity professional doing deals in China</li> <li>Reviews, in-depth, the unique differences between corporations and businesses in China and those in the West and their implications for the due diligence process</li> <li>Uses numerous case studies to guide the reader through an entire due diligence process for a firm in China</li> </ul>
<p>Preface xi</p> <p>Acknowledgments xv</p> <p><b>Chapter 1: The Business Landscape in China 1</b></p> <p>Macro and Structural Domains 2</p> <p>Corruption in China 6</p> <p>Conducting Due Diligence in China versus Western Countries 26</p> <p>Conclusion 30</p> <p>Notes 31</p> <p><b>Chapter 2: Due Diligence in China 33</b></p> <p>Due Diligence for Different Types of Deals 36</p> <p>Levels of Due Diligence 48</p> <p>Key Considerations 56</p> <p>Organization of Due Diligence Process 59</p> <p>The Due Diligence Team 63</p> <p>Independence of Vendor Due Diligence 64</p> <p>Reasons for Poor Due Diligence 68</p> <p>Reverse Takeovers 73</p> <p>Dispute between SEC and CSRC 75</p> <p>Conclusion 77</p> <p>Notes 78</p> <p><b>Chapter 3: Financial Due Diligence 81</b></p> <p>Financial Due Diligence Checklist 82</p> <p>Conclusion 139</p> <p>Notes 140</p> <p><b>Chapter 4: Operational, Commercial, Legal, and Other Due Diligence 143</b></p> <p>Operational Due Diligence 144</p> <p>Commercial Due Diligence 167</p> <p>Legal Due Diligence 169</p> <p>Balanced Scorecard (BSC) 178</p> <p>How to Predict Bankruptcy—Altman Z Scores and Gearing 185</p> <p>Optional Checklists 186</p> <p>Conclusion 193</p> <p>Notes 194</p> <p><b>Chapter 5: Beyond the Checklists: Founder and Management 195</b></p> <p>Founder Management Root 198</p> <p>The Founder Background Check 200</p> <p>Guanxi (Relationship) 216</p> <p>Due Diligence on More Than One Founder 223</p> <p>Summary of Background Check: SWOPEST and Tri-Background 224</p> <p>Conclusion 228</p> <p>Notes 229</p> <p><b>Chapter 6: Beyond the Checklists: Hard Facts 231</b></p> <p>Face-to-Face Meetings 231</p> <p>Proportion Check 242</p> <p>Site Visits 247</p> <p>Due Diligence Goes One Step Deeper: The Four Deadly A’s 256</p> <p>Conclusion 290</p> <p>Notes 292</p> <p><b>Chapter 7: Implementing a Due Diligence Workflow 293</b></p> <p>Getting the Mind-Set Right 294</p> <p>Formulating the Due Diligence Strategy 295</p> <p>Forming a Team 300</p> <p>Starting the Due Diligence Process 304</p> <p>Conclusion 312</p> <p>Notes 313</p> <p><b>Chapter 8: Post Due Diligence and Case Studies 315</b></p> <p>Preparing the Due Diligence Report 316</p> <p>Due Diligence Outcome Review 316</p> <p>Deal Structuring, Negotiation, and Deal Making 318</p> <p>Post-Acquisition Due Diligence 318</p> <p>Summary Models 319</p> <p>Final Case Studies 327</p> <p>Conclusion 347</p> <p>Notes 348</p> <p>About the Website 351</p> <p>About the Author 353</p> <p>Index 355</p>
<p><b>Kwek Ping Yong</b> has more than ten years of private equity investment experience in China. Mr. Yong started his first USD China-focused growth fund in 2001 and has since made more than thirty investments in businesses there, across various industries, including manufacturing, mining, energy, food and beverage, and the retail sector. He has also planned and executed many successful exits through trade sales and pre-IPO transactions, and performed hundreds of full due diligence exercises for Chinese companies pre- and post-investment. Mr. Yong launched his first Chinese RMB private equity growth fund in 2010 with a total USD and RMB fund size of more than US$4 billion under management. Prior to joining Inventis, Kwek Ping founded an IT system integration company that was later merged and listed at the Helsinki Stock Exchange in Finland in 2000. His track record is well recognized internationally, and he is frequently invited to speak at international conferences and summits. Mr. Yong is an adjunct professor at Singapore Management University, where he developed and teaches private equity courses for the Financial Training Institute. In addition, he is a visiting lecturer at the Imperial College Business School, UK, and a Senior Fellow of the Wharton School, University of Pennsylvania. Kwek Ping Yong is the author of <i>Private Equity in China: Challenges and Opportunities</i> (Wiley), the first industry-focused book on the subject.</p>
<p>Praise for <i>Due Diligence in China</i></p> <p>"A number of highly publicised frauds at Chinese companies listed in Western markets have raised questions about the approach to diligence. In <i>Due Diligence in China: Beyond the Checklists</i>, Kwek Ping Yong addresses this uncertainty, using real case studies to bring the diligence process in China to life. Yong highlights where standard diligence processes should be augmented for China and alerts us to potential oversight issues."<br /> <b>—Dominic Barton, Managing Director, McKinsey & Co.</b></p> <p>"The Chinese economic landscape is littered with the remains of good ideas that were too casually executed. Due diligence may well be the single most important decision that an organization can make regarding the China market. Kwek Ping's experience and familiarity with doing business in China makes this book a comprehensive source of guidance on how to be better prepared in entering the world's most complex marketplace."<br /> <b>—Bill Fischer, Professor, IMD; former Executive President and Dean, China Europe International Business School (CEIBS); coauthor, <i>Reinventing Giants</i></b></p> <p>"Comprehensive and focused, <i>Due Diligence in China</i> is a truly useful guide on due diligence and extends the knowledge base of the subject under the business landscape of China.</p> <p>"Kwek Ping has a deep technical understanding based on years of private equity investment experience in China across various industries and companies. The book presents a framework that integrates research and analysis. It covers the scope of problems and issues that one will face in the process and provides practical ideas on how to resolve them, complete with implementation guidelines, checklists, summary models as well as case studies.</p> <p>"As the world's leader in sourcing, production management and supply chain solutions, Li & Fung operates one of the most extensive global networks. Due diligence is an essential topic in our everyday decision making. This is recommended reading for my team and should also be for any business owner, manager, and finance professional."<br /> <b>—Bruce Rockowitz, Group President and CEO, Li & Fung Limited</b></p> <p>"Kwek Ping Yong has your back. <i>Due Diligence in China</i> goes beyond the usual exhortations of 'know your partner' in China. He tells you how to do it with just the right amount of case detail and big picture thinking that will hone your instincts. A must-read for anyone thinking of partnering in China as buyer or investor."<br /> <b>—Regina M. Abrami, Ph.D., Director, Global Program and Senior Lecturer, Political Science and Senior Fellow, The Wharton School</b></p>

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