中国西部数码服务器

放眼四海FOURSEAS25CBLJSEPTEMBER2016|年月中国化工集团公司(中国化工)计划以43亿美元并购先正达,这是今年中国企业在海外进行的最引人瞩目的交易之一.
美国外国投资委员会(CFIUS)近期批准了此项巨额收购,若收购顺利完成,这将是迄今为止中国企业最大的海外并购交易.
先正达是一家总部设在瑞士的专注于农业相关技术的公司,中国化工对先正达TheChinaNationalChemicalCorporation's(ChemChina)plannedUS$43billiontakeoverofSyngentacouldbeoneofthemostdazzlingChineseoutbounddealsthisyear.
Thehugepurchase,whichhasrecentlyreceivedclearancefromtheCommitteeonForeignInvestmentintheUnitedStates(CFIUS),issaidtobe外国技术是他人的知识财富,并不是中国买家唾手可得的,但海外技术收购并不像看起来那么困难.
作者:李俊辰OVERSEASTECHNOLOGIESARETHEINTELLECTUALPRIZESOFNATIONS,ANDNOTEXACTLYLOW-HANGINGFRUITFORCHINESEBUYERS,BUTPURCHASESARENOTASDIFFICULTASTHEYMAYSEEM.
RICHARDLIREPORTS科技行动BRAINCAMPAIGN26CBLJSEPTEMBER2016|年月的青睐,恰恰反映了中国对海外技术密集型企业的需求日益上升.
但用资金换取知识财富远非将先进的技术带回国内那么简单.
对于一些大型的中国跨国企业来说,这也是其全球扩张战略的一部分.
中国收购者既有私营企业也包括国有企业,从生命科学、清洁能源、机器人、制造领域到在线游戏、社交媒体等互联网技术,中国买家在各行各业寻求并购目标.
不论是成熟的现有品牌还是前景看好的初创企业都是符合中国人口味的并购目标.
"从我们的经验来看,中国投资者青睐那些在中国市场上能增值的颠覆性技术.
"美泰律师事务所在以色列拉马干市的合伙人兼中国业务负责人YoavSade表示.
他补充道,中国买家对-年第个五年计划中所提及的某些核心领域比较感兴趣,包括医疗保健和电子医疗、清洁能源、高端机器人、新一代信息技术、农业、新材料和物联网.
安睿律师事务所亚洲管理合伙人StephenKitts留意到,许多中国投资者进行对外技术投资是为了最终提高其在中国市场的地位.
"中国科技产业的成功策略一直是'为了学习而投资',而不是为了在其不太了解的市场抢占市场份额,"Kitts表示,"这一策略似乎日渐成为科技产业的常态,中国企业进行投资,是希望吸取可以带回国的具有战略意义的技术、人才和品牌.
"瑞生律师事务所在加州奥兰治郡的合伙人DavidLee表示:"中国买家在技术行业寻找可以帮助其在价值链中更上一层的资产,从单纯的技术产品制造商转变为能够捕获这些产品大部分价值的企业.
"他发现中国企业经常收购在中国制造但在美国营销、设计、销售和注册商标的品牌技术产品.
DavidLee提到了两项最新签署的交易:乐视收购美国消费电子生产商Vizio,以及艾派克科技股份有限公司收购美国打印机制造商利盟(Lexmark).
"这两项交易均涉及在中国制造的科技消费产品,但以消费者为导向的商标为中国制造商带来了极大的壁垒,"thelargestoverseasacquisitionbyChinesebuyerstodate,ifitgoesthrough.
ChemChina'sinterestinSyngenta,aSwiss-basedcompanyspe-cializinginagribusinessandrelatedtechnologies,isonlyahintofagrowingChineseappetiteforoverseastech-intensivebusinesses.
Buttheexchangeofcapitalforintellectualwealthisnotjustabouttakingadvancedtechnologybackhome.
ForsomebigChinesemultinationals,itisalsopartoftheirglobalexpansionstrategy.
AcquirersfromChinaincludeprivateandstate-ownedplayers,seekingtargetsinawidespectrumofsectorsfromlifesciences,cleanenergy,roboticsandmanufacturingtoonlinegames,socialmediaandotherinternettechnologies.
Establishedbrandnamesandpromisingstart-upsallsuitChinesetastes.
"Fromourexperience,ChineseinvestorslookfordisruptivetechnologiesthathaveaddedvalueinthePRCmarket,"saysYoavSade,apartneratMeitarinRamatGan,Israel,andleaderofthefirm'sChinapractice.
HeaddsthatChinesebuyersareinterestedinsomekeyareasidentifiedinthe13thFiveYearPlanfor2016-2020,includinghealthcareande-health,cleanenergy,high-endrobotics,nextgenerationinformationtechnology,agriculture,newmaterialsandtheinternetofthings.
StephenKitts,theAsiamanagingpartneratEversheds,hasseenmanyChineseoutboundtechnologyinvestmentsmotivatedbytheinvestors'desiretoultimatelyenhancetheirpositionintheChinesemarket.
"AsuccessfulstrategyfortheChinesetechsectorhasbeento'investtolearn',ratherthanseekingtograbmarketshareinterri-toriesthattheydon'tknowmuchabout,"saysKitts.
"Thisstrategyappearstobeincreasinglythenorminthetechindustry,withChi-nesecompaniesmakinginvestmentstosoakupstrategictechnol-ogies,talentandbrandsthattheycanthentakehome.
"DavidLee,apartneratLatham&WatkinsinOrangeCounty,California,says,"Chinesebuyersarelookingforassetsinthetech-nologysectorthathelpthemmoveupstreaminthevaluechain,STEPHENKITTS安睿律师事务所亚洲管理合伙人AsiaManagingPartnerEversheds中国技术产业的领军人物往往比较年轻,更适应国际市场Chinesetechnologyleaderstendtobeyoungerandmoreintunewiththeinternationalmarket27CBLJSEPTEMBER2016|年月frommeremanufacturersoftechnologyproducts,tocaptureagreaterportionofthevalueintheseproducts.
"HehasseenChi-nesecompaniesoftenacquireabrand-nametechnologyproductthatisentirelymadeinChina,butmarketed,designed,distributedandbrandedintheUS.
Leenotestworecentlyinkeddeals:ChineseonlinevideofirmLeEco'spurchaseofVIZIO,aUSdeveloperofconsumerelectron-ics,andApexTechnology'sacquisitionofLexmarkInternational,anAmericandeveloperofprinters.
"BothinvolvedconsumerproductsinthetechsectorthatweremanufacturedinChina,buttheconsumer-orientedtrademarkcreatedasignificantbarriertoentryfortheChinesemanufactur-ers,"heremarks.
"ByacquiringtheUScompany,theChinesebuyerwasabletocapturethevalue-addedbrandname,marketingexper-tiseanddesignexpertiseheldbytheUStarget.
"TheincreaseinChineseoverseastechinvestmentwillprob-ablycontinue.
Manyoutboundtechinvestorsareprivatefirms,and"investmentregulationsforprivatecompaniesislooserthaneverinChina",saysKitts.
Also,comparedwithexecutivesinotherindustries,"Chinesetechnologyleaderstendtobeyoungerandmoreintunewiththeinternationalmarket,"hesays.
"Thisdynamism,combinedwithforeigncompaniesbeingmorereceptivethanevertoChinesecapital,meansinvestmentactivityissettocontinuetoincrease.
"SEEKINGTECHNOLOGYChinesebuyersaremoreactivelyparticipatinginbiddingfortech-intensivetargetsaroundtheworld,andAmerica,theworld'stechpowerhouse,isjustoneattractivedestination.
InSouthKorea,Chineseinvestorsareincreasinglyinterestedinin-ternetinformationcompaniesdevelopinggamesandsocialnetworkplatforms,andentertainmentcompaniesproducinganimations,saysEunHyun-ho,apartnerintheSeoulofficeofKim&Chang.
EunhasalsowitnessedmoreChineseinterestinSouthKorea'smanufacturingindustries.
"Forinstance,KonkaGroupparticipatedinabidforWoongjinCoway,awaterpurifiermanufacturer,andtherewerenewsmediareportsindicatingthatChineseinvestorswerein-terestedinacquiringPantech,amobilephonemanufacturer,"hesays.
IsraelisthetechleaderintheMiddleEast.
HananHaviv,apart-neratHerzogFox&NeemaninTelAvivandheadofthefirm'shigh-techdepartment,notesthat"theflowofinvestmentfromChineseinvestorsinthepastcoupleofyearsdefinitelychangedthelandscapefortechnologyinvestmentsinIsrael".
HavivsaysmajorChineseinternetplayers,includingAlibaba,BaiduandQihoo360,haveinterestinvarioustechnologiesinhiscountry.
Forexample,AlibabainvestedinIsraelistart-upVisualeadforitsQRcodetechnology,andQihooinvestedinCortica,anIsraelicompanythatspecializesinimage-recognitiontechnolo-gies.
Thereisalsointerestinbigdatatechnologies.
Europealsohasanumberofcountrieswithstrongtechnologies.
ChemChina'spursuitofSyngentaexemplifiesChineseinterestinSwisstech.
(MoredetailsabouttechinvestmentinSwitzerlandcanbefoundinVISCHER'scolumnarticleinthisissueonpage94.
)他指出,"通过收购美国公司,中国买家能够捕获对方带来增值的品牌名称、市场营销技巧和设计方面的专长.
"中国企业在海外的技术投资很可能会不断增长.
许多境外科技投资者是私营企业,"在中国,对私营企业的投资监管比以往任何时候都要宽松",Kitts表示.
此外,与其他行业的高管相比,"中国技术产业的领军人物往往比较年轻,更适应国际市场,"他说,"这种活力,加上国外企业比以往任何时候都更能接受中国资本,意味着投资活动将持续增加.
"寻求技术中国买家正更加积极地在全球范围内物色技术密集型目标公司,世界科技强国美国只是具有吸引力的目的地之一.
金·张法律事务所首尔办公室合伙人殷炫浩说,在韩国,中国投资者对于开发游戏和社交网络平台的互联网信息公司和制作动画的娱乐公司越来越感兴趣.
殷炫浩还发现,许多中国投资者对韩国的制造业感兴趣:"譬如,康佳集团参与竞标净水器生产厂熊津豪威[WoongjinCoway],还有媒体报道中国投资者有意收购手机制造商泛泰[Pantech].
"以色列是中东地区的技术领先国家.
HerzogFox&Neeman特拉维夫办公室合伙人兼高科技部门负责人HananHaviv指出:"中国资金在过去几年的流入无疑改变了以色列技术行业的投资格局.
"中国投资者青睐那些在中国市场上能增值的颠覆性技术ChineseinvestorslookfordisruptivetechnologiesthathaveaddedvalueinthePRCmarketYOAVSADE美泰律师事务所合伙人,以色列拉马干PartnerMeitarRamatGan,IsraelAtZhongzi,wehaveoneofthestrongestIPPracticesamongallgeneralpracticelawfirmsinChina.
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cnZHONGZILAWOFFICE29CBLJSEPTEMBER2016|年月Haviv称,包括阿里巴巴、百度和奇虎在内的中国各大互联网公司,对以色列的各类技术深感兴趣.
譬如,阿里巴巴投资了以色列的初创企业Visualead,以获得该公司的二维码技术;奇虎投资了专门从事图像识别技术的以色列公司Cortica.
也有公司对大数据技术感兴趣.
欧洲不少国家的技术也很发达.
中国化工收购先正达就显示了中国对瑞士技术的兴趣.
(关于在瑞士进行科技投资的详情,请参考本期菲谢尔律师事务所第页专栏文章.
)欧华律师事务所汉堡办公室合伙人兼中国业务联席主管NilsKrause称,越来越多的中国企业在德国收购技术密集型企业,这在过去的两年尤其突出.
"德国工业竞争力的最大优势之一是其研发密集型行业的比例非常高,譬如汽车、机械工程、化工、电气工程、生命科学和环保.
"他说.
年月,中国家电制造商美的集团收购了德国机器人行业巨头Kuka的大部分股份.
三月初,北京控股有限公司以.
亿欧元(约合.
亿美元)的价格收购了德国废物能源利用公司EEW的全部股份.
安睿律师事务所慕尼黑办公室合伙人AlexanderHonrath称,中国投资者对德国工业.
表现出相当大的兴趣.
安睿目前正对五项中德并购交易提供法律服务,覆盖医疗技术、机械、航空和电信等不同行业.
在波兰,目前最吸引中国投资者的是新兴或高度专业GermanyhasseenanuptickinChineseacquisitionsofitstech-intensivecompanies,especiallyinthepasttwoyears,saysNilsKrause,aHamburg-basedpartneratDLAPiperandthefirm'sco-headofChinadeskinGermany.
"OneofthemostimportantadvantagesofGermanindustry'scompetivenessisaveryhighper-centageofresearch-and-development-intensiveindustriessuchasautomobile,mechanicalengineering,chemicals,electricalengi-neering,lifesciencesandenvironmentalprotection,"hesays.
InJuly2016,Chinesehome-appliancemakerMideaGroupacquiredamajorshareholdinginKuka,Germany'sleadingman-ufacturerofrobots.
InearlyMarch,BeijingEnterprisesHoldingscompletedits100%acquisitionofEEW,anenergy-from-wastecompanyinGermany,for1.
43billion(US$1.
61billion).
AlexanderHonrath,apartneratEvershedsinMunich,saysChineseinvestorshaveconsiderableinterestinGermany'sIndus-try4.
0sectors.
HisfirmiscurrentlyadvisingonfiveSino-Germanacquisitionsspreadingacrosssuchsectorsasmedicaltechnology,machinery,aviationandtelecommunications.
InPoland,currentlythemostattractivetargetstoChinesein-vestorsareconnectedtotheneworhighlyspecializedtechnolo-gies,saysAndrzejTomaszek,theWarsaw-basedmanagingpartnerofDrzewieckiTomaszek&Wspólnicy.
ChinaEverbrightInter-nationalrecentlymadethe123millionacquisitionofNovago,Poland'sleadingwastetreatmentcompany,whichissaidtobethelargestChineseacquisitiontodateintheenvironmentalprotec-tionindustryinCentralandEasternEurope.
InDenmark,"theprimaryfocusofChineseinvestorssofarhasbeencompaniesthatbothhaveawell-establishedbrand,andamarketleadingtechnologyanddesignprimarilywithintheau-dioandclean-techsector",saysTorbenWaage,apartnerattheCopenhagenofficeofKromannReumert.
"WithDenmarkbeingtheregionalleaderwithinthepharmaand[medical]sector,wealsoexpectastrongChinesefocusonthesecompaniesinthecomingyears.
"InthewiderNordicregion,abroadrangeoftech-intensivebusinesses,fromtraditionalonessuchastheautosectortotheclean-techandgamingindustries,seemtobepopularamongChi-neseinvestors,saysMattiYla-Mononen,aHelsinki-basedpartnerandheadofFinlandcorporatepracticeatBird&Bird.
"Inadditiontothedealsremarkableinvalue,theNordicstart-upindustryisveryactive,"headds.
InFebruary2016,ShenzhenO-filmTechnologyagreedtobuyallthesharesinSenseg,givingtheChinesefirmaccesstotheFinn-ishcompany'selectrostatichapticfeedbacktechnology.
In2014,BaiduinvestedUS$10millioninIndoorAtlas,aFinnishstart-upcompanythatdevelopsindoorpositioningsystems.
Acrossthesea,Canadainrecentyearshasseenalargenumberofstart-uptechnologiesinthefinancialtechnology(fintech)area,pri-marilyintheTorontomarket.
"CanadiantechnologyventuresandcompaniestendtobeundervaluedcomparedtoUSmarkets,"saysEricBoehm,aToronto-basedpartneratBordenLadnerGervais(BLG).
"TherehasbeennotableinterestinthisareafromChineseinvestors.
"InNewZealand,theChinesecompanyKuangChiScienceinDecember2014agreedtoacquireandinvestinMartinAircraftTORBENWAAGE科曼律师事务所合伙人,哥本哈根PartnerKromannReumertCopenhagen[在丹麦]大多数企业事务可在数分钟内在线完成注册Mostcorporatematterscanberegisteredonlinewithinminutes[inDenmark]31CBLJSEPTEMBER2016|年月Company,makeroftheworld'sfirstcommercialandpracticaljet-pack.
InNovemberofthesameyear,BAICGroupagreedtopur-chasea50%stakeinPacificAerospace,andthetwopartiesagreedtoestablishajointventureinBeijing.
"Thereareasignificantnumberofsoftwareandinnova-tion-drivengrowthbusinessesinNewZealandthatwouldbedelightedtodiscusspotentialinvestmentbyChinesecompa-nies,"saysDeanOppenhuis,apartnerintheWellingtonofficeofBellGully.
EASYORTOUGHSincetechisakeyelementofnationalstrength,itisnotsurpris-ingthatforeigntakeoversinthisareamaybefrowneduponinthehostcountries.
Kitts,fromEversheds,saysthattheincreasedflowofChineseinvestmentintotheUShasraisedpoliticalconcerns,andcertainsenatorshaveannouncedsupportforexpandingthemandateoftheCFIUS.
"PossiblelegislativechangescouldincludeauthorizingtheCFIUStoevaluateproposedinvestmentsandassesswhethertheywouldbeof'netbenefit'totheUS,"hesays,addingthatthischangewouldenablethecommitteetoreviewaninvestment'spo-tentialimpactonemployment,productivity,industrialefficiency,techdevelopmentandpublichealth.
化的技术,DrzewieckiTomaszek&Wspólnicy位于华沙的管理合伙人AndrzejTomaszek介绍说.
中国光大国际最近以.
亿欧元收购波兰领先的固废处理公司NOVAGO,据称这是中国迄今为止在中欧和东欧环保行业的最大收购.
在丹麦,"目前中国投资者重点关注的是在音频和清洁科技行业有着良好品牌和市场领先技术和规划的企业,"科曼律师事务所哥本哈根办公室合伙人TorbenWaage表示,"由于丹麦是制药和医疗领域的区域龙头,我们预计在未来几年,中国投资者也会重点关注这些行业的公司.
"鸿鹄律师事务所赫尔辛基办公室合伙人兼芬兰业务负责人MattiYla-Mononen称,在更为广泛的北欧地区,从汽车等传统行业到清洁科技和游戏产业的各类技术密集型企业都很受中国投资者的青睐.
"除了价值较大的交易外,北欧的初创产业亦非常活跃,"他补充道.
年月,深圳欧菲光科技股份有限公司认购Senseg,使得中国投资者能获得该芬兰公司的静电触控反馈技术.
年,百度斥资万美元收购芬兰室内定位技术创业公司IndoorAtlas.
在大洋彼岸,最近几年加拿大金融科技领域出现了大量的新兴技术,主要集中在多伦多市场.
"与美国市场相比,加拿大技术企业和公司的市场估值往往偏低,"博历维律师事务所多伦多办公室合伙人EricBoehm表示,"中国投资者一直对这方面表现出浓厚的兴趣.
"在新西兰,中国公司光启科学于年月认购并财务、税务和法律尽职调查的综合结果是一件非常有力的武器Whencombined,thefinancial,taxandlegalduediligenceresultsareaverystrongtoolANDRZEJTOMASZEKDrzewieckiTomaszek&Wspólnicy管理合伙人,华沙ManagingpartnerDrzewieckiTomaszek&WspólnicyWarsawHANANHAVIVHerzogFox&Neeman合伙人,特拉维夫PartnerHerzogFox&NeemanTelAviv中国资金在过去几年的流入无疑改变了以色列技术行业的投资格局TheflowofinvestmentfromChineseinvestorsinthepastcoupleofyearsdefinitelychangedthelandscapefortechnologyinvestmentsinIsrael32CBLJSEPTEMBER2016|年月However,theoverallenvironmentoverseasdoesn'tseemtobethatchallenging.
Germanyisbasicallyopentoforeigninvest-ment,withnuclearandmilitarysectorsbeingtheonlysignificantexclusions,saysHonrathfromEversheds.
"Someyearsago,therewereconcernsthatChineseinvestorsmightseektobuytechnol-ogyandtransferittoChina,"hesays.
"Thisfearhasnowsubsid-edasithasbecomeapparentthatChineseinvestorsaretakingalonger-termview.
"MichalFereniec,ashareholderatGreenbergTrauriginWarsaw,saysPolandhas"aliberaleconomyintermsofcapitaltransfersandforeigninvestment",addingthereare"certaineconomyfieldswhichareprotectedbythegovernment–e.
g.
electricitynetworks,oil,copperproduction,banks–buttechnologyorIT-relatedsec-torsarenotonthelist,[and]therearenoindustry-specificandIPrules-relatedrestrictions.
"GabySmeenk,apartnerintheShanghaiofficeofDeBrauwBlackstoneWestbroek,saystheNetherlandshasnoregimeregu-latingforeigninvestment,foreignexchangeornationalsecurity,andnospecificfilingsorapprovalsarerequiredforforeigninvest-ment.
"Somesectorssuchasfinancialservicesareregulatedandrequirepriorapprovalsforinvestment,butthesamerulesapplytodomesticandforeigninvestors,"shesays.
InNorwayaswell,Chineseinvestorsandotherforeigninves-torsmostlywillnotmeetseriousregulatoryobstacles,saysErlingChristiansen,apartnerandheadofChinadeskintheOsloofficeofSchjodt.
"ForeigninvestorsarewelcometomakeinvestmentsintoNorwegianindustries,eventhoughtherearecertainsectorsthatcouldbesubjecttoparticularregulation,suchasthebankingindustry,"hesays.
Waage,fromKromannReumert,findsChineseinvestorsinDenmarkappreciatethestraightforwardnessofthecountry'slegalsystem.
"Forexample,mostcorporatematterscanbereg-isteredonlinewithinminutes,andtheDanishlabourmarketisalsoveryflexible,allowingtheinvestorseasyaccesstoscaleupanddown,"hesays.
ForeigninvestmentisalsoencouragedinNewZealand.
"Therearenosuchrestrictionsonthetransferofcapital,profits,dividends,royaltiesorinterestinto,orfrom,NewZealand,"saysOppenhuis.
Althoughmostmajormarketswelcomeforeigninvestors,itdoesn'tmeanM&Asareunfettered.
Mostopencountriesstillim-posemerger-controlreviewsontransactionsreachingthresholds.
InEurope,"someChineseinvestors,especiallystate-ownedenterprises[SOEs],stillignoretheantitrustdifficultieswhichtheymayconfrontintheiroverseasinvestments",saysKrausefromDLAPiper.
"InacquiringEuropeancompaniesthataresubjecttomergercontrolreviewsbycompetentEuropeanornationalauthorities,bothlegalandpracticalchallengesmustnotbeunderestimated.
"KrausesaysChineseSOEsfaceaparticularriskthatallotherSOEsinthesamesectormightbetakenintoaccountinmergercontrolreviews,becausetheymightbedeemedtobeultimatelyunderthesinglemanagementoftheChinesestate.
IntheUS,ChinesetechbuyersshouldassesstheriskofaCFIUSreviewasmuchaspossible,saysAdamEmmerich,apartnerinthe投资世界上首款商业化和实用化喷气飞行器的制造者马丁飞行器公司(MartinAircraftCompany).
同年月,北汽集团认购PaciicAerospace的%股份,双方并同意在北京成立合资公司.
"在新西兰,大量的软件和创新驱动增长型企业会很乐意与中国投资者商讨潜在的投资项目.
"BellGully律师事务所惠灵顿办公室合伙人DeanOppenhuis说.
是难是易由于科技是国家综合实力的关键因素,东道国对这一领域的外国收购者有抵触情绪也不足为奇.
安睿律所的Kitts表示,不断流入美国的中国投资已引发了政界的担忧,某些参议员已表示支持扩大美国CFIUS的权限.
"可能出现的立法修订包括授权CFIUS评估拟投资项目及评估这些投资是否会为美国带来'净效益'",他补充道,这一修订可以使CFIUS有权评估投资对就业、生产力、工业效能、技术发展及公众健康的潜在影响.
不过整体而言,海外的投资环境并非如此艰险.
例如,德国对外国投资基本是开放的,仅限制对核能和军事部门的投资,安睿律所的Honrath表示.
"几年前,有人担忧中国投资者购买技术的目的可能在于将其转移至中国,"他说,"但如今这种担忧不复存在,因为很显然中国投资者的目标更为长远.
"GreenbergTraurig律师事务所华沙办公室合伙人ERLINGCHRISTIANSEN修德律师事务所合伙人,奥斯陆PartnerSchjodtOslo挪威是欢迎外国投资者投资挪威产业的ForeigninvestorsarewelcometomakeinvestmentsintoNorwegianindustries33CBLJSEPTEMBER2016|年月NewYorkofficeofWachtellLiptonRosen&Katz.
"CFIUSapprovaloftenpresentssignificantuncertaintiesandconcernsonbothsidesoftheequation,"hesays.
"BoththeChinesebuyerandthetargetcompanymaybefacedwithsignificantchallengesinassessing,andgreathesitationinacceptingresponsibilityfor,therisksassociatedwithCFIUS.
"Lee,fromLatham&Watkins,saystheCFIUScanchallengeanydealthatwouldthreatenUSnationalsecurity.
"Sincemanyofthetechnologydealsinvolvecriticalelectroniccomponents,technol-ogiesorpatents,theCFIUSmayapplyextrascrutinytoensureUSnationalsecurityisnotthreatened,"hesays.
Emmerichsayscomparedwithbuyersfromjurisdictionswithlong-standingsecurityandotherrelationshipswiththeUS,thepossibilityofChinesecompaniesgettingCFIUSapprovalmaynotbeashigh.
"ThisoftenresultsinChinesebuyerstakingonmostoralloftheCFIUSriskaswell,despitetheriskbeingwiththeUSregulatorysystem,"hesays.
Worsestill,theCFIUShasglobalreach.
Smeenk,fromDeBrauw,saysChinesebuyersshouldcarefullyassesswhetherthetargethigh-techcompanyhasanyactivitiesintheUS,andifso"CFIUSspecial-istsintheUSwillneedtobeinvolvedassoonaspossibletoestablishatanearlystagethelikelihoodofthetransactionsucceeding".
MichalFereniec表示,波兰"在资本转移和外国投资方面是较为自由和开放的",他补充道,"尽管某些经济领域是受政府保护和限制的,譬如电网、石油开采、炼铜和银行,但技术或IT相关产业并未受限制,且没有行业特定的限制或与知识产权规定相关的限制.
"据荷兰百思通律师事务所上海代表处合伙人司敏嘉(GabySmeenk)称,荷兰没有专门规管外国投资、外汇或国家安全的制度,外国投资者不需提交特定申请或获得审批.
"有些行业是受监管的,投资需获得事先批准,譬如金融服务行业,但这对国内和外国投资者是同样适用的,"她说.
在挪威,中国投资者和其他外国投资者通常也不会遇到严格的监管障碍,修德律师事务所奥斯陆办公室合伙人兼中国业务负责人ErlingChristiansen称.
"即使个别行业会受到特定的监管,譬如银行业,但挪威是欢迎外国投资者投资挪威产业的,"他说.
科曼律所的Waage发现,在丹麦的中国投资者喜欢该国法律体系的简单明了.
"譬如,大多数企业事务可在数分钟内在线完成注册,并且丹麦劳动力市场非常灵活,可让投资者轻松地扩张和收缩业务,"他说.
新西兰也鼓励外国投资.
"新西兰并不限制资本、利润、股息、特许权使用费或利息的转入或转出,"Oppenhuis表示.
尽管大多数市场欢迎外国投资者进入,但这并不意味着并购活动可以无拘无束.
许多对投资开放的国家仍然会对达到审查门槛的交易进行并购控制审查.
在欧洲,"有些中国投资者,尤其是国有企业,仍未重视他们可能在海外投资中面临的反垄断难题",欧华律所的Krause表示,"如果投资者计划收购的欧洲公司需要接受欧洲或各国监管机构的并购控制审查,就不可低估其在法律和操作层面的挑战.
"Krause表示,中国的国有企业还面临一个特定的风险,即欧洲监管机构在并购控制审查过程中,可能会将同行业的所有其他中国国有企业列入审查范围,因为它们可能被认为最终都是由中国政府统一管理的.
WachtellLiptonRosen&Katz纽约办公室合伙人AdamEmmerich称,在美国,在技术领域进行并购的中国买家应尽可能多地评估美国CFIUS审查的风险.
"CFIUS的审批对交易双方往往造成较大的不确定性,并因此为交易者带来担忧,"他说,"无论是中国买家还是目标公司都有可能在评估与CFIUS相关的风险时面临巨大的挑战,并在需要承担相关责任时犹豫不前.
"瑞生律所的DavidLee表示,美国CFIUS会拒绝对美国国家安全造成威胁的任何交易.
"由于许多技术交易涉及关键电子元器件、技术或专利,CFIUS可申请额外审查,以确保美国的国家安全未受到威胁,"他说.
Emmerich表示,一些司法管辖区与美国建立了长期的安全等合作关系,较之来自这些法域的买家,中国公司获得CFIUS批准的可能性要小一些.
"这通常导致中国买家承担大部分或全部的交易不获CFIUS批准的风险,尽管此类风险来自于美国的监管制度.
"他说.
更麻烦的是,美国CFIUS具有全球影响力.
百思通的司敏嘉称,中国买家应该认真评估目标高科技公司是否在美国有任何业务,如果有的话,"需要尽快让在美国CFIUS的审批对交易双方往往造成较大的不确定性,并因此为交易者带来担忧CFIUSapprovaloftenpresentssignificantuncertaintiesandconcernsonbothsidesoftheequationADAMEMMERICHWachtellLiptonRosen&Katz合伙人,纽约PartnerWachtellLiptonRosen&KatzNewYork34CBLJSEPTEMBER2016|年月Christiansen,fromSchjodt,alsoalertsChineseinvestorstoCFIUSapprovaliftheirNorwegiantargethassomeUSactivitiesfallingwithintheprovinceoftheCFIUS.
InJuly2016,aChineseconsortiumledbyQihooandBeijingKunlunTechfailedintheirattempttotakeoverOperaSoftwareforUS$1.
2billion;accord-ingtoChristiansen,itwasbecausethetakeoverofferexpiredduetoadelayinaCFIUSreview.
Tosidestepregulatoryhurdles,theChineseconsortiumhasagreedtoacquireinsteadonlypartsofOpera'sconsumerbusinesses.
Insomecountries,investorsneedtofindoutifthetargettech-nologiesaresubjecttogovernmentapprovalorrestrictions.
InSouthKorea,"whenanimportantnationalcoretechnologyisatstake,notonlyatransferofthetechnologyitselftoaforeignentitybutacquisitionofsharesofaKoreancompanyholdingsuchtech-nologymaybesubjecttoapprovalsfromtheMinistryofTrade,IndustryandEnergy[MOTIE],"saysAhnBo-yong,apartnerintheSeoulofficeofKim&Chang.
However,Ahnaddsitisoftennotveryclearwhatconstitutes"nationalcoretechnology"undertheapplicablelaw,theActonPreventionofDivulgenceandProtectionofIndustrialTechnology.
"SomeofthetransactionsinvolvingsuchsensitivetechnologymaybedelayedbecausetheforeigninvestorswouldneedtospendtimediscussingwiththeMOTIEinadvancetoconfirmwhetherthetechnologytheyareinterestedinconstitutesanationalcoretechnology,"hesays.
Sade,fromMeitar,saysmanyIsraelicompanies,especiallytechcompanies,receiveresearchanddevelopmentgrantsfromtheOfficeoftheChiefScientist(OCS).
"AccordingtoIsraelilawany'transfer'abroadofatechnologythatwasfundedbytheOCS–whichisinterpretedverybroadlytoincludelicensingarrange-ments,deliveryof'sourcecode',etc.
–wouldbesubjecttoOCSapproval,andtothepaymentofcertainstatutoryredemptionfees,"hesays.
ManyFinnishtechcompanieshavealsoreceivedgovernmentloansorgrants,thetermsofwhichgenerallyincludechangeofcontrolrestrictionsandclaw-backclauses,saysChristofferWase-lius,apartnerintheHelsinkiofficeofWaselius&Wist.
CHECKTHEDETAILSHonrath,fromEversheds,saysChineseinvestorsshouldrundetailedlegal,financialandtechnicalduediligence.
"Chineseinvestorsfrequentlytaketheviewthatanyissuesthathavebeenidentifiedcanberesolvedlater,"hesays.
"TheWesternapproachisdifferentandthesellerwillalwaysrefertothepur-chasecontract.
"HonrathalsorecommendsthatChineseinves-torsundertakefullduediligencetoensurethetargettechmeetstheirexpectations.
Tomaszek,fromDrzewieckiTomaszek,saysduediligenceshouldprovideinvestorswithacomprehensivepictureofthele-galissuesconcerningthetargetcompany,andaclearideaaboutwhetherthecompanyisworthinvestingin.
"Whencombined,thefinancial,taxandlegalduediligenceresultsareaverystrongtoolwhichcanveryeasilyhaveaninfluenceonthefinalpriceandresultofnegotiations.
"Tomaszekdeemsintellectualproperty(IP)tobeoneofthemostpreciousassetsintech-intensivebusinessesforacquirersto的CFIUS事务专家介入,在交易的早期确定后续成功的可能性.
"修德律所的Christiansen也提醒中国投资者,若其在挪威的收购目标拥有属于美国CFIUS监管范围的业务,那么应获得CFIUS的批准.
年月,以奇虎与北京昆仑万维科技为首的中国收购团计划以亿美元收购Opera软件公司的交易宣告失败;据Christiansen介绍,这是由于CFIUS的审查延迟而导致收购要约到期.
为了避免监管障碍,中国收购团已同意仅收购Opera的部分消费者业务.
在某些国家,投资者需要确定目标技术是否需要获得政府批准或受政府限制.
在韩国,"当涉及国家的重要核心技术时,不仅向外国实体转让技术本身,而且连收购拥有这种技术的韩国公司股份都可能要获得韩国产业通商资源部的批准,"金·张法律事务所首尔办公室合伙人安甫容表示.
不过,安甫容补充道,适用的《工业技术预防揭露保护法》中并未清晰界定什么构成"国家核心技术".
"一些涉及敏感技术的交易可能被延迟,因为外国投资者需要花时间提前与产业通商资源部商讨,确定他们感兴趣的技术是否构成国家核心技术,"他说.
美泰律所的Sade表示,许多以色列公司,尤其是科技公司,都获以色列首席科学家办公室(OficeoftheChiefScientist,简称OCS)的科技研发拨款资助.
"根据以色列法律,向国外'转让'由首席科学家办公室资助的技术,需要获得该办公室的审批,并支付一定的法定赎回费.
而'转让'的含义范围很广,包括许可协议、交付'源代码'等,"他说.
一些涉及敏感技术的交易可能被延迟Someofthetransactionsinvolvingsuchsensitivetechnologymaybedelayed安甫容AHNBO-YONG金·张法律事务所合伙人,首尔PartnerKim&ChangSeoul35CBLJSEPTEMBER2016|年月"为了目标公司在[并购之后]仍能正常运营,收购方应确保其核心员工签署新的劳动协议或继续认可其现有的劳动合同条款.
如果收购交易包括从现有员工手中回购已给予的股权,并终止股权激励计划,那么买方就应该慎重考虑新的人才保留计划.
"潜在买家需要与现有核心员工达成谅解备忘录……不应该给予他们太多影响交易顺利交割的能力,尤其是在剩下的少数股东能在事后保留对任何利益相关方交易的否决权时.
""Theacquirerwhowantsthe[post-acquisition]operationsofthetargetcompanytocontinueunhinderedwillwanttoensurethatkeyemployeeseitherenterintonewemploymentagreementsorreaffirmtheirexistingtermsofemployment.
Intheeventthattheacquisitionincludesthepurchaseofallvestedoptionsandterminationoftheunvestedonesfromtheexistingemployees,newretentionplanshavetobecarefullyconsideredbythepurchaser.
"Thepotentialpurchaserneeds…toarriveatanunderstandingwithexistingkeyemployeesand…notgivethemtoomuchleveragewithrespecttoabilitytoclosethedeal,especiallyifremainingminorityshareholdersretainavetorightonanyinterestedpartytransactionspost-closing.
"YOAVSADE美泰律师事务所以色列拉马干市合伙人Partner,Meitar,RamatGan,Israel"[美的集团]收购Kuka的交易告诉我们,中国投资者应在收购方面做好充分准备.
这是中国投资者面临政治层面阻碍的首批交易之一.
今后,成功的投资不仅仅要依赖于良好的法律或财务意见,还需要适当的联系人向政府解释整个投资计划.
""Chineseinvestorsshouldbewellpreparedintheiracquisition,asonecanlearnfromtheKukaacquisition[byMidea].
ThisisoneofthefirstprojectswhereaChineseinvestorfaceddifficultiesalsofromapoliticallevel.
Infuture,successfulinvestmentsdonotonlydependongoodlegal/financialadvice,butalsoonhavingtherightpoliticalcontactstoexplaintheinvestmentstory.
"NILSKRAUSE欧华律师事务所汉堡合伙人Partner,DLAPiper,Hamburg"丹麦企业管理层往往不经过向董事会汇报就做出一些重要的商业决策.
这在丹麦是很正常的,而中国的投资者往往认为,在执行决策前,至少应将某些决策上报董事会讨论.
因此,我们总是建议中国客户就需要董事会参与和向董事会报告的事项制定清晰的指南.
这能确保更好的合作.
""Traditionally,Danishmanagementwilloftenmakeanumberofimportantbusinessdecisionswithoutconsultingtheboardofdirectors.
ThisisquitenormalinDenmark,whereasChineseinvestorsoftenexpectthatatleastsomeofthesedecisionsarediscussedwiththeboardofdirectorspriortoexecution.
Accordingly,wealwayssuggestourChineseclientstoprepareexplicitguidelinesfortheinvolvementof,andreportingto,theboardofdirectors.
Thisensuresabetterco-operation.
"TORBENWAAGE科曼律师事务所哥本哈根合伙人Partner,KromannReumertCopenhagen"以色列科技企业的'基因'与美国、中国科技企业的不同.
中、美两国科技公司通常立足于国内市场.
而以色列国内市场规模较小,因此以色列科技企业自成立伊始就需要放眼全球,拓展海外市场.
"收购以色列科技公司,通常不需要担心并购控制审查.
因为该审查关注的是对以色列境内市场竞争造成的影响,但由于境内市场规模较小,以色列科技企业一般不会将国内作为重要的产品销售市场.
""Israelitechnologycompanieshaveadifferent'DNA'thanUSandChinesetechnologycompanies.
WhileUSandChinesetechnologycompaniestypicallyviewtheirlocalmarketasthefirstmarkettheyconcentrateon,thesmallsizeoftheIsraelimarketmakesthisirrelevant.
FromtheirfirstdayIsraelitechnologycompaniesneedtothinkgloballyandaddressforeignmarkets.
"MergercontrolreviewistypicallynotaconcerninthecaseofacquisitionofIsraelitechnologycompaniesbecausesuchreviewconcentratesonthecompetitioneffectsintheIsraelimarket,whichduetoitssizeisnotasignificantmarketforIsraelitechnologycompaniestoselltheirproduct.
"HANANHAVIVHerzogFox&Neeman律师事务所特拉维夫合伙人Partner,HerzogFox&NeemanTelAviv"每个国家都有自己的监管制度,这可能会产生令人头疼的问题.
但如果金融科技的开发能以因地制宜的方式推进,那么它可以更好地用于不同法域.
"在加拿大开发金融科技产品的好处之一是,它们很容易被输出至其他国家,并且不必只按照某个国家的监管要求设计.
特别是,金融科技解决方案可以很容易地根据其他市场的需要作出调整.
""Everycountryhasitsownregulatoryregime,whichcancauseheadaches.
Butifthefintechisdevelopedinawaythatisadaptable,thenitcanbebetterusedindifferentjurisdictions.
"OnebenefitoffintechproductsdevelopedinCanadaisthattheyareeasilyexportedtoothercountriesandarenottiedtotheregulatoryrequirementsofonecountry.
Inparticular,afintechsolutioncanbeeasilyadaptedtoothermarkets.
"ERICBOEHM博历维律师事务所多伦多合伙人Partner,BordenLadnerGervaisToronto为了成功收购海外技术,中国投资者需要更多建议MORETIPSFORTHESUCCESSOFCHINESEOUTBOUNDTECHNOLOGYINVESTMENT了解不熟悉的市场KNOWLEDGEOFUNFAMILIARMARKETS"在芬兰,来自非欧洲经济区成员国的企业如果要投资生产军民两用产品或涉及军事用途产品的芬兰公司,或者要对社会关键项目进行投资,就需要遵守某些特定的报告和审批程序.
"WithregardtoFinland,certainspecificreportingandapprovalprocessesrelatetodirectinvestmentsfromnon-EuropeanEconomicAreacountriestoFinnishcompaniesproducingso-calleddual-useproducts,orproductsrelatedtomilitaryuse,andinvestmentsinvitaloperationsofthesociety.
MATTIYLA-MONONEN鸿鹄律师事务所赫尔辛基合伙人Partner,Bird&Bird,Helsinki"在韩国进行并购时,劳资问题对外国投资者往往有更重要的影响.
具体而言,在并购交易中,随着技术、知识产权等重大业务资产以及公司员工被转让给外国投资者,劳工问题不可避免地会产生,例如反对向特定投资者转让、要求获得并购补偿,罢工等劳工行动等问题,这些都应认真加以处理.
""Labourissuesoftenraisemorematerialconcernsforforeigninvestorsinthe[South]KoreanM&Acontext.
Inparticular,asmaterialbusinessassetsincludingtechnologiesandIPrights,aswellasemployeesofacompany,aretransferredtoforeigninvestorsinM&Atransactions,thisinevitablyleadstolabourissues–forexample,oppositiontotransfertoaspecificinvestor,demandforM&Abonus,labouractionssuchasstrikes–whichshouldbemanagedcarefully.
"安甫容AhnBo-yong金·张法律事务所首尔合伙人Partner,Kim&Chang,Seoul"芬兰的劳动法一般被认为比其他地区更为严格.
芬兰员工通常享有较强势的雇员权利和更有力的解雇保护.
芬兰的劳动法律和惯例对外国投资者来说往往是比较难应付的,尤其是对非欧盟的投资者,他们在交易初期就需要分析劳动法的所有影响.
""Finnishlabourlawsareoftenperceivedasstricterthanotherjurisdictions.
Finnishemployeesgenerallyhavestrongworkers'rightsandprotectionagainstdismissal.
Finnishlabourlawsandpracticesoftenprovechallengingforforeigninvestors,especiallynon-EUinvestors,andanylabourlawimplicationsshouldbeanalyzedatearlystagesofthetransaction.
"CHRISTOFFERWASELIUSWaselius&Wist律师事务所赫尔辛基合伙人Partner,Waselius&Wist,Helsinki为了成功收购海外技术,中国投资者需要更多建议MORETIPSFORTHESUCCESSOFCHINESEOUTBOUNDTECHNOLOGYINVESTMENT了解不熟悉的市场KNOWLEDGEOFUNFAMILIARMARKETS"不论是通过一项交易还是通过一系列关联交易,如果[在新西兰]拟投资的预计金额超过一亿新西兰元[7260万美元],那么该投资将被视为涉及'重大业务资产'的海外投资,需要获得新西兰海外投资办公室的批准.
""Iftheproposedinvestment[inNewZealand]isexpectedtoexceedNZ$100million(US$72.
6million),whetherbyonetransactionorthroughaseriesofrelatedtransactions,thentheinvestmentwillbeconsideredanoverseasinvestmentin'significantbusinessassets'andOverseasInvestmentOfficeconsentwillneedtobeobtained.
"DEANOPPENHUISBellGully律师事务所惠灵顿合伙人Partner,BellGully,Wellington,NewZealandwww.
garkaylaw.
comThefirmisaleadingNigerianLawFirmofferingeffectiveandqualitylegalservices.
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);CorporateLaw,ForeignDirectInvestment,LabourLaw,Finance&Banking,TaxLaw,andLitigation&DisputeResolution.
Contact:OlugboyegaKayode,LL.
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1960)Barristers,Solicitors&IntellectualPropertyAttorneysCMYCMMYCYCMYKAdHPDavidGarrick1512Rev.
pdf113/1/164:15pm37CBLJSEPTEMBER2016|年月investigate.
"Inordertoidentifytheexistence,ownershipandcon-trolofIPassets,theireconomicandstrategicvalueandthepoten-tialinfringementofIPrightsbyothers,theinvestorshouldconductacomplexduediligenceprocessoftheIPofthetarget,"hesays.
AlisonWong,apartnerinBird&Bird'sChinaIPgroup,men-tionskeyIPissuesthatoutboundtechinvestors,especiallyinthelifesciencessector,shouldmonitorduringduediligence.
Wongsaysthereviewofthetargetcompany'sIPassetsusuallyinvolvestheexaminationofownership,confirmationofregistrationstatus,andanalysisofthescopeofprotection,includingtheremainingdurationofthetermsandapplicablecountries.
"ItisimportanttoincludeanassessmentofpossibleriskstoIPrights,suchastheriskofinvalidation/cancellationandpotentialinfringementofthird-partyrights,"shesays.
WongremindsChinesebuyersthatwhileIPrightsshouldberegistered,IPassignmentsmaynot.
"Itisadvisabletorequestallrelevantdocumentation,includingassignmentcontractsorotheragreementwiththirdparties…tounderstandthe'chainoftitle'fromwhichthetargetcompanyderivesownershipoftheIPrights,"shesays,especiallywhenthetargetcompanyispartofacompanygroupandtherelevantIPrightsheldbytheparentcompanyorothersubsidiariesneedtobetransferredtothetargetcompanybeforetheacquisition.
Agreementsonli-cence-inorlicence-outshouldbechecked,Wongsays,andthe许多芬兰的科技公司也曾获得政府贷款或拨款的资助,贷款或拨款的条件通常包括对控制权变化的限制和追回条款,Waselius&Wist赫尔辛基办公室合伙人ChristofferWaselius介绍说.
核查细节安睿律所的Honrath表示,中国投资者应开展详细的法律、财务和技术尽职调查.
"中国投资者通常相信任何被发现的问题都可以在后续阶段解决,"他说,"但西方国家的做法是不同的,卖方通常是依据收购合同办事.
"Honrath还建议中国投资者进行充分的尽职调查,以确保目标技术符合其期望.
DrzewieckiTomaszek律所的Tomaszek表示,尽职调查的目标是向投资者说明关于目标公司的全部法律问题,并明确目标公司是否值得投资.
"财务、税务和法律尽职调查的综合结果是一件非常有力的武器,它对最终价格和谈判结果有较为直接的影响.
"针对技术密集型企业,Tomaszek认为知识产权是收购方应该着重调查的最宝贵资产之一.
"为了查明知识产权的真实存在、所有权和控制权,其经济和战略价值以及其他公司对知识产权的潜在侵权情况,投资者应该对目标企业的知识产权开展综合尽职调查,"他说.
鸿鹄律师事务所中国知识产权团队合伙人黄德琪提到,科技行业的对外投资者,特别是生命科学领域的投资者,应在尽职调查过程中监控关键的知识产权问题.
黄德琪说,调查目标公司的知识产权资产通常涉及检查其所有权,确认其登记状态并分析其保护范围,包括权利的剩余期限和可适用的国家.
"对知识产权的潜在风险进行评估是非常重要的,例如被认定无效或取消的风险以及对第三方权利的潜在侵权,"她说.
黄德琪提醒中国收购方,知识产权通常都应该获得了登记,但知识产权的转让却不一定.
"因此,我们建议中国买家提出要求,取得所有的相关文件,包括转让合同或与第三方的其他协议……以便了解目标公司获得其知识产权所有权的'产权链',"她说,当目标公司属于某集团公司、相关知识产权由其母公司或其他子公司持有并且需要在收购前转移至目标公司的时候,调查产权链就显得尤为重要.
她表示,获得许可或转让许可的协议也需要检查,检查清单应包括完全或不完全授予的权利范围、许可使用范围、地域范围、版税情况和终止权利.
"尤其应该仔细审查控制权变化条款,因为在拟进行的股权交易完成后,此类条款可能造成相关技术无法继续使用的风险,"她强调说.
谈判管理欧华律所的Krause表示,就收购协议展开的谈判仍然体现出中国和欧洲当事人之间显著的文化差异,讲英语的项目团队通常在谈判中具有优势.
Krause还建议,不可在重要文件上匆匆签字.
"这也适用于早期阶段的协议,例如不具约束力的意向书,因为交易各方对交易的各项基本理解是通过意向书确定的,"他说,"后期如果出现与意向书之间的较大偏差,将使中国投资者所赢得的信任付诸东流.
"尽管美国公司习惯于评估和分配与全球各地监管审批相关的风险,但是"对于中国对海外投资的审批制有些中国投资者……仍未重视他们可能在海外投资中面临的反垄断难题SomeChineseinvestors.
.
.
stillignoretheantitrustdifficultieswhichtheymayconfrontintheiroverseasinvestmentsNILSKRAUSE欧华律师事务所合伙人,汉堡PartnerDLAPiperHamburg38CBLJSEPTEMBER2016|年月checklistshouldincludescopeofrightsgrantedexclusivelyornon-exclusively,scopeofpermitteduse,geographicscope,roy-altyconditionsandterminationrights.
"Inparticular,anychange-of-controlclausesshouldbecloselyscrutinized,assuchclausesmayconstituteariskforthecontinuityoftheuseofthetechnologyfollowingtheintendedsharedealtransaction,"shestresses.
MANAGENEGOTIATIONKrause,fromDLAPiper,saysnegotiationsregardingthepurchaseagreementarestillmarkedbysignificantculturaldifferencesbe-tweenChineseandEuropeanparties,andanEnglish-speakingprojectteamtendstoscorebettermarksinnegotiations.
Krausealsorecommendsthatimportantdocumentsnotbesignedhurriedly.
"Thatappliesalsotoagreementsatanearlystage,suchasthenon-bindingletterofintent,becausefundamentalun-derstandingsrelatedtothetransactionhavebeentherebydeter-mined,"hesays.
"AbigdeviationatalaterstagecandestroythetrustthataChineseinvestorhasearned.
"AlthoughUScompaniesareaccustomedtoassessingandallo-catingriskrelatingtoregulatoryapprovalsworldwide,"China-spe-cificapprovalsgoverningoutboundinvestment…remainsome-thingofablackboxtomanyUScompanies,"saysRonaldChen,acorporatepartnerattheNewYorkofficeofWachtellLiptonRos-en&Katz,andthisunfamiliaritymaycauseUScompaniesmoreconcernsthatproposedtransactionsbyChinesebuyersmaynotbeconsummated.
"Moreover,atargetcompany'sconcernoverthepanoplyofrequiredstateapprovalsisonlyexacerbatedwhenthepotentialbuyer,oramemberofthebuyergroup,isastate-ownedentity,"headds.
ChensaysChinesecompaniesneedtobeparticularlysensitivetoUScompanies'concernsthatChineseregulatoryapprovalsmightbeeasilymanipulatedtofacilitateaChinesebuyerseekingtorenegeonitsobligationtocloseatransaction.
"Thismeansconveyingacommitmenttothetransaction,notonlyinthelegalcontractbutalsointhewordsandbehavioursoftheprincipalspresentingandnegotiatingthetransaction,"hesays.
Ifthoseconcernslinger,Chensays"therewilllikelyremainanunwillingnessofmanyUSsellers,particularlyincompetitivesitua-tions,toaccepttheriskanduncertaintyposedbyanextensivelistofChineseregulatoryapprovalswithoutsubstantialcompensationintheformofreverseterminationfeesorothersimilarmechanisms".
InnegotiationsitisalsovitalthatChinesebuyersconvincetheoverseastechsellersoftheirabilitytosettlethepurchasepayment.
Smeenk,fromDeBrauw,saysoverseassellersareincreasinglyawareofthecurrentdifficultiesfacedbyChinesebuyerstogetfundsoutofChina.
"Sellerswillthereforebeveryfocusedonthefinancingofthetransaction,"shesays.
SuchconcernshangoverDanishsellers,forexample.
"ItisofutmostimportancefortheDanishsellersthattheChineseinvestorsatarelativelyearlystagecanexplainhowthepur-chasepriceisgoingtobepaid,andwhatregulatoryapprovalswillberequired,"saysWaagefromKromannReumert.
"Bothoftheseissuesbecomeevenmoreimportantinauctionprocesses.
"度……许多美国公司仍然不明就里,"WachtellLiptonRosen&Katz纽约办公室合伙人陈志恒说,对中国监管制度的不熟悉可能导致美国公司对中国买家提议的交易能否圆满完成更为担忧.
"此外,当潜在买方或收购集团成员是国有企业时,目标公司对所需的大量的政府审批尤为担忧,"他补充说.
陈志恒表示,中国企业尤其需要注意的是,美国公司有可能担心中国监管部门的审批结果会被轻易操纵,让中国买家可以借未获批准为由不履行其完成交易的义务:"这意味着不仅在法律合同中,而且在言辞和行为方面,负责交易陈述和谈判的人员应该传达对完成交易的承诺.
"陈志恒表示,如果这些担忧挥之不去,"有可能许多美国出售方在没有反向分手费或其他类似机制的实质性赔偿时,不愿意接受中国监管部门繁冗的批准程序所带来的风险和不确定性,在竞标竞争激烈的情况下尤其如此.
"在谈判中,中国买方需要让海外科技企业的出售方相信其具备支付收购款的能力,这点也非常重要.
百思通的司敏嘉称,越来越多的海外出售方开始意识到中国买家将资金转出境外的困难.
"因此,出售将非常重视交易的融资问题,"她说.
例如,来自丹麦的出售方就有这种担忧.
"对于丹麦卖方来说,在谈判初期他们看重的是中国投资者能否说陈志恒RONALDCHENWachtellLiptonRosen&Katz合伙人,纽约PartnerWachtellLiptonRosen&KatzNewYork对于中国对海外投资的审批制度……许多美国公司仍然不明就里China-specificapprovalsgoverningoutboundinvestment…remainsomethingofablackboxtomanyUScompaniesAccordingtoChristiansenfromSchjodt,necessaryapprovalsbythecentralgovernmentregardingfinancingfrommainlandChinacouldalsobeaparticularconcernforChineseinvestorsinNorway.
Smeenksuggeststhat"Chinesebuyersshouldcarefullypreparethefinancingandproactivelyinformtheseller.
Transparencyregardingthefundingoftheacquisitionwillhelpthesellertogetmorecomfort-ableandwillincreasetheattractivenessoftheChinesebuyer'soffer.
"ComparedwithWesterncompetitors,therelativecomplexityandinefficiencyofsomeChinesecompanies'internalcommandsystemmaywreckthechanceofasuccessfulnegotiation.
"ManyChineseinvestorshavenotgivensufficientmandatestotheirprojectleaders,sothestructureandtermsofthepotentialdealsmaychangedramatically,evenaftermanymonthsofnegotiationsandmeetings,whentheinvestmentdecisionisescalatedtotheChi-nesechairman/CEO,"saysWaage.
"Someoftheseissuescouldprob-ablybeaddressedbytheChineseinvestorspreparingarelativelyclearinternalmandatebeforecommencingthedealnegotiations.
"InFinland,projectsoftenproceedquickly,"whichmaysome-timesprovechallengingforaChinesechainofcommandifthenegotiatordoesnothavedecisionmakingpowers",saysWase-lius,fromWaselius&Wist.
"Therefore,Chineseinvestorsmaybebetterpositionediftheymoveearlyintothemarketsothattheycanmovequicklyoncethedesiredassetsareupforsale.
"清楚收购款将如何筹措,以及需要获得哪些监管审批,"科曼律所的Waage说.
"在竞标过程中,这两个问题尤为重要.
"修德律所的Christiansen表示,在挪威,中国企业从大陆境内融资所需获得的中央政府审批也是中国企业投资当地需要顾及的问题.
Smeenk建议"中国买方应该认真进行融资准备,并积极告知卖方最新情况.
收购相应的融资方案如果能公开透明,能使卖方更加放心,中国收购方的要约就会显得更有吸引力.
"与西方的竞争对手相比,一些中国公司相对复杂和低效的内部指令体系可能导致在谈判中错失良机.
"由于许多中国投资企业没有授予其项目负责人足够的决定权,在交易计划呈交其董事长或CEO做决策后,原先拟定的交易架构和条款仍可能发生较大改动,这种情况甚至在谈判会面之后数月仍可能发生,"Waage说.
"在交易谈判开始之前,如果中国投资者能对内部授权做好相对清晰的安排,就可以解决一些问题.
"在芬兰,项目的推进速度通常较快,"如果谈判负责人没有足够的决策权,那么中国企业的指令体系有时候很难适应这种速度",Waselius&Wist律所的Waselius说.
"因此,中国投资者最好能尽早进入市场,一旦有合心意的目标资产出售,他们就可以更快地采取行动.
"40CBLJSEPTEMBER2016|年月alistedcompanyorwheretherearemultiplepartiescompetingforthetransactionarecommon,therequirementsinrespectofthetimingforputtingupthetransactionmoneysbecomeoneofthemajorchallengesfacedbyChineseacquirers.
Thestrictcontrolsimposedontheoutwardremittanceoffundscausedbythedownwardpressuresonthecurrencybeginninginthesecondhalfof2015havealsoincreasedthedifficultiesfacedbycertainprivateenterpriseswhenmakingpaymentinlargeoffshoreinvestmenttransactions.
Wheretheacquirer'sownfundsareinsufficient,optingforleverageismorebeneficialfinanciallyortheacquisitiontargetisalistedcompany,theChineseinvestorshouldclearlydescribethefinancingarrangementwhendisclosingthetransactiontothirdparties,anditsadvisoryteamneedstodesignandlaunchsucharrangementassoonaspossible.
Forexample,intheoffshoreacquisitionprojectofadomesticlistedcompany,thelistedcompanyplannedtomakeitspreparationsfortheacquisitionthroughaprivateplacementonthedomesticmarket.
However,duetotheuncertaintyinthetimerequiredforcompletionofthedomesticapprovalproceduresfortheprivateplacement,aswellastheuncertaintyintheanticipatedtimerequiredfortheoutwardremittanceoftheproceeds,we,astheacqui-sitionadvisers,additionallyassistedthelistedcompanyinnegotiationsforbringinginprivateinvestmentfromanoffshorebuyoutfund,bankM&Aloansandbridgefinancingsupport.
Intellectualproperty(IP)investigationofutmostimportance.
InrecentyearstheoverseasIPstrategiesofChineseinvestorshavegrownrapidly,withsomeachievingproductupgradingandaglobalpresencebyacquiringadvancedtechnologiesandhigh-techcompanies.
Insuchdeals,duediligenceonthetargetcompany'sIP,employeesandremunerationandbenefitsbytheacquisitionadvisory朴昱PIAOYU天元律师事务所高级合伙人SeniorPartnerTianYuanLawFirm根据并购市场资讯(Mergermarket)的一份报告,年以来中国企业境外投资热潮持续升温,创下亿美元交易总值的记录,较去年同比增长.
%;境外并购交易总值达亿美元,较去年同比下降.
%,下半年受英国举行公投决定脱离欧盟以及美国大选所引发的不确定影响,并购项目活跃度可能有所下降.
然而,随着国内经济结构的调整,从各种交易数据的统计来看,中国企业家在科技领域的海外并购趋势日益明显,最活跃的投资目的地包括美国和欧洲,尤其是通信、传媒等高科技行业发达的地区.
最近一年已经公布的典型交易包括联想集团以亿美元收购IBMX服务器业务,以.
亿美元从Google手中收购摩托罗拉移动控股公司;清华紫光以.
亿美元收购RDA;华为技术有限公司转战欧洲,以万美元全资收购英国物联网公司Neul,以万美元收购英国XMOS股权.
这类交易中,除了收购通常涉及的跨境税务筹划以及反垄断审查之外,还有其他常见关注问题.
重视融资安排.
在科技领域的投资和收购中,收购方或被收购方是上市公司,或者交易竞标方众多的情况很常见,落实交易资金的时间要求成为中国收购方面临的主要挑战.
年下半年开始货币下行压力导致的外汇资金出境受到严控,也增加了一些民营企业的大额境外投资交易在支付环节的困难.
在收购方自有资金不足、采用杠杆在财务上更为有利或者收购目标是上市公司的情况下,中国投资者应该在对外披露交易时明确融资安排,顾问团队需要为其尽早设计和启动融资.
举例而言,在一项境内上市公司的境外收购项目中,上市公司计划通过在境内市场定向增发融资为收购做准备,由于定向增发的境内审批完成时间存在不确定性,以及预计资金出境所需时间也不确定,因此我们作为并购顾问还同时AccordingtoareportbyMergermarket,theboominoffshoreinvestmentbyChineseenterprisessincethebeginningoftheyearhascontinuedapace,establishinganewrecordforthetotalvalueoftransactionsatUS$131.
1billion,anincreaseof225.
3percentcomparedtolastyear;andthevalueofM&Atransac-tionsstoodatUS$204.
5billion,adecreaseof27.
2percentcomparedtolastyear.
WiththeuncertaintiesraisedbytheUKvoteonBrexitandtheAmericanpresidentialelection,M&Aactivitymayseeadropinthesecondhalfoftheyear.
However,withtheadjustmentinthedomesticeconomicstructure,andlookingatthestatisticsonvarioustypesoftransac-tions,itcanbeseenthatthetendencyforChineseentrepreneurstogoforoverseasacquisitionsintechnologyfieldsisincreasinglyobvious,withthemostactiveinvestmentdestinationsbeingtheUSandEurope,particularlythoseregionswherehigh-techindustriessuchascommunications,media,etc.
,arewelldeveloped.
AmongthetypicaltransactionsthathavebeenmadepublicinthelastyearareLenovo'sacquisitionoftheIBMX86serverbusinessforUS$2.
3billionanditsacquisitionofMotorolaMobilityHoldings,Inc.
fromGoogleforUS$2.
91billion;TsinghuaUnigroup'sUS$910millionacquisitionofRDA;andHuaweiTechnologiesCo.
,Ltd.
'spivottoEuropewhereitboughtoutNeul,aUKinternet-of-thingscompany,forUS$25million,andacquiredanequityinterestintheUK'sXMOSforUS$28million.
Inadditiontotheoffshoretaxplanningandanti-trustreviewsthatareusuallyinvolvedinacquisitions,suchtransactionspresentothercommonlyencounteredissuesthatrequirecloseattention.
Importanceoffinancingarrangements.
Ininvestmentsandacqui-sitionsintechnologyfields,instanceswheretheacquirerorthetargetis专家策略PRACTITIONER'SPERSPECTIVEInvestmentintechfieldsabroad境外科技领域投资的关注问题41CBLJSEPTEMBER2016|年月PiaoYuisaseniorpartnerinthecorporateM&ApracticegroupofTianYuanLawFirm.
Shecanbecontactedon+861057763888orbyemailatyupiao@tylaw.
com.
cn作者:天元律师事务所公司并购部高级合伙人朴昱.
她的联系方式:电话+6105776;电邮yupiao@tylaw.
com.
cnteamisparticularlyimportant.
Chineseinvestorswillusuallyplacegreatimportanceonaninvestigationoftrademarksandpatentsbutfailtorequireaninvestigationofnon-patentedknow-how.
Wewouldrecommendthatananalysisofthepatentabilityofsuchknow-howbeconductedand,dependingonthedegreeofimportanceofsuchknow-how,adecisionmadeonageneralrevieworanin-depthreview.
PressureofareviewbytheCommitteeonForeignInvest-mentintheUnitedStates(CFIUS).
ACFIUSreviewoftheforeigninvestor'sacquisitionagreementmaybetriggeredwhereanacquirercontrolledbyaforeigngovernmentisinvolvedoramajorinfra-structureortechnologyprojectisinvolved.
Attheearlypreparatorystageforanacquisitiontransaction,theacquisitionadvisersneedtocommunicatewiththeChineseacquirerwithrespecttotheCFIUSreviewsoastodeterminewhethertheconductofasecurityreviewisrequiredandtoassistitinpreparingforandactivelyrespondingtothesame.
ACFIUSreviewmaynotonlyresultinshowingthattheChineseacquirerisinsufficientlyprepared,but,sometimes,thecomplexrequirementsofsuchareviewandpotentialexistingprej-udiceswilladditionallycausethesellertorefuseacertainpotentialacquireroutoffearofanextendedreview.
Asearlyas1990,theacquisitionofMamCobyChinaNationalAero-TechnologyImport&ExportCorporationwasdirectlyvetoedbytheUSpresident,andtheUSpresidentialelectioncurrentlybeingcontestedinthesecondhalfof2016isbeingseenbycertainentrepreneursasapotentialmajorobstacletohigh-techenter-priseacquisitionprojects.
ChineseacquisitionsintheUSthathavebeenopposedbyCFIUSrecentlyincludetheacquisitionofFidelity&GuarantyLifebyAnbangInsuranceGroup,theapplicationbyTsinghuaUnigrouptoacquireWesternDigitalCorp,etc.
协助上市公司引入了包括境外并购基金私募投资、银行并购贷款和过桥资金支持的谈判.
知识产权调查是重中之重.
近年来中国投资者在海外的知识产权布局快速增长,一些企业通过收购先进技术和高科技公司实现产品更新和全球布局.
在这样的交易中,并购顾问团队对目标公司知识产权、员工及薪酬福利的尽职调查尤为重要.
中国投资者往往重视商标和专利的调查而不要求非专利技术(know-how)的调查,我们建议对技术的可专利性(patentability)做分析,并视技术的重要程度决定一般审查或者深度审查.
来自美国外国投资委员会(CFIUS)方面的审查压力.
涉及外国政府控制的收购方、涉及重大基础设施或者技术的项目可能触发CFIUS对外国投资者收购协议的审查.
在并购交易准备的早期阶段,并购顾问即需要就CFIUS审查与中国收购方进行沟通,以判断是否需要进行安全审查,并协助收购方准备和积极应对.
CFIUS审查可能不仅显示中国收购方的准备不足,这项审查要求的复杂及可能存在的偏见有时还会使出售方因担心审查延缓而干脆拒绝某一潜在收购方.
早在年,中国航天航空技术进出口公司对美国MAM.
com的收购就直接被美国总统否决,年下半年美国正在进行的总统大选被一些企业家认为可能是对高新技术企业收购项目的重要阻力之一.
近期CFIUS提出异议的中国在美收购案已经包括安邦保险集团收购美国信保人寿保险公司(Fidelity&GuarantyLife)、清华紫光对西部数据(WesternDigitalCorp)的收购申请等.
保密和公开披露.
如果一项并购交易收购方是上市公司或者被收购方是上市公司,从并购交易达成意向阶段开始双方都将格外重视保密以及在各自监管机构的信息披露责任.
在我们从事的一项涉及高科技软件企业境外收购的项目中,并购双方由于都是上市公司,还特别关注各自履行信息披露的时间以及披露口径保持一致.
此外,涉及CFIUS审查的交易中很多涉及中国企业在美国敏感领域的投资和并购,尤其是在电信运营、通讯设备、卫星遥感及测绘等高新技术领域.
鉴于国家安全审查的敏感性,顾问团队考虑到客户的利益,会建议遵循严格保密和低调的原则,以免对交易的公开报道影响客户的正常经营.
后整合阶段.
跨境交易完成后,除了合规运营及税务等问题,利用境内潜在的巨大市场将海外技术在中国落地的过程中,还会引起返程结构设计、关联交易和转移定价等需要关注的问题.
Confidentialityandpublicdisclosure.
Ifeithertheacquirerortargetinanacquisitiontransactionisalistedcompany,thepartieswillplaceextraweightonconfidentialityandtheirinformationdisclosureobligationsbeforetheirrespectiveregulatorsfromthemomenttheyreachintentontheacquisitiontransaction.
Inoneoffshoreacquisitionofahigh-techsoftwareenterpriseinwhichwewereinvolved,theparties,duetothefactthattheywerebothlistedcompanies,addition-allypaidparticularattentiontomaintainingconsistencyinthetimingoftheirrespectiveinformationdisclosuresanddisclosureapproaches.
Furthermore,manytransactionsthatinvolveaCFIUSreviewinvolveinvestmentsandacquisitionsbyChineseenterprisesinfieldsthatareconsideredsensitiveintheUS,particularlythoseinsuchhigh-techfieldsastelecommunicationoperations,communicationequipment,satelliteremotesensingandmapping,etc.
Giventhesensitivityofnationalsecurityreviews,theadvisoryteam,consid-eringtheinterestsoftheclient,willrecommendabidingbytheprinciplesofstrictconfidentialityandkeepingalowprofile,soastoavoidhavingpublicreportsofthetransactionaffectingthenormaloperationsoftheclient.
Subsequentintegrationstage.
Oncethecross-bordertrans-actioniscompleted,suchissuesasthereturnstructuredesign,connectedtransactionsandtransferpricingwillrequireattentioninthecourseoflocalizingforeigntechnologiestotakeadvantageofthehugepotentialdomesticmarket,inadditiontosuchissuesascompliantoperationandtaxes.
并购顾问团队对目标公司知识产权、员工及薪酬福利的尽职调查尤为重要Duediligenceonthetargetcompany'sIP,employeesandremunerationandbenefitsbytheacquisitionadvisoryteamisparticularlyimportant42CBLJSEPTEMBER2016|年月inordertoapplyevenproceduresacrossthethreeoffices,usingthePPH.
ThepilotprogrammeimpliesthatthePPHprogramme,alreadyimplementedbetweentheIMPIandUSPTO,isnowalsocoveringthemodalitiesofPPHMottainaiandPCT-PPH.
Ontheotherhand,theIMPIandJapanPatentOffice(JPO)startedtheirtrialperiodofaPPHpilotprogrammeon2June2011,anditwasextendedtoanindefiniteterm;itpresentlyincludesthemodalityPPHMottainai.
Likewise,theIMPIandChina'sStateIntellectualPropertyOffice(SIPO)startedatrialperiodofaPPHpilotprogrammeon1March2013,andit,too,hasbeenextendedtoanindefiniteterm.
APPHpilotwasalsoinitiatedwiththeKoreanIntellectualPropertyOffice(KIPO);thetrialperiodstartedon1July2014andwillendon30June2017,includingthemodalityPPHMottainai.
AnotherprogrammethatMexicohaskeptisaPPHpilotprogrammewithSpain'spatentauthority,OficinaEspaoladePatentesyMarcas(OEPM).
Thetrialperiodstartedon1October2011andwillendon31July2018.
OtherprogrammestowhichtheIMPIhasagreedinclude:thePPHpilotprogrammewiththeIntellectualPropertyOfficeofSingapore(IPOS),inwhichthetrialperiodstartedon14April2014andendedon13April2016;thePPHpilotprogrammewiththeEuropeanPatentOffice(EPO),whichstartedtrialson6January2015andwillendon5January2018;andThePPHpilotprogrammewithInstitutoNacionaldaPropriedadeIndustrial(INPI),thepatentauthorityofPortugal,wherethetrialperiodstartedon23October2014andwillendon23October2016.
Morerecently,otherprogrammeswithSouthAmericanISRAELJIMENEZBreakthroughIPIntelligence合伙人PartnerBreakthroughIPIntelligence与世界上许多专利局一样,墨西哥工业产权局(IMPI)在专利审查方面较为滞后,这也是其自年以来陆续与国外专利局签署一系列双边协议的原因.
这些双边协议旨在推进专利工作共享,使得申请人可以请求加快审查专利申请,审查员则可利用专利审查高速通道(PPH)项目下的其它专利局的审查结果.
墨西哥与美国专利和商标局(USPTO)试行了首个PPH项目,该项目于年月日开始至年月日结束.
墨西哥和加拿大知识产权局(CIPO)之间试行的PPH项目从年月日开始至年月日结束,它已包括增强型专利审查高速通道(PPHMottainai)项目和专利合作条约-专利审查高速通道(PCT-PPH)项目.
与常规PPH项目不同的是,在PPHMottainai项目下,申请人可利用在先审查的专利局之审查结果,向其他专利局提交PPH请求,而不论在先审查的专利局是否为第一申请局.
在PCT-PPH项目下,申请人可凭以下文件在国家阶段请求加速审查:国际检索单位(ISA)之书面意见;国际初步审查单位(IPEA)之书面意见或国际初审报告.
IMPI正在与USPTO和CIPO合作,推动北美地区创新和加强专利保护.
这些专利局商定开展PPH试行项目,以便在三个专利局应用相同的流程.
该试行项目意味着已在IMPI和USPTO之间实行的PPH项目,现已包含PPHMottainai计划和PCT-PPH计划.
另一方面,IMPI与日本专利局(JPO)于年月日启动PPH试行项目的试行阶段,并被延长至无限期;它目前包括PPHMottainai计划.
同样,IMPI和中国国家知识产权局(SIPO)于年月日启动PPH试行项目的试行阶段,它亦被延长至无限期.
IMPI还与韩国知识产权局(KIPO)发起了PPH试行项目;试行阶段从年月日开始至年月日结束,包括PPHMottainai计划.
TheMexicanInstituteofIndustrialProperty(IMPI),likemanypatentofficesaroundtheworld,hasalaginpatentexaminations,whichiswhysince2011ithassignedanumberofbilateralagreementswithforeignpatentofficesthatpromoteworksharingandenablepatentapplicationstorequestanacceleratedprocessingintheexamination,whereexaminerscanmakeuseoftheworkproductsfromotherpatentofficesunderprogrammesofthePatentProsecutionHighway(PPH).
MexicoagreedtothefirstPPHpilotprogrammewiththeUSPatentandTrademarkOffice(USPTO),andtheprogrammebeganon1March2011,andendedon30June2016.
APPHpilotbetweenMexicoandtheCanadianIntellectualPropertyOffice(CIPO)isinforcefrom6January2014until6July2018,anditalreadyincludesPPHMottainaiandPatentCo-operationTreaty(PCT)-PPHprogrammes.
DifferenttoregularPPHprogrammes,underthePPHMottainaipilotprogrammeanapplicantcanrequestPPHatanyofficeoflaterexaminationbyusingtheexaminationresultsoftheofficeofearlierexamination,nomatterwhethertheofficeofearlierexaminationistheofficeoffirstfilingornot.
UnderthePCT-PPHprogramme,applicantsareenabledtorequestacceleratedprocessingduringthenationalphasebasedonthefollowing:thewrittenopinionofaninternationalsearchingauthority(ISA);thewrittenopinionortheinternationalpreliminaryexaminationreportofaninternationalpreliminaryexaminingauthority(IPEA).
TheIMPI,inco-operationwiththeUSPTOandCIPO,isnowpromotinginnovationandstrengtheningprotectioninNorthAmerica.
Theseofficesagreedtoconductthepilotprogramme专家策略PRACTITIONER'SPERSPECTIVEUsethehighway:quickerpatentgrantsinMexico在墨西哥利用专利审查高速通道43CBLJSEPTEMBER2016|年月IsraelJimenezisapartnerintheMexicoCityofficeofBreakthroughIPIntelligence,withhispatentpracticefocusingonchemistry,biotech-nology,biochemistryandpharmaceuticals.
Hecanbecontactedon+525510009130orbyemailatisrael@breakthroughip.
comIsraelJimenez是BreakthroughIPIntelligence墨西哥城办事处合伙人,擅长化学、生物技术、生物化学和医药领域的专利实务.
他的联系方式:电话+52551000910或电邮israel@breakthroughip.
comcountrieshavebeenagreed,withthepatentofficesofColombia,ChileandPeruon8October2015.
PPHpilotprogrammesforeachstartedon1July2016,andwillendon30June2019.
Thetrialperiodsofanyoftheseprogrammescanbeextendedifnecessary,untilthecountriesaboveandMexico'sIMPIhavereceivedasufficientnumberofPPHrequeststhatallowadequateassessmentonthefeasibilityofthePPHprogramme.
TheseofficesmayalsoterminatethePPHpilotprogrammeifthevolumeofparticipationexceedsamanageablelevel.
ExantenoticewillbepublishedifthePPHpilotprogrammeistobefinalized.
ItisimportanttokeepinmindwhenrequestingparticipationinanyofthePPHpilotprogrammesinMexicotocomplywithalltherequirementsinordertogettheapplicationadvancedforexam-ination.
Likewise,publicationasestablishedinarticle52oftheMexicanIPLawshouldhavetakenplaceandtheperiodforthirdparties'observations(providedbyarticle52)shouldhaveexpired.
IfaPPHrequestissubmittedbeforetheexpirationoftheperiodforobservations,theIMPIshalldeterminewhetherthepatentapplicationmaybeentitledforacceleratedexaminationunderthePPHuntilthesaidperiodends.
Therefore,itisrecommendedtorequestthePPHprocedureinMexicoduringthelastmonthoftheobservationperiod,makingafastgrantingofthepatentpossible.
TheseprogrammesarebringingverygoodresultsintermsoftimeinMexicobecausethetermtogetafinalresolutionofapatentapplicationcanbesignificantlyreducedtolessthantwomonths(fiveweeksonaverage)fromsubmittingthePPHrequest.
However,thenumberofapplicationsusingthishighwayisverylow.
另外,墨西哥一直与西班牙专利局(OEPM)开展PPH试行项目.
试行阶段从年月日开始至年月日结束.
IMPI达成的其他项目还包括:与新加坡知识产权局(IPOS)试行的PPH项目,试行阶段从年月日开始至年月日止;与欧洲专利局(EPO)试行的PPH项目,试行阶段从年月日开始至年月日结束;与葡萄牙专利局(INPI)试行的PPH项目,试行阶段从年月日开始至年月日结束.
最近,墨西哥已与南美国家达成其他项目,与哥伦比亚、智利和秘鲁专利局的项目于年月日签订.
与各专利局的PPH试行项目于年月日启动,并于年月日结束.
如必要,这些项目的试行阶段可以延长,直到以上国家和IMPI收到足够数量的PPH申请,可对PPH项目的可行性进行充分评估.
若参与量超过可管理的水平,那么这些专利局亦可终止PPH试行项目.
若PPH试行项目将要完成,那么事前应发布通知.
当申请参与墨西哥任何PPH试行项目时,遵守所有的要求,以便让申请提前获得审查,是非常重要的.
同样,应完成《墨西哥知识产权法》(MexicanIPLaw)第条规定的公示,且(第条规定的)第三方观察意见期应已期满.
若在观察意见期期满前提交PPH申请,那么IMPI应确定专利申请是否能获得PPH项目下的加快审查,直至上述期限结束.
因此,建议在观察意见期的最后一个月申请墨西哥PPH程序,这样可以更快地被授予专利权.
就时间而言,这些项目在墨西哥取得了很好的效果,因为从提交PPH请求到获得专利申请之最终决议的时间可大大缩短至不到两个月(平均为五周).
然而,使用该高速通道项目申请专利的数量是非常低的.
建议申请者利用这些在墨西哥已经施行的项目,向墨西哥当局提交PPH申请.
这将有助于减少专利申请审查的滞后性,使专利系统的所有用户受益,亦可通过PPH项目发展墨西哥和国外专利局之间稳固的合作关系.
Applicantsareencouragedtotakeadvantageofthesepro-grammesbysubmittingPPHrequeststhatarefunctioninginMexico.
Theywillcontributetoreducingthelagintheexaminationofpatentapplicationsandbringbenefitstoallusersofthepatentsystem,andmayalsosecureco-operationbetweenMexicoandeachoftheforeignpatentoffices,throughthePPHprogrammes.
通过专利审查高速通道(PPH)授予的专利PatentsgrantedviaPPH专利当局PatentauthoritiesPPH专利PPHpatentsPPHMottainai专利PPHMottainaipatentsPCT-PPH专利PCT-PPHpatents2015年授予的专利Patentsgrantedin2015美国专利和商标局USPTO13640140日本专利局JPO36-1551西班牙专利局OEPM1089韩国知识产权局KIPO32-5中国国家知识产权局SIPO0-00加拿大知识产权局CIPO1203新加坡知识产权局IPOS0--0葡萄牙专利局INPI0--0欧洲专利局EPO3418共计Total1801224216IMPI与USPTO、CIPO、KIPO、OEPM和EPO签署了PPHMottainai项目协议.
IMPI与USPTO、JPO、SIPO、CIPO和EPO签署了PCT-PPH项目协议.
IMPIhasPPHMottainaiAgreementwithUSPTO,CIPO,KIPO,OEPMandEPO.
IMPIhasPCT-PPHAgreementwithUSPTO,JPO,SIPO,CIPOandEPO.
来源:IMPI出版之2015年年报Source:IMPIAnnualReport2015