Both Chemland Industrial Co., Ltd and CCS (Shanghai) Functional Films Industry Co, Ltd. were established by one technical expertise, the former is a fine chemicals enterprise specializing in development, manufacture and sales of functional film coatings for coated products; the latter is the only enterprise in China which can manufacture all series backlight module using the optical film products including diffusion film, prism film, micro - permeable membrane, membrane, etc. The two companies have developed quickly for their advanced technology and popular products; however, they were at the corner of closing due to being involved in many debt disputes for reasons on management and operation. Shanghai Dehui Group is an innovation group on science and technology combining science and technology, industry and finance which owns rich experiences on industry investment and integration. Therefore, Dehui Group decided to acquire these two companies and increase the capital to conduct overall restructuring and integration to fully give play to their technical advantages.
As the legal consultant of Shanghai Dehui Group, legal team of Chambers Yang has provided full-scale legal services for this acquisition and restructuring. The legal team addressed several issues to be taken care of during the acquisition and restructuring based upon the all-round legal due diligence on the two companies; in addition, team also analyzed and conducted researches on the advantages and disadvantages of different acquisition and restructuring programs to put forward legal proposals on the possible and potential risk and its prediction, avoidance, reduction and control. Considering the status that part of old investors held the equity of Chemland while part of old investors jointly held the equity of CCS with Chemland, also considering the status that the value of assessment of the two companies were far below their registered capitals and cannot be conducted discounted capital increase, the original equity structure shall be changed as each investor respectively holding the equity of the two companies by the same proportions, thus to realize the independent operation, independent capital operation and further restructuring of the two companies, and to equally protect the interest of each new and old investor, also to specify the investment interest of each party. To this end, we have designed the two-step program of equity transfer and capital increase; and, we have also calculated the price and proportion of equity transfer by mathematical model. The acquisition, capital increase and restructuring program has also resolved many legal issues including affiliate transaction, debt restructuring, supplementation of capital contribution by part of old investors, exit of part of old investors, transfer and pricing of state-owned equity, equity incentive and source of fund, payment and supervision of equity transfer price, arrangement on the offset of equity transfer price against the capital increase.
In addition, we also participated in the business negotiation relating to the transaction and put forward legal proposals on relevant issues; drafted the legal documents relating to the transaction including but not limited to a blanket agreements of framework agreement, investment agreement, equity transfer agreement, capital increase agreement, articles of association, relevant shareholder resolutions, BoD resolutions; reviewed the business documents (including but not limited to loan agreement, mortgage agreement and guarantee agreement) relating to the transaction and put forward legal proposals; reviewed the performance of the preconditions of the transaction and supervised the completion of such transaction.
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杨春宝一级律师简介
杨春宝一级律师,大成上海高级合伙人、资本市场部主任、国资基金研究中心主任,大成中国区私募基金专业带头人、科技与文化法律研究中心联合牵头人。执业30余年,长期从事私募基金、投融资、并购重组法律服务,尤其对对赌研究颇深且具有非常丰富的实战经验,并专注于金融机构股权投资业务。2004年起多次入选The Legal 500"私募基金"和"公司与商业"等境内外各类律师榜单,代理的中国法院首例适用外国法律审理外国公司的董事损害小股东权益纠纷案入选上海高院发布的《上海法院域外法查明典型案例》和威科先行"要案头条"。入选上海涉外法律人才库、上海市司法局鼎新法治人才库、上海国有企业改制法律顾问团,具有上市公司独立董事任职资格,系多家知名高校的兼职教授或兼职研究生导师及上海市商务委跨国经营人才培训班讲师。出版《私募股权投资基金风险防控操作实务》等16本投融资法律专著。了解更多常见法律问题
为何采用股权转让与增资两步方案?
①法律概念与规则解释:股权转让与增资是并购重组中两种性质不同的交易工具。股权转让导致股东结构变化,但公司注册资本不变;增资则引入新资本并扩大注册资本。在公司净资产低于注册资本时,直接增资可能面临折价出资的法律障碍,因为增资需遵循资本充实原则,不得以低于面值的价格认购新股。因此,先调整股权关系,再实施增资,成为一种合规且灵活的重组路径。②案件事实与实务场景引用:本案中,上海德汇集团收购的两家目标公司评估值远低于注册资本,且无法进行折价增资。同时,两家公司的老股东持股结构交叉:部分老股东持有Chemland股权,另一部分老股东由Chemland共同持有CCS股权,使得权益关系复杂。法律团队据此设计了两步程序:先通过股权转让使各投资者按相同比例分别持有两家公司股权,实现独立运营和资本运作,再进行增资,从而兼顾新旧投资者利益并明确各方投资权益。③实务指引与风险提示:采用两步方案时,应重点计算股权转让价格与比例,必要时可借助数学模型辅助定价。还需关注关联交易风险,确保定价公允;对老股东出资不实,应安排补充出资;对拟退出的股东,需明确退出路径及价格。同时,国有股权如果涉及转让,必须履行评估与挂牌程序。价款支付与增资款之间可作出抵销安排,但应设置支付监管机制,防止资金挪用或交割风险。整体方案应通过框架协议、投资协议、股东会决议等法律文件固定,并由法律顾问全程监督交割条件成就,以保障交易闭环。
如何解决评估值低于注册资本的增资障碍?
①法律概念与规则解释:评估值低于注册资本意味着公司实际净资产已小于形式上的注册资本,公司处于资不抵债或资本虚增状态。法律上,增资时新增出资不得低于该次增资对应的股权比例所对应的注册资本面值,否则构成折价增资,可能损害现有股东和债权人的利益,也违背资本维持原则。因此,直接打折增资通常不被允许,需要通过重组手段先处理股权或债务关系。②案件事实与实务场景引用:本案两家目标公司因管理经营不善卷入多起债务纠纷,濒临关闭,评估值远低于注册资本,无法实施折价增资。法律团队通过全面尽职调查,决定先改变原有股权结构,由各投资者按相同比例分别持有两家公司股权,使两家公司各自独立运营和资本运作,再实施增资。同时,将股权转让价格与增资款进行抵销安排,并处理了老股东补充出资、退出、债务重组等问题,从而绕开折价增资障碍,实现资本注入。③实务指引与风险提示:处理类似问题时,应首先以合法方式调整股权结构,例如通过零对价或公允价值股权转让,但需注意税务与债权人保护规则。其次,要制定债务重组方案,与债权人协商减免或展期,降低资产负债率。对老股东未实缴部分,应要求补足或转化为资本公积。涉及国有股权时,必须依法评估、进场交易。最终交易文件需明确价款支付路径、监管账户及交割条件,确保增资资金到位后优先用于恢复经营和清偿债务,避免新增法律风险。
法律尽职调查在并购重组中有何关键作用?
①法律概念与规则解释:法律尽职调查是并购交易启动前的基础性工作,指法律顾问对目标公司的股权结构、资产权属、债务情况、诉讼风险、劳动税务合规等进行全面核查。其核心规则在于通过披露与核查,揭示影响交易决策的重大法律风险,并据此设计交易架构、定价机制和风险分配条款。尽职调查的结果直接影响收购对价和交易文件的条款设定。②案件事实与实务场景引用:本案中,法律团队对两家目标公司开展了全方位法律尽职调查,识别出两大关键问题:一是股权结构复杂,老股东交叉持股导致权益不清;二是评估值低于注册资本,无法直接增资。此外,还发现公司涉入多起债务纠纷、濒临关闭,并涉及关联交易、国有股权转让、股权激励等复杂事项。正是基于尽调结论,法律团队才设计了股权转让与增资两步程序,并制定风险预测、规避、降低和控制法律意见,参与商务谈判并起草全套交易文件。③实务指引与风险提示:并购方应派法律顾问在尽调中重点核查目标公司的股权沿革、重大合同、抵押担保、涉诉情况以及出资到位情况,避免遗漏隐性债务。发现评估值异常或资不抵债时,应及时调整交易方案。同时,要关注关联交易定价公允性,防范利益输送。在交易执行阶段,法律顾问应监督先决条件的满足,例如股东会决议、政府审批、价款支付等,并确保工商变更登记、资产交割等手续完整,以实现交易闭环和风险可控。
以上内容仅供参考,不构成法律意见。如需专业法律服务,请联系杨春宝一级律师:chambers.yang@dentons.cn




