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Due Diligence in China: Beyond the Checklists

Due Diligence in China: Beyond the Checklists

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781118469064
  • Published In: December 2013
  • Format: Hardback , 360 pages
  • Jurisdiction: China ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 1,510.00

HKD 1,464.70 Save HKD 45.30 (3%)

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  • Description 
  • Contents 
  • Author 
  • Details

    A plain-English guide that demystifies the business landscape in China from a due diligence point of view

    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.

    • Gives a detailed account of why conventional frameworks used in the west simply don't work in China
    • Provides first-hand accounts based on the author's years of experience as a private equity professional doing deals in China
    • 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
    • Uses numerous case studies to guide the reader through an entire due diligence process for a firm in China
  • Preface xi

    Acknowledgments xv

    Chapter 1: The Business Landscape in China 1

    • Macro and Structural Domains 2
    • Corruption in China 6
    • Conducting Due Diligence in China versus Western Countries 26
    • Conclusion 30
    • Notes 31

    Chapter 2: Due Diligence in China 33

    • Due Diligence for Different Types of Deals 36
    • Levels of Due Diligence 48
    • Key Considerations 56
    • Organization of Due Diligence Process 59
    • The Due Diligence Team 63
    • Independence of Vendor Due Diligence 64
    • Reasons for Poor Due Diligence 68
    • Reverse Takeovers 73
    • Dispute between SEC and CSRC 75
    • Conclusion 77
    • Notes 78

    Chapter 3: Financial Due Diligence 81

    • Financial Due Diligence Checklist 82
    • Conclusion 139
    • Notes 140

    Chapter 4: Operational, Commercial, Legal, and Other Due Diligence 143

    • Operational Due Diligence 144
    • Commercial Due Diligence 167
    • Legal Due Diligence 169
    • Balanced Scorecard (BSC) 178
    • How to Predict Bankruptcy—Altman Z Scores and Gearing 185
    • Optional Checklists 186
    • Conclusion 193
    • Notes 194

    Chapter 5: Beyond the Checklists: Founder and Management 195

    • Founder Management Root 198
    • The Founder Background Check 200
    • Guanxi (Relationship) 216
    • Due Diligence on More Than One Founder 223
    • Summary of Background Check: SWOPEST and Tri-Background 224
    • Conclusion 228
    • Notes 229

    Chapter 6: Beyond the Checklists: Hard Facts 231

    • Face-to-Face Meetings 231
    • Proportion Check 242
    • Site Visits 247
    • Due Diligence Goes One Step Deeper: The Four Deadly A’s 256
    • Conclusion 290
    • Notes 292

    Chapter 7: Implementing a Due Diligence Workflow 293

    • Getting the Mind-Set Right 294
    • Formulating the Due Diligence Strategy 295
    • Forming a Team 300
    • Starting the Due Diligence Process 304
    • Conclusion 312
    • Notes 313

    Chapter 8: Post Due Diligence and Case Studies 315

    • Preparing the Due Diligence Report 316
    • Due Diligence Outcome Review 316
    • Deal Structuring, Negotiation, and Deal Making 318
    • Post-Acquisition Due Diligence 318
    • Summary Models 319
    • Final Case Studies 327
    • Conclusion 347
    • Notes 348

    About the Website 351

    About the Author 353

    Index 355

  • Kwek Ping Yong 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 Private Equity in China: Challenges and Opportunities (Wiley), the first industry-focused book on the subject.

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