{"id":70619,"date":"2020-07-08T12:30:56","date_gmt":"2020-07-08T10:30:56","guid":{"rendered":"https:\/\/chk-de.org\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/"},"modified":"2020-07-08T12:49:44","modified_gmt":"2020-07-08T10:49:44","slug":"how-to-invest-in-germany-company-purchase-takeover-or-greenfield","status":"publish","type":"page","link":"https:\/\/chk-de.org\/zh\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/","title":{"rendered":"\u201c\u5982\u4f55\u5728\u5fb7\u56fd\u6295\u8d44\uff1a\u975e\u516c\u5f00\u6536\u8d2d\uff0c\u516c\u5f00\u6536\u8d2d\u8fd8\u662f\u7eff\u5730\u6295\u8d44\uff1f\u201d"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"70619\" class=\"elementor elementor-70619 elementor-70608 elementor-bc-flex-widget\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ef8cabf is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ef8cabf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d8629a1  gut\" data-id=\"d8629a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-796e249 elementor-widget elementor-widget-image\" data-id=\"796e249\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"1024\" height=\"683\" src=\"https:\/\/chk-de.org\/app\/uploads\/2020\/07\/shutterstock_774376357_lq-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/chk-de.org\/app\/uploads\/2020\/07\/shutterstock_774376357_lq-1024x683.jpg 1024w, https:\/\/chk-de.org\/app\/uploads\/2020\/07\/shutterstock_774376357_lq-300x200.jpg 300w, https:\/\/chk-de.org\/app\/uploads\/2020\/07\/shutterstock_774376357_lq-768x512.jpg 768w, https:\/\/chk-de.org\/app\/uploads\/2020\/07\/shutterstock_774376357_lq.jpg 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d357acf is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d357acf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d04dd88  gut\" data-id=\"d04dd88\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4249e88 elementor-widget elementor-widget-spacer\" data-id=\"4249e88\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-084963b is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"084963b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b2ba65b  gut\" data-id=\"b2ba65b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fbf17a8 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"fbf17a8\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>\u63d0\u4f9b\u4fe1\u606f\uff1a<a href=\"https:\/\/www.cliffordchance.com\/home.html\">Clifford Chance<\/a>\u00a0\uff08\u5fb7\u56fd\u4e2d\u56fd\u5546\u4f1a\u54a8\u8be2\u7f51\u7edc\u6210\u5458\uff09<\/p>\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0db0f3c is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0db0f3c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eca7a69  gut\" data-id=\"eca7a69\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15f74fe elementor-widget elementor-widget-spacer\" data-id=\"15f74fe\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a16571b is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a16571b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c2551d9  gut\" data-id=\"c2551d9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-32e3d4a lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"32e3d4a\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p><a href=\"https:\/\/chk-de.org\/zh\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/#1\">\u7b80\u4ecb<\/a><\/p><p><a href=\"https:\/\/chk-de.org\/zh\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/#2\">\u975e\u516c\u5f00\u6536\u8d2d<\/a><\/p><p><a href=\"https:\/\/chk-de.org\/zh\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/#3\">\u516c\u5f00\u6536\u8d2d (Public Takeover)<\/a><\/p><p><a href=\"https:\/\/chk-de.org\/zh\/how-to-invest-in-germany-company-purchase-takeover-or-greenfield\/#4\">\u7eff\u5730\u6295\u8d44<\/a><\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-41c147f is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"41c147f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-64d1a77  gut\" data-id=\"64d1a77\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bda9f33 elementor-widget elementor-widget-spacer\" data-id=\"bda9f33\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9362a2 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9362a2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ca0982  gut\" data-id=\"5ca0982\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a935deb pad-b-1 elementor-widget elementor-widget-header\" data-id=\"a935deb\" data-element_type=\"widget\" id=\"1\" data-widget_type=\"header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"heading\">\n    <span class=\"fontw-l has-divider lh-3 size-5\">\u7b80\u4ecb <\/span>\n  <div class=\"heading__divider pad-t-2\" aria-hidden><svg width=\"90\" height=\"2\" viewBox=\"0 0 90 2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><line x1=\"0\" y1=\"1\" x2=\"90\" y2=\"1\" stroke-width=\"2\" \/><\/svg><\/div><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-adafbb9 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"adafbb9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aed2d60  gut\" data-id=\"aed2d60\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e299adc lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"e299adc\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p><strong>\u00a0 \u00a0 \u00a0 \u00a0<\/strong>\u8fd1\u5341\u5e74\u6765\uff0c\u4e2d\u56fd\u516c\u53f8\u5bf9\u5728\u6b27\u76df\uff0c\u7279\u522b\u662f\u5728\u5fb7\u56fd\u7684\u6295\u8d44\u8d8a\u6765\u8d8a\u611f\u5174\u8da3\u3002\u4e2d\u56fd\u6295\u8d44\u8005\u5728\u5fb7\u56fd\u7684\u8fd9\u4e9b 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\u9ad8\u4f1f\u7ec5\u4e3a\u8fd9\u4e9b\u5f00\u521b\u6027\u4ea4\u6613\u5747\u63d0\u4f9b\u8fc7\u6cd5\u5f8b\u670d\u52a1\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 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Deals\u201d\uff09\u5bf9\u5176\u8fdb\u884c\u6536\u8d2d\u6709\u671b\u4ea7\u751f\u534f\u540c\u6548\u5e94\uff1f<\/li>\n<li>\u76ee\u6807\u516c\u53f8\u662f\u5426\u5728\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u5e76\u62e5\u6709\u5927\u91cf\u80a1\u4e1c\uff0c\u56e0\u6b64\u5bf9\u5176\u6536\u8d2d\u5e94\u4ee5\u516c\u5f00\u6536\u8d2d\u7684\u65b9\u5f0f\u8fdb\u884c\uff1f<\/li>\n<li>\u6216\u8005\u5728\u5fb7\u56fd\u6ca1\u6709\u5408\u9002\u7684\u6216\u6709\u5438\u5f15\u529b\u7684\u6536\u8d2d\u76ee\u6807\uff0c\u56e0\u6b64\u53ea\u80fd\u8003\u8651\u201c\u7eff\u5730\u6295\u8d44\u201d\uff1f<\/li>\n<\/ul>\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-572ebdf lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"572ebdf\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>\u00a0 \u00a0 \u00a0 \u5fc5\u987b\u4e00\u76f4\u6839\u636e\u5177\u4f53\u60c5\u51b5\u548c\u60a8\u81ea\u5df1\u7684\u8ba1\u5212\u6765\u4ed4\u7ec6\u6743\u8861\u5404\u79cd\u6295\u8d44\u9009\u62e9\u7684\u4f18\u7f3a\u70b9\u3002\u672c\u6587\u65e8\u5728\u5c31\u5404\u76f8\u5173\u6838\u5fc3\u9886\u57df\uff0c\u5c24\u5176\u662f\u6cd5\u5f8b\u65b9\u9762\uff0c\u4e3a\u60a8\u63d0\u4f9b\u7b2c\u4e00\u5bfc\u5411\u3002<\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3198c6a is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3198c6a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e5b9a5e  gut\" data-id=\"e5b9a5e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f59efa4 pad-b-1 elementor-widget elementor-widget-header\" data-id=\"f59efa4\" data-element_type=\"widget\" id=\"2\" data-widget_type=\"header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"heading\">\n    <span class=\"fontw-l has-divider lh-3 size-5\">1.\t\u975e\u516c\u5f00\u6536\u8d2d <\/span>\n  <div class=\"heading__divider pad-t-2\" aria-hidden><svg width=\"90\" height=\"2\" viewBox=\"0 0 90 2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><line x1=\"0\" y1=\"1\" x2=\"90\" y2=\"1\" stroke-width=\"2\" \/><\/svg><\/div><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8c1aef1 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8c1aef1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-714ffff  gut\" data-id=\"714ffff\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-310446e lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"310446e\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>a) \u5f53\u524d\u5e76\u8d2d\u7684\u5e02\u573a\u73af\u5883<\/p><p>\u00a0 \u00a0 \u00a0 \u8fd1\u5e74\u6765\uff0c\u5fb7\u56fd\u7684\u4f01\u4e1a\u6536\u8d2d\u5e02\u573a\u5df2\u9010\u6e10\u53d1\u5c55\u6210\u4e3a\u4e00\u4e2a\u5bf9\u5356\u65b9\u5341\u5206\u53cb\u597d\u7684\u5e02\u573a\u3002\u7a76\u5176\u539f\u56e0\uff0c\u4f8b\u5982\uff1a\u91d1\u878d\u6295\u8d44\u8005\u7f3a\u4e4f\u66ff\u4ee3\u6027\u6295\u8d44\u673a\u4f1a\u3001\u4f4e\u5229\u7387\uff08\u5c24\u5176\u662f\u5728\u501f\u8d37\u65b9\u9762\uff09\uff0c\u5e76\u4e14\u5728\u4f17\u591a\u5fb7\u56fd\u4e2d\u5c0f\u4f01\u4e1a\u7684\u5f3a\u529b\u63a8\u52a8\u4e0b\uff0c\u5fb7\u4f01\u5bf9\u5927\u91cf\u6f5c\u5728\u4e70\u5bb6\u5177\u6709\u5f88\u9ad8\u5438\u5f15\u529b\u3002<\/p><p>\u56e0\u6b64\uff0c\u5fb7\u4f01\u5e76\u8d2d\u5b58\u5728\u4ee5\u4e0b\u53d1\u5c55\u7279\u5f81\uff1a<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-76fc9c2 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"76fc9c2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea26a0a  gut\" data-id=\"ea26a0a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9713d41 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"9713d41\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><ul>\n<li>\u8fc5\u901f\u5e76\u4e14\u7ade\u4e89\u6fc0\u70c8\u7684\u62cd\u5356\u6d41\u7a0b\uff1b<\/li>\n<li>\u8d2d\u4e70\u4ef7\u683c\u504f\u9ad8\uff1b<\/li>\n<li>\uff08\u4e0e\u8d44\u4ea7\u6536\u8d2d\u76f8\u6bd4\uff09\u80a1\u6743\u6536\u8d2d\u660e\u663e\u5360\u4e3b\u5bfc\u5730\u4f4d\uff0c\u89c6\u60c5\u51b5\u53ef\u5728\u5265\u79bb\uff08Carve-Out\uff09\u4e4b\u540e\uff1b<\/li>\n<li>\u5c06\u4ea4\u5272\u6761\u4ef6\u6700\u5c0f\u5316\u5230\u6cd5\u5f8b\u8981\u6c42\u7684\u6700\u4f4e\u9650\u5ea6\uff08\u5c24\u5176\u662f\u6839\u636e\u5fb7\u56fd\u4f01\u4e1a\u5408\u5e76\u63a7\u5236\u6cd5\u548c\u5916\u5546\u6295\u8d44\u6cd5\u7684\u76d1\u7ba1\u89c4\u5b9a\uff09\uff1b<\/li>\n<li>\u5356\u65b9\u5bf9\u6240\u51fa\u552e\u516c\u53f8\u7684\u6f5c\u5728\u98ce\u9669\u627f\u62c5\u8d23\u4efb\u7684\u610f\u613f\u6709\u6240\u4e0b\u964d\uff08\u6709\u9650\u62c5\u4fdd\uff0c\u8f83\u4f4e\u7684\u6700\u9ad8\u8d23\u4efb\u9650\u989d\uff08Caps\uff09\uff0c\u7ecf\u5e38\u5c06\u62c5\u4fdd\u548c\u8d54\u507f\u4fdd\u9669\uff08Warranty &amp; Indemnity Insurance, \u201cW\uff06I\u201d\uff09\u4f5c\u4e3a\u552f\u4e00\u7684\u8d23\u4efb\u5b9e\u4f53\uff09\u3002<\/li>\n<\/ul>\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec7ef6c is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ec7ef6c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1e757bf  gut\" data-id=\"1e757bf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fa17bc8 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"fa17bc8\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>\u00a0 \u00a0 \u00a0 \u5728\u786e\u5b9a\u8d2d\u4e70\u4ef7\u683c\u66f4\u52a0\u56f0\u96be\uff0c\u5c24\u5176\u662f\u9488\u5bf9\u76ee\u6807\u516c\u53f8\u6240\u906d\u53d7\u7684\u65b0\u51a0\u98ce\u9669\uff0c\u4ee5\u53ca\u94f6\u884c\u5bf9\u4e8e\u501f\u8d37\u65e5\u76ca\u4fdd\u5b88\u7684\u80cc\u666f\u4e0b\uff0c\u65b0\u51a0\u5927\u6d41\u884c\uff08\u6682\u65f6\uff09\u5bfc\u81f4\u4e86\u5e38\u89c4\u4f01\u4e1a\u6536\u8d2d\u6d3b\u52a8\u7684\u5927\u5e45\u51cf\u5c11\u3002\uff08\u60a8\u53ef\u4ee5\u5728<a href=\"https:\/\/www.cliffordchance.com\/briefings\/2020\/03\/coronavirus-_-doing-m-a-deals-in-germany-in-uncertain-times.html\">\u65b0\u51a0\u65f6\u671f\u7684\u5e76\u8d2d\u65f6\u4e8b\u901a\u8baf<\/a>\u4e2d\u627e\u5230\u5173\u4e8e\u65b0\u51a0\u5927\u6d41\u884c\u5bf9\u5e76\u8d2d\u5e02\u573a\u4ee5\u53ca\u5e02\u573a\u6807\u51c6\u7684\u5f71\u54cd\u7684\u8be6\u7ec6\u4fe1\u606f\uff09<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5728\u8fd9\u79cd\u80cc\u666f\u4e0b\uff0c\u53ef\u9884\u8ba1\u5728\u5371\u673a\u4e2d\u6536\u8d2d\u4f01\u4e1a\uff0c\u4ee5\u53ca\u6536\u8d2d\u56e0\u5371\u673a\u80a1\u4ef7\u53d7\u5230\u538b\u5236\u7684\u4e0a\u5e02\u516c\u53f8\u7684\u5e76\u8d2d\u6d3b\u52a8\u5747\u5c06\u5728\u4e0d\u4e45\u7684\u5c06\u6765\u6709\u6240\u589e\u52a0\u3002\u6211\u4eec\u9884\u671f\uff0c\u4e00\u65e6\u603b\u4f53\u7ecf\u6d4e\u5f62\u52bf\u6062\u590d\uff0c\u5fb7\u56fd\u7684\u5e76\u8d2d\u5e02\u573a\u5c06\u518d\u6b21\u53d1\u5c55\u4e3a\u5356\u65b9\u53cb\u597d\u7684\u5e02\u573a\u3002<\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4f17699 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4f17699\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-179be55  gut\" data-id=\"179be55\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-270874f lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"270874f\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>b) \u516c\u53f8\u5e76\u8d2d\u6d41\u7a0b<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u201c\u975e\u516c\u5f00\u6536\u8d2d\u201d\u610f\u4e49\u4e0a\u7684\u4f01\u4e1a\u6536\u8d2d\u4ecd\u7136\u662f\u5728\u5fb7\u56fd\u6700\u53d7\u6b22\u8fce\u7684\u6295\u8d44\u65b9\u5f0f\uff0c\u5176\u65e2\u9002\u7528\u4e8e\u5fb7\u56fd\u6295\u8d44\u8005\uff0c\u4e5f\u9002\u7528\u4e8e\u5916\u56fd\u6295\u8d44\u8005\u3002\u5982\u679c\u786e\u5b9a\u4e86\u5408\u9002\u7684\u76ee\u6807\u516c\u53f8\u4e14\u5176\u76f8\u5173\u7ecf\u6d4e\u6307\u6807\u5408\u4e4e\u8981\u6c42\uff0c\u591a\u6570\u60c5\u51b5\u4e0b\u5c06\u901a\u8fc7\u6536\u8d2d\u5176\u4e00\u5b9a\u80a1\u6743\u7684\u5f62\u5f0f\u6536\u8d2d\u76ee\u6807\u516c\u53f8,\u5373\u8fdb\u884c\u80a1\u6743\u4ea4\u6613\uff08Share Deal\uff09\uff0c\u5219\u4ece\u6cd5\u5f8b\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5177\u6709\u4ee5\u4e0b\u660e\u663e\u4f18\u52bf\uff1a<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u00a0(i)\u00a0 \u6cd5\u4eba\u5b9e\u4f53\u4fdd\u6301\u76f8\u540c\uff0c\u56e0\u6b64\u76ee\u6807\u516c\u53f8\u4e0e\u7b2c\u4e09\u65b9\uff08\u5ba2\u6237\u548c\u4f9b\u5e94\u5546\uff09\u7684\u5408\u540c\u5173\u7cfb\u57fa\u672c\u4e0d\u53d7\u5f71\u54cd\uff0c\u5373\u5176\u4e0e\u5ba2\u6237\u548c\u4f9b\u5e94\u5546\u7684\u5173\u7cfb\u4fdd\u6301\u4e0d\u53d8\u5e76\u4e14\u53ef\u7ee7\u7eed\u5c65\u884c\u3002\u6b64\u5904\u7684\u91cd\u8981\u4f8b\u5916\u662f\u5728\u878d\u8d44\u548c\u4f9b\u5e94\u5408\u540c\u4e2d\u901a\u5e38\u7ea6\u5b9a\u7684\u63a7\u5236\u6743\u53d8\u66f4\u6761\u6b3e\uff0c\u5373\u76ee\u6807\u516c\u53f8\u7684\u5408\u7ea6\u65b9\u5728\u7279\u5b9a\u60c5\u51b5\u4e0b\u53ef\u80fd\u6709\u6743\u8c03\u6574\u6216\u7ec8\u6b62\u5408\u540c\uff0c\u8be5\u7c7b\u6761\u6b3e\u5fc5\u987b\u5728\u5c3d\u804c\u8c03\u67e5\u4e2d\u4e88\u4ee5\u786e\u8ba4\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (ii)\u00a0 \u516c\u53f8\u5458\u5de5\u548c\u7ba1\u7406\u5c42\u4e5f\u88ab\u4fdd\u7559\uff0c\u56e0\u4e3a\u4ed6\u4eec\u7684\u96c7\u4f63\u3001\u52b3\u52a8\u5408\u540c\u5df2\u4e0e\u6cd5\u4eba\u5b9e\u4f53\u8ba2\u7acb\uff0c\u901a\u5e38\u4e0d\u53d7\u6536\u8d2d\u7684\u5f71\u54cd\u3002\u4f5c\u4e3a\u5c3d\u804c\u8c03\u67e5\u7684\u4e00\u90e8\u5206\uff0c\u8fd8\u5e94\u67e5\u8be2\u4e0e\u4ea4\u6613\u6709\u5173\u7684\u7279\u6b8a\u5408\u540c\u89e3\u9664\u6743\uff0c\u7279\u6b8a\u5956\u91d1\u548c\u6709\u5229\u4e8e\u5458\u5de5\u548c\u7ba1\u7406\u5c42\u7684\u91d1\u964d\u843d\u4f1e\uff08\u201cGolden Parachute\u201d\uff09\u89c4\u5b9a\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iii)\u00a0 \u76ee\u6807\u516c\u53f8\u7684\u4e1a\u52a1\u8fd0\u8425\u6240\u9700\u7684\u4e0e\u8d44\u4ea7\u6216\u5de5\u5382\u76f8\u5173\u7684\u5ba1\u6279\u3001\u8bb8\u53ef\u3001\u6279\u51c6\u548c\u8d44\u8d28\u8bc1\u660e\u901a\u5e38\u5747\u5df2\u7ecf\u5177\u5907\uff08\u5e94\u5728\u6536\u8d2d\u8fc7\u7a0b\u4e2d\u8fdb\u884c\u5ba1\u67e5\uff09\uff0c\u5e76\u4e14\u5728\u6240\u6709\u6743\u4eba\u53d8\u66f4\u65f6\u4e0d\u53d7\u5f71\u54cd\u3002\u5728\u4e2a\u522b\u60c5\u51b5\u4e0b\uff0c\u9002\u7528\u4e8e\u7279\u5b9a\u4e2a\u4eba\u7684\u8bb8\u53ef\u8bc1\u53ef\u80fd\u4f1a\u53d7\u5230\u5f71\u54cd\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iv) \u76ee\u6807\u516c\u53f8\u7684\u73b0\u6709\u77e5\u8bc6\u4ea7\u6743\uff08\u5982\u4e13\u5229\uff0c\u5546\u6807\uff0c\u57df\u540d\u7b49\uff09\u548c\u4e13\u6709\u6280\u672f\u4e0d\u5fc5\u8f6c\u8ba9\uff0c\u5e76\u4e14\u57fa\u672c\u4e0a\u53ef\u4ee5\u4e0d\u53d8\u5730\u7ee7\u7eed\u4f7f\u7528\u3002\u5bf9\u4e8e\u88ab\u8bb8\u53ef\u7684\u6743\u5229\uff0c\u5fc5\u987b\u5ba1\u67e5\u7b2c\u4e09\u65b9\u8bb8\u53ef\u4eba\u548c\u88ab\u8bb8\u53ef\u4eba\u5728\u63a7\u5236\u6743\u53d8\u66f4\uff08Change of Control\uff09\u9879\u4e0b\u7684\u6743\u5229\u3002\u5728\u901a\u8fc7\u80a1\u6743\u6536\u8d2d\u67d0\u4e2a\u4ece\u516c\u53f8\u5206\u79bb\u5e76\u51fa\u552e\u7684\u7279\u5b9a\u90e8\u95e8\u7684\u60c5\u51b5\u4e0b\uff0c\u9700\u8981\u5bf9\u6240\u8c13\u7684\u77e5\u8bc6\u4ea7\u6743\u53cc\u91cd\u4f7f\u7528\uff08dual-use\uff09\u8fdb\u884c\u5ba1\u67e5\uff0c\u5373\u5df2\u51fa\u552e\u7684\u90e8\u95e8\u548c\u516c\u53f8\u5269\u4f59\u90e8\u5206\uff08\u66fe\uff09\u540c\u65f6\u4f7f\u7528\u6b64\u7c7b\u77e5\u8bc6\u4ea7\u6743\u3002\u6839\u636e\u4f7f\u7528\u76f8\u5173\u77e5\u8bc6\u4ea7\u6743\u7684\u4fa7\u91cd\u70b9\uff0c\u53ef\u4ee5\u8003\u8651\u5bf9\u5df2\u51fa\u552e\u7684\u90e8\u95e8\u6388\u4e88\u8bb8\u53ef\uff0c\u4e5f\u53ef\u4ee5\u5728\u5c06\u5176\u8f6c\u8ba9\u7ed9\u5df2\u5206\u79bb\u51fa\u53bb\u7684\u90e8\u95e8\u4e4b\u540e\uff0c\u5bf9\u5269\u4f59\u7684\u516c\u53f8\u91cd\u65b0\u6388\u4e88\u8bb8\u53ef\u3002\u7531\u77e5\u8bc6\u4ea7\u6743\u6cd5\u5f15\u8d77\u7684\u5176\u4ed6\u95ee\u9898\u8fd8\u53ef\u80fd\u6d89\u53ca\u5bf9\u4e8e\u5458\u5de5\u53d1\u660e\u7684\u5904\u7406\uff0c\u4ee5\u53ca\u6839\u636e\u300a\u5fb7\u56fd\u96c7\u5458\u53d1\u660e\u6cd5\u300b\u7ed9\u4e88\u5458\u5de5\u53d1\u660e\u4eba\u9002\u5f53\u62a5\u916c\u7b49\u60c5\u51b5\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6839\u636e\u76ee\u6807\u516c\u53f8\u7684\u6cd5\u5f8b\u5f62\u5f0f\uff0c\u80a1\u6743\u6536\u8d2d\u8981\u7b26\u5408\u516c\u8bc1\u8981\u6c42\uff08\u5728\u5b9e\u8df5\u4e2d\u7ecf\u5e38\u53d1\u751f\uff09\uff0c\u8fd9\u53ef\u80fd\u4f1a\u4ea7\u751f\u8f83\u9ad8\u6210\u672c\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u975e\u516c\u5f00\u6536\u8d2d\u4e5f\u4f1a\u4ee5\u8d44\u4ea7\u6536\u8d2d\u7684\u65b9\u5f0f\u8fdb\u884c\uff0c\u5c24\u5176\u662f\u5f53\u76ee\u6807\u516c\u53f8\u4ec5\u51fa\u552e\u5176\u5c1a\u672a\u5408\u6cd5\u72ec\u7acb\u7684\u90e8\u5206\uff0c\u5e76\u4e14\u8be5\u90e8\u5206\u8d44\u4ea7\u5728\u4ea4\u6613\u524d\u672a\u88ab\u5265\u79bb\u51fa\u6765\uff0c\u5373\u8be5\u76ee\u6807\u516c\u53f8\u7684\u8d44\u4ea7\u662f\u5355\u72ec\u51fa\u552e\/\u6536\u8d2d\u7684\u3002\u4f8b\u5982\uff0c\u5728\u7d27\u6025\u51fa\u552e\u6216\u91cd\u7ec4\/\u7834\u4ea7\uff08\u56f0\u5883\u4e2d\u7684\u5e76\u8d2d\/Distressed M&amp;A\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u7ecf\u5e38\u4f1a\u9009\u62e9\u8d44\u4ea7\u51fa\u552e\/\u6536\u8d2d\uff0c\u56e0\u4e3a\u7f3a\u5c11\u5fc5\u8981\u7684\u5265\u79bb\u65f6\u95f4\u3002\u7531\u4e8e\u5728\u6b64\u60c5\u51b5\u4e0b\u6cd5\u4eba\u5b9e\u4f53\u4f1a\u53d1\u751f\u53d8\u5316\uff0c\u5219\u4e0a\u8ff0\u80a1\u6743\u6536\u8d2d\u7684\u4f18\u52bf\u5c06\u65e0\u6cd5\u5b9e\u73b0\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u5728\u6b64\u8d44\u4ea7\u5e76\u8d2d\u7684\u60c5\u51b5\u4e0b\uff0c\u76f8\u5173\u4ea4\u6613\u4ea6\u53ef\u987a\u5229\u8fdb\u884c\uff0c\u4f46\u9700\u8981\u7279\u522b\u6ce8\u610f\u5e76\u786e\u4fdd\u6240\u6709\u5fc5\u8981\u7684\u5408\u540c\u3001\u8bb8\u53ef\u3001\u8bc1\u660e\u3001\u77e5\u8bc6\u4ea7\u6743\u548c\u4e13\u6709\u6280\u672f\u4ee5\u53ca\u5176\u4ed6\u5fc5\u8981\u8d44\u4ea7\u662f\u53ef\u4ee5\u6709\u6548\u5730\u8f6c\u8ba9\u7ed9\u4e70\u65b9\u7684\u3002\u4e0e\u80a1\u6743\u6536\u8d2d\u76f8\u6bd4\uff0c\u901a\u8fc7\u8d44\u4ea7\u6536\u8d2d\u4e70\u65b9\u53ef\u4ee5\u9009\u62e9\u6536\u8d2d\u5176\u60f3\u8981\u7684\u90e8\u5206\uff08\u201c\u6458\u6a31\u6843\/Cherry Picking\u201d\uff09\uff0c\u4ece\u800c\u7559\u4e0b\u5176\u4e0d\u9700\u8981\u7684\u8d44\u4ea7\u548c\u65e0\u6536\u76ca\u7684\u5408\u540c\uff0c\u5e76\u53ef\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7559\u4e0b\u76f8\u5173\u5458\u5de5\u3002\u6b64\u5916\uff0c\u5982\u679c\u516c\u53f8\u62e5\u6709\u5927\u91cf\u672a\u62ab\u9732\u7684\u53ef\u6298\u65e7\u7684\u56fa\u5b9a\u8d44\u4ea7\u50a8\u5907\u91d1\uff0c\u5219\u8d44\u4ea7\u4ea4\u6613\u5bf9\u4e70\u65b9\u53ef\u80fd\u662f\u6709\u5229\u7684\uff0c\u56e0\u4e3a\u4e70\u65b9\u53ef\u901a\u8fc7\u8d44\u4ea7\u4ea4\u6613\u4f7f\u7528\u7a0e\u52a1\u65b9\u9762\uff08Step-up\uff0c\u9012\u589e\u7a0e\u57fa\u6a21\u5f0f\uff0c\u63d0\u9ad8\u6298\u65e7\u4efd\u989d\uff09\u7684\u4f18\u52bf\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u4e0d\u8bba\u901a\u8fc7\u80a1\u6743\u6536\u8d2d\u8fd8\u662f\u8d44\u4ea7\u6536\u8d2d\uff0c\u975e\u516c\u5f00\u6536\u8d2d\u5747\u901a\u5e38\u53ef\u4ee5\u5206\u4e3a\u4ee5\u4e0b\u6b65\u9aa4\uff1a<\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c46ad29 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c46ad29\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a8e9ad8  gut\" data-id=\"a8e9ad8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ae23d04 elementor-widget elementor-widget-image\" data-id=\"ae23d04\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"702\" height=\"496\" src=\"https:\/\/chk-de.org\/app\/uploads\/2020\/07\/Clifford-Chance-Bild.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/chk-de.org\/app\/uploads\/2020\/07\/Clifford-Chance-Bild.jpg 702w, https:\/\/chk-de.org\/app\/uploads\/2020\/07\/Clifford-Chance-Bild-300x212.jpg 300w\" sizes=\"(max-width: 702px) 100vw, 702px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2556dad is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2556dad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7fc0017  gut\" data-id=\"7fc0017\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d0aabb1 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"d0aabb1\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>c) \u5e76\u8d2d\u7684\u5e02\u573a\u6807\u51c6<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (i) \u5728\u5fb7\u56fd\uff0c\u80a1\u6743\u6536\u8d2d\u4e2d\u7684\u5b9a\u4ef7\u673a\u5236\u9075\u5faa\u5305\u542b\u5404\u79cd\u8c03\u6574\u65b9\u5f0f\u7684\u56fd\u9645\u60ef\u7528\u673a\u5236\u3002\u8d2d\u4e70\u4ef7\u683c\u901a\u5e38\u786e\u5b9a\u4e3a\u201c\u65e0\u73b0\u91d1\/\u65e0\u503a\u52a1\u201d\uff08\u201ccash free\/debt free\u201d\uff09\uff0c\u5373\u6839\u636e\u516c\u53f8\u4ef7\u503c\uff08\u901a\u5e38\u662f\u7531EBITDA\u548c\u884c\u4e1a\u60ef\u7528\u4e58\u6570\u7684\u4e58\u79ef\u5f97\u51fa\uff09\u52a0\u4e0a\u73b0\u91d1\u5e76\u6263\u9664\u91d1\u878d\u8d1f\u503a\uff0c\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u6839\u636e\uff08\u6807\u51c6\u5316\uff09\u6d41\u52a8\u8d44\u4ea7\u8fdb\u884c\u76f8\u5e94\u8c03\u6574\u3002\u8be5\u8ba1\u7b97\u53ef\u4ee5\u8ffd\u6eaf\u5230\u76ee\u6807\u516c\u53f8\u7684\u6700\u540e\u4e00\u4e2a\u8d44\u4ea7\u8d1f\u503a\u8868\u65e5\u671f\uff0c\u5373\u6240\u8c13\u7684\u9501\u7bb1\u673a\u5236\uff08Locked Box\uff09\uff0c\u6216\u6839\u636e\u4ea4\u5272\u8d26\u76ee\uff08Closing Accounts\uff09\u8fdb\u884c\uff0c\u6709\u65f6\u4e5f\u4f1a\u4f7f\u7528\u6df7\u5408\u6a21\u5f0f\u3002\u5f53\u524d\uff0c\u9488\u5bf9\u76ee\u6807\u516c\u53f8\u80a1\u672c\/\u4ea7\u6743\u6bd4\u4f8b\u7684\u7ea6\u5b9a\u6216\u9664\u9501\u7bb1\u5916\u7684\u56fa\u5b9a\u4ef7\u683c\u8d8a\u6765\u8d8a\u4e0d\u5e38\u89c1\u4e86\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (ii) \u5728\u7edd\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u5356\u65b9\u5728\u8ba2\u7acb\u4e70\u5356\u5408\u540c\u65f6\u5df2\u8981\u6c42\u4e70\u65b9\u63d0\u4f9b\u878d\u8d44\u8bc1\u636e\uff0c\u4ee5\u786e\u4fdd\u4e70\u65b9\u5728\u4ea4\u5272\u65f6\u5168\u989d\u652f\u4ed8\u4ef7\u6b3e\u3002\u8fd9\u5c24\u5176\u9002\u7528\u4e8e\u5f53\u6536\u8d2d\u5b9e\u4f53\u662f\u65e0\u5927\u91cf\u80a1\u672c\u6216\u5176\u4ed6\u8fd0\u8425\u4e1a\u52a1\u7684\u6536\u8d2d\u516c\u53f8\uff08\u7279\u6b8a\u76ee\u7684\u516c\u53f8\uff0c\u201cSPVs\u201d\uff09\uff0c\u5e76\u4e14\u4e5f\u9002\u7528\u4e8e\u5728\u652f\u4ed8\u4ef7\u6b3e\u65f6\u53ef\u80fd\u4f1a\u9762\u4e34\u56f0\u96be\u7684\u5916\u56fd\u4e70\u65b9,\u5c24\u5176\u9002\u7528\u4e8e\u4e2d\u56fd\u6295\u8d44\u8005\u3002\u6b64\u5904,\u53ef\u6839\u636e\u60c5\u51b5\u8003\u8651\u662f\u5426\u9700\u8981\uff1a\u80a1\u6743\u627f\u8bfa\u4e66\uff08Equity Commitment Letter\uff09\u3001\u503a\u52a1\u627f\u8bfa\u4e66\uff08Debt Commitment Letter\uff09\u6216\u503a\u52a1\u9879\u76ee\u8868\uff08Debt Term Sheet\uff09\uff0c\u4ee5\u53ca\u6bcd\u516c\u53f8\u62c5\u4fdd\u548c\u94f6\u884c\u62c5\u4fdd\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iii) \u5356\u65b9\u5bf9\u4e8e\u76ee\u6807\u516c\u53f8\u7684\u62c5\u4fdd\u8d23\u4efb\u901a\u5e38\u8bbe\u5b9a\u4e00\u4e2a\u6700\u9ad8\u989d\u5ea6\uff0c\u5373\u8d23\u4efb\u4e0a\u9650\uff08Cap\uff09\u3002\u6b64\u5916\uff0c\u901a\u5e38\u4f1a\u7ea6\u5b9a\u8c41\u514d\u9650\u989d\uff08\u6700\u4f4e\u9650\u989d\uff09\u4ee5\u6392\u9664\u5fae\u5c0f\u8d23\u4efb\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iv) \u8fd1\u51e0\u5e74\u6765\u65e5\u76ca\u5e38\u89c1\u7684\u60c5\u51b5\u662f\uff0c\u5f53\u4e70\u65b9\u8d2d\u4e70\u4e86\u6240\u8c13\u7684\u201c\u4fdd\u8bc1\u548c\u8d54\u507f\u4fdd\u9669\u201d\uff08Warranty and Indemnity Insurance\uff0c\u201cW&amp;I\u201d\uff09\uff0c\u5356\u65b9\u5219\u4ec5\u627f\u62c5\u975e\u5e38\u6709\u9650\u7684\u8d23\u4efb\u6216\u51e0\u4e4e\u4e0d\u518d\u627f\u62c5\u8d23\u4efb\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u60a8\u53ef\u4ee5\u5728\u6211\u4eec\u7f51\u7ad9\u4e0a\u7684<a href=\"https:\/\/globalmandatoolkit.cliffordchance.com\/Global-M-and-A-Toolkit\">\u5e76\u8d2d\u5de5\u5177\u5305<\/a>\u4e2d\u627e\u5230\u66f4\u8be6\u5c3d\u7684\u76f8\u5173\u6807\u51c6\u548c\u5e02\u573a\u8d8b\u52bf\u3002\u5982\u6709\u4efb\u4f55\u7591\u95ee\uff0c\u8bf7\u968f\u65f6\u4e0e\u6211\u4eec\u8054\u7cfb\u3002<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8709de0 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8709de0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fad9a3a  gut\" data-id=\"fad9a3a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a83e7e elementor-widget elementor-widget-spacer\" data-id=\"8a83e7e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-15b032e is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"15b032e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b04ef88  gut\" data-id=\"b04ef88\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e8beda9 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"e8beda9\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>d) \u4e2d\u56fd\u6295\u8d44\u8005\u7684\u7279\u6b8a\u60c5\u51b5<\/p><p>\u00a0<\/p><p>(i) \u5fb7\u56fd\u5916\u5546\u6295\u8d44\u6cd5\uff08foreign investment control\uff09<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u81ea\u57282015\u5e745\u6708\u4e2d\u56fd\u901a\u8fc7\u4e86\u65e8\u5728\u5c06\u4e2d\u56fd\u8f6c\u53d8\u4e3a\u5de5\u4e1a\u5f3a\u56fd\u7684\u6218\u7565\u8ba1\u5212\u201c\u4e2d\u56fd\u5236\u90202025\u201d\u4ee5\u6765\uff08\u8be5\u8ba1\u5212\u4ee510\u4e2a\u5173\u952e\u884c\u4e1a\u4e3a\u5173\u6ce8\u91cd\u70b9\uff0c\u5305\u62ec\u5982\u822a\u7a7a\u822a\u5929\u6280\u672f\u3001\u673a\u5668\u4eba\u6280\u672f\u3001\u65b0\u4e00\u4ee3\u4fe1\u606f\u548c\u901a\u4fe1\u6280\u672f\u4ee5\u53ca\u5236\u836f\u7b49\u9ad8\u79d1\u6280\u884c\u4e1a\uff09\uff0c\u5728\u5fb7\u56fd\uff0c\u5173\u4e8e\u8fdb\u4e00\u6b65\u4fdd\u62a4\u5fb7\u56fd\u7ecf\u6d4e\u514d\u906d\u201c\u552e\u7a7a\u201d\u7684\u8ba8\u8bba\u6709\u6240\u589e\u52a0\uff1a\u5728\u4e2d\u56fd\u53d7\u76ca\u4e8e\u6b27\u76df\u548c\u5fb7\u56fd\u7684\u5f00\u653e\u5e02\u573a\u7684\u540c\u65f6\uff0c\u5728\u4e2d\u56fd\u7684\u5fb7\u56fd\u516c\u53f8\u4e0e\u4e2d\u56fd\u516c\u53f8\u76f8\u6bd4\uff0c\u4ecd\u7136\u53d7\u5230\u4f17\u591a\u9650\u5236\u548c\u6b67\u89c6\uff08\u5728\u67d0\u4e9b\u884c\u4e1a\u4e2d\u5fc5\u987b\u6210\u7acb\u4e2d\u5916\u5408\u8d44\u4f01\u4e1a; \u7981\u6b62\u8fdb\u5165\u82e5\u5e72\u7279\u5b9a\u7ecf\u6d4e\u90e8\u95e8; \u5728\u67d0\u4e9b\u9886\u57df\uff08\u4f8b\u5982\u91d1\u878d\u9886\u57df\uff09\u53ea\u80fd\u5360\u6709\u5c11\u6570\u80a1\u6743\uff09\u3002\u57282017\u5e74\uff0c2018\u5e74\u4ee5\u53ca\u6700\u8fd1\u76842020\u5e74\uff0c\u5fb7\u56fd\u8054\u90a6\u653f\u5e9c\u6536\u7d27\u4e86\u5916\u5546\u6295\u8d44\u6cd5\uff0c\u4ee5\u786e\u4fdd\u5176\u9488\u5bf9\u5916\u56fd\u6295\u8d44\u8005\u5728\u5fb7\u56fd\u5883\u5185\u7684\u6536\u8d2d\u548c\u53c2\u80a1\u6d3b\u52a8\u4eab\u6709\u66f4\u591a\u7684\u63a7\u5236\u6743\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5982\u679c\u6765\u81ea\u6b27\u76df\u4ee5\u5916\u7684\u6536\u8d2d\u65b9\u83b7\u5f97\u5fb7\u56fd\u516c\u53f8\u7684\u8868\u51b3\u6743\uff0c\u5219\u5fb7\u56fd\u8054\u90a6\u7ecf\u6d4e\u4e0e\u80fd\u6e90\u90e8\uff08BMWi\uff09\u53ef\u4ee5\u5ba1\u67e5\u5fb7\u56fd\u7684\u516c\u5171\u79e9\u5e8f\u6216\u5b89\u5168\u662f\u5426\u53d7\u5230\u5a01\u80c1\uff08\u6240\u8c13\u7684\u8de8\u884c\u4e1a\u5ba1\u67e5\uff09\u3002\u5c24\u5176\u662f\u5f53\u5fb7\u56fd\u76ee\u6807\u516c\u53f8\u662f\u4e00\u5bb6\u5173\u952e\u57fa\u7840\u8bbe\u65bd\u7684\u8fd0\u8425\u5546\u6216\u63d0\u4f9b\u5176\u4ed6\u4e0e\u5b89\u5168\u7279\u522b\u76f8\u5173\u7684\u670d\u52a1\u65f6\uff0c\u516c\u5171\u79e9\u5e8f\u6216\u5b89\u5168\u5219\u53ef\u80fd\u4f1a\u53d7\u5230\u5a01\u80c1\u3002\u8be5\u6982\u5ff5\u901a\u8fc7\u4e00\u90e8\u7279\u522b\u6761\u4f8b\u5f97\u5230\u4e86\u8fdb\u4e00\u6b65\u7684\u660e\u786e\uff0c\u5305\u62ec\u80fd\u6e90\u3001\u6c34\u3001\u4fe1\u606f\u6280\u672f\u548c\u7535\u4fe1\u3001\u91d1\u878d\u4e0e\u4fdd\u9669\u3001\u536b\u751f\u3001\u8fd0\u8f93\u548c\u4ea4\u901a\u4ee5\u53ca\u98df\u54c1\u7b49\u9886\u57df\u3002\u6b64\u5916\uff0c\u5982\u679c\u5fb7\u56fd\u76ee\u6807\u516c\u53f8\u4e3a\u5173\u952e\u57fa\u7840\u8bbe\u65bd\u7684\u8fd0\u884c\u5f00\u53d1\u6216\u66f4\u6539\u5e94\u7528\u4e8e\u7279\u5b9a\u884c\u4e1a\u7684\u8f6f\u4ef6\uff0c\u63d0\u4f9b\u67d0\u4e9b\u4e91\u670d\u52a1\u6216\u83b7\u5f97\u4e86\u63d0\u4f9b\u8fdc\u7a0b\u4fe1\u606f\u5904\u7406\u57fa\u7840\u8bbe\u65bd\u7684\u7ec4\u4ef6\u6216\u670d\u52a1\u7684\u6279\u51c6\uff0c\u5219\u8de8\u884c\u4e1a\u5ba1\u67e5\u7684\u4e8b\u5b9e\u9002\u7528\u8303\u56f4\u4e5f\u5c06\u88ab\u5f00\u542f\u3002\u8de8\u884c\u4e1a\u5ba1\u67e5\u4e5f\u6db5\u76d6\u4e86\u5a92\u4f53\u90e8\u95e8\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u4e00\u4e2a\u975e\u5fb7\u56fd\u6295\u8d44\u8005\u83b7\u5f97\u4e86\u4e00\u5bb6\u5fb7\u56fd\u516c\u53f8\u7684\u8868\u51b3\u6743\uff0c\u5e76\u4e14\u8be5\u5fb7\u56fd\u76ee\u6807\u516c\u53f8\u5728\u7279\u522b\u5b89\u5168\u654f\u611f\u7684\u90e8\u95e8\u5f00\u5c55\u751f\u4ea7\u7ecf\u8425\u6d3b\u52a8\uff0c\u5219\u9700\u5173\u6ce8\u6240\u8c13\u7684\u7279\u5b9a\u884c\u4e1a\u5ba1\u67e5\u3002\u5b89\u5168\u654f\u611f\u53ca\u4e0e\u56fd\u9632\u6709\u5173\u7684\u9886\u57df\u5305\u62ec\u4f46\u4e0d\u9650\u4e8e\u5236\u9020\u6216\u5f00\u53d1\u6218\u4e89\u6b66\u5668\u6216\u5176\u4ed6\u5173\u952e\u519b\u4e8b\u6280\u672f\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u81ea2018\u5e74\u5916\u56fd\u6295\u8d44\u8005\u5bf9\u5fb7\u56fd\u516c\u53f8\u6295\u8d44\u7684\u5ba1\u67e5\u95e8\u69db\u4ece25\uff05\u964d\u4f4e\u523010\uff05\u7684\u8868\u51b3\u6743\u4ee5\u6765\uff0c\u591a\u9879\u65e8\u5728\u6269\u5c55\u8054\u90a6\u653f\u5e9c\u63a7\u5236\u6743\u7684\u63aa\u65bd\u5df2\u7d27\u968f\u5176\u540e\u4e8e2020\u5e74\u5f97\u4ee5\u8ba1\u5212\u6216\u5df2\u7ecf\u5f97\u4ee5\u5b9e\u65bd\u3002\u5728\u65b0\u51a0\u5927\u6d41\u884c\u671f\u95f4\uff0c\u901a\u8fc7\u4fee\u6539\u300a\u5bf9\u5916\u8d38\u6613\u548c\u652f\u4ed8\u6761\u4f8b\u300b\uff08AWV\uff09\uff0c\u539f\u6709\u7684\u4e8b\u5b9e\u9002\u7528\u8303\u56f4\u6269\u5c55\u81f3\u6d3b\u8dc3\u4e8e\u67d0\u4e9b\u536b\u751f\u9886\u57df\u7684\u5fb7\u56fd\u516c\u53f8\u3002\u8fd9\u5c24\u5176\u9002\u7528\u4e8e\u9488\u5bf9\u5177\u6709\u751f\u547d\u5a01\u80c1\u548c\u9ad8\u5ea6\u4f20\u67d3\u6027\u7684\u4f20\u67d3\u75c5\u7684\u836f\u54c1\u3001\u533b\u7597\u4ea7\u54c1\u548c\u4f53\u5916\u8bca\u65ad\u533b\u7597\u8bbe\u5907\u7684\u5236\u9020\u5546\u3002\u73b0\u5728\uff0c\u786e\u4fdd\u56fd\u6709\u901a\u4fe1\u57fa\u7840\u8bbe\u65bd\u5e73\u7a33\u8fd0\u884c\u6240\u9700\u7684\u5173\u952e\u539f\u6750\u6599\u6216\u670d\u52a1\u4e5f\u5c5e\u4e8eAWV\u7684\u6269\u5c55\u9002\u7528\u8303\u56f4\u3002\u5728\u5ba1\u67e5\u662f\u5426\u5bf9\u516c\u5171\u79e9\u5e8f\u6216\u5b89\u5168\u5b58\u5728\u5a01\u80c1\u65f6\uff0c\u5c06\u6765\u4e5f\u53ef\u80fd\u4f1a\u8003\u8651\u5230\u6536\u8d2d\u65b9\u662f\u5426\u7531\u7b2c\u4e09\u56fd\u653f\u5e9c\u6216\u56fd\u6709\u673a\u6784\u76f4\u63a5\u6216\u95f4\u63a5\u63a7\u5236\u3002\u6765\u81ea\u4e9a\u6d32\u5c24\u5176\u662f\u4e2d\u56fd\u7684\u6295\u8d44\u8005\u4ecd\u7136\u662f\u8054\u90a6\u653f\u5e9c\u5173\u6ce8\u7684\u91cd\u70b9\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u300a\u5fb7\u56fd\u5bf9\u5916\u8d38\u6613\u6cd5\u300b\uff08AWG\uff09\u7684\u4fee\u8ba2\u4e5f\u4e3a\u63a7\u5236\u5916\u5546\u6295\u8d44\u521b\u9020\u4e86\u66f4\u591a\u53ef\u80fd\u6027\u3002\u4e00\u65b9\u9762\uff0c\u5148\u524d\u5bf9\u516c\u5171\u5b89\u5168\u6216\u79e9\u5e8f\u7684\u201c\u5b9e\u9645\u548c\u4e25\u91cd\u5a01\u80c1\u201d\u7684\u5ba1\u67e5\u6807\u51c6\u5c06\u7531\u6b27\u76df\u201c\u9884\u671f\u635f\u5bb3\u201d\u7b5b\u9009\u89c4\u5219\u7684\u5ba1\u67e5\u6807\u51c6\u6240\u4ee3\u66ff\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u4e0d\u4ec5\u662f\u5fb7\u56fd\u7684\u516c\u5171\u79e9\u5e8f\u548c\u5b89\u5168\uff0c\u6b27\u76df\u5176\u4ed6\u6210\u5458\u56fd\u7684\u4ee5\u53ca\u6d89\u53ca\u6b27\u76df\u5229\u76ca\u7684\u9879\u76ee\u6216\u8ba1\u5212\u7684\u516c\u5171\u79e9\u5e8f\u548c\u5b89\u5168\u95ee\u9898\u4e5f\u90fd\u5c06\u88ab\u8003\u8651\u5728\u5185\u3002\u6b64\u5916\uff0c\u5c06\u6765\u6240\u6709\u5e94\u4e88\u4ee5\u7533\u62a5\u7684\u4ea4\u6613\u90fd\u5c06\u53d7\u5230\u6267\u884c\u7981\u4ee4\uff08\u5373\u7981\u6b62\u5728\u5ba1\u6838\u7ed3\u675f\u524d\u5b8c\u6210\u4ea4\u6613\uff09\u7684\u9650\u5236\uff0c\u5982\u5bf9\u8be5\u7981\u4ee4\u6709\u6240\u8fdd\u53cd\uff0c\u5219\u5c06\u6839\u636eAWG\u4ee5\u8ffd\u7a76\u5211\u4e8b\u72af\u7f6a\u8d23\u4efb\u548c\u4e88\u4ee5\u7f5a\u6b3e\u7684\u5f62\u5f0f\u5bf9\u5176\u8fdb\u884c\u5236\u88c1\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u4e0b\u4e00\u6b65\uff0c\u5fb7\u56fd\u5c06\u4e8e2020\u5e74\u79cb\u5b63\u518d\u6b21\u6269\u5c55AWV\u7684\u9002\u7528\u8303\u56f4\uff0c\u5c06\u6db5\u76d6\u4eba\u5de5\u667a\u80fd\u3001\u673a\u5668\u4eba\u3001\u534a\u5bfc\u4f53\u3001\u751f\u7269\u548c\u91cf\u5b50\u6280\u672f\u7b49\u5176\u4ed6\u5173\u952e\u6280\u672f\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5916\u5546\u6295\u8d44\u6cd5\u89c4\u7684\u6536\u7d27\u8d8b\u52bf\u4e5f\u53cd\u6620\u5728\u4e86\u5ba1\u67e5\u6848\u4ef6\u6570\u91cf\u4e0a\u3002\u5728\u4ece2018\u5e74\u768478\u4e2a\u5ba1\u67e5\u6848\u4ef6\u589e\u52a0\u52302019\u5e74\u7684106\u4e2a\u6848\u4ef6\u4e4b\u540e\uff0c\u9884\u8ba1\u6bcf\u5e74\u5c06\u8fdb\u4e00\u6b65\u589e\u52a020\u4e2a\u65b0\u6848\u4ef6\uff0c\u7531\u4e8e\u8ba1\u5212\u5c06\u57282020\u5e74\u79cb\u5b63\u8fdb\u4e00\u6b65\u8865\u8ba2AWV\uff0c\u4e4b\u540e\u6bcf\u5e74\u5f88\u53ef\u80fd\u589e\u52a0\u603b\u517140\u4e2a\u65b0\u6848\u4f8b\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u4e0a\u8ff0\u53d8\u9769\u5c06\u5728\u5b9e\u8df5\u4e2d\u5982\u4f55\u5f71\u54cd\u6295\u8d44\u5ba1\u67e5\u7a0b\u5e8f\uff0c\u5e76\u4e14\u8bf8\u591a\u65b0\u589e\u9650\u5236\u5c06\u5982\u4f55\u5f71\u54cd\u5916\u56fd\u6295\u8d44\u8005\u5728\u5fb7\u56fd\u6295\u8d44\u7684\u610f\u613f\uff0c\u5747\u8fd8\u6709\u5f85\u89c2\u5bdf\u3002\u4f46\u662f\uff0c\u5fb7\u56fd\u7684\u8be5\u53d1\u5c55\u8d8b\u52bf\u5e76\u4e0d\u662f\u5b64\u7acb\u7684\u60c5\u51b5\uff0c\u5b9e\u5219\u57fa\u672c\u4e0a\u7b26\u5408\u5168\u7403\u8d38\u6613\u4fdd\u62a4\u4e3b\u4e49\u7684\u6574\u4f53\u8d8b\u52bf\u3002<\/p><p>\u00a0<\/p><p>(ii) \u4e2d\u56fd\u6cd5\u5f8b\u6cd5\u89c4\u7684\u8981\u6c42<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u4e2d\u56fd\u4e70\u65b9\u7ecf\u5e38\u9700\u8981\u9762\u5bf9\u4e2d\u56fd\u6cd5\u5f8b\u89c4\u5b9a\u7684\u5404\u79cd\u5ba1\u6279\u3001\u6838\u51c6\u6216\u767b\u8bb0\u8981\u6c42\uff0c\u4e14\u4f1a\u5bf9\u63a5\u4e0d\u540c\u673a\u5173\uff0c\u6bd4\u5982\u5546\u52a1\u90e8\uff08MOFCOM\uff09\u3001\u56fd\u5bb6\u53d1\u6539\u59d4\uff08NDRC\uff09\u6216\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\uff08SAFE\uff09\uff0c\u8be5\u7c7b\u4e8b\u9879\u5747\u6700\u8fdf\u5728\u4ea4\u5272\u65f6\u5fc5\u987b\u5b8c\u6210\u3002\u5982\u679c\u4e00\u5bb6\u5728\u4e2d\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\u7684\u516c\u53f8\u6b32\u6536\u8d2d\u5fb7\u56fd\u4f01\u4e1a\uff0c\u5f53\u5176\u6536\u8d2d\u89c4\u6a21\u8d85\u8fc7\u4e00\u5b9a\u754c\u9650\u65f6\uff0c\u5219\u4f1a\u53d7\u5230\u4e2d\u56fd\u4e0a\u5e02\u516c\u53f8\u91cd\u5927\u8d44\u4ea7\u91cd\u7ec4\uff08\u201cMAR\u201d\uff09\u76f8\u5173\u6cd5\u5f8b\u6cd5\u89c4\u7684\u7ea6\u675f\uff0c\u4e5f\u4f1a\u589e\u52a0\u8be5\u4ea4\u6613\u7684\u590d\u6742\u6027\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5bf9\u4e8e\u5fb7\u56fd\u5356\u65b9\u800c\u8a00\uff0c\u7531\u8fd9\u4e9b\u5ba1\u6279\u548c\u767b\u8bb0\u8981\u6c42\u6240\u4ea7\u751f\u7684\u4e0d\u786e\u5b9a\u6027\u901a\u5e38\u7531\u4e70\u65b9\u4ee5\u7ea6\u5b9a\u8fdd\u7ea6\u91d1\u6761\u6b3e\u6216\u652f\u4ed8\u5b9a\u91d1\u7684\u65b9\u5f0f\u627f\u62c5\u3002\u5982\u679c\u5728\u7b7e\u8ba2\u4e70\u5356\u5408\u540c\u540e\u7684\u4e00\u5b9a\u65f6\u95f4\u5185\u672a\u83b7\u5f97\u5fc5\u8981\u7684\u6279\u51c6\uff0c\u8fdd\u7ea6\u91d1\u6761\u6b3e\u5c06\u751f\u6548\u6216\u5df2\u652f\u4ed8\u7684\u5b9a\u91d1\u5c06\u88ab\u5356\u65b9\u6263\u7559\uff0c\u5356\u65b9\u5219\u53ef\u5c06\u76ee\u6807\u516c\u53f8\u51fa\u552e\u7ed9\u5176\u4ed6\u4e70\u5bb6\u3002\u5bf9\u4e8e\u4e2d\u56fd\u6295\u8d44\u8005\uff0c\u5c06\u6536\u8d2d\u4ef7\u683c\u76845-10\uff05\u7ea6\u5b9a\u4e3a\u8fdd\u7ea6\u91d1\u91d1\u989d\u5e76\u4e0d\u7f55\u89c1\uff0c\u4e14\u5fc5\u987b\u5728\u5408\u540c\u7b7e\u8ba2\u65f6\u4e88\u4ee5\u652f\u4ed8\u6216\u63d0\u4f9b\u62c5\u4fdd\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5728\u8fd9\u79cd\u80cc\u666f\u4e0b\uff0c\u5bf9\u4e8e\u4e2d\u56fd\u6295\u8d44\u8005\u7684\u6210\u529f\u81f3\u5173\u91cd\u8981\u7684\u662f\uff0c\u5e94\u5728\u6536\u8d2d\u8fc7\u7a0b\u4e2d\u5c3d\u65e9\u786e\u5b9a\u76f8\u5e94\u7684\u5ba1\u6279\u8981\u6c42\uff0c\u5e76\u5728\u53ef\u80fd\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u76f8\u5e94\u7684\u98ce\u9669\u8bc4\u4f30\u3002\u5728\u7ade\u4e89\u6027\u62db\u6295\u6807\u8fc7\u7a0b\u4e2d\uff0c\u5982\u679c\u9762\u4e34\u6b64\u7c7b\u989d\u5916\u5ba1\u6279\u8981\u6c42\u7684\u4e70\u65b9\u4e0d\u80fd\u8fc5\u901f\u5e76\u79ef\u6781\u5730\u5904\u7406\u8fd9\u4e9b\u95ee\u9898\uff0c\u5e76\u4e3a\u5356\u65b9\u63d0\u4f9b\u76f8\u5e94\u62c5\u4fdd\uff0c\u4ee5\u786e\u4fdd\u4ea4\u5272\u7684\u987a\u5229\u5b9e\u73b0\uff0c\u5219\u8be5\u4e70\u65b9\u901a\u5e38\u4f1a\u5904\u4e8e\u4e0d\u5229\u5730\u4f4d\u3002<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c9b4829 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c9b4829\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ea4160  gut\" data-id=\"0ea4160\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3da36c elementor-widget elementor-widget-spacer\" data-id=\"a3da36c\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-80ef0ec is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"80ef0ec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ee33de  gut\" data-id=\"0ee33de\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-289ce74 pad-b-1 elementor-widget elementor-widget-header\" data-id=\"289ce74\" data-element_type=\"widget\" id=\"3\" data-widget_type=\"header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"heading\">\n    <span class=\"fontw-l has-divider lh-3 size-5\">2.\t\u516c\u5f00\u6536\u8d2d (Public Takeover)<\/span>\n  <div class=\"heading__divider pad-t-2\" aria-hidden><svg width=\"90\" height=\"2\" viewBox=\"0 0 90 2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><line x1=\"0\" y1=\"1\" x2=\"90\" y2=\"1\" stroke-width=\"2\" \/><\/svg><\/div><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2246412 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2246412\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4666245  gut\" data-id=\"4666245\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b14f3ff lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"b14f3ff\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>\u00a0 \u00a0 \u00a0 \u5982\u679c\u76ee\u6807\u516c\u53f8\u5df2\u7ecf\u8fbe\u5230\u4e00\u5b9a\u89c4\u6a21\u6216\u6b63\u5728\u5bfb\u6c42\u5168\u7403\u8054\u76df\uff0c\u5e76\u4e14\u5176\u80a1\u7968\u5df2\u7ecf\u5728\u5fb7\u56fd\u8bc1\u5238\u4ea4\u6613\u6240\u4e0a\u5e02\uff0c\u5219\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u4ec5\u80fd\u901a\u8fc7\u5411\u5176\u6240\u6709\u80a1\u4e1c\u516c\u5f00\u53d1\u51fa\u6536\u8d2d\u8981\u7ea6\u800c\u5b9e\u73b0\u5bf9\u8be5\u76ee\u6807\u516c\u53f8\u7684\u6536\u8d2d\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6b64\u5904\u7684\u51b3\u5b9a\u6027\u56e0\u7d20\u662f\u6b32\u6536\u8d2d\u7684\u76ee\u6807\u516c\u53f8\u80a1\u4efd\u6570\u91cf\u3002\u5f53\u6536\u8d2d\u65b9\u5355\u72ec\u6216\u8005\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u6216\u4e0e\u7b2c\u4e09\u65b9\u4e00\u540c\uff08acting in concert\uff09\u6301\u6709\u5728\u5fb7\u56fd\u4e0a\u5e02\u7684\u76ee\u6807\u516c\u53f8\u4e2d\u6709\u8868\u51b3\u6743\u80a1\u4efd\u768430\uff05\uff0c\u6536\u8d2d\u65b9\u5219\u5fc5\u987b\u5bf9\u6240\u6709\u80a1\u4e1c\u53d1\u51fa\u201c\u5f3a\u5236\u8981\u7ea6\u201d\uff08\u8be5\u8981\u7ea6\u4e0d\u53ef\u4ec5\u9650\u4e8e\u90e8\u5206\u6536\u8d2d\uff09\uff0c\u5373\u6295\u6807\u4eba\u5e94\u4ee5\u4e00\u5b9a\u7684\u80a1\u4efd\u8d2d\u4e70\u4ef7\u6536\u8d2d\u76ee\u6807\u516c\u53f8\u7684\u6240\u6709\u80a1\u4efd\u3002\u6b64\u7c7b\u5f3a\u5236\u6027\u8981\u7ea6\u5fc5\u987b\u5728\u975e\u5e38\u77ed\u7684\u65f6\u95f4\u5185\uff08\u5728\u8d85\u8fc730\uff05\u7684\u95e8\u69db\u540e\u7ea65\u5468\u5185\uff09\u5411\u80a1\u4e1c\u63d0\u51fa\uff0c\u5e76\u4e14\u9664\u4e86\u8981\u5411\u5176\u63d0\u4f9b\u5185\u5bb9\u8be6\u5c3d\u7684\u8981\u7ea6\u6587\u4ef6\u5916\uff0c\u8fd8\u5fc5\u987b\u63d0\u4f9b\u5b8c\u6574\u7684\u8d2d\u4e70\u6240\u9700\u7684\u878d\u8d44\u8bc1\u660e\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5982\u679c\u5df2\u7ecf\u53ef\u4ee5\u9884\u89c1\u5230\u5c06\u8981\u6536\u8d2d\u8d85\u8fc730\uff05\u7684\u6709\u8868\u51b3\u6743\u7684\u80a1\u4efd\uff0c\u90a3\u4e48\uff08\u6295\u8d44\u4eba\uff09\u901a\u5e38\u4f1a\u9009\u62e9\u53d1\u8d77\u81ea\u613f\u6536\u8d2d\u8981\u7ea6\uff0c\u8be5\u81ea\u613f\u6536\u8d2d\u8981\u7ea6\u5219\u5fc5\u987b\u5728\u8fbe\u523030\uff05\u7684\u95e8\u69db\u4e4b\u524d\u4e88\u4ee5\u53d1\u51fa\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u6295\u8d44\u4eba\/\u53d1\u51fa\u6536\u8d2d\u8981\u7ea6\u65b9\u539f\u5219\u4e0a\u62e5\u6709\u65e0\u9650\u5236\u7684\u51c6\u5907\u65f6\u95f4\uff08\u76f4\u5230\u8be5\u8981\u7ea6\u88ab\u53d1\u51fa\u4e3a\u6b62\uff09\uff0c\u5e76\u4e14\u8fd8\u53ef\u4ee5\u5bf9\u80a1\u4ef7\u53d8\u5316\u505a\u51fa\u53ca\u65f6\u53cd\u5e94\u3002<\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-11608be is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11608be\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-54dcdf8  gut\" data-id=\"54dcdf8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f8d4b97 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"f8d4b97\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>a) \u9488\u5bf9\u8fd9\u79cd\u6536\u8d2d\u65b9\u5f0f\uff0c\u4e8b\u5148\u505a\u597d\u6536\u8d2d\u8ba1\u5212\u548c\u76f8\u5e94\u51c6\u5907\u8d77\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\uff1a<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (i) \u5982\u679c\u5728\uff08\u6bd4\u5982\u7531\u4e8e\u6709\u5229\u7684\u5e02\u573a\u6761\u4ef6\uff09\u6700\u521d\u53ea\u9700\u8981\u8d2d\u4e70\u5c11\u91cf\u80a1\u4efd\uff08\u201c\u9ed8\u9ed8\u589e\u6301\u201d\u201cAnschleichen\u201d\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u5219\u987b\u9075\u5b88\u9002\u7528\u4e8e\u5fb7\u56fd\u7684\u7533\u62a5\u548c\u62ab\u9732\u95e8\u69db\u89c4\u5b9a\uff1a\u5bf9\u4e8e\u6240\u6709\u6301\u6709\u4e0a\u5e02\u516c\u53f8\u7279\u5b9a\u6570\u91cf\u80a1\u4efd\u7684\u6295\u8d44\u8005\uff0c\u5f53\u5176\u6301\u6709\u7684\u6709\u8868\u51b3\u6743\u7684\u80a1\u4efd\u6bd4\u4f8b\u8fbe\u5230\u3001\u8d85\u8fc7\u6216\u964d\u4f4e\u81f3\u5c11\u4e8e3\uff05\u30015\uff05\u300110\uff05\u300115\uff05\u300120\uff05\u300125\uff05\u300130\uff05\u300150\uff05\u548c75\uff05\u65f6\uff0c\u8be5\u6295\u8d44\u8005\u5fc5\u987b\u901a\u77e5\u8be5\u4e0a\u5e02\u516c\u53f8\u548c\u5fb7\u56fd\u8054\u90a6\u91d1\u878d\u76d1\u7ba1\u5c40\uff08\u201cBaFin\u201d\uff09\u3002\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u5728 \uff08\u4e2d\u56fd\uff09\u6295\u8d44\u8005\u8fdb\u884c\u6218\u7565\u6027\u6536\u8d2d\u65f6\uff0c\u5e02\u573a\u53ef\u80fd\u4f1a\u80fd\u591f\u53ca\u65e9\u5bf9\u5176\u8fdb\u884c\u8bc6\u522b\u5e76\u505a\u51fa\u53cd\u5e94\u3002\u540c\u65f6\u5219\u4e0d\u80fd\u6392\u9664\u76f8\u5e94\u7684\u80a1\u4ef7\u4e0a\u6da8\u7684\u53ef\u80fd\u6027\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (ii) \u5728\u516c\u5f00\u6536\u8d2d\u7684\u60c5\u51b5\u4e0b\uff0c\u5c3d\u804c\u8c03\u67e5\u539f\u5219\u4e0a\u4e5f\u662f\u53ef\u80fd\u7684\uff0c\u4f46\u662f\u7531\u4e8e\u76f8\u5173\u6cd5\u5f8b\u6cd5\u89c4\u7684\u89c4\u5236\u548c\u5bf9\u516c\u53f8\u7ba1\u7406\u5c42\u7684\u53c2\u4e0e\u9700\u6c42\uff0c\u516c\u5f00\u6536\u8d2d\u7684\u5c3d\u804c\u8c03\u67e5\uff08\u4e0e\u975e\u516c\u5f00\u6536\u8d2d\u76f8\u6bd4\uff09\u901a\u5e38\u4f1a\u53d7\u5230\u66f4\u591a\u9650\u5236\u3002\u7279\u522b\u662f\u4e0d\u80fd\u8f7b\u6613\u5730\u5c06\u6240\u8c13\u7684\u201c\u5185\u90e8\u4fe1\u606f\u201d\u4e13\u95e8\/\u6392\u4ed6\u5730\u63d0\u4f9b\u7ed9\u7279\u5b9a\u7684\u6f5c\u5728\u4e70\u5bb6\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iii) \u4ef7\u503c\/\u4ef7\u683c\u4fdd\u8bc1\uff08\u4f8b\u5982\uff0c\u901a\u8fc7\u4ef7\u683c\u8c03\u6574\u673a\u5236\uff0c\u62c5\u4fdd\u7b49\uff09\u5b9e\u9645\u4e0a\u662f\u4e0d\u53ef\u80fd\u7684\uff1b\u56e0\u6b64\uff0c\u5fc5\u987b\u4ed4\u7ec6\u5ba1\u6838\/\u8bc4\u4f30\u8981\u7ea6\u4ef7\u683c\u5bf9\u4e8e\u4e70\u65b9\u800c\u8a00\u7684\u7ecf\u6d4e\u4ef7\u503c\/\u76c8\u5229\u80fd\u529b\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (iv) \u7531\u4e8e\u89e3\u9664\u6216\u64a4\u9500\u5df2\u53d1\u51fa\u7684\u6536\u8d2d\u8981\u7ea6\u662f\u4e0d\u88ab\u5141\u8bb8\u7684\uff0c\u6240\u4ee5\u5728\u53d1\u51fa\u8981\u7ea6\u540e\uff0c\u5c31\u4e0d\u53ef\u80fd\u518d\u201c\u53d6\u6d88\u201d\u8be5\u4ea4\u6613\u3002\u5c3d\u7ba1\uff0c\u53ef\u8bbe\u5b9a\u4e0d\u540c\u7684\u4ea4\u5272\u6761\u4ef6\u4ee5\u9650\u5236\u6536\u8d2d\u8981\u7ea6\u3002\u4f46\u662f\uff0c\u6536\u8d2d\u8981\u7ea6\u4e2d\u5305\u542b\u7684\u4ea4\u5272\u6761\u4ef6\u4e0d\u80fd\u662f\u4ec5\u53d7\u8be5\u4e70\u65b9\u6216\u4e0e\u5176\u5171\u540c\u884c\u52a8\u7684\u7b2c\u4e09\u65b9\u5f71\u54cd\u7684\u60c5\u5f62\uff0c\u56e0\u6b64\u901a\u5e38\u9700\u8981\u83b7\u5f97\u76d1\u7ba1\u673a\u6784\u7684\u6279\u51c6\uff08\u53c2\u89c1\u4e0a\u6587\uff09\u6216\u8bbe\u7f6e\u201c\u6700\u4f4e\u63a5\u53d7\u9608\u503c\u201d\u6761\u4ef6\uff08\u81f3\u5c11X\uff05\u7684\u80a1\u4e1c\u63a5\u53d7\u8be5\u8981\u7ea6\uff09\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 (v) \u516c\u53f8\u7ba1\u7406\u5c42\u548c\u76d1\u4e8b\u4f1a\u987b\u5c31\u6536\u8d2d\u8981\u7ea6\u505a\u51fa\u76f8\u5e94\u7684\u610f\u89c1\u4e66\u3002\u8fd9\u53ef\u80fd\u4f1a\u5f71\u54cd\u80a1\u4e1c\u51fa\u552e\u5176\u80a1\u4efd\u7ed9\u6295\u6807\u4eba\u7684\u610f\u613f\u3002\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u7ba1\u7406\u5c42\u6216\u5176\u4ed6\u4e3b\u8981\u80a1\u4e1c\u4f1a\u53bb\u5bfb\u627e\u5176\u4ed6\u613f\u610f\u63d0\u4ea4\u7ade\u4e89\u6027\u8981\u7ea6\u7684\u7ade\u4e89\u6027\u6536\u8d2d\u65b9\uff08\u201c\u767d\u8863\u9a91\u58eb\/White Knights\u201d\uff09\uff0c\u4ece\u800c\u8feb\u4f7f\u539f\u53d1\u51fa\u8981\u7ea6\u7684\u6536\u8d2d\u65b9\u63d0\u9ad8\u62a5\u4ef7\u6216\u501f\u6b64\u5b8c\u5168\u963b\u6b62\u6b64\uff08\u4e2d\u56fd\uff09\u6295\u8d44\u4eba\u7684\u6536\u8d2d\u3002\u56e0\u6b64\uff0c\u4e0e\u7ba1\u7406\u5c42\u548c\u76d1\u4e8b\u4f1a\u53ca\u65f6\u5e76\u9002\u5f53\u5730\u8fdb\u884c\u6c9f\u901a\u5bf9\u4e8e\u6536\u8d2d\u8981\u7ea6\u7684\u6210\u529f\u901a\u5e38\u4e5f\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u81ea\u613f\u6536\u8d2d\u8981\u7ea6\u548c\u5f3a\u5236\u8981\u7ea6\u7684\u6587\u4ef6\u90fd\u5fc5\u987b\u4e8b\u5148\u63d0\u4ea4\u7ed9BaFin\uff0c\u5e76\u4e14\u5fc5\u987b\u5728\u7531BaFin\u540c\u610f\u53d1\u5e03\u540e\u624d\u80fd\u53d1\u5e03\u3002\u4e14\u8981\u7ea6\u6587\u4ef6\u5fc5\u987b\u7b26\u5408\u7279\u5b9a\u6807\u51c6\uff0c\u5bf9\u5176\u5fc5\u8981\u5185\u5bb9\u7684\u8981\u6c42\u4ea6\u76f8\u5bf9\u5e7f\u6cdb\uff0c\u4f8b\u5982\uff0c\u987b\u62ab\u9732\u6295\u6807\u4eba\u5bf9\u76ee\u6807\u516c\u53f8\u8fdb\u884c\u6536\u8d2d\u7684\u5177\u4f53\u610f\u56fe\u3002<\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0a53342 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a53342\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e7ab9a1  gut\" data-id=\"e7ab9a1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f78ffdb lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"f78ffdb\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>b) \u4e2d\u56fd\u6295\u8d44\u8005\u7684\u7279\u6b8a\u60c5\u51b5<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u9002\u7528\u4e8e\u975e\u516c\u5f00\u6536\u8d2d\u7684\u76d1\u7ba1\u6279\u51c6\u8981\u6c42\u4e5f\u540c\u6837\u9002\u7528\u4e8e\u6536\u8d2d\u4e0a\u5e02\u516c\u53f8\uff0c\u5c24\u5176\u662f\u5fb7\u56fd\u5916\u5546\u6295\u8d44\u548c\u5408\u5e76\u63a7\u5236\u76f8\u5173\u7684\u6cd5\u5f8b\u89c4\u5b9a\u3002<\/p><p>\u00a0 \u00a0 \u00a0 \u9274\u4e8e\u6b64\u7c7b\u4ea4\u6613\u6240\u9700\u5de8\u5927\u7684\u5de5\u4f5c\u91cf\u4ee5\u53ca\u5176\u56fa\u6709\u516c\u5f00\u6027\uff0c\u5219\u66f4\u987b\u7740\u91cd\u5ba1\u67e5\u548c\u8861\u91cf\u662f\u5426\u6216\u5728\u591a\u5927\u7a0b\u5ea6\u4e0a\u53ef\u4ee5\u907f\u514d\u4e00\u5b9a\u7684\u6279\u51c6\u7a0b\u5e8f\u3002\u4ea4\u6613\u5b89\u5168\u8d77\u89c1\uff0c\u53ef\u5728\u6536\u8d2d\u8981\u7ea6\u4e2d\u52a0\u5165\u9002\u5f53\u7684\u4ea4\u5272\u6761\u4ef6\uff1b\u4f46\u662f\uff0c\u5982\u679c\u6ca1\u6709\u5341\u8db3\u7684\u628a\u63e1\u5728\u9884\u5b9a\u65f6\u95f4\u5185\u5f97\u5230\u5fc5\u8981\u7684\u6279\u51c6\uff0c\u6536\u8d2d\u5219\u53ef\u80fd\u4f1a\u56e0\u6b64\u5931\u8d25\u3002\u9664\u4e86\u8d22\u52a1\u635f\u5931\u5916\uff0c\u4e5f\u4e0d\u5e94\u4f4e\u4f30\u516c\u5f00\u6536\u8d2d\u5931\u8d25\u53ef\u5bfc\u81f4\u7684\u58f0\u8a89\u635f\u5931\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u8fd8\u9700\u8981\u6743\u8861\u63a5\u53d7\u6536\u8d2d\u8981\u7ea6\u7684\u80a1\u4e1c\u8fbe\u5230\u4e00\u5b9a\u6bd4\u4f8b\u7684\u53ef\u80fd\u6027\uff0c\u56e0\u6b64\uff0c\u9002\u5f53\u7684\u62a5\u4ef7\u59cb\u7ec8\u626e\u6f14\u7740\u51b3\u5b9a\u6027\u7684\u89d2\u8272\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6709\u9274\u4e8e\u6b64\uff0c\u4e8e\u65e9\u671f\u9636\u6bb5\u79ef\u6781\u5f00\u5c55\u51c6\u5907\u5de5\u4f5c\u5e76\u786e\u5b9a\u9002\u5f53\u7684\u6c9f\u901a\u7b56\u7565\u662f\u5f88\u6709\u5fc5\u8981\u7684\u3002<\/p><p><strong>\u00a0<\/strong><\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ace8946 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ace8946\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-48c843e  gut\" data-id=\"48c843e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4ad14b5 elementor-widget elementor-widget-spacer\" data-id=\"4ad14b5\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6dc154e is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6dc154e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec8f405  gut\" data-id=\"ec8f405\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d03ac6a pad-b-1 elementor-widget elementor-widget-header\" data-id=\"d03ac6a\" data-element_type=\"widget\" id=\"4\" data-widget_type=\"header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"heading\">\n    <span class=\"fontw-l has-divider lh-3 size-5\">3.\t\u7eff\u5730\u6295\u8d44<\/span>\n  <div class=\"heading__divider pad-t-2\" aria-hidden><svg width=\"90\" height=\"2\" viewBox=\"0 0 90 2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><line x1=\"0\" y1=\"1\" x2=\"90\" y2=\"1\" stroke-width=\"2\" \/><\/svg><\/div><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-89ac813 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"89ac813\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-de71f3f  gut\" data-id=\"de71f3f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e97d3b lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"8e97d3b\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>b) \u53e6\u4e00\u79cd\u6295\u8d44\u9009\u62e9\u662f\u5efa\u7acb\u65b0\u516c\u53f8\uff08\u7eff\u5730\u6295\u8d44\uff09\u3002\u4e0e\u6536\u8d2d\u73b0\u6709\u4f01\u4e1a\u76f8\u6bd4\uff0c\u7eff\u5730\u6295\u8d44\u7684\u4f18\u52bf\u5728\u4e8e\uff0c\u5916\u5546\u6295\u8d44\u6cd5\u89c4\u9879\u4e0b\u7684\u6295\u8d44\u63a7\u5236\u9650\u5236\u4e0d\u518d\u9002\u7528\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5177\u4f53\u9879\u76ee\u7684\u5b9e\u65bd\u901a\u5e38\u5206\u4e3a\u4e09\u4e2a\u6b65\u9aa4\uff1a\uff08i\uff09\u9009\u62e9\u5730\u70b9\u548c\u5236\u5b9a\u9879\u76ee\u8ba1\u5212\uff1b\uff08ii\uff09\u51c6\u5907\u7533\u8bf7\u6587\u4ef6\u548c\u5ba1\u6279\u7a0b\u5e8f\uff1b\uff08iii\uff09\u65bd\u5de5\u548c\u8fd0\u8425\u3002<\/p><p>\u00a0<\/p><p>a) \u9009\u62e9\u5730\u70b9\u548c\u5236\u5b9a\u9879\u76ee\u8ba1\u5212<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 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\u9664\u4e0a\u8ff0\u9879\u76ee\u4ee5\u5916\u7684\u5176\u4ed6\u9879\u76ee\u5219\u201c\u4ec5\u201d\u9700\u5efa\u7b51\u8bb8\u53ef\uff0c\u4f8b\u5982\u670d\u52a1\u5668\u6216\u7269\u6d41\u4e2d\u5fc3\u3002\u6b64\u5916\uff0c\u76f8\u5173\u673a\u5173\u8fd8\u4f1a\u68c0\u67e5\u5efa\u7b51\u7269\u7684\u9632\u706b\u8bbe\u65bd\uff0c\u7ed3\u6784\u548c\u7528\u9014\u9002\u5f53\u6027\u3002\u7136\u800c\uff0c\u5982\u679c\u9884\u8ba1\u8fd9\u4e9b\u9879\u76ee\u4f1a\u5bf9\u73af\u5883\u4ea7\u751f\u6df1\u8fdc\u5f71\u54cd\uff0c\u5219\u53ef\u80fd\u8fd8\u9700\u8981\u8fdb\u884c\u66f4\u5e7f\u6cdb\u7684\u73af\u5883\u5f71\u54cd\u8bc4\u4f30\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6b64\u5916\uff0c\u901a\u5e38\u8fd8\u9700\u83b7\u5f97\u5176\u4ed6\u8bb8\u53ef\uff0c\u4f8b\u5982\u5e9f\u6c34\u5904\u7406\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u8fd9\u4e9b\u5ba1\u6279\u7a0b\u5e8f\u901a\u5e38\u5747\u5f88\u8017\u65f6\u3002\u516c\u4f17\u7684\u5e7f\u6cdb\u53c2\u4e0e\u5c24\u5176\u4f1a\u5f71\u54cd\u8be5\u7a0b\u5e8f\u7684\u6301\u7eed\u65f6\u95f4\u3002\u8017\u65f6\u957f\u77ed\u5f88\u5927\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u7533\u8bf7\u6587\u4ef6\u7684\u8d28\u91cf\u3001\u653f\u6cbb\u652f\u6301\u3001\u5f53\u5730\u5c45\u6c11\u7684\u6001\u5ea6\uff0c\u5f53\u7136\u6700\u7ec8\u8fd8\u662f\u53d6\u51b3\u4e8e\u9879\u76ee\u89c4\u6a21\u548c\u8303\u56f4\u3002\u4e00\u822c\u800c\u8a00\uff0c\u4ece\u5f00\u59cb\u9879\u76ee\u8ba1\u5212\u5230\u5f00\u59cb\u65bd\u5de5\uff0c\u603b\u5171\u9700\u8981\u4e24\u5230\u4e09\u5e74\u7684\u65f6\u95f4\u3002<\/p><p>\u00a0<\/p><p>c) \u65bd\u5de5\u548c\u8fd0\u8425<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u4e00\u4e2a\u9879\u76ee\u7684\u5b9e\u65bd\u8fd8\u9700\u8981\u5bf9\u65bd\u5de5\u548c\u8fd0\u8425\u8fdb\u884c\u4ed4\u7ec6\u8ba1\u5212\u3002\u9996\u5148\uff0c\u5fc5\u987b\u660e\u786e\u7684\u662f\uff0c\u8be5\u9879\u76ee\u5e94\u8be5\u7531\u603b\u627f\u5305\u5546\u7ba1\u7406\u8fd8\u662f\u7531\u4e1a\u4e3b\u59d4\u6258\/\u6307\u5b9a\u5206\u5305\u5546\u3002\u4e1a\u4e3b\u6307\u5b9a\u5206\u5305\u7684\u4f18\u52bf\u5728\u4e8e\u53ef\u4ee5\u964d\u4f4e\u6210\u672c\uff0c\u7136\u800c\uff0c\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\u4e1a\u4e3b\u9700\u8981\u81ea\u5df1\u8d1f\u8d23\u9879\u76ee\u7684\u534f\u8c03\u4ee5\u53ca\u5404\u4e2a\u884c\u4e1a\u4e4b\u95f4\u7684\u5bf9\u63a5\uff0c\u8fd9\u53c8\u4f1a\u5e26\u6765\u76f8\u5f53\u5927\u7684\u6cd5\u5f8b\u548c\u5546\u4e1a\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u4ec5\u5728\u9879\u76ee\u56e2\u961f\u5177\u6709\u4e30\u5bcc\u7ecf\u9a8c\u7684\u60c5\u51b5\u4e0b\u624d\u5efa\u8bae\u4f7f\u7528\u6b64\u65b9\u6cd5\u3002\u901a\u5e38\uff0c\u5efa\u8bae\u5728\u7b56\u5212\u9879\u76ee\u65f6\u5373\u8003\u8651\u5e94\u5982\u4f55\u62df\u5b9a\u5408\u540c\uff0c\u4ee5\u8bc6\u522b\u548c\u51cf\u5c11\u76f8\u5e94\u9879\u76ee\u7684\u7279\u6b8a\u98ce\u9669\u3002\u6b64\u5916\uff0c\u5728\u4e3a\u52a0\u5de5\u5382\u3001\u751f\u4ea7\u8bbe\u5907\u3001\u88c5\u7f6e\u7b49\u8d77\u8349\u5408\u540c\u65f6\uff0c\u5fc5\u987b\u6ce8\u610f\u5fc5\u8981\u7684\u6027\u80fd\u4fdd\u8bc1\uff0c\u4ee5\u4ece\u5546\u4e1a\u89d2\u5ea6\u786e\u4fdd\u6295\u8d44\u987a\u5229\u8fdb\u884c\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6b64\u5916\uff0c\u8be5\u5efa\u7b51\u7269\u5c06\u8fde\u63a5\u5230\u516c\u5171\u57fa\u7840\u8bbe\u65bd\u7f51\u7edc\uff0c\u5373\u5f53\u5730\u7684\u6c34\u3001\u80fd\u6e90\u4f9b\u5e94\u548c\u9053\u8def\u3002\u57fa\u672c\u4e0a\uff0c\u76f8\u5173\u8d39\u7528\u5c06\u7531\u6240\u6709\u4eba\u627f\u62c5\uff0c\u800c\u5e02\u653f\u5e9c\u5c06\u7ec4\u7ec7\u5404\u79cd\u5177\u4f53\u5b9e\u65bd\u63aa\u65bd\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u8fd0\u8425\u8fd8\u53ef\u80fd\u9700\u8981\u5b98\u65b9\u6279\u51c6\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6700\u540e\uff0c\u5fc5\u987b\u786e\u4fdd\u5728\u5f00\u59cb\u8fd0\u8425\u65f6\u5df2\u7ecf\u96c7\u4f63\u8db3\u591f\u7684\u5408\u683c\u4eba\u5458\uff0c\u5e76\u5df2\u5efa\u7acb\u6240\u9700\u7684\u4f9b\u5e94\u94fe\u3002<\/p><p>\u00a0<\/p><p>d) \u4fc3\u8fdb\u6295\u8d44\u7684\u516c\u5171\u8865\u8d34<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u5fb7\u56fd\u5bf9\u5904\u4e8e\u4e0d\u540c\u8bbe\u7acb\u9636\u6bb5\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4f17\u591a\u8d44\u52a9\u8ba1\u5212\u3002\u4f8b\u5982\uff0c\u6709\u4e00\u4e9b\u8ba1\u5212\u53ef\u5e2e\u52a9\u6295\u8d44\u8005\u5728\u5fb7\u56fd\u7279\u5b9a\u5730\u533a\u5efa\u7acb\u4ea7\u4e1a\uff08\u5730\u533a\u6027\u8865\u8d34\uff09\u3002\u5bf9\u4e8e\u6280\u672f\u7814\u53d1\u9886\u57df\u7684\u6709\u9879\u76ee\u5408\u4f5c\u4f19\u4f34\u7684\u9879\u76ee\u5219\u53ef\u4ee5\u5728\u5fb7\u56fd\u548c\u6b27\u76df\u5c42\u9762\u901a\u8fc7\u7279\u5b9a\u7684R\uff06D\u8d44\u52a9\u8ba1\u5212\u83b7\u5f97\u8865\u8d34\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u516c\u5171\u8865\u8d34\u7684\u9002\u7528\u8303\u56f4\u4ece\u7814\u53d1\u57fa\u91d1\u7684\u76f4\u63a5\u62e8\u6b3e\u5230\u4e13\u4e1a\u4eba\u5458\u7684\u514d\u8d39\u57f9\u8bad\u3002\u4f8b\u5982\uff0c\u6709\u4e9b\u5730\u533a\u6027\u8865\u8d34\uff0c\u5927\u6295\u8d44\u8005\u53ef\u4ee5\u901a\u8fc7\u653f\u5e9c\u8d44\u52a9\u83b7\u5f97\u9ad8\u8fbe\u6295\u8d44\u6210\u672c20\uff05\u7684\u8865\u8d34\uff0c\u5c0f\u516c\u53f8\u5219\u53ef\u83b7\u5f97\u4e0d\u9700\u507f\u8fd8\u9ad8\u8fbe\u6295\u8d44\u6210\u672c40\uff05\u7684\u8865\u8d34\u3002<\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 \u6b27\u6d32\u3001\u5fb7\u56fd\u8054\u90a6\u548c\u5fb7\u56fd\u5404\u5dde\u5206\u522b\u5236\u5b9a\u4e86\u4e0d\u540c\u7ea7\u522b\u7684\u8d44\u52a9\u8ba1\u5212\u7684\u9002\u7528\u6761\u4ef6\u3002\u901a\u5e38\u5e94\u6ce8\u610f\u7684\u662f\uff0c\u5fc5\u987b\u5728\u65bd\u5de5\u5f00\u59cb\u4e4b\u524d\u6216\u7b7e\u8ba2\u5177\u6709\u7ea6\u675f\u529b\u7684\u9879\u76ee\u5408\u540c\u4e4b\u524d\u5373\u7533\u8bf7\u76f8\u5e94\u8865\u8d34\u3002<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-10fef59 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"10fef59\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-518796a  gut\" data-id=\"518796a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-df8e273 elementor-widget elementor-widget-spacer\" data-id=\"df8e273\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-24a6c16 is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"24a6c16\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4eeec10  gut\" data-id=\"4eeec10\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8257a7d lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"8257a7d\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p><strong><em>\u5173\u4e8e\u9ad8\u4f1f\u7ec5\uff1a<\/em><\/strong><\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 <a href=\"https:\/\/www.cliffordchance.com\/home.html\"><em>\u9ad8\u4f1f\u7ec5<\/em><\/a><em>\u5f8b\u5e08\u4e8b\u52a1\u6240<\/em><em>\u662f\u4e00\u5bb6\u56fd\u9645\u9876\u5c16\u5f8b\u5e08\u4e8b\u52a1\u6240\u3002\u6211\u4eec\u81f4\u529b\u4e8e\u4e3a\u5ba2\u6237\u5728\u5168\u7403\u8303\u56f4\u5185\u9488\u5bf9\u6700\u590d\u6742\u7684\u9879\u76ee\u548c\u6d41\u7a0b\u63d0\u4f9b\u8de8\u9886\u57df\u3001\u7f51\u7edc\u5316\u3001\u5168\u65b9\u4f4d\u7684\u4f18\u8d28\u6cd5\u5f8b\u54a8\u8be2\u670d\u52a1\u3002\u6211\u4eec\u7684\u5ba2\u6237\u5305\u62ec\u9886\u5148\u7684\u56fd\u5185\u5916\u516c\u53f8\u3001\u94f6\u884c\u3001\u91d1\u878d\u6295\u8d44\u8005\u548c\u516c\u5171\u673a\u6784\u3002\u6211\u4eec\u51ed\u501f\u521b\u65b0\u7684\u6cd5\u5f8b\u670d\u52a1\u3001\u51fa\u8272\u7684\u884c\u4e1a\u4e13\u4e1a\u77e5\u8bc6\u548c\u904d\u5e03\u5168\u7403\u7684\u7f51\u7edc\uff0c\u52a9\u529b\u6211\u4eec\u7684\u5ba2\u6237\u5728\u5168\u7403\u7ade\u4e89\u4e2d\u83b7\u5f97\u5e76\u4fdd\u6301\u53ef\u6301\u7eed\u7684\u6210\u529f\u3002\u5728\u5fb7\u56fd\uff0c\u6211\u4eec\u5728\u675c\u585e\u5c14\u591a\u592b\uff0c\u6cd5\u5170\u514b\u798f\u548c\u6155\u5c3c\u9ed1\u8bbe\u6709\u529e\u516c\u5ba4\uff0c\u5e76\u62e5\u6709\u7ea6<\/em><em>300<\/em><em>\u540d\u5fb7\u56fd\u5f8b\u5e08\u3001\u5ba1\u8ba1\u5e08\u3001\u7a0e\u52a1\u987e\u95ee\u548c\u82f1\u56fd\u5f8b\u5e08\u3002<\/em><\/p><p>\u00a0<\/p><p>\u00a0 \u00a0 \u00a0 <a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/places\/europe\/germany\/china_desk_germany.html\"><em>\u9ad8\u4f1f\u7ec5\u5728\u5fb7\u56fd\u7684\u4e2d\u56fd\u4e1a\u52a1\u90e8<\/em><\/a><em>\u6ee1\u8db3\u4e86\u4e2d\u5fb7\u4e4b\u95f4\u7684\u53cc\u5411\u4e1a\u52a1\u4e2d\u4e0d\u65ad\u589e\u957f\u7684\u54a8\u8be2\u9700\u6c42\u3002\u4e2d\u56fd\u4e1a\u52a1\u90e8\u7684\u4e13\u5bb6\u56e2\u961f\u5305\u62ec\u6765\u81ea\u9ad8\u4f1f\u7ec5\u5fb7\u56fd\u548c\u4e2d\u56fd\u529e\u516c\u5ba4\u7684\u5f8b\u5e08\u3002\u4ed6\u4eec\u62e5\u6709\u5168\u9762\u7684\u6cd5\u5f8b\u4e13\u4e1a\u77e5\u8bc6\u3001\u8bed\u8a00\u80fd\u529b\u548c\u6587\u5316\u80cc\u666f\uff0c\u5e76\u4e3a\u4e2d\u56fd\u6295\u8d44\u8005\u8fdb\u884c\u6d77\u5916\u6536\u8d2d\u4ee5\u53ca\u5fb7\u56fd\u516c\u53f8\u5728\u4e2d\u56fd\u7684\u6295\u8d44\u63d0\u4f9b\u5efa\u8bae\u3002\u5fb7\u56fd\u7684\u4e2d\u56fd\u4e1a\u52a1\u90e8\u56e2\u961f\u7531<\/em><em>Nicole Englisch<\/em><em>\u535a\u58eb\u548c\u9a6c\u5029\u535a\u58eb\u5f15\u9886\u3002<\/em><\/p><p>\u00a0<\/p><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8ad065c is-yes elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8ad065c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"dis-fl col-12 col-12--medium elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-96b1069  gut\" data-id=\"96b1069\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f91120 lh-3 co-black elementor-widget elementor-widget-text-block\" data-id=\"1f91120\" data-element_type=\"widget\" data-widget_type=\"text-block.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\n<div class=\"elementor-text-editor\"><p>\u4f5c\u8005\uff1a<\/p>\n<p><a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/people\/partners\/de\/nicole_englisch.html\"><strong><em>Nicole Englisch<\/em><\/strong><strong><em>\u535a\u58eb<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/people\/lawyers\/de\/qian_ma.html\"><strong><em>\u9a6c\u5029\u535a\u58eb<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/people\/lawyers\/de\/david-schwenneker.html\"><strong><em>David Schwenneker<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/people\/partners\/de\/thomas-voland.html\"><strong><em>Thomas Voland<\/em><\/strong><strong><em>\u535a\u58eb<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.cliffordchance.com\/people_and_places\/people\/lawyers\/de\/dimitri_slobodenjuk.html\"><strong><em>Dimitri Slobodenjuk<\/em><\/strong><strong><em>\u535a\u58eb<\/em><\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u63d0\u4f9b\u4fe1\u606f\uff1aClifford Chance\u00a0\uff08\u5fb7\u56fd\u4e2d\u56fd\u5546\u4f1a\u54a8\u8be2\u7f51\u7edc\u6210\u5458\uff09 \u7b80\u4ecb \u975e\u516c\u5f00\u6536\u8d2d \u516c\u5f00\u6536\u8d2d (Publ [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/pages\/70619"}],"collection":[{"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/comments?post=70619"}],"version-history":[{"count":25,"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/pages\/70619\/revisions"}],"predecessor-version":[{"id":70647,"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/pages\/70619\/revisions\/70647"}],"wp:attachment":[{"href":"https:\/\/chk-de.org\/zh\/wp-json\/wp\/v2\/media?parent=70619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}