China: 关于对拟IPO企业法律尽职调查中遇到的特殊事项总结(一)

Last Updated: 13 September 2019
Article by Luo Yuanqing and Gong Dongxu
Most Read Contributor in China, September 2019

近年来随着资本市场的活跃,IPO、再融资、投融资、并购等项目的增多,法律尽职调查的业务需求也更加旺盛,法律尽调业务亦成了非诉律师工作必备技能之一。尽职调查,不仅仅依靠各种查询工具,穷尽调查手段,保持严谨审慎的态度按照"尽调操作流程"开展相关常规工作,更需要经办律师针对不同项目类型拥有深刻的洞察能力、保持足够的职业敏感,打破常规。笔者在近5年为知名投资机构、拟上市公司等多家客户提供的IPO、投融资、债券、基金、信托等法律尽职调查服务中,针对股东及实际控制人、重大资产、银行贷款等方面遇到诸多超出常规法律尽调所需重点关注的特殊事项,现就拟上市公司法律尽调中总结的相关经验教训分享出来,以飨看官。

一、关于实际控制人核查

在实际控制人核查过程中,除了关注创业经历、对外投资、家庭成员外,还应当特别关注其国籍状况、婚姻及其感情生活的状况、股权代持情况。

(一)关于实际控制人国籍问题

审核实践中,多家拟上市公司公司存在实际控制人取得境外国籍之后未注销国内身份,继续以国内身份注册公司开展各种商业活动的情况。鉴于我国不承认双重国籍,该种情形则可能涉及拟上市公司设立时股东资格瑕疵、公司的股东身份变更是否引起拟上市公司性质变更、拟上市公司所处行业是否属于外商投资产业指导目录负面清单列示行业、出资或增资是否纳入外汇监管、实际控制人是否面临或者已经受到证监会、行政司法机关等部门重大行政处罚或刑事评价、实际控制人作为境外国籍人员无违法违规应当如何核查等多种上市过程中审核部门重点关注法律问题。

参考证监会对北京中石伟业科技股份有限公司、深圳奥雅设计股份有限公司反馈意见、厦门艾德生物医药科技股份有限公司、博士眼镜连锁股份有限公司的首次公开发行股票申请文件的反馈意见,该问题的具体关注点如下:

(1)发行人股东为境外国籍,股东取得发行人有限阶段股权时是否已取得境外国籍,其境外身份是否影响公司性质,是否导致公司成为中外合资企业而应履行相关外资审批程序,股东入股是否涉及外汇支付并履行了相关审批手续。
 (2)关于发行人实际控制人为外国国籍以及存在外资股东情况,说明如何履行关联方、同业竞争、相关主体是否存在重大违法违规、资金来源的合法合规性等事项的核查程序,相关核查程序是否能够充分到位并得出明确结论。
 (3)实际控制人取得又放弃海外国籍的原因、目前具备中国国籍是否符合中国、境外国的法律法规、有无潜在风险或纠纷。

(二)关于实际控制人婚姻情感状况

常规法律尽调时,通过填写调查表核查控股股东、实际控制人家庭成员时,获知实际控制人配偶、子女等亲属状况,并通过对公司实际控制人、相关工作人员访谈时进行相互印证。然而需要特别注意的是婚姻状况并不等于感情生活状况,要特别关注是否存在非婚生子女以及非婚生子女监护人是否为公司及关联公司的股东及是否任职高管、两者是否以夫妻名义对外共同生活。因为上述情况背后的隐藏的法律问题,比如涉及实际控制人是否面临被追究重婚罪的刑事风险、公司相关实际控制人如何认定、与非婚生子女监护人所持股公司如何认定关联关系、是否面临实际控制人离婚分割股权导致实际控制人变更的问题,每一个问题都可能影响PRE-IPO公司上市进程,需要我们保持足够的关注。

2017年8月IPO过会的湖南九典制药股份有限公司,报告期内实际控制人发生了离婚的情况。此案例中,解除婚姻关系未导致实际控制人变化,离婚后夫妻双方均在公司持有权益,未影响公司管理的稳定性,不存在潜在争议和纠纷。因此,证监会首轮反馈意见及发审会上均未特别关注实际控制人解除婚姻关系的问题。

(三)关于实际控制人股权代持

同时在现场核查时,笔者建议尽可能让拟上市公司安排对其实际控制人进行访谈,因为真实面对面的交流能给律师更多直观感受和印证。笔者在知名投资机构委托的股权投资项目尽调时,在向公司股东及相关对接人员核实公司股东是否存在股权代持时,被告知不存在;但查阅根据实际控制人的工作简历及对外投资状况之后,笔者认定实际控制人的履历跟其实际投资实力存在不匹配的情况,后续坚持要求面谈实际控制人后,通过其无意识的表露,深入研究确认这背后隐藏的股权代持。IPO上市审核实践中,不支持通过股权代持还原来认定实际控制人未发生变更,一旦出现实际控制人股权代持,则意味着申请上市的报告期可能需要重新进行计算,对项目进度的预期将会产生重大影响。

从证监会的反馈意见中可以看出,其审核关注点在于股权代持的历史真实原因及关系真实性、股权代持过程是否合法有效、股权代持的处理结果是否达到股权权属清晰的要求。一般在IPO申报前都要进行股权代持关系的清理。但仍然存在一些项目股权代持未被发现的情况,这就要求非诉律师在执业过程中保持应有的审慎尽职,规避执业风险。比如:任子行(300311)实际控制人、董事长景某首次公开发行股份并于2012年4月25日在创业板上市前与他人签订了《股权转让与代持协议》,代持的股份为310万股,占任子行IPO前总股本的5.85%,占IPO后总股本的4.38%。景某直到2014年才回购上述股份。但是在上市申报文件及上市后相关文件中均未如实申报上述股东持股、股份转让与代持情況。深交所于2018年5月9日对公司予以通报批评,对景某予以公开谴责,同时亦遭到证监会行政处罚。

二、关于银行贷款核查

在核查银行贷款合同时,除了对其合规合法性、是否存在履行违约情况进行关注外,若银行贷款的取得方式系受托支付,则还应当关注是否存在贷款走账的行为。

在审核实践中,PRE-IPO公司存在先通过虚构采购合同将银行贷款委托贷款银行支付给公司某个供应商或其他第三方,然后对方将银行贷款转给公司,公司根据实际采购付款需要,再将资金支付给其供应商的情况,PRE-IPO公司将该操作称为贷款走账。

通过供应商进行"贷款走账"的操作方法,虚构了供应商材料采购金额,进行了无真实贸易背景的融资行为,同时存在改变贷款用途的情况,存在违反《贷款通则》、《流动资金贷款管理暂行办法》等相关法律法规的情形。

贷款走账往往是为了缓解资金周转压力,无论是企业的实际控制人还是高级管理人员并非以非法占有为目的,因此在拟IPO企业中因为贷款走账从而被追究刑事责任的极为少见。参考证监会对京博农化科技股份有限公司、山东双一科技股份有限公司首次公开发行股票申请文件的反馈意见,针对拟上市公司通过受托支付间接获得银行贷款的关注问题主要集中在:

(1)采用受托支付方式的原因及必要性及用途,是否存在利用关联方进行体外资金循环的情况;
(2)受托支付的具体明细,包括贷款银行、代为走账单位、单位性质(供应商或其他)、发放贷款入账时间、贷款金额、走账单位转入发行人时间、贷款性质;
(3)发行人选择上述性质单位为发行人走账的原因,未选择合并范围内其他单位或其他关联人的原因,上述单位愿意配合发行人的原因,发行人信任上述单位的原因,上述单位是否与发行人有关联关系及核查方式
(4)发行人采取该方式进行走账是否会受到处罚;
(5)发行人从上述单位收到贷款后返还给发行人的时间间隔,是否存在款项纠纷或者较长时间未返还的情形,发行人如何避免上述事项;
(6)现场核查中是否可以查阅银行付款给供应商或第三方的银行流水单号、底单、付款单据等,如何证明银行付款给供应商或第三方的款项是与发行人流动资金贷款一一对应,如何将该款项与其他款项区别。

三、关于土地红线图核查

在土地、房产核查时,除了要求企业提供自有房产、租赁房产等使用物业清单并提供房产证、土地证进行核查对房屋建筑物的数量进行盘点、楼层核对外,还应当要求公司提供厂区平面图,进行逐一对比,以确定是否存在无产权证的房屋、违章建筑物等资产瑕疵。实践中存在遇到房产证显示为n层,而建筑物外观看起来也是n层,而内部结构实际为n+2层的较为隐蔽的情况,其与工程规划不符,存在被罚款或者限期拆除的法律风险。

同时关于土地红线图核查亦尤为重要,可通过实地踏勘土地、核实土地红线图红线坐标各拐点来进行确认。笔者遇到的拟上市解决同业竞争的收购项目中,被收购公司存在其房产已取得合法的房产证,但其用地面积却超越土地红线图坐标,存在违规占用集体土地的情形。该情形将会导致在收购进程中办理房产更名过户时,被主管部门拒绝办理,进而对收购方案的有效实施产生影响。

参考证监会对山东出版传媒股份有限公司等首次公开发行股票申请文件的反馈意见,该问题的具体关注点如下:

(1)发行人生产经营用房及相关土地使用权是否均已办理权属登记,实际用途与证载用途或规划用途是否相符,是否存在违法违规情形;
(2)发行人是否存在因其临时建筑、未批先建仓库、汶上商业用房受到行政处罚的法律风险,是否构成本次发行上市的潜在障碍;
(3)股东名下房屋占用划拨地无法过户至发行人的情况是否导致出资不实,发行人是否已制定并实施补正措施;
(4)发行人是否存在占用划拨土地或集体土地进行生产经营的情形,是否符合《土地管理法》等相关法律法规的规定。

四、关于理财产品核查

笔者在项目核查时,看到项目公司账上显示有很多理财产品,然而等拿到理财产品协议时,才意识到此理财产品非传统意义上的银行理财,而是与无金融资质公司签署的一份《委托理财服务协议》,没有相关理财产品的介绍,仅仅明确了投资金额、期限和收益率,根本无法确定公司该等大额资金的具体投向。

该种委托理财收取固定收益的行为很可能会被认定实质为企业间借贷,若不能证明资金被用于生产经营,企业间借贷存在可能被认定为无发放贷款资质从事借贷融资业务而不受法律保护的风险,进而对公司经营造成不利影响。同时鉴于无法确认具体投资投向,无法清楚穿透,不排除可能被审核机关质疑资金间接挪用至关联方进行利益输送的嫌疑。

在申请IPO时,证监会通常要求披露购买理财产品的具体情况,包括但不限于:购买理财产品的资金来源、是否履行了相关内部审批手续、理财产品的条款、理财产品的期限、报告期末可赎回金额与账面价值的比较情况的规定。若在拟上市公司项目中,遇到类似情况,可建议公司此类理财产品到期后向具有资产管理资质的金融机构购买理财产品,以免对公司经营及后续审核造成影响。

以上为笔者根据自身的工作经验在拟IPO项目法律尽职调查中就实际控制人、重大资产、银行贷款核查方面进行的总结,后续笔者将陆续就法律尽职调查过程中的其他方面的特殊关注事项进行总结,与各位同行业朋友进行分享交流。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions