Due Diligence in China + Website: Beyond the Checklists

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Overview

Praise for Due Diligence in China

"A number of highly publicised frauds at Chinese companies listed in Western markets have raised questions about the approach to diligence. In Due Diligence in China: Beyond the Checklists, Kwek Ping Yong addresses this uncertainty, using real case studies to bring the diligence process in China to life. Yong highlights where standard diligence processes should be augmented for China and alerts us to potential ...

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Overview

Praise for Due Diligence in China

"A number of highly publicised frauds at Chinese companies listed in Western markets have raised questions about the approach to diligence. In Due Diligence in China: Beyond the Checklists, Kwek Ping Yong addresses this uncertainty, using real case studies to bring the diligence process in China to life. Yong highlights where standard diligence processes should be augmented for China and alerts us to potential oversight issues."
—Dominic Barton, Managing Director, McKinsey & Co.

"The Chinese economic landscape is littered with the remains of good ideas that were too casually executed. Due diligence may well be the single most important decision that an organization can make regarding the China market. Kwek Ping's experience and familiarity with doing business in China makes this book a comprehensive source of guidance on how to be better prepared in entering the world's most complex marketplace."
—Bill Fischer, Professor, IMD; former Executive President and Dean, China Europe International Business School (CEIBS); coauthor, Reinventing Giants

"Comprehensive and focused, Due Diligence in China is a truly useful guide on due diligence and extends the knowledge base of the subject under the business landscape of China.

"Kwek Ping has a deep technical understanding based on years of private equity investment experience in China across various industries and companies. The book presents a framework that integrates research and analysis. It covers the scope of problems and issues that one will face in the process and provides practical ideas on how to resolve them, complete with implementation guidelines, checklists, summary models as well as case studies.

"As the world's leader in sourcing, production management and supply chain solutions, Li & Fung operates one of the most extensive global networks. Due diligence is an essential topic in our everyday decision making. This is recommended reading for my team and should also be for any business owner, manager, and finance professional."
—Bruce Rockowitz, Group President and CEO, Li & Fung Limited

"Kwek Ping Yong has your back. Due Diligence in China goes beyond the usual exhortations of 'know your partner' in China. He tells you how to do it with just the right amount of case detail and big picture thinking that will hone your instincts. A must-read for anyone thinking of partnering in China as buyer or investor."
—Regina M. Abrami, Ph.D., Director, Global Program and Senior Lecturer, Political Science and Senior Fellow, The Wharton School

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Product Details

  • ISBN-13: 9781118469064
  • Publisher: Wiley
  • Publication date: 11/25/2013
  • Series: Wiley Corporate F&A Series
  • Edition number: 1
  • Pages: 256
  • Sales rank: 1,311,690
  • Product dimensions: 6.40 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Kwek Ping Yong has more than ten years of private equity investment experience in China. Mr. Yong started his first USD China-focused growth fund in 2001 and has since made more than thirty investments in businesses there, across various industries, including manufacturing, mining, energy, food and beverage, and the retail sector. He has also planned and executed many successful exits through trade sales and pre-IPO transactions, and performed hundreds of full due diligence exercises for Chinese companies pre- and post-investment. Mr. Yong launched his first Chinese RMB private equity growth fund in 2010 with a total USD and RMB fund size of more than US$4 billion under management. Prior to joining Inventis, Kwek Ping founded an IT system integration company that was later merged and listed at the Helsinki Stock Exchange in Finland in 2000. His track record is well recognized internationally, and he is frequently invited to speak at international conferences and summits. Mr. Yong is an adjunct professor at Singapore Management University, where he developed and teaches private equity courses for the Financial Training Institute. In addition, he is a visiting lecturer at the Imperial College Business School, UK, and a Senior Fellow of the Wharton School, University of Pennsylvania. Kwek Ping Yong is the author of Private Equity in China: Challenges and Opportunities (Wiley), the first industry-focused book on the subject.

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Table of Contents

Preface xi

Acknowledgments xv

Chapter 1: The Business Landscape in China 1

Macro and Structural Domains 2

Corruption in China 6

Conducting Due Diligence in China versus Western Countries 26

Conclusion 30

Notes 31

Chapter 2: Due Diligence in China 33

Due Diligence for Different Types of Deals 36

Levels of Due Diligence 48

Key Considerations 56

Organization of Due Diligence Process 59

The Due Diligence Team 63

Independence of Vendor Due Diligence 64

Reasons for Poor Due Diligence 68

Reverse Takeovers 73

Dispute between SEC and CSRC 75

Conclusion 77

Notes 78

Chapter 3: Financial Due Diligence 81

Financial Due Diligence Checklist 82

Conclusion 139

Notes 140

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

Operational Due Diligence 144

Commercial Due Diligence 167

Legal Due Diligence 169

Balanced Scorecard (BSC) 178

How to Predict Bankruptcy—Altman Z Scores and Gearing 185

Optional Checklists 186

Conclusion 193

Notes 194

Chapter 5: Beyond the Checklists: Founder and Management 195

Founder Management Root 198

The Founder Background Check 200

Guanxi (Relationship) 216

Due Diligence on More Than One Founder 223

Summary of Background Check: SWOPEST and Tri-Background 224

Conclusion 228

Notes 229

Chapter 6: Beyond the Checklists: Hard Facts 231

Face-to-Face Meetings 231

Proportion Check 242

Site Visits 247

Due Diligence Goes One Step Deeper: The Four Deadly A’s 256

Conclusion 290

Notes 292

Chapter 7: Implementing a Due Diligence Workflow 293

Getting the Mind-Set Right 294

Formulating the Due Diligence Strategy 295

Forming a Team 300

Starting the Due Diligence Process 304

Conclusion 312

Notes 313

Chapter 8: Post Due Diligence and Case Studies 315

Preparing the Due Diligence Report 316

Due Diligence Outcome Review 316

Deal Structuring, Negotiation, and Deal Making 318

Post-Acquisition Due Diligence 318

Summary Models 319

Final Case Studies 327

Conclusion 347

Notes 348

About the Website 351

About the Author 353

Index 355

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  • Posted February 5, 2014

    Excellent book! It is easy reading with many examples. This book

    Excellent book! It is easy reading with many examples. This book focuses more on other aspects of due diligence than the typical process on legal, financial and operational checks. If you want to invest in China, this is a book you must read so that you can understand the important of performing dd on the founders and go beyond the checklists.

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