中国境外交易额猛增
中国企业对境外投资继续保持巨大热情。仅2014年上半年,中国海外并购交易额已高达321亿美元,环比增长40% ，而澳大利亚仍是中国投资者的重要投资目标。根据中国公布的数据显示：2014年上半年，中国对澳投资的交易额达到24亿美元，环比增长42%。其中，中国民营企业的境外投资交易额同期增长近三倍，在中国海外交易中占据了越来越大的比重。鉴于中国企业依旧在为其资金寻求多元化的投资机会和稳定的市场，并关注着海外市场新兴增长潜力、新技术、可靠的产品以及可持续的供应链，中国境外交易的增长趋势仍将持续很长一段时间。
有交易就易有争议
中国在澳投资的迅速增长，不可避免地会造成公司股东间纠纷的增加。我观察到，一些通过如英属维京群岛与香港，进行境外投资的中方投资者之间所发生的纠纷数量也在增多。虽然仅从上海回到澳大利亚工作两个月，我已经处理到数个发生在澳大利亚公司中中国股东间或涉及中国股东纠纷的案子。这些纠纷往往是关于处理公司股份以及公司资产时，股东知情权的受损以及股东对董事会决议的异议。不幸的是，许多中国投资者在澳大利亚进行投资时没有充分考虑商业风险控制的策略，这极大地限制了他们作为股东真正履行权利以解决问题的能力。
灵活投资架构的重要性
中国投资者经常作为澳大利亚企业的小股东，并往往是与其他中国投资者一起。虽然有时候，选择成为小股东是出于战略、商业和财务上的考虑，但在很多案例中，由于中国投资者占股较少，实际阻碍了其对澳大利亚商业投资的风险控制能力。孔子曾经智慧地说道：“知之为知之，不知为不知，是知也。”许多中国投资者对澳大利亚的法律制度和政策知之甚少，比如，外国公司既可以选择注册子公司、也可以通过注册成为在澳的外国公司并设立办事处的方式在澳大利亚经营业务。
常言道：我们总是习惯用自己的观点和经历来看待整个世界。根据中国法律，外国公司只有在中国成立子公司后才能拥有并运营资产。因此，许多中国商人想当然地误认为他们必需在澳大利亚设立子公司然后才能经商，即使他们较其他投资者而言只能作为小股东。
另外一个例子是错误的理解了政府在澳大利亚市场经济中扮演的角色。在中国，政府无处不在并参与到商业活动的各个方面。在澳大利亚，虽然商业游说团体可以影响政府，但政府与企业之间仍保持着清晰的界限。在澳大利亚，与政府的良好关系并不能帮助你解决在澳投资中，因缺乏商业与法律的准备所造成的问题。
事前预防优于事后补救
事实上，事前预防往往比事后补救更有效，成本更低。在澳大利亚的中国投资者，应认真地寻求各类专业意见，例如：如何更好地保护小股东的利益？如何构建最好的商业投资架构？若中国投资者最后选择在澳大利亚设立子公司（特别是作为小股东时），需要谨慎把握各项细节，例如：
(a)确保已经就保护其权利与利益的协议安排进行谈判；
(b)就公司章程文件中对于澳大利亚公司的运营与管理达成一致，此类文件应同时能够在澳大利亚以及中国得到承认和执行；
(c)就相关文件进行谈判，以确保其内容清晰并能保障权利；
(d)保存好相关合同以及文件的副本。（虽然根据澳大利亚公司法，股东有权要求获得公司章程的副本。但是自行保存一份副本，能更好地使股东预先保护自己的权利。）
尽可能的完成以下事项将对中国投资者非常有利：
(a)在澳大利亚公司董事会中争取自己的代表。（在澳大利亚，公司董事有权管理公司事务。根据公司章程的规定，董事们有权在其职权范围内自行作出决议，如发行公司股份或出售公司资产，无需事先与股东协商或征得股东同意。）；
(b)采用在一定程度上允许不按照出资比例行使决策权的架构；
(c)将“知情权”纳入股东协议及澳大利亚公司章程，以保证投资者可以无障碍地获取公司财务，运营等重要信息（对于不同的公司类型，澳大利亚公司法赋予股东有限的查阅公司账簿和记录的权利，因此股东可能需要向法院申请执行令以授权股东或股东代表人进行查阅公司账簿）；
(d)在公司决策程序中增加保护措施，并载入股东协议和公司章程。（例如：明确有以下权利和以下程序，如召开定期和临时董事会以及／或者股东会，要求董事会法定人数中至少一名董事由小股东委任，并要求保证董事在董事会召开前得到充分通知等）；
(e)在股东协议和公司章程中增加反稀释条款；
(f)明确董事会或股东会特定的“权利保留”事项，即采用一致通过或者特别多数，或在保留事项上规定否决权制度，使得小股东可以有效的反对其不同意的有关公司的重大交易或重大变更的决议；
(g)在相关文件中设置退出机制（如：看跌期权和跟随权）或其他相类似的协议安排（如：全数购入方案，俄罗斯转盘条款），从而使得小股东可以退出失败的生意或者恶化的股东关系，或者找到方法赶走不合作的生意伙伴；
(h)在相关文件中设置针对特殊交易情形的“终止权”，即使该事项非法定终止事项；
(i)在公司管理中发挥积极的作用，或者当无法发挥积极作用或无权任命管理人员时为管理部门设置适当的权限。
做好充分准备
尽管澳大利亚的法律为保护股东（特别是小股东）权利和利益提供有效机制，但对于中国投资者而言，在进行投资以及投资进程中做好充分完备的预防措施，比在发生纠纷后依赖澳大利亚法律来维护权益，将更为高效便捷。值得一提的是，当股东之间确实产生了争端，法院和仲裁机构会更倾向于支持和保护那些在起草文件和实施投资过程中事先采取措施保护自身权益的小股东们。正如另一句中国古话所说：“凡事要做到有备无患。”
Getting smarter in‘going out’ into Australia: How Chinese investors can avoid problems withinvestments in Australia
Sharpspike in China outbound deals
Chinesecompanies continue to develop a voracious appetite for offshore deals. Thevalue of China’s outbound M&A deals reached $32.1 billion in the first 6months of 2014, up 40% on the previous half. And Australia remains a keydestination for Chinese investment. The value of China’s announced outbounddeals in Australia during the first half of 2014 was $2.4 billion, up 42% onthe previous six months. Privately owned enterprises in China are taking anever increasing share of the outbound deal pie, experiencing a triple-foldincrease in deal value during the same period. This trend is set to continue asChinese companies seek diversified investment opportunities and stabledestinations for their capital, and as they look offshore for new growthpotential, new technologies, reliable products and sustainable supply chains.
Wheredeals are done, disputes will arise
Thesharp jump in Chinese investment in Australia has inevitably resulted in anincrease in shareholder disputes. This comes as no surprise and replicates whathas been experienced in the growth of disputes between Chinese partiesinvesting offshore through, for example, the British Virgin Islands and HongKong. Already, in the first two months since I have returned from Shanghai towork in Australia, I have been involved in several shareholder disputes betweenand/or involving Chinese shareholders in Australian companies. Disputes tend toinvolve concerns over access to information and dissatisfaction with decisionsat the board level, including in respect of dealings with shares in the companyand company assets. Unfortunately, many Chinese investors fail to consider appropriate(if any) risk abatement strategies when making investments in Australia, andthis greatly limits their ability to resolve successfully their grievances asshareholders.
The importance ofsmart structuring
Chineseinvestors often find themselves as minority investors in Australian entities,frequently alongside other Chinese investors. Sometimes there are strategic,commercial and financial reasons for opting for a minority stake, but there aremany instances where a lack of awareness on the part of Chinese investors hasimpeded their ability to ameliorate the risks doing business in Australia. Confuciusonce stated with consummate wisdom, “real knowledge is to know the extent ofone’s ignorance”. Many Chinese investors have simply not understood, forexample, that overseas companies wishing to carry on business in Australia mayelect either to register a subsidiary or establish a branch office byregistering themselves as a foreign company in Australia.
Itis a truism that we view our world based largely on our own perspective andexperience. As a matter of Chinese law, foreign companies cannot own andoperate assets in China without first establishing a subsidiary in China.Therefore, many Chinese businesspeople automatically, but wrongfully, assumethat they must set up a subsidiary in Australia to do business in Australia,even if it requires them taking a minority position with other investors.
Anotherexample is to do with failures to understand the role of government inAustralia. In China, government is pervasive and is involved in most aspects ofbusiness. In Australia, although business lobby groups are capable ofinfluencing government, there is a clear demarcation between business andgovernment. It will not simply be the case that good government relationshipswill provide a cure for poor commercial and legal preparation in makinginvestments in Australia.
Prevention is better than cure
Indeed,prevention is usually more effective and certainly cheaper than a cure. Chineseinvestors in Australia would do well to seek professional advice on how theycan, for instance, buttress the protection of minority parties and how they canbest structure their Australian investments. If Chinese investors do set upsubsidiaries in Australia (and especially where they do so as minorityinvestors), they would be prudent to do the simple things well, such as:
ensuring that they negotiate contractual arrangements which protect their rights and interests;
agreeing upon the operation and governance of the Australian company in constitutional documents, whose binding effect is recognised and enforceable in both Australia and China;
negotiating clear and strong safeguards in the relevant documents; and
maintaining a copy of the relevant contracts and documents (Australian corporations law does provide a shareholder’s right to obtain a copy of an Australian company’s constitution, but it is always easier if the shareholder protects their own right upfront by keeping a copy in their possession).
To the extent possible, Chinese investors would also be wise to:
seek representation on the board of directors of theAustralian company (in Australia, company directors have the power to managethe business of the company. Subject to specific requirements of thecompany’s constitution, directors are not required to consult with shareholdersor obtain the consent of shareholders before making decisions about the companywhich the directors are empowered to make, including – for instance - the issueof shares in the company or the sale of company assets);
adopt a structure that allows for a degree ofdisproportionality between decision-making powers and equity involvement;
include in the shareholders’ agreement and the Australiancompany’s constitution explicit “information rights” as to ensure the investorhas unobstructed access to the company’s financial, operational and otherimportant information (depending on the type of company, Australiancorporations law provides shareholders with limited rights to inspect the booksand records of the company, but this may require the shareholder to apply tothe court for an order authorising the shareholder (or another person on theshareholder’s behalf) to inspect the books of the company);
provide for protections in the company’s decision-makingprocedures, as set forth in the shareholder’s agreement and the company’sconstitution (e.g., specify a right to, and proceedings for, summoning regularand interim board and/or shareholders’ meetings, ensure that the quorum of anyboard meeting consists of at least one director appointed by the minorityshareholder, and make sure that sufficient notice is given to directors beforeboard meetings, etc);
provide for anti-dilution controls in the in the shareholder’sagreement and the company’s constitution;
specify certain “reserve powers” of the board/shareholders’meetings which require unanimous or special majority approval, or include vetorights over reserved matters so that the minority shareholder can blockundesirable resolutions in respect of material transactions or company changes;
include in the relevant documents exit mechanisms (e.g. putoptions, tag along rights) or similar arrangements (e.g., buy-out option,Russian roulette) so that the minority investor has a way out of a bad businessor a soured relationship, or a way to squeeze out an uncooperative partner;
include in the relevant documents a termination right whichcaptures deal-specific circumstances in addition to statutory terminationevents; and
playan active role in the management of the company or place appropriate limits onthe authority of management if it is not possible to play an active role in themanagement or appointment of management.
Be prepared
AlthoughAustralian law does provide mechanisms for upholding the rights and interestsof shareholders (and minority shareholders in particular), it is much easierfor Chinese investors to take smart precautions when making an investment andduring the lifetime of the investment than it is to rely on Australian law toprotect such rights and interests when a shareholders’ dispute arises.Furthermore, if a shareholders’ matter does become contentious, courts andarbitration tribunals are more inclined to support the rights and interests ofminority shareholders who have taken steps to protect their rights andinterests when documenting and implementing the investment. As another famousChinese saying goes, “preparation forestalls calamities”.
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