china-cim-builder

china-cim-builder

Purpose

Draft A股并购CIM (Confidential Information Memorandum) for sell-side M&A processes — comprehensive, confidential company overviews for potential buyers.

Data Sources

Primary: AkShare MCP

get_stock_info(ticker)                        → Company profile
get_quote(ticker)                            → Valuation snapshot
get_historical_data(ticker)                  → Trading history
get_financials(ticker, "income", "annual")    → Historical P&L
get_financials(ticker, "balance", "annual")   → Historical BS
get_financials(ticker, "cashflow", "annual")  → Historical CF
get_industry_stocks(industry="...")            → Industry peers

Secondary Sources

• 巨潮 — full annual reports, announcements
• 公司官网 — IR materials, presentations
• 券商研报 — existing research
• 企查查 / 天眼查 — corporate structure, subsidiaries

Workflow

Step 1: Define CIM Scope

CIM types:

Type	Use	Typical Length
Full CIM	Comprehensive sell-side	50-100 pages
Summary CIM	Initial teaser + overview	15-25 pages
Teaser	Anonymous preview	1-2 pages
Management presentation	Buyer meeting	20-40 slides

Step 2: Standard CIM Structure

A-share CIM sections:

一、交易概述 (Transaction Overview)
   - 交易背景
   - 交易结构
   - 时间表

二、公司概览 (Company Overview)
   - 公司简介
   - 发展历程
   - 业务模式
   - 组织结构
   - 管理层介绍

三、行业分析 (Industry Analysis)
   - 市场规模
   - 发展趋势
   - 竞争格局
   - 政策环境

四、经营分析 (Operating Analysis)
   - 业务拆分
   - 核心竞争优势
   - 客户结构
   - 渠道网络
   - 供应链

五、财务分析 (Financial Analysis)
   - 历史财务表现
   - 财务比率分析
   - 盈利质量
   - 现金流分析

六、估值分析 (Valuation Analysis)
   - 交易比较 (可比交易)
   - 交易倍数 (Trading comps)
   - DCF估值
   - 估值区间

七、风险因素 (Risk Factors)
   - 行业风险
   - 公司风险
   - 市场风险
   - 政策风险

八、附录 (Appendices)
   - 详细财务报表
   - 管理层简历
   - 术语表

Step 3: Gather Content

For each section:

1. Company overview: From 巨潮 annual report + AkShare
2. Financials: From AkShare / 巨潮 (3-5 years)
3. Industry: From research reports, industry data
4. Competitive position: Peer comparison via AkShare
5. Management: From 年报 / 公司官网
6. Valuation: Built from comps + DCF

Step 4: Write the CIM

Writing guidelines:

• Professional, neutral tone
• Factual, avoid superlatives
• Balanced presentation (include risks)
• Chinese business English appropriate for cross-border
• Chinese terminology where buyers expect it

Key sections detail:

Company Overview

• History and evolution
• Current structure (corporate org chart)
• Core business lines with revenue contribution
• Geographic footprint
• Key milestones

Industry Analysis

• Market size and growth trajectory
• Supply/demand dynamics
• Regulatory framework
• Technology trends
• Entry barriers

Financial Analysis

• 5-year historical summary
• Key ratio trends
• Revenue bridge (growth decomposition)
• Margin analysis
• Balance sheet quality
• Cash flow profile

Valuation

• Comparable transactions (precedent deals)
• Trading comparables
• DCF summary
• Valuation range and rationale

Step 5: Quality Standards

CIM quality checklist:

Section	Requirement
Confidentiality	Prominent watermark and notice
Executive summary	Compelling, concise (1-2 pages)
Financials	Complete, consistent, sourced
Industry	Contextual, data-backed
Risks	Comprehensive, not minimized
Formatting	Professional, consistent
Graphics	Charts, tables, org charts

China-Specific Considerations

Regulatory Disclosures

Mandatory disclosure content:

• 关联交易 (related party transactions) — flag prominently
• 对外担保 (guarantees to third parties)
• 重大诉讼仲裁 (material litigation)
• 股权质押 (share pledges)
• 同业竞争 (competitive businesses of related parties)

Ownership Structure

Common in China CIMs:

• 股权结构图 (ownership structure diagram)
• 实际控制人 (actual controller identification)
• 一致行动人 (concert party arrangements)
• 股权激励 (ESOP/scheme details)
• 限售股 (restricted shares, lock-up schedule)

Industry-Specific Content

Industry	Special CIM Sections
白酒	批价历史, 渠道库存, 品牌矩阵
半导体	产能规划, 技术路线, 客户认证
新能源	技术迭代, 产能规划, 补贴依赖
医药	管线组合, 临床数据, 集采风险
房地产	土储质量, 去化率, 融资结构

Valuation Context

A-share premium context:

• A-share companies often trade at premium to H-shares
• Liquidity premium for listed targets
• Control premium expectations (20-40%)
• 私有化 premium requirements (30-50%)

Quality Checks

Before finalizing:

• Confidentiality notices prominent
• All financial data sourced
• Industry context complete
• Risk factors comprehensive
• Valuation analysis sound
• Regulatory items flagged
• Formatting professional
• No identifying information leaked (if teaser phase)