A plain–English guide that demystifies the business landscape in China from a due diligence point of view
Due diligence is crucial to any business deal, and, thankfully, due diligence research has come a long way over the years. What used to be a cumbersome, time–consuming process has been standardized and systemized with generally accepted auditing frameworks and tools, such as the all–important auditing “checklists.” But when it comes to doing due diligence in China, with its opaque regulatory system and byzantine accounting standards, all bets are off. In this book an acknowledged expert in the field takes you beyond the checklists to arm you with China–specific due diligence strategies, tools and techniques that go beyond what is typically part of the process.
Gives a detailed account of why conventional frameworks used in the west simply don′t work in China
Provides first–hand accounts based on the author′s years of experience as a private equity professional doing deals in China
Reviews, in–depth, the unique differences between corporations and businesses in China and those in the West and their implications for the due diligence process
Uses numerous case studies to guide the reader through an entire due diligence process for a firm in China
Editorial Reviews
From the Inside Flap
Anyone familiar with the process knows that due diligence is as much an art as it is a science. In addition to being fully equipped with the standard metrics and tools of the trade including the all–important due diligence checklists an experienced auditor or analyst has a “nose” for trouble. With time and experience, he or she develops a feel for the crucial intangibles at play within a company which cannot be quantified or easily pigeonholed in a checklist.
In this groundbreaking book, author Kwek Ping Yong explains why, when it comes to China, due diligence is, by far, more art than science. A veteran of numerous private equity deals throughout China, he has an unusually keen nose for what′s going on beneath the surface in the Chinese business world. He can also speak with rare authority about the non–quantifiable factors the cultural, social, political, and interpersonal subtleties that must be taken into consideration when evaluating Chinese businesses.
Unfortunately, the only way to acquire an instinct like Mr. Yong′s is through years of costly trial and error until now, that is.
The first and only book of its kind, Due Diligence in China: Beyond the Checklists offers you an opportunity to benefit from Kwek Ping Yong′s years of experience. More importantly, it arms you with original, tested–in–the–trenches strategies, tools, and techniques for forming a more comprehensive and reliable picture of a Chinese business.
Backed up by many fascinating real–world case studies of successful deals as well as those gone tragically wrong as a result of insufficient due diligence the book:
Highlights the key differences between due diligence conducted in China versus the West
Identifies political, social, and cultural facets commonly overlooked by outsiders doing business in China
Pinpoints which items on standard checklists are relevant when conducting due diligence in China and which are not
Explores the key differences between due diligence processes for different types of deals, such as M&As and private equity investments
Explains how to conduct human due diligence on owners and upper management an absolute must when evaluating Chinese companies
Describes the four deadly A′s of due diligence: Authorization, Abnormalities, Anticorruption, and Accounting fraud
Provides expert guidance on conducting in–person meetings, site visits, and proportion checks
Supplies you with an original Anti–Corruption Investigate Due Diligence (ACID) framework
Performing due diligence is crucial to every business deal. But in China things work very differently. Find out what it takes to get a highly accurate pic–ture of what is going on in a Chinese company with Due Diligence in China: Beyond the Checklists.
From the Back Cover
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
About 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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