※上段がオリジナル、下段が日本語訳。 Upper slides are original,, ones below are their translation. How Japan May Capitalize on the New China-Taiwan Developments Jack J.T. Huang Greater China Practice Partner- in-Charge, Taipei office November, 2009 ©2009 JONES DAY, All Rights Reserved ᣂ䈚䈇ਛบ㑐ଥ䈎䉌ᣣᧄ䈏⋉䉕ᓧ䉎䈮䈲 䉳䊞䉾䉪䊶 J. T.䊶䊖䉝䊮 ᳢ਛ࿖䊒䊤䉪䊁䉞䉴 ⽿છ⠪ บർ䉥䊐䉞䉴 ઍ䊌䊷䊃䊅䊷 2009ᐕ11 ©2009 JONES DAY, All Rights Reserved 41 Chaiwan • “Chaiwan” – First coined by South Korean media – Initially refers to Taiwan tech companies + China’s production facilities = bigger worldwide OEM market shares – Concept can be applied to much broader ChinaTaiwan economic collaborations • Culture/Language Advantages – Taiwanese are the Chinese who understand the foreigners best the foreigners who understand the Chinese best • Complementing Strengths ѧ New Term! New Era? ѧ ©2009 JONES DAY, All Rights Reserved 䇸䉼䊞䉟䊪䊮䇹 䋨䇸Chaiwan䇹䋩 • 䇸䉼䊞䉟䊪䊮䇹 – 㖧࿖䈱䊜䊂䉞䉝䈮䉋䈦䈩䈇ᆎ䉄䉌䉏䈢ㅧ⺆ – ᒰೋ䈲䇮บḧ䈱ᛛⴚ♽ડᬺ+ਛ࿖䈱ㅧᎿ႐ 䋽䉋䉍ᄢ䈐䈭⇇ⷙᮨ䈪䈱OEMᏒ႐䉲䉢䉝䉕ᗧ䈚䈢䇯 – 䉋䉍ᐢ▸࿐䈮䈹ਛบ⚻ᷣදജ㑐ଥ䈮ㆡ↪䈚䈉䉎ᔨ • ᢥൻ/⸒⺆䈱ఝᕈ – บḧੱ䈲䇮 ᄖ࿖ੱ䉕ᦨ䉅⦟䈒ℂ⸃䈜䉎ਛ࿖ੱ䈪䈅䉍䇮 ਛ࿖ੱ䉕ᦨ䉅⦟䈒ℂ⸃䈜䉎ᄖ࿖ੱ䈪䈅䉎䇯 • ᒝ䉂䉕ቢ䈚䈅䈉 䋭ᣂ䈚䈇⸒⪲䋣 ᣂ䈚䈇ᤨઍ䋿 䋭 ©2009 JONES DAY, All Rights Reserved 42 Taiwan’s Trade with China Imports from China Exports to China US$1Billion 120 100 80 60 40 20 0 1991-1995 1996-2000 2001 2002 2003 2004 2005 2006 2007 2008 2007 2008 ©2009 JONES DAY, All Rights Reserved บḧ䈱ኻਛ⾏ᤃ ਛ࿖䈎䉌䈱ャ ਛ࿖䈻䈱ャ 10ం☨䊄䊦 120 100 80 60 40 20 0 1991-1995 1996-2000 2001 2002 2003 2004 ©2009 JONES DAY, All Rights Reserved 43 2005 2006 Taiwan’s Investments into China US$1Billion 17.1 18 16 14 10.7 12 10 10 7.7 7.6 6.9 6.7 8 6 6 2.8 4 2 0 1991-2000 2001 2002 2003 2004 2005 2006 2007 2008 ©2009 JONES DAY, All Rights Reserved บḧ䈱ኻਛᛩ⾗ 10ం☨䊄䊦 17.1 18 16 14 10.7 12 10 10 7.7 7.6 6.9 6.7 8 6 6 2.8 4 2 0 1991-2000 2001 2002 2003 2004 ©2009 JONES DAY, All Rights Reserved 44 2005 2006 2007 2008 China as World’s Factory • Taiwan’s contributions – Taiwan companies moving production to China – Taiwanese managers/engineers working in multinationals in China • China’s top manufactured exporters – 6 out of the top 10, and 12 out of the top 20, are Taiwan-invested, like Hongfujin, Helian Yongshuo, Inventec, Renbao ©2009 JONES DAY, All Rights Reserved ⇇䈱Ꮏ႐䈫䈚䈩䈱ਛ࿖ • บḧ䈱⽸₂ – บḧડᬺ䈲䇮ㅧ䉕ਛ࿖䈻䈱⒖ォ – บḧੱ䈱▤ℂ⡯/ᛛⴚ⠪䈲䇮ਛ࿖䈮䈍䈔䉎ᄙ࿖☋ ડᬺ䈪ൕോ • ਛ࿖䈱䊃䉾䊒ㅧャᬺ⠪ – 㡨ን㍪䋨ን჻ᐽ䋩䋨Hongfujin䋩䇮 ⡧᳗⏋䋨Helian Yongshuo䋩䇮⧷ᬺ㆐䋨Inventec䋩䇮ੳቲ䋨Renbao䋩╬䇮 䊃䉾䊒10␠䈱䈉䈤䈱6␠䇮䈶䊃䉾䊒20␠䈱䈉䈤䈱 12␠䈲บḧ⾗ᧄ䈱ડᬺ䈪䈅䉎䇯 ©2009 JONES DAY, All Rights Reserved 45 China as World’s Market • Taiwan’s opportunities – Taiwanese ability to penetrate all corners of China’s domestic market – Success stories • Ting Hsin: “Master Kong” instant noodles, drinks • Want-Want: rice crackers • Uni-President: instant noodles, drinks • Mediatek: local-brand mobile phones • 85кCafe: coffee, cakes ©2009 JONES DAY, All Rights Reserved ⇇䈱Ꮢ႐䈫䈚䈩䈱ਛ࿖ • บḧ䈮䈍䈔䉎ᅢᯏ – บḧੱ䈲䇮ਛ࿖࿖ౝᏒ႐䈱䈇䈢䉎䈫䈖䉐䈮ㅴ䈜䉎⢻ജ 䈏䈅䉎䇯 – ᚑഞ⺣ • 㗂ᣂ(Ting Hsin)䋺䇸䊙䉴䉺䊷䊶䉮䊮䉫䇹㤖䇮㘶ᢱ • ᣰᣰ䋨Want-Want䋩䋺☨⩻ • ⛔৻ડᬺ䋨Uni-President䋩䋺 䉟䊮䉴䉺䊮䊃㤖䇮㘶ᢱ • ⡧⊒⑼ᛛ䋨Mediatek䋩䋺 䊨䊷䉦䊦䊶䊑䊤䊮䊄䈱៤Ꮺ㔚 • 85ᐲ䉦䊐䉢䋨85㷄 Cafe䋩䋺䉮䊷䊍䊷䇮䉬䊷䉨╬ ©2009 JONES DAY, All Rights Reserved 46 Cross-Strait ECFA • “Economic Cooperation Framework Agreement” – Under active discussion between Taiwan and China, expected to be signed in 2010 – Similar to free trade agreement and Hong Kong’s CEPA with China – Likely integrates Taiwan into China’s tariff-free network – Likely accords Taiwan companies domestic status for investment/commercial activities in China ©2009 JONES DAY, All Rights Reserved ਛบ⚻ᷣදജᨒ⚵ද⼏䋨ECFA䋩 • 䇸⚻ᷣදജᨒ⚵ද⼏䋨Economic Cooperation Framework Agreement䋩䇹 – บḧ䈫ਛ࿖䈱㑆䈪ᵴ⊒䈭⼏⺰䈏ⴕ䉒䉏䈩䈍䉍䇮 2010ᐕ䈮✦⚿䈘䉏䉎ㄟ䉂 – 㚅᷼䇮ਛ࿖㑆䈪✦⚿䈘䉏䈢 ⥄↱⾏ᤃදቯ䈪䈅䉎⚻ᷣ⾏ ᤃ✕ኒൻදቯ䋨CEPA䋩䈮㘃ૃ – บḧ䉕ਛ࿖䈱ή㑐⒢䊈䉾䊃䊪䊷䉪䈮⚵䉂ㄟ䉃ㄟ䉂 – ਛ࿖䈮䈍䈔䉎ᛩ⾗/ᬺᵴേ䉕ⴕ䈉䈢䉄䇮บḧડᬺ䈮࿖ ౝડᬺ䈱䉴䊁䊷䉺䉴䉕䉄䉎ㄟ䉂 ©2009 JONES DAY, All Rights Reserved 47 Taiwan-Japan Economic Relationship • Close trade/investment flows due to historical ties • Taiwan follows Japan’s footsteps in many aspects of economic/technology developments • Japan often plays upstream supplier or outsource production to Taiwan in the global food chain of division of labor • Many Taiwanese are familiar with Japanese culture and language ѧJapan can enter China through Taiwanѧ ©2009 JONES DAY, All Rights Reserved บḧ䋭ᣣᧄ ⚻ᷣ㑐ଥ • ᱧผ⊛䈭⚷䈮䉋䉎✕ኒ䈭⾏ᤃ/ᛩ⾗䊐䊨䊷 • บḧ䈲䇮⚻ᷣ/ᛛⴚಽ㊁䈱⊒ዷ䈮䈍䈔䉎᭽䇱䈭ዪ㕙䈪䇮 ᣣᧄ䈱⿷〔䉕䈢䈬䈦䈩䈇䉎䇯 • ᣣᧄ䈲䇮䈚䈳䈚䈳䇮ಽᬺ䈱⇇⊛㘩‛ㅪ㎮䈮䈍䈇䈩䇮ᵹ 䉰䊒䊤䉟䊟䊷䈫䈚䈩䈱ᓎഀ䉕ᨐ䈢䈚䇮䉁䈢䇮บḧ䈮ㅧ䉕ᆔ ⸤䈚䈩䈇䉎䇯 • ᄙ䈒䈱บḧੱ䈲ᣣᧄᢥൻ䈫⸒⺆䈮♖ㅢ䈚䈩䈇䉎䇯 ѧᣣᧄ䈲บḧ䉕ㅢ䈛䈩ਛ࿖䈮ㅴน⢻ѧ ©2009 JONES DAY, All Rights Reserved 48 Ting Hsin / Itochu Strategic Alliance • Ting Hsin has established premier “Master Kong” brand and excellent distribution network in China for years – In 1999, Sanyo Foods helped rescue cash-strapped Ting Hsin by investing US$143mm for 33.2% interest in Tingyi (instant noodles) • Itochu formed strategic alliance with Ting Hsin in 2002 and started bringing other Japanese companies to set up joint ventures with Ting Hsin in China – – – – – Asahi (2004) in beverages Family Mart (2004) in convenience stores Kagome (2005) in vegetable/fruit juices Kameda (2005) in rice crackers PASCO (2008) in breads • Itochu acquired 20% share of Ting Hsin Holding for US$710mm in 2009 ©2009 JONES DAY, All Rights Reserved 㗂ᣂ䋨Ting Hsin) 䋯દ⮮ᔘ ᚢ⇛⊛ឭ៤ • 㗂ᣂ䈲╙䋱⚖䈱䇸䊙䉴䉺䊷䊶䉮䊮䉫䇹䊑䊤䊮䊄䉕⏕┙䇮ਛ࿖䈮䈍 䈇䈩ఝ䉏䈢ᵹㅢ䊈䉾䊃䊪䊷䉪䉕㐳ᐕ▽䈇䈩䈐䈢䇯 – 1999ᐕ䇮䉰䊮䊣䊷㘩ຠ䈲⽷㔍䈮㒱䈦䈩䈇䈢㗂ᣂ䉕䇮 143MM☨䊄䊦 䋨ᐽᏧવ䋨Tingyi䋩(䉟䊮䉴䉺䊮䊃㤖䋩䈱33.2䋦䈱ᜬಽ䋩䉕ᛩ⾗䈜䉎䈖䈫䈪 ᢇᷣ䈚䈢䇯 • દ⮮ᔘ䈲䇮2002ᐕ䇮㗂ᣂ䈫ᚢ⇛⊛ឭ៤㑐ଥ䉕▽䈐䇮 ઁ䈱ᣣᧄડᬺ䈮䇮ਛ࿖䈪䇮㗂ᣂ䈫䈱วᑯડᬺ䉕⸳┙䈘䈞ᆎ 䉄䈢䇯 – – – – – 䉝䉰䊍 䋨2004䋩 㘶ᢱ 䊐䉜䊚䊥䊷䊙䊷䊃 䋨2004䋩 䉮䊮䊎䊆䉣䊮䉴䊶䉴䊃䉝 䉦䉯䊜 䋨2005䋩 ㊁⩿䋯ᨐ‛㘶ᢱ ↰⩻䋨2005䋩 ☨⩻ 䊌䉴䉮䋨2008䋩 䊌䊮 • 䋲䋰䋰䋹ᐕ䇮દ⮮ᔘ䈲㗂ᣂ䈱ᩣᑼ䈱20䋦䉕710MM☨䊄䊦䈪ข ᓧ䈚䈢䇯 ©2009 JONES DAY, All Rights Reserved 49 Kymco / Kawasaki Strategic Alliance • Exclusive dealership in Taiwan (2003) – Kymco started serving as Kawasaki’s exclusive dealer for heavy motorcycles in Taiwan in 2003 • OEM/ODM relationship (2005) – Kymco started providing OEM/ODM services to Kawasaki for its all-terrain vehicles, generalpurpose engines and motor scooters in 2005 • Joint Venture in China (2009) – Kymco and Kawasaki joint venture in Jiansu, China to manufacture high performance general gasoline engines, expected to be exported to North American market and distributed around the world under Kymco and Kawasaki brands. ©2009 JONES DAY, All Rights Reserved శᵗᎿᬺ䋨Kymco䋩䋯Ꮉፒ㊀Ꮏᬺ ᚢ⇛⊛ឭ៤ • บḧ䈮䈍䈔䉎⁛භ⽼ᄁᮭ 䋨2003䋩 – 2003ᐕ䇮శᵗᎿᬺ䈲䇮Ꮉፒ㊀Ꮏᬺ䈱㊀㊂⚖䉥䊷䊃䊋䉟 䈱บḧ䈮䈍䈔䉎⁛භ⊛⽼ᄁ䉕㐿ᆎ • OEM/ODM 㑐ଥ 䋨2005䋩 – 2005ᐕ䇮శᵗᎿᬺ䈲䇮ోᒻဳゞਔ䇮᳢↪䉣䊮䉳䊮䇮 㔚േ䉴䉪䊷䉺䊷䈮㑐䈜䉎CEM/ODM䉰䊷䊎䉴䉕䇮Ꮉፒ 䈮ኻ䈚䈩ଏ⛎㐿ᆎ • ਛ࿖䈮䈍䈔䉎วᑯᬺ 䋨2009䋩 – శᵗᎿᬺ䈫Ꮉፒ䈱วᑯᬺ䈲ਛ࿖ᳯ⯃⋭䈮䈍䈇䈩䇮 䊊䉟䊌䊐䉤䊷䊙䊮䉴᳢↪䉧䉸䊥䊮䉣䊮䉳䊮䈱ㅧ䉕㐿ᆎ 䈜䉎੍ቯ䇯ർ☨Ꮢ႐䈻䈱ャ䉕ㄟ䉖䈪䈍䉍䇮⇇ਛ 䈪䇮䉨䊛䉮䇮䉦䊪䉰䉨䊑䊤䊮䊄ฬ䈪⽼ᄁ䈘䉏䉎੍ቯ䈪䈅 䉎䇯 ©2009 JONES DAY, All Rights Reserved 50 Uni-President / Japan Joint Ventures • Uni-President Group is one of the largest food conglomerates in Taiwan, has many joint ventures in Taiwan with Japanese partners, and has entered China market since late 1980’s • In recent years, Uni-President started forming joint ventures with Japanese partners in China to further penetrate China’s domestic market – Nisshin Oil (1996) in margarine products – Kikkoman (2000) in soy sauce – San Tong Wangfu (2002) in feed production – Kirin Beverage (2004) in non-alcoholic beverages – Nissin Food (2006) in bottled drinks • Many Japanese partners have collaborated with Uni-President in both Taiwan and China ©2009 JONES DAY, All Rights Reserved ⛔৻ડᬺ䋨Uni-President䋩 䋯ᣣᧄวᑯᬺ • ⛔৻ડᬺ䉫䊦䊷䊒䈲䇮บḧ䈮䈍䈔䉎ᦨᄢ⚖䈱㘩ຠⶄวડᬺ 䈪䈅䉍䇮ᣣ♽䊌䊷䊃䊅䊷䈫䈱㑆䈪ᢙᄙ䈒䈱วᑯᬺ䉕ᚻ䈏 䈔䇮1980ᐕઍᓟඨ䈎䉌䈲ਛ࿖Ꮢ႐䈮䉅ㅴ䈚䈩䈇䉎䇯 • ㄭᐕ䇮⛔৻ડᬺ䈲䇮ᦝ䈮ਛ࿖࿖ౝᏒ႐䈮ㅴ䈜䉎䈢䉄䈮䇮 ਛ࿖䈮䈍䈇䈩ᣣ♽䊌䊷䊃䊅䊷䈫วᑯડᬺ䉕⸳┙䈚ᆎ䉄䈢䇯 – ᣣᷡᴤ䋨1996䋩 䊙䊷䉧䊥䊮ຠ – 䉨䉾䉮䊷䊙䊮䋨2000䋩㉟ᴤ – ਃ⛔ਁ䋨2002䋩㘺ᢱ – 䉨䊥䊮䊶䊎䊋䊧䉾䉳䋨2004䋩䊉䊮䉝䊦䉮䊷䊦㘶ᢱ – ᣣᷡ㘩ຠ䋨2006䋩 䊗䊃䊦䉍㘶ᢱ • ᄙ䈒䈱ᣣ♽䊌䊷䊃䊅䊷䈲䇮บḧ䇮ਛ࿖䈱ਔ࿖䈮䈍䈇䈩 ⛔৻ડᬺ䈫දജ㑐ଥ䉕▽䈇䈩䈇䉎䇯 ©2009 JONES DAY, All Rights Reserved 51 China Motor / Mitsubishi Motor • Joint Venture in Taiwan since 1986 manufacturing trucks, vans, and sedans – Technical cooperation since 1970 • China Motor established South East (Fujian) Motor in Fujian, China in 1995 manufacturing vans and recently sedans – With Chinese partner Fujian Motor, 50/50 • Mitsubishi Motors acquired 25% interest in South East (Fujian) Motor from China Motor in 2006 ©2009 JONES DAY, All Rights Reserved ਛ࿖ᴁゞ䋨China Motor䋩䋯ਃ⪉⥄േゞ • 1986ᐕ䈎䉌䇮䊃䊤䉾䉪䇮䊋䊮䇮䉶䉻䊮䈱ㅧ䉕ⴕ䈉 บḧ䈮䈍䈔䉎วᑯᬺ – 1970ᐕ䈎䉌ᛛⴚදജ • ਛ࿖ᴁゞ䈲䇮 䋱䋹䋹䋵ᐕ䇮䊋䊮䇮ᦨㄭ䈮䈭䈦䈩䉶䉻 䊮䉅ㅧ䈜䉎᧲ධ䋨ᑪ䋩ᴁゞ䋨 South East (Fujian) Motor䋩 䉕ਛ࿖ᑪ⋭䈮⸳┙ – ਛ࿖䊌䊷䊃䊅䊷䈱ᑪᴁゞ䋨Fujian Motor䋩䈫 50/50 • ਃ⪉⥄േゞ䈏䇮䋲䋰䋰䋶ᐕ䈮䇮ਛ࿖ᴁゞ䈎䉌䇮᧲ධ 䋨ᑪ䋩ᴁゞ䈱25䋦䈱ᜬಽ䉕ขᓧ ©2009 JONES DAY, All Rights Reserved 52 Yulon Motor / Nissan Motor • Joint Venture in Taiwan since 1985 manufacturing sedans and vans – Technical cooperation since 1957. • Yulon Motor formed joint ventures in China with Dongfeng Group – Fengsheng Motor in 2000 for manufacturing and sale of motor vehicles – Dongfeng-Yulon in 2001 for sale and services of motor vehicles • Nissan Motor established Dongfeng Motor Co. Ltd. (“DML”) in China with Dongfeng Group in 2003 – 50-50 between Nissan and Dongfeng, total investment US$2 billion – Dongfeng’s contributions to DML include Fongsheng Motor and Dongfeng-Yulon ©2009 JONES DAY, All Rights Reserved 㓉ᴁゞ䋨Yulon Motor䋩 䋯ᣣ↥⥄േゞ • 1985ᐕ䈎䉌䇮䉶䉻䊮䈶䊋䊮䈱ㅧ䉕ⴕ䈉บḧ䈮䈍䈔䉎วᑯ ᬺ – 1957ᐕ䈎䉌䇮ᛛⴚදജ • 㓉ᴁゞ䈲䇮ਛ࿖䈮䈍䈇䈩᧲㘑䉫䊦䊷䊒(Dongfeng Group) 䈫એਅ䈱วᑯડᬺ䉕⸳┙ – 2000ᐕ䇮㘑ᴁゞ䋨Fengsheng Motor) ⥄േゞ䈱ㅧ⽼ᄁᬺ – 2001ᐕ䇮᧲㘑-㓉䋨Dongfeng-Yulon) ⥄േゞ䈱⽼ᄁ䉰䊷䊎䉴ᬺ • ᣣ↥⥄േゞ䈲䇮2003ᐕ䇮ਛ࿖䈮䈍䈇䈩᧲㘑ᴁゞ䈫䈱วᑯ ᬺ䈪䈅䉎᧲㘑⥄േゞ䋨Dongfeng Motor Co., Ltd. 䋨䇸DML䇹䋩䋩 䉕⸳┙ – ᣣ↥䈫᧲㘑䈪50/50䇮ᛩ⾗✚㗵20ం☨䊄䊦 – ᧲㘑䈱DML䈻䈱⾗䈲䇮㘑ᴁゞ䈶᧲㘑-㓉䉕䉃 ©2009 JONES DAY, All Rights Reserved 53 iSoftStone Information Service Venture • China-based IT outsourcing service provider • Raised US$45million capital from offerings of Series B shares in 2007 • Investors included Mitsui Ventures from Japan, AsiaVest Partners from Taiwan, and Fidelity Asia Ventures and InfoTech Ventures from China • Part of trend of venture capital firms from different countries joining hands in investments in China ©2009 JONES DAY, All Rights Reserved エㅢേജାᕷᛛⴚ䋨iSoftStone Information Service䋩วᑯડᬺ • ਛ࿖䉕ὐ䈫䈜䉎IT䉝䉡䊃䉸䊷䉴䉰䊷䊎䉴䊒䊨䊋䉟䉻䊷 • 2007ᐕ䈮䉲䊥䊷䉵Bᩣᑼ䈱䈮䉋䉍45M☨䊄䊦䈱⾗ ㊄䉕⺞㆐ • ᛩ⾗ኅ䈲䇮ᣣᧄ䈎䉌ਃ䊔䊮䉼䊞䊷䉵䇮บḧ䈎䉌᳗ᆭ ᛩ⾗䋨AsiaVest Partners䋩䇮ਛ࿖䈎䉌ን㆐Ꮊ㘑㓥ᛩ ⾗䋨 Fidelity Asia Ventures䋩䇮 ⋇ን⒌సഃᬺᛩ⾗ 䋨InfoTech Ventures䋩╬ • ⇣䈭䉎࿖䈱䊔䊮䉼䊞䊷䉨䊞䊏䉺䊦䈏දജ䈚䈩ਛ࿖䈮ᛩ⾗ 䈜䉎䈫䈇䈉䊃䊧䊮䊄䈱৻Ⅳ ©2009 JONES DAY, All Rights Reserved 54 J-WAN • Many Japanese joint ventures exist in Taiwan • Many of them already have substantial investments and commercial activities in China • Further collaboration opportunities abundant, but should be capitalized sooner rather than later • “Chaiwan” economic expansion can benefit and strengthen “J-Wan” strategic alliance • Chinese capital/market + Japanese technology/products +Taiwanese management/integration=A winning recipe ѧTaiwan as bridge connecting China and Japanѧ ©2009 JONES DAY, All Rights Reserved 䉳䉢䉟䊪䊮䋨䇸J-WAN䇹䋩 • บḧ䈮䈲ᄙ䈒䈱ᣣ♽วᑯᬺ䈏ሽ䈜䉎䇯 • 䈠䉏䉌䈱䈉䈤ᄙ䈒䈏ਛ࿖䈮䈍䈇䈩䈎䈭䉍䈱ᛩ⾗䇮ᬺᵴ േ䉕ⴕ䈦䈩䈇䉎䇯 • 䈭䈍৻ጀ䈱දജ䈱ᯏળ䈏ᄙ䈒ㄟ䉁䉏䉎䈏䇮 ⋥䈓䈮 ↪䈘䉏䉎䈼䈐䈪䈅䉎䇯 • 䇸䉼䊞䉟䊪䊮䇹⚻ᷣ䈱ᄢ䈲䇮䇸䉳䉢䉟䊪䊮䋨J-WAN)䇹䈱 ᚢ⇛⊛ឭ៤䈮⾗䈜䉎䉅䈱䈪䈅䉍䇮หឭ៤䉕ᒝൻ䈜䉎䉅 䈱䈪䈅䉎䇯 • ਛ࿖䈱⾗ᧄ䋯Ꮢ႐ 䋫 ᣣᧄ䈱ᛛⴚ䋯ຠ 䋫 บḧ䈮䉋䉎⚻༡䋯⛔ว䋽ᚑഞ䈱䊧䉲䊏 䊷บḧ䈲ਛ࿖䈫ᣣᧄ䉕䈧䈭䈓᨞䈔ᯅ䊷 ©2009 JONES DAY, All Rights Reserved 55 Global Presence • 2,400 lawyers in 32 offices • Over 150 lawyers in Greater China • Ranked No. 1 by Thomson Financial for number of M&A Deals Worldwide since 2000 Europe Brussels Frankfurt London Madrid United States Asia Milan Moscow Munich Paris Beijing Dubai Hong Kong New Delhi Atlanta Chicago Cleveland Columbus Dallas Houston Irvine Singapore Sydney Shanghai Taipei Tokyo ©2009 JONES DAY, All Rights Reserved Los Angeles Mexico City New York Pittsburgh San Diego San Francisco Silicon Valley Washington 䉫䊨䊷䊋䊦䈭ዷ㐿 㵶 ⇇㪊㪉䉥䊐䉞䉴䈮㪉㪃㪋㪇㪇ฬ䈱ᑯ⼔჻ 㵶 ᳢ਛ⪇䈮㪈㪌㪇ฬ䈱ᑯ⼔჻ 㵶 㪉㪇㪇㪇ᐕ䉋䉍䇮䉫䊨䊷䊋䊦ⷙᮨ䈪䈱 㪤㩽㪘 ขᒁᢙ╙৻ 䋨㪫㪿㫆㫄㫊㫆㫅㩷㪝㫀㫅㪸㫅㪺㫀㪸㫃䋩 䊣䊷䊨䉾䊌 䊑䊥䊠䉾䉶䊦 䊐䊤䊮䉪䊐䊦䊃 䊨䊮䊄䊮 䊙䊄䊥䊷䊄 䊚䊤䊉 䊝䉴䉪䊪 䊚䊠䊮䊓䊮 䊌䊥 䉝䉳䉝 ർ੩ 䊄䊋䉟 㚅᷼ 䊆䊠䊷䊂䊥䊷 䉝䊃䊤䊮䉺 䉲䉦䉯 䉪䊥䊷䊑䊤䊮䊄 䉮䊨䊮䊋䉴 䉻䊤䉴 䊍䊠䊷䉴䊃䊮 䉝䊷䊋䉟䊮 䉲䊮䉧䊘䊷䊦 䉲䊄䊆䊷 ᶏ บർ ᧲੩ ©2009 JONES DAY, All Rights Reserved 56 ർ☨䊶ਛධ☨ 䊨䉴䉝䊮䉳䉢䊦䉴 䊜䉨䉲䉮䉲䊁䉞 䊆䊠䊷䊣䊷䉪 䊏䉾䉿䊋䊷䉫 䉰䊮䊂䉞䉣䉯 䉰䊮䊐䊤䊮䉲䉴䉮 䉲䊥䉮䊮䊋䊧䊷 䊪䉲䊮䊃䊮 Thank You! Jack J. T. Huang [email protected] Jones Day Taipei Office Tel: +886(2) 7712-3201 Fax: +886(2) 2704-6791 ©2009 JONES DAY, All Rights Reserved 䈗ᷡ⡬䈅䉍䈏䈫䈉䈗䈙䈇䉁䈚䈢 䉳䊞䉾䉪 J.T. 䊖䉝䊮 [email protected] 䉳䊢䊷䊮䉵䊶䊂䉟 บർ䉥䊐䉞䉴 Tel: +886(2) 7712-3201 Fax: +886(2) 2704-6791 ©2009 JONES DAY, All Rights Reserved 57
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