@v587d/capital-generation 2.7.3 → 2.7.4

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/investment-banking/skills/china-merger-model/SKILL.md

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+---
+name: china-merger-model
+description: Accretion/dilution and merger consequences analysis for A-share M&A transactions. Adapted from the original merger-model skill for Chinese GAAP, CAS accounting, and China market transaction structures. Triggers on "A股并购分析", "并购模型", "accretion dilution China", "merger model A-share", or "M&A consequences [company]".
+---
+
+# china-merger-model
+
+## Purpose
+
+Build **A股并购分析模型**, analyzing accretion/dilution, synergy capture, and purchase price allocation for M&A transactions involving Chinese companies.
+
+## Key Differences from US Merger Models
+
+| Parameter | US M&A Model | China M&A Model |
+|-----------|-------------|-----------------|
+| Accounting | US GAAP / IFRS | CAS (企业会计准则) |
+| Tax rate | 21% | 25% (or 15% for 高新技术企业) |
+| Currency | USD | CNY |
+| Goodwill | Indefinite life | Amortized or tested under CAS |
+| Stamp duty | Negligible | 0.05% on equity transfer |
+| VAT on asset deals | Varies | 6% or 3% depending on 纳税人类型 |
+| Deal structure | Stock/cash common | 股权/资产/吸收合并 |
+| Premium | 20-30% typical | 20-40% typical for China |
+
+## Data Sources
+
+### Tier 0 — 万得 Wind（最全面付费数据）
+- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
+- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）
+- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
+- 密钥申请：https://aifinmarket.wind.com.cn/#/home
+
+### Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
+
+```python
+get_financials(ticker_acquirer, "income")   → Acquirer P&L
+get_financials(ticker_target, "income")     → Target P&L
+get_quote(ticker_acquirer)                  → Acquirer valuation
+get_quote(ticker_target)                    → Target valuation
+get_industry_stocks(industry="...")          → Peer comparables
+```
+
+### Secondary Sources
+- 巨潮公告 — transaction announcements (收购公告)
+- 交易所 — deal-related filings
+- 评估报告 — target valuation reports
+- Wind / Choice — comparable transaction multiples
+
+## Workflow
+
+### Step 1: Transaction Setup
+
+**Transaction structure (China-specific):**
+
+| Structure | Description | Tax Impact |
+|-----------|-------------|------------|
+| 股权收购 | Acquirer buys target equity | 印花税 0.05% |
+| 资产收购 | Acquirer buys target assets | 增值税 + 契税 |
+| 吸收合并 | Target merged into acquirer | 印花税 on asset transfer |
+| 借壳上市 | Reverse merger / backdoor listing | Complex, case-specific |
+
+**Key terms:**
+
+| Term | Chinese | Notes |
+|------|---------|-------|
+| Purchase price | 交易对价 | Typically includes earnout |
+| Control premium | 控股权溢价 | 20-40% typical in China |
+| Earnout | 业绩承诺/对赌 | Common in China M&A |
+| Lock-up | 锁定期 | 12-36 months for sellers |
+| Stamp tax | 印花税 | 0.05% of deal value |
+| VAT | 增值税 | 6% on asset deals |
+| Deed tax | 契税 | 3-5% on real estate/assets |
+
+### Step 2: Sources & Uses
+
+**Sources:**
+
+| Source | Typical % | Notes |
+|--------|-----------|-------|
+| Cash on hand | 30-50% | Acquirer's existing cash |
+| Debt financing | 40-60% | Bank loans, bonds |
+| Equity issuance | 0-30% | 增发 / 定增 |
+| Seller financing | Variable | 卖方分期付款 common |
+
+**Uses:**
+
+| Use | Typical % | Notes |
+|-----|-----------|-------|
+| Equity purchase | 85-95% | 股权转让对价 |
+| Transaction fees | 2-4% | IB, legal, accounting |
+| 印花税 | 0.05% | Stamp tax |
+| 增值税 | 0-6% | On asset deals only |
+| Refinancing | Variable | Target debt repayment |
+
+### Step 3: Pro Forma Financials
+
+**Pro forma balance sheet:**
+- Acquirer BS + Target BS ± purchase accounting adjustments
+- Goodwill calculation
+- Debt assumption / payoff
+- Cash funding
+
+**Pro forma income statement:**
+
+| Line Item | Acquirer | Target | Pro Forma | Synergies | Adjusted |
+|-----------|----------|--------|-----------|-----------|----------|
+| Revenue | | | A+B | | |
+| COGS | | | | | |
+| Gross Profit | | | | | |
+| OpEx | | | | | |
+| EBIT | | | | | |
+| Interest | | | | | |
+| Taxes | | | | | |
+| Net Income | | | | | |
+
+**Synergy assumptions:**
+- Revenue synergies: cross-selling, pricing power (typically modest)
+- Cost synergies: headcount reduction, procurement savings, facility consolidation
+- Implementation costs: integration costs in first 1-2 years
+
+### Step 4: Accretion/Dilution Analysis
+
+**Per-share analysis:**
+
+```python
+Pro forma EPS = (Acquirer NI + Target NI + Synergies - Incremental Interest) / Pro forma Shares
+
+Accretion/(Dilution) = (Pro forma EPS / Acquirer Standalone EPS) - 1
+```
+
+**Typical thresholds:**
+- Accretive: >+2%
+- Neutral: -2% to +2%
+- Dilutive: <-2%
+
+**EPS accretion alone is insufficient** — also analyze:
+- Cash EPS impact
+- FCF per share impact
+- ROIC accretion
+- Strategic rationale
+
+### Step 5: Valuation Analysis
+
+**Football field:**
+
+| Method | Acquirer Standalone | Pro Forma | Premium Paid |
+|--------|--------------------:|----------:|-------------:|
+| Last price | | | |
+| 30-day VWAP | | | |
+| 90-day VWAP | | | |
+| Premium to peer median | | | |
+
+**Transaction multiples:**
+
+| Multiple | Acquirer | Target | Premium |
+|----------|----------|--------|---------|
+| EV/Revenue | | | |
+| EV/EBITDA | | | |
+| P/E | | | |
+
+### Step 6: China-Specific Considerations
+
+**Earnout / 业绩承诺:**
+- Very common in China M&A
+- Typically 3-year profit commitment
+- Compensation mechanism for shortfall
+- Impacts deal accounting and future earnings
+
+**Regulatory approval:**
+- 经营者集中申报 (SAMR merger control)
+- 外资安全审查 (if foreign buyer)
+- 行业主管部门批准 (sector-specific)
+- 反垄断审查 timeline: 180 days standard
+
+**Tax optimization:**
+- Step acquisition vs direct acquisition
+- Asset deal vs equity deal trade-offs
+- 特殊性税务处理 (special tax treatment) for restructuring
+
+**Share issuance:**
+- 定增 (private placement) approval process
+- Lock-up periods for new shares
+- Dilution impact calculation
+
+### Step 7: Scenario Analysis
+
+**Bear/Base/Bull scenarios:**
+
+- Revenue assumptions
+- Synergy realization
+- Integration costs
+- Financing costs
+
+### Step 8: Output
+
+**Standard merger model output:**
+
+| Scenario | Standalone EPS | Pro Forma EPS | Accretion | Pro Forma P/E | P/E Multiple Change |
+|----------|---------------|---------------|-----------|---------------|--------------------|
+| Bear | | | | | |
+| Base | | | | | |
+| Bull | | | | | |
+
+**Key outputs:**
+1. Accretion/dilution by scenario
+2. Pro forma financials
+3. Transaction multiples
+4. Synergy value estimate
+5. Strategic rationale summary
+
+## Quality Checks
+
+Before delivering:
+- [ ] Sources & Uses balance
+- [ ] Pro forma shares calculated correctly
+- [ ] Synergy assumptions documented
+- [ ] Accretion/dilution formula verified
+- [ ] Tax and fee assumptions appropriate for China
+- [ ] Regulatory considerations noted
+- [ ] Scenario analysis complete
+> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.
+> - `ifind-only` (strict): Use iFind only, error if unavailable
+> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
+> - `akshare-only`: Skip iFind, use AkShare only
+> - `wind-only`: Wind only, error if unavailable
+> - `wind-fallback`: Wind first, fallback to iFind → AkShare

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/investment-banking/skills/china-pitch-deck/SKILL.md

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+---
+name: china-pitch-deck
+description: Populate A-share investment banking pitch deck templates with data from source files. Adapted from the original pitch-deck skill for Chinese companies, A-share market data, and Chinese business context. Triggers on "A股Pitch Deck", "路演PPT", "pitch deck China", "pitch deck A-share", or "fill pitch template for [company]".
+---
+
+# china-pitch-deck
+
+## Purpose
+
+Populate **A股投行 Pitch Deck / 路演材料** templates with financial data, charts, and narrative for Chinese target companies.
+
+## Data Sources
+
+### Tier 0 — 万得 Wind（最全面付费数据）
+- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
+- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）
+- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
+- 密钥申请：https://aifinmarket.wind.com.cn/#/home
+
+### Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
+
+```python
+get_stock_info(ticker)                        → Company overview
+get_quote(ticker)                            → Current valuation, multiples
+get_historical_data(ticker)                  → Stock performance chart data
+get_financials(ticker, "income", "annual")    → Revenue, profit trends
+get_financials(ticker, "balance", "annual")   → Balance sheet
+get_financials(ticker, "cashflow", "annual")  → Cash flow
+get_industry_stocks(industry="...")            → Peer companies
+```
+
+### Secondary Sources
+
+- **巨潮资讯** — annual reports, IR presentations
+- **公司官网** — investor relations materials
+- **券商研报** — existing research for reference
+- **Wind / Choice** — comprehensive data
+
+## Workflow
+
+### Step 1: Understand the Template
+
+**Typical A-share pitch deck sections:**
+
+| Slide # | Section | Content |
+|---------|---------|---------|
+| 1 | Cover | Company name, ticker, transaction overview |
+| 2 | Executive Summary | Investment highlights, valuation summary |
+| 3 | Company Overview | Business model, history, structure |
+| 4 | Industry Overview | Market size, trends, policy |
+| 5 | Competitive Landscape | Market share, positioning |
+| 6 | Financial Summary | Revenue, profit, margins (historical) |
+| 7 | Operating Metrics | Key KPIs by segment |
+| 8 | Trading Comparables | Peer multiples, dispersion |
+| 9 | Precedent Transactions | Comparable M&A |
+| 10 | DCF Valuation | Football field, sensitivity |
+| 11 | Transaction Rationale | Why now, why this buyer |
+| 12 | Risks & Mitigations | Key risks and how to address |
+
+### Step 2: Gather Data
+
+**For each section, pull required data:**
+
+```python
+# Company data
+get_stock_info(ticker)
+get_quote(ticker)
+
+# Financial history
+get_financials(ticker, "income", "annual")
+get_financials(ticker, "balance", "annual")
+get_financials(ticker, "cashflow", "annual")
+
+# Peer data
+peers = get_industry_stocks(industry="...")
+for peer in peers:
+    get_quote(peer["代码"])
+    get_financials(peer["代码"], "income", "annual")
+```
+
+### Step 3: Populate Each Slide
+
+**Slide-by-slide guidelines:**
+
+#### Slide 1: Cover
+- Company name and logo
+- Stock code and listing board
+- Transaction description
+- Date and confidentiality
+
+#### Slide 2: Executive Summary
+- 3-5 investment highlights
+- Key financial metrics (revenue, profit, growth)
+- Valuation summary (range, midpoint)
+- Recommendation
+
+#### Slide 3: Company Overview
+- Business description (主营业务)
+- History and milestones
+- Organizational structure
+- Management team
+- Geographic footprint
+
+#### Slide 4: Industry Overview
+- Market size and growth (市场规模, 增速)
+- Key trends (发展趋势)
+- Policy environment (政策环境)
+- A-share sector context
+
+#### Slide 5: Competitive Landscape
+- Market share map
+- Competitive positioning
+- Key competitors with comparison table
+- Competitive advantages (竞争优势)
+
+#### Slide 6: Financial Summary
+- Revenue and profit history (3-5 years)
+- Margin trends
+- Growth rates
+- Key ratio trends
+
+#### Slide 7: Operating Metrics
+- Segment revenue breakdown
+- Volume/unit metrics
+- Capacity/utilization
+- Quality metrics (ROE, FCF)
+
+#### Slide 8: Trading Comparables
+- Peer comparison table
+- Scatter plot (Growth vs Multiple)
+- Multiple dispersion analysis
+- Where target trades vs peers
+
+#### Slide 9: Precedent Transactions
+- Comparable China M&A deals
+- Transaction multiples
+- Premiums paid
+- Strategic rationale
+
+#### Slide 10: DCF & Football Field
+- DCF valuation summary
+- Football field chart
+- Sensitivity tables
+- Target price range
+
+#### Slide 11: Transaction Rationale
+- Strategic fit
+- Synergy potential
+- Why now
+- Value creation plan
+
+#### Slide 12: Risks
+- Key risk factors
+- Mitigation strategies
+- Probability and impact assessment
+
+### Step 4: Design & Formatting
+
+**Design principles:**
+- Consistent with firm's pitch deck template
+- Clean, professional appearance
+- Data-driven, not text-heavy
+- Key numbers prominent
+- Charts simple and readable
+
+**China-specific formatting:**
+- 人民币 (CNY) as currency
+- A-share terminology (主板/创业板/科创板)
+- Chinese company names with tickers
+- Policy context where relevant
+
+### Step 5: Quality Check
+
+**Before finalizing:**
+- [ ] All data sourced from 巨潮 / AkShare
+- [ ] Charts readable and properly labeled
+- [ ] Numbers consistent across slides
+- [ ] Valuation analysis sound
+- [ ] Design consistent with template
+- [ ] Confidentiality marked
+- [ ] All citations included
+
+## China-Specific Pitch Considerations
+
+### Transaction Context
+
+| Transaction Type | A-share Considerations |
+|-----------------|------------------------|
+| 借壳上市 (Backdoor listing) | Shell company analysis, regulatory timeline |
+| 吸收合并 (Merger) | Exchange ratio, shareholder approval |
+| 重大资产重组 (Major asset restructuring) | CSRC review, disclosure requirements |
+| 私有化 (Take-private) | Premium required, relisting timeline |
+| 产业并购 (Strategic M&A) | Synergy focus, anti-monopoly review |
+
+### Valuation Benchmarks
+
+**A-share M&A premiums:**
+- Control premium: 20-40% typical
+- Strategic premium: 30-50%
+- Take-private: 30-50% minimum
+- Distressed: varies widely
+
+**Comparable multiples (China):**
+- EV/Revenue: 2-10x (varies by sector)
+- EV/EBITDA: 6-15x (typical for industrials)
+- P/E: 10-40x (sector dependent)
+
+### Regulatory Context
+
+**Key regulations to reference:**
+- 《上市公司重大资产重组管理办法》
+- 《上市公司收购管理办法》
+- 反垄断审查 (SAMR)
+- 经营者集中申报 thresholds
+
+## Quality Checks
+
+Before delivering:
+- [ ] All financial data sourced and accurate
+- [ ] Valuation analysis complete
+- [ ] Charts and tables populated correctly
+- [ ] Design consistent with template
+- [ ] China-specific context included
+- [ ] Risk factors appropriate
+- [ ] Confidentiality marked
+> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.
+> - `ifind-only` (strict): Use iFind only, error if unavailable
+> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
+> - `akshare-only`: Skip iFind, use AkShare only
+> - `wind-only`: Wind only, error if unavailable
+> - `wind-fallback`: Wind first, fallback to iFind → AkShare

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/investment-banking/skills/china-process-letter/SKILL.md

@@ -0,0 +1,249 @@
+---
+name: china-process-letter
+description: Draft process letters and bid instructions for A-share sell-side M&A processes. Covers indication of interest (IOI) instructions, final bid procedures, and management meeting logistics adapted for Chinese market conventions. Triggers on "A股流程函", "投标函", "process letter China", "bid instructions A-share", or "IOI instructions [company]".
+---
+
+# china-process-letter
+
+## Purpose
+
+Draft **A股并购流程函/投标函** for sell-side M&A processes — bid instructions, IOI guidelines, and process correspondence.
+
+## Data Sources
+
+### Tier 0 — 万得 Wind（最全面付费数据）
+- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
+- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）
+- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
+- 密钥申请：https://aifinmarket.wind.com.cn/#/home
+
+### Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
+
+## Transaction Types
+
+| Process Type | Description | Documentation |
+|-------------|-------------|---------------|
+| 协议转让 | Private agreement transfer | 股份转让协议 |
+| 要约收购 | General/partial offer | 要约收购报告书 |
+| 竞标 | Competitive bidding | IOI → FLA → Final bid |
+| 吸收合并 | Merger | 合并协议 |
+| 重大资产重组 | Major asset restructuring | 重组报告书 |
+
+## Workflow
+
+### Step 1: Determine Letter Type
+
+**Common process letters:**
+
+| Letter | Timing | Purpose |
+|--------|--------|---------|
+| 第一轮意向函 (IOI) | Initial interest | Non-binding indication |
+| 第二轮报价函 (FLA / FBO) | After management meeting | Detailed financial bid |
+| 最终投标函 (Final bid) | Final round | Best and final offer |
+| 管理层会议邀请 | Pre-FLA | Management presentation |
+| 数据室访问邀请 | Due diligence | Data room access |
+| 流程时间表 | Process start | Timeline and milestones |
+
+### Step 2: Draft IOI Instructions
+
+**Standard IOI letter structure:**
+
+```
+【机密】
+
+致：[潜在买方名称]
+
+关于：[目标公司名称] 股权转让/收购项目
+
+第一轮意向函 (IOI) 指引
+
+一、项目概述
+   [Transaction overview, anonymized if teaser phase]
+
+二、IOI 要求
+   1. 格式要求
+      - 非binding意向
+      - 不超过[X]页
+      - 中文或英文均可
+
+   2. 内容要求
+      - 买方背景介绍
+      - 交易兴趣表达
+      - 初步估值区间
+      - 交易结构设想
+      - 预计时间表
+
+   3. 提交要求
+      - 截止时间：[Date] [Time]
+      - 提交方式：[Email / Data room]
+      - 联系人：[Name, Title, Contact]
+
+三、交易时间表
+   Phase 1: IOI 提交 — [Date]
+   Phase 2: 筛选/会议邀请 — [Date]
+   Phase 3: 管理层会议 — [Date]
+   Phase 4: FLA 提交 — [Date]
+   Phase 5: 尽调访问 — [Date range]
+   Phase 6: 最终投标 — [Date]
+   Phase 7: 交易完成 — [Date target]
+
+四、保密条款
+   [Standard NDA reference]
+
+五、联系方式
+   [Advisor contact details]
+```
+
+### Step 3: Draft FBO Instructions
+
+**Second-round bid requirements:**
+
+```
+第二轮报价函 (FBO) 指引
+
+一、FBO 要求
+   1. 必须包含内容:
+      - 估值及定价依据
+      - 交易结构 (股权/资产/组合)
+      - 资金来源说明
+      - 交易确定性评估
+      - 预计交割时间
+      - 先例条件 (conditions precedent)
+
+   2. 估值支持:
+      - DCF分析
+      - 可比交易
+      - 交易倍数
+
+   3. 交易结构:
+      - 收购比例
+      - 对价支付方式 (现金/股份/组合)
+      - 锁定期安排
+      - 业绩承诺 (如适用)
+
+二、格式要求
+   - [X]页以内
+   - Excel估值模型附件
+   - 签字页
+
+三、截止时间
+   [Date] [Time] (逾期不予受理)
+```
+
+### Step 4: Draft Management Meeting Invitation
+
+**Management meeting logistics:**
+
+```
+管理层会议邀请
+
+尊敬的[买方名称]:
+
+我们诚挚邀请贵方参加[目标公司]管理层会议。
+
+时间：[Date] [Time]
+地点：[Address / Online platform]
+形式：[In-person / Virtual / Hybrid]
+
+议程:
+  1. 管理层介绍 (公司历史, 战略, 愿景)
+  2. 业务深度介绍 (分业务线)
+  3. 财务回顾与展望
+  4. Q&A环节
+
+参会管理层:
+  - [CEO] — 公司战略
+  - [CFO] — 财务回顾
+  - [COO / 业务负责人] — 运营介绍
+
+材料准备:
+  - 管理层演示材料 (会前提供)
+  - 问题清单 (会前收集)
+
+注意事项:
+  - 保密协议有效期内
+  - 材料仅限内部使用
+  - 会后24小时内提交问题清单
+```
+
+### Step 5: Transaction Timeline
+
+**Standard A-share M&A timeline:**
+
+```
+交易时间表
+
+Phase 1: 项目启动
+  - Teaser distribution
+  - NDA execution
+  - IOI submission
+
+Phase 2: 初步筛选
+  - IOI review
+  - 买方筛选 (通常3-5家)
+  - 第一轮会议
+
+Phase 3: 深度尽调
+  - Management meetings
+  - Data room access (数据室)
+  - Management presentations
+  - Site visits (如需)
+
+Phase 4: 最终投标
+  - FBO submission
+  - 卖方评估
+  - 排他性谈判 ( exclusivity )
+
+Phase 5: 交易执行
+  - 确定性协议 (SPA)
+  - 尽调完成
+  - 监管审批 (如需)
+  - 交割 (Closing)
+```
+
+## China-Specific Process Considerations
+
+### Regulatory Timeline
+
+| Approval | Authority | Timeline |
+|----------|-----------|----------|
+| 经营者集中申报 | SAMR (State Administration for Market Regulation) | 180 days standard |
+| 上市公司收购 | CSRC (if listed target) | Varies |
+| 外资安全审查 | MOFCOM / NDRC | 30-60 days |
+| 国有股权转让 | 国资委 / 产权交易所 | 30-90 days |
+| 反垄断审查 | SAMR | 60-180 days |
+
+### NDA Requirements
+
+**Chinese NDA considerations:**
+- 适用法律: typically PRC law
+- 争议解决: typically 中国国际经济贸易仲裁委员会 (CIETAC)
+- 保密期限: typically 2-5 years
+- 返还/销毁条款: standard
+- 禁止招揽 (no-poach): often included
+
+### Data Room (数据室)
+
+**Common data room content for A-share targets:**
+
+| Category | Documents |
+|----------|-----------|
+| 公司治理 | 公司章程, 三会议事规则 |
+| 财务 | 审计报告, 内控报告, 预算 |
+| 业务 | 重大合同, 客户列表, 供应商列表 |
+| 法律 | 诉讼, 仲裁, 行政处罚 |
+| 人事 | 劳动合同, 股权激励, 社保 |
+| 资产 | 土地使用权, 房产证, 知识产权 |
+| 税务 | 税务合规证明, 纳税记录 |
+| 关联方 | 关联交易清单, 担保情况 |
+
+## Quality Checks
+
+Before sending:
+- [ ] Letter type appropriate for process stage
+- [ ] Timeline realistic and complete
+- [ ] Regulatory approval steps included
+- [ ] Confidentiality clearly stated
+- [ ] Contact information correct
+- [ ] Formatting professional
+- [ ] Language appropriate for audience