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风险投资-创业者避险之回购条款-兼评荔枝FM融资中的回购条款

2020-02-23 14:54阅读：

http://blog.sina.cn/dpool/blog/u/3593296694


一、荔枝融资文件中的回购条款
根据荔枝FM（“荔枝”）F1表格披露的信息，荔枝从成立至上市前，共完成了7轮融资，合计融资金额接近5000万美元，其中，关于投资人股权回购的安排概括如下：
At any time on or after the earlier of: (i) the Redemption Start Date for each series of preferred shares; or (ii) the date on which a holder of any equity securities of the Company has requested a redemption of its shares, and subject to the law, at the option of a holder of the preferred shares, the Company shall redeem all or any part of the outstanding preferred shares held by the requesting holder as elected by such holder out of funds legally available th
erefor including capital, at the redemption price. “Redemption Start Date” means (i) with respect to the Series C1+, D and D1 preferred shares, December 31, 2020; (ii) with respect to the Series A, B, C and C1 preferred shares, December 31, 2018.
The Series A redemption price shall be equal to the greater of (i) an amount equal to: Series A issue price * 2, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series A Shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series A Shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series B redemption price shall be equal to the greater of (i) an amount equal to: Series B issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series B original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series B shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series B shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series C redemption price shall be equal to the greater of (i) an amount equal to: Series C issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series C1 redemption price shall be equal to the greater of (i) an amount equal to: Series C1 issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C1 original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C1 shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C1 shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series C1+ redemption price shall be equal to the greater of (i) an amount equal to: Series C1+ issue price * (1.20)N, N = a fraction, the numerator of which is the number of calendar days between the Series C1+ original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series C1+ shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series C1+ shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series D redemption price shall be equal to the greater of (i) an amount equal to: Series D issue price * (1.10)N, N = a fraction, the numerator of which is the number of calendar days between the Series D original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series D shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series D shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
The Series D1 redemption price shall be equal to the greater of (i) an amount equal to: Series D1 issue price * (1.10)N, N = a fraction, the numerator of which is the number of calendar days between the Series D1 original issue date and the redemption date and the denominator of which is 365, plus all declared but unpaid dividends thereon up to the date of redemption, proportionally adjusted for share subdivisions, share dividends, reorganizations, reclassifications, consolidations or mergers; or (ii) the fair market value of the Series D1 shares, the valuation of which shall be determined through an independent appraisal performed by an appraiser selected jointly by the Board and the holders of at least a majority of outstanding Series D1 shares; provided that such valuation shall not take into account any liquidity or minority interest discounts.
Upon issuance of Series D preferred shares, redemption dates and liquidation prices for Series A, B, C and C1 preferred shares were changed to be aligned with the terms stipulated in the Share Purchase Agreement of Series D preferred shares. Based on the independent valuations, the Group compared the fair value of Series A, B, C and C1 preferred shares immediately before and after the modifications, and it’s determined that the changes of the fair value was lower than 10%, therefore, the changes to redemption dates and liquidation prices should be accounted for as modification to related preferred shares.
二、对荔枝回购条款的评论
1、回购期限
根据荔枝F1表格披露的信息，荔枝七轮融资中，前四轮融资的回购日期是2018年12月31日，后三轮融资的回购日期是2020年12月31日。考虑到荔枝A轮融资在2011年5月即已交割，到2018年12月31日，回购期限长达7年，根据境内交易的惯例，可以推测荔枝A轮融资的回购期限在后轮次融资中被推迟了。而后轮次的融资，最短的D1轮融资的回购期限只有3年，在后轮次融资中，尤其是pre-IPO轮的融资，因为企业临近IPO，故回购日期设置的较短，属于常规安排。荔枝回购条款中国回购日期安排给我们的启示是，如果作为公司律师，为避免过早触发回购条款，应争取推迟前轮次投资人的回购日期，将前轮投资的回购日期与最新一轮投资人的回购日期拉平，但受限于人民币基金的存续期，可能无法持续推迟，强势的投资人可能直接拒绝推迟回购日。
2、回购价格
根据荔枝F1表格披露的信息，A轮融资的回购价格为2倍投资价款或市场评估价孰高，评估机构应由董事会和A轮投资人确定。B轮融资的回购价格投资价款加20%年化收益或市场评估价孰高，评估机构应由董事会和B轮投资人确定。C轮、C1轮、C1+轮回购价格确定机制与B轮相同。D轮融资的回购价格为投资价款加10%的年化收益或市场评估价孰高，评估机构应由董事会和D轮投资人确定。D1轮回购价格确定机制与D轮相同。
根据王律师近期经手的交易，较为惯常的回购利率为年化单利8%至12%，因此，荔枝早轮投资的回购利率远高于近期市场上的回购利率，如果按照常规的五年回购期限测算，荔枝A轮投资人的年化收益率为20%（单利），而后轮次10%的回购利率则属于市场惯例。除了直观的利率外，还有一个重要的细节，即单利或复利，适用不同的利率计算方法，最终回购价款差异很大，尤其是在回购期限较长的情况下。以荔枝为例，B轮融资在2012年5月交割，融资金额为250万美元。为方便计算，假设2018年5月对应B轮交割日为回购日，回购期限为6年。如果按照单利20%计算，荔枝的回购主体应支付给晨兴资本的回购价款为融资金额×2.2=550万美元。如果按照复利20%计算，回购应支付的回购价款为融资金额×（1+20%）6=746.5万美元，相差近200万美元。
3、回购主体
荔枝F1表格中披露的各轮次融资的回购方均为公司，未将创始人列为连带回购义务人。就王律师所见，在早轮次的人民币交易中，大部分交易都将公司和创始人列为连带回购义务人，当然为保护创始人，公司律师会设置种种机制，比如责任顺位、回购价格限制、回购情形限制等等。在后轮次的人民币交易中，随着公司的壮大，创始人谈判实力增强，有些交易中，创始人不再承担回购义务。而在美元交易中，尤其是美国西海岸的交易惯例中，创始人一般不承担回购义务，但在王律师所见中国公司的美元融资交易文件中，创始人承担回购义务的交易并不鲜见。
就公司承担回购义务的可操作性问题，在境内的司法实践中，中国法院对公司承担回购义务的态度从海富案不支持转变为到年江苏高院“江苏华工创业投资有限公司与扬州锻压机床股份有限公司、潘云虎等请求公司收购股份纠纷案”中的有条件支持，司法机关的态度发生了较大转变，即认为如果回购不存在法律上的障碍且充分了履行了相关程序，可以得到法院的支持。其中，最主要的程序事项是履行减资程序，而根据中国公司法的规定，减资是法定的三分之二事项，因此投资人的退出，还需要其他股东的支持，因此，如果作为投资人律师，应在交易文件中明确规定全体股东的回购配合义务，即配合公司完成减资的程序，否则回购难以操作。而作为公司律师，为避免创始人一旦创业失败，背负沉重的债务，应尽可能在谈判中争取排除创始人的回购义务，如果投资人坚持，应从各方面严格限制创始人的回购责任。
4、回购情形
荔枝F1表格中披露的回购情形包括未在回购日前上市以及任一投资人主张回购权。从王律师的经验来看，荔枝的回购条款在回购情形上是非常友好的，回购情形很窄，但王律师也曾在交易中遇到过更友好的情形，即公司和创始人完全不承担回购义务，但这种情况较为罕见，除非公司和创始人具备强大的议价能力，在市面上属于众人追捧的投资。一般而言，人民币的交易文件中规定的回购情形宽于美元交易文件中的回购情形。除了上述两种情形，惯常的回购情形还包括创始人重大违约、创始人故意或重大过失给公司造成重大损失、重大不利变化等，王律师曾见过多达十五种回购情形境内交易文件。一般而言，如果回购期限太短或者回购的情形太宽泛，该笔投资的性质几乎等同于贷款，不符合风险投资的本质，作为公司律师的时候，应尽可能删减回购情形。
5、资金分配
荔枝F1表格中披露的是分配方案是，在资金不足的情况下爱，D轮投资人先分配，然后由前轮次投资人按照相对持股比例分配。就王律师的交易经验，通常而言，资金不足时候的分配，按照先后顺序，后轮次先分配，前轮次再分配。但在后轮次交易中，如果完全按照先后顺序的分配原则，早轮投资人可能无法获得任何分配，导致早轮投资人的回购权名存实亡，因此，为平衡不同轮次投资人之间的利益，一定程度上牺牲后轮次投资人的利益，采取按照相对持股比例的方式分配，但是如果后轮次投资人坚持先来后到，前轮投资人也别无他法。
三、结语
回购条款是悬在创始人头顶的达摩克利斯之剑，时刻提醒创始人忠实履行受托人责任，兢兢业业，尽最大努力为股东创造价值，实现投资人的投资目的。回购条款一旦被触发，将对创始人产生强大的杀伤力，俏江南便是一个鲜活的例子，创业者在与投资人的谈判中，对待回购条款应该慎之又慎，避免给自己加上这道紧箍咒。


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