| name | china-cim-builder |
| description | Structure and draft Confidential Information Memorandums (CIMs) for A-share sell-side M&A processes. Organizes company information into professional, investor-ready documents with Chinese market context. Triggers on "A股CIM", "保密信息备忘录", "CIM China", "confidential memorandum A-share", or "offering memorandum [company]". |
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
Tier 0 — 万得 Wind（最全面付费数据）
Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
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:
- Company overview: From 巨潮 annual report + AkShare
- Financials: From AkShare / 巨潮 (3-5 years)
- Industry: From research reports, industry data
- Competitive position: Peer comparison via AkShare
- Management: From 年报 / 公司官网
- 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:
Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.
ifind-only (strict): Use iFind only, error if unavailableifind-fallback (default): iFind preferred, fallback to AkShareakshare-only: Skip iFind, use AkShare onlywind-only: Wind only, error if unavailablewind-fallback: Wind first, fallback to iFind → AkShare
