china-cim-builder

Business

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]".

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Source SKILL.md: https://github.com/jwangkun/claude-for-financial-services-cn/blob/HEAD/vertical-plugins/investment-banking/skills/china-cim-builder/SKILL.md

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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）

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）

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:

Confidentiality notices prominent
All financial data sourced
Industry context complete
Risk factors comprehensive
Valuation analysis sound
Regulatory items flagged
Formatting professional
No identifying information leaked (if teaser phase)

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