# China Merger Model

> 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]".

- **Type:** Skill
- **Install:** `agentstack add skill-eitazhou10-opencode-for-financial-services-cn-china-merger-model`
- **Verified:** Yes — security-reviewed for prompt injection and unsafe behavior
- **Seller:** [eitazhou10](https://agentstack.voostack.com/s/eitazhou10)
- **Installs:** 0
- **Category:** [Agent Skills](https://agentstack.voostack.com/c/agent-skills)
- **Latest version:** 0.1.0
- **License:** Apache-2.0
- **Upstream author:** [eitazhou10](https://github.com/eitazhou10)
- **Source:** https://github.com/eitazhou10/opencode-for-financial-services-cn/tree/main/skills/china-merger-model

## Install

```sh
agentstack add skill-eitazhou10-opencode-for-financial-services-cn-china-merger-model
```

Requires the [AgentStack CLI](https://agentstack.voostack.com/docs/cli). Works with Claude Code, Cursor, and any MCP-compatible agent.

## About

# 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:  **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

## Source & license

This open-source skill is cataloged on AgentStack and links to its original source — we do not rehost the code.

- **Author:** [eitazhou10](https://github.com/eitazhou10)
- **Source:** [eitazhou10/opencode-for-financial-services-cn](https://github.com/eitazhou10/opencode-for-financial-services-cn)
- **License:** Apache-2.0

Install and usage instructions live in the source repository linked above.

## Pricing

- **Free** — Free

## Security capabilities

Automated source analysis of v0.1.0 — what this tool can access:

- **Network access:** no
- **Filesystem access:** no
- **Shell / process execution:** no
- **Environment & secrets:** no
- **Dynamic code execution:** no

*"Yes" means the capability is present in the source — more access means more to trust, not that it is unsafe.*


## Versions

- **0.1.0** — security scan: passed — Imported from the upstream source.

## Links

- Listing page: https://agentstack.voostack.com/l/skill-eitazhou10-opencode-for-financial-services-cn-china-merger-model
- Seller: https://agentstack.voostack.com/s/eitazhou10
- Browse the marketplace: https://agentstack.voostack.com/browse

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