# China Dd Checklist

> Due diligence checklists for A-share investments and M&A transactions. Adapted from the original dd-checklist skill for Chinese market due diligence requirements, regulatory filings, and business practices. Triggers on "A股尽调清单", "尽调清单", "due diligence China", "DD checklist A-share", "尽调checklist [company]", or "due diligence questions [company]".

- Skill: `jwangkun/china-dd-checklist` (Agent Skill)
- Install (CLI): `npx skillmds@latest add jwangkun/china-dd-checklist`
- Raw SKILL.md: https://api.skillmd.com/api/skills/jwangkun/china-dd-checklist/raw
- Safety review: pending
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: Coding & Dev Tools
- Author: jwangkun (https://skillmd.com/u/jwangkun)
- Updated: 2026-09-17
- Page: https://skillmd.com/skills/jwangkun/china-dd-checklist

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# china-dd-checklist

## Purpose

Provide comprehensive **A股及中国市场尽调清单** — structured checklists for investment and M&A due diligence.

## DD Categories

### 1. 商业尽调 (Commercial DD)

**Industry & Market:**
- [ ] Market size and growth trajectory
- [ ] Competitive landscape (5-10 peers mapped)
- [ ] Market share trends
- [ ] Customer concentration
- [ ] Supplier concentration
- [ ] Pricing power assessment
- [ ] Barriers to entry
- [ ] Technology disruption risk

**Business Model:**
- [ ] Revenue model clarity and sustainability
- [ ] Customer acquisition channels
- [ ] Unit economics (if applicable)
- [ ] Revenue recognition policy
- [ ] Seasonality patterns
- [ ] Geographic diversification
- [ ] Product pipeline
- [ ] Dependency on key customers/suppliers

**Operations:**
- [ ] Capacity utilization
- [ ] Supply chain resilience
- [ ] Quality control systems
- [ ] Operational efficiency benchmarks
- [ ] Key operational metrics
- [ ] Technology infrastructure

### 2. 财务尽调 (Financial DD)

**Historical Financials:**

| Item | Source | Verification |
|------|--------|-------------|
| 审计报告 (Audit reports) | 巨潮 | Check audit opinion |
| 财务报表 (Financial statements) | 巨潮 | Cross-check against filings |
| 关联交易 (Related party) | 年报附注 | Identify and quantify |
| 政府补助 (Subsidies) | 利润表附注 | Normalize earnings |
| 资产减值 (Impairments) | 利润表 | One-time vs recurring |
| 收入确认 | 年报附注 | Policy assessment |

**Quality of Earnings:**
- [ ] Revenue quality (cash vs accrual)
- [ ] Operating cash flow vs net income
- [ ] One-time items identified and quantified
- [ ] Non-recurring gains/losses
- [ ] Accounting policy changes
- [ ] Earnings management indicators

**Balance Sheet:**
- [ ] Cash and cash equivalents confirmed
- [ ] Receivables aging and adequacy of allowance
- [ ] Inventory valuation and obsolescence
- [ ] Fixed asset verification
- [ ] Intangible assets and goodwill
- [ ] Debt schedule (all borrowings)
- [ ] Off-balance sheet items
- [ ] Contingent liabilities

**Cash Flow:**
- [ ] Operating CF reconciliation
- [ ] CapEx sustainability
- [ ] Free cash flow calculation
- [ ] Working capital trends
- [ ] Non-recurring CF items

### 3. 法律尽调 (Legal DD)

**Corporate:**
- [ ] 营业执照 (Business license) validity
- [ ] 公司章程 (Articles of association)
- [ ] 股权结构 (Shareholding structure) — clean cap table
- [ ] 历史沿革 (Corporate history) — any irregularities
- [ ] 子公司/分公司 (Subsidiaries/branches) — complete list
- [ ] 对外投资 (External investments)

**Compliance:**
- [ ] Tax compliance (税务合规) — past 3 years
- [ ] Social insurance (社保) compliance
- [ ] Environmental compliance (环保)
- [ ] Industry-specific licenses (行业资质)
- [ ] Import/export licenses
- [ ] Quality certifications

**Contracts:**
- [ ] Material contracts (>5% revenue)
- [ ] Customer contracts (concentration risk)
- [ ] Supplier contracts
- [ ] Loan agreements
- [ ] Lease agreements
- [ ] IP licensing agreements
- [ ] Joint venture agreements
- [ ] Guarantees and commitments

**Litigation:**
- [ ] Pending litigation (诉讼)
- [ ] Arbitration cases (仲裁)
- [ ] Administrative penalties (行政处罚)
- [ ] Labor disputes
- [ ] IP disputes

**IP:**
- [ ] Patent portfolio (专利)
- [ ] Trademark registrations (商标)
- [ ] Copyright registrations (著作权)
- [ ] Domain names
- [ ] Software licenses

### 4. 税务尽调 (Tax DD)

| Area | Checklist |
|------|-----------|
| 企业所得税 | Filing compliance, deductions, incentives |
| 增值税 | Filing compliance, input VAT |
| 附加税 | Surcharges compliance |
| 个人所得税 | Withholding compliance |
| 社保/公积金 | Payment compliance |
| 税收优惠 | Qualification for 高新技术企业 etc. |
| 转让定价 | Related party pricing |
| 历史欠税 | Outstanding tax disputes |

### 5. 人力资源尽调 (HR DD)

| Area | Checklist |
|------|-----------|
| 劳动合同 | Employment agreements standard |
| 社保/公积金 | Compliance and amounts |
| 股权激励 | ESOP schemes, vesting, dilution |
| 核心员工 | Key person dependencies |
| 竞业限制 | Non-compete agreements |
| 裁员历史 | Any mass layoffs or disputes |
| 工会/协会 | Union affiliations |

### 6. 环境尽调 (Environmental DD)

| Area | Checklist |
|------|-----------|
| 环评批复 | Environmental impact assessment |
| 排污许可 | Discharge permits |
| 环保处罚 | Past violations |
| 土壤/地下水 | Contamination risk |
| 能耗指标 | Energy consumption, efficiency |
| 碳中和 | Carbon footprint, compliance |

### 7. IT / 网络安全尽调

| Area | Checklist |
|------|-----------|
| 系统架构 | IT infrastructure overview |
| 数据安全 | Data protection measures |
| 网络安全 | Cybersecurity assessment |
| 等保合规 | Level of protection compliance |
| 数据隐私 | PIPL compliance |
| 业务连续性 | Disaster recovery plans |

### 8. 行业特殊尽调

| Industry | Special DD Items |
|----------|-----------------|
| 医药 | GMP, clinical trial data, drug approvals |
| 金融 | Regulatory licenses, capital adequacy |
| 房地产 | Land ownership, 预售证, land reserves |
| 新能源 | Technology patents, subsidy dependency |
| 互联网 | ICP license, data compliance, user agreements |
| 制造 | Quality certifications, supply chain |

## China-Specific DD Considerations

### Regulatory Environment

| Regulation | DD Relevance |
|-----------|--------------|
| 公司法 | Corporate governance |
| 证券法 | If considering public listing |
| 反垄断法 | M&A approval thresholds |
| 数据安全法 | Data handling compliance |
| 个人信息保护法 | Privacy compliance |
| 环保法 | Environmental liability |
| 税法 | Tax compliance and optimization |

### Common Red Flags

| Red Flag | Investigation Required |
|----------|----------------------|
| 实际控制人不明 | Ownership verification |
| 大量关联交易 | Related party transaction analysis |
| 大股东高比例质押 | Share pledge risk |
| 频繁变更审计师 | Accounting quality concern |
| 大额政府补助依赖 | Earnings quality concern |
| 商誉占净资产 >30% | Impairment risk |
| 行政处罚频繁 | Compliance culture |
| 核心人员流失 | Management stability |

## Quality Checks

Before delivering DD report:
- [ ] All categories addressed
- [ ] Sources verified (巨潮, filings)
- [ ] Red flags identified and investigated
- [ ] Material risks quantified
- [ ] Recommendations clear
- [ ] All findings documented