china-teaser

china-teaser

Purpose

Draft A股并购盲审Teaser / teaser for sell-side M&A processes — anonymous one-page profiles designed to gauge buyer interest before NDA execution.

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）

# Anonymized financial metrics
get_industry_stocks(industry="...")     → Industry context, peer benchmarks
get_quote(ticker)                       → Valuation ranges (anonymized)
get_financials(ticker, "income")        → Revenue, margins (anonymized)

Secondary Sources

• 巨潮 — target company filings (anonymized data extraction)
• Wind / Choice — industry benchmarks
• 券商研报 — sector overviews for context

Workflow

Step 1: Anonymize Target Information

Strip identifying information:

• Company name → "Leading [Industry] Player"
• Ticker → "[Listing Board] -listed Company"
• Exact location → "Headquartered in [Region]"
• Specific products → Product categories only
• Customer names → "Major domestic/international clients"
• Management names → Titles only

Preserve:

• Industry/sector
• Revenue scale (ranges)
• Margin profile
• Growth trajectory
• Market position (leader/challenger)
• Geographic footprint (regions, not cities)
• Deal rationale

Step 2: Structure the Teaser

Standard A-share teaser format:

[CONFIDENTIAL — FOR DISCUSSION PURPOSES ONLY]

[ANONYMOUS TARGET]
[Industry Category] | [Listing Board] | [Region]

═══════════════════════════════════════════

INVESTMENT HIGHLIGHTS

• Leading position in [industry] with ~[X%] market share
• Revenue of ~[XX]亿 RMB with [XX%] YoY growth
• [Gross/Operating] margin of [XX%], above sector average
• Strong [competitive advantage: brand/technology/distribution]
• Established [customer base / channel network / R&D platform]
• Attractive valuation at [X]x EV/EBITDA vs peers at [Y]x

═══════════════════════════════════════════

COMPANY OVERVIEW

Business: [Description without names]
Founded: [Year]
Headquarters: [Region]
Employees: ~[XXX]
Listing: [Board] since [Year]

Core Business:
• [Segment 1]: [XX%] of revenue
• [Segment 2]: [XX%] of revenue
• [Segment 3]: [XX%] of revenue

═══════════════════════════════════════════

MARKET POSITION

• #X player in China [industry] market (~[XX]亿 RMB TAM)
• Strong presence in [region/segment]
• Key competitive advantages: [bullet points]
• [XX%] market share in core segment

═══════════════════════════════════════════

FINANCIAL SNAPSHOT

(RMB 亿元)

                   2022    2023    2024E
Revenue            XX      XX      XX
YoY Growth         XX%     XX%     XX%
Gross Profit       XX      XX      XX
Gross Margin       XX%     XX%     XX%
EBITDA             XX      XX      XX
EBITDA Margin      XX%     XX%     XX%
Net Income         XX      XX      XX
Net Margin         XX%     XX%     XX%

═══════════════════════════════════════════

TRANSACTION RATIONALE

• Industry consolidation opportunity — top [X] players control [XX%]
• Synergies: [cost savings / revenue enhancement]
• Attractive valuation vs transaction comps
• Strong [cash flow / growth] supporting leverage capacity

═══════════════════════════════════════════

CONFIDENTIALITY
This teaser is prepared solely for discussion purposes and is subject to a
Non-Disclosure Agreement. All information is provided on a confidential basis
and may not be reproduced or distributed without prior written consent.

[Advisor Name] | [Date]

Step 3: Financial Anonymization

Ranges to use:

Actual	Display As
15.2亿	~15亿
23.7亿	~20-25亿
156.3亿	~150亿
0.98%	~1%
15.23%	~15%

Multiple rounding:

• 8.3x → ~8x
• 12.7x → ~12-13x
• 23.45x → ~23x

Step 4: Design

Layout:

• Single page (A4 or letter)
• Clean, professional design
• Firm branding (logo, colors)
• No company-specific imagery
• Generic industry imagery acceptable

Visual elements:

• Company logo: Anonymous icon or generic placeholder
• Charts: Revenue growth, margin trends (anonymized)
• Market share: Industry context without naming

Step 5: Distribution Protocol

Distribution rules:

1. Only to qualified, vetted buyers
2. Under mutual NDA
3. Version control (track who received which version)
4. No forwarding without approval
5. Digital: PDF with disabled printing/editing preferred

China-Specific Considerations

A-share Market Context

Feature	Teaser Consideration
涨跌停限制	Mention as market characteristic
散户投资者	Note retail participation level
政策驱动	Highlight policy tailwinds/risks
北向资金	Foreign ownership trend
外资准入	Foreign investment restrictions if applicable

Anonymization Best Practices

Do NOT include:

• Exact company name or ticker
• Specific city names (use region: 华东, 华南, 华北)
• Customer/supplier names
• Specific product brand names
• Management names
• Exact address

DO include:

• Industry sector (e.g., 白酒, 半导体)
• Revenue range
• Margin profile
• Growth trajectory
• Market position (# rank)
• Geographic region (broad)
• Competitive strengths (general)

China M&A Market Context

Typical teaser distribution:

• 5-20 potential buyers
• Mix of strategic and financial
• 国企买家 often requires longer relationship-building
• 外资买家 may need additional regulatory context

Valuation context to include:

• A-share market multiples
• Recent comparable transactions
• Control premium range
• Market sentiment

Quality Checks

Before distributing:

• All identifying information removed
• Financial data anonymized appropriately
• Industry context clear
• Investment thesis compelling
• Design professional
• Distribution list approved
• NDA in place for all recipients

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