In order to increase corporate benefit and competitiveness, enterprises can make full use of capital to optimize resource superiority through restructuring, to enhance work efficiency and reduce cost, as well as optimizing capital structure.

PFR's Corporate Restructuring professionals will formulate a reasonable restructuring mode and explore corporate new values by thorough understanding of the client's enterprise.

Restructuring Purposes

• To raise capital, and seek future development
• To increase efficiency of management, and reduce operating cost
• To purchase, merge business and set position in industry
• To expand sales network, and increase products' market share
• For spin-off
• To make full use of future tax benefits
• To realise optimal resource allocation
• To promote synergistic effects

Restructuring Procedures

• To formulate various proposals
• To define property rights
• To examine business or operation flow
• To pass resolutions
• To implement program
• To implement program

Our Services Include:

• Assessment of Business and Analysis of Key Problem
• Adjustment of Equity Structure
• Assets Stripping, Merger and Transfer
• Composition, Replacement of Debt and Equity
• Design and Determination of Improved Program
• Optimisation of Human Resources
• Assistance in Sales of Non-Core Business
• Introduction of Strategic Investor
• Monitor and Adjustment

Along with global economic integration, acquisitions and mergers are becoming important matters by which enterprises enhance competitive advantages and shareholders' interests. The idea of mergers & acquisitions is to help an enterprise adapt the change with a more efficient operating system, being able to face new challenges and opportunities.

PFR's mergers & acquisitions professionals have abounding expertise and experience. We can provide professional and reliable advisory and assistance in respect of all classes of mergers, acquisitions and sales projects.

Our Services Include:

• Assessment of Acquisition Target
• Seeking the Purchaser
• Making Merger & Acquisition Objectives
• Design of Merger & Acquisition Proposal
• Financing Arrangements
• Assistance in Negotiation
• Tax Planning

How much financial information can be acquired through financial statements? What's the reliability of the information? Is the capital structure reasonable? How shall an enterprise identify risk through financial statements, and take precautions? What's the benefit of financial leverage? ...etc. There are all questions that corporate management is concerned. Our professional advice will certainly help clients to clear the obstacles on the road to success.

Our Services Include:

• Stock Control and Cost Analysis
• Credit Risk Control and Sales Management
• Financial Leverage - the Benefits and Risk Control of Operation on Borrowings
• Profit Analysis of Different Businesses
• Shareholders Return Analysis
• Comprehensive Use of Financial Ratio
• Analysis of Capital Structure

"Cash Flow" refers to the amount of cash inflow and outflow in a certain period of enterprise activity. The more rapid the economic development, the greater the effect will be of cash flow on operation and management. It dynamically reflects the financial condition of enterprises, helps management understand and evaluate its ability to acquire cash and cash equivalents, and forecast future development conditions of enterprises through evaluation of cash flow.

Enterprises should analyze cash flow to identify the source of the problem when it can not fully control cash flow or when the cash flow is not running fluently. This may be due to large amounts of cash being excessively invested in fixed assets, or because the inventory turnover ratio is low, or credit policy is too loose, etc.

Enterprises' cash flow condition can be improved through our professional's accurate analysis and evaluation of an enterprise's cash flow, and assistance in drawing up an efficient improvement program.

The rapid development of science and technology provides investors with more emerging investment fields, and the attendant risks. Therefore, a careful and precise analysis report on project investment is crucial to investors. How to balance risk and return becomes the focus of an investor's concern. Our analysts will conduct prudent analyses and planning of your project investment, to help you in making wise investment decisions.

Our Services Include:

• Proposition of Mode to be Applied by Investment
• Assistance in Seeking Cooperator
• Early Stage Survey on Industry and Geography
• Feasibility Study on Project Investment
• Evaluation on Investment Return
• Advisory on Corporate Structure Planning
• Proposal on Capital Structure
• Choice of Finance Mode
• Tax Planning

Corporate management pays great attention to budgeting as the key part of a financial system. Reasonable budget can effectively control expenditure which enables enterprise assets to work at optimal state. Achieving the objective for a certain period as formulated by the budget program is also one of the bases for testing the level of control.

PFR's financial advisory service department has accumulated rich project experience from various industries, we can provide high quality professional service in formulating budgeting programs for clients, so that by virtue of a practicable budget program, enterprises can grow in a smooth and straight way.

Our Services Include:

• Designing Budget Flow
• Determining Budget Program
• Implementing Budget Program
• Assessing Performance Effect
• Improving and Adjusting Budget Program

Driven by factors such as transaction value determination and investment results confirmation, financial Value Valuation is an indispensable tool. Valuation may be necessary when an enterprise is merging, acquiring and preparing financial statements.

PFR's professionals will provide reasonable valuation advice according to a profound understanding of client's enterprise, and specific demands from clients.

Enterprise usually needs to make financial estimation in following aspects

• Provision of independent evaluation opinion to board of directors, shareholders and management, according to Listing Rules
• Evaluation and precaution regarding hostile takeover or initiative takeover plan
• Determination of right price which enterprise shall offer or accept
• Determination of value of newly-issued securities
• Provision of adequate information in respect to equity or debt financing
• Determination of value of trademark and other intangible assets for accounting and trading purposes
• Valuation in order to settle disputes, such as claims for insurance loss, breach of contract or other kinds of compensation

A substantial and accurate financial reporting system is particularly important in modern management and operation decisions. For instances, which kind of financial reporting system is most reasonable and cost saving? How could an enterprise rapidly and fully transmit important information about cost control, financial risk and human resources? How could an enterprise analyze all kinds of information for management decision? These questions have become the concern of management in various enterprises.

PFR can formulate accurate financial reporting system for an enterprise through many years of experience focusing on preparing financial report.

The following points shall be noted in preparing financial reporting system

• Enterprise's external environment, including industry, geography, laws, economy and culture, etc.
• Reasonable setup and evaluation of internal control and management flow
• Application of modern information technology
• Assessment of cost of reporting system
• Contemplation of suitable practicable scheme of reporting system, including implementation step, manpower and relevant forms, etc.
• Continuous examination and improvement