During economic downturns, potential buyers may be more interested in acquiring assets rather than shares in a company as acquiring assets provides the buyer with more control and flexibility.  There are several reasons for this:

1. 选择资产的灵活性： 通过收购资产，买方可以选择企业中理想的部分，而留下任何利润较低或有问题的部分。买方可以选择收购他们认为能迅速为其创造利润的资产，并对企业中对其未来发展至关重要的那部分持有兴趣。
2. 避免历史和未来的债务： 公司可能有重大的历史或未来负债，可能损害其业绩或阻碍其复苏的机会。 资产收购允许买家只选择那些他们愿意接受的资产，同时也限制了继承任何或有或无的历史问题的潜在责任。
3. 降低价格： 在经济衰退期间，公司可能会经历价值的大幅下降。购买资产为买家提供了一个机会，以较低的价格获得公司有价值的部分，预计它们将在衰退后的经济中继续表现良好。
4. 税收优惠： 在一些司法管辖区，资产销售可能导致有利的税收待遇，因为资产的转售价格可以在个人基础上进行分配，因此与购买的股票相比，可以节省税收。

Asset purchase transactions involve the buying or selling of individual assets or businesses, as opposed to shares in a company. The transfer of assets or businesses in an asset purchase, such as intellectual property, equipment, and stocks, require a separate set of mindset and documentation to protect the interests of both the buyer and the seller.  We set out below some of the commonly seen areas of negotiation relating to the seller’s warranties in an assets or business transaction.

1. 对卖方知识的限定 – It is common for the seller to minimise its exposure by qualifying the warranties by their knowledge. However, this is always subject to heated negotiations as there could be actual knowledge, constructive knowledge and imputed knowledge. It is advisable for the seller to confine its knowledge qualifier and make enquiries as contractually agreed.  Courts have in earlier cases found that the seller’s ignorance does not give rise to a defence to a contractual warranty.
2. 卖方通知违反担保的责任 - 在近期的合同中，卖方的保证通常会在交易的各个阶段重复出现，并且卖方有义务通知买方任何违反保证的情况。卖方最好是抵制这种自证其罪的义务。
3. 担保、陈述、承诺 - 买方的律师试图将保证解读为卖方的陈述或承诺的情况并不少见。鉴于保证、陈述和承诺的补救措施以及对减轻影响、因果关系、遥远性等的应用是不同的，建议卖方对协议进行梳理，以避免任何日后不必要的争议。
4. 隐含的条款 – Unlike a share transaction, terms may be implied into an asset purchase agreement by statue. For instance, Sales of Goods Ordinance (Cap. 26 of the Laws of Hong Kong) would apply to contracts that involves sale of assets. It will imply the following terms on the seller’s part relating to the sale: free from encumbrances, accuracy as to the descriptions of the goods, fitness for purpose and title.  Seller should ensure whether any statutory implied terms would apply, and to the extent that the implied terms apply, investigate whether such terms can be excluded or varied by express agreement.
5. 倍数机率 - 在经济环境不景气的情况下，卖家接受倍数条款的情况并不少见，根据该条款，如果卖家违反了协议，卖家需要参照标的企业和/或资产的收益或估值的倍数对买家进行赔偿。在同意这种条款之前，卖方可能希望声称该违约行为是否是影响标的资产和/或业务未来收益的重大违约行为，并进一步细化资产和/或业务，以限制倍数条款。
6. 披露函 - 卖方通过在披露信中披露事项来否定或限定其违反保证的责任是很常见的。虽然买方和卖方通常同意在披露信中尽可能清楚、详细和具体，但卖方最好避免需要披露法律规定的内容；并确保买方有责任了解披露信中所包含的信息的效果--这将有助于最大限度地减少日后的违约者范围。除了披露信中包含的信息外，还应该就卖方对披露信所做保证的性质和范围寻求建议。

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梁延达，合伙人（电邮： alfredleung@hkytl.com；电话：852 3468 7202）

梁延达律师事务所有限责任合伙是一家位于中国香港的律师事务所。这篇文章的内容仅是概括性质，不构成任何法律意见。