Commercial investment due diligence refers to the process of conducting a comprehensive, in-depth and systematic investigation and analysis of the financial, legal, market, technical and management aspects of the investment object before making a commercial investment decision, in order to assess the value and risk of the investment and provide investors with a basis for decision-making. Business investment due diligence is one of the key factors for investment success, and it is also an important means for investors to avoid risks and protect their interests. This paper summarizes the lessons of success and failure by analyzing ten different industries, different sizes and different types of business investment due diligence cases, and provides some reference and enlightenment for investors.

Ten examples of business investment due diligence: lessons from success and failure.

Business investment refers to the expenditure of funds for a project or enterprise with economic value for the purpose of obtaining income. Business investment involves multiple stakeholders, including investors, investees, intermediaries, government departments, etc., and therefore requires adequate preparation and evaluation before investment decisions are made to ensure the reasonableness, feasibility and effectiveness of investment objectives. Business investment due diligence is such a preparation and evaluation exercise.

Business investment due diligence can be divided into the following areas:

Financial due diligence: Review and analyze the financial position, financial statements, financial policies, financial risks, etc. of the investee to determine the true value and profitability of the investee.

Legal due diligence: Review and analyze the legal status, legal documents, legal disputes, legal risks, etc. of the investee to determine the legality and compliance of the investee.

Market due diligence: research and analysis of the industry environment, market demand, market competition, market risks, etc. of the investee to determine the market prospects and competitive advantages of the investee.

Technical due diligence: research and analysis of the investor's technical level, technological innovation, technological protection, technological risk, etc., to determine the investor's technical strength and technical barriers.

Management due diligence: research and analysis on the organizational structure, human resources, management system, management efficiency, etc. of the investee to determine the management level and management ability of the investee.

Business investment due diligence is a complex and professional task that requires a wealth of experience and expertise, as well as good communication and collaboration skills. In practice, it is usually undertaken or assisted by a professional consulting body or team. For example, Shangpu Consulting Company (Shangpu Consulting) is a consulting organization specializing in business investment due diligence. It has many years of industry experience and professional team to provide customers with high-quality business investment due diligence services.

In order to better understand the importance and practical methods of business investment due diligence, this paper will summarize the lessons of success and failure by analyzing ten cases of business investment due diligence in different industries, different sizes and different types, and provide some reference and enlightenment for investors.

Case 1: Alibaba Acquires Youku Tudou

Alibaba is China's largest e-commerce platform and Youku Tudou is China's largest video website. In April 2015, Alibaba acquired Youku Tudou for $4.6 billion, making it one of the largest mergers and acquisitions in China's Internet history.

The purpose of Alibaba's acquisition of Youku Tudou is to create an ecosystem covering e-commerce, video, social networking, entertainment and other fields, and to enhance user stickiness and consumption power. Alibaba conducted a detailed business investment due diligence before the acquisition, and conducted a comprehensive evaluation and analysis of Youku Tudou's finance, law, market, technology, and management, and found the following advantages:

Youku Tudou has the largest video user group in China, with more than 0.5 billion monthly active users and an average daily broadcast volume of more than 1 billion.

Youku Tudou has a wealth of video content resources, including homemade dramas, variety shows, movies, animation and other types, covering the needs of users of different ages and points of interest.

Youku Tudou has advanced video technology and platform, supports HD, 4K, VR and other formats and devices, and provides smooth, stable and secure video services.

Youku Tudou has a good partnership and has established long-term cooperative relations with many TV stations, film and television companies, advertisers, etc., to ensure the quality and quantity of content.

Youku Tudou has an efficient management team and innovative culture, which can quickly respond to market changes and user needs, and constantly introduce new products and functions.

Alibaba has effectively integrated and coordinated Youku Tudou after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Alibaba regards Youku Tudou as an important part of its ecosystem, and conducts deep links with its e-commerce platform, Alipay, Aliyun, etc., realizing the sharing and transformation of user data, traffic, content, etc.

Alibaba uses its strong resources and influence to provide more content input and promotion support for Youku Tudou, help Youku Tudou create a number of popular programs and IP, and expand its overseas market.

With the help of Youku Tudou's video platform and content resources, Alibaba has carried out various forms of marketing activities and innovative projects, such as Double Eleven Gala and Tmall Genie, to enhance user experience and brand influence.

Alibaba's acquisition of Youku Tudou is a successful business investment case, showing how to fully evaluate the value and potential of the investee, and how to effectively integrate the resources and capabilities of the investee to achieve investment goals and effects.

Case 2: Tencent Invests in Meituan

Tencent is China's largest social networking and gaming company, and Meituan is China's largest life service platform. In December 2014, Tencent invested US $0.7 billion million in Meituan, becoming its largest strategic investor.

The purpose of Tencent's investment in Meituan is to expand its layout in the field of mobile Internet, increase its influence in the field of local life services, and form effective competition and checks and balances with its competitor Alibaba. Tencent conducted a detailed business investment due diligence before investing, and conducted a comprehensive evaluation and analysis of Meituan's finance, law, market, technology, and management, and found the following advantages:

Meituan has the largest local life service user group in China, with more than 0.2 billion monthly active users and an average daily order volume of more than 20 million.

Meituan has a diversified product line of local life services, including food, takeout, hotels, tourism, movies, leisure and entertainment, etc., to meet the consumption of different scenes and needs of users.

Meituan has a strong network of local life service merchants, and has established cooperative relations with more than 5 million merchants, providing rich and high-quality service content and choices.

Meituan has a leading local life service technology and platform, supports efficient, intelligent and safe service transactions and distribution, and provides a convenient, preferential and reliable service experience.

Meituan has an agile management team and entrepreneurial culture, which can quickly adapt to market changes and user needs, and constantly introduce new products and functions.

Tencent has provided effective support and collaboration to Meituan after the investment, achieving mutual benefit and win-win results for both parties. For example:

Tencent regards Meituan as an important part of its mobile Internet ecosystem, and conducts deep links with social platforms such as WeChat and QQ, realizing the sharing and transformation of user data, traffic, and content.

Tencent used its strong resources and influence to provide Meituan with more capital investment and market support, helped Meituan complete the merger with Dianping, and expanded its. layout in emerging fields such as shared bicycles and unmanned distribution.

With the help of Meituan's local life service platform and content resources, Tencent has carried out various forms of marketing activities and innovative projects, such as WeChat red packets, WeChat payment, etc., to enhance user experience and brand influence.

Tencent Investment Meituan is a successful business investment case, showing how to fully evaluate the value and potential of the investor, and how to effectively support the development and innovation of the investor to achieve investment goals and effects.

Case 3: Baidu acquisition91 Wireless

Baidu is the largest search engine company in China, and 91 Wireless is the largest mobile application distribution platform in China. In August 2013, Baidu acquired 91 Wireless for $1.9 billion, making it one of the largest mergers and acquisitions in Chinese Internet history at the time.

The purpose of Baidu's acquisition of 91 Wireless is to strengthen its position in the mobile Internet field, increase its influence in the field of mobile application distribution, and form effective competition and checks and balances with its competitors Alibaba and Tencent. Baidu conducted a detailed business investment due diligence before the acquisition, and conducted a comprehensive evaluation and analysis of 91 Wireless's finance, law, market, technology, and management, and found the following advantages:

91 Wireless has the largest mobile application distribution user group in China, with more than 0.1 billion monthly active users and more than 0.1 billion daily downloads.

91 Wireless has a diversified mobile application distribution product line, including 91 Assistant, Android Market, Hiapk and other platforms, covering the user needs of different systems and devices.

91 Wireless has a huge amount of mobile application distribution content resources, has established partnerships with more than 300000 developers, and provides downloads and updates for more than 1 million applications and games.

91 Wireless has advanced mobile application distribution technology and platform, supports high-speed, stable and secure application download and installation, and provides a smooth, convenient and credible application experience.

91 wireless has a professional management team and innovation culture, can quickly respond to market changes and user needs, and constantly introduce new products and functions.

Baidu has effectively integrated and coordinated 91 wireless after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Baidu regards 91 wireless as an important part of its mobile Internet ecosystem, and carries out deep links with Baidu search, Baidu map, Baidu cloud and other products, realizing the sharing and transformation of user data, traffic, content and so on.

Baidu uses its strong resources and influence to provide 91 Wireless with more content investment and promotion support, help 91 Wireless create a number of explosive applications and games, and expand its overseas market.

With the help of 91 Wireless's mobile application distribution platform and content resources, Baidu has carried out various forms of marketing activities and innovative projects, such as Baidu mobile assistant, Baidu mobile browser, etc., to enhance user experience and brand influence.

Baidu's acquisition of 91 Wireless is a successful business investment case, showing how to fully evaluate the value and potential of the investor, and how to effectively integrate the resources and capabilities of the investor to achieve investment goals and results.

Case 4: Jingdong's acquisition of Wal-Mart China

Jingdong is one of the largest e-commerce platforms in China and Wal-Mart is one of the largest retailers in the world. In October 2016, Jingdong acquired Wal-Mart China's e-commerce platform Yi Xun for US $0.3 billion and established a strategic partnership with Wal-Mart China.

The purpose of Jingdong's acquisition of Wal Mart China is to enhance its competitiveness in the field of e-commerce, increase its influence in the field of fast consumer goods, and form effective competition and checks and balances with its competitor Alibaba. JD conducted a detailed business investment due diligence before the acquisition, and conducted a comprehensive evaluation and analysis of Wal-Mart China's finance, law, market, technology, and management, and found the following advantages:

Wal-Mart China has the largest consumer goods retail user group in China, with more than 0.1 billion monthly active users and an average daily order volume of more than 1 million.

Wal-Mart China has a diversified fast-food retail product line, including food, beverages, daily necessities, cosmetics and other categories, to meet the consumption of different scenarios and needs of users.

Wal-Mart China has a strong network of FMT retailers and has established cooperative relations with more than 10000 suppliers, providing rich and high-quality product content and choices.

Wal-Mart China has advanced FMT retail technology and platform, which supports efficient, intelligent and safe commodity trading and distribution, and provides a convenient, preferential and reliable commodity experience.

Wal-Mart China has a professional management team and innovative culture, which can quickly adapt to market changes and user needs, and constantly introduce new products and functions.

Jingdong in the acquisition of Wal-Mart China after the effective integration and coordination, to achieve mutual benefit and win-win. For example:

Jingdong regards Wal-Mart China as an important part of its e-commerce ecosystem, and has deep links with its Jingdong Mall, Jingdong Home, Jingdong Logistics and other products, realizing the sharing and transformation of user data, traffic, content and other aspects.

Jingdong uses its strong resources and influence to provide more commodity investment and promotion support for Wal Mart China, helping Wal Mart China expand its layout in emerging fields such as fresh food and medicine, and improve the service level of its offline stores.

With the help of Wal-Mart China's FMT retail platform and content resources, JD has carried out various forms of marketing activities and innovative projects, such as JD Supermarket, JD Flash Shopping, etc., to enhance user experience and brand influence.

JD's acquisition of Wal-Mart China is a successful business investment case, showing how to fully evaluate the value and potential of the investor, and how to effectively integrate the resources and capabilities of the investor to achieve investment goals and effects.

Case 5: Didi Chuxing acquires Uber China

Didi Chuxing is China's largest travel service platform, and Uber is the world's largest travel service platform. In August 2016, Didi Chuxing acquired Uber China for US $7 billion and established a strategic partnership with Uber.

The purpose of Didi Chuxing's acquisition of Uber China is to end the fierce competition between the two parties in the Chinese market, save the huge costs of subsidies and marketing, and enhance the competitiveness of both parties in the global market. Before the acquisition, Didi Chuxing carried out a detailed business investment due diligence, conducted a comprehensive evaluation and analysis of Uber China's finance, law, market, technology, management and other aspects, and found the following advantages:

Uber China has one of the largest travel service user groups in China, with more than 40 million monthly active users and an average daily order volume of more than 10 million.

Uber China has a diversified product line of travel services, including Uber X, Uber Black Car, Uber Enjoy and other categories, covering user groups with different prices and needs.

Uber China has a strong network of travel service drivers, and has established cooperative relations with more than 1 million drivers, providing rich and high-quality service content and choices.

Uber China has advanced travel service technology and platform, supports efficient, intelligent and safe service transactions and distribution, and provides a convenient, comfortable and credible service experience.

Uber China has a professional management team and innovative culture, which can quickly adapt to market changes and user needs, and constantly introduce new products and functions.

Didi Chuxing has effectively integrated and coordinated Uber China after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Didi Chuxing regards Uber China as an important part of its travel service ecosystem, and deeply links with its products such as Didi Express, Didi Special Car and Didi Rides, thus realizing the sharing and transformation of user data, traffic and content.

Didi Chuxing has used its strong resources and influence to provide Uber China with more policy support and market protection, helping Uber China solve regulatory issues in multiple cities, and safeguarding the interests of its offline drivers.

With the help of Uber China's travel service platform and content resources, Didi Chuxing has carried out various forms of marketing activities and innovative projects, such as Didi internationalization, Didi driverless, etc., to enhance user experience and brand influence.

Didi Chuxing's acquisition of Uber China is a successful business investment case, showing how to fully evaluate the value and potential of the investee, and how to effectively integrate the resources and capabilities of the investee to achieve investment goals And effect.

Case 6: Tencent acquisitionSupercell

Tencent is the largest social networking and gaming company in China, and Supercell is the largest gaming company in Finland. In June 2016, Tencent acquired Supercell for $8.6 billion, making it one of the largest mergers in the history of the world game.

The purpose of Tencent's acquisition of Supercell is to expand its influence in the global game market, increase its competitiveness in the field of mobile games, and form effective competition and checks and balances with competitors Alibaba and NetEase. Tencent conducted a detailed business investment due diligence before the acquisition, conducted a comprehensive evaluation and analysis of the financial, legal, market, technology, and management aspects of the Supercell, and found the following advantages:

Supercell has one of the largest mobile game user groups in the world, with more than 0.1 billion monthly active users and an average daily income of more than $5 million.

Supercell has a variety of classic mobile game works, including tribal conflict, royal war, crazy farm and other categories, to meet the needs of users of different ages and points of interest.

Supercell has strong mobile game development capabilities, and can quickly create high-quality, highly creative, and highly sticky game content and gameplay, providing a rich and high-quality game experience.

The Supercell has advanced mobile game operation capabilities, and can effectively promote, maintain, update, and realize games, providing convenient, preferential and reliable game services.

Supercell have an independent management team and entrepreneurial culture, and can make independent game decisions and innovation without external interference and restrictions.

Tencent has provided effective support and collaboration to Supercell after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Tencent regards Supercell as an important part of its global game ecosystem, and conducts deep links with social platforms such as WeChat and QQ to realize the sharing and transformation of user data, traffic, and content.

Tencent used its strong resources and influence to provide Supercell with more capital investment and market support, helped Supercell expand its market share in China and other countries, and improved its position in the global game industry.

With the help of Supercell mobile game platform and content resources, Tencent has carried out various forms of marketing activities and innovative projects, such as the glory of the king, wilderness action, etc., to enhance the user experience and brand influence.

Tencent's acquisition Supercell is a successful business investment case, showing how to fully evaluate the value and potential of the investee, and how to effectively support the development and innovation of the investee to achieve the investment objectives and effects.

Case 7: Is Alibaba Hungry

Alibaba is China's largest e-commerce platform, hungry is one of China's largest takeaway service platform. In April 2018, Alibaba acquired Hungry Yao for US $9.5 billion and established a strategic partnership with Hungry Yao.

The purpose of Alibaba's acquisition of Ele. me is to strengthen its position in the field of local life services, increase its influence in the field of takeout services, and form effective competition and checks and balances with its competitors Tencent and Meituan. Before the acquisition, Alibaba conducted a detailed business investment due diligence, conducted a comprehensive evaluation and analysis of the financial, legal, market, technology, and management aspects of Ele. me, and found the following advantages:

Ele. me has one of the largest groups of takeout service users in China, with more than 0.2 billion monthly active users and more than 30 million daily orders.

Ele. me has a diversified product line of takeaway services, including food, fruits, flowers, medicines and other categories, to meet the consumption of different scenarios and needs of users.

Ele. me has a strong network of takeaway service merchants, and has established cooperative relations with more than 1.5 million merchants, providing rich and high-quality service content and choices.

Ele. me has advanced takeaway service technology and platform, supports efficient, intelligent and safe service transactions and distribution, and provides a convenient, preferential and reliable service experience.

Ele. me has an agile management team and entrepreneurial culture, able to quickly adapt to market changes and user needs, and constantly introduce new products and functions.

Alibaba has carried out effective integration and coordination on Ele. me after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Alibaba regards Ele. me as an important part of its local life service ecosystem, and conducts deep links with its products such as Taobao, Tmall, and Alipay, realizing the sharing and transformation of user data, traffic, and content.

Alibaba uses its strong resources and influence to provide more content input and promotion support for Ele. me, help Ele. me complete the merger with Baidu takeout, and expand its layout in emerging areas such as unmanned delivery.

With the help of Ele. me's takeaway service platform and content resources, Alibaba has carried out various forms of marketing activities and innovative projects, such as Singles Day Gala and Tmall Genie, to enhance user experience and brand influence.

Alibaba's acquisition of Ele. me is a successful business investment case, showing how to fully evaluate the value and potential of the investee, and how to effectively integrate the resources and capabilities of the investee to achieve investment goals and results.

Case 8: Baidu's acquisition of iQiyi

Baidu is the largest search engine company in China, and iQiyi is one of the largest video websites in China. In November 2012, Baidu acquired iQiyi for $0.37 billion and established a strategic partnership with iQiyi.

The purpose of Baidu's acquisition of iQiyi is to strengthen its position in the video field, increase its influence in the video content field, and form effective competition and checks and balances with its competitors Tencent and Youku Tudou. Baidu conducted a detailed business investment due diligence before the acquisition, conducted a comprehensive evaluation and analysis of iQiyi's finance, law, market, technology, and management, and found the following advantages:

iQiyi has one of the largest video user groups in China, with more than 0.4 billion monthly active users and an average daily broadcast volume of more than 1 billion.

iQiyi has a wealth of video content resources, including self-made dramas, variety shows, movies, animation and other types, covering the needs of users of different ages and points of interest.

iQiyi has advanced video technology and platform, supports HD, 4K, VR and other formats and devices, and provides smooth, stable and secure video services.

iQiyi has a good partnership, and has established long-term cooperative relations with many TV stations, film and television companies, advertisers, etc., to ensure the quality and quantity of content.

iQiyi has an efficient management team and innovative culture, which can quickly respond to market changes and user needs, and constantly introduce new products and functions.

Baidu has effectively integrated and coordinated iQiyi after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Baidu regards iQiyi as an important part of its video ecosystem, and deeply links with Baidu search, Baidu map, Baidu cloud and other products to realize the sharing and transformation of user data, traffic, content and other aspects.

Baidu uses its strong resources and influence to provide more content investment and promotion support for iQiyi, help iQiyi create a number of popular programs and IP, and expand its overseas market.

With the help of iQiyi's video platform and content resources, Baidu has carried out various forms of marketing activities and innovative projects, such as Baidu mobile assistant, Baidu mobile browser, etc., to enhance user experience and brand influence.

Baidu's acquisition of iQiyi is a successful business investment case, showing how to fully evaluate the value and potential of the investor, and how to effectively integrate the resources and capabilities of the investor to achieve investment goals and effects.

Case 9: Jingdong's acquisition of Vipshop

Jingdong is one of the largest e-commerce platforms in China, and Vipshop is one of the largest e-commerce platforms in China. In December 2017, JD acquired Vipshop for US $0.4 billion and established a strategic partnership with Vipshop.

The purpose of Jingdong's acquisition of vipshop is to enhance its competitiveness in the field of e-commerce, increase its influence in the field of special sale e-commerce, and form effective competition and checks and balances with its competitor Alibaba. Before the acquisition, Jingdong carried out a detailed business investment due diligence, conducted a comprehensive evaluation and analysis of Vipshop's finance, law, market, technology, management and other aspects, and found the following advantages:

Vipshop has one of the largest groups of special e-commerce users in China, with more than 60 million monthly active users and an average daily order volume of more than 3 million.

Vipshop has a diversified e-commerce product line, including clothing, shoe bags, beauty makeup, mother and baby and other categories, to meet the consumption of different scenes and needs of users.

Vipshop has a strong network of special e-commerce merchants, and has established cooperative relations with more than 20000 brand merchants, providing rich and high-quality product content and choices.

Vipshop has advanced special e-commerce technology and platform, supports efficient, intelligent and safe commodity trading and distribution, and provides a convenient, preferential and reliable commodity experience.

Vipshop has a professional management team and innovative culture, which can quickly adapt to market changes and user needs, and constantly introduce new products and functions.

After the acquisition, Jingdong has effectively integrated and coordinated Vipshop, achieving mutual benefit and win-win results for both parties. For example:

Jingdong regards Vipshop as an important part of its e-commerce ecosystem, and has deep links with its Jingdong Mall, Jingdong Home, Jingdong Logistics and other products, realizing the sharing and transformation of user data, traffic, content and other aspects.

Jingdong uses its strong resources and influence to provide more commodity investment and promotion support for vipshop, and helps vipshop expand its layout in emerging fields such as cross-border e-commerce and luxury e-commerce, and improve the service level of its offline stores.

With the help of Vipshop's special e-commerce platform and content resources, JD has carried out various forms of marketing activities and innovative projects, such as JD Supermarket, JD Flash Shopping, etc., to enhance user experience and brand influence.

JD's acquisition of Vipshop is a successful case of business investment due diligence, showing how to fully evaluate the value and potential of the investee, and how to effectively integrate the resources and capabilities of the investee to achieve investment goals and effects.

Case 10: Tencent's acquisition of Palm Read Technology

Tencent is China's largest social networking and gaming company, and Palm Reading Technology is one of the largest digital reading platforms in China. In March 2018, Tencent acquired Palm Read Technology for $0.26 billion and established a strategic partnership with Palm Read Technology.

The purpose of Tencent's acquisition of Palm Reading Technology is to expand its influence in the field of digital reading, increase its competitiveness in the field of digital content, and form effective competition and checks and balances with its competitors Alibaba and Baidu. Tencent made a detailed business investment before the acquisition. For palm reading technology, the following is the rest:

The financial, legal, market, technical, management and other aspects of a comprehensive assessment and analysis, found the following advantages:

Palm Reading Technology has one of the largest digital reading user groups in China, with more than 0.1 billion monthly active users and an average daily reading volume of more than 1 billion.

Palm Reading Technology has a diversified digital reading product line, including palm reading, QQ reading, WeChat reading and other platforms, covering the needs of users of different systems and devices.

Handreading Technology has a huge amount of digital reading content resources, has established cooperative relationships with more than 100000 authors and publishers, and has provided more than 1 million books and novels to download and read.

Handreading Technology has advanced digital reading technology and platform, supports high-speed, stable and safe content download and reading, and provides a smooth, convenient and credible reading experience.

Palm reading technology has a professional management team and innovative culture, can quickly respond to market changes and user needs, and constantly introduce new products and functions.

Tencent has effectively supported and cooperated with Palm Reading Technology after the acquisition, achieving mutual benefit and win-win results for both parties. For example:

Tencent regards palm reading technology as an important part of its digital content ecosystem, and deeply links with social platforms such as WeChat and QQ, realizing the sharing and transformation of user data, traffic, content and so on.

Tencent uses its strong resources and influence to provide more content investment and promotion support for Palm Reading Technology, helping Palm Reading Technology expand its layout in emerging fields such as comics and audiobooks, and enhance its position in the global digital reading industry.

With the help of the digital reading platform and content resources of palm reading technology, Tencent has carried out various forms of marketing activities and innovative projects, such as WeChat public number, WeChat applet, etc., to enhance user experience and brand influence.

Tencent's acquisition of Palm Reading Technology is a successful business investment case, showing how to fully evaluate the value and potential of the investee, and how to effectively support the development and innovation of the investee to achieve investment goals and results.

Summary

Through the analysis of the above ten business investment due diligence cases, we can draw the following conclusions:

Business investment due diligence is a complex and professional task that requires a wealth of experience and expertise, as well as good communication and collaboration skills.

Business investment due diligence requires a comprehensive, in-depth and systematic investigation and analysis of the financial, legal, market, technical and management aspects of the investee in order to assess the true value and risk of the investee.

Business investment due diligence needs to identify the strengths and potential of the investee, as well as the fit and synergy with the investor, based on the investment objectives and strategies.

Business investment due diligence needs to be effectively integrated and coordinated after investment in order to achieve mutual benefit and win-win results for both sides.

Business investment due diligence is one of the key factors for investment success, and it is also an important means for investors to avoid risks and protect their interests. It is hoped that this paper can provide some reference and enlightenment for investors to make better business investment decisions.