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  "documentTitle": "28 IBD presentation 2013 Asiainfo Linkage Inc Goldman Sachs 1",
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      "text": "US-listed Chinese companies with majority operations and cash generation onshore will have difficulty transferring money between onshore and offshore. Any cash transfers up to U.S. issuing entity to fund interest payments or principal payment (or any other dividend to U.S. issuing entity) could potentially be affected by: Potential tax leakage through 5% withholding tax on dividends; Risk that the withholding tax could be 10% if the HK entity is not considered to have sufficient substance; Potential tax leakage through 35% U.S. corporate income tax rate on repatriation of U.S. offshore earnings, offset partially by foreign tax credits related to China taxes already paid. Ultimate leverage levels will be influenced by future acquisition strategy. Dependence on credit markets (pricing and access) to fund transaction.",
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