INDEPENDENT PRIMARY RESEARCH / CHINA DUE DILIGENCE
Independent verification for China-related investment and business decisions.
FUWA LAB provides independent verification alongside financial and legal due diligence for China-related investment, M&A, and business decisions.
Commercial Due Diligence · Management Due Diligence · Ground-Level Verification
RESEARCH /
VERIFY /
DECIDE /
FUWA LAB
FUWA LAB LLCBase:
Kobe, Japan
Experience:
25+ years in China-related research
Projects:
500+ assignments
Focus:
Commercial DD / Management DD
From independent primary research
to decision-ready verification.
FUWA LAB verifies critical issues in China-related investment, M&A, and business decisions through independent primary research, beyond what public information and transaction materials alone can confirm.
QUICK GUIDE
Three questions to understand FUWA LAB
WHO
Who conducts the research?
A principal with 25+ years of China-related research experience and 500+ assignments is directly involved from research design to analysis and reporting.
FOR WHOM
What decisions do we support?
FUWA LAB supports China-related investment, M&A, and business decisions by verifying business realities and management issues that are difficult to see from public information alone.
DIFFERENCE
How is this different from ordinary information gathering?
Working alongside financial and legal due diligence, we verify each source’s position and basis, then cross-check findings across multiple independent sources.
SERVICES
FUWA LAB helps verify material issues in China-related investment, M&A, and business decisions through independent primary research and verification.
Our work centers on Commercial Due Diligence, Management Due Diligence, and Ground-Level Verification, providing an independent layer alongside financial and legal DD.
Commercial Due Diligence
We verify commercially material issues relevant to investment and M&A decisions, including market environment, competitive dynamics, customers, sales channels, and key transaction relationships.
Rather than relying only on public information or transaction materials, we combine independent primary research with multiple information sources to clarify business realities and important decision points.
Management Due Diligence
We examine the track record, actual role, decision-making involvement, internal influence, incentive structure, and governance-related issues of founders, executives, and key members.
Rather than relying only on public profiles or self-reported explanations, we use independent primary research and multiple sources to identify management realities and risk factors that may affect investment judgment.
Ground-Level Verification
We verify business realities and operational signals that are difficult to assess from public materials alone, including actual operations, key transaction relationships, customers, suppliers, sites, and industry participants.
Through independent information sources and field-oriented interviews where appropriate, we identify gaps, inconsistencies, and unverified issues that may affect investment or business decisions.
INSIGHTS
Perspectives from primary research and verificationNotes on Commercial Due Diligence, Management Due Diligence, and Independent Primary Research for China-related investment, M&A, and business decisions.
A local team can run China operations well while headquarters sees only part of the picture. Explore what independent business research adds.
A 2019 Suning.com case study on established strengths, new business obstacles and the role of independent operating reviews during the holding period.
FUWA LAB provides independent China research for investors and M&A teams, using in-depth interviews and cross-verification to assess business operations and management.
View all insights
HOW WE VERIFY
APPROACH
How independent verification works中国関連の投資・M&A・事業判断における、Commercial Due Diligence、Management Due Diligence、Independent Primary Researchの考え方と実務上の論点を整理しています。
公開情報だけでは見えにくい事業実態、経営上の論点、主要な取引関係について、一次インタビューや複数の情報源から確認した視点をもとに記録しています。
FUWA LAB uses public information and transaction materials as a starting point while verifying key issues through independent primary research.
Working alongside financial and legal DD, we organize findings on business realities, management issues, and key transaction relationships into materials useful for decision-making.
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01
Key Questions
We clarify the issues that should be verified in an investment, M&A, or business decision.
Based on public information, transaction materials, business plans, and management explanations, we define hypotheses around revenue quality, key transaction relationships, management risks, and gaps between explanations and realities.
02
Independent Primary Research
We design and conduct independent primary research according to the issues to be verified.
Rather than relying only on the target company’s explanations or existing materials, we verify business realities and management issues from multiple independent perspectives, including industry participants, experts, and sources close to the relevant market.
03
Verification & Reporting
We compare information obtained from multiple sources and organize it into judgment-useful findings.
We distinguish what has been verified, what remains unverified, and what may require additional review, and summarize the results as an independent verification layer that can be considered alongside financial and legal DD.