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Contents
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Page
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I.
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BACKGROUND.................................................................................................
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1
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1.
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Introduction........................................................................................................
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1
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2.
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PRC Government Policy.....................................................................................
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1
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3.
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WTO...................................................................................................................
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1
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II.
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COMMON TYPES OF MERGERS AND ACQUISITION IN CHINA.............
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2
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1.
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Direct Equity Acquisition....................................................................................
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2
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2.
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Indirect Acquisition.............................................................................................
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2
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3.
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Asset Acquisition................................................................................................
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2
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4.
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Acquisition of Corporation with Stated-owned Interests.....................................
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2
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III.
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LAWS AND REGULATIONS OF MERGERS AND ACQUISITIONS IN CHINA.............................................................................................................................
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2
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1.
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Provisional Regulations on the Merger and Acquisition of Domestic Enterprises (“M&A Rules”)...................................................................................................
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3
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(A)
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Scope..........................................................................................................
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3
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(B)
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Foreign Investors Qualifications.................................................................
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3
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(C)
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A New Type of Foreign Invested Enterprise................................................
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4
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(D)
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Asset Appraisal...........................................................................................
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4
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(E)
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Creditors’ Rights.........................................................................................
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4
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(F)
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Payment of Consideration...........................................................................
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4
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(G)
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Registered Capital Share.............................................................................
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5
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(H)
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Ratio Between Registered Capital And Total Investment.............................
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5
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(I)
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Application, Examination and Approval Procedures...................................
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5
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(J)
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Anti-Competition........................................................................................
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6
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2.
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Provisional Regulations on Reforming State Owned Enterprises with Foreign Investment (“SOE” Reforming Regulations”).....................................................
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6
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(A)
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Applicability and Scope..............................................................................
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6
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(B)
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Foreign Investor Qualifications...................................................................
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7
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(C)
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Required Reorganization Plan.....................................................................
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7
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(D)
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Employee Protection...................................................................................
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7
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(E)
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Approvals...................................................................................................
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8
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3.
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The Provisional Regulations on Transfer of State Ownership of Chinese Enterprises (“Provisional Regulations on Transfer”)...........................................
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9
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(A)
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Approval Procedures and Documents.........................................................
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9
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(B)
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Procedures on Transfer of State-owned Assets............................................
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9
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Schedule 1
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M&A Rules................................................................................................
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11
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外国投资者并购境内企业暂行规定................................................
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20
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Schedule 2
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SOE Reforming Regulations.....................................................................
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27
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利用外资改组国有企业暂行规定....................................................
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34
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Schedule 3
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Provisional Regulations on Transfer........................................................
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39
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企业国有产权转让管理暂行办法....................................................
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49
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