关于外国投资者并购境内企业的规定(附英)
文明演讲稿-义诊活动总结
Provisions for the Acquisition of Domestic
Enterprises by
Foreign Investors
关于外国投资者并购境内企业的规定
CLP Reference:
230006.08.08
PRC Reference:
商务部、国资委、税务总局、工商总局、証监会、外汇局令[2006]
Promulgated:
08 August 2006
Effective: 08 September 2006
(Promulgated by the Ministry of Commerce,
State-owned Assets Supervision and Administration
Commission of the State Council, State
Administration of Taxation, State Administration
for Industry
and Commerce, China Securities
Regulatory Commission and State Administration of
Foreign Exchange
on August 8 2006 and
effective as of September 8 2006.)
(商务部、国务院国有资
产监督管理委员会、国家税务总局、国家工商行政管理总局、中国证券监督管理委
员会、国家外汇管理局
二零零六年八月八日公布，自二零零六年九月八日起施行。)
Order of
MOFCOM, SASAC, SAT, SAIC, CSRC and SAFE [2006]
No.10
商务部、国资委、税务总局、工商总局、証监会、外汇局令[2006]
第10号
PART ONE: GENERAL PROVISIONS
总则 第一章
Article 1: These Provisions
have been formulated pursuant to laws and
administrative regulations for
foreign-
invested enterprises, the Company Law and other
related laws and administrative regulations
in
order to promote and regulate investments in China
by foreign investors, introduce advanced foreign
technology and management expertise, make more
effective use of foreign investment, realize the
rational allocation of resources, ensure
employment and safeguard fair competition and the
economic
security of the state.
为了促进和规范外国投资者来华投资，引进国外的先进技 第一条
朮和管理经验，提高利用外
资的水平，实现资源的合理配置，保証就业、维护公平竞争和国家经济安全，
依据外商投资企业的法律、
行政法规及《公司法》和其他相关法律、行政法规，制定本规定。
Article 2:
For the purposes of these Provisions, the phrase
foreign investors
that is not foreign-
invested (a Domestic Company) or subscription to a
Domestic Company's capital
increase, resulting
in the conversion of the Domestic Company into a
newly established
foreign-invested enterprise
(an Equity Acquisition); or a foreign investor's
establishment of a
foreign-invested enterprise
and purchase by agreement, through such
enterprise, of the assets of a
domestic
enterprise and operation of such assets, or a
foreign investor's purchase by agreement of the
assets of a domestic enterprise and use of
such assets to invest in and establish a foreign-
invested
enterprise to operate such assets (an
Asset Acquisition).
本规定所称外国投资者并购境内企业，系指外国投资者购买
境内非外商投资企业(以下称“境内公司”)股东
的股权或认购境内公司增资，使该境内公司变更设立为
外商投资企业(以下称“股权并购”)；或者，外国投
资者设立外商投资企业，并通过该企业协议购买境
内企业资产且运营该资产，或，外国投资者协议购买境
内企业资产，并以该资产投资设立外商投资企业运
营该资产(以下称“资产并购”)。 第二条
Article 3: When a
foreign investor acquires a domestic enterprise,
it shall abide by Chinese laws,
administrative
regulations, and rules and adhere to the
principles of fairness, reasonableness,
compensation of equal value and good faith. It
may not cause over-concentration to eliminate or
restrict competition, disturb the socio-
economic order or damage the public interest, or
lead to losses
to state-owned assets.
外国投资
者并购境内企业应遵守中国的法律、行政法规和规章，遵循公平合理、等价有偿、诚实信用的原
则，不得
造成过度集中、排除或限制竞争，不得扰乱社会经济秩序和损害社会公共利益，不得导致国有资
产流失。
第三条
Article 4: A foreign investor that
acquires a domestic enterprise shall satisfy the
requirements of
Chinese laws, administrative
regulations, and rules concerning investor
qualifications as well as
industrial, land,
environmental protection and other policies.
外
国投资者并购境内企业，应符合中国法律、行政法规和规章对投资者资格的要求及产业、土地、环保等
政
策。 第四条
An acquisition may not result in a
foreign investor owning all of the equity in an
enterprise in an
industry in which, pursuant
to the Foreign Investment Industrial Guidance
Catalogue, a foreign investor
is not permitted
to operate by way of a wholly foreign-owned
enterprise. After the acquisition of an
enterprise in an industry in which the Chinese
party is required to have a controlling interest
or a
relative controlling interest, the
Chinese party shall continue to have a controlling
interest or relative
controlling interest in
the enterprise. A foreign investor may not acquire
an enterprise engaged in an
industry closed to
foreign investors.
依照《外商投资产业指导目录》不允许外国投资者独资经营的
产业，并购不得导致外国投资者持有企业的
全部股权；需由中方控股或相对控股的产业，该产业的企业被
并购后，仍应由中方在企业中占控股或相对
控股地位；禁止外国投资者经营的产业，外国投资者不得并购
从事该产业的企业。
The existing scope of business
of enterprises in which the target domestic
enterprise has invested shall
comply with the
requirements of industrial policy on foreign
investment. If it fails to comply with such
requirements, it shall be revised.
被并购境内企业
原有所投资企业的经营范围应符合有关外商投资产业政策的要求；不符合要求的，应进行
调整。
Article 5: If the acquisition of a
domestic enterprise by a foreign investor is to
involve the transfer of
state-owned assets and
equity of the enterprise or matters relating to
the management of state-owned
equity in a
listed company, the relevant provisions on the
administration of state-owned assets shall be
complied with.
外国投资者并购境内企业涉及企业国有产权转让和上市公司国
有股权管理事宜的，应当遵守国有资产管理
的相关规定。 第五条
Article
6: When a foreign investor acquires a domestic
enterprise and establishes a foreign-invested
enterprise, it shall obtain the approval of
the examination and approval authority in
accordance with
these Provisions and carry out
the procedures for amendment of registration or
establishment
registration with the
registration authority.
外国投资者并购境内企业设立外商投资企业，应依
照本规定经审批机关批准，向登记管理机关办理变更登
记或设立登记。 第六条
If the target enterprise is a company listed
domestically, relevant procedures shall
additionally be
carried out with the State
Council's securities regulatory authority in
accordance with the Measures for
the
Administration of Strategic Investments in Listed
Companies by Foreign Investors.
如果被并购企业为境内上市公司
，还应根据《外国投资者对上市公司战略投资管理办法》，向国务院証券
监督管理机构办理相关手续。
Article 7: The parties involved in an
acquisition of a domestic enterprise by a foreign
investor shall pay
taxes in accordance with
tax laws of China and submit themselves to the
supervision of the tax
authorities.
外国投资者并购境内企业所涉及的各方当事人应当按照中国税法规定纳税，接受税务机关的监督。
第七条
Article 8: The parties involved in an
acquisition of a domestic enterprise by a foreign
investor shall
comply with the laws and
administrative regulations of China on foreign
exchange control and carry out
the various
approval, registration, record filing and
amendment procedures in relation to foreign
exchange with the foreign exchange control
authorities in a timely manner.
外国投资者并购境内企业所涉及
的各方当事人应遵守中国有关外汇管理的法律和行政法规，及时向外汇管
理机关办理各项外汇核准、登记
、备案及变更手续。 第八条
PART TWO: BASIC SYSTEM
基本制度 第二章
Article 9: If the percentage
of the contribution by the foreign investor to the
registered capital of a
foreign-invested
enterprise established after an acquisition
exceeds 25%, such enterprise shall be
eligible
for treatment as a foreign-invested enterprise. 外国投资者在并购后所设外商投资企业注册资本中的出资比例高于25%的，该企业享受外商投资企业待遇。
第九条
If the percentage of the
contribution by the foreign investor to the
registered capital of a
foreign-invested
enterprise established after an acquisition is
less than 25%, such enterprise shall not
be
eligible for treatment as a foreign-invested
enterprise, unless otherwise specified in laws or
administrative regulations, and the borrowing
of foreign debt by such enterprise shall be
handled in
accordance with provisions on the
borrowing of foreign debt by enterprises that are
not
foreign-invested. The examination and
approval authority shall issue it a foreign-
invested enterprise
approval certificate
(Approval Certificate) bearing the note
than
25%
foreign-invested enterprise business
licence and a foreign exchange registration
certificate bearing the
note
外国投资者在并购后所设外商
投资企业注册资本中的出资比例低于25%的，除法律和行政法规另有规定外，
该企业不享受外商投资企
业待遇，其举借外债按照境内非外商投资企业举借外债的有关规定办理。审批机
关向其颁发加注“外资比
例低于25%”字样的外商投资企业批准証书(以下称“批准証书”)。登记管理机关、
外汇管理机关分
别向其颁发加注“外资比例低于25%”字样的外商投资企业营业执照和外汇登记証。
If
a Domestic Company, enterprise or natural person
acquires an affiliated Domestic Company in the
name of an overseas company lawfully
established or controlled by ithimher, such
foreign-invested
enterprise shall not be
eligible for treatment as a foreign-invested
enterprise unless such overseas
company
subscribes to a capital increase of the Domestic
Company, or the overseas company increases
the
capital of the enterprise established after the
acquisition and the amount of such capital
increase
accounts for 25% or more of the
registered capital of the established enterprise.
If the percentage of
the contribution to the
registered capital of the foreign-invested
enterprise by a foreign investor, other
than
the de facto controller, established by the method
herein described is greater than 25%, such
enterprise shall be eligible for treatment as
a foreign-invested enterprise.
境内公司、企业或自然人以其在境
外合法设立或控制的公司名义并购与其有关联关系的境内公司，所设立
的外商投资企业不享受外商投资企
业待遇，但该境外公司认购境内公司增资，或者该境外公司向并购后所
设企业增资，增资额占所设企业注
册资本比例达到25%以上的除外。根据该款所述方式设立的外商投资企
业，其实际控制人以外的外国投
资者在企业注册资本中的出资比例高于25%的，享受外商投资企业待遇。
The
treatment of a foreign-invested enterprise
established after a foreign investor acquires a
domestically listed company shall be handled
in accordance with relevant state provisions.
外国投资者并购境内上市公司后所设外商投资企业的待遇，按照国家有关规定办理。
Article 10: For the purposes of these
Provisions, the term
the Ministry of Commerce
of the People's Republic of China or the
provincial level department in charge
of
commerce (the Provincial Level Examination and
Approval Authority). The term
authority
or
the local administrations for industry and
commerce authorized thereby. The term
control
authority
sub-branches.
本规定所称的审批机关为中
华人民共和国商务部或省级商务主管部门(以下称“省级审批机关”)，登记管理
机关为中华人民共和国
国家工商行政管理总局或其授权的地方工商行政管理局，外汇管理机关为中华人民
共和国国家外汇管理局
或其分支机构。 第十条
The Provincial Level
Examination and Approval Authorities shall forward
to the Ministry of Commerce
for examination
and approval the application documents for
foreign-invested enterprises to be
established
after acquisitions that, pursuant to laws,
administrative regulations or rules, are of a
particular type or in a particular industry
that requires the examination and approval of the
Ministry of
Commerce. The decision whether or
not to grant approval shall be made by the
Ministry of Commerce,
in accordance with the
law.
并购后所设外商投资企业，根据法律、行政法规和规章的规定，属于应由商务部审批的特定类
型或行业的
外商投资企业的，省级审批机关应将申请文件转报商务部审批，商务部依法决定批准或不批准
。
Article 11: If a Domestic Company,
enterprise or natural person intends to acquire an
affiliated
Domestic Company in the name of an
overseas company lawfully established or
controlled by
ithimher, itheshe shall report
the same to the Ministry of Commerce for
examination and approval.
境内公司、企业或自然人以其在境外合法设立
或控制的公司名义并购与其有关联关系的境内的公司，应报
商务部审批。 第十一条
The concerned party or parties may not use
domestic investment by a foreign-invested
enterprise or
other means to circumvent the
foregoing requirements.
当事人不得以外商投资企业境内投资或其他方式规避前述要求。
Article
12: If a foreign investor acquires a domestic
enterprise, and, thereby, obtains de facto control
thereof, and if such acquisition involves a
key industry, or factors that affect or could
affect the
economic security of the state, or
would result in a transfer of the de facto control
of a domestic
enterprise that owns a well-
known trademark or an old Chinese trade name, the
concerned parties
shall report the same to the
Ministry of Commerce.
外国投资者并购境内企业并取得实际控制权，涉及重点
行业、存在影响或可能影响国家经济安全因素或者
导致拥有驰名商标或中华老字号的境内企业实际控制权
转移的，当事人应就此向商务部进行申报。 第十二
条
If the
concerned parties fail to report the same and the
acquisition has or could have a major impact on
the economic security of the state, the
Ministry of Commerce may, in concert with other
relevant
departments, demand that the
concerned parties terminate the transaction,
transfer relevant equity or
assets or take
other effective measures to eliminate the impact
of the acquisition on the economic
security of
the state.
当事人未予申报，但其并购行为对国家经济安全造成或可能造成重大影响的，商
务部可以会同相关部门要
求当事人终止交易或采取转让相关股权、资产或其他有效措施，以消除并购行为
对国家经济安全的影响。
Article 13: If a
foreign investor carries out an Equity
Acquisition, the foreign-invested enterprise
established after the acquisition shall
succeed to the claims and debts of the acquired
Domestic
Company.
外国投资者股权并购的，并购后所设外商投资企业承继被并购境内公司的债权和债务。 第十三条
If a foreign investor carries out an
Asset Acquisition, the domestic enterprise that
sold the assets shall
bear its existing claims
and debts.
外国投资者资产并购的，出售资产的境内企业承担其原有的债权和债务。
The foreign investor, the target domestic
enterprise, creditors andor other parties may
otherwise
agree on the disposal of the claims
and debts of the target domestic enterprise,
provided that such
agreement does not
prejudice the interests of a third party or the
public. An agreement on the disposal
of claims
and debts shall be submitted to the examination
and approval authority.
外国投资者、被并购境内企业、债权人及其他当事
人可以对被并购境内企业的债权债务的处置另行达成协
议，但是该协议不得损害第三人利益和社会公共利
益。债权债务的处置协议应报送审批机关。
A domestic enterprise
that sells its assets shall dispatch a notice to
its creditors and publish an
announcement in a
provincial or higher level newspaper distributed
nationally at least 15 days before
the
investor submits its application documents to the
examination and approval authority.
出售资产的境内企业应
当在投资者向审批机关报送申请文件之前至少15日，向债权人发出通知书，并在全
国发行的省级以上报
纸上发布公告。
Article 14: The parties to an
acquisition shall determine the transaction price
on the basis of the value
of the equity to be
transferred or the value of the assets to be sold
as appraised by an asset appraisal
institution. The parties to the acquisition
may agree on an asset appraisal institution
lawfully
established in China. The asset
appraisal shall be conducted in accordance with
common international
appraisal methods. The
use of a price markedly lower than the appraisal
results to transfer equity, sell
assets or to
transfer capital overseas in a disguised manner is
prohibited.
并购当事人应以资产评估机构对拟转让的股权价值或拟出售资产的评估结果作
为确定交易价格的依据。并
购当事人可以约定在中国境内依法设立的资产评估机构。资产评估应采用国际
通行的评估方法。禁止以明
显低于评估结果的价格转让股权或出售资产，变相向境外转移资本。
第十四条
If the acquisition of a domestic
enterprise by a foreign investor will lead to a
change to the equity
resulting from an
investment of state-owned assets or a transfer of
title to state-owned assets, it shall
be in
compliance with provisions on the administration
of state-owned assets.
外国投资者并购境内企业，导致以国有资产投资形成
的股权变更或国有资产产权转移时，应当符合国有资
产管理的有关规定。
Article 15: The concerned parties to an
acquisition shall state whether there exists an
affiliation
between or among the parties to
the acquisition. If two of the parties belong to
one de facto controller,
the concerned
parties shall disclose their de facto controller
to the examination and approval authority
and
explain the objective of the acquisition and
whether the results of the appraisal are in line
with the
fair market value. The concerned
parties may not use a trust, holding on behalf of
another or other
means to circumvent the
foregoing requirements.
并购当事人应对并购各方是否存在关联关系进行说
明，如果有两方属于同一个实际控制人，则当事人应向
审批机关披露其实际控制人，并就并购目的和评估
结果是否符合市场公允价值进行解释。当事人不得以信
托、代持或其他方式规避前述要求。 第十五条
Article 16: When a foreign investor
acquires a domestic enterprise and establishes a
foreign-invested
enterprise, it shall pay the
entire amount of the consideration to the
shareholder that transferred the
equity or the
domestic enterprise that sold the assets within
three months after the date of issuance of
the
foreign-invested enterprise's business licence. In
special circumstances requiring an extension, and
subject to the approval of the examination and
approval authority, the foreign investor shall pay
at
least 60% of the consideration within six
months after the date of issuance of the foreign-
invested
enterprise's business licence and pay
the balance in full within one year, and its share
of the gains shall
be proportional to the
capital contribution it has actually paid in.
外国投资者并购境内企业设立外商投资企业，外国投资者应自外商投资企业营业执照颁发之日起3个月内
向转让股权的股东，或出售资产的境内企业支付全部对价。对特殊情况需要延长者，经审批机关批准后，
应自外商投资企业营业执照颁发之日起6个月内支付全部对价的60%以上，1年内付清全部对价，并按实
际缴付的出资比例分配收益。 第十六条
When a foreign
investor subscribes to a capital increase of a
Domestic Company, the shareholders of
the
limited liability company or of the domestic
company limited by shares established by way of
promotion shall pay in at least 20% of the
registered capital increase at the time of the
application for
the foreign-invested
enterprise business licence. The schedule for the
balance of the capital
contributions shall
comply with the Company Law, relevant foreign
investment laws and the
Regulations for the
Administration of Company Registration. If
otherwise provided in other laws or
administrative regulations, such provisions
shall apply. If a company limited by shares issues
new shares
to increase its registered capital
and shareholders subscribe for such new shares,
matters shall be
handled in accordance with
relevant provisions on the payment of subscription
moneys when
establishing a company limited by
shares.
外国投资者认购境内公司增资，有限责任公司和以发起方式设立的境内股份有限公司的
股东应当在公司申
请外商投资企业营业执照时缴付不低于20%的新增注册资本，其余部分的出资时间应
符合《公司法》、有
关外商投资的法律和《公司登记管理条例》的规定。其他法律和行政法规另有规定的
，从其规定。股份有
限公司为增加注册资本发行新股时，股东认购新股，依照设立股份有限公司缴纳股款
的有关规定执行。
When a foreign investor carries
out an Asset Acquisition, the investors shall
specify the time limits for
making the capital
contributions in the contract for and the articles
of association of the
foreign-invested
enterprise that is to be established. If a
foreign-invested enterprise is to be
established and the assets of a domestic
enterprise are to be purchased by agreement and
operated by
such foreign-invested enterprise,
then that part of the capital contribution that is
equivalent to the
consideration payable for
the assets shall be paid in by the investors
within the time limits for the
payment
of consideration specified in the first paragraph
of this Article. The balance of the capital
contributions shall be made in compliance with
relevant provisions on capital contribution for
the
establishment of foreign-invested
enterprises.
外国投资者资产并购的，投资者应在拟设立的外商投资企业合同、章程中规
定出资期限。设立外商投资企
业，并通过该企业协议购买境内企业资产且运营该资产的，对与资产对价等
额部分的出资，投资者应在本
条第一款规定的对价支付期限内缴付；其余部分的出资应符合设立外商投资
企业出资的相关规定。
When a foreign investor
acquires a domestic enterprise and establishes a
foreign-invested enterprise, if
its capital
contribution accounts for less than 25% of the
registered capital of the enterprise, and if the
investors are to make capital contributions in
the form of cash, they shall make payment in full
within
three months after the date of issuance
of the foreign-invested enterprise's business
licence; if the
investors are to make capital
contributions in kind or in the form of industrial
property, etc., they shall
make payment in
full within six months after the date of issuance
of the foreign-invested enterprise's
business
licence.
外国投资者并购境内企业设立外商投资企业，如果外国投资者出资比例低于企业注册
资本25%的，投资者
以现金出资的，应自外商投资企业营业执照颁发之日起3个月内缴清；投资者以实
物、工业产权等出资的，
应自外商投资企业营业执照颁发之日起6个月内缴清。
Article 17: The method used to pay the
consideration for an acquisition shall comply with
relevant
state laws and administrative
regulations. If a foreign investor is to make
payment using its lawfully
owned renminbi
assets, the check and approval of the foreign
exchange control authority shall be
required.
If the foreign investor is to make payment using
equity in which it owns the right of disposal,
matters shall be handled in accordance with
Part Four hereof.
作为并购对价的支付手段，应符合国家有关法律和行政法规的规
定。外国投资者以其合法拥有的人民币资
产作为支付手段的，应经外汇管理机关核准。外国投资者以其拥
有处置权的股权作为支付手段的，按照本
规定第四章办理。 第十七条
Article 18: After a foreign investor has
purchased the equity of a shareholder in a
Domestic Company
by agreement and such
Domestic Company has been converted into a
foreign-invested enterprise, the
registered
capital of such foreign-invested enterprise shall
be the registered capital of the original
Domestic Company and the percentage of the
foreign investor's capital contribution shall be
the
percentage of the original registered
capital accounted for by the equity purchased by
it.
外国投资者协议购买境内公司股东的股权，境内公司变更设立为外商投资企业后，该外商投资企
业的注册
资本为原境内公司注册资本，外国投资者的出资比例为其所购买股权在原注册资本中所占比例。
第十八条
If a foreign investor subscribes to
a capital increase of a domestic limited liability
company, the
registered capital of the
foreign-invested enterprise established after the
acquisition shall be the sum
of the original
Domestic Company's registered capital and the
amount of the capital increase. The
foreign
investor and the existing shareholders in the
target Domestic Company shall determine the
percentages of their respective contributions
to the foreign-invested enterprise's registered
capital on
the basis of the appraisal of the
assets of the Domestic Company.
外国投资者认购
境内有限责任公司增资的，并购后所设外商投资企业的注册资本为原境内公司注册资本与
增资额之和。外
国投资者与被并购境内公司原其他股东，在境内公司资产评估的基础上，确定各自在外商
投资企业注册资
本中的出资比例。
If a foreign investor subscribes
to the capital increase of a domestic company
limited by shares, the
registered capital
shall be determined in accordance with the
relevant provisions of the Company Law.
外国投资者认购境内股份有限公司增资的，按照《公司法》有关规定确定注册资本。
Article 19: When a foreign investor carries
out an Equity Acquisition, unless otherwise
specified by the
state, the upper limit on the
total amount of investment of the foreign-invested
enterprise established
after the acquisition
shall be determined in accordance with the
following percentages:
外国投资者股权并购的，除国家另有规定外，对并购
后所设外商投资企业应按照以下比例确定投资总额的
上限： 第十九条
(1)
if the registered capital is less than US$$2.1
million, the total amount of investment may not
exceed
107 of the registered capital;
(一)
注册资本在210万美元以下的，投资总额不得超过注册资本的107；
(2) if
the registered capital is US$$2.1 million or more
but less than US$$5 million, the total amount of
investment may not exceed 2 times the
registered capital;
(二)
注册资本在210万美元以上至500万美元的，投资总额不得超过注册资本的2倍；
(3) if the registered capital is US$$5 million
or more but less than US$$12million, the total
amount of
investment may not exceed 2.5 times
the registered capital; and
(三)
注册资本在500万美元以上至1200万美元的，投资总额不得超过注册资本的2.5倍；
(4) if the registered capital is US$$12 million
or more, the total amount of investment may not
exceed 3
times the registered capital.
(四)
注册资本在1200万美元以上的，投资总额不得超过注册资本的3倍。
Article
20: If a foreign investor is to carry out an Asset
Acquisition, the total investment of the
proposed foreign-invested enterprise shall be
determined based on the transaction price of the
assets
to be purchased and the actual
production and business scale. The ratio of the
proposed
foreign-invested enterprise's
registered capital and total investment shall
comply with relevant
provisions.
外国投资者资产并购
的，应根据购买资产的交易价格和实际生产经营规模确定拟设立的外商投资企业的投
资总额。拟设立的外
商投资企业的注册资本与投资总额的比例应符合有关规定。 第二十条
PART
THREE: EXAMINATION, APPROVAL AND REGISTRATION
审批与登记 第三章
Article 21: When a
foreign investor carries out an Equity
Acquisition, the investors shall submit the
documents set forth below to the examination
and approval authority whose competence
corresponds
to the total amount of investment
and enterprise type of the proposed foreign-
invested enterprise and
the industry it is to
engage in, pursuant to laws, administrative
regulations, and rules on the
establishment of
foreign-invested enterprises:
外国投资者股权并购的，投资者应根
据并购后所设外商投资企业的投资总额、企业类型及所从事的行业，
依照设立外商投资企业的法律、行政
法规和规章的规定，向具有相应审批权限的审批机关报送下列文件： 第
二十一条
(1) in the case of a domestic limited
liability company targeted for acquisition: the
unanimous
shareholders' resolution in favour
of the Equity Acquisition by the foreign investor;
in the case of a
domestic company limited by
shares targeted for acquisition: the resolution of
the shareholders'
general meeting in favour of
the Equity Acquisition by the foreign investor;
(一) 被并购境内有限责任公司股东一致同意外国投资者股权并购的决议，或被并购境内股份有限公
司同意
外国投资者股权并购的股东大会决议；
(2) an
application to convert the target Domestic Company
into a newly established foreign-invested
enterprise in accordance with the law;
(二)
被并购境内公司依法变更设立为外商投资企业的申请书；
(3) the
contract for and the articles of association of
the foreign-invested enterprise to be established
after the acquisition;
(三)
并购后所设外商投资企业的合同、章程；
(4) the agreement for
the purchase of the equity of the shareholder in
the Domestic Company or the
subscription to
the Domestic Company's capital increase by the
foreign investor;
(四)
外国投资者购买境内公司股东股权或认购境内公司增资的协议；
(5) a
financial audit report for the previous financial
year of the target Domestic Company;
(五)
被并购境内公司上一财务年度的财务审计报告；
(6) notarized and
lawfully authenticated proof of identity of the
investor or proof of its registration and
creditworthiness;
(六)
经公証和依法认証的投资者的身份証明文件或注册登记証明及资信証明文件；
(7)
details of the enterprises invested in by the
target Domestic Company;
(七)
被并购境内公司所投资企业的情况说明；
(8) (duplicates
of) the business licences of the target Domestic
Company and the enterprises in which it
has
invested;
(八) 被并购境内公司及其所投资企业的营业执照(副本)；
(9) the arrangements made for the staff and
workers of the target Domestic Company; and
(九) 被并购境内公司职工安置计划；
(10) the
documents to be submitted pursuant to Articles 13,
14 and 15 hereof.
(十)
本规定第十三条、第十四条、第十五条要求报送的文件。
If the scope or
scale of business of, or the acquisition of
leaseholds by, or other matters of the
foreign-invested enterprise to be established
after the acquisition requires permission from
other
relevant government authorities, the
relevant permission documents shall be submitted
together with
the aforementioned documents. 并购后所设外商投资企业的经营范围、规模、土地使用权的取得等，涉及其他相关政府部门许可的，有关的许可文件应一并报送。
Article 22: The equity
purchase agreement and the agreement for
increasing the capital of a Domestic
Company
shall be governed by Chinese law and shall include
the following main provisions:
股权购买协议、境内公司增资协议应适用中国法律，并包括以下主要内容： 第二十二条
(1) the particulars of the parties to the
agreement, including their names and domiciles,
the names,
positions and nationalities of
their legal representatives, etc.;
(一)
协议各方的状况，包括名称(姓名)，住所，法定代表人姓名、职务、国籍等；
(2)
the share and price of the equity to be purchased
or of the capital increase to be subscribed to;
(二) 购买股权或认购增资的份额和价款；
(3) the term
and method of performance of the agreement;
(三) 协议的履行期限、履行方式；
(4) the rights and
obligations of the parties;
(四) 协议各方的权利、义务；
(5) liability for breach of contract and
resolution of disputes; and
(五) 违约责任、争议解决；
(6) the date and place of
execution of the agreement.
(六) 协议签署的时间、地点。
Article 23: When a foreign investor
carries out an Asset Acquisition, the investors
shall submit the
documents set forth below to
the examination and approval authority whose
competence corresponds
to the total amount of
investment and enterprise type of the proposed
foreign-invested enterprise and
the industry
it is to engage in, pursuant to laws,
administrative regulations, and rules on the
establishment of foreign-invested enterprises:
外国投资者资产并购的，投资者应根据拟设立的外商投资企业的投资总额、企业类型及所从事的行业，依
照设立外商投资企业的法律、行政法规和规章的规定，向具有相应审批权限的审批机关报送下列文件：
第
二十三条
(1) the resolution in favour of
the asset sale passed by the owner of the title
to, or the organ of
authority of, the domestic
enterprise;
(一) 境内企业产权持有人或权力机构同意出售资产的决议；
(2) an application for the establishment of a
foreign-invested enterprise;
(二) 外商投资企业设立申请书；
(3) the contract for and the articles of
association of the proposed foreign-invested
enterprise;
(三) 拟设立的外商投资企业的合同、章程；
(4) the asset purchase agreement executed by
the proposed foreign-invested enterprise and the
domestic enterprise or by the foreign investor
and the domestic enterprise;
(四)
拟设立的外商投资企业与境内企业签署的资产购买协议，或外国投资者与境内企业签署的资产购买协
议；
(5) (duplicates of) the articles of
association and the business licence of the target
domestic enterprise;
(五) 被并购境内企业的章程、营业执照(副本)；
(6) proof of the notification of, and
announcement to, the creditors of the target
domestic enterprise
and a statement of whether
the creditors have expressed an objection to the
acquisition;
(六)
被并购境内企业通知、公告债权人的証明以及债权人是否提出异议的说明；
(7)
notarized and lawfully authenticated
identification documents of the investors or
certificates of
commencement of business and
certificates of creditworthiness;
(七)
经公証和依法认証的投资者的身份証明文件或开业証明、有关资信証明文件；
(8) the arrangements made for the staff and
workers of the target domestic enterprise; and
(八) 被并购境内企业职工安置计划；
(9) the documents
to be submitted pursuant to Articles 13, 14 and 15
hereof.
(九) 本规定第十三条、第十四条、第十五条要求报送的文件。
If the purchase and operation of the assets of
a domestic enterprise in accordance with the
provisions
of the preceding paragraph require
permission from other relevant government
authorities, the
relevant permission documents
shall be submitted together with the
aforementioned documents.
依照前款的规定购买并运营境内企业的资产，
涉及其他相关政府部门许可的，有关的许可文件应一并报送。
When a
foreign investor purchases the assets of domestic
enterprise by agreement and uses such assets
to invest in and establish a foreign-invested
enterprise, it may not carry on business with such
assets
before the establishment of the
foreign-invested enterprise.
外国投资者协议购买境内企业资产并以
该资产投资设立外商投资企业的，在外商投资企业成立之前，不得
以该资产开展经营活动。
Article 24: The asset purchase agreement shall
be governed by Chinese law and shall include the
following main provisions:
资产购买协议应适用中国法律，并包括以下主要内容： 第二十四条
(1)
the particulars of the parties to the agreement,
including their names and domiciles, the names,
positions and nationalities of their legal
representatives, etc.
(一)
协议各方的状况，包括名称(姓名)，住所，法定代表人姓名、职务、国籍等；
(2)
the list and price of the assets to be purchased;
(二) 拟购买资产的清单、价格；
(3) the term and
method of performance of the agreement;
(三)
协议的履行期限、履行方式；
(4) the rights and
obligations of the parties;
(四) 协议各方的权利、义务；
(5) liability for breach of contract and
resolution of disputes; and
(五) 违约责任、争议解决；
(6) the date and place of
execution of the agreement.
(六) 协议签署的时间、地点。
Article 25: When a foreign investor
acquires a domestic enterprise and establishes a
foreign-invested
enterprise, the examination
and approval authority shall, in accordance with
the law, render its
decision on whether to
grant approval within 30 days after the date of
receipt of the entire set of
prescribed
documents, unless otherwise specified in the
Provisions. If it decides to grant its approval,
it
shall issue an Approval Certificate.
外国
投资者并购境内企业设立外商投资企业，除本规定另有规定外，审批机关应自收到规定报送的全部文
件之
日起30日内，依法决定批准或不批准。决定批准的，由审批机关颁发批准証书。 第二十五条
If a foreign investor is to purchase equity in
a Domestic Company from a shareholder thereof by
way of
an agreement and the examination and
approval authority decides to approve the same, it
shall
additionally forward copies of the
approval document to the foreign exchange control
authorities of the
places where the transferor
of the equity and the Domestic Company are
located. The foreign exchange
control
authority of the place where the transferor of the
equity is located shall carry out for the
transferor, the foreign investment related
foreign exchange registration procedures for
foreign
exchange received for the equity
transfer and issue the relevant certificate. The
foreign investment
related foreign exchange
registration certificate for foreign exchange
received for an equity transfer is
a valid
document evidencing that the consideration for the
acquisition of the equity payable by the
foreign party has been paid.
外国投资者协议购买境内公司
股东股权，审批机关决定批准的，应同时将有关批准文件分别抄送股权转让
方、境内公司所在地外汇管理
机关。股权转让方所在地外汇管理机关为其办理转股收汇外资外汇登记并出
具相关証明，转股收汇外资外
汇登记証明是証明外方已缴付的股权收购对价已到位的有效文件。
Article 26:
When a foreign investor carries out an Asset
Acquisition, the investors shall apply for
registration of establishment to the
registration authority within 30 days after the
date of receipt of
the Approval Certificate,
and obtain a foreign-invested enterprise business
licence from the said
administration.
外国投资
者资产并购的，投资者应自收到批准証书之日起30日内，向登记管理机关申请办理设立登记，领
取外商
投资企业营业执照。 第二十六条
When a foreign investor
carries out an Equity Acquisition, the target
Domestic Company shall apply for
amendment of
registration to its original registration
authority in accordance with the Provisions and
obtain a foreign-invested enterprise business
licence. If its original registration authority is
not
competent to register the change, it
shall, within 10 days after the date of receipt of
the application
documents, transfer the case
together with the Domestic Company's registration
file to the competent
registration authority
for handling. When applying for amendment of
registration, the target Domestic
Company
shall submit the documents set forth below and
shall be liable for their truthfulness and
validity:
外国投资者股权并购的，被并购境内公司应依照本规定向
原登记管理机关申请变更登记，领取外商投资企
业营业执照。原登记管理机关没有登记管辖权的，应自收
到申请文件之日起10日内转送有管辖权的登记管
理机关办理，同时附送该境内公司的登记档案。被并购
境内公司在申请变更登记时，应提交以下文件，并
对其真实性和有效性负责：
(1) an application for amendment of
registration;
(一) 变更登记申请书；
(2) the
agreement under which the foreign investor
purchases the equity of the shareholder in the
Domestic Company or subscribes to the Domestic
Company's capital increase;
(二)
外国投资者购买境内公司股东股权或认购境内公司增资的协议；
(3) the
company's amended articles of association or the
proposed amendments to the original articles
of association and the contract for the
foreign-invested enterprise that needs to be
submitted in
accordance with the law;
(三)
修改后的公司章程或原章程的修正案和依法需要提交的外商投资企业合同；
(4) the
foreign-invested enterprise approval certificate;
(四) 外商投资企业批准証书；
(5) the proof of the
entity status or the natural person's proof of
identity of the foreign investor;
(五)
外国投资者的主体资格証明或者自然人身份証明；
(6) the amended
list of directors, a document specifying the names
and domiciles of the new directors
and the
instruments of appointment of the new directors;
and
(六) 修改后的董事会名单，记载新增董事姓名、住所的文件和新增董事的任职文件；
(7) other relevant documents and
certificates specified by the SAIC.
(七)
国家工商行政管理总局规定的其他有关文件和証件。
The investors
shall carry out registration procedures with
relevant departments such as those for
taxation, customs, land administration and
foreign exchange control within 30 days after the
date of
receipt of the foreign-invested
enterprise business licence.
投资者自收到外商投资企业营业执照之
日起30日内，到税务、海关、土地管理和外汇管理等有关部门办理
登记手续。
PART FOUR: USE OF EQUITY AS THE METHOD OF
PAYMENT IN THE ACQUISITION OF A DOMESTIC
COMPANY BY A FOREIGN INVESTOR
外国投资者以股权作为支付手段并购境内公司 第四章
Section One: Conditions for Using Equity in
an Acquisition
以股权并购的条件 第一节
Article 27: For the purposes of this Part, the
phrase
acquisition of a Domestic Company by a
foreign investor
company uses the equity it
hold in the overseas company, or the overseas
company uses the shares from
a subsequent
share offering, as the method of payment to
purchase equity in a Domestic Company from
shareholders thereof or shares available in a
subsequent share offering by the Domestic Company.
本章所称外国投资者以股权作为支付手段并购境内公司，系指境外公司的股东以其持有的境外公司股权，
或者境外公司以其增发的股份，作为支付手段，购买境内公司股东的股权或者境内公司增发股份的行为。
第
二十七条
Article 28: An overseas company
as mentioned in this Part shall have been lawfully
established, its
place of registration shall
have a sound company law system and the company
and its management shall
not have been
subjected to penalties from the regulatory
authorities during the most recent three
years. With the exception of the special
purpose vehicles specified in Section Three of
this Part, the
overseas company shall be a
listed company and the place of its listing shall
have a sound securities
trading system.
本章
所称的境外公司应合法设立并且其注册地具有完善的公司法律制度，且公司及其管理层最近3年未受
到监
管机构的处罚；除本章第三节所规定的特殊目的公司外，境外公司应为上市公司，其上市所在地应具
有完
善的証券交易制度。 第二十八条
Article 29: The equity of
the domestic and overseas companies involved in
the acquisition of a
Domestic Company by a
foreign investor using equity shall comply with
the following conditions:
外国投资者以股权并购境内公司所涉及的境内外公司的股权，应符合以下条件： 第二十九条
(1) the shareholders lawfully hold the same
and may transfer the same in accordance with the
law;
(一) 股东合法持有并依法可以转让；
(2) such
equity is not the subject of an ownership dispute
and is not encumbered by a pledge or any
other
rights;
(二) 无所有权争议且没有设定质押及任何其他权利限制；
(3) the equity of the overseas company shall
be listed and traded on a public and lawful
securities
exchange market overseas (with the
exception of an over-the-counter trading market);
and
(三) 境外公司的股权应在境外公开合法証券交易市场(柜台交易市场除外)挂牌交易；
(4) the trading price of the
equity of the overseas company has been stable
during the most recent
year.
(四)
境外公司的股权最近1年交易价格稳定。
Items (3) and (4) of
the preceding paragraph shall not apply to the
special purpose vehicles specified in
Section
Three of this Part.
前款第(三)、(四)项不适用于本章第三节所规定的特殊目的公司。
Article 30: If a foreign investor is to
acquire a Domestic Company using equity, the
Domestic Company
or its shareholders shall
engage an intermediary organization registered in
China as a consultant (the
Acquisition
Consultant). The Acquisition Consultant shall
conduct a due diligence investigation of the
truthfulness of the acquisition application
documents, the financial position of the overseas
company
and whether the acquisition complies
with Articles 14, 28 and 29 hereof, and issue an
Acquisition
Consultant's report that expresses
a professional opinion on each of the
aforementioned items clearly.
外国投资者以股权并购境内公司，境
内公司或其股东应当聘请在中国注册登记的中介机构担任顾问(以下称
“并购顾问”)。并购顾问应就并
购申请文件的真实性、境外公司的财务状况以及并购是否符合本规定第十四
条、第二十八条和第二十九条
的要求作尽职调查，并出具并购顾问报告，就前述内容逐项发表明确的专业
意见。 第三十条
Article 31: The Acquisition Consultant shall
satisfy the following conditions:
并购顾问应符合以下条件：
第三十一条
(1) having a good reputation and
relevant experience in the field;
(一)
信誉良好且有相关从业经验；
(2) having no record of
major violations of laws or regulations; and
(二) 无重大违法违规记录；
(3) having the
capacity to investigate and analyze the legal
systems of the places where the overseas
company is registered and listed and the
overseas company's financial position.
(三)
应有调查并分析境外公司注册地和上市所在地法律制度与境外公司财务状况的能力。
Section Two: Documents to be Submitted
and
Procedures
申报文件与程序 第二节
Article
32: When a foreign investor is to acquire a
Domestic Company using equity, the same shall be
reported to the Ministry of Commerce for
examination and approval. In addition to the
documents
required in Part Three hereof, the
Domestic Company must additionally submit the
following
documents:
外国投资者以股权并购境内公司应报送商务部审
批，境内公司除报送本规定第三章所要求的文件外，另须
报送以下文件： 第三十二条
(1) an explanation of changes in its equity
and material changes in its assets during the most
recent
year;
(一)
境内公司最近1年股权变动和重大资产变动情况的说明；
(2) the
Acquisition Consultant's report;
(二) 并购顾问报告；
(3) the proof of commencement of business
or proof of identity of the domestic and overseas
companies and their shareholders;
(三)
所涉及的境内外公司及其股东的开业証明或身份証明文件；
(4) an
explanation of the shareholdings of the overseas
company's shareholders and the list of
shareholders who hold 5% or more of the equity
in the overseas company;
(四)
境外公司的股东持股情况说明和持有境外公司5%以上股权的股东名录；
(5) the
articles of association of the overseas company
and an explanation of security provided by the
overseas company for third parties; and
(五) 境外公司的章程和对外担保的情况说明；
(6) an
audited financial report of the overseas company
for the most recent year and a report on the
trading of shares of the overseas company
during the most recent half year.
(六)
境外公司最近年度经审计的财务报告和最近半年的股票交易情况报告。
Article
33: The Ministry of Commerce shall examine the
acquisition application within 30 days from the
date of receipt of all the documents that are
required to be submitted. If the application
satisfies the
conditions, the Ministry of
Commerce shall issue an Approval Certificate
bearing the note
investor to acquire Domestic
Company using equity; valid for six months from
the date of issuance of
the business licence商务部自收到规定报送的全部文件之日起30日内对并购申请进行审核，符合条件的，颁发批准証书，并在<
br>批准証书上加注“外国投资者以股权并购境内公司，自营业执照颁发之日起6个月内有效”。 第三十三条
Article 34: The Domestic Company
shall, within 30 days of receipt of its Approval
Certificate bearing
the note, carry out the
procedures for the amendment of registration with
the registration authority
and the foreign
exchange control authority that shall respectively
issue it a foreign-invested enterprise
business licence and a foreign exchange
registration certificate bearing the note
from
the date of issuance
境内公司应自收到加注的批准証书之日起30日内，向登记
管理机关、外汇管理机关办理变更登记，由登记
管理机关、外汇管理机关分别向其颁发加注“自颁发之日
起8个月内有效”字样的外商投资企业营业执照和
外汇登记証。 第三十四条
When carrying out amendment of registration
procedures with the registration authority, the
Domestic
Company shall submit, in advance,
such documents as an equity change application
signed by the legal
representative of the
Domestic Company, the proposed amendments to the
company's articles of
association and the
equity transfer agreement for the purpose of
restoring the equity structure.
境内公司向登记管理机关办理变
更登记时，应当预先提交旨在恢复股权结构的境内公司法定代表人签署的
股权变更申请书、公司章程修正
案、股权转让协议等文件。
Article 35: Within six
months from the date of issuance of the business
licence, the Domestic Company
or its
shareholders shall, in respect of matters relating
to the equity in the overseas company held by
itthem, carry out with the Ministry of
Commerce and the foreign exchange control
authority the
procedures for the check,
approval and registration of an overseas
investment to establish an
enterprise.
自营业
执照颁发之日起6个月内，境内公司或其股东应就其持有境外公司股权事项，向商务部、外汇管理
机关申
请办理境外投资开办企业核准、登记手续。 第三十五条
In addition to
submitting to the Ministry of Commerce the
documents required in the Provisions on
Matters Relevant to the Check and Approval of
the Investment in, and Establishment of,
Enterprises
Overseas, the concerned parties
must submit the Approval Certificate bearing the
note and the
foreign-invested enterprise
business licence bearing the note. Once the
Ministry of Commerce approves
the holding by
the Domestic Company or its shareholders of equity
in the overseas company, it shall
issue an
approval certificate for overseas investment by a
Chinese enterprise and a clean
foreign-
invested enterprise approval certificate.
当事人除
向商务部报送《关于境外投资开办企业核准事项的规定》所要求的文件外，另须报送加注的外商
投资企业
批准証书和加注的外商投资企业营业执照。商务部在核准境内公司或其股东持有境外公司的股权
后，颁发
中国企业境外投资批准証书，并换发无加注的外商投资企业批准証书。
The
Domestic Company shall, within 30 days of
obtaining the clean foreign-invested enterprise
approval certificate, apply to the
registration authority and the foreign exchange
control authority for
the issuance of a clean
foreign-invested enterprise business licence and
foreign exchange registration
certificate.
境内公司取得无加注的外商投资企业批准証书后，应在30日内向登记管理机关、外汇管理机关申请换发无加注的外商投资企业营业执照、外汇登记証。
Article 36:
If the Domestic Company or the overseas company
fails to complete the equity change
procedures
within six months from the date of issuance of the
business licence, the Approval
Certificate
bearing the note and the approval certificate for
overseas investment by a Chinese
enterprise
shall automatically become null and void and the
registration authority shall approve the
amendment of registration based on the
application documents for the registration of the
change in
equity submitted in advance by the
Domestic Company, restoring the Domestic Company's
equity
structure to the state existing prior
to the Equity Acquisition.
自营业执照颁发之日起6个月内，如果境内
外公司没有完成其股权变更手续，则加注的批准証书和中国企
业境外投资批准証书自动失效，登记管理机
关根据境内公司预先提交的股权变更登记申请文件核准变更登
记，使境内公司股权结构恢复到股权并购之
前的状态。 第三十六条
If the subsequent offering of
shares of a target Domestic Company is not
realized, the Domestic
Company shall, prior to
the registration authority approving its amendment
of registration in
accordance with the
preceding paragraph, reduce its registered capital
by the relevant amount and
announce the same
in newspapers in accordance with the Company Law.
并购境内公司增发股份而未实现的，在登记管理机关根据前款予以核准变更登记之前，境内公司还应当按
照《公司法》的规定，减少相应的注册资本并在报纸上公告。
If the
Domestic Company fails to carry out the relevant
registration procedures in accordance with the
preceding paragraph, the registration
authority shall deal with the matter in accordance
with the
relevant provisions of the
Regulations for the Administration of Company
Registration.
境内公司未按照前款规定办理相应的登记手续的，由登记管理机关按照《
公司登记管理条例》的有关规定
处理。
Article 37: Until
the Domestic Company has obtained the clean
foreign-invested enterprise approval
certificate and foreign exchange registration
certificate, it may not distribute profits to its
shareholders, provide security for affiliates
or pay to foreign parties amounts on the capital
account,
such as those for an equity transfer,
capital reduction, liquidation, etc.
境内公司取得无加注
的外商投资企业批准証书、外汇登记証之前，不得向股东分配利润或向有关联关系的
公司提供担保，不得
对外支付转股、减资、清算等资本项目款项。 第三十七条
Article 38:
The Domestic Company or its shareholders shall
carry out the procedures for the
amendment of
tax registration with the tax authorities on the
strength of the clean Approval
Certificate and
business licence issued by the Ministry of
Commerce and the registration authority.
境内公司或
其股东凭商务部和登记管理机关颁发的无加注批准証书和营业执照，到税务机关办理税务变更
登记。
第三十八条
Section Three: Specific Provisions
for Special
Purpose Vehicles
对于特殊目的公司的特别规定 第三节
Article 39:
The term
controlled by a Domestic Company or
natural person in China for the purpose of listing
overseas the
rights and interests itheshe
actually holds in a Domestic Company.
特殊目的公司系指
中国境内公司或自然人为实现以其实际拥有的境内公司权益在境外上市而直接或间接控
制的境外公司。
第三十九条
The provisions of this Section
shall apply where the shareholders of a special
purpose vehicle, for the
purpose of overseas
listing of the vehicle, use the equity in the
company that they hold, or where a
special
purpose vehicle uses shares from a subsequent
offering of shares, as the payment method to
acquire equity in a Domestic Company from the
shareholders thereof or the shares offered in a
subsequent offering of shares by a Domestic
Company.
特殊目的公司为实现在境外上市，其股东以其所持公司股权，或者特殊目的公司以其
增发的股份，作为支
付手段，购买境内公司股东的股权或者境内公司增发的股份的，适用本节规定。
If the concerned parties intend to use
the overseas company that holds the rights and
interests in the
special purpose vehicle as
the entity to be listed overseas, such overseas
company shall comply with
the requirements in
respect of special purpose vehicles of this
Section.
当事人以持有特殊目的公司权益的境外公司作为境外上市主体的，该境外公司应符合
本节对于特殊目的公
司的相关要求。
Article 40: The
overseas listing and trading of a special purpose
vehicle shall be subject to the approval
of
the State Council's securities regulatory
authority.
特殊目的公司境外上市交易，应经国务院証券监督管理机构批准。 第四十条
The country or region where the overseas
listing of a special purpose vehicle is to be
carried out shall
have sound legal and
regulatory systems, and its securities regulatory
authority shall have executed a
memorandum of
understanding on regulatory cooperation with the
State Council's securities regulatory
authority and have maintained an effective
regulatory cooperation relationship.
特殊目的公司境外上
市所在国家或者地区应有完善的法律和监管制度，其証券监管机构已与国务院証券监
督管理机构签订监管
合作谅解备忘录，并保持著有效的监管合作关系。
Article 41: A
Domestic Company whose rights and interests are to
be listed overseas as described in
this
Section shall satisfy the following conditions:
本节所述的权益在境外上市的境内公司应符合下列条件： 第四十一条
(1)
title thereto is unambiguous, and it is not
encumbered with any title dispute or potential
title
dispute;
(一)
产权明晰，不存在产权争议或潜在产权争议；
(2) it has a
complete business system and good prospects as an
ongoing concern;
(二) 有完整的业务体系和良好的持续经营能力；
(3) it has a sound corporate governance
structure and internal management system; and
(三) 有健全的公司治理结构和内部管理制度；
(4) it and
its major shareholders have no record of major
violations of laws or regulations during the
most recent three years.
(四)
公司及其主要股东近3年无重大违法违规记录。
Article 42: If a
Domestic Company wishes to establish a special
purpose vehicle overseas, it shall carry
out
check and approval procedures with the Ministry of
Commerce. When carrying out the check and
approval procedures, the Domestic Company
must, in addition to submitting to the Ministry of
Commerce the documents required by the
Provisions on Matters Relevant to the Check and
Approval of
the Investment in, and
Establishment of, Enterprises Overseas, submit the
following documents:
境内公司在境外设立特殊目的公司，应向商务部申请办理
核准手续。办理核准手续时，境内公司除向商务
部报送《关于境外投资开办企业核准事项的规定》要求的
文件外，另须报送以下文件： 第四十二条
(1) the proof of
identity of the ultimate controller of the special
purpose vehicle;
(一) 特殊目的公司最终控制人的身份証明文件；
(2) the business plan for the overseas listing
of the special purpose vehicle; and
(二)
特殊目的公司境外上市商业计划书；
(3) the assessment
report prepared by the Acquisition Consultant on
the issue price of the shares to be
listed
overseas in future by the special purpose vehicle.
(三) 并购顾问就特殊目的公司未来境外上市的股票发行价格所作的评估报告。
Once the Approval Certificate for overseas
investment by a Chinese enterprise has been
obtained, the
founder or controller shall
carry out the corresponding foreign exchange
registration procedures for
overseas
investment with the foreign exchange control
authority of the place where it is located.
获得
中国企业境外投资批准証书后，设立人或控制人应向所在地外汇管理机关申请办理相应的境外投资外
汇登
记手续。
Article 43: The total value
of the issued shares to be listed overseas by a
special purpose vehicle may
not be less than
the value of the corresponding equity of the
target Domestic Company as appraised by
the
relevant Chinese asset appraisal institution.
特殊目的公司境外上市的股票发行价总值，不得低于其所对应的经中国有关资产评估机构评估的被并购境
内公司股权的价值。 第四十三条
Article 44: If the
special purpose vehicle is to use equity to
acquire the Domestic Company, the
Domestic
Company must, in addition to submitting to the
Ministry of Commerce the documents
required in
Article 32 hereof, submit the following documents:
特殊目的公司以股权并购境内公司的，境内公司除向商务部报送本规定第三十二条所要求的文件外，另须
报送以下文件： 第四十四条
(1) the approval
document and certificate for overseas investment
to establish an enterprise issued at
the time
of the establishment of the special purpose
vehicle;
(一) 设立特殊目的公司时的境外投资开办企业批准文件和証书；
(2) the foreign exchange registration form for
overseas investment of the special purpose
vehicle;
(二) 特殊目的公司境外投资外汇登记表；
(3)
the proof of identity or the proof of commencement
of business and articles of association of the
ultimate controller of the special purpose
vehicle;
(三) 特殊目的公司最终控制人的身份証明文件或开业証明、章程；
(4) the bussiness plan for the overseas
listing of the special purpose vehicle; and
(四) 特殊目的公司境外上市商业计划书；
(5) the
assessment report prepared by the Acquisition
Consultant on the issue price of the shares to be
listed overseas in future by the special
purpose vehicle.
(五)
并购顾问就特殊目的公司未来境外上市的股票发行价格所作的评估报告。
If the
overseas company that holds the rights and
interests in the special purpose vehicle is to be
the
entity listed overseas, the Domestic
Company must additionally submit the following
documents:
如果以持有特殊目的公司权益的境外公司作为境外上市主体，境内公司还须报送以下文件：
(1) the proof of commencement of business and
the articles of association of the overseas
company;
and
(一) 该境外公司的开业証明和章程；
(2) a detailed explanation of the
transaction arrangement made between the special
purpose vehicle
and the overseas company with
respect to the equity of the target Domestic
Company and a detailed
explanation of the
discount method.
(二)
特殊目的公司与该境外公司之间就被并购的境内公司股权所作的交易安排和折价方法的详细说明。
Article 45: Once the Ministry of Commerce has
preliminarily examined and approved the documents
specified in Article 44 hereof, it shall issue
a letter of approval in principle. The Domestic
Company
shall then submit the listing
application documents to the State Council's
securities regulatory authority
on the
strength of the letter of approval. The State
Council's securities regulatory authority shall
decide
whether or not to grant its approval
within 20 working days.
商务部对本规定第四十四条所规定的文件初审同意
的，出具原则批复函，境内公司凭该批复函向国务院証
券监督管理机构报送申请上市的文件。国务院証券
监督管理机构于20个工作日内决定是否核准。 第四十
五条
Once the
Domestic Company has obtained approval, it shall
collect its Approval Certificate from the
Ministry of Commerce. The Ministry of Commerce
shall issue it an Approval Certificate bearing the
note
business licence
境内公司获得核准后，向商务部申领批
准証书。商务部向其颁发加注“境外特殊目的公司持股，自营业执照
颁发之日起1年内有效”字样的批准
証书。
If the acquisition is to result in a
change in the equity of the special purpose
vehicle or other such
matters, the Domestic
Company or natural person that holds equity in the
special purpose vehicle shall,
with respect to
relevant matters of the special purpose vehicle,
carry out with the Ministry of
Commerce on the
strength of the Approval Certificate bearing the
note the procedures for the
amendment of the
approval of the overseas investment to establish
an enterprise, and carry out with
the foreign
exchange control authority of the place where
itheshe is located the procedures for the
amendment of the foreign exchange registration
for overseas investment.
并购导致特殊目的公司股权等事项变更的，持有
特殊目的公司股权的境内公司或自然人，凭加注的外商投
资企业批准証书，向商务部就特殊目的公司相关
事项办理境外投资开办企业变更核准手续，并向所在地外
汇管理机关申请办理境外投资外汇登记变更。
Article 46: The Domestic Company shall,
within 30 days from the date of receipt of the
Approval
Certificate bearing the note, carry
out the procedures for the amendment of
registration with the
registration authority
and the foreign exchange control authority that
shall respectively issue it a
foreign-invested
enterprise business licence and a foreign exchange
registration certificate bearing the
note
境内公司应自收到加注的批准証书之日起30日内，向登记管理机关、外汇管理机关办理变更登记，由登记
管理机关、外汇管理机关分别向其颁发加注“自颁发之日起14个月内有效”字样的外商投资企业营业执照和<
br>外汇登记証。 第四十六条
When carrying out
the procedures for the amendment of registration
with the registration authority,
the Domestic
Company shall submit, in advance, such documents
as an equity change application
signed by the
legal representative of the Domestic Company, the
proposed amendments to the
company's articles
of association and the equity transfer agreement
for the purpose of restoring the
equity
structure.
境内公司向登记管理机关办理变更登记时，应当预先提交旨在恢复股权结构的境
内公司法定代表人签署的
股权变更申请书、公司章程修正案、股权转让协议等文件。
Article 47: The Domestic Company shall, within
30 days of the date of completion of the overseas
listing of the special purpose vehicle or of
the overseas company affiliated with the special
purpose
vehicle, report to the Ministry of
Commerce on the overseas listing and its proceed
repatriation plan,
and apply for the issuance
of a clean Approval Certificate. Additionally, the
Domestic Company shall,
within 30 days of the
date of completion of the overseas listing, report
to the State Council's securities
regulatory
authority on the overseas listing and submit the
relevant documents for the record.
Furthermore, the Domestic Company shall submit
its proceed repatriation plan to the foreign
exchange
control authority, which shall
supervise the implementation thereof. Within 30
days after obtaining the
clean Approval
Certificate, the Domestic Company shall apply to
the registration authority and the
foreign
exchange control authority for the issuance of a
clean foreign-invested enterprise business
licence and foreign exchange registration
certificate.
境内公司应自特殊目的公司或与特殊目的公司有关联关系的境外公司完成境
外上市之日起30日内，向商务
部报告境外上市情况和融资收入调回计划，并申请换发无加注的外商投资
企业批准証书。同时，境内公司
应自完成境外上市之日起30日内，向国务院証券监督管理机构报告境外
上市情况并提供相关的备案文件。
境内公司还应向外汇管理机关报送融资收入调回计划，由外汇管理机关
监督实施。境内公司取得无加注的
批准証书后，应在30日内向登记管理机关、外汇管理机关申请换发无
加注的外商投资企业营业执照、外汇
登记証。 第四十七条
If the
Domestic Company fails to report to the Ministry
of Commerce by the aforementioned deadline,
its Approval Certificate bearing the note
shall automatically become null and void, its
equity structure
shall revert to the state
existing prior to the Equity Acquisition and it
shall carry out the procedures for
the
amendment of its registration in accordance with
Article 36 hereof.
如果境内公司在前述期限内未向商务部报告，境内公司加注的
批准証书自动失效，境内公司股权结构恢复
到股权并购之前的状态，并应按本规定第三十六条办理变更登
记手续。
Article 48: The proceeds from the
overseas listing of the special purpose vehicle
shall be repatriated
back to, and used in,
China in accordance with the repatriation plan
submitted to the foreign exchange
control
authority for the record and current foreign
exchange control provisions. The proceeds may be
repatriated by any of the following methods: <
br>特殊目的公司的境外上市融资收入，应按照报送外汇管理机关备案的调回计划，根据现行外汇管理规定调<
br>回境内使用。融资收入可采取以下方式调回境内： 第四十八条
(1)
providing a commercial loan to the Domestic
Company;
(一) 向境内公司提供商业贷款；
(2)
establishing a new foreign-invested enterprise in
China; or
(二) 在境内新设外商投资企业；
(3)
acquiring a domestic enterprise.
(三) 并购境内企业。
The repatriation of the overseas
financing proceeds from the special purpose
vehicle under the
aforementioned circumstances
shall comply with laws and administrative
regulations of China on the
administration of
foreign investment and foreign debt. If the
repatriation of the overseas financing
proceeds from the special purpose vehicle
results in the Domestic Company or natural person
increasing
itshisher holding of the rights and
interests in the special purpose vehicle, or in an
increase in the net
assets of the special
purpose vehicle, the concerned party or parties
shall truthfully disclose the same
and carry
out the approval procedures. Once the examination
and approval procedures have been
completed,
the relevant amendment of foreign investment
related foreign exchange registration and
overseas investment registration procedures
shall be carried out.
在上述情形下调回特殊目的公司境外融资收入，应遵守
中国有关外商投资及外债管理的法律和行政法规。
如果调回特殊目的公司境外融资收入，导致境内公司和
自然人增持特殊目的公司权益或特殊目的公司淨资
产增加，当事人应如实披露并报批，在完成审批手续后
办理相应的外资外汇登记和境外投资登记变更。
The foreign
exchange income obtained by the Domestic Company
or natural person from the special
purpose
vehicle in the form of profits, dividends or
through a capital change shall be repatriated
within
six months from the date of receipt.
Profits or dividends may be credited to a current
account related
foreign exchange account or be
settled. Foreign exchange proceeds from a change
in capital may,
subject to the approval of the
foreign exchange control authority, be retained in
a dedicated capital
account related account
opened for that purpose or, alternatively, may be
settled.
境内公司及自然人从特殊目的公司获得的利润、红利及资本变动所得外汇收入，应自
获得之日起6个月内
调回境内。利润或红利可以进入经常项目外汇帐户或者结汇。资本变动外汇收入经外
汇管理机关核准，可
以开立资本项目专用帐户保留，也可经外汇管理机关核准后结汇。
Article 49: If the Domestic Company fails to
obtain the clean Approval Certificate within one
year from
the date of issuance of its business
licence, the Approval Certificate bearing the note
shall
automatically become null and void, and
the procedures for the amendment of registration
shall be
carried out in accordance with
Article 36 hereof.
自营业执照颁发之日起1年内，如果境内公司不能取得无加注
批准証书，则加注的批准証书自动失效，并
应按本规定第三十六条办理变更登记手续。 第四十九条
Article 50: If, after the completion of
the overseas listing of the special purpose
vehicle and the
Domestic Company has obtained
the clean Approval Certificate and business
licence, the concerned
party or parties
continue(s) to use the shares of such company as a
payment method to acquire
Domestic Companies,
Sections One and Two of this Part shall apply.
特殊目的公司完成境外上市且境内公司取得无加注的批准証书和营业执照后，当事人继续以该公司股份作
为支付手段并购境内公司的，适用本章第一节和第二节的规定。 第五十条
PART
FIVE: ANTI-MONOPOLY INVESTIGATION
反垄断审查 第五章
Article 51: When a foreign investor's
acquisition of a domestic enterprise involves any
of the following
circumstances, the investors
shall report the same to the Ministry of Commerce
and the State
Administration for Industry and
Commerce:
外国投资者并购境内企业有下列情形之一的，投资者应就所涉情形向商务部和国家
工商行政管理总局报告：
第五十一条
(1) any of the
parties to the acquisition had a turnover in the
Chinese market during the current year
exceeding Rmb1.5 billion;
(一)
并购一方当事人当年在中国市场营业额超过15亿元人民币；
(2) the
foreign investor acquired more than 10 enterprises
in related industries in China in one year;
(二) 1年内并购国内关联行业的企业累计超过10个；
(3) any
of the parties to the acquisition already controls
not less than 20% of the Chinese market; or
(三) 并购一方当事人在中国的市场占有率已经达到20%；
(4) the
acquisition will cause the Chinese market share of
any of the parties thereto to reach 25%.
(四)
并购导致并购一方当事人在中国的市场占有率达到25%。
At the request
of a competing domestic enterprise or the relevant
functional authority or trade
association, if
the Ministry of Commerce or the State
Administration for Industry and Commerce is of
the opinion that the acquisition by the
foreign investor would involve a very large market
share or that
other important factors that
would affect market competition, etc. are present,
it may nevertheless
require the foreign
investor to file a report, even if the criteria in
the preceding paragraph are not met.
虽未达到前款所述条
件，但是应有竞争关系的境内企业、有关职能部门或者行业协会的请求，商务部或国
家工商行政管理总局
认为外国投资者并购涉及市场份额巨大，或者存在其他严重影响市场竞争等重要因素
的，也可以要求外国
投资者作出报告。
The aforementioned
上述并购一方当事人包括与外国投资者有关联关系的企业。
Article 52: If the acquisition of a domestic
enterprise by a foreign investor involves any of
the
circumstances specified in Article 51
hereof and the Ministry of Commerce and the State
Administration
for Industry and Commerce are
of the opinion that it may result in over-
concentration, thereby harming
legitimate
competition and damaging the interests of
consumers, they shall, within 90 days after the
date of receipt of the entire set of
prescribed documents, jointly, or after
consultations, individually
convene the
relevant authorities, agencies, enterprises and
other materially interested parties for the
purpose of conducting hearings and decide, in
accordance with the law, whether to grant their
approval.
外国投资者并购境内企业涉及本规定第五十一条所述情形之一，商务部和
国家工商行政管理总局认为可能
造成过度集中，妨害正当竞争、损害消费者利益的，应自收到规定报送的
全部文件之日起90日内，共同或
经协商单独召集有关部门、机构、企业以及其他利害关系方举行听証会
，并依法决定批准或不批准。 第五
十二条
Article 53: If a
foreign acquisition is characterized by any of the
circumstances set forth below, the
acquiring
party shall submit the acquisition plan to the
Ministry of Commerce and the State
Administration for Industry and Commerce,
before it publicly announces such plan or at the
same time
as it submits the same to the
authority in charge in the country where it is
located. The Ministry of
Commerce and the
State Administration for Industry and Commerce
shall examine whether such
acquisition will
result in over-concentration in the domestic
market, thereby harming legitimate
competition
and damaging the interests of consumers, and
render their decision on whether to give
their
consent:
境外并购有下列情形之一的，并购方应在对外公布并购方案之前或者报所在国主管机
构的同时，向商务部
和国家工商行政管理总局报送并购方案。商务部和国家工商行政管理总局应审查是否
存在造成境内市场过
度集中，妨害境内正当竞争、损害境内消费者利益的情形，并做出是否同意的决定：
第五十三条
(1) any of the parties to the
foreign acquisition has assets in China valued at
not less than Rmb3 billion;
(一)
境外并购一方当事人在我国境内拥有资产30亿元人民币以上；
(2) any of
the parties to the foreign acquisition had a
turnover in the Chinese market during the current
year of not less than Rmb1.5 billion;
(二)
境外并购一方当事人当年在中国市场上的营业额15亿元人民币以上；
(3) any
of the parties to the foreign acquisition and its
affiliates already control not less than 20% of
the
Chinese market;
(三)
境外并购一方当事人及与其有关联关系的企业在中国市场占有率已经达到20%；
(4)
the foreign acquisition will cause the Chinese
market share of any of the parties to the foreign
acquisition and its affiliates to reach 25%;
or
(四)
由于境外并购，境外并购一方当事人及与其有关联关系的企业在中国的市场占有率达到25%；
(5) the foreign acquisition will
cause the number of foreign-invested enterprises
in related industries in
China in which any of
the parties to the foreign acquisition has a
direct or indirect equity interest to
exceed
15.
(五)
由于境外并购，境外并购一方当事人直接或间接参股境内相关行业的外商投资企业将超过15家。
Article 54: If an acquisition is characterized
by any of the circumstances set forth below, any
of the
parties to the acquisition may apply to
the Ministry of Commerce and the State
Administration for
Industry and Commerce for
exemption from examination:
有下列情况之一的并购，并购一方当事人可以向商务部和国家工商行政管理总局申请审查豁免：
第五十四
条
(1) it can improve the
conditions for fair market competition;
(1)
可以改善市场公平竞争条件的；
(2) it will restructure a
loss-making enterprise and ensure employment;
(2) 重组亏损企业并保障就业的；
(3) it will
introduce advanced technology, bring in management
talent and can enhance the
international
competitiveness of the enterprise; or
(3)
引进先进技朮和管理人才并能提高企业国际竞争力的；
(4) it can
improve the environment.
(4) 可以改善环境的。
PART SIX: SUPPLEMENTARY PROVISIONS
附则 第六章
Article 55: These Provisions shall apply
to the acquisition of domestic enterprises by
companies with an
investment nature
established in China in accordance with the law by
foreign investors.
外国投资者在中国境内依法设立的投资性公司并购境内企业，适用本规定。 第五十五条
Where a foreign investor purchases equity in a
foreign-invested enterprise in China from the
shareholders thereof or subscribes to the
capital increase of a foreign-invested enterprise
in China,
current laws and administrative
regulations on foreign-invested enterprises and
relevant provisions on
changes in the equity
of the investors of foreign-invested enterprises
shall apply. Where such laws,
administrative
regulations or provisions are silent, matters
shall, mutatis mutandis, be handled in
accordance with these Provisions.
外
国投资者购买境内外商投资企业股东的股权或认购境内外商投资企业增资的，适用现行外商投资企业法
律
、行政法规和外商投资企业投资者股权变更的相关规定，其中没有规定的，参照本规定办理。
Where a foreign investor merges or takes over
a domestic enterprise through a foreign-invested
enterprise established by it in China,
relevant provisions on the merger and division of
foreign-invested
enterprises and relevant
provisions on domestic investment by foreign-
invested enterprises shall apply.
Where such
provisions are silent, matters shall, mutatis
mutandis, be handled in accordance with these
Provisions.
外国投资者通过其在中国设立的外商投资企业合并或收购境内企业的
，适用关于外商投资企业合并与分立
的相关规定和关于外商投资企业境内投资的相关规定，其中没有规定
的，参照本规定办理。
Where a foreign investor
acquires a limited liability company in China and
converts it into a company
limited by shares,
or where such Domestic Company is a company
limited by shares, relevant provisions
on the
establishment of foreign-invested companies
limited by shares shall apply. Where such
provisions are silent, these Provisions shall
apply.
外国投资者并购境内有限责任公司并将其改制为股份有限公司的，或者境内公司为股份有
限公司的，适用
关于设立外商投资股份有限公司的相关规定，其中没有规定的，适用本规定。
Article 56: When an applicant or submitter
submits documents, it shall classify such
documents in
accordance with these Provisions
and include a document list therewith. All
documents required to be
submitted shall be in
Chinese.
申请人或申报人报送文件，应依照本规定对文件进行分类，并附文件目录。规定报送
的全部文件应用中文
表述。 第五十六条
Article 57: A
Chinese natural person who is a shareholder of a
Domestic Company that is acquired using
equity
may, subject to approval, continue to serve as a
Chinese party investor in the foreign-invested
enterprise established after the change.
被股权并购境内公司的中国自然人股东，经批准，可继续作为变更后所设外商投资企业的中方投资者。
第
五十七条
Article 58: A change in the
nationality of a natural person shareholder of a
Domestic Company shall not
change the
corporate nature of such company.
境内公司的自然人股东变更国籍的，不改变该公司的企业性质。 第五十八条
Article 59: The working personnel of relevant
government authorities shall act with dedication
in their
positions, perform their duties and
responsibilities in accordance with the law, may
not utilize the
advantages of their positions
for improper gains and shall bear an obligation of
confidentiality in
respect of the trade
secrets that they learn.
相关政府机构工作人员必须忠于职守、依法履行
职责，不得利用职务之便牟取不正当利益，并对知悉的商
业秘密负有保密义务。 第五十九条
Article 60: The acquisition by
investors from the Hong Kong Special
Administrative Region, the Macao
Special
Administrative Region and Taiwan of enterprises
elsewhere in China shall, mutatis mutandis, be
handled in accordance with these Provisions.
香港特别行政区、澳门特别行政区和台湾地区的投资者并购境内其他地区的企业，参照本规定办理。
第六
十条
Article 61: These Provisions
shall be effective as of September 8 2006.
本规定自2006年9月8日起施行。
第六十一条