锦坤观点-外商投资并购，这几点你必须要知道！
一、关于外资并购程序的特殊规定
I. Special Provisions on the Procedures of Merger and Acquisition (hereinafter referred to as "M&A") by Foreign Direct Investor (hereinafter referred to as “FDI”)
1、报商务部审批情形
1. Cases approved by the Ministry of Commerce (hereinafter referred to as the “MOC”)
中华人民共和国商务部明确规定，对特殊目的公司并购和涉及重点行业、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并购事项，一律报商务部审批，省级商务主管部门无权审批。
The MOC stipulates that if merger aims at special purpose vehicle (hereinafter referred to as "SPV") (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 42 I), or if merger involves any critical industry, affects or may affect the security of national economy, or causes transference of actual control over the domestic enterprise who possesses a resound trademark or China's time-honored brand, the parties to the merger shall apply to the MOC (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 12 I). The provincial department of commerce have no power to approval.
2、报国务院国有资产监督管理委员会或省级国有资产管理部门审批情形
2. Cases approved by State Assets Supervision and Administration Commission of the State Council (hereinafter referred to as “SASAC”) or the provincial department of state assets
当外国投资者并购境内企业涉及企业国有资产转让和上市公司国有股权管理事宜的，应报国务院国有资产监督管理委员会或省级国有资产管理部门审批。
Where a foreign investor merges a domestic enterprise, if it involves transference of the property of state-owned assets or administration of state-owned equity in public listed companies, the parties to the merger shall apply to SASAC or the provincial department of state assets for approval (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 5 ).
3、报证监会审批情形
3. Cases approved by China Securities Regulatory Commission (hereinafter referred to as “CSRC”)
如果被并购企业为境内上市公司和特殊目的公司拟进行境外上市交易的，应经中国证券监督管理委员会审核和批准。
If the enterprise to be merged is a domestic listed company (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 6 II), or if a SPV is to be listed overseas for transaction (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 40 I), the parties to the merger shall apply to CSRC for examination and approval.
4、税务变更登记
4、Registration of Taxation Alteration
在完成外资并购后，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证书和营业执照，到相应的税务机关办理税务变更登记。
After finishing M&A by FDI, the domestic company and its shareholders may go through the procedures on registration of taxation alteration with the competent taxation authority with the approval certificate and the business license without indication issued by the MOC and the registration administrative authority (Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (2009), article 38).
二、外商投资项目核准
II. Confirmation of foreign-funded projects
根据《国务院关于投资体制改革的决定》、《国务院关于进一步做好利用外资工作的若干意见》、《国家发展改革委关于做好外商投资项目下放核准权限工作的通知》、《国家发展改革委外商投资项目核准暂行管理办法》以及其他相关法律法规规章的有关规定，我国对外商投资项目实行核准制，各类外商投资项目，包括中外合资、中外合作、外商独资项目、外商购并境内企业项目，外商投资企业（含通过境外上市而转制的外商投资企业）增资项目和再投资项目等，均需先核准项目，再设立企业。
According to Decision of the State Council on Reforming the Investment System, Several Opinions of the State Council on Further Doing a Good Job in the Utilization of Foreign Investment, Notice of the National Development and Reform Commission on Doing a Good Job in Delegating the Power to Approve Foreign-invested Projects, Interim Measures for the Administration of Examining and Approving Foreign Investment Projects and other relevant laws and regulations, foreign-funded projects shall be subject to management by confirmation. All kinds of foreign-funded projects, including Chinese-foreign equity joint venture projects, Chinese-foreign contractual joint venture projects, wholly foreign-owned projects, projects of acquisition or merger of domestic enterprises by foreign investors, projects of capital increase or reinvestment of foreign-funded enterprises (including the foreign-funded enterprise whose transformation is through overseas listing), and other foreign-funded projects, shall be subject to confirmation before setting up the enterprises(Administrative Measures for the Confirmation and Recordation of Foreign-Funded Projects (2014 Amendment PKULAW Version), Article 2).
根据国家有关外商投资的规定，设立生产型的外商投资企业需由国家发展改革委员会或其下级机构（以下简称“发改委”）就前置许可事先进行项目核准。面设立服务类、咨询类、商贸类的外商投资企业无须发改委核准，直接报商务部门批准。
According to the state regulations on foreign-funded projects, the establishment of a production-oriented foreign-funded enterprise shall be subject to the prior confirmation by the National Development and Reform Commission or its subordinate institutions (hereinafter referred as to the “NDRC”). The establishment of foreign-funded enterprises in the categories of service, consulting and trade doesn’t need the confirmation of the NDRC, but shall be submitted directly to the department of commerce for approval.
我国对外商投资项目实行分类分级管理制。总投资（包括增资额，下同）1亿美元及以上的鼓励类、允许类项目和总投资5000万美元及以上限制类项目，由国家发展改革委核准项目申请报告，其中总投资5亿美元及以上的鼓励类、允许类项目和总投资1亿美元及以上的限制类项目由国家发展改革委对项目申请报告审核后报国务院核准。
China implements a classification and grading management system for foreign-funded projects. The application report of a project of the encouraged and permitted industries with a total investment (including the increased amount of capital, similarly hereinafter) of 100 million U.S. dollars or more or of the restricted industries with a total investment of 50 million U.S. dollars or more shall be subject to the examination and approval of the National Development and Reform Commission, of which the application report of a project of the encouraged and permitted industries with a total investment of 500 million U.S. dollars or more and the restricted industries with a total investment of 100 million U.S. dollars or more shall be subject to the examination and approval of the National Development and Reform Commission, and then be reported to the State Council for verification (Interim Measures for the Administration of Examining and Approving Foreign Investment Projects (2004), Article 3).
《外商投资产业指导目录》中总投资1亿美元以下的鼓励类、允许类项目，除《政府核准的投资项目目录》规定需由国家发展改革委核准之外，由省级发展改革部门核准。总投资5000万美元以下的限制类项目由省级发展改革部门核准。
According to the classification of the Catalogue of Industries for Guiding Foreign Investment, a project of the encouraged and permitted industries with a total investment of 100 million dollars, except the project subject to the examination and approval of the NDRC regulated by the Catalog of Investment Projects Subject to Government Confirmation, shall be subject to the examination and approval of the provincial development and reform department. A project of the restricted industries with a total investment of 50 million dollars or less shall be subject to the examination and approval of the provincial development and reform department (Interim Measures for the Administration of Examining and Approving Foreign Investment Projects (2004), Article 3).
三、反垄断审查
III. Antitrust Review
商务部、国务院国有资产监督管理委员会等六部委于2006年8月8日发布了修订后的《关于外国投资者并购境内企业的规定》（以下简称《并购规定》）,自2006年9月8日起施行。根据该规定，外国投资者并购境内企业需通过反垄断审查，商务部和国家工商行政管理总局对外资并购境内企业拥有“反垄断审查”权。
The six ministries including the MOC and SASAC issued Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors (2006 Revision) (hereinafter referred as to Provisions on the Takeover) on 8 August, 2006, which took effect on 8 September, 2006. According to Provisions on the Takeover, the takeover of a domestic company by a foreign investor is subject to antitrust review. The MOC and the State Administration for Industry and Commerce (hereinafter referred as to the “SAIC”) have the power to antitrust review of the takeover of a domestic company by a foreign investor.
商务部和国家工商总局不仅对外资并购境内企业拥有“反垄断审查权，而且对境外公司在境外的并购交易也拥有“反垄断审查”权。2007年6月，以色列的一家化工公司与美国一家控股公司在美国签署股权购买协议约定由化工公司以现金3.5亿美元购买该美国控股公司下属的一家在美国注册的有限责任公司。由于收购方及其关联公司2006年度在中国的营业额超过15亿元人民币，根据上述《并购规定》,并购双方特别委托上海徐宝同律师的团队将该并购交易报告给商务部和国家工商行政管理总局进行反垄断审查。
The MOC and the SAIC have antitrust review power both for the takeover of a domestic company by a foreign investor and the overseas takeover by a overseas company. In June, 2007, an Israeli chemical company and a holding company in the U.S. signed a stock purchase agreement in the U.S., in which they agreed that the chemical company would purchase a limited liability company registered in the U.S. under the holding company with 350 million dollars in cash. Because the business volume of the purchaser and its affiliated company in the Chinese market exceeded RMB 1.5 billion yuan in 2006 (Interim Provisions on the Takeover of Domestic Enterprises by Foreign Inverstors (2006 Revision), Article 51(1)), both parties to the takeover particularly entrusted Xu Baotong’s lawyer team in Shanghai to submit the takeover proposal to the MOC and the SAIC for antitrust review in accordance with Provisions on the Takeover.
为了适应新形势的需要，2007年《反垄断法》通过，并自2008年8月1 日起实施。《反垄断法》正式实施22天后，商务部公布了经国务院批准的新三定方案”,国家反垄断局也随之成立。至此，我国对外资并购的反垄断审查进入了一个崭新的阶段：多部门审查变为商务部一家审查，外资并购审核权集中到商务部，发改委、工商总局不再参与审核。
In order to meet the needs of new situation, Anti-Monopoly Law was passed in 2007 and has been in effect since August 1, 2008. 22 days after the official implementation of Anti-Monopoly Law, the MOC announced the new three-determination plan approved by the State Council, and the Anti-Monopoly Bureau of the state was established accordingly. Up till then, China's anti-monopoly review of M&A by FDI has entered a new stage: the subject of review has changed from multiple departments to one department, namely, the MOC; The power to review M&A by FDI is concentrated in the MOC, and the NDRC and the SAIC no longer participate in the review.
为保证《关于外国投资者并购境内企业的规定》与《反垄断法》 和《国务院关于经营者集中申报标准的规定》相一致，商务部出台2009年第6号令，对《关于外国投资者并购境内企业的规定》进行了一系列修改，其中比较引人注目的是，第五章“反垄断审查“被全部删除，取而代之的是“附则”中的第51条，表述为：“依据《反垄断法》的规定，外国投资者并购境内企业 达到《国务院关于经营者集中申报标准的规定》规定的申报标准的，应当事先向商务部申报，未申报不得实施交易。
To ensure that Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors is consistent with Anti-Monopoly Law and Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, the MOC issued Order No. 6 [2009], amending Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors. What is remarkable is that Chapter 5 "Antitrust Review" were all deleted, replaced by "Supplementary Provisions" in article 51, expressed as: according to the provisions of the Anti-monopoly Law, where M&A of a domestic enterprise by a foreign investor meets the thresholds for declaration of the Provisions of the State Council on Thresholds for Declaration of Concentrations of Undertakings, the foreign investor shall make a declaration with the MOFCOM and shall not carry out the deal without declaration.
根据《反垄断法》、《国务院关于经营者集中申报标准的规定》和修订后的《关于外国投资者并购境内企业的规定》等法律法规规定，反垄断审查遵循以下规定：
According to Anti-Monopoly Law, Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators, Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors after being amended and other related laws and regulations, the antitrust review follows the following provisions.
1、经营者申报
1. Business operators’ declaration
经营者集中达到下列标准之一的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中。
Where the concentration of business operators reaches any of the following standards, the business operators concerned shall declare it to the anti-monopoly law enforcement institution of the State Council beforehand, otherwise, the concentration is not allowed:
（1）参与集中的所有经营者上一会计年度在全球范围内的营业额合计超过100亿元人民币，并且其中至少两个经营者上一会计年度在中国境内的营业额均超过4亿元人民币；（2）参与集中的所有经营者上一会计年度在中国境内的营业额合计超过20亿元人民币，并且其中至少两个经营者上一会计年度在中国境内的营业额均超过4亿元人民币。
(1) the worldwide business volume of all the business operators involved in the concentration exceeds 10 billion yuan in the last accounting year, and the business volume in China of at least two business operators among them exceeds 400 million yuan separately in the last accounting year; (2) the business volume in China of all the business operators involved in the concentration exceeds 2 billion yuan in the last accounting year, and the business volume in China of at least two business operators among them exceeds 400 million yuan separately in the last accounting year. (Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators (2018 Revision), Article 3)
经营者集中未达到上述申报标准，但按照规定程序收集的事实和证据 表明该经营者集中具有或者可能具有排除、限制竞争效果的，国务院反垄断执法机构应当依法进行调查。
Where a concentration of business operators does not reach the above standards for declaration, but the fact and evidence collected according to the prescribed procedures show that this concentration of business operators has or may have the effect of eliminating or restricting competition, the anti-monopoly law enforcement institution of the State Council may investigate it according to law (Provisions of the State Council on the Standard for Declaration of Concentration of Business Operators (2018 Revision), Article 4).
经营者集中有下列情形之一的，可以不向国务院反垄断执法机构申报： （1）参与集中的一个经营者拥有其他每个经营者50%以上有表决权的 股份或者资产的；（2）参与集中的每个经营者50%以上有表决权的股份或者资产被同一个未参与集中的经营者拥有的。
Under any of the following circumstances, business operators may not need to file a concentration declaration to the Anti-monopoly Law Enforcement Agency under the State Council: (1) Among all business operators involved in the concentration, one business operator possesses 50% or more of the voting shares or assets of every other business operator; or (2) A business operator not involved in the concentration possesses 50% or more of the voting shares or assets of every business operator that is involved in the concentration (Anti-Monopoly Law of the People's Republic of China (2008), Article 22).
2、经营者应当提交的审查文件、资料
2. Documents and materials which shall be submitted by the business operators
（1）申报书：应当载明参与集中的经营者的名称、住所、经营范围、预定 实施集中的日期和国务院反垄断执法机构规定的其他事项；（2）集中对相关 市场竞争状况影响的说明；（3）集中协议；（4）参与集中的经营者经会计师事 务所审计的上一会计年度财务会计报告；（5）国务院反垄断执法机构规定的其他文件、资料。
(1) The Declaration Form, which shall contain the names of the business operators involved in the concentration, their domiciles, business scopes, the date on which the concentration is to be implemented, and other matters prescribed by the Anti-monopoly Law Enforcement Agency under the State Council; (2) Explanations of the concentration effects on the relevant market competition situations; (3) Concentration agreements; (4) The financial and accounting reports for the previous fiscal year of the business operators involved in the concentration, which should be audited by an accounting firm; and (5) Other documents and materials required by the Anti-monopoly Law Enforcement Agency under the State Council (Anti-Monopoly Law of the People's Republic of China (2008), Article 23).
3、审查期限：最长180日
3. Time Limit of Examination: no more than 180 days
（1）初步审查：收到相关资料30日内。国务院反垄断执法机构作出不实施进一步审查的决定或者逾期未作出决定的，经营者可以实施集中;（2）进一步审查：自决定进一步审查之日起90日内；
(1) Preliminary Examination: within 30 days upon receipt of the relevant documents and materials. Where the Anti-monopoly Law Enforcement Agency under the State Council makes a decision that no further examination shall be conducted or where the Anti-monopoly Law Enforcement Agency fails to make a decision within the time limit, the business operators may implement the concentration (Anti-Monopoly Law of the People's Republic of China (2008), Article 25); (2) Further Examination: within 90 days from the date of decision (Anti-Monopoly Law of the People's Republic of China (2008), Article 26 I).
有下列情形，可延长审查期限，但最长不得超过60日：①经营者同意延长审查期限的；②经营者提交的文件、资料不准 要进一步核实的；③经营者申报后有关情况发生重大变化的。
Under any of the following circumstances, the Anti-monopoly Law Enforcement Agency under the State Council may extend the time limit of examination as prescribed in the preceding paragraph, with the extension being no more than 60 days: ① The business operators agree to extend the time limit of examination; ② The documents or materials submitted by business operators are inaccurate and need further verification; or ③ The relevant circumstances have significantly changed after the declaration by the business operators (Anti-Monopoly Law of the People's Republic of China (2008), Article 26 II).
4、审查内容
4. Contents of Examination
（1）参与集中的经营者在相关市场的市场份额及其对市场的控制； （2）相关市场的市场集中度；（3）经营者集中对市场进入、技术进步的影； （4）经营者集中对消费者和其他有关经营者的影响；（5）经营者集中对国经济发展的影响；（6）国务院反垄断执法机构认为应当考虑的影响市场的其他因素。
(1) The involved business operators' market share in the relevant market and their controlling power over that market; (2) The degree of market concentration in the relevant market; (3) The impact of the concentration of business operators on the market access and technological advancements; (4) The impact of the concentration of business operators on the consumers and other business operators; (5) The impact of the concentration of business operators on the national economic development; and (6) Other factors that may affect the market competition and shall be considered as deemed by the Anti-monopoly Law Enforcement Agency under the State Council (Anti-Monopoly Law of the People's Republic of China (2008), Article 27).
5、审查结果
5. Results of Examination
经营者集中具有或者可能具有排除、限制竞争效果的，国务院反垄机构应当作出禁止经营者集中的决定。但是，经营者能够证明该集中竞争产生的有利影响明显大于不利影响，或者符合社会公共利益的，国条反垄断执法机构可以作出对经营者集中不予禁止的决定。
Where the concentration of business operators will or may eliminate or restrict competition, the Anti-monopoly Law Enforcement Agency under the State Council shall make a decision to prohibit the concentration. However, if the business operators can prove either that the favorable impact of the concentration on competition obviously exceeds the adverse impact, or that the concentration meets the public interests, the Anti-monopoly Law Enforcement Agency under the State Council may decide not to prohibit the concentration (Anti-Monopoly Law of the People's Republic of China (2008), Article 28).
对不予禁止的经营者集中，国务院反垄断执法机构可以决定附加减少集中对竞争产生不利影响的限制性条件。
Where the concentration of business operators is not prohibited, the Anti-monopoly Law Enforcement Agency under the State Council may decide to attach restrictive conditions for reducing the adverse impact of such concentration on competition (Anti-Monopoly Law of the People's Republic of China (2008), Article 29).
四、安全审查
IV. The Security Review of M&A by FDI
2011年2月，国务院办公厅印发了《关于建立外国投资者并购境内企业安全审查制度的通知》。该《通知》设定了外资并购涉及国家安全、需进行审查的行业范围，即军工及军工配套企业；外国投资者并购境内关系国家安全的重要农产品、重要能源和资源、重要基础设施、重要运输服务、关键技术重大装备制造。外国投资者并购上述行业和领域的境内企业，且取得实控制权的，才需要进行安全审查。审查主要从4个方面进行：一是并购交易对国防需要的国内产品生产能力、国内服务提供能力和有关设备设施的影响；二是对国家经济稳定运行的影响；三是对社会基本生活秩序的影响；四是对涉及国家安全关键技术研发能力的影响。
In February 2011, the General Office of the State Council issued Notice of the General Office of the State Council on the Establishment of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (hereinafter referred as to Notice). Notice sets a range of industries related national security and needed security review, namely, military industrial enterprises and supportive military industrial enterprises, foreign investors' mergers and acquisitions of domestic enterprises relating to important agricultural products, important energies and resources, important infrastructural facilities, important transportation services, key technologies, manufacturing of major equipment, etc. Only when foreign investors’ M&A involves the domestic enterprises in the above industries and domains, and its actual controlling power may be obtained by foreign investors, security review is required (Notice of the General Office of the State Council on the Establishment of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (2011),I 1 ). Contents of security review of M&A focus on 4 aspects: 1. the influence of M&A transactions on the national defense security, including the ability for producing domestic products and providing domestic services required for national defense and the relevant equipment and facilities; 2. the influence of M&A transactions on the stable operation of the national economy; 3. the influence of M&A transactions on the order of basic social life; and 4. the influence of M&A transactions on the capacity of research and development of key technologies involving national security (Notice of the General Office of the State Council on the Establishment of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (2011),II).
外资并购安全审查分为一般性审查和特别审查两类。一般性审查程序简化，时间较短，采取书面征求联席会议成员单位及相关行业主管部门意见的方式，如各部门均认为并购交易不影响国家安全，安全审查结束。如有部门认为并购交易可能对国家安全造成影响，启动特别审查程序。联席会议组织安全评估工作，并结合评估意见召开安全审查会议，意见基本一致的 由联席会议做出决定；存在重大分歧意见的，报请国务院作出决定。在安全审查过程中，申请人可修改交易方案或撤销并购交易。
The security review of M&A by FDI can be divided into two categories: the general review and the special review. The general review is featured with simplified procedures and short period. The general review shall be conducted in the form of soliciting opinions in writing. If the relevant departments concurrently hold that the merger or acquisition transaction will not affect the national security, security review will come to an end. If any department holds that the merger or acquisition transaction may affect national security, a special review procedure shall be started. Members of the joint meeting shall, after starting the special review procedure, organize a security appraisal of the merger or acquisition, review it by taking into consideration the appraisal opinions, and put forward his comments if a consensus has been basically reached; or request the State Council to make a decision if there is any major dissent (Notice of the General Office of the State Council on the Establishment of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (2011),IV 3). During the security review, the applicant may apply to the Ministry of Commerce for amending the transaction plan or canceling the merger or acquisition (Notice of the General Office of the State Council on the Establishment of the Security Review System for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (2011),IV 4).
笔者带领的TruTon跨境商事争端解决团队由中国、英国、波兰、新加坡、印度办公室的多位合伙人和律师组成，专注于跨境商事争端解决，并多次在美国、英国、法国、新加坡、瑞典和香港等地的主要国际仲裁机构管理的仲裁程序中代表客户参与国际仲裁。此外，团队还专注外商投资与境外投资法律服务，并为客户提供有效的跨境投资解决方案。
TruTon team for cross-border commercial dispute settlement led by the author is comprised by a number of partners and lawyers from China, Britain, Poland, Singapore and India Office. The team focuses on cross-border commercial dispute settlement, and have already participated in international arbitration on behalf of clients in the arbitration procedures administered by major international arbitration institutions in the U.S., British, France, Singapore, Sweden and Hong Kong, China for many times. Besides, the team also focuses on legal services about foreign investment and overseas investment, and provides effective cross-border investment solutions for clients.
传承律协“没法不爱”的公益理念，用“极简 无我”的态度传递“帮助律师扎根专业知识，与律师共同成长”的办所理念。