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Order of the Ministry of Commerce, State 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
(No. 10 [2006])
The Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors, which amended and adopted at the 7th executive meeting of the Ministry of Commerce of the People's Republic of China, are hereby promulgated and shall come into force as of September 8, 2006.
Minister of Commerce of the People's Republic of China Bo Xilai
Director of the State-owned Assets Supervision and Administration Commission of State Council Li Rongrong
Director of the State Administration of Taxation Xie Xuren
Director of the State Administration for Industry and Commerce Wang Zhongfu
Chairman of China Securities Regulatory Commission Shang Fulin
Director of State Administration of Foreign Exchange Hu Xiaolian
August 8, 2006
Interim Provisions on the Takeover of Domestic Enterprises by Foreign Investors
| | 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、国家外汇管理局令
（2006年第10号）
《外国投资者并购境内企业暂行规定》已由中华人民共和国商务部第7次部务会议修订通过，现将修订后的《关于外国投资者并购境内企业的规定》公布，自2006年9月8日起施行。
中华人民共和国商务部 部长 薄熙来
国务院国有资产监督管理委员会 主任 李荣融
国家税务总局 局长 谢旭人
国家工商行政管理总局 局长 王众孚
中国证券监督管理委员会 主席 尚福林
国家外汇管理局 局长 胡晓炼
二00六年八月八日
关于外国投资者并购境内企业的规定
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Contents
| | 目录
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Chapter I General Provisions
| | 第一章 总则
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Chapter II Basic Systems
| | 第二章 基本制度
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Chapter III Examination, Approval and Register
| | 第三章 审批与登记
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Chapter IV Equity-payment-based Takeover of Domestic Companies by Foreign Investors
| | 第四章 外国投资者以股权作为支付手段并购境内公司
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Section 1 Conditions for Equity-payment-based Takeover
| | 第一节 以股权并购的条件
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Section 2 Application Documents and Procedures
| | 第二节 申报文件与程序
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Section 3 Special Provisions on Special-purpose Companies
| | 第三节 对于特殊目的公司的特别规定
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Chapter V Antitrust Review
| | 第五章 反垄断审查
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Chapter VI Supplementary Provisions
| | 第六章 附则
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Chapter I General Provisions
| | 第一章 总则
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Article 1 For the purposes of promoting and regulating foreign investors' investments in China, absorbing advanced technologies and management experiences from abroad, improving the level of utilizing foreign investments, realizing the reasonable allocation of resources, ensuring employment, as well as maintaining fair competition and state economic security, these provisions are formulated in accordance with the laws and administrative regulations on foreign-funded enterprises, the Company Law and other relevant laws and administrative regulations.
| | 第一条 为了促进和规范外国投资者来华投资，引进国外的先进技术和管理经验，提高利用外资的水平，实现资源的合理配置，保证就业、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。
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Article 2 The phrase “takeover of a domestic enterprise by a foreign investor” as mentioned in the present provisions means that the foreign investor purchases by agreement the equities of the shareholders of a domestic non-foreign-funded enterprise (hereinafter referred to as “domestic company”) or subscribes to the increased capital of a domestic company, and thus changes the domestic company into a foreign-funded enterprise (hereinafter referred to as “share right takeover”); or, a foreign investor establishes a foreign-funded enterprise, and through which it purchases by agreement the assets of a domestic enterprise and operates its assets, or, a foreign investor purchases by agreement the assets of a domestic enterprise, and then invest such assets to establish a foreign-funded enterprise and operate the assets (hereinafter referred to as “asset takeover”).
| | 第二条 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”）。
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Article 3 To take over a domestic enterprise, a foreign investor shall abide by the laws, administrative regulations, and rules of China, comply with the principles of fairness, reasonableness, making compensation for equal value, as well as good faith, and shall not cause excessive centralization, exclude or limit competition, or disturb the social economic order, or damage the public benefits, or result in any loss to the state-owned assets.
| | 第三条 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。
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Article 4 To take over a domestic enterprise, a foreign investor shall satisfy the requirements of the laws, administrative regulations, and rules of China concerning the qualifications of investors, and shall comply with the policies on the industry, land, environmental protection, etc.
For the industries where solely foreign-owned operation is not permitted by the “Catalog of Industries for the Guidance of Foreign Investment”, the takeover shall not lead to the consequence of a foreign investor's holding all the equity rights of the enterprise; for the industries where it is required for a Chinese party to control or relatively control the shares, the Chinese party shall, after an enterprise in such industries is taken over, still control or relatively control the shares of the enterprise; for the industries where foreign investors are prohibited from operation, no foreign investor shall take over any enterprise in such industries.
The business scope of any enterprise invested by the domestic enterprise prior to the takeover shall meet the requirements in the industrial policies on foreign investments. If it does not, adjustment shall be made.
| | 第四条 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。
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。
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。
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Article 5 If the takeover of a domestic enterprise by a foreign investor involves the transfer of state-owned property rights of the enterprise and management of state-owned property rights of listed companies, the relevant provisions on the management of state-owned assets shall be followed.
| | 第五条 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。
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Article 6 Where a foreign investor intends to establish a foreign-funded enterprise by merging a domestic enterprise, it shall, in accordance with these Provisions, be subject to the approval of the examination and approval organ and modify the registration or go through the establishment registration in the registration administrative organ.
If the enterprise to be taken over is a domestic listed company, it shall, pursuant to the Measures for the Administration of Strategic Investment in Listed Companies by Foreign Investors, go through the relevant formalities in the securities regulatory institution of the State Council.
| | 第六条 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。
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》，向国务院证券监督管理机构办理相关手续。
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Article 7 All parties concerned to the takeover of a domestic enterprise by a foreign investor shall pay taxes under Chinese tax laws and accept the supervision of the tax organs.
| | 第七条 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。
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Article 8 All parties concerned to the takeover of a domestic enterprise by a foreign investor shall abide by the laws and administrative regulations of China on the administration of foreign exchange. They shall timely go through the approval, register, archival filing and modification formalities in the foreign exchange control organs.
| | 第八条 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。
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Chapter II Basic System
| | 第二章 基本制度
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Article 9 For a foreign-funded enterprise established after takeover by a foreign investor, if the foreign investor's proportion of investments exceeds 25% of the registered capital of this enterprise, this enterprise shall be entitled to enjoy the treatments to foreign-funded enterprises.
For a foreign-funded enterprise established after takeover by a foreign investor, if the foreign investor's proportion of investments is less than 25% of the registered capital of this enterprise, this enterprise shall not enjoy the treatments to foreign-funded enterprises unless it is otherwise provided for by any law or administrative regulation. It shall follow the relevant provisions on borrowing foreign loans by non-foreign-funded enterprises when it borrows foreign loans. The examination and approval organ shall issue to it a Foreign-funded Enterprise Approval Certificate (hereinafter referred to as the Approval Certificate”) with the remark “The proportion of foreign investments is less than 25%”. The registration administrative organ and the foreign exchange control organ shall respectively issue to it a Foreign-funded Enterprise Business License and a Foreign Exchange Register Certificate with the remark “The proportion of foreign investments is less than 25%”.
Where a domestic company, enterprise or natural person takes over a domestic affiliated company in the name of an overseas company it lawfully established or controls, the foreign-funded enterprise so established shall not enjoy the treatments to foreign-funded enterprises, except that this overseas company subscribes to the increased capital of the domestic company or that it increases the capital of the enterprise established after takeover and the proportion of the capital increase exceeds 25% of the registered capital of the enterprise so established. For a foreign-funded enterprise established in either of the forms as mentioned in this paragraph, if the proportion of investments made by a foreign investor, who is not its actual controller, exceeds the 25% of its registered capital, it shall be entitled to enjoy the treatments to foreign-funded enterprises.
The treatments to a foreign-funded enterprise which is established after a foreign investor takes over a domestic listed company shall be governed by the relevant provisions of the state.
| | 第九条 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。
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证书（以下称“批准证书”）。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证。
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。
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。
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Article 10 The term “examination and approval organ” as mentioned in these Provisions refers to the Ministry of Commerce of the People's Republic of China (hereinafter referred to as the MOFCOM) or the provincial commerce administrative departments (hereinafter referred to as the provincial examination and approval organs”). The term “registration administrative organ” refers to the State Administration for Industry and Commerce (hereinafter referred to as the SAIC) or its authorized local administrations for industry and commerce. The term “foreign exchange control organ” refers to the State Administration of Foreign Exchange (hereinafter referred to as the SAFE) or its branches.
Under the provisions of laws, administrative regulations, and rules, if a foreign-funded enterprise established after takeover falls within any special category or sector of foreign-funded enterprises which are subject to the examination and approval of the Ministry of Commerce (hereinafter referred to as the MOFCOM), the provincial examination and approval organ shall forward the application materials to the MOFCOM for examination and approval. The MOFCOM shall make a decision of approval or disapproval in pursuance of law.
| | 第十条 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。
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。
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Article 11 Where a domestic company, enterprise or natural person intends to take over its domestic affiliated company in the name of a company which it lawfully established or controls, it shall be subject to the examination and approval of the MOFCOM.
The parties concerned shall not dodge the aforesaid requirements by making investments within China through the foreign-funded enterprise, or by other ways.
| | 第十一条 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。
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。
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Article 12 Where a foreign investor intends to obtain the actual controlling power of a domestic enterprise it plans to take over, and if any important industry is concerned, or if it has an impact on or may have an impact on the national economic security, or it will lead to the transfer of the actual controlling power of a domestic enterprise which holds a famous trademark or China Time-honored Brand, the parties concerned shall file an application with the MOFCOM.
If the parties concerned fail to do so, but its takeover has had or may have a serious impact on the national economic security, the MOFCOM may, jointly with the relevant departments, demand the parties concerned to terminate the transaction or transfer the relevant equities / assets or take other effective measures to eliminate the takeover's impact on the national economic security.
| | 第十二条 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。
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。
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Article 13 For an equity-based takeover by a foreign investor, the foreign-funded enterprise established after takeover shall succeed to the credits and debts of the domestic company it takes over.
For an asset-based takeover by a foreign investor, the domestic enterprise which sells its assets shall undertake its former credits and debts.
The foreign investor, the domestic enterprise to be taken over, the creditors and other parties concerned may enter into a separate agreement on the disposal of the credits and debts of the domestic enterprise to be taken over, provided that this agreement shall not impair the interests of any third party or public interests. An agreement on the disposal of credits and debts shall be submitted to the examination and approval organ.
A domestic enterprise to sell assets shall, not later than 15 days before the investor submits the application documents to the examination and approval organ, send a notice to the creditors and shall publish an announcement on a provincial newspaper or above, which is circulated nationwide.
| | 第十三条 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。
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。
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。
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。
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Article 14 The parties to a takeover shall determine the transaction price on the basis of the assessment result of the equities to be transferred or of the assets to be sold, which is given by an asset assessment institution. The parties to a takeover may agree on an asset assessment institution lawfully established within China. A common international assessment method shall be adopted for the asset assessment. It is prohibited to divert any capital abroad in any disguised form by transferring any equities or selling assets at a price which is obviously lower than the assessment result.
The takeover of a domestic enterprise by a foreign investor, which may cause the modification of any equity formed by investments to state-owned assets or transfer of the property right of state-owned assets, shall satisfy the relevant provisions on the management of state-owned assets.
| | 第十四条 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。
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。
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Article 15 The parties to a takeover shall state whether there is a connected relationship between the parties to the takeover. If both parties belong to a same actual controller, the parties shall disclose their actual controller to the examination and approval organ and make an explanation about whether the purpose of takeover and the assessment result conform to the fair value of the market. The parties shall not dodge the aforesaid requirements by trust, holding shares on behalf of others, or by other means.
| | 第十五条 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。
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Article 16 To establish a foreign-funded enterprise by taking over a domestic enterprise, a foreign investor shall, within 3 months from the date of issuance of business license to the foreign-funded enterprise, pay all the considerations to the shareholders who transfer the equities or to the domestic enterprise which sells the assets. In the case of any particular circumstance under which it is necessary to extend the time limit, the foreign investor shall, upon the approval of the examination and approval organ, pay 60% or more of the consideration within 6 months as of the date of issuance of the business license to the foreign-funded enterprise, and pay off the balance of consideration within one year, and distribute the proceeds according to the proportion of investments it has actually contributed.
Where a domestic company subscribes to the increased capital of a domestic company, the shareholders of the limited liability company or of the domestic joint stock limited company established by way of promotion shall pay at least 20% of the newly increased registered capital when the company applies for a business license for foreign-funded enterprise. The time to pay the other newly increased registered capital shall be in line with the Company Law, the laws on foreign investments and the Regulation on the Administration of Company Registration. If it is provided for in any other law or administrative regulation, such law or administrative regulation shall prevail. Where a joint stock limited company increase the registered capital by issuing new stocks, the shareholders shall subscribe to the new stocks in accordance with the relevant provisions on the payment for shares in the establishment of a joint stock limited company.
Where a foreign investor carries out an asset takeover, it shall stipulate the time limit for contribution of investments in the contract and articles of association of the foreign-funded enterprise to be established. Where the foreign investor establishes a foreign-funded enterprise, and through which purchases the assets of a domestic enterprise and operates such assets, it shall contribute the investments equivalent to the consideration of the assets within the time limit for payment of consideration as provided for in Paragraph 1 of the present Article. As for the remaining investments, the time limit for contribution shall satisfy the relevant provisions on the capital contribution for the establishment of foreign-funded enterprise.
Where a foreign investor establishes a foreign-funded enterprise by merging a domestic enterprise, if its investment proportion is less than 25 % of the registered capital of the enterprise and if it plans to make investments in cash, it shall make full contribution within 3 months from the day when a business license is issued to the foreign-funded enterprise; if it plans to make investments in kind or industrial property, it shall make full contribution within 6 months from the day when a business license is issued to the foreign-funded enterprise.
| | 第十六条 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。
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。
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。
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。
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Article 17 The means of payment for the consideration shall conform to the relevant laws and administrative regulations of the state. If the foreign investor uses the Renminbi assets it lawfully owns as a means of payment, it shall obtain the approval of the department of foreign exchange control. If the foreign investor uses the shares over which it has the right of disposition, it shall comply with Article 4 of these Provisions.
| | 第十七条 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。
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Article 18 After a foreign investor purchases the equities of a domestic company by agreement, and the domestic company has been modified into a foreign-funded enterprise, the foreign-funded enterprise's registered capital shall be the registered capital of the original domestic company, and the proportion of investments contributed by the foreign investor shall be the proportion of the purchased equities in the original registered capital.
．．．．．． | | 第十八条 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。
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