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 ZT: 华尔街对商务部新法规的报道 |
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Diamondhorse
警告次数: 1
头衔: 海归中将
声望: 博导
性别: 
加入时间: 2005/11/01
文章: 4896
海归分: 442560
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作者：Diamondhorse 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Chinese Rules Set Terms For Foreign Takeovers
By TERENCE POON August 11, 2006
BEIJING -- The Chinese government issued rules outlining the
conditions for foreign investment in local companies through share swaps, paving the
way for such transactions in merger-and-acquisition deals.
The regulations also cover the entry of foreign investors in local companies through mergers and acquisitions.
The rules aim to "promote and regulate foreign investment in China, attract advanced technology and management experience from abroad...and maintain fair competition and economic security," said a notice posted Wednesday on the Ministry of Commerce's Web site.
The rules, which take effect Sept. 9, were issued by the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration for Industry and Commerce, and three other government agencies.
The rules come as some deals await regulatory approval. Xuzhou Construction Machinery Group Co. is waiting for regulators to approve Carlyle Group L.P.'s investment in the company, the Chinese firm's listed unit Xugong Science & Technology Co. said in June.
For foreign companies to be allowed to acquire stakes in local companies through share swaps, they must have shares listed on stock exchanges abroad and stable stock prices in the past year.
The local company should get an adviser to conduct due diligence and issue a report on matters related to the share-swap deal, such as the foreign investor's financial situation, the rules said.
"It is the first official confirmation that share swapping is acceptable," the China Daily on Thursday quoted Wang Zhile, director of the commerce ministry-linked Research Center on Transnational Corporations, as saying.
As part of the rules on mergers and acquisitions involving foreign investors, the Ministry of Commerce will require notification on deals that give foreign investors a controlling stake in companies that are linked to vital industries, affect national economic security, or have well-known brand names, said the notice.
The notice specified conditions for an antitrust review. The Commerce Ministry and the SAIC will assess a prospective deal's impact on market concentration, competition and consumer interests, it said.
Among other conditions, an antitrust review is needed if a company has revenue of more than 1.5 billion yuan ($188 million) in China that year, holds a market share of 20% or more in China, or ends up holding a market share of 25% or more after the transaction.
Write to Terence Poon at [email protected]
作者：Diamondhorse 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 ZT: 华尔街对商务部新法规的报道 -- Diamondhorse - (2658 Byte) 2006-8-12 周六, 01:30 (1234 reads)
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