外国投资者并购境内企业 the Takeover of Domestic Enterprises by Foreign Investors

Abstract: The details are the selected points about the the takeover of domestic enterprises by foreign investors.

(Note: If you are interested in this detail, please contact me or e-mail to sdhmyan@hotmail.com)

国家六部委联合发布的《关于外国投资者并购境内企业的规定》(2006年修订)结构为5章61条,这个新规定与后来发布的《上市公司收购管理办法》成为全流通后上市公司和企业并购方面新的非常重要的法规，对上市公司、并购市场及相关企业都将产生重要影响。
本文是作者提取规定重点后摘录而成,读者可通过简单阅读即可快速对外国投资者并购境内企业取得基本认识.


何为“外国投资者并购境内企业”：
《关于外国投资者并购境内企业的规定》（2006）年修订）中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”）。
“Merger with and acquisition of domestic enterprises by foreign investors” in terms of the Regulations advised in 2006 means a foreign investor purchases the stock right of a shareholder of a non-foreign-invested enterprise in China (domestic company) or capital increase of a domestic company so as to convert and re-establish a domestic company as a foreign-invested enterprise (equity merger and acquisition); or, a foreign investor establishes a foreign-invested enterprise and purchases and operates the assets of a domestic enterprise by the agreement of that enterprise, or, a foreign investor purchases the assets of a domestic enterprise by agreement and uses this asset investment to establish a foreign-invested enterprise and operate the assets（Asset Merger and Acquisition）
并购特别注意事项：
1. 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。
According to the Guiding Catalogue of Foreign Invested Industry, to an industry that is not allowed to be operated by a sole foreign investor, its merger and acquisition shall not result in foreign investor holding the enterprise’s entire equity. To an industry that needs Chinese party to have the holdings or have relative holdings, and the Chinese party shall maintain its holdings or relative holdings in the enterprise after the enterprise in that industry is merged and acquired. To an industry that is forbidden to be operated by a sole foreign investor, the foreign investor shall not merge with or acquire any enterprise in that industry. The business range of the original invested enterprise of the merged or acquired domestic enterprise shall accord with the requirements of the policy concerning foreign-invested industry.
2.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。
A foreign investor’s merger with or acquisition of domestic enterprises involving the transference of state owned equity and management of state owned equity of listed companies shall abide by corresponding regulations concerning the management of state owned assets.
3.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。
A foreign investor establishes a foreign-invested enterprise by merging or acquiring a domestic enterprise shall be approved by the examination and approval organ in accordance with the provisions of these Regulations and register for changes or establish a registration to the registration management authority.
基本制度:
1. 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。
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。
If the ratio of financial contribution of a foreign investor in the registered capital of the foreign-invested enterprise established after the merger and acquisition (M&A) is more than 25 percent, this enterprise shall enjoy the treatment of a foreign-invested enterprise.
If the ratio of financial contribution of the foreign investor in the registered capital of the foreign-invested enterprise established after merger and acquisition is less than 25%, this enterprise shall not enjoy the treatment of a foreign-invested enterprise except for separate provisions stipulated by laws and administrative regulations. Its Borrowing external debts shall be handled according to relevant provisions relating to domestic non-foreign-invested enterprises’ borrowing external debts.
If domestic companies, enterprises or natural persons merge or acquire the domestic companies that have something to do with them in the name of the companies legally established or controlled by them in foreign countries, the established foreign-invested enterprises shall not enjoy the treatment of foreign-invested enterprises except that if the company in foreign countries offers to buy the capital increase of domestic companies, or increase capital to the enterprises established by this company in foreign country after merger, the sum of capital increase takes more than 25 per cent of the enterprise’s registered capital. To the foreign-invested enterprise established according to the way as prescribed in this section, except for the actual controller, the foreign investor provide funds more than 25 per cent of the enterprise’s registered capital, it may enjoy the treatment of foreign-invested enterprises.
2. 并购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”)。
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。
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。
In terms of these Regulations, the examination and approval organ is the Ministry of Commerce of the People’s Republic of China or provincial commercial authority.
The domestic companies, enterprises or natural persons shall, when they merge or acquire domestic companies having something to do with them in the name of the companies in foreign countries legally established or controlled by them, be submitted to the Ministry of Commerce for approval. If a foreign investor merges or acquires a domestic enterprise and obtains the actual right to control it, and it involves major industry, has or may have the influence on the state security or caused the transference of the actual right of the domestic enterprise owning famous trademark or having a name of long history, the person concerned shall submit a report on it to the Ministry of Commerce.
3. 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。
The parties concerned relating to an M&A shall take the value of the stock right to be transferred and the assessment result of the assets to be sold that are made by the assets evaluation institution as the basis of determining the transaction price. The parties concerned relating to an M&A may agree on an asset assessment institution lawfully established within China.
4. 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。
The parties concerned relating to a M&A shall make clear whether or not there is a connected relationship between the parties concerned. If two parties belong to a same actual controller, the parties concerned shall disclose their actual controller to the examination and approval organ and make an explanation about whether the purpose of M&A and the assessment result accord with the sound value of the market.
5. 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，投资者应在上述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。
A foreign investor shall, to establish a foreign-invested enterprise by merging and acquiring a domestic enterprise, pay all the considerations to the shareholders who transfer the equities or to the domestic enterprise which sells the assets within 3 months from the date of issuing the business license to the foreign-invested enterprise. If it needs to extend the time limit due to any case under special circumstances, the foreign investor shall, upon the approval of the examination and approval organ, pay 60 per cent or more of the whole consideration within 6 months as of the date of issuing the business license to the foreign-invested enterprise, and pay off the consideration within one year, and distribute the earnings according to the proportion of the actually contributed investments. Where a foreign investor offers to buy the capital increase of a domestic company, the shareholders of the limited liability company and the domestic joint stock limited company established by the way of initiation shall pay no less than 20% of the newly registered capital when the company applies for a business license for foreign-invested enterprise. The time to pay the rest financial contribution shall be in line with the provisions of the Company Law, the laws relating to foreign investments and the Regulations on the Administration of Company Registration. Provided there are any other provisions stipulated by any other laws or administrative regulations, such provisions shall prevail. Where a limited-liability company issues new stocks for increasing the registered capital, the shareholders shall offer to buy new stocks in accordance with the relevant provisions relating to the share payment for establishing a limited-liability company. Where a foreign investor carries out an M&A, it shall stipulate the time limit for financial contribution in the contract and articles of the foreign-invested enterprise to be established. Where the foreign investor establishes a foreign-invested enterprise, and through the agreement of this enterprise purchases the assets of a domestic enterprise and operates such assets, it shall pay the contribution of the consideration of the asset within the time limit for the payment of consideration as stipulated in the forementioned. The remaining financial contribution shall satisfy the corresponding provisions relating to the capital contribution for establishing a foreign-invested enterprise.
Where a foreign investor establishes a foreign-invested enterprise by merging and acquiring a domestic enterprise, if the proportion of its contribution is less than 25 per cent of the enterprise’s registered capital and if it provides funds in cash, it shall pay up it within 3 months from the day when a business license is issued to the foreign-invested enterprise; if it provides funds in kind or industrial property, it shall pay up it within 6 months from the day when a business license is issued to the foreign-invested enterprise.
6. 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。
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。
After a foreign investor purchases the equities of a domestic company by agreement, and the domestic company has been converted into a foreign-invested enterprise, the registered capital of this foreign-invested enterprise shall be the registered capital of the original domestic company, and the proportion of the foreign investor’s contribution shall be the proportion of its purchased equities in the original registered capital.
Where a foreign investor offers to buy the capital increase of a domestic limited-liability company, the registered capital of the foreign-invested enterprise established after the M & A shall be the sum of the amount of the registered capital and the capital increase of the former domestic company.
7. 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：
(1) 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10/7；
(2) 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) 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) 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。
As for M&A of the equity by a foreign investor, the foreign-invested enterprise established after the M & A shall determine the upper limits of the total investments according to the following rates except for any other provisions stipulated by the state:
(1) If the registered capital is less than US$ 2.1 million, the total investments shall not exceed 10/7 of the registered capital;
(2)If the registered capital is more than US$ 2.1 million to US$ 5 million, the total investments shall not exceed two times the registered capital;
(3) If the registered capital is more than US$ 5 million to US$ 12 million, the total investments shall not exceed 2.5 times the registered capital;
(4)If the registered capital is more than US$ 12 million, the total investments shall not exceed 3 times the registered capital.
8. 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。
For a foreign investor’s M&A of assets, the investor shall, according to the transaction price for purchasing the assets and the actual production and operation scale, determine the total investments of the foreign-invested enterprise to be established.
9. 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。
If a natural-person shareholder of a domestic company changes his nationality, the enterprise nature of the company will remain unchanged.

所需提交资料
1．外国投资者股权并购的，向具有相应审批权限的审批机关报送下列文件：
（1）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） 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）并购后所设外商投资企业的合同、章程；
（4）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）被并购境内公司上一财务年度的财务审计报告；
（6）经公证和依法认证的投资者的身份证明文件或注册登记证明及资信证明文件；
（7）被并购境内公司所投资企业的情况说明；
（8）被并购境内公司及其所投资企业的营业执照(副本)；
（9）被并购境内公司职工安置计划；
（10）规定要求报送的文件。
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。
1．For an equity-based takeover, a foreign investor shall submit the following documents to the competent examination and approval organ in accordance with the laws, administrative regulations, and rules on the establishment of foreign-funded enterprises:
(1) A resolution of the shareholders of the domestic limited liability company or of the domestic joint stock limited company on the full consent to the equity-based takeover or asset-based takeover by the foreign investor;
(2)An application for the establishment of the foreign-funded enterprise;
(3)An contract and the articles of association of the foreign-funded enterprise to be established after takeover;
(4) An agreement on the foreign investor’s acquisition of equities of shareholders of the domestic company or on the foreign investor’s subscription of the capital increase of domestic companies;
(5) The previous-year financial audit report of the domestic company taken over;
(6)The certification documents for the identity, registration and credit standing of the investor that have been notarized and certified according to law;
(7)The descriptions about the enterprises invested by the domestic enterprise taken over;
(8) The (duplicates) of the business licenses of the domestic company taken over and enterprises it invests in;
(9) The proposal on the settlement of employee’s domestic enterprise taken over;
(10) The documents to be submitted as required by Articles of the Provisions on the Takeover of Domestic Enterprises by Foreign Investors.
.If the business scope, scale, obtainment of land use right of a foreign-funded enterprise established after takeover are subject to the license of the relevant government departments, the relevant licensing documents shall be submitted along with the documents as listed in Provisions on the Takeover of Domestic Enterprises by Foreign Investors.
2．外国投资者资产并购的，向具有相应审批权限的审批机关报送下列文件：
（1）境内企业产权持有人或权力机构同意出售资产的决议；
（2）外商投资企业设立申请书；
（3）拟设立的外商投资企业的合同、章程；
（4）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）被并购境内企业的章程、营业执照(副本)；
（6）被并购境内企业通知、公告债权人的证明以及债权人是否提出异议的说明；
（7）经公证和依法认证的投资者的身份证明文件或开业证明、有关资信证明文件；
（8）被并购境内企业职工安置计划；
（9）规定要求报送的文件。。
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。
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。
For an asset-based takeover, the foreign investor shall, pursuant to the total investments of the foreign-funded enterprise to be established after the takeover, the type of the enterprise and the industry it engages in, submit the following documents to the competent examination and approval organ in accordance with the laws, administrative regulations, and rules on the establishment of foreign-funded enterprises:
(1)A resolution of the property right holders or power authority of the domestic enterprise on the consent to the sale of assets;
(2)An application for the establishment of a foreign-funded enterprise;
(3)A contract and the articles of association of the foreign-funded enterprise to be established;
(4)An asset purchase agreement signed by the foreign-funded enterprise to be established and the domestic enterprise, or by the foreign investor and the domestic enterprise;
(5)The articles of association and the business license (duplicate) of the domestic enterprise it has taken over;
(6)The notice of the domestic enterprise taken over, certifications of the creditors announced, and statement about whether the creditors have raised any objections;
(7) )The certification documents for the identity, registration and credit standing of the investor that have been notarized and certified according to law;
(8)The proposal on the settlement of employees of the domestic enterprise that is taken over; and
(9) The documents to be submitted as required by Articles of the Provisions on the Takeover of Domestic Enterprises by Foreign Investors.
If the business scope, scale, obtainment of land use right of a foreign-funded enterprise establishment after takeover involve licensing of the relevant government departments, the relevant licensing documents shall be submitted along with the documents as listed in the Provisions on the Takeover of Domestic Enterprises by Foreign Investors.
Where a foreign investor purchases the assets of a domestic enterprise by agreement and invests such assets in establishing a foreign-funded enterprise, it shall not, prior to the establishment of the foreign-funded enterprise, carry out any business activities with such assets.
外国投资者以股权作为支付手段并购境内公司
1.概念
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。
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证券交易制度。
The term “equity-payment-based takeover of a domestic enterprise by a foreign investor” means that the shareholders of an overseas company purchase the equities of a domestic company by paying the equities of the overseas company it holds, or that an overseas company purchases the increased capital of a domestic company by paying its increased shares.
The term “overseas company” as mentioned in this Chapter shall be a lawfully established company, there is a sound system of company law in its registration place, and the company and its management level have no record of punishment by the regulatory institution within recent 3 years. Except for special-purpose companies, an overseas company shall be a listed company and there shall be a sound securities dealing system in the place where it gets listed.
2. 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：
(1)股东合法持有并依法可以转让；
(2)无所有权争议且没有设定质押及任何其他权利限制；
(3)境外公司的股权应在境外公开合法证券交易市场（柜台交易市场除外）挂牌交易；
(4)境外公司的股权最近1年交易价格稳定。
The equities of the domestic and overseas companies involved in the equity-based takeover of a domestic company by a foreign investor shall meet the following conditions:
(1)They are lawfully held by the shareholders and may be transferred in accordance with the law;
(2)There is no dispute over their ownership, they are not held in pledge and they are not subject to any other limit of right;
(3)The equities of an overseas company shall be listed publicly in an overseas lawful securities exchange market (excluding the over-counter exchange market); and
(4)The transaction price of the equities of the overseas company in the recent 1 year remains stable.
3.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。
For an equity-based takeover of a domestic company by a foreign investor, the overseas company or its shareholders shall hire an intermediary institution registered within China to serve as a consultant.
4.外国投资者以股权并购境内公司应报送商务部审批，境内公司除报送一般并购规定要求的文件外，另须报送以下文件：
(1)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)并购顾问报告；
(3)所涉及的境内外公司及其股东的开业证明或身份证明文件；
(4)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)境外公司的章程和对外担保的情况说明；
(6)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。
An equity-based takeover of a domestic company by a foreign investor shall be subject to the examination and approval of the Ministry of Commerce. The domestic company shall not only submit the documents as the same as the aforementioned, but also the following documents:
(1)A statement of the changes of equities and important changes of assets of the domestic company within the recent 1 year;
(2)A takeover consultant’s report;
(3)The business opening certifications or identity certification documents of the relevant domestic and overseas companies and their shareholders;
(4)Descriptions about the equities held by the shareholders of the overseas company, and the name list of the shareholders who hold 5 % or more of the equities of the overseas company;
(5)The articles of association of the overseas company and a description about the guaranties it provides to outsiders; and
(6)The recent annual financial statements upon audit and a report on the stock dealings of the overseas company in the recent half year.

对于特殊目的公司的特别规定
1.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。
The term “special-purpose company” refers to an overseas company which a domestic company or natural person directly or indirectly controls for the purpose of making its actual domestic company equities get listed abroad.
2.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：
(1)特殊目的公司最终控制人的身份证明文件；
(2)特殊目的公司境外上市商业计划书；
(3)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。
To set up a special-purpose company abroad, an overseas company shall apply to the Ministry of Commerce for going through the examination and approval formalities. When doing so, the domestic company shall not only submit to the Ministry of Commerce the documents as required in the Provisions on the Examination and Approval of Investment to Run Enterprises Abroad, but also the following documents:
(1)The identity certification documents on the final controller of the special-purpose company;
(2)The business plan on the overseas listing of the special-purpose company; and
(3)The assessment report made by the takeover consultant on the price of the stocks to be issued by the special-purpose company to get listed abroad in the future.
3.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。
The total value of the stocks of a special-purpose company listed abroad shall not be lower than the value of the equities of the domestic company upon the assessment of the relevant asset assessment institution.
4. 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一般并购所要求的文件外，另须报送以下文件：
(1)设立特殊目的公司时的境外投资开办企业批准文件和证书；
(2)特殊目的公司境外投资外汇登记表；
(3)特殊目的公司最终控制人的身份证明文件或开业证明、章程；
(4)特殊目的公司境外上市商业计划书；
(5)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。
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)该境外公司的开业证明和章程；
(2)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。
Where a special-purpose company intends to take over a domestic company by equities, the domestic company shall not only submit to the Ministry of Commerce the documents as the same as those aforementioned, but also the following documents:
(1)The approval documents and certificate for the investor to run an enterprise abroad at the time of establishment of the special-purpose company;
(2)The foreign exchange register form for the overseas investments of the special-purpose company;
(3) The identity certification documents on the final controller of the special-purpose company, or the business opening certification or articles of association of the special-purpose company;
(4)The business plan on the overseas listing of the special-purpose company; and
(5)The assessment report made by the takeover consultant on the price of the stocks which is to be issued by the special-purpose company to get listed abroad in the future.
If the parties concerned make an overseas company, which holds the equities of a special-purpose company, serve as a subject to get listed abroad, the domestic company shall, apart from the aforesaid documents, submit the following documents:
(1)The business opening certification and the articles of association of the overseas company; and
(2)The arrangement of the special-purpose company and the overseas company for the transaction of the equities of the domestic company taken over, as well as the detailed descriptions of the method to convert the equities to money.
5.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回境内使用。融资收入可采取以下方式调回境内：
(1)向境内公司提供商业贷款；
(2)在境内新设外商投资企业；
(3)并购境内企业。
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净资产增加，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。
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。
The funds of a special-purpose company raised from overseas listing shall, according to the transfer-back plan submitted to the foreign exchange control organ for archival purposes, be transferred back into China according to the existing foreign exchange control provisions. The raised funds may be transferred back into China by:
(1)providing commercial loans to the domestic company;
(2)setting up a new foreign-funded enterprise within China; and
(3)taking over a domestic enterprise.

To transfer back the funds of a special-purpose company raised overseas under the aforesaid circumstances, the relevant parties shall abide by the laws and administrative regulations on the administration of foreign investments and on foreign debts. If, as a consequence of the transfer-back of the funds a special-purpose company raised overseas, the domestic company or natural person who holds more equities of the special-purpose company or the net assets of the special-purpose company increase, the parties concerned shall faithfully disclose the relevant information and apply for examination and approval. After it finishes the examination and approval formalities, it shall go through the formalities for modifying the foreign exchange register of foreign investments and the register of overseas investments.
The profit, bonus and capital change income in a foreign currency obtained by the domestic company or natural person from the special-purpose company shall be transferred back to China within 6 months after the date of obtainment. The profit or dividends may enter into the foreign exchange account for current items or may be converted into RMB. The capital change income in a foreign currency may, upon the examination and approval of the foreign exchange control organ, be deposited in a special capital account opened for it or be converted into RMB.

反垄断审查
1.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：
(1)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)1年内并购国内关联行业的企业累计超过10个；
(3)并购一方当事人在中国的市场占有率已经达到20%；
(4)并购导致并购一方当事人在中国的市场占有率达到25%。
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。
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。
If the takeover of a domestic company by a foreign investor is under any of the following circumstances, the investor shall report the relevant information to the Ministry of Commerce and the State Administration for Industry and Commerce:
(1)The current-year business volume of any party to the takeover in the Chinese market exceeds RMB 1.5 billion yuan;
(2)The foreign investor has accumulatively taken over more than 10 enterprises in the domestic relevant industries;
(3)The market share of any party to the takeover has reached 20% in China; and
(4)The takeover leads to the fact that the market share of the party to the takeover has reached 25% in China.
When the foreign investor fails to meet the conditions as mentioned in the preceding Paragraph, but upon request of a domestic enterprise of competitive relationship, a relevant functional department or industrial association, the Ministry of Commerce or the State Administration for Industry and Commerce believes that the takeover by the foreign investor involves a huge market share, or that there are other major factors which seriously impact market competition, it may also demand the foreign investor to prepare a report.
The aforesaid merging party includes the connected enterprises of the foreign investor.
2.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：
(1)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)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)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)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) 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。
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：
（1） 可以改善市场公平竞争条件的；
（2） 重组亏损企业并保障就业的；
（3） 引进先进技术和管理人才并能提高企业国际竞争力的；
（4） 可以改善环境的。
Where an overseas takeover is under any of the following circumstances, the parties to the takeover shall, before announcing the takeover proposal or when submitting the said proposal to the competent authority in the country of its locality, submit the takeover proposal to the Ministry of Commerce and the State Administration for Industry and Commerce. The Ministry of Commerce and the State Administration for Industry and Commerce shall examine whether it will lead to excessive centralization in the domestic market, hinder domestic fair competition, or damage the domestic consumers’ benefits, and shall make a decision on whether approve the proposal or not:
(1) The overseas party to the takeover owns more than RMB 3 billion Yuan of assets inside the territory of China;
(2)The business volume of the overseas party to the takeover in the Chinese market is more than RMB 1.5 billion yuan in the current year;
(3) The market share of the overseas party to the takeover and its connected enterprises in China has reached 20%;
(4) The market share of the overseas party to the takeover and its connected enterprises in China has reached 25% due to the overseas takeover; or
(5) Due to the overseas takeover, there will be more than 15 foreign-funded enterprises in the relevant domestic industries with direct or indirect shares of the foreign-funded enterprises.
Where a takeover is under any of the following circumstances, the parties to the takeover may apply to the Ministry of Commerce and the State Administration for Industry and Commerce for exemption of examination:
(1)The takeover may improve the conditions for fair competition in the market;
(2) A loss-making enterprise is taken over and the employment is ensured;
(3) The takeover helps the absorption of advanced technologies and management personnel and is able to improve the enterprise’s international competitiveness; or
(4) The takeover may improve the environment.