关于外国投资者并购境内企业的规定(2009年版)(中英文对照版)

第一篇：关于外国投资者并购境内企业的规定(2009年版)(中英文对照版)

关于修改《关于外国投资者并购境内企业的规定》的决定

商务部令2009年第6号 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，对《关于外国投资者并购境内企业的规定》作如下修改：

一、删除第五章“反垄断审查”，在“附则”中新增一条作为第五十一条，表述为：“依据《反垄

Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors

Ministry of Commerce Order No.(2009)6 22 June 2009

For the purpose of ensuring the consistency between the Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors and the Anti-monopoly Law and the Provisions of State Council on Declaration Threshold for Concentration of Business Operators, the Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors is amended as follows:

1.Chapter 5 “Anti-monopoly Examination” shall be deleted, an additional article shall be added as Article 51 in the “Supplementary Provisions” to read as “Pursuant to

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。”

此后条文、章节顺序依次调整。

二、对以下条款作文字修改：

（一）将第十六条第四款中“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，”修改为the provisions of the Anti-monopoly Law, where the merger and acquisition of a domestic enterprise by a foreign investor attains the declaration standard stipulated in the Provisions of State Council on Declaration Threshold for Concentration of Business Operators, a declaration shall be made in advance with the Ministry of Commerce;no trading shall be made if the declaration is not made.”

The numbering of articles and

chapters following this Article shall be adjusted accordingly.2.The following amendments shall be made:

(1)The sentence “In the case of merger and acquisition of a “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%，投资者以现金出资的”。

（二）将第三十六条第一款“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，则加注的批准证书和中国企业境外投资批准证书自动失效，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”，修改domestic enterprise by a foreign investor for incorporation of a foreign investment enterprise, whereas the capital contribution of the foreign investor is less than 25% of the registered capital of the

enterprise, and the investor makes capital contribution in cash” in the fourth paragraph of Article 16 shall be amended to read as “In the case of merger and acquisition of a domestic enterprise by a foreign investor for incorporation of a foreign investment enterprise, where the capital contribution of the foreign investor is less than 25% of the registered capital of the enterprise and the investor makes capital contribution in cash”.(2)The sentence “Where the domestic company and the

为“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，则加注的批准证书和中国企业境外投资批准证书自动失效。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。”

（三）将第四十二条第一款第（一）项和第四十四条第一款第（三）项中的“最终控制人”修改为“实际控制人”。

此决定自公布之

overseas company do not complete equity change formalities within six months from the date of issuance of business licence, the annotated approval certificate and the approval certificate for overseas investments of Chinese enterprise shall become void automatically, the registration administration authorities shall verify and approve change registration pursuant to the application documents for equity change registration submitted by the domestic company in advance to reinstate the equity structure of the domestic company to the status before equity acquisition.” in the first paragraph of Article 36 shall be amended to read as “Where the domestic company and the

overseas company do not complete equity change formalities within six 日起施行。

《关于外国投资者并购境内企业的规定》根据本决定作相应的修改，重新公布。

附件：关于外国投资者并购境内企业的规定

部长：陈德铭二〇〇九年六月二十

二日关于外国投资者并购境内企业的规定

months from the date of issuance of business licence, the annotated approval certificate and the approval certificate for overseas investments of Chinese enterprise shall become void automatically.The registration administration authorities shall verify and approve

change registration pursuant to the application documents for equity change registration submitted by the domestic company in advance to reinstate the equity structure of the domestic company to the status before equity acquisition.”

(3)The “ultimate controlling party” in item(1)of the first paragraph of Article 42 and item(3)of the first paragraph of Article 44 shall be amended to the “actual controlling party”.This Decision shall be effective from the date of promulgation.The Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors shall be revised accordingly pursuant to this Decision and re-promulgated.Appendix: Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors

Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors

Chapter 4 — Merger and Acquisition of Domestic Companies by Foreign Investors Using Equity As a Means of PaymentSection 1 — Criteria for Merger and Acquisition Using Equity As a Means of PaymentSection 2 — Application Documents and ProceduresSection 3 — Special

Provisions on Special-purpose CompaniesChapter 5 — Supplementary Provisions

第一章 总 则

CHAPTER 1 — GENERAL 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。PRINCIPLES

Article 1 These Provisions are

formulated pursuant to laws and administrative regulations on foreign investment enterprises, the Company Law and other relevant

laws and administrative regulations for the purposes of promoting and standardising investments in China by foreign investors, introducing advanced technologies and management experience from overseas, promoting the level of utilisation of foreign funds, realising

optimum deployment of resources, ensuring employment, and safeguarding fair competition and

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

national and economic security.Article 2 Merger and acquisition of

domestic enterprises by foreign investors referred to in these Provisions shall mean acquisition of equity of shareholders of

non-foreign investment enterprises in China(hereinafter referred to as the “domestic companies”)or subscription to additional capital of domestic companies by foreign investors to convert such domestic companies into foreign investment enterprises(hereinafter referred to as the “equity acquisition”);or incorporation of foreign investment enterprises by foreign investors to acquire and operate assets of domestic enterprises by such foreign investment enterprises by agreement, or acquisition of assets

购”）。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。

of domestic enterprises by foreign investors by agreement and investment of such assets to establish foreign investment enterprises for operation of such assets(hereinafter referred to as the “assets acquisition”).Article 3 Merger and acquisition of

domestic enterprises by foreign investors shall comply with the laws, administrative regulations and rules of China, shall adhere to the principles of fairness and reasonableness, compensation for equal value and honesty and trustworthiness, shall not be over-concentrated, shall exclude or restrict competition, shall not disrupt social and economic order and harm public interest, and shall not cause loss of State-owned

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assets.Article 4 Merger and acquisition of

domestic enterprises by foreign investors shall comply with the laws, administrative regulations and rules of China on investor qualifications and industry, land and environmental protection policies, etc.In the case of industries in which wholly foreign-owned operations by foreign investors are prohibited pursuant to the Catalogue on Industry Guidelines for Foreign Investment, merger and acquisition of enterprises in such industries by foreign investors must not result in holding of the entire equity of the enterprises by foreign investors;in the case of industries in which controlling shareholding or relative

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。

controlling shareholding by a Chinese party is required, the controlling shareholding or relative controlling shareholding of

enterprises by a Chinese party shall continue after the merger and acquisition of enterprises in such industries;in the case of industries in which operations by foreign investors are prohibited, merger and acquisition of enterprises in such industries by foreign investors shall be prohibited.The scope of business of investee enterprises of the acquired domestic enterprise shall comply with the relevant requirements on industry policies for foreign investment;where the

requirements are not complied with, adjustment shall be made.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。

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

Article 5 Merger and acquisition of

domestic enterprises by foreign investors which involves transfer of State-owned property rights of an enterprise and management of State-owned equity of a listed company shall comply with the relevant provisions on

administration of State-owned assets.Article 6 Merger and acquisition of

domestic enterprises by foreign investors for incorporation of foreign investment enterprises shall be subject to approval by the examination and approval authorities pursuant to these Provisions, and change registration or incorporation registration formalities shall be completed with the registration administration

管理办法》，向国务院证券监督管理机构办理相关手续。

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。

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authorities.Where the acquired enterprise is a domestic listed company, the relevant formalities shall be completed with the securities regulatory authorities of the State Council pursuant to the Administrative Measures on Strategic Investment in Listed Companies by Foreign Investors.Article 7 The parties involved in

merger and acquisition of domestic enterprises by foreign investors shall pay tax pursuant to the

provisions of China tax laws and be subject to supervision by the tax authorities.Article 8 The parties involved in

merger and acquisition of domestic enterprises by foreign investors shall comply with the relevant laws

法律和行政法规，及and administrative regulations of 时向外汇管理机关办China on foreign exchange control, 理各项外汇核准、登and promptly complete various 记、备案及变更手续。foreign exchange approval, 第二章 基本制度 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registration, filing and change registration formalities with the foreign exchange control authorities.CHAPTER 2 — BASIC SYSTEM Article 9 Where the capital

contribution by a foreign investor in the foreign investment enterprise incorporated after merger and

acquisition is more than 25% of the registered capital of the foreign

investment enterprise, the

enterprise shall enjoy the treatment of foreign investment enterprise.Where the capital contribution by a foreign investor in the foreign investment enterprise incorporated

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，after merger and acquisition is less

than 25% of the registered capital of the foreign investment enterprise, unless otherwise stipulated by laws and

administrative regulations, the enterprise shall not enjoy the treatment of foreign investment enterprise and its foreign debt shall

be handled pursuant to the relevant provisions on foreign debts of non-foreign investment enterprises in China.The examination and approval authorities shall issue an Approval Certificate for Foreign Investment Enterprise(hereinafter referred to as the “approval certificate”)marked with the wordings “foreign investment ratio less than 25%” to the enterprise.The registration administration authorities and the foreign 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。

exchange control authorities shall issue a foreign investment enterprise business licence and foreign exchange registration

certificate marked with the wordings “foreign investment ratio less than 25%” to the enterprise respectively.In the case of merger and

acquisition of a domestic company with a related party relationship by a domestic company, enterprise or natural person in the name of an overseas company legitimately incorporated or controlled by the domestic company, enterprise or natural person, the foreign

investment enterprise incorporated shall not enjoy the treatment of

foreign investment enterprise, except where the overseas

company subscribes to the additional capital of a domestic company or where the overseas company subscribes to the additional capital of the enterprise incorporated after the merger and acquisition, and the additional capital constitutes more than 25% of the registered capital of the enterprise incorporated.Where the capital contribution by foreign investors other than the actual controlling party is more than 25% of the registered capital of the foreign investment enterprise incorporated pursuant to the method mentioned in the said paragraph, the foreign investment enterprise incorporated shall enjoy the treatment of foreign investment enterprise.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

Foreign investment enterprises incorporated by foreign investors upon merger and acquisition of a domestic listed company shall be entitled to the treatment of foreign investment enterprise pursuant to the relevant provisions of the State.Article 10 Examination and

approval authorities referred to in these Provisions shall mean the Ministry of Commerce of the People’s Republic of China or the

provincial commerce administration authorities(hereinafter referred to as the “provincial examination and approval authorities”);the registration administration authorities shall mean the State Administration for Industry and Commerce of the People’s Republic of China or the local administration

投资企业，根据法律、for industry and commerce 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。

authorised by the State Administration for Industry and Commerce;the foreign exchange control authorities shall mean the

State Administration of Foreign Exchange of the People’s Republic of China or its branches.Where the foreign investment enterprise incorporated after a merger and acquisition is a certain type of enterprise or is in an industry which requires

examination and approval by the Ministry of Commerce pursuant to the provisions of laws，administrative regulations and rules, the provincial examination and approval authorities shall forward the application documents to the Ministry of Commerce for 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。

第十二条 外国投资

examination and approval;the Ministry of Commerce shall decide on approval or non-approval pursuant to the law.Article 11 Merger and acquisition

of a domestic company with a related party relationship by a domestic company, enterprise or natural person in the name of an overseas company legitimately incorporated or controlled by the domestic company, enterprise or

natural person shall be subject to

examination and approval by the Ministry of Commerce.The parties involved shall not use domestic investment by foreign investment enterprises or other methods to circumvent the aforesaid requirements.Article 12 In the case of merger

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。

and acquisition of domestic

enterprises by foreign investors and obtaining of actual control of such domestic enterprises which involve key industries or have an impact on key industries or may compromise national and economic security or cause transfer of actual control of domestic enterprises which own well-known trademarks or China time-honoured brands, the parties involved shall submit a declaration to the Ministry of Commerce.Where the parties involved do not

submit a declaration, but the merger and acquisition has or may have a significant impact on national and economic security, the Ministry of Commerce may, jointly with the relevant authorities, require the parties involved to 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terminate the transaction or adopt transfer of the relevant equity or assets or other effective measures to eliminate the impact of the merger and acquisition on national and economic security.Article 13 In the case of equity

acquisition by foreign investors, the foreign investment enterprise incorporated after the merger and acquisition shall succeed the creditor’s rights and debts of the acquired domestic company.In the case of assets acquisition by

foreign investors, the domestic enterprise which disposes the assets shall bear the original creditor’s rights and debts.The foreign investors, the acquired domestic enterprises, the creditors and other parties involved may

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。

第十四条 并购当事

separately agree on the disposal of creditor’s rights and debts of the acquired domestic enterprise, provided that the agreement shall not harm the interests of the third parties and the public interest.The agreement on disposal of creditor’s rights and debts shall be submitted to the examination and approval authorities.A domestic enterprise disposing its assets shall issue a notice to its creditors at least 15 days before the investor submits the application documents to the examination and approval authorities, and publish a public announcement on

newspapers of provincial level and above which are circulating nationwide.Article 14 The parties involved in a

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。

merger and acquisition shall use the value of the equity proposed to be transferred or the valuation outcomes of the assets proposed to be sold as evaluated by an assets valuation organisation as the basis for determination of the transaction price.The parties involved in a merger and acquisition may agree on the appointment of an assets valuation organisation established in China pursuant to the law.Internationally accepted valuation method shall be adopted for assets valuation.Equity transfer or disposal of assets shall not be made at a price which is evidently lower than the valuation outcomes for movement of funds to overseas in disguise.Where the merger and acquisition 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。

of a domestic enterprise by a foreign investor causes changes in equity formed by State-owned assets investment or transfer of property rights of State-owned assets, the relevant provisions on administration of State-owned assets shall be complied with.Article 15 The parties involved in a

merger and acquisition shall explain whether they have any related party relationship.Where both parties are under the common control of an actual controlling party, the parties involved shall

disclose their actual controlling party to the examination and approval authorities, and explain

the objective of the merger and acquisition and whether the valuation outcome complies with

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market fair value.The parties involved shall not circumvent the aforesaid requirements by way of trust, shareholding on behalf or any other methods.Article 16 In the case of merger

and acquisition of a domestic enterprise by a foreign investor for incorporation of a foreign

investment enterprise, the foreign investor shall pay the total consideration to the transferor shareholder or the domestic enterprise which disposes the assets within three months from the date of issuance of the business licence of the foreign investment enterprise.Where there is a need for extension of time under special

circumstances, the foreign investor shall, upon approval by the

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examination and approval authorities, pay 60% or more of the total consideration within six months from the date of issuance of the business licence of the foreign investment enterprise, pay the remaining consideration within one year, and distribute earnings according to the ratio of paid-up capital contribution.Where a foreign investor subscribes to additional capital of a domestic company, the shareholders of a limited liability company or a domestic company limited by shares incorporated by way of promotion shall pay not less than 20% of the increase in registered capital at the time of application for business licence of the foreign investment enterprise by the 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

company, the timing for contribution of the remaining portion shall comply with the provisions of the Company Law, the relevant laws on foreign investment and the Administrative Regulations on Company Registration.Where other laws and administrative regulations provide otherwise, such provisions shall prevail.When a company limited by shares issues news shares for increase in registered capital, subscription to new shares by shareholders shall be made pursuant to the relevant provisions on payment of consideration for shares for incorporation of a company limited by shares.In the case of assets acquisition by a foreign investor, the investor shall 资者出资比例低于企业注册资本25%，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。

stipulate the deadlines for capital contribution in the contract and articles of association of the foreign investment enterprise proposed to be incorporated.Where a foreign

investment enterprise is

incorporated to acquire and operate the assets of a domestic enterprise by such a foreign investment enterprise by agreement, the capital contribution equivalent to the consideration for the assets shall be paid by the investor within the consideration payment period stipulated in the first paragraph of this Article;contribution of the remaining portion shall comply with the relevant provisions on capital contribution for incorporation of a foreign investment enterprise.In the case of merger and 第十七条作为并购

acquisition of a domestic enterprise by a foreign investor for incorporation of a foreign

investment enterprise, where the capital contribution of the foreign investor is less than 25% of the registered capital of the enterprise and the investor makes capital contribution in cash, the capital contribution shall be paid up within three months from the date of issuance of the business licence of the foreign investment enterprise;where the investor makes capital contribution in the form of in-kind, industry property rights, etc, the capital contribution shall be paid up within six months from the date of issuance of the business licence of the foreign investment enterprise.Article 17 Means of payment of 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consideration for merger and acquisition shall comply with the provisions of the relevant laws and administrative regulations of the State.Where a foreign investor makes payment using

Renminbi-denominated assets owned by it legitimately, it shall obtain approval of the foreign exchange control authorities.Where a foreign investor makes payment using equity for which it has the right to dispose, the matter shall be dealt with pursuant to Chapter 4 of these Provisions.Article 18 Where a foreign investor

acquires the equity of a shareholder of a domestic company by agreement and the domestic company is converted to a foreign investment enterprise, the

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。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。

外国投资者认购境内股份有限公司增资的，按照《公司法》

registered capital of the foreign

investment enterprise shall be the registered capital of the former domestic company, and the percentage of capital contribution of the foreign investor shall be the percentage of the acquired equity in the original registered capital.Where a foreign investor subscribes to the additional capital of a domestic limited liability company, the registered capital of the foreign investment enterprise incorporated

after the merger and acquisition shall be the aggregate of the registered capital of the former domestic company and the increase in capital.The foreign investor and the original shareholders of the acquired domestic company shall determine their respective 有关规定确定注册资本。

第十九条 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：

（一）注册资本在210万美元以下的，投资总额不得超

percentage of capital contribution in the registered capital of the foreign investment enterprise based on the valuation of the assets of the domestic company.Where a foreign investor subscribes to the additional capital of a domestic company limited by shares, the registered capital shall be determined pursuant to the relevant provisions of the Company Law.Article 19 In the case of equity

acquisition by a foreign investor, unless otherwise stipulated by the State, the maximum total investment amount of the foreign investment enterprise incorporated

after the merger and acquisition shall be determined according to the following ratio:

过注册资本的10/7；

（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；

（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；

（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。(1)where the registered capital is less than US$2.1 million, the total

investment amount shall not exceed 10/7 of the registered capital;(2)where the registered capital is between US$2.1 million to US$5

million, the total investment amount shall not exceed two times the registered capital;(3)where the registered capital is between US$5 million to US$12 million, the total investment

amount shall not exceed 2.5 times the registered capital;and

(4)where the registered capital is more than US$12 million, the total investment amount shall not exceed three times the registered capital.第二十条 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。

第三章 审批与登记

第二十一条 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Article 20 In the case of assets

acquisition by a foreign investor, the total investment amount of the foreign investment enterprise proposed to be incorporated shall be determined pursuant to the

transaction price of the assets acquired and the actual scale of

manufacturing and business operation.The ratio of the registered capital to the total investment amount of the foreign investment enterprise proposed to be incorporated shall comply with the relevant provisions.CHAPTER 3 — EXAMINATION AND APPROVAL AND REGISTRATION Article 21 In the case of equity

acquisition by a foreign investor, the investor shall submit the following documents to the

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：

（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；

（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；

（三）并购后所

examination and approval

authorities which are equipped with the corresponding examination and approval authority according to the total investment amount of the foreign investment enterprise incorporated after the merger and acquisition, type of enterprise and industry and pursuant to the provisions of laws, administrative regulations and rules on

incorporation of foreign investment enterprises:

(1)a resolution passed by the shareholders of the acquired domestic limited liability company unanimously consenting to the equity acquisition by the foreign investor or a resolution passed by a shareholders’ general meeting of the acquired domestic company 设外商投资企业的合同、章程；

（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；

（五）被并购境内公司上一财务年度的财务审计报告；

（六）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；

（七）被并购境内公司所投资企业的情况说明；

（八）被并购境内公司及其所投资企

limited by shares consenting to the equity acquisition by the foreign investor;

(2)an application form for

conversion of the acquired domestic company into a foreign investment enterprise pursuant to the law;

(3)the contract and articles of association of the foreign

investment enterprise incorporated after the merger and acquisition;

(4)an agreement on acquisition of equity of the shareholders of the domestic company by the foreign investor or subscription to the additional capital of the domestic company by the foreign investor;(5)the financial and audit report of the acquired domestic company for 业的营业执照(副本)；

（九）被并购境内公司职工安置计划；

（十）本规定第十三条、第十四条、第十五条要求报送的文件。

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。

the preceding financial year;(6)the identity document or proof of registration and creditworthiness certificate of the investor which has been notarised and authenticated pursuant to the law;

(7)an explanation on the status of the investee enterprises of the acquired domestic company;(8)the business licence(duplicate copy)of the acquired domestic

company and its investee enterprises;(9)the staff deployment plan of the acquired domestic company;and(10)the documents stipulated in Article 13, Article 14 and Article 15 of these Provisions which are required to be submitted.第二十二条 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：

（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；

（二）购买股权或认购增资的份额和Where the scope of business, scale, obtaining of land use rights, etc of the foreign investment enterprise incorporated after the merger and acquisition involve permits from other relevant government authorities, the relevant permit documents shall be submitted together.Article 22 An equity acquisition

agreement and an agreement on increase in capital of the domestic company shall be governed by China laws and shall include the following main contents:

(1)information of the parties to the agreement, including name, address;name, designation and nationality of the legal representative, etc;

(2)quantity and price of equity

价款；

（三）协议的履

acquired or additional capital subscribed;行期限、履行方式；(3)performance period and method

（四）协议各方的权利、义务；

（五）违约责任、争议解决；

（六）协议签署的时间、地点。

第二十三条 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of the agreement;

(4)rights and obligations of the parties to the agreement;(5)default liability, dispute resolution;and

(6)date and venue of execution of the agreement.Article 23 In the case of assets

acquisition by a foreign investor, the investor shall submit the following documents to the examination and approval

authorities which are equipped with the corresponding examination and approval authority according to the total investment amount of the foreign investment enterprise

报送下列文件：

（一）境内企业产权持有人或权力机构同意出售资产的决议；

（二）外商投资企业设立申请书；

（三）拟设立的外商投资企业的合同、章程；

（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；

（五）被并购境内企业的章程、营业执照(副本)；

proposed to be incorporated, type of enterprise and industry and pursuant to the provisions of laws, administrative regulations and rules on incorporation of foreign investment enterprises:

(1)a resolution passed by the holder(s)of property rights of the domestic enterprise or the authority consenting to sale of assets;(2)an application form for incorporation of the foreign

investment enterprise;(3)the contract and articles of association of the foreign

investment enterprise proposed to be incorporated;

(4)the assets purchase agreement executed by the foreign investment enterprise proposed to be

（六）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；

（七）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；

（八）被并购境内企业职工安置计划；

（九）本规定第十三条、第十四条、第十五条要求报送的文件。

依照前款的规定购买并运营境内企业的资产，涉及其他相

incorporated and the domestic

enterprise or the assets purchase agreement executed by the foreign investor and the domestic enterprise;

(5)the articles of association and

business licence(duplicate copy)of the acquired domestic enterprise;(6)the proof of the notice and public announcement by the acquired domestic enterprise to its creditors and an explanation on whether the creditors have raised an objection;

(7)the identity document or proof of commencement of business and the relevant creditworthiness certificate of the investor which has been notarised and authenticated pursuant to the law;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。

(8)the staff deployment plan of the acquired domestic enterprise;and(9)the documents stipulated in Article 13, Article 14 and Article 15

of these Provisions which are required to be submitted.Where the assets acquisition and operation of the domestic enterprise pursuant to the provisions of the preceding paragraph involve permits from other relevant government authorities, the relevant permit documents shall be submitted together.Where a foreign investor acquires assets of a domestic enterprise by agreement and invests such assets to incorporate a foreign investment enterprise, such assets shall not be 第二十四条 资产购买协议应适用中国法律，并包括以下主要内容：

（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；

（二）拟购买资产的清单、价格；

（三）协议的履行期限、履行方式；

（四）协议各方的权利、义务；

（五）违约责任、used in business activities prior to incorporation of the foreign investment enterprise.Article 24 An assets acquisition

agreement shall be governed by China laws and shall include the following main contents:

(1)information of the parties to the

agreement, including name, address;name, designation and nationality of the legal representative, etc;

(2)a list of assets proposed to be acquired and their prices;

(3)performance period and method

of the agreement;

(4)rights and obligations of the parties to the agreement;

(5)default liability, dispute

争议解决；

（六）协议签署的时间、地点。第二十五条 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证书。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resolution;and

(6)date and venue of execution of the agreement.Article 25 In the case of merger

and acquisition of a domestic enterprise by a foreign investor for incorporation of a foreign investment enterprise, unless otherwise stipulated in these Provisions, the examination and

approval authorities shall decide on approval or non-approval pursuant to the law within 30 days from the

date of receipt of all documents required to be submitted.Where approval is granted, the examination and approval

authorities shall issue an approval certificate.Where the examination and

approval authorities decide on

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证明，转股收汇外资外汇登记证明是证明外方已缴付的股权收购对价已到位的有效文件。

approval of the acquisition of equity of the shareholders of a domestic company by a foreign investor by agreement, the examination and approval authorities shall, at the same time, forward a copy of the relevant approval documents to the foreign exchange control authorities at the location of the transferor and the domestic company respectively.The foreign exchange control authorities at the location of the transferor shall process foreign exchange registration for foreign funds received for share transfer and issue the relevant certification;the certification of foreign exchange registration for foreign funds received for share transfer shall be the valid document to prove that the foreign party has paid the consideration for equity acquisition.第二十六条 外国投资者资产并购的，投资者应自收到批准证书之日起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。

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Article 26 In the case of assets

acquisition by a foreign investor, the investor shall apply for completion of incorporation

registration formalities with the registration administration

authorities within 30 days from the date of receipt of the approval certificate and obtain a business licence of the foreign investment enterprise.In the case of equity acquisition by a foreign investor, the acquired domestic company shall apply for completion of change registration formalities with the original registration administration authorities pursuant to these

Provisions and obtain a business licence of the foreign investment enterprise.Where the original

并购境内公司在申请registration administration 变更登记时，应提交authorities do not have jurisdiction 以下文件，并对其真for registration, the application 实性和有效性负责： documents shall be forwarded to

（一）变更登记申请书；

（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；

（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；

（四）外商投资企业批准证书；

（五）外国投资者的主体资格证明或

the registration administration authorities which have jurisdiction within 10 days from the date of receipt of the application

documents for processing, and the registration files of the domestic company shall be attached concurrently.The acquired

domestic company shall submit the following documents at the time of application for completion of change registration formalities and be responsible for the veracity and validity of the documents:

(1)an application form for change

registration;

(2)an agreement on acquisition of 者自然人身份证明； equity of the shareholders of the

（六）修改后的董事会名单，记载新增董事姓名、住所的domestic company by the foreign investor or subscription to the additional capital of the domestic company by the foreign investor;文件和新增董事的任职文件；

（七）国家工商行政管理总局规定的其他有关文件和证件。

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。(3)the revised articles of

association of the company or the amendments to the original articles of association and the foreign investment enterprise contract required to be submitted pursuant to the law;

(4)the Approval Certificate for Foreign Investment Enterprise;

(5)the proof of entity status or natural person identity document of

the foreign investor;

(6)the revised list of the board of directors, documents stating the name and address of newly 第四章 外国投资者以股权作为支付手段并购境内公司

appointed directors, and

appointment documents of newly appointed directors;and

(7)any other relevant documents and certificates stipulated by the State Administration for Industry and Commerce.The investor shall complete

registration formalities with the tax, Customs, land administration and foreign exchange control

authorities, etc within 30 days from the date of receipt of the business licence of the foreign investment enterprise.CHAPTER 4 — MERGER AND

ACQUISITION OF DOMESTIC COMPANIES BY FOREIGN INVESTORS USING EQUITY AS A MEANS OF PAYMENT

第二篇：关于外国投资者并购境内企业的规定(中英文)

关于外国投资者并购境内企业的规定（2009年修订）Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors(Revised in 2009)

English version 中文版

发文日期：2009年06月22日 有效范围：全国

发文机关：商务部

文号：商务部令[2009]第6号 时效性：现行有效

生效日期：2009年06月22日

所属分类：兼并与收购(公司法->兼并与收购)

Promulgation date: 06-22-2009 Effective region: NATIONAL Promulgator: Ministry of Commerce Document no: Order of Ministry of Commerce [2009] No.6 Effectiveness: Effective Effective date: 06-22-2009 Category: Merger & Acquisition(Company Law->Merger & Acquisition)

全文： Full text:

关于外国投资者并购境内企业的规定 Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors(Revised in 2009)

商务部令[2009]第6号 Order of Ministry of Commerce [2009] No.6 2009年6月22日 June 22, 2009

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，对《关于外国投资者并购境内企业的规定》作如下修改： For the purpose of ensuring the consistency of the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors, the Anti-monopoly Law and the Provisions of the State Council on the Threshold for the Reporting of Undertaking Concentrations, it is hereby amended the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors as follows:

一、删除第五章“反垄断审查”，在“附则”中新增一条作为第五十一条，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。”

此后条文、章节顺序依次调整。

Article 1 Chapter V “Anti-monopoly Investigation” shall be deleted, and a new article shall be added in the Supplementary Provisions as Article 51, which shall be stated as: “In accordance with the provisions of the Anti-monopoly Law, where the merger or acquisition of domestic enterprises by foreign investors satisfy the reporting standards as stipulated in the Provisions of the State Council on the Threshold for the Reporting of Undertaking Concentrations, the foreign investors shall report to the Ministry of Commerce beforehand, and no transaction shall be conducted without reporting.” The succeeding articles, sections, chapters thereof shall be adjusted correspondingly.二、对以下条款作文字修改：

（一）将第十六条第四款中“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，”修改为“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%，投资者以现金出资的”。

（二）将第三十六条第一款“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，则加注的批准证书和中国企业境外投资批准证书自动失效，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”，修改为“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，则加注的批准证书和中国企业境外投资批准证书自动失效。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。”

（三）将第四十二条第一款第（一）项和第四十四条第一款第（三）项中的“最终控制人”修改为“实际控制人”。Article 2 The following articles shall be amended literally:(1)Paragraph 4 of Article 16 “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 the investors make capital contribution in cash” shall be amended to be “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 the investors make capital investment in cash”.(2)Paragraph 1 of Article 36 “Within 6 months as of the date of issuance of a business license, in case the domestic and overseas companies fail to go through the formalities of equity modification, the approval certificate with annotation and approval certificate of Chinese enterprise overseas investment shall be invalid automatically.The registration administration shall, pursuant to the application documents for registration of equity modification submitted by the domestic company in advance, examine and approve the alteration registration and resume the equity structure of the domestic company to the status before the equity M&A” shall be amended to be “Within 6 months as of the date of issuance of a business license, in case the domestic and overseas companies fail to go through formalities for equity alteration, the approval certificate with annotation and approval certificate of Chinese enterprise overseas investment shall be invalid automatically.The registration administration shall, pursuant to the application documents for registration of equity alteration submitted by the domestic company in advance, examine and approve the alteration registration and resume the equity structure of the domestic company to the status before the equity M&A.”(3)“Final controller” as stipulated in Item(1), Paragraph 1 of Article 42 and Item(3), Paragraph 1 of Article 44 shall be amended to be “actual controller”.此决定自公布之日起施行。This Decision shall come into effect on the date of promulgation.《关于外国投资者并购境内企业的规定》根据本决定作相应的修改，重新公布。

The Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors shall be amended correspondingly in accordance with this Decision and be re-promulgated.部长：陈德铭 Director Chen Deming

附件：关于外国投资者并购境内企业的规定 Attachment: Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors(Revised in 2009)

目 录

第一章 总 则

第二章 基本制度

第三章 审批与登记

第四章 外国投资者以股权作为支付手段并购境内公司

第一节 以股权并购的条件

第二节 申报文件与程序

第三节 对于特殊目的公司的特别规定

第五章 附 则 Contents Chapter I General Provisions Chapter II Basic Rules Chapter III Examination, Approval and Registration Chapter IV Foreign Investors' Merger and Acquisition of Domestic Companies by Payment of Equities Section 1 Requirements for Equity M&A

Section 2 Application Documents and Procedures

Section 3 Special Provisions on Company with Special Purpose Chapter VI Supplementary Provisions

第一章 总 则 Chapter I General Provisions

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。

Article 1 For the purposes of promoting and regulating foreign investors' investment in China, introducing foreign advanced technology and management experience, enhancing the level of utilizing foreign investment, realizing reasonable allocation of resources, ensuring employment, safeguarding fair competition and national economic security, these Provisions are hereby formulated in accordance with the laws and administrative regulations on foreign-invested enterprises, the Company Law and other relevant laws and administrative regulations.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”）。

Article 2 For the purpose of these Provisions, the term “merger and acquisition of domestic enterprises by foreign investors” shall mean 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 M & A”);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 M & A”).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。

Article 3 Foreign investors' merger and acquisition of domestic enterprises shall comply with the laws, administrative regulations and rules of China and follow the principles of fairness and reasonableness, consideration for equal value and good faith, shall not result in excessive concentration, exclusion or restriction of competition, shall not mess up social economic order or harm social public interests, and shall not cause state-owned assets to lose.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。

Article 4 Foreign investors' merger and acquisition of domestic enterprises shall comply with the requirements stipulated by laws, administrative regulations and rules of China, and policies concerning industry, land and environment.According to the Catalogue on the Guidance for Foreign Investment in Industries, to an industry that is not allowed to be wholly operated by foreign investors, its merger and acquisition shall not result in foreign investors' 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 foreign investors, the foreign investors shall not merge or acquire any enterprise in that industry.The business scope of the original invested enterprise of the merged or acquired domestic enterprise shall satisfy the requirements of the policy concerning foreign-invested industry.Whichever does not meet the requirements shall be readjusted.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。

Article 5 A foreign investor's merger or acquisition of domestic enterprises involving the transfer of state owned equity and management of state owned equity of listed companies shall abide by relevant provisions on the management of state owned assets.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。

Article 6 Where a foreign investor establishes a foreign-invested enterprise by merging or acquiring a domestic enterprise, it shall be subject to the approval of the examination and approval authority in accordance with the provisions of these Provisions and go through registration with the registration authority for alteration or establishment particulars.In case the merged enterprise is a domestic listed company, it shall go through relevant formalities with the securities regulatory authority under the State Council in accordance with the Administrative Measures for Strategic Investment by Foreign Investors in Listed Companies.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。

Article 7 Various parties involved in the foreign investor's merger and acquisition of domestic enterprises shall pay tax and be subject to the supervision of tax authority in accordance with the PRC Tax Law.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。

Article 8 Various parties involved in the foreign investor's merger and acquisition of domestic enterprises shall abide by the laws and administrative regulations of China on foreign exchange control, go through the formalities of foreign exchange examination and approval, registration, filing and alteration with the foreign exchange authority in a timely manner.第二章 基本制度 Chapter II Basic Rules

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。

Article 9 In case the ratio of capital 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 capital 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.The examination and approval authority shall issue to it the Approval Certificate of Foreign-invested Enterprises with annotations “ratio of foreign investment less than 25%”(Approval Certificate).The registration administration authority and foreign exchange administration authority shall issue separately to it the Business License for foreign-invested enterprises with annotations “ratio of foreign investment less than 25%” and Foreign Exchange Registration Card.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 subscribe 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 percent 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 percent of the enterprise's registered capital, it may enjoy the treatment of foreign-invested enterprises.The treatment for the foreign-invested enterprises established after foreign investor's merger or acquisition of the domestic listed companies shall be handled in accordance with relevant regulations of the state.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。

Article 10 For the purpose of these Provisions, “examination and approval authority” shall refer to the Ministry of Commerce of the People's Republic of China or provincial commercial authority, “registration authority” shall refer to the State Administration for Industry and Commerce or its authorized local administration for industry and commerce, “foreign exchange administration authority” shall refer to the State Administration of Foreign Exchange and its branches.In case the foreign-invested enterprises established after merger and acquisition are, according to the provisions of laws, administrative regulations and rules, the foreign-invested enterprises of a special type or industry that shall be approved by the Ministry of Commerce, provincial examination and approval authority shall submit the applications to the Ministry of Commerce for approval, the Ministry of Commerce will make the decision whether to approve or not.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。

Article 11 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, report to the Ministry of Commerce for approval.The person concerned may not evade from the above requirements by domestic investment of the foreign-invested enterprises or by other means.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。

Article 12 In case a foreign investor merges or acquires a domestic enterprise and obtains the actual right to control it, and in case it involves major industry, has or may have the influence on the state security or cause the transfer 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 thereof to the Ministry of Commerce.If a person concerned fails to submit a report, and its merger or acquisition does cause or may cause serious influence on the state economic security, the Ministry of Commerce may, together with relevant departments, ask the person concerned to stop the deal or transfer corresponding stock ownership, assets or take other effective measures to eliminate the influence of the merger or acquisition on state security.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。

Article 13 In the case of a foreign investor's equity M & A, the foreign invested enterprise established after the M &A shall inherit the creditor's rights and debt of the merged or acquired company.In the case of a foreign investor's asset M & A, the domestic enterprise selling the assets shall bear the original creditor's rights and debt.The foreign investor, the merged or acquired enterprise, creditors and other persons concerned may reach an agreement on the treatment of the creditor's rights and debt of the merged or acquired domestic enterprise, but they shall not harm the interests of a third party and the public.The agreement on disposing the creditor's rights and debt shall be submitted to the examination and approval authority for approval.The domestic enterprise selling its assets shall, at least 15 days before the investor submits the applications to the examination and approval authority, send a notice to the creditors and publish an announcement in a nationwide newspaper at the level of province or above.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。

Article 14 The parties 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 to an M&A may agree on an asset assessment institution lawfully established within China.The international used 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.If a foreign investor's M&A of a domestic enterprise causes the modification of any equity formed by the investments of state-owned assets or transfer of the property right of state-owned assets, it shall satisfy relevant provisions on the administration of state-owned assets.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。

Article 15 The parties to an M&A shall state 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 authority and make an explanation about whether the purpose of M&A and the assessment result are consistent with the sound value of the market.The parties concerned shall not evade the aforesaid requirements by trust, holding shares on behalf of others, or by other means.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%，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 16 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 authority, 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 subscribe 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 capital contribution shall be in line with the provisions of the Company Law, the laws relating to foreign investments and the Administrative Regulations of the People's Republic of China on Company Registration(Revised).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 relevant provisions on the share payment for establishing a limited-liability company.Where a foreign investor conducts an asset M&A, it shall stipulate the time limit for capital 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 make the capital contribution equivalent to the consideration of the asset within the time limit for the payment of consideration as stipulated in Paragraph 1 of this Article.The remaining capital contribution shall satisfy relevant provisions on 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 the investors make capital investment in cash, it shall pay in full 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 in full within 6 months from the day when a business license is issued to the foreign-invested enterprise.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。

Article 17 The means of the consideration payment in an M & A shall comply with the provisions of relevant laws and administrative regulations of the state.Where a foreign investor uses its assets in RMB it lawfully owns as a means of payment, it shall obtain the approval of the foreign exchange administrations.Where a foreign investor uses the shares which are at its disposal as a means of payment, it shall be handled according to Chapter IV hereof.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。

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。

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 18 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 subscribe 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.The foreign investor and other former shareholders of the merged or acquired domestic company shall, on the basis of the assets evaluation of the domestic company, determine their respective proportion of capital contributions in the foreign-invested enterprise.Where a foreign investor offers to subscribe the capital increase of a domestic limited-liability company, the registered capital shall be determined in accordance with the Company Law.第十九条 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：

（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10/7；

（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；

（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；

（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 19 As for equity M & A by a foreign investor, the upper limits of the total amount of investments made by the foreign-invested enterprise established after the M & A shall be determined according to the following rates unless it is otherwise stipulated by the state:(1)Where the registered capital is less than USD 2.1 million, the total investments shall not exceed 10/7 of the registered capital;

(2)Where the registered capital is more than USD 2.1 million to USD 5 million, the total investments shall not exceed two times of the registered capital;

(3)Where the registered capital is more than USD 5 million to USD 12 million, the total investments shall not exceed 2.5 times of the registered capital;and

(4)Where the registered capital is more than USD 12 million, the total investments shall not exceed 3 times of the registered capital.第二十条 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。

Article 20 As for assets M&A by the foreign investor, 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.The proportion between the registered capital and total investments of the foreign-invested enterprise to be established shall conform to relevant provisions.第三章 审批与登记 Chapter III Examination, Approval and Registration

第二十一条 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：

（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；

（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；

（三）并购后所设外商投资企业的合同、章程；

（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；

（五）被并购境内公司上一财务的财务审计报告；

（六）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；

（七）被并购境内公司所投资企业的情况说明；

（八）被并购境内公司及其所投资企业的营业执照(副本)；

（九）被并购境内公司职工安置计划；

（十）本规定第十三条、第十四条、第十五条要求报送的文件。

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。

Article 21 In the case of an equity M & A by foreign investor, the investor shall, according to the total investments of the foreign-invested enterprise established after the M&A, the type of the enterprise and the industry it engages in, and in accordance with the provisions of laws, administrative regulations and rules on the establishment of foreign-invested enterprises, submit the following documents to the competent examination and approval authority:

(1)A resolution of the shareholders of the merged domestic limited-liability company on unanimous agreement with the foreign investor's merger or acquisition of the equity or the resolution of the merged or acquired domestic limited-liability company at the shareholders' conference on agreement with the foreign investor's merger and acquisition of the equity.(2)An application of the merged domestic company for converting into a foreign-invested enterprise;

(3)An contract and the articles of the foreign-invested enterprise established after M&A;

(4)An agreement on the foreign investor's acquisition of the shareholders' equities of the domestic company or the foreign investor's purchase of the capital increase of the domestic company;

(5)The financial audit report of the merged domestic company in the previous financial year;(6)The investor's identity, registration and credit certification that have been notarized and certified according to law;

(7)The descriptions about the enterprises invested by the merged domestic enterprise;

(8)The(duplicates)of the business licenses of the merged domestic company and its invested enterprises;

(9)The plan for the settlement of the employees of the merged domestic enterprise;and(10)The documents to be submitted as required by Articles 13, 14 and 15 of these Provisions.In case the business scope, scale, right of using a land of the foreign-invested enterprise established after M & A are subject to the license of other relevant government departments, the relevant licenses shall be submitted along with the foresaid documents.第二十二条 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：

（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；

（二）购买股权或认购增资的份额和价款；

（三）协议的履行期限、履行方式；

（四）协议各方的权利、义务；

（五）违约责任、争议解决；

（六）协议签署的时间、地点。

Article 22 An equity purchase agreement, or capital increase agreement of the domestic company shall be governed by Chinese laws and contain the following contents:

(1)The status of each party reaching the agreement, including the appellation(name)location, name, occupation and nationality of each legal representative;

(2)The proportion of price of the purchased equities or subscribed capital increase;(3)The term and method of execution of the agreement;

(4)The rights and obligations of each party reaching the agreement;(5)The liabilities for breach of contract, and settlement of disputes;and(6)The time and place of signing the agreement.第二十三条 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：

（一）境内企业产权持有人或权力机构同意出售资产的决议；

（二）外商投资企业设立申请书；

（三）拟设立的外商投资企业的合同、章程；

（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；

（五）被并购境内企业的章程、营业执照(副本)；

（六）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；

（七）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；

（八）被并购境内企业职工安置计划；

（九）本规定第十三条、第十四条、第十五条要求报送的文件。

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。

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 23 In the case of an assets M & A by foreign investor, the foreign investor shall, according to the total investments of the foreign-invested enterprise to be established, the type of the enterprise and the industry it engages in, and in accordance with the provisions of the laws, administrative regulations and rules on the establishment of foreign-invested enterprises, submit the following documents to the competent examination and approval authority:

(1)A resolution of the property right holders or power mechanism of the domestic enterprise on agreeing with the sale of assets;

(2)An application for the establishment of a foreign-invested enterprise;

(3)A contract and the articles of the foreign-invested enterprise to be established;

(4)An asset purchase agreement signed by the foreign-invested enterprise to be established and the domestic enterprise, or by the foreign investor and the domestic enterprise;

(5)The articles of association and business license(duplicate)of the merged or acquired domestic enterprise;

(6)The notice of the merged or acquired domestic enterprise, certifications of the announced creditors, and statement about whether the creditors have raised any objections;

(7)The investor's identity, or certificate of opening a business, and relevant credit certificates that have been notarized and certified according to law;

(8)The plan on the settlement of employees of the merged or acquired domestic enterprise;and(9)The documents as prescribed in Articles 13, 14 and 15 of these Provisions.In case the assets purchased from domestic company and used in accordance with the preceding Paragraph involves in the license of other relevant government departments, the relevant licenses shall be submitted along with the foresaid documents.Where a foreign investor purchases the assets of a domestic enterprise by agreement and invests such assets in establishing a foreign-invested enterprise, it shall not, prior to the establishment of the foreign-invested enterprise, use such assets to do any business.第二十四条 资产购买协议应适用中国法律，并包括以下主要内容：

（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；

（二）拟购买资产的清单、价格；

（三）协议的履行期限、履行方式；

（四）协议各方的权利、义务；

（五）违约责任、争议解决；

（六）协议签署的时间、地点。

Article 24 The assets purchase agreement shall be governed by the Chinese laws and contain the following main contents:

(1)The status of each party reaching the agreement, including the appellation(name), and location, and the name, occupation and nationality of each legal representative;(2)The term and method for the execution of the agreement;

(3)The rights and obligations of each part reaching the agreements;(4)The liabilities for breach of contract, and settlement of disputes;and(6)The time and place of signing the agreement.第二十五条 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证书。

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证明，转股收汇外资外汇登记证明是证明外方已缴付的股权收购对价已到位的有效文件。

Article 25 Where a foreign investor establishes a foreign-invested enterprise by taking over a domestic enterprise, unless it is otherwise provided for in these Provisions, the examination and approval authority shall, within 30 days upon receipt of all documents as stipulated to be submitted, make a decision of approval or disapproval.Where it decides to make a decision of approval, an approval certificate shall be issued by the examination and approval authority.Where a foreign investor purchases the equities of a domestic company by agreement, and the examination and approval authority makes a decision of approval, the investor shall simultaneously send a copy of the approval documents separately to the party that transfers the equities, the foreign exchange administrations in the area where the domestic company is located.The foreign exchange administrations in the area where the party that transfers the equities is located shall handle the registration for foreign funds and foreign exchange based on equity-transfer and foreign exchange collection and issue corresponding certificates, which is an effective document proving that the consideration for equity M&A paid by the foreign investor has been in place.第二十六条 外国投资者资产并购的，投资者应自收到批准证书之日起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。

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：

（一）变更登记申请书；

（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；

（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；

（四）外商投资企业批准证书；

（五）外国投资者的主体资格证明或者自然人身份证明；

（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；

（七）国家工商行政管理总局规定的其他有关文件和证件。

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。

Article 26 In the case of an assets M & A by foreign investor, the investor shall, within 30 days upon receipt of the approval certificate, apply to the registration administrations for registration and get the business license for foreign invested enterprises.Where a foreign investor merges and acquires equities, the merged or acquired domestic company shall, in accordance with these Provisions, apply to the original registration administration for modifying its registration and get the business license for foreign-invested enterprises.If the original registration administration has no authority for registration, it shall, within 10 days upon receipt of the application documents, transfer these application documents to the registration administration with authority and simultaneously enclosed the registration files of the domestic company.When applying for registration modification, the merged or acquired domestic company shall submit the following documents and be responsible for their authenticity and effectiveness:

(1)An application for registration modification;

(2)An agreement on the foreign investor's purchase of equities of the domestic company or subscription of capital increase of a domestic company;

(3)The revised regulations of the company or the amendment of the original regulations, and the contract of the foreign-invested enterprise which shall be submitted in accordance with law;(4)The approval certificate for foreign-invested enterprises;

(5)The certification for the foreign investor's subject qualification or the identity of natural person;

(6)The revised name list of the members of the board of directors, the documents with the name and domicile of the new directors, and the appoint documents for the new directors;and(7)Other relevant documents and certificates as stipulated by the State Administration for Industry and Commerce.The investor shall, within 30 days upon receipt of the business license for foreign-invested enterprises, go through the registration formalities with the tax, customs, land administration and foreign exchange administration authorities.第四章 外国投资者以股权作为支付手段并购境内公司 Chapter IV Foreign Investors' Merger and Acquisition of Domestic Companies by Payment of Equities

第一节 以股权并购的条件 Section 1 Requirements for Equity M&A

第二十七条 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。

Article 27 “Foreign Investors' Merger and Acquisition of Domestic Companies by Payment of Equities” as mentioned in this Chapter means that the shareholders of an overseas company purchase the equities or increased shares of a domestic company by paying its equities or the increased shares.第二十八条 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证券交易制度。

Article 28 “Overseas Company” as mentioned in this Chapter shall be established lawfully and there is a perfect system of company law in its registration place, and the company and its management level have no record of punishment made by the supervision administration in recent 3 years.Except for the companies with special-purpose as mentioned in Section 3 of this Chapter, an overseas company shall be a listed company and there shall be a perfect system for dealing in securities in the place where it gets listed.第二十九条 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：

（一）股东合法持有并依法可以转让；

（二）无所有权争议且没有设定质押及任何其他权利限制；

（三）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；

（四）境外公司的股权最近1年交易价格稳定。

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 29 The equities of a domestic or overseas company involved in a foreign investor's equity M&A shall meet the following conditions:

(1)Lawfully held by the shareholders and may be transferred in accordance with the law;(2)No dispute over their ownership, no hypothecation and any other restrictions on rights;(3)The equities of an overseas company shall be listed publicly in an overseas open and lawful securities exchange market(excluding the over-counter exchange market);and

(4)The transaction price of the equities of the overseas company in recent one year remains stable.The Items(3)and(4)of the preceding Paragraph is inapplicable to the companies with special-purpose as mentioned in Section 3 of this Chapter.第三十条 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。

Article 30 Where a foreign investor merges and acquires a domestic company based on the equities, the domestic company or its shareholders shall engage an intermediary institution registered within China to serve as a consultant(hereinafter referred to as the “M&A consultant”).The M&A consultant shall carry out due diligence investigations on the genuineness of the application documents for M&A, the financial status of the overseas company and whether the M&A meets the requirements of Articles 14, 28 and 29 of these Provisions, and provide a M&A consultant report and put forward clear-cut professional comments on each of the aforesaid items.第三十一条 并购顾问应符合以下条件：

（一）信誉良好且有相关从业经验；

（二）无重大违法违规记录；

（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。

Article 31 An M&A consultant shall satisfy the following requirements:(1)Having a good reputation and corresponding experiences;(2)No record of serious violation of any law or regulations;and

(3)Being capable of investigating and analyzing the legal systems of the registration place of the overseas company and the place where the overseas company is get listed, and the financial status of the overseas company.第二节 申报文件与程序 Section 2 Application Documents and Procedures

第三十二条 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：

（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；

（二）并购顾问报告；

（三）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；

（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；

（五）境外公司的章程和对外担保的情况说明；

（六）境外公司最近经审计的财务报告和最近半年的股票交易情况报告。

Article 32 An equity M&A of a domestic company by a foreign investor shall be submitted to the Ministry of Commerce for the examination and approval The domestic company shall not only submit the documents as required in Chapter III of these Provisions but also the following documents:

(1)A statement of the equity changes and major assets changes of the domestic company in recent one year;

(2)An M&A consultant's report;

(3)The business opening certifications or identity certification of the domestic and overseas companies involved and their shareholders;

(4)Descriptions about the equities held by the shareholders of the overseas company, and the name list of the shareholders holding 5 % or more of the equities of the overseas company;(5)The Regulations of the overseas company and a description about external guaranties;and(6)The financial paper audited in the past annual year and a report on the stock dealings in the past half year of the overseas company.第三十三条 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，颁发批准证书，并在批准证书上加注“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”。

Article 33 The Ministry of Commerce shall, within 30 days upon receipt of all submitted documents as stipulated, examine the application for M&A.If the application meet the requirements, an approval certificate shall be issued, on which the remark that “A foreign investor's equity M&A of a domestic company” shall be given, and the business license shall be valid for 6 months as of the day when it is issued.“

第三十四条 境内公司应自收到加注的批准证书之日起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证。

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 34 A domestic company shall, within 30 days after receiving the foresaid certificate, go through the formalities for alteration particulars with the registration authority and the foreign exchange administration authority.The registration authority and the foreign exchange administration authority shall respectively issue to it a business license for foreign-invested enterprises and a foreign exchange registration card with annotations that ”valid for 8 months as of the date of issuance“.When a domestic company goes through the formalities for registration modification with the registration administration, it shall, in advance, submit an application for equity conversion, amendment of the company's regulation, agreement of equity transfer and other documents signed by the legal representative of the domestic company for the purposes of resuming the equity structure.第三十五条 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。

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证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证书，并换发无加注的外商投资企业批准证书。

境内公司取得无加注的外商投资企业批准证书后，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、外汇登记证。

Article 35 Within 6 months as of the date of issuance of a business license, the domestic company or its shareholders shall, in respect of holding the equities of the overseas company, apply to the Ministry of Commerce and the foreign exchange administrations for going through the formalities of the examination, approval and registration for establishing an enterprise abroad.In addition to the documents as stipulated in the Rules on the Examination and Approval of Establishing Enterprises Abroad, the parties concerned shall submit to the Ministry of Commerce the approval certificate for foreign-invested enterprises with the said annotation and a the business license for foreign-invested enterprises with the said annotation.After the examination and approval of the overseas company's equities held by the domestic company or its shareholders, the Ministry of Commerce shall issue the approval certificate of Chinese enterprise investment overseas and replace the approval certificate of foreign-invested enterprises with no annotation by one with annotation.After a domestic company obtains the approval certificate of foreign-invested enterprise without annotation, it shall, within 30 days, apply to the registration authority and the foreign exchange administration authority for replacing the business license of foreign-invested enterprise and the foreign exchange registration card without annotation by one with annotation.第三十六条 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，则加注的批准证书和中国企业境外投资批准证书自动失效。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。

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。

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 36 Within 6 months as of the date of issuance of a business license, in case the domestic and overseas companies fail to go through formalities for equity alteration, the approval certificate with annotation and approval certificate of Chinese enterprise overseas investment shall be invalid automatically.The registration administration shall, pursuant to the application documents for registration of equity alteration submitted by the domestic company in advance, examine and approve the alteration registration and resume the equity structure of the domestic company to the status before the equity M&A.In case a domestic company fails to increase shares, before the registration administration examines and approves the alteration registration according to the preceding Paragraph, the domestic company shall, in accordance with the provisions of the Company Law, reduce the registered capital correspondingly and make an announcement in a newspaper.In case a domestic company fails to go through the corresponding registration formalities according to the preceding Paragraph, it shall be punished by the registration administration in accordance with relevant provisions of the Administrative Regulations of the People's Republic of China on Company Registration(Revised).第三十七条 境内公司取得无加注的外商投资企业批准证书、外汇登记证之前，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。

Article 37 Prior to obtaining the approval certificate of foreign-invested enterprise and a foreign exchange registration certificate without annotation, it shall not distribute its profits to its shareholders, provide a guarantee to any connected company or pay for such capital items as the equity transfer, capital decrease or liquidation.第三十八条 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，到税务机关办理税务变更登记。

Article 38 A domestic company or its shareholders shall go through the tax alteration registration with the tax authority on the strength of the approval document and business license without annotation issued by the Ministry of Commerce and the registration administration.第三节 对于特殊目的公司的特别规定 Section 3 Special Provisions on Company with Special Purpose

第三十九条 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。

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。

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 39 For the purpose of these Provisions, ”Company with Special Purpose“ refers to an overseas company directly or indirectly controlled by a domestic company or a natural person for the purpose of making the equities of its actual owned domestic company to be listed abroad.The provisions of this Section shall apply to the company with special purpose that purchases the equities of the shareholders of a domestic company or the additionally issued shares of a domestic company by paying its equities or its additionally issued shares in order to be listed abroad.In case the parties concerned makes an overseas company holding the equities of a the company with special purpose as a subject to be listed abroad, this overseas company shall satisfy corresponding requirements for the company with special purpose as prescribed in this Section.第四十条 特殊目的公司境外上市交易，应经国务院证券监督管理机构批准。

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，其证券监管机构已与国务院证券监督管理机构签订监管合作谅解备忘录，并保持着有效的监管合作关系。

Article 40 The listing transaction abroad of the company with special purpose shall be approved by the securities regulatory administration of the State Council.The country or region where the company with special purpose shall have perfect laws and supervision system and the securities supervision administration of this country or region shall have signed a memorandum of understanding for supervision and cooperation with the securities supervision administration of the State Council and keep an effective supervision and cooperation relation.第四十一条 本节所述的权益在境外上市的境内公司应符合下列条件：

（一）产权明晰，不存在产权争议或潜在产权争议；

（二）有完整的业务体系和良好的持续经营能力；

（三）有健全的公司治理结构和内部管理制度；

（四）公司及其主要股东近3年无重大违法违规记录。

Article 41 A domestic company with its equities listed abroad as mentioned in this Section shall satisfy the following requirements:

(1)Its property right is clear.No dispute or potential dispute over its property right;(2)Having a complete business system and good sustainable operation capacity;

(3)Having a sound corporate governance structure and internal management system;and(4)The company and its main shareholders have no record of serious violation of any law or regulations in recent three years.第四十二条 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：

（一）特殊目的公司实际控制人的身份证明文件；

（二）特殊目的公司境外上市商业计划书；

（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。

获得中国企业境外投资批准证书后，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 42 Where a domestic company set up a company with special purpose abroad, it shall apply to the Ministry of Commerce for going through the examination and approval formalities.When going through such formalities, the domestic company shall, besides the documents as required in the Rules on the Examination and Approval of Investing in Enterprises Abroad, submit the following documents simultaneously:

(1)The identity of the actual controller of the company with special purpose;

(2)The business plan on the overseas listing of the company with special purpose;and(3)The assessment report made by the M&A consultant on the issuing price of the stock to be listed abroad in the future.After obtaining the approval document of the investment abroad for Chinese enterprise, the person who establishes or controls the company shall apply to the foreign exchange administration in the area where the company is located for going through the formalities relating to the registration of foreign exchange for overseas investments.第四十三条 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。

Article 43 The total value of issuing the stocks listed abroad of the company with special purpose shall not be lower than the value of the equities M&A of the domestic company assessed by the relevant asset assessment institution.第四十四条 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：

（一）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；

（二）特殊目的公司境外投资外汇登记表；

（三）特殊目的公司实际控制人的身份证明文件或开业证明、章程；

（四）特殊目的公司境外上市商业计划书；

（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。

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：

（一）该境外公司的开业证明和章程；

（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 44 Where a company with special purpose merges and acquires a domestic company by equities, the domestic company shall, besides the documents as required in Article 32 of these Provisions, submit to the Ministry of Commerce the following documents:

(1)The approval documents and certificate for the investment in an enterprise abroad when the company with special purpose is established;

(2)Registration Form of foreign exchange for the investments abroad of the company with special purpose;

(3)The identity or the business opening certification or regulations of the actual controller of the company with special purpose;

(4)The business plan on listing abroad of the company with special purpose;and

(5)The assessment report made by the M&A consultant on the issuing price of the stock to be listed abroad in the future.If the overseas company holding the equities of the company with special purpose serves as a subject to be listed abroad, the domestic company shall also submit the following documents:(1)The business opening certification and the regulations of the overseas company;and(2)The detailed descriptions by the company with special purposes and the overseas company to the equities transaction arrangement and the discount method.第四十五条 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证券监督管理机构报送申请上市的文件。国务院证券监督管理机构于20个工作日内决定是否核准。

境内公司获得核准后，向商务部申领批准证书。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”字样的批准证书。

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证书，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 45 Where the Ministry of Commerce approves the documents as required in Article 44 of these Provisions upon preliminary examination, it shall issue a letter of principle approval letter.The domestic company shall, on the strength of the principle approval letter, submit the documents for listing application to the securities supervision administration of the State Council.The securities supervision administration of the State Council shall make a decision on approval or disapproval within 20 working days.After the domestic company obtains the approval, it shall apply for the approval certificate to the Ministry of Commerce.The Ministry of Commerce shall issue to it an approval certificate with the annotation ”equities holding by the overseas company with special purpose, and valid for 1 year as of the issuance of a business license“.In case the M&A causes the change of equities of company with special purpose, the domestic company or natural person holding the equities of the company with special purpose shall, by approval certificate for foreign-invested enterprises with annotation, apply to the Ministry of Commerce for going through the examination and approval formalities for the changes of the investment in an enterprise abroad on corresponding items.第四十六条 境内公司应自收到加注的批准证书之日起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外汇登记证。

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 46 The domestic company shall, within 30 days upon receipt of the approval certificate with annotation, apply for the alteration registration with the registration authority and the foreign exchange administration authority for modifying the registration.The registration authority and the foreign exchange administration authority shall respectively issue business license and foreign exchange registration card for foreign-invested enterprises with annotation ”valid for 14 months as of the date of issuance".When the domestic company handles the alteration registration with the registration authority, it shall, in advance, submit the equity change application, the amendment of the company's regulations, the equity transfer agreement and other documents signed by the legal representative of the domestic company for the purposes of resuming the equities structure.第四十七条 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证书。同时，境内公司应自完成境外上市之日起30日内，向国务院证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证书后，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、外汇登记证。

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证书自动失效，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 47 The domestic company shall, within 30 days after the company with special purpose or its connected overseas company completes the overseas listing, report to the Ministry of Commerce the information about the overseas listing and its plan on the repatriation of financial income, and apply for a the replacement of an approval certificate for foreign-invested enterprises with annotation.At the same time, the domestic company shall, within 30 days after the completion of overseas listing, report to the securities supervision administration of the State Council the information about the overseas listing and provide corresponding documents for the record.It shall also submit its plan on repatriation of financial income to the foreign exchange administration authority and execute this plan under the supervision of the foreign exchange administration authority.It shall, within 30 days after receiving the approval certificate without annotation, apply for the replacement of the business license and foreign exchange registration card to the registration authority and foreign exchange administration authority with annotation.Where the domestic company fails to report to the Ministry of Commerce within the aforesaid time limit, the approval certificate of the domestic company with annotation shall be invalid automatically, its equities structure will resume to the state before the equity M&A, and it shall go through the formalities for alteration particulars in accordance with Article 36 of these Provisions.第四十八条 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：

（一）向境内公司提供商业贷款；

（二）在境内新设外商投资企业；

（三）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。

Article 48 The financial income from overseas listing of the company with special purpose shall, according to the repatriation plan submitted to the foreign exchange administration for the record, be repatriated according to current regulations for administration of foreign exchange.The financial income may be repatriated by following means:

(1)providing commercial loans to the domestic company;

(2)setting up a new foreign-invested enterprise within the territory of China;and(3)M & A of a domestic enterprise.To repatriate the financial income of a company with special purpose under the aforesaid circumstances, the person concerned shall comply with the laws and administrative regulations of China on the administration of foreign investments and foreign debts.In case the repatriation of the overseas financial income of a company with special purpose causes the domestic company and natural person to hold more equities of the company with special purpose or increase the net assets of the company with special purpose, the persons concerned shall disclose the relevant information and report for approval according to the fact, and go through corresponding formalities for the registration of foreign exchange of foreign investments and registration modification of overseas investments.The foreign exchange income from profit, bonus and capital change obtained by the domestic company or natural person from the company with special purpose shall be repatriated within 6 months after the date of obtainment.The profit or bonus may enter into current account for foreign exchange or be converted into RMB.The foreign exchange income from capital change may, with the examination and approval of the foreign exchange administration, be deposited in the special capital account or be converted into RMB.第四十九条 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证书，则加注的批准证书自动失效，并应按本规定第三十六条办理变更登记手续。

Article 49 Within 1 year upon the issuance of a business license, if the domestic company fails to obtain the approval certificate without annotation, the approval certificate with annotation shall be invalid automatically, and alteration registration shall be handled in accordance with Article 36 of these Provisions.第五十条 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证书和营业执照后，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。

Article 50 After the company with special purpose completes the overseas listing and the domestic company obtains the approval certificate and business license without annotation, if the person concerned continues to M&A this domestic company by paying its equities, it shall be governed by the provisions of Sections 1 and 2 of this Chapter.第五章 附 则 Chapter VI Supplementary Provisions

第五十一条 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。

Article 51 In accordance with the provisions of the Anti-monopoly Law, where the merger or acquisition of domestic enterprises by foreign investors satisfy the reporting standards as stipulated in the Provisions of the State Council on the Threshold for the Reporting of Undertaking Concentrations, the foreign investors shall report to the Ministry of Commerce beforehand, and no transaction shall be conducted without reporting.第五十二条 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。

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。

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。

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 52 These Provisions is applicable to the case that an investment company established by a foreign investor within China merges or acquires a domestic enterprise.Where a foreign investor purchases the equities of the shareholder of a foreign-invested enterprise in China or offer to subscribe the capital increase of a foreign-invested enterprise in China, it shall be applicable to current laws, administrative regulations on foreign-invested enterprises as well as relevant provision equities changes of the investors of foreign-invested enterprise.If any case is not covered by the aforesaid laws, administrative regulations or provisions, it shall be handled according to these Provisions.Where a foreign investor merges or acquires a domestic enterprise through a foreign-invested enterprise established by it within China, it shall apply to relevant provision the combination and split-up of foreign-invested enterprises and relevant provision domestic investment of foreign-invested enterprise.If any case is not covered by the aforesaid provisions, it shall be handled according to these Provisions.Where a foreign investor merges and acquires a domestic limited liability company and transforms it into a joint stock limited company, or if the domestic company is a joint stock limited company, it shall be applicable to relevant provisions on the establishment of a joint stock limited company;if any case is not covered by the aforesaid provisions, it shall be governed by these Provisions.第五十三条 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。

Article 53 An applicant or declarer shall submit the documents after classifying the documents into different categories and the catalogue is enclosed in accordance with these Provisions.All documents required to be submitted shall be written in Chinese.第五十四条 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。

Article 54 A Chinese natural-person shareholder of a domestic company taken over by equities may, after obtaining the approval, continue to be a Chinese investor of the foreign-invested enterprise established after modification.第五十五条 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。

Article 55 In case a natural-person shareholder of a domestic company changes his nationality, the nature of the company shall not be changed.第五十六条 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。

Article 56 The staffs of relevant government authorities shall be devoted to their duties, perform their duties in accordance with the law, and shall not seek any improper benefit by taking advantage of their positions, and shall keep confidential the commercial secrets they have known.第五十七条 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。

Article 57 Where an investor from Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan Region mergers and acquires an enterprise in any other region in China, it shall be handled according to these Provisions.第五十八条 本规定自公布之日起施行。

Article 58 These Provisions shall come into effect on the date of promulgation.

第三篇：外国投资者并购境内企业的规定[范文]

第十一章 外国投资者并购境内企业的规定

1,《关于外国投资者并购境内企业规定》

2006年8月8日，商务部等六部门颁布了《关于外国投资者并购境内企业规定》，对于外资并购领域进行了全面的规范。2, 《外商投资产业指导目录》要求

A,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

B,需由中方控股或相对控股的产业，被并购后仍应由中方占控股或相对控股地位

C,禁止外国投资者经营的产业，外国投资者不得并购该产业的企业 D,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 3, 法定类型 • 股权并购 • 资产并购 4, 什么是股权并购 外国投资者购买境内非外商投资企业的股东的股权或者认购境内公司增资，使该境内公司变更设立为外商投资企业 5, 基本制度

• A,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

B,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

C,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，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

D,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

E,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，应向商务部进行申报

F,外国投资者股权并购，并购后所设外商投资企业承继被并购公司的债权和债务 G,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

F,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。6，股权并购投资总额上限

注册资本

投资总额

（注册资本的倍数）

不超过10/7 不超过2倍 不超过2.5倍 不超过3倍 210万美元以下 210万至500万美元 500万至1200万美元 1200万美元以上

7, 以股权并购的条件

• 股东合法持有并依法可以转让

• 无所有权争议且没有设定质押及其他任何权利限制

• 境外公司的股权应在境外合法公开证券交易市场挂牌交易（柜台交易市场除外）

• 境外公司股权最近1年交易价格稳定 • 外国投资者以股权并购境内公司，境内公司应当聘请在中国注册登记的中介机构担任并购顾问

• 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等作尽职调查，出具并购顾问报告 •

8, 股权并购申报文件与程序

• 外国投资者准备相关文件，报送商务部

• 商务部30日内审核，符合条件的，颁发批准证书，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”

• 境内公司收到批准证书后，30日内向登记管理机关、外汇管理机关办理变更登记，并预先提交旨在恢复股权结构的相关文件 • 境内公司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 • 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，则加注的批准证书和境外投资批准证书自动失效，根据预先提交的股权变更登记申请使境内公司股权结构恢复到股权并购之前的状态

9, 对特殊目的公司的特别规定

• 特殊目的公司(Special Purpose Vehicle, SPV)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。

• 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 •

• 买壳上市：又称反向收购，指境内非上市企业以现金或者股票收购另一家已在海外证券市场挂牌上市的公司，然后通过该公司反向收购非上市公司的资产和业务，使之成为上市公司的子公司，原非上市公司的股东一般可以获得绝对或者相对的上市公司的控股股权，从而达到“曲线”上市的目的。• • 造壳上市：又称“红筹上市”，一般指境内企业实际控制人以个人名义在开曼群岛、维京、百慕大等离岸中心设立特殊目的公司（壳公司），再以境内股权或资产对壳公司增资扩股，并收购境内企业的资产，以境外壳公司名义达到“曲线”境外上市的目的

特殊目的公司境外上市交易，应经国务院证券监督管理机构批准

• 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

• 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 10, 特殊目的公司跨境换股的程序和相关文件

1.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。

2.获得批准证书后，应向外汇管理机关申请办理相应的境外投资外汇登记手续。

3.国内企业股东设立SPV。4.SPV以股权并购境内企业向商务部申请，商务部初审同意的，出具原则批复函。

5.境内公司凭批复函向国务院证券管理机构报送申请上市的文件。

6.证券管理机构核准后，向商务部申领批准证书。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”字样的批准证书。

7.领取营业执照和外汇登记证。

8.向境外证券监管机构、交易所申请上市。

9.1年内境外上市成功的，应自上市成功30日内向商务部报告境外上市情况和融资收入调回计划，并申请无加注的批准证书。如果1年内上市未成功，或上市成功但未在期限内报告上市情况，境内公司加注的批准证书自动失效，境内公司股权结构恢复到股权并购之前的状态

11, 什么是资产并购

• 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 12, 资产并购在实际操作上要注意的问题 • 第一种方式： – 首先，要明确外国投资者设立的外商投资企业的目的是购买目标企业的资产，而不是直接从事生产经营

– 其次，资产并购和外商投资企业的设立要尽可能同步进行 • 第二种方式：

– 投资者先购买目标企业资产，然后再设立外商投资企业运营该资产，这两个步骤不需要同时进行

– 有可能出现购买资产却不设立外商投资企业的现象，进行资产炒作，等待时机高价出售 13, 反垄断审查——境内并购

• 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 • 1年内并购国内关联行业的企业累计超过10个 • 并购一方当事人在中国的市场占有率已经达到20% • 并购导致并购一方当事人在中国的市场占有率达到25% 14, 反垄断审查——境外并购

• 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 • 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 • 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% • 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% • 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

• 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

第四篇：外国投资者并购境内企业暂行规定

【发布单位】对外贸易经济合作部、国家税务总局、国家工商行政管理总局、国家外汇管理局 【发布文号】

【发布日期】2003-03-07 【生效日期】2003-03-07 【失效日期】

【所属类别】国家法律法规 【文件来源】中国法院网

外国投资者并购境内企业暂行规定

对外贸易经济合作部、国家税务总局、国家工商行政管理总局、国家外汇管理局

二○○三年三月七日

第1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、行政法规和其他相关法律、行政法规，制定本规定。

第2条 本规定所称外国投资者并购境内企业，系指外国投资者协议购买境内非外商投资企业（以下称“境内公司”）的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3条 外国投资者并购境内企业应遵守中国的法律、行政法规和部门规章，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。

第4条 外国投资者并购境内企业，应符合中国法律、行政法规和部门规章对投资者资格和产业政策的要求。

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。

第5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，并向登记管理机关办理变更登记或设立登记。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一般不低于25%。外国投资者的出资比例低于25%的，除法律、行政法规另有规定外，应依照现行设立外商投资企业的审批、登记程序进行审批、登记。审批机关在颁发外商投资企业批准证书时加注“外资比例低于25%”的字样。登记管理机关在颁发外商投资企业营业执照时加注“外资比例低于25%”的字样。

第6条 本规定中的审批机关为中华人民共和国对外贸易经济合作部(以下简称“外经贸部”)或省级对外贸易经济主管部门(以下简称“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。

并购后所设外商投资企业，根据法律、行政法规和部门规章的规定，属于应由外经贸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外经贸部审批，外经贸部依法决定批准或不批准。

第7条 外国投资者股权并购的，并购后所设外商投资企业继承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自作出出售资产决议之日起10日内，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。债权人自接到该通知书或自公告发布之日起10日内，有权要求出售资产的境内企业提供相应的担保。

第8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。

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，应根据国有资产管理的有关规定进行评估，确定交易价格。

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9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。

外国投资者股权并购，并购后所设外商投资企业增资的，投资者应在拟变更设立的外商投资企业合同、章程中规定出资期限。规定一次缴清出资的，投资者应自外商投资企业营业执照颁发之日起6个月内缴清；规定分期缴付出资的，投资者第一期出资不得低于各自认缴出资额的15%，并应自外商投资企业营业执照颁发之日起3个月内缴清。

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；其余部分的出资应依照本条第二款规定的方式约定缴付期限。

外国投资者并购境内企业设立外商投资企业，外国投资者出资比例低于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。

作为对价的支付手段，应符合国家有关法律、行政法规的规定。外国投资者以其拥有处置权的股票或其合法拥有的人民币资产作为支付手段的，须经外汇管理部门核准。

第10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。被股权并购境内公司同时增资的，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投资者，在对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。

外国投资者认购境内公司的增资，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。

被股权并购境内公司中国自然人股东在原公司享有股东地位一年以上的，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11条 外国投资者股权并购的，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）注册资本在二百一十万美元以下的，投资总额不得超过注册资本的七分之十；

（2）注册资本在二百一十万美元以上至五百万美元的，投资总额不得超过注册资本的2倍；

（3）注册资本在五百万美元以上至一千二百万美元的，投资总额不得超过注册资本的2.5倍；

（4）注册资本在一千二百万美元以上的，投资总额不得超过注册资本的3倍。

第12条 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）被并购境内公司最近财务的财务审计报告；

（6）投资者的身份证明文件或开业证明、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）本规定第7条、第19条要求报送的文件。

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，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。

被并购境内公司原有被投资公司的经营范围应符合有关外商投资产业政策的要求；不符合的，应进行调整。

第13条 本规定第12条规定的股权购买协议、境内公司增资协议应适用中国法律，并应包括以下主要内容：

（1）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）购买股权或认购增资的份额和价款；

（3）协议的履行期限、履行方式；

（4）协议各方的权利、义务；

（5）违约责任、争议解决；

（6）协议签署的时间、地点。

第14条 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15条 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、行政法规和部门规章的规定，向具有相应审批权限的审批机关报送下列文件：

（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，或者，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；

（7）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）本规定第7条、第19条要求报送的文件。

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。

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。

第16条 本规定第15条规定的资产购买协议应适用中国法律，并应包括以下主要内容：

（1）协议各方的自然状况，包括名称（姓名），住所，法定代表人姓名、职务、国籍等；

（2）拟购买资产的清单、价格；

（3）协议的履行期限、履行方式；

（4）协议各方的权利、义务；

（5）违约责任、争议解决；

（6）协议签署的时间、地点。

第17条 外国投资者并购境内企业设立外商投资企业，除本规定第20条另有规定外，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，由审批机关颁发外商投资企业批准证书。

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部门。股权转让方所在地外汇管理部门为其办理收汇的外资外汇登记手续，并出具外国投资者股权并购对价支付到位的外资外汇登记证明。

第18条 外国投资者资产并购的，投资者应自收到外商投资企业批准证书之日起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。

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、有效性负责：

（1）变更登记申请书；

（2）被并购境内公司根据《中华人民共和国公司法》及公司章程做出的关于股权转让或增资的股东会（大会）决议；

（3）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；

（4）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；

（5）外商投资企业批准证书；

（6）外国投资者的身份证明文件或开业证明、资信证明文件；

（7）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；

（8）国家工商行政管理总局规定的其他有关文件和证件。

转让国有股权和外国投资者认购含国有股权公司的增资额的，还应提交经济贸易主管部门的批准文件。

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。

第19条 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外经贸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）一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百分之二十；

（4）并购导致并购一方当事人在中国的市场占有率达到百分之二十五。

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，外经贸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或国计民生和国家经济安全等重要因素的，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外国投资者的关联企业。

第20条 外国投资者并购境内企业涉及本规定第19条所述情形之一，外经贸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证会，并依法决定批准或不批准。

第21条 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，向外经贸部和国家工商行政管理总局报送并购方案。外经贸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其关联企业在中国市场占有率已经达到百分之二十；

（4）由于境外并购，境外并购一方当事人及其关联企业在中国的市场占有率达到百分之二十五；

（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。

第22条 有下列情况之一的并购，并购一方当事人可以向外经贸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。

第23条 投资者报送文件，应对文件依照规定进行分类，并附文件目录。规定报送的全部文件应用中文表述。

第24条 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。

外国投资者股权并购境内外商投资企业，适用现行外商投资企业法律、行政法规以及《外商投资企业股东股权变更的若干规定》，其中没有规定的，参照本规定办理。

第25条 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26条 本规定自2003年4月12日施行。

本内容来源于政府官方网站，如需引用，请以正式文件为准。

第五篇：商务部实施外国投资者并购境内企业

商务部实施外国投资者并购境内企业 安全审查制度有关事项的暂行规定

【法规标题】商务部实施外国投资者并购境内企业安全审查制度有关事项的暂行规定 【颁布单位】商务部

【发文字号】公告2011年第8号 【颁布时间】2011-3-4 【失效时间】2011-8-31

商务部实施外国投资者并购境内企业安全审查制度

有关事项的暂行规定

为做好外国投资者并购境内企业安全审查申报工作，根据《国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知》（国办发[2011]6号）以及外商投资相关法律法规，现公布《商务部实施外国投资者并购境内企业安全审查制度有关事项的暂行规定》。

本规定实施期间，公众可于2011年3月5日至4月10日，向商务部提交意见和建议。商务部将对本规定实施情况进行跟踪、评估，并结合公众意见和建议，对规定进行完善。

中华人民共和国商务部

二〇一一年三月四日

商务部实施外国投资者并购境内企业安全审查制度

有关事项的暂行规定

一、外国投资者并购属于《国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知》明确的并购安全审查范围的境内企业，应向商务部提出并购安全审查申请。

两个或者两个以上外国投资者共同并购的，可以共同或确定一个外国投资者向商务部提出并购安全审查申请（以下简称申请人）。

二、地方商务主管部门在按照《关于外国投资者并购境内企业的规定》、《外商投资企业投资者股权变更的若干规定》等有关规定受理并购交易申请时，对于属于并购安全审查范围，但申请人未向商务部提出并购安全审查申请的，应暂不受理并购交易申请，书面要求申请人向商务部提交并购安全审查申请，并将有关情况上报商务部。

三、在向商务部提出并购安全审查正式申请前，申请人可就其并购境内企业的程序性问题向商务部提出商谈申请。

四、在向商务部提出并购安全审查正式申请时，申请人应提

交下列文件：

（一）经申请人的法定代表人或其授权代表签署的并购安全审查申请书和交易情况说明；

（二）经公证和依法认证的外国投资者身份证明或注册登记证明及资信证明文件；法定代表人身份证明或外国投资者的授权代表委托书、授权代表身份证明；

（三）外国投资者及关联企业（包括其实际控制人、一致行动人）的情况说明，与相关国家政府的关系说明；

（四）被并购境内企业的情况说明、章程、营业执照（复印件）、上一经审计的财务报表、并购前后组织架构图、所投资企业的情况说明和营业执照（复印件）；

（五）并购后拟设立的外商投资企业的合同、章程或合伙协议以及拟由股东各方委任的董事会成员、聘用的总经理或合伙人等高级管理人员名单；

（六）为股权并购交易的，应提交股权转让协议或者外国投资者认购境内企业增资的协议、被并购境内企业股东决议、股东大会决议，以及相应资产评估报告；

（七）为资产并购交易的，应提交境内企业的权力机构或产权持有人同意出售资产的决议、资产购买协议（包括拟购买资产的清单、状况）、协议各方情况，以及相应资产评估报告；

（八）关于外国投资者在并购后所享有的表决权对股东

会或股东大会、董事会决议、合伙事务执行的影响说明，其他导致境内企业的经营决策、财务、人事、技术等实际控制权转移给外国投资者或其境内外关联企业的情况说明，以及与上述情况相关的协议或文件；

（九）商务部要求的其他文件。

五、申请人所提交的并购安全审查申请文件完备且符合法定要求的，商务部应书面通知申请人受理申请。

属于并购安全审查范围的，商务部在15个工作日内书面告知申请人，并在其后5个工作日内提请外国投资者并购境内企业安全审查部际联席会议（以下简称联席会议）进行审查。

自书面通知申请人受理申请之日起的15个工作日内，申请人不得实施并购交易，地方商务主管部门不得进行并购审查。15个工作日后，商务部未书面告知申请人的，申请人可按照国家有关法律法规办理相关手续。

六、商务部收到联席会议书面审查意见后，在5个工作日内将审查意见书面通知申请人（或当事人），以及负责并购交易管理的地方商务主管部门。

（一）对不影响国家安全的，申请人可按照《关于外国投资者并购境内企业的规定》、《外商投资企业投资者股权变更的若干规定》、《关于外商投资企业境内投资的暂行规定》等有关规定，到具有相应管理权限的相关主管部门办理并购

交易手续。

（二）对可能影响国家安全的，申请人未经调整并购交易、修改申请文件并经重新审查，不得申请并实施并购交易。

（三）外国投资者并购境内企业行为对国家安全已经造成或可能造成重大影响的，根据联席会议审查意见，商务部会同有关部门终止当事人的交易，或采取转让相关股权、资产或其他有效措施，以消除该并购行为对国家安全的影响。

七、在商务部向联席会议提交审查后，申请人对申报文件有关内容做出修改或撤销并购交易的，应向商务部提交交易修改方案或撤销并购交易申请。商务部在收到申请报告及有关文件后，于5个工作日内提交联席会议。

八、外国投资者并购境内企业，国务院有关部门、全国性行业协会、同业企业及上下游企业认为需要进行并购安全审查的，可向商务部提出进行并购安全审查的建议，并提交有关情况的说明（包括并购交易基本情况、对国家安全的具体影响等）。属于并购安全审查范围的，商务部应在5个工作日内将建议提交联席会议。联席会议认为确有必要进行并购安全审查的，商务部根据联席会议决定，要求外国投资者按本规定提交并购安全审查申请。

九、外国投资者并购境内企业申请未被提交联席会议审查，或联席会议审查认为不影响国家安全的，若此后因调整并购交易、修改有关协议或文件等因素，导致该并购交易属

于《国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知》明确的并购安全审查范围的，当事人应当停止交易，由外国投资者按照本规定向商务部提交并购安全审查申请。

十、本规定未尽事宜，按照《国务院办公厅关于建立外国投资者并购境内企业安全审查制度的通知》执行。

十一、本规定自2011年3月5日起实施，有效期至2011年8月31日。