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| Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors | | 商务部关于外国投资者并购境内企业的规定 |
(Order No. 6 [2009] of the Ministry of Commerce; amended in accordance with the Decision of the Ministry of Commerce on Amending the Provisions of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors on June 22, 2009) | |
（商务部令2009年第6号 二〇〇九年六月二十二日根据《商务部关于修改＜关于外国投资者并购境内企业的规定＞的决定》修改） |
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| Chapter 1 General Provisions | | 第一章 总则 |
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| Article 1 With a view to promoting and regulating foreign investors' investment in China, introducing advanced technologies and management experience from abroad, improving the utilization of foreign investment, rationalizing the allocation of resources, ensuring employment and safeguarding fair competition and our country's economic security, the Provisions are hereby formulated under the laws and administrative regulations governing foreign investment enterprises, the Company Law, and other relevant laws and administrative regulations.. | | 第一条 为了促进和规范外国投资者来华投资，引进国外的先进技术和管理经验，提高利用外资的水平，实现资源的合理配置，保证就业、维护公平竞争和国家经济安全，依据外商投资企业的法律、行政法规及《公司法》和其他相关法律、行政法规，制定本规定。 |
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| Article 2 For the purposes of the Provisions, mergers and acquisitions of a domestic enterprise by foreign investors shall mean that foreign investors, by agreement, purchase equity interest from shareholders of domestic enterprise with no foreign investment (hereinafter referred to as the "Domestic Company") or subscribe to the increase in the registered capital of the Domestic Company with the result that such Domestic Company changes into a foreign investment enterprise (hereinafter referred to as "Equity Merger and Acquisition"); or the foreign investors establish a foreign investment enterprise and then, through such enterprise, purchase the assets of a domestic enterprise by agreement and operate such assets, or the foreign investors purchase the assets of a domestic enterprise by agreement and use such assets as investment to establish a foreign investment enterprise to operate such assets (hereinafter referred to as "Asset Merger and Acquisition"). | | 第二条 本规定所称外国投资者并购境内企业，系指外国投资者购买境内非外商投资企业（以下称“境内公司”）股东的股权或认购境内公司增资，使该境内公司变更设立为外商投资企业（以下称“股权并购”）；或者，外国投资者设立外商投资企业，并通过该企业协议购买境内企业资产且运营该资产，或，外国投资者协议购买境内企业资产，并以该资产投资设立外商投资企业运营该资产（以下称“资产并购”）。 |
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| Article 3 In mergers and acquisitions of domestic enterprises, foreign investors shall comply with the laws, administrative regulations and departmental rules and adhere to the principles of fairness, reasonableness, compensation for equal value, and honesty and good faith, and shall not create excessive concentration, eliminate or hinder competition, disturb the social economic order or harm the societal public interests, or lead to the loss of state-owned assets. | | 第三条 外国投资者并购境内企业应遵守中国的法律、行政法规和规章，遵循公平合理、等价有偿、诚实信用的原则，不得造成过度集中、排除或限制竞争，不得扰乱社会经济秩序和损害社会公共利益，不得导致国有资产流失。 |
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| Article 4 In mergers and acquisitions of domestic enterprises, foreign investors shall comply with the requirements regarding the investors' qualifications and industrial, land and environmental protection policies as set forth in the laws, administrative regulations and departmental rules and the relevant requirements under industry policies. | | 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。 |
In the case of industries where no wholly foreign ownership is allowed under the Guidance Catalog of Foreign Investment Industries, any merger or acquisition of a domestic enterprise engaging in the industry shall not lead to the foreign investors' ownership of all equity interest in the acquired enterprise. In the case of industries which require the Chinese party to be controlling or relatively controlling, the Chinese party shall remain to be in the controlling or relatively controlling position in the acquired enterprise after any merger or acquisition of the domestic enterprise engaging in such industries. In the case of industries where operation by foreign investors is prohibited, no foreign investors may merge with or acquire any enterprise engaging in such industries. | |
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。 |
The business scope of the enterprise previously invested by the merged domestic enterprise shall meet the relevant requirements on foreign investment industrial policies; otherwise it shall be modified accordingly. | |
被并购境内企业原有所投资企业的经营范围应符合有关外商投资产业政策的要求；不符合要求的，应进行调整。 |
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| Article 5 Where a foreign investor merges a domestic enterprise, if it involves transference of the property of state-owned assets or administration of state-owned equity in public listed companies, it shall comply with the relevant laws and regulations on the administration of state-owned assets. | | 第五条 外国投资者并购境内企业涉及企业国有产权转让和上市公司国有股权管理事宜的，应当遵守国有资产管理的相关规定。 |
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| Article 6 A foreign investor shall, when merging a domestic enterprise to establish a foreign-funded enterprise, be subject to the approval of the examination and approval authorities in accordance with the Provisions, and make registration of modification or establishment in the registration authority. | | 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。 |
If the enterprise to be merged is a domestic listed company, the foreign investor shall also go through relevant procedures with the securities regulatory authority under the State Council in accordance with Administration Rules on Foreign Investors' Strategic Investment in Listed Companies. | |
如果被并购企业为境内上市公司，还应根据《外国投资者对上市公司战略投资管理办法》，向国务院证券监督管理机构办理相关手续。 |
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| Article 7 All parties involved in the merger of domestic enterprises by foreign investors shall pay the taxes and accept the supervision of taxation authorities in accordance with China's relevant laws and regulations on taxation. | | 第七条 外国投资者并购境内企业所涉及的各方当事人应当按照中国税法规定纳税，接受税务机关的监督。 |
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| Article 8 All parties involved in the merger of domestic enterprises by foreign investors shall comply with China's relevant laws and regulations on foreign exchange control, and shall promptly go through all procedures on approval, registration, putting on records and alteration regarding foreign exchange with the competent foreign exchange administrative authorities. | | 第八条 外国投资者并购境内企业所涉及的各方当事人应遵守中国有关外汇管理的法律和行政法规，及时向外汇管理机关办理各项外汇核准、登记、备案及变更手续。 |
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| Chapter 2 Basic System | | 第二章 基本制度 |
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| Article 9 If the contribution made by a foreign investor to the registered capital of the foreign investment enterprise established after the merger or acquisition is more than 25%, such enterprise shall be treated as a foreign investment enterprise. | | 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。 |
If the contribution made by a foreign investor to the registered capital of the foreign investment enterprise established after the merger or acquisition is less than 25%, the enterprise shall not be treated as a foreign investment enterprise, and it shall be subject to relevant provisions on contracting a foreign loan applicable to a non-foreign investment enterprise when the enterprise intends to contract a foreign loan, unless it is otherwise provided in relevant laws and regulations. The approval authority shall, when issuing the approval certificate of foreign investment enterprise (hereinafter referred to as "Approval Certificate"), indicate on the certificate the following words: "foreign investment contribution is less than 25%". The registration administrative authority and the foreign change administrative authority shall also, when issuing the business license of foreign investment enterprise and the foreign exchange registration certificate, indicate on them the words of "The foreign investment contribution is less than 25%". | |
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。 |
If any domestic company, enterprise or natural person merges its affiliated domestic company in the name of a company legally established or controlled by the aforesaid domestic company, enterprise or natural person in foreign countries or regions, the foreign investment enterprise established after the merger shall not be treated as a foreign investment enterprise, unless that the overseas company purchases any increased capital of domestic company, or the enterprise established after the merger by the overseas company increases capital to a proportion of 25% of its registered capital. If the contribution made by a foreign investor other than the actual controller is more than 25% of the registered capital of the enterprise established according to this paragraph, the enterprise may be treated as a foreign investment enterprise. | |
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。 |
The foreign investment enterprise established after the merger of domestic listed companies by the foreign investor shall be treated in accordance with China's relevant laws and regulations. | |
外国投资者并购境内上市公司后所设外商投资企业的待遇，按照国家有关规定办理。 |
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| Article 10 For the purposes of this Provisions, the approval authority in the present provisions shall refer to the Ministry of Commerce the People's Republic of China (hereinafter referred to as "the MOC") or the provincial department of commerce (hereinafter referred to as "the provincial approval authority"); the registration administrative authority shall refer to the State Administration for Industry and Commerce of the People's Republic of China (hereinafter referred to as "the SAIC") or its authorized local administration for industry and commerce; and the foreign exchange administrative authority shall refer to the State Administration of Foreign Exchange of the People's Republic of China (hereinafter referred to as "the SAFE") or its branches. | | 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。 |
Where, in accordance with the laws, administrative regulations or departmental rules, a foreign-funded enterprise established after the merger belongs to the foreign investment enterprises of certain types or in certain industries that shall be approved by the MOC, the provincial approval authority shall transfer the application documents to the MOC that shall decide on whether or not to grant the approval in accordance with the law. | |
并购后所设外商投资企业，根据法律、行政法规和规章的规定，属于应由商务部审批的特定类型或行业的外商投资企业的，省级审批机关应将申请文件转报商务部审批，商务部依法决定批准或不批准。 |
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| Article 11 If any domestic company, enterprise or natural person merges its affiliated domestic company in the name of a company legally established or controlled by the aforesaid domestic company, enterprise or natural person in foreign countries or regions, it shall be subject to the approval of the MOC. | | 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。 |
The parties thereto shall not evade the above provision by the domestic investment of a foreign investment enterprise or by any other means. | |
当事人不得以外商投资企业境内投资或其他方式规避前述要求。 |
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| Article 12 If foreign investors merge a domestic enterprise and obtain the actual control over the enterprise, and if such merger involves any critical industry, affects or may affect the security of national economy, or causes transference of actual control over the domestic enterprise who possesses a resound trademark or China's time-honored brand, the parties to the merger shall apply to the MOC. | | 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。 |
Where the parties thereto fail to make an application and the merger materially affects or may materially affect the security of national economy, the MOC may, together with other competent authorities, request the parties to stop the transaction, assign relevant equity or assets, or take any other effective actions, to eliminate the affect of the merger on the security of national economy. | |
当事人未予申报，但其并购行为对国家经济安全造成或可能造成重大影响的，商务部可以会同相关部门要求当事人终止交易或采取转让相关股权、资产或其他有效措施，以消除并购行为对国家经济安全的影响。 |
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| Article 13 Where a foreign investor carries out equity merger, the foreign investment enterprise established after the merger shall succeed to the claims and debts of the merged domestic company. | | 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。 |
Where a foreign investor carries out asset merger, the domestic enterprise that sells assets shall assume its original claims and debts. | |
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。 |
The foreign investor, the merged domestic enterprise, the creditors and other parties may reach an agreement additionally on the disposition of the claims and debts of the merged domestic enterprise, provided that the agreement shall not damage a third person's interests or public interests. The agreement on disposition of the claims and debts shall be submitted to the approval authority. | |
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。 |
At least fifteen (15) days prior to the submission of application documents to the approval organ by the investors, the domestic enterprise that sells assets shall notify all creditors, and shall make a public announcement on the newspaper of provincial level or above published nationwide. | |
出售资产的境内企业应当在投资者向审批机关报送申请文件之前至少15日，向债权人发出通知书，并在全国发行的省级以上报纸上发布公告。 |
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| Article 14 The parties to a merger or acquisition shall determine the transaction price on the basis of the result of the evaluation of the equity interest to be transferred or of the assets to be sold conducted by the asset evaluation institution. The parties to a merger or acquisition may agree on an asset evaluation institution established within the territory of China in accordance with the law. Asset evaluation shall be conducted by adopting internationally recognized evaluation methods. It is prohibited to transfer equity interest or sell assets at a price obviously lower than the evaluation result for the purpose of transferring the capital out of China in a disguised way. | | 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。 |
When a foreign investor merges a domestic enterprise, and thus resulting in the alteration of the equity rights formed from investment of state-owned assets or transference of the property of state-owned assets, the evaluation shall be made in accordance with the relevant provisions on the administration of state-owned assets. | |
外国投资者并购境内企业，导致以国有资产投资形成的股权变更或国有资产产权转移时，应当符合国有资产管理的有关规定。 |
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| Article 15 The parties to a merger shall explain whether there is relationship of affiliation among the parties. If there are two parties belong to an actual controller, the parties shall disclose the actual controller to the approval authority, and shall explain its purpose of merger and whether the result of evaluation is in conformity to the reasonable market value. The parties thereto shall not evade the above provision by means of trust, custody or any other means. | | 第十五条 并购当事人应对并购各方是否存在关联关系进行说明，如果有两方属于同一个实际控制人，则当事人应向审批机关披露其实际控制人，并就并购目的和评估结果是否符合市场公允价值进行解释。当事人不得以信托、代持或其他方式规避前述要求。 |
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| Article 16 A foreign investor shall, when merging a domestic enterprise to establish a foreign investment enterprise, within three (3) months as of the day when the foreign investment enterprise is issued its business license, pay all the consideration to the shareholders who transfer the equities or to the domestic enterprise which sells the assets. In case of any particular circumstance under which the period needs to be extended, the foreign investor shall, approved by the approval authority, pay 60% or more of the consideration within six (6) months as of the day when the foreign-funded enterprise is issued its business license, and pay all the consideration within one (1) year, and the proceeds shall be distributed according to the proportion of investments it has actually contributed. | | 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。 |
If a foreign investor purchases the increased capital of a domestic company, the shareholders of a limited liability company or a domestic joint stock company established with promoters buying out all shares issued shall, when the company is applying for a business license for foreign investment enterprise, pay more than 20% of the increased registered capital, and the time limit for payment of remaining increased registered capital shall be subject to the provisions of the Company Law of the People's Republic of China, relevant laws and regulations on foreign investment and the Regulations of the People's Republic of China on Administration of Registration of Companies, unless it is otherwise provided in other applicable laws and administrative regulations. When a joint stock company issues new shares to increase its registered capital, the shareholders may subscribe the new shares in accordance with relevant provisions on payment of capital contribution when establishment of a joint stock company. | |
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。 |
Where a foreign investor carries out an asset merger, it shall stipulate the time limit for contribution of investments in the contract and articles of association of the foreign investment enterprise under planned establishment. Where the foreign investor establishes a foreign investment enterprise, and through which purchases the assets of a domestic enterprise and operates such assets, it shall contribute the investments equivalent to the consideration of the assets within the time limit for payment of consideration as provided for in Paragraph 1 of this Article 16; as for the remaining investments, the time limit for contribution shall be subject to relevant provisions regarding establishment of a foreign investment enterprise. | |
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。 |
In case a foreign investor merges a domestic enterprise to establish a foreign-invested enterprise and its/his contribution is less than 25% of the registered capital of the enterprise, if it/he make its/his investment in cash, it/he shall contribute the investment within three (3) months as of the day when the foreign investment enterprise is issued its business license; or contribute all the investments in kind or in industrial properties, etc. within six (6) months as of the day when the foreign investment enterprise is issued its business license. | |
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。 |
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| Article 17 The means of payment as the consideration shall conform to China's relevant laws and administrative regulations. Where a foreign investor uses the currency of RMB it lawfully owned as the means of payment, it shall be subject to the approval of the foreign exchange administrative authority. Where a foreign investor uses the equity rights it is entitled to dispose of as the means of payment, it shall be subject to the provisions Chapter Four hereof. | | 第十七条 作为并购对价的支付手段，应符合国家有关法律和行政法规的规定。外国投资者以其合法拥有的人民币资产作为支付手段的，应经外汇管理机关核准。外国投资者以其拥有处置权的股权作为支付手段的，按照本规定第四章办理。 |
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| Article 18 After a foreign investor purchases by agreement the equity rights of a domestic company, and the domestic company has been altered to be established as a foreign investment enterprise, the foreign investment enterprise's registered capital shall be the registered capital of the original domestic company, and the investment contribution by the foreign investor shall be the proportion of the purchased equity in the original registered capital. | | 第十八条 外国投资者协议购买境内公司股东的股权，境内公司变更设立为外商投资企业后，该外商投资企业的注册资本为原境内公司注册资本，外国投资者的出资比例为其所购买股权在原注册资本中所占比例。 |
Where a foreign investor purchases the increased capital of a domestic limited liability company, the registered capital of a foreign investment enterprise established after the merger shall be the sum of the original domestic company's registered capital and the increased capital. The foreign investor and other original shareholders of the merged domestic company shall, on the basis of the asset evaluation of the domestic company, determine the proportions of their respectively contributed investments in the foreign investment enterprise's registered capital. | |
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。 |
Where a foreign investor purchases the increased capital of a domestic joint stock company, the registered capital of a foreign investment enterprise established after the merger shall be determined in accordance with the relevant provisions in the Company Law of the People's Republic of China. | |
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。 |
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| Article 19 Where a foreign investor merges a domestic enterprise by equity merger, the upper limit of the total investment amount of the foreign-funded enterprise established after the merger shall be determined according to the following proportions, unless it is otherwise provided in relevant state's laws and regulations: | | 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： |
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| (1) if the registered capital is less than USD 2,1 million, the total investment amount shall not exceed ten sevenths (10/7) of the registered capital; | | （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； |
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(2) if the registered capital is more than USD 2,1 million but less than USD 5 million, the total investment amount shall not exceed 2 times of the registered capital;
．．．．．． | | （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；
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