Merger and Acquisition of a Domestic Enterprise by Foreign Investors
关于外国投资者并购境内企业的规定（中英文）
中华人民共和国商务部令2009年第6号公布《关于外国投资者并购境内企业的规定》 商务部令2009年第6号
No.6 Decree of the Ministry of Commerce PRC on Promulgation of the
Provisions on M&A of a Domestic Enterprise by Foreign Investors
No.6 Decree of MOFCOM, 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：
To ensure the Provisions on M&A of a Domestic Enterprise by Foreign
Investors coincide with the Antimonopoly Law and the Provisions of
the State Council on Thresholds for Declaration of Concentrations of
Undertakings, revision of the Provisions on M&A of a Domestic
Enterprise by Foreign Investors have been made 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。”
1. The original Chapter 5 Antimonopoly Review has been
canceled and a new article has been added in the Supplementary
Provisions as Article 51, providing: “According to the provisions of
the Antimonopoly Law, where M&A of a domestic enterprise by a
foreign investor meets the thresholds for declaration of the
Provisions of the State Council on Thresholds for Declaration of
Concentrations of Undertakings, the foreign investor shall make a
declaration with the MOFCOM and shall not carry out the deal without
declaration.”
此后条文、章节顺序依次调整。
The following articles and chapters shall be adjusted accordingly.
二、对以下条款作文字修改：
2. The following articles have been revised as follows:
（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”。
Paragraph 4 of Article 16, i.e. “where 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, the investor shall
make its investment all in cash” shall be revised as “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”.
（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。”
Paragraph 1 of Article 36, i.e. “if the domestic company
and the overseas company fail to go through the procedures for
alteration of equity within six (6) months since issuance of the
business license, the approval certificate with remarks and the
approval certificate of overseas investment by Chinese enterprise
shall be invalidated automatically, and the registration
administrative authority shall examine and approve the registration
on alteration based on the application documents for registration on
equity alteration submitted by the domestic company in advance, so
as to restore the equity structure of the domestic company to the
status before the equity merger” shall be revised as “if the
domestic company and the overseas company fail to go through the
procedures for alteration of equity within six (6) months since
issuance of the business license, the approval certificate with
remarks and the approval certificate of overseas investment by
Chinese enterprise shall be invalidated automatically. The
registration administrative authority shall examine and approve the
registration on alteration based on the application documents for
registration on equity alteration submitted by the domestic company
in advance, so as to restore the equity structure of the domestic
company to the status before the equity merger”.
（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”。此决定自公布之日起施行。
The “ultimate controller” in Subparagraph 1 of Paragraph 1 of
Article 42 and Subparagraph 3 of Paragraph 1 of Article 44 shall be
revised as “actual controller”. This Decree shall enter into force
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 M&A of a Domestic Enterprise by Foreign Investors
is re-promulgated according to the relevant revisions herein.
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
Annex: Provisions on M&A of a Domestic Enterprise by Foreign
Investors Minister: Chen Deming June 22, 2009
关于外国投资者并购境内企业的规定
Provisions on M&A of a Domestic Enterprise by Foreign Investors
目录
Content
第一章 总 则
Chapter 1 General Provisions
第二章 基本制度
Chapter 2 Basic System
第三章 审批与登记
Chapter 3 Approval and Registration
第四章 外国投资者以股权作为支付手段并购境内公司
Chapter 4 Foreign Investors Merge Domestic Companies Using Equity as
the Means of Payment
第一节 以股权并购的条件
Section 1 Conditions for Equity Merger
第二节 申报文件与程序
Section 2 Application Documents and Procedures
第三节 对于特殊目的公司的特别规定
Section 3 Special Provisions on Special Purpose Companies
第五章 附 则
Chapter 5 Supplementary Provisions
第一章 总 则
Chapter 1 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 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 al[] 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 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 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。
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.
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。
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.
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。
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.
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 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。
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.
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。
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.
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 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 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.
第二章 基本制度
Chapter 2 Basic System
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。
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.
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。
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.
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”）。
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%".
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。
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%".
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。
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.
根据该款所述方式设立的外商投资企业，其实际控制人以外的外国投资者在企业注册资本中的出资比例高于25%的，享受外商投资企业待遇。
If the 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.
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。
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.
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。
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.
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。
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.
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。
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.
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。
The parties thereto shall not evade the above provision by the
domestic investment of a foreign investment enterprise or by any
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。
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.
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。
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.
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。
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.
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。
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、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。
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.
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。
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.
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。
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.
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。
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.
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 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。
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.
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。
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。
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。
In case a foreign investor merges a domestic enterpr,ise 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.
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。
Article 17 The means of payment as the consideration shall conform
to China’s relevant laws and administrative regulations.
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。
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.
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。
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。
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.
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 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股份有限公司增资的，按照《公司法》有关规定确定注册资本。
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.
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：
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:
（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；
(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;
（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；
(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;
（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；
(3) if the registered capital is more than USD 5 million but less
than USD 12 million, the total investment amount shall not exceed
2.5 times of the registered capital;
（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。
(4) if the registered capital is more than USD 12 million, the total
investment amount 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 Where a foreign investor merges a domestic enterprise by
asset merger, it shall determine the total investment amount of the
foreign investment enterprise under planned establishment according
to the transaction price for purchasing the assets and the actual
scale of production and operation. The proportion of the registered
capital of the foreign investment enterprise under planned
establishment in its total investment amount shall conform to
relevant provisions.
第三章 审批与登记
Chapter 3 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：
Article 21 Where a foreign investor merges a domestic enterprise by
equity merger, it shall, pursuant to the total investment amount of
the foreign investment enterprise under planned establishment, the
type of the enterprise and the industry it engages in, submit the
following documents to the approval authority with the corresponding
approval power in accordance with the laws, administrative
regulations and departmental rules on establishment of foreign
investment enterprises:
（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；
(1) the resolution of the shareholders of the merged domestic
limited liability company on unanimous consent of the foreign
investor’s equity merger, or resolution of the shareholders’ meeting
of the merged domestic stock limited company on consent of the
foreign investor’s equity merger;
（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；
(2) the application for the merged domestic company to be modified
in accordance with the law into and be established as a foreign
investment enterprise;
（三） 并购后所设外商投资企业的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise established after the merger;
（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；
(4) the agreement on the foreign investor’s purchase of the
shareholders’ equity of the domestic company or on the subscription
of the domestic company to increase capital;
（五） 被并购境内公司上一财务年度的财务审计报告；
(5) the financial auditing report of the merged domestic company in
the previous accounting year;
（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；
(6) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（七） 被并购境内公司所投资企业的情况说明；
(7) the statement on the enterprises invested by the merged domestic
company;
（八） 被并购境内公司及其所投资企业的营业执照(副本)；
(8) the business licenses (duplicates) of the merged domestic
company and of the enterprises it invests in;
（九） 被并购境内公司职工安置计划；
(9) the plan for re-settlement of the merged domestic company’s
employees;
（十） 本规定第十三条、第十四条、第十五条要求报送的文件。
(10) the documents required in articles 13, 14 and 15 hereof.
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。
Where the business scope, scale and obtainment of land use right of
the foreign investment enterprise established after the merger
involves permits from other relevant governmental departments, the
relevant permit documents shall be submitted along with those
provided for in the preceding paragraph.
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：
Article 22 The equity purchase agreement, capital increase agreement
for domestic company shall be governed by Chinese laws, and shall
include the following contents:
（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；
(1) information regarding each party to the agreements, including
its name, domicile, and the name, position and nationality, etc. of
its legal representative;
（二） 购买股权或认购增资的份额和价款；
(2) the proportions and price of the purchased equity or the capital
increased from subscription;
（三） 协议的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 协议各方的权利、义务；
(4) the rights and obligations of each party to the agreements;
（五） 违约责任、争议解决；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 协议签署的时间、地点。
(6) the date and place for conclusion of the agreements.
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：
Article 23 Where a foreign investor merges a domestic enterprise by
asset merger, it shall, pursuant to the total investment amount of
the foreign investment enterprise under planned establishment, the
type of the enterprise and the industry it engages in, submit the
following documents to the approval authority with the corresponding
approval power in accordance with the laws, administrative
regulations and departmental rules on establishment of foreign
investment enterprises:
（一） 境内企业产权持有人或权力机构同意出售资产的决议；
(1) the resolution of the property holders or authority of the
domestic enterprise on agreeing to sell the assets;
（二） 外商投资企业设立申请书；
(2) the application for the establishment of the foreign investment
enterprise;
（三） 拟设立的外商投资企业的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise to be established;
（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；
(4) the agreement concluded between the foreign investment
enterprise to be established and the domestic enterprise on purchase
of assets, or, the agreement concluded between the foreign investor
and the domestic enterprise on assets purchase;
（五） 被并购境内企业的章程、营业执照(副本)；
(5) the articles of association and business license (duplicates) of
the domestic enterprise subject to the Merger and Acquisition;
（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；
(6) the evidence of notice and public announcement to creditors by
the domestic enterprise subject to the Merger and Acquisition and
statement on whether or not any objection being made by creditors;
（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；
(7) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（八） 被并购境内企业职工安置计划；
(8) the plan for employees re-settlement of the domestic enterprise
subject to the Merger and Acquisition;
（九） 本规定第十三条、第十四条、第十五条要求报送的文件。
(9) the documents required to submitted in Article 13, Article 14
and Article 15 hereof.
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。
Where the assets of the domestic enterprise purchased and operated
in accordance with the preceding paragraph involves permits from
other relevant governmental departments, the relevant permit
documents shall be submitted along with those provided for in the
preceding paragraph.
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。
Where a foreign investor purchases the assets of a domestic
enterprise by agreement and invests such assets in establishing a
foreign investment enterprise, it shall not, prior to the
establishment of the foreign investment enterprise, operate any
business with such assets.
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：
Article 24 The assets purchasing agreement shall be governed by the
laws of China, and shall include the following contents:
（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；
(1) information of each party to the agreements, including its name
and domicile, and the name, position and nationality, etc. of its
legal representative;
（二） 拟购买资产的清单、价格；
(2) the list and price of the assets under planned purchase;
（三） 协议的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 协议各方的权利、义务；
(4) the rights and obligations of each party to the agreements;
（五） 违约责任、争议解决；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 协议签署的时间、地点。
(6) the date and place for conclusion of the agreements.
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。
Article 25 Where a foreign investor merges a domestic enterprise to
establish a foreign investment enterprise, the approval authority
shall, unless otherwise provided for in the present provisions,
decide on, in accordance with the law, whether or not to grant the
approval within thirty (30) days as of the receipt of all the
documents submitted. If the approval authority decides to grant the
approval, it shall issue a certificate of approval.
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。
Where the approval authority decides to approve a foreign investor
to purchase by agreement the shareholders’ equity of a domestic
company, it shall simultaneously make copies of the relevant
approval documents separately to the foreign exchange administrative
authority at the equity transferor’s locality and that at the
domestic company’s locality.
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。
The foreign exchange administrative authority at the equity
transferor’s locality shall issue the relevant certificate on
registration of share transference foreign exchange earnings and
foreign exchange from foreign investment, which is the valid
document to prove that the foreign investor has paid the
consideration for equity subscription.
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。
Article 26 Where a foreign investor merges a domestic enterprise by
asset merger, it shall, within thirty (30) days as of the receipt of
the approval certificate of foreign investment enterprise, apply to
the administrative authority of registration for making registration
of establishment, and obtaining the foreign investment enterprise’s
business license.
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。
Where a foreign investor merges a domestic enterprise by equity
merger, the merged domestic company shall, in accordance with the
present provisions, apply to the original registration
administrative authority for registration of modification, and
obtaining the foreign investment enterprise’s business license.
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。
If the original registration administrative authority has no
jurisdiction of registration, it shall, within ten (10) days as of
the receipt of the application documents, transfer them to an
administrative authority of registration with the jurisdiction for
handling the registration, and meanwhile attach the domestic
company’s registration files.
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：
The merged domestic company shall, when applying for registration of
modification, submit the following documents, and be responsible for
their genuineness and validity:
（一）变更登记申请书；
(1) the application for registration of modification;
（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；
(2) the agreement on the foreign investor’s purchase of the
shareholders’ equity of the domestic company or on the subscription
of the domestic company to increase capital;
（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；
(3) the amended articles of association of the company or the
amendment to the original articles of association, and the contract
of the foreign investment enterprise that needs to be submitted in
accordance with the law;
（四）外商投资企业批准证书；
(4) the foreign investment enterprise’s approval certificate;
（五）外国投资者的主体资格证明或者自然人身份证明；
(5) the subject qualification certificate or the natural person’s
identification certificate of the foreign investor;
（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；
(6) the amended name list of the board of directors, the documents
stating the names and domiciles of the newly increased directors,
and the documents on the positions held by the new directors;
（七）国家工商行政管理总局规定的其他有关文件和证件。
(7) other relevant documents and certificates provided for by the
State Administration for Industry and Commerce.
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。
The investor shall, within thirty (30) days as of the receipt of the
foreign investment enterprise’s business license, make registration
in the departments of taxation, customs, land administration and
foreign exchange control, etc.
第四章 外国投资者以股权作为支付手段并购境内公司
Chapter 4 Foreign Investors Merge Domestic Companies Using Equity to
Pay
第一节 以股权并购的条件
Section 1 Conditions for Equity Merger
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 The expression of "merger of domestic company by a
foreign investor using its equity to pay" mentioned in this Chapter
4 shall refer to that the shareholder of a overseas company, using
its equity in the overseas company or using its increased shares of
the overseas company to pay, purchases the shareholders’ equity in a
domestic company or purchases the increased shares of a domestic
company.
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 The overseas company mentioned in this Chapter 4 shall be
legally established and its registration place shall have a sound
legal system on company administration, and the company and its
management shall have not been punished by relevant regulatory
authority in recent three (3) years. Except the special purpose
companies as provided for in Section Three of this Chapter Four, the
oversea company shall be a public listed company, and the listing
place shall have a sound management system on securities exchange.
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：
Article 29 When a foreign investor merges a domestic company by
equity merger, the equity of the domestic and overseas companies
involved in the merger shall satisfy the following conditions:
（一） 股东合法持有并依法可以转让；
(1) the equity is lawfully held by shareholders and may be assigned
according to law;
（二） 无所有权争议且没有设定质押及任何其他权利限制；
(2) the equity is free from any dispute over ownership, any pledge
or any other property encumbrance;
（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；
(3) the equity of the overseas company shall be listed on an
overseas open and lawful securities exchange market (excluding any
over-the-market counter exchange) for transaction;
（四） 境外公司的股权最近1年交易价格稳定。
(4) the transaction price of the overseas company’s equity is stable
in the latest one (1) year.
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。
The preceding Item (3) and Item (4) are not applicable to the
special purpose companies as provided for in Section 3 of this
Chapter 4.
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”）。
Article 30 When a foreign investor merges a domestic company by
equity merger, the domestic company or its shareholders shall employ
an intermediary authority established and registered in China to act
as its consultant (hereinafter referred to as "the Merger
Consultant").
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。
The Merger Consultant shall conduct a due diligence investigation on
the authenticity of application documents in the merger, the
financial status of overseas company and whether the merger is
compliance with the requirements provided for in Article 14, Article
28 and Article 29 hereof, and shall issue a merger consultant’s
report to give clear and professional advice on the above mentioned
contents item by item.
第三十一条 并购顾问应符合以下条件：
Article 31 The Merger Consultant shall satisfy the following
conditions:
（一） 信誉良好且有相关从业经验；
(1) to be with good credit standing and experiences in relevant
industries;
（二） 无重大违法违规记录；
(2) to be without record of serious violation of law or regulation;
（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。
(3) to be with the ability to investigate and analyze the legal
system in the registration and listing place of the overseas company
as well as 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：
Article 32 When a foreign investor merges a domestic company by
equity merger, it shall submit an application to the MOC, and the
domestic company shall also submit the following documents in
addition to the documents as required in Chapter 3 of the present
provisions:
（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；
(1) the statement on alteration in equity and material assets of the
domestic company in the latest one (1) year;
（二） 并购顾问报告；
(2) the merger consultant’s report;
（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；
(3) the certificate of incorporation or the identity certificate of
the domestic company, overseas company involved in the merger and
the shareholders of these companies;
（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；
(4) the statement on shareholding status of the shareholders of the
overseas company and the name list of shareholders who hold more
than 5% equityof the overseas company;
（五） 境外公司的章程和对外担保的情况说明；
(5) the articles of association of the overseas company and
statement on external guarantee provided by the overseas company;
（六） 境外公司最近年度经审计的财务报告和最近半年的股票交易情况报告。
(6) the audited financial statements of the overseas company in
recent years and the statement on stock transaction in the latest
half a year.
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”。
Article33 MOC shall make an examination on the merger application
within thirty (30) days as of the receipt of all application
documents as required, and if the application can satisfy the
conditions, it shall issue a certificate therefore and indicate the
following words on the certificate "a foreign investor merges a
domestic company by equity merger, which is valid within six (6)
months as of the issuance of the business license".
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。
Article 34 Within thirty (30) days as of the receipt of certificate
&nb,sp; with the above mentioned indication, the domestic company shall go
through the procedures on registration of alteration with the
competent administrative authority of registration and the foreign
exchange administrative authority, and the administrative authority
of registration and the foreign exchange administrative authority
shall respectively issue the business license for a foreign
investment enterprise and the foreign exchange registration
certificate to the domestic company, on which it shall indicated the
words of "valid within eight (8) months as of its issuance".
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。
When the domestic company goes through procedures on registration of
alteration with the administrative authority of registration, it
shall in advance submit the application for equity alteration,
amendment to the articles of association and the agreement on equity
transference signed by the legal representative of the domestic
company for the purpose of restoration of 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。
Article 35 Within six (6) months as of the issuance of the business
license, the domestic company or its shareholders shall apply to the
MOC and the foreign exchange administrative authority for approval
and registration of establishment of foreign investment enterprise
with respect to the equity of an overseas company held by the
domestic company.
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。
In addition to the documents to be submitted to the MOC as required
in the Provisions on Approval of Investment in and Establishment of
Overseas Enterprises, the parties to a merger shall also submit the
approval certificate and the business license of the foreign
investment enterprise with the indication as mentioned above. After
the equity held by a domestic company or its shareholders in an
overseas company is approved by the MOC, the MOC shall issue the
Approval Certificate of Overseas Investment by Chinese Enterprises
to the domestic company, and shall also reissue an approval
certificate for the foreign investment enterprise without the above
mentioned indication.
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。
Within thirty (30) days as of the receipt of an approval certificate
for the foreign investment enterprise without indication, the
domestic company shall apply to the administrative authority of
registration and the foreign exchange administrative authority for
re-issuance of the business license for a foreign investment
enterprise and the foreign exchange registration certificate without
indication.
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。
Article 36 If the domestic company and the overseas company fail to
go through the procedures for alteration of equity within six (6)
months since issuance of the business license, the approval
certificate with remarks and the approval certificate of overseas
investment by Chinese enterprise shall be invalidated automatically.
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。
The registration administrative authority shall examine and approve
the registration on alteration based on the application documents
for registration on equity alteration submitted by the domestic
company in advance, so as to restore the equity structure of the
domestic company to the status before the equity merger.
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。
If a foreign investor fails to merge the increased shares of a
domestic company, the domestic company, before the registration
administrative authority approves the registration on alteration in
accordance with the preceding paragraph, shall also reduce its
registered capital accordingly and make public announcement on the
newspaper in accordance with the provisions of Company Law of the
People’s Republic of China.
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。
If the domestic company fails to go through the procedures of
registration in accordance with the preceding paragraph, the
registration administrative authority shall settle it in accordance
with the relevant provisions of Regulations of the People’s Republic
of China on Administration of Registration of Companies.
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 the obtainment of the approval certificate for a
foreign investment enterprise and the foreign exchange certificate
without indication, the domestic company shall not distribute
profits to any shareholder, or provide any guarantee to any of its
affiliated company, or assign any equity to any third party, or
reduce its registered capital, or make liquidation or any other
matters relating to its assets.
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 The domestic company and its shareholders may go through
the procedures on registration of taxation alteration with the
competent taxation authority with the approval certificate and the
business license without indication issued by the MOC and the
registration administrative authority.
第三节 对于特殊目的公司的特别规定
Section 3 Special Provisions on Special Purpose Companies
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。
Article 39 The "special purpose company" shall refer to an overseas
company directly or indirectly controlled by a domestic company or
Chinese natural person to realize the interests of a domestic
company actually owned by the aforesaid domestic company or Chinese
natural person by means of overseas listing.
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。
Where the shareholders of a special purpose company use its equity
in the company as the means of payment, or a special purpose company
uses its increased shares as the means of payment, for the purpose
of realizing oversea listing, to purchase the shareholders’ equity
right in a domestic company or the increased shares of a domestic
company, the provisions of this Section 3 shall apply.
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。
Where a party to the merger takes an overseas company, as the
subject of overseas listing, the overseas company shall meet the
relevant requirements on special purpose companies as provided for
in this Section 3.
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。
Article 40 Where a special purpose company to be listed overseas,
the listing shall be proved by the securities regulatory authority
under the State Council.
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。
The country or region where the special purpose company is listed
shall have a sound legal and regulatory system, and the securities
regulatory authority of such country or region has concluded a
memorandum of understanding on cooperation in regulation with the
securities regulatory authority under the State Council, and has
kept the effective relationship of cooperation in regulation.
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：
Article 41 A domestic company whose shares are listed overseas as
mentioned in this Section Three shall meet the following conditions:
（一）产权明晰，不存在产权争议或潜在产权争议；
(1) to be with a clear ownership and is free from any dispute or
potential dispute over its equity;
（二）有完整的业务体系和良好的持续经营能力；
(2) to be with a complete business operation system and good
sustainable business capacity;
（三）有健全的公司治理结构和内部管理制度；
(3) to be with a sound corporate governance structure and internal
management system;
（四）公司及其主要股东近3年无重大违法违规记录。
(4) the company and its major shareholders have no record of
material violation of laws or regulations in recent three (3) 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。
Article 42 Where a domestic company intends to establish a special
purpose company overseas, it shall submit an application to the MOC
for approval.
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：
When submitting the application, in addition to the documents to be
submitted to the MOC as required in the Provisions on Approval of
Investment in and Establishment of Overseas Enterprises, the
domestic company shall also submit the following documents to the
MOC:
（一）特殊目的公司实际控制人的身份证明文件；
(1) the identity certificate of the actual controller of the special
purpose company;
（二）特殊目的公司境外上市商业计划书；
(2) the business proposal for overseas listing of the special
purpose company;
（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。
(3) The evaluation report made by the Merger Consultant on the
potential issuing price of shares when the special purpose company
is listed overseas.
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。
Upon obtainment of the approval certificate of overseas investment
by Chinese enterprises, the promoter or the controller shall apply
to the foreign exchange administrative authority of its locality for
the corresponding registration of foreign exchange in overseas
investment.
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 shares of the special purpose company
to be issued overseas shall not be less than the total value of
share right of the merged domestic company as evaluated by a
corresponding asset valuation institution in China.
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：
Article 44 Where a special purpose company merges a domestic company
by equity merger, the domestic, in addition to the documents to be
submitted to the MOC as required in Articles 32 hereof, shall also
submit the following documents:
（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；
(1) the approval documents and certificates for investment in and
establishment of overseas enterprises when setting up the special
purpose company;
（二）特殊目的公司境外投资外汇登记表；
(2) the registration form of foreign exchange in overseas investment
for the special purpose company;
（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；
(3) the identity certificate or incorporation certificate and
articles of association of the actual controller of the special
purpose company;
（四）特殊目的公司境外上市商业计划书；
(4) the business proposal for overseas listing of the special
purpose company;
（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。
(5) the evaluation report made by the Merger Consultant on the
potential issuing price of shares when the special purpose company
is listed overseas.
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：
If an overseas company holding the equity of a special purpose
company is the subject of overseas listing, the domestic company
shall also submit the following documents:
（一）该境外公司的开业证明和章程；
(1) the incorporation certificate and articles of association of the
overseas company;
（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。
(2) the detailed statement on the transaction arrangement and
evaluation method for the equity of the merged domestic company
between the special purpose company and the overseas company.
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。
Article 45 If the MOC approves the documents as provided for in
Article 44 hereof in the preliminary examination, it shall issue a
letter of reply in principle, and the domestic company may use this
letter of reply to submit the documents for application of public
listing to the securities regulatory authority under the State
Council. The securities regulatory authority under the State Council
shall decide on whether approve it or not within twenty (20)
business days.
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。
After the obtainment of approval, the domestic company shall apply
to the MOC for the approval certificate. The MOC shall issue an
approval certificate indicated with the following words to the
domestic company: "Holding share right by an overseas special
purpose company, valid within one (1) year as of the issuance of the
business license".
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。
Where the equity or any other matters of a special purpose company
is changed due to the merger, the domestic company or natural person
who holds the share right of the special purpose company shall use
the approval certificate for a foreign investment enterprise with
the above mentioned indication to go through the procedures with the
MOC on approval of alteration in the enterprise invested and
established overseas with respect to the relevant matters of the
special purpose company, and shall apply to the foreign exchange
administrative authority of its locality for alteration in
registration of foreign exchange in overseas investment.
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。
Article 46 Within thirty (30) days as of the receipt of certificate
with the above mentioned indication, the domestic company shall go
through the procedures on registration of alteration with the
competent registration administrative authority and the foreign
exchange administrative authority, and the registration
administrative authority and the foreign exchange administrative
authority shall respectively issue the business license for a
foreign investment enterprise and the foreign exchange registration
certificate to the domestic company, on which it shall indicated the
words of "valid within fourteen (14) months as of its issuance".
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。
When the domestic company goes through procedures on registration of
alternation with the registration administrative authority, it shall
in advance submit the application for equity alternation, amendment
to the articles of association and the agreement on equity
transference signed by the legal representative of the domestic
company for the purpose of restoration of equity 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。
Article 47 Within thirty (30) days after the special purpose company
or an overseas company have affiliation relationship with the
special purpose company has completed the overseas listing, the
domestic company shall report the situation of overseas listing and
the proposal of financing income retrieval to the MOC, and shall
apply to the MOC for re-issuance of an approval certificate for
foreign investment enterprises without indication.
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。
Furthermore, within thirty days as of the completion of overseas
listing, the domestic company shall report the situation of overseas
listing and submit relevant documents for reference to the
securities regulatory authority under the State Council.
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。
The domestic company shall also submit the proposal of financing
income retrieval to the foreign exchange administrative authority,
and the foreign exchange administrative authority shall supervise
over the implementation of this proposal.
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。
Within thirty (30) days as of the receipt of an approval certificate
for foreign investment enterprises without indication, the domestic
company shall apply to the registration administrative authority and
the foreign exchange administrative authority for re-issuance of the
business license for foreign investment enterprises and the foreign
exchange registration certificate without indication.
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。
Where the domestic company fails to report to the MOC within the
above mentioned time limit, the approval certificate with indication
issued for the domestic company shall be automatically invalidated,
and the equity structure of the domestic company shall be restored
to the status before the share right merger, and the domestic
company shall go through the procedures on registration of
alteration in accordance with Article 36 hereof.
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：
Article 48 The financing income of a special purpose company from
overseas listing shall be retrieved and used inside the territory of
China in accordance with the proposal of financing income retrieval
filed with the foreign exchange administrative authority and with
the current effective laws and regulations on foreign control. The
financing income may be retrieved into the territory of China by any
of the following means:
（一）向境内公司提供商业贷款；
(1) to provide commercial loans to the domestic company;
（二）在境内新设外商投资企业；
(2) to establish a new foreign investment enterprise inside the
territory of China;
（三）并购境内企业。
(3) to merge a domestic enterprise.
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。
The retrieval of overseas financing income of a special purpose
company by any of the above mentioned means shall be subject to the
relevant laws and administrative regulations of China on foreign
investment and overseas debt administration.
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。
Where the retrieval of overseas financing income of a special
purpose company causes the share right held by a domestic company
and natural person in the special purpose company to be increased or
causes the net assets value of the special purpose company to be
increased, the parties thereto shall disclose the fact and submit an
application for approval. After the obtainment of approval, the
parties thereto shall go through the procedures on registration of
foreign exchange in overseas investment and registration of
alteration in overseas investment.
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。
If a domestic company and natural person gain any profits, dividends
from the special purpose company or gain foreign exchange income
from the alteration in capital, it shall retrieve such profits,
dividends or income into the territory of China within six (6) month
as of its gaining. The profits and dividends may be accrued to the
foreign exchange under current account or be settled as foreign
exchange.
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。
With respect to the foreign exchange income from the alteration in
capital, upon approval of the foreign exchange administrative
authority, it may be deposited in a special account for capital
item, or may be settled as foreign exchange upon approval of the
foreign exchange administrative authority.
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 If the domestic company fails to obtain an approval
certificate without indication within one (1) year as of the
issuance of the business license, the approval certificate with
indication shall be invalidated automatically, and the domestic
company shall go through the procedures on registration of
alteration in accordance with Article 36 hereof.
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 special purpose company has completed its
overseas listing and the domestic company has obtained the approval
certificate without indication and the business license, if the
parties thereto continue to merge a domestic company using the share
right of the special purpose company as the means of payment, it
shall be subject to the provisions of Section 1 and Section 2 of
this Chapter 4.
第五章 附 则
Chapter 5 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 According to the provisions of the Antimonopoly Law,
where M&A of a domestic enterprise by a foreign investor meets the
thresholds for declaration of the Provisions of the State Council on
Thresholds for Declaration of Concentrations of Undertakings, the
foreign investor shall make a declaration with the MOFCOM and shall
not carry out the deal without declaration.
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。
Article 52 An investment company which is established by a foreign
investor inside the territory of China in accordance with the law
shall be governed by the present provisions to merge a domestic
enterprise.
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。
Where a foreign investor purchases the equity of a domestic foreign
investment enterprise or subscribes the increased capital of a
domestic foreign investment enterprise, it shall be subject to the
current laws, administrative regulations on foreign investment
enterprises and the relevant provisions on alteration in investors’
share right of foreign investment enterprises. If there is no such
applicable provision, it shall be handled by reference to the
present provisions.
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。
Where a foreign investor merges or acquire a domestic enterprise by
its foreign investment enterprise established in China, it shall be
subject to the relevant provisions on merger and division of foreign
investment enterprises, and the relevant provisions on domestic
investment by foreign investment enterprises. If there is no such
applicable provision, it shall be handled by reference to the
present provisions.
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。
Where a foreign investor merges a domestic limited liability company
and reauthorizes it into a joint stock company, or the domestic
company is a joint stock company, it shall be subject to the
relevant provisions on establishment of foreign investment joint
stock companies. If there is no such applicable provision, it shall
be subject to the present 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 The applicant or reporter shall sort relevant documents
and attach a file list thereof in accordance with the present
provisions. All the documents to be submitted shall be 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 the domestic
company merged by equity merger, upon approval, may continue to be
the Chinese investor in the foreign investment enterprise
established after the merger.
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 If the nationality of a natural person shareholder of the
domestic company is changed, the nature of the company will not be ,
affected therefore.
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 personnel of relevant governmental agencies must be
faithful to their duties, perform their responsibilities according
to law, and shall not seek any unlawful interests by taking
advantage of their positions, and shall be liable to keep the
confidentiality of any business secret.
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 The mergers by investors from Hong Kong Special
Administrative Region, Macau Special Administrative Region and
Taiwan Region of the enterprises in other regions inside the
territory shall be handled by referring to the present provisions.
第五十八条 本规定自公布之日起施行。
Article 58 The present provisions shall enter into force as of
September 8, 2006
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