International Mergers and Acquisitions in China .pdf

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1、2002---2004ResearchPaperonCompanyLawProfessorHenryPETERInternationalMergersandAcquisitionsinChinaGuilianYANGJuly2005http://www.unige.ch/droit/mbl/memoiresTABLECONTENTSINTRODUCTION……………………………………………………………….………3§1CURRENTSITUATION…………………………………………………….….……51.GeneralSituationofIntern

2、ationalM&As………………………………..……….51.1DefinitionofM&As…………………………………………….….………..51.2TypesofM&As……………………………………………….……….…….61.3DevelopmentofM&As…………………………………………..………….72.GeneralSituationinChina………………………………………………..………..72.1Background…………………………………………………….….…………72.2TargetEnterprises………………

3、…..……………………………..………...82.3Characteristics……………………………………………………..….…….10§2CHINA’SREGULATURYFRAMMWORKFORINTERNATIONALM&As...111.GovernmentPolicy…………………………………………………………….…..112.GeneralLaws………………………………………………………………………123.GovernmentRegulations………………………………………………………….133.1Category
:SOEor

4、SOCasTargetEnterprise…………………….…….143.2Category
:ListedCompanyasTargetEnterprise……………..……….153.3Category
:FIEasTargetEnterprise…………..…………….…………163.3.1FIEEquityChangeProvisions………………………….………163.3.2ProvisionsonMergersandDivisionsofFIEs……….………….173.4Category
:DomesticEnterpriseasTa

5、rgetEnterprise……….…………183.4.1TwotypesofinternationalM&As………………………………183.4.2RequirementsofinternationalM&As…………………….……22§3.PROBLEMSANDSOLUTIONSOFINTERNATIONALM&AsINCHINA.....231.ProblemsintheApplicabilityofChina’sM&AsRegulations…………….…….232.NationalTreatmentProblem……………………………………

6、…………….….243.AssetEvaluationProblem…………………………………………………….…...2614.Anti-monopolyandCompetitionProblem………………………………….……274.1ProvisionsonMergersandDivisionsofFIEs(2001)……………….….….274.2InterimProvisionsonRestructuringStateOwnedEnterprisesbyUtilizingForeignInvestment(2002)…………………………………

7、….…….……..284.3InterimProvisionsontheMergersandAcquisitionsofDomesticEnterprisesbyForeignInvestors(2003)………………………………………….…….284.3.1OnshoreM&AsTransactions…………………………….…….294.3.2OffshoreM&AsTransactions………………………….………294.3.3Exemptions…………………….……………………….………304.4NewDraftofAnti-Monopo

8、lyLaw…………………………………..……..304.5AnalysisofAnti-monopolyan