中国企业赴美股权融资：SPAC模式及其法律规制
Chinese Company’s Equity Financing in U.S. : SPAC and relevant regulations
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SPAC 是指以并购企业为唯一目的，以公募方式向投资者募集资金而设立的一种新型公司， 在完成 IPO 后，在一定期间内必须要完成并购企业。若在一定期间内并购失败，则进入自然解散的程序。SPAC 具有可以提供给多数一般投资者参与 M&A 市场的机会：不仅投资门槛较低， 而且与借壳上市（Backdoor Listing）相比是更简单、安全的上市路径的优点。 这些优点恰好符合试图规避中国证券监管的中国企业之需求，多家中国企业利用 SPAC 赴美上市。不过，通过 SPAC 赴美上市所应遵循法的双重法律规制：就上市地美国而言，SPAC 受 419 法规等；就中国现有法律法规而言，反向三角并购境外上市，须遵守的法律法规包括《中华人民共和国证券法》和《外国投资者并购境内企业规定》。但，比起美国法律法规，中国法律法规并未明确规定有关 SPAC 的内容，导致资本市场之混乱形势。 中国已迈入发展的新阶段，各项体制的改革已进入深水区，在这一关键的时期，作为中国市场经济重要一环的资本市场将何去何从，不仅是中国人民关心的焦点，也为整个世界所瞩目。毋庸置疑，健全和活跃现有的资本市场制度以迎接后金融危机时代的新形势，是中国法律、政策的制定者和执行者必须承担起的重任，而这一过程需要以更加开放包容的姿态汲取各国的先进经验，引入新型的制度并结合本土的实际情况加以改有关法律法规的态度。
Abstract
A special purpose-acquisition company (SPAC) is a paper company whose sole purpose is to go public by raising funds from individual investors using new shares issued at face value, and acquire an unlisted blue chip-company within three years. SPACs lower the entry barrier to investment by providing ordinary investors with more opportunities to participate in the mergers and acquisitions (M&A) market, rather than a simple initial public offering (IPO), the typical path to being listed on the US stock market. SPACs also provide a simpler and more stable opportunity than backdoor listing. Many Chinese companies exploit this advantage and use SPACs to get around strict Chinese stock market regulations. However, Chinese companies that want to get listed on the US stock market through a SPAC must comply with all the relevant American and Chinese laws. They have to abide by the US Security and Exchange Commission’s (SEC) Rule 419 and China’s Securities Law of the People’s Republic of China, and Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors from the Ministry of Commerce. There is much confusion, however, because the relevant Chinese laws and regulations do not have clear rules covering SPACs, in contrast with detailed US laws and regulations. China has already entered a new stage of development, and its various reform and opening-up policies are under way. Not just the people of China but the entire world is watching the development of the direction the capital market, a pillar of China’s socialist market economy, will take. The makers and enforcers of Chinese law and policy have a duty to build and maintain a healthy, energetic capital market. This process requires an inclusive attitude toward accommodating the experiences of different countries and the reorganization of legal framework for new systems.
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