中国的外资并购审查-基于外资准入和证券市场开放的研究-
Foreign M&A Review In China: A Research on Foreign Investment Policy and Opening of the Securities Market
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China's Ministry of Commerce adopted a provision similar to the ExonFlorio statute of the United States in its Foreign M&A Rule of 2006, which gives the ministry the authority to block certain foreign mergers or acquisitions for some “national economic security” reasons. With an oversimplified drafting, the Provision fails to provide for review criterion, process, timeframe and other elements which are critical to the certainty of the law implementation. In the background that China maintains a mandatory approval policy towards all foreign mergers and acquisitions, the Foreign Investment Guidance has covered the concerns of national security and public interests, and takeovers of the control of listed companies only appear infrequently in the country, the paper suggests supplements and restriction to the present regime of foreign M&A review, so as to avoid a possible setback to the open investment policy of China.
Abstract
China’s Ministry of Commerce adopted a provision similar to the ExonFlorio statute of the United States in its Foreign M&A Rule of 2006, which gives the ministry the authority to block certain foreign mergers or acquisitions for some “national economic security” reasons. With an oversimplified drafting, the Provision fails to provide for review criterion, process, timeframe and other elements which are critical to the certainty of the law implementation. In the background that China maintains a mandatory approval policy towards all foreign mergers and acquisitions, the Foreign Investment Guidance has covered the concerns of national security and public interests, and takeovers of the control of listed companies only appear infrequently in the country, the paper suggests supplements and restriction to the present regime of foreign M&A review, so as to avoid a possible setback to the open investment policy of China.
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