Merger and Acquisition of a Domestic Enterprise by Foreign Investors
關于外國投資者并購境內企業的規定（中英文）
中華人民共和國商務部令2009年第6號公布《關于外國投資者并購境內企業的規定》 商務部令2009年第6號
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
為保證《關于外國投資者并購境內企業的規定》與《反壟斷法》和《國務院關于經營者集中申報標準的規定》相一致，對《關于外國投資者并購境內企業的規定》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、刪除第五章“反壟斷審查”，在“附則”中新增一條作為第五十一條，表述為：“依據《反壟斷法》的規定，外國投資者并購境內企業達到《國務院關于經營者集中申報標準的規定》規定的申報標準的，應當事先向商務部申報，未申報不得實施交易。”
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.”
此后條文、章節順序依次調整。
The following articles and chapters shall be adjusted accordingly.
二、對以下條款作文字修改：
2. The following articles have been revised as follows:
（一）將第十六條第四款中“外國投資者并購境內企業設立外商投資企業，如果外國投資者出資比例低于企業注冊資本25%的，投資者以現金出資的，”修改為“外國投資者并購境內企業設立外商投資企業，如果外國投資者出資比例低于企業注冊資本25%，投資者以現金出資的”。
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）將第三十六條第一款“自營業執照頒發之日起6個月內，如果境內外公司沒有完成其股權變更手續，則加注的批準證書和中國企業境外投資批準證書自動失效，登記管理機關根據境內公司預先提交的股權變更登記申請文件核準變更登記，使境內公司股權結構恢復到股權并購之前的狀態”，修改為“自營業執照頒發之日起6個月內，如果境內外公司沒有完成其股權變更手續，則加注的批準證書和中國企業境外投資批準證書自動失效。登記管理機關根據境內公司預先提交的股權變更登記申請文件核準變更登記，使境內公司股權結構恢復到股權并購之前的狀態。”
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）將第四十二條第一款第（一）項和第四十四條第一款第（三）項中的“最終控制人”修改為“實際控制人”。此決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.
《關于外國投資者并購境內企業的規定》根據本決定作相應的修改，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：關于外國投資者并購境內企業的規定 部長：陳德銘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
關于外國投資者并購境內企業的規定
Provisions on M&A of a Domestic Enterprise by Foreign Investors
目錄
Content
第一章 總 則
Chapter 1 General Provisions
第二章 基本制度
Chapter 2 Basic System
第三章 審批與登記
Chapter 3 Approval and Registration
第四章 外國投資者以股權作為支付手段并購境內公司
Chapter 4 Foreign Investors Merge Domestic Companies Using Equity as
the Means of Payment
第一節 以股權并購的條件
Section 1 Conditions for Equity Merger
第二節 申報文件與程序
Section 2 Application Documents and Procedures
第三節 對于特殊目的公司的特別規定
Section 3 Special Provisions on Special Purpose Companies
第五章 附 則
Chapter 5 Supplementary Provisions
第一章 總 則
Chapter 1 General Provisions
第一條
為了促進和規范外國投資者來華投資，引進國外的先進技術和管理經驗，提高利用外資的水平，實現資源的合理配置，保證就業、維護公平競爭和國家經濟安全，依據外商投資企業的法律、行政法規及《公司法》和其他相關法律、行政法規，制定本規定。
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..
第二條
本規定所稱外國投資者并購境內企業，系指外國投資者購買境內非外商投資企業（以下稱“境內公司”）股東的股權或認購境內公司增資，使該境內公司變更設立為外商投資企業（以下稱“股權并購”）；或者，外國投資者設立外商投資企業，并通過該企業協議購買境內企業資產且運營該資產，或，外國投資者協議購買境內企業資產，并以該資產投資設立外商投資企業運營該資產（以下稱“資產并購”）。
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").
第三條
外國投資者并購境內企業應遵守中國的法律、行政法規和規章，遵循公平合理、等價有償、誠實信用的原則，不得造成過度集中、排除或限制競爭，不得擾亂社會經濟秩序和損害社會公共利益，不得導致國有資產流失。
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.
第四條 外國投資者并購境內企業，應符合中國法律、行政法規和規章對投資者資格的要求及產業、土地、環保等政策。
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《外商投資產業指導目錄》不允許外國投資者獨資經營的產業，并購不得導致外國投資者持有企業的全部股權；需由中方控股或相對控股的產業，該產業的企業被并購后，仍應由中方在企業中占控股或相對控股地位；禁止外國投資者經營的產業，外國投資者不得并購從事該產業的企業。
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.
被并購境內企業原有所投資企業的經營范圍應符合有關外商投資產業政策的要求；不符合要求的，應進行調整。
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.
第五條 外國投資者并購境內企業涉及企業國有產權轉讓和上市公司國有股權管理事宜的，應當遵守國有資產管理的相關規定。
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.
第六條 外國投資者并購境內企業設立外商投資企業，應依照本規定經審批機關批準，向登記管理機關辦理變更登記或設立登記。
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.
如果被并購企業為境內上市公司，還應根據《外國投資者對上市公司戰略投資管理辦法》，向國務院證券監督管理機構辦理相關手續。
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.
第七條 外國投資者并購境內企業所涉及的各方當事人應當按照中國稅法規定納稅，接受稅務機關的監督。
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.
第八條
外國投資者并購境內企業所涉及的各方當事人應遵守中國有關外匯管理的法律和行政法規，及時向外匯管理機關辦理各項外匯核準、登記、備案及變更手續。
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
第九條 外國投資者在并購后所設外商投資企業注冊資本中的出資比例高于25％的，該企業享受外商投資企業待遇。
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.
外國投資者在并購后所設外商投資企業注冊資本中的出資比例低于25%的，除法律和行政法規另有規定外，該企業不享受外商投資企業待遇，其舉借外債按照境內非外商投資企業舉借外債的有關規定辦理。
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.
審批機關向其頒發加注“外資比例低于25%”字樣的外商投資企業批準證書（以下稱“批準證書”）。
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%".
登記管理機關、外匯管理機關分別向其頒發加注“外資比例低于25%”字樣的外商投資企業營業執照和外匯登記證。
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%".
境內公司、企業或自然人以其在境外合法設立或控制的公司名義并購與其有關聯關系的境內公司，所設立的外商投資企業不享受外商投資企業待遇，但該境外公司認購境內公司增資，或者該境外公司向并購后所設企業增資，增資額占所設企業注冊資本比例達到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.
根據該款所述方式設立的外商投資企業，其實際控制人以外的外國投資者在企業注冊資本中的出資比例高于25%的，享受外商投資企業待遇。
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.
外國投資者并購境內上市公司后所設外商投資企業的待遇，按照國家有關規定辦理。
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.
第十條
本規定所稱的審批機關為中華人民共和國商務部或省級商務主管部門(以下稱“省級審批機關”)，登記管理機關為中華人民共和國國家工商行政管理總局或其授權的地方工商行政管理局，外匯管理機關為中華人民共和國國家外匯管理局或其分支機構。
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.
并購后所設外商投資企業，根據法律、行政法規和規章的規定，屬于應由商務部審批的特定類型或行業的外商投資企業的，省級審批機關應將申請文件轉報商務部審批，商務部依法決定批準或不批準。
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.
第十一條 境內公司、企業或自然人以其在境外合法設立或控制的公司名義并購與其有關聯關系的境內的公司，應報商務部審批。
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.
當事人不得以外商投資企業境內投資或其他方式規避前述要求。
The parties thereto shall not evade the above provision by the
domestic investment of a foreign investment enterprise or by any
other means.
第十二條
外國投資者并購境內企業并取得實際控制權，涉及重點行業、存在影響或可能影響國家經濟安全因素或者導致擁有馳名商標或中華老字號的境內企業實際控制權轉移的，當事人應就此向商務部進行申報。
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.
當事人未予申報，但其并購行為對國家經濟安全造成或可能造成重大影響的，商務部可以會同相關部門要求當事人終止交易或采取轉讓相關股權、資產或其他有效措施，以消除并購行為對國家經濟安全的影響。
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.
第十三條 外國投資者股權并購的，并購后所設外商投資企業承繼被并購境內公司的債權和債務。
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.
外國投資者資產并購的，出售資產的境內企業承擔其原有的債權和債務。
Where a foreign investor carries out asset merger, the domestic
enterprise that sells assets shall assume its original claims and
debts.
外國投資者、被并購境內企業、債權人及其他當事人可以對被并購境內企業的債權債務的處置另行達成協議，但是該協議不得損害第三人利益和社會公共利益。債權債務的處置協議應報送審批機關。
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.
出售資產的境內企業應當在投資者向審批機關報送申請文件之前至少15日，向債權人發出通知書，并在全國發行的省級以上報紙上發布公告。
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.
第十四條
并購當事人應以資產評估機構對擬轉讓的股權價值或擬出售資產的評估結果作為確定交易價格的依據。并購當事人可以約定在中國境內依法設立的資產評估機構。資產評估應采用國際通行的評估方法。禁止以明顯低于評估結果的價格轉讓股權或出售資產，變相向境外轉移資本。
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.
外國投資者并購境內企業，導致以國有資產投資形成的股權變更或國有資產產權轉移時，應當符合國有資產管理的有關規定。
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.
第十五條
并購當事人應對并購各方是否存在關聯關系進行說明，如果有兩方屬于同一個實際控制人，則當事人應向審批機關披露其實際控制人，并就并購目的和評估結果是否符合市場公允價值進行解釋。當事人不得以信托、代持或其他方式規避前述要求。
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.
第十六條
外國投資者并購境內企業設立外商投資企業，外國投資者應自外商投資企業營業執照頒發之日起3個月內向轉讓股權的股東，或出售資產的境內企業支付全部對價。對特殊情況需要延長者，經審批機關批準后，應自外商投資企業營業執照頒發之日起6個月內支付全部對價的60%以上，1年內付清全部對價，并按實際繳付的出資比例分配收益。
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.
外國投資者認購境內公司增資，有限責任公司和以發起方式設立的境內股份有限公司的股東應當在公司申請外商投資企業營業執照時繳付不低于20%的新增注冊資本，其余部分的出資時間應符合《公司法》、有關外商投資的法律和《公司登記管理條例》的規定。其他法律和行政法規另有規定的，從其規定。股份有限公司為增加注冊資本發行新股時，股東認購新股，依照設立股份有限公司繳納股款的有關規定執行。
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.
外國投資者資產并購的，投資者應在擬設立的外商投資企業合同、章程中規定出資期限。設立外商投資企業，并通過該企業協議購買境內企業資產且運營該資產的，對與資產對價等額部分的出資，投資者應在本條第一款規定的對價支付期限內繳付；其余部分的出資應符合設立外商投資企業出資的相關規定。
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.
外國投資者并購境內企業設立外商投資企業，如果外國投資者出資比例低于企業注冊資本25%，投資者以現金出資的，應自外商投資企業營業執照頒發之日起3個月內繳清；投資者以實物、工業產權等出資的，應自外商投資企業營業執照頒發之日起6個月內繳清。
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.
第十七條 作為并購對價的支付手段，應符合國家有關法律和行政法規的規定。
Article 17 The means of payment as the consideration shall conform
to China’s relevant laws and administrative regulations.
外國投資者以其合法擁有的人民幣資產作為支付手段的，應經外匯管理機關核準。
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.
外國投資者以其擁有處置權的股權作為支付手段的，按照本規定第四章辦理。
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.
第十八條
外國投資者協議購買境內公司股東的股權，境內公司變更設立為外商投資企業后，該外商投資企業的注冊資本為原境內公司注冊資本，外國投資者的出資比例為其所購買股權在原注冊資本中所占比例。
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.
外國投資者認購境內有限責任公司增資的，并購后所設外商投資企業的注冊資本為原境內公司注冊資本與增資額之和。外國投資者與被并購境內公司原其他股東，在境內公司資產評估的基礎上，確定各自在外商投資企業注冊資本中的出資比例。
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.
外國投資者認購境內股份有限公司增資的，按照《公司法》有關規定確定注冊資本。
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.
第十九條 外國投資者股權并購的，除國家另有規定外，對并購后所設外商投資企業應按照以下比例確定投資總額的上限：
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） 注冊資本在210萬美元以下的，投資總額不得超過注冊資本的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） 注冊資本在210萬美元以上至500萬美元的，投資總額不得超過注冊資本的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） 注冊資本在500萬美元以上至1200萬美元的，投資總額不得超過注冊資本的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） 注冊資本在1200萬美元以上的，投資總額不得超過注冊資本的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.
第二十條
外國投資者資產并購的，應根據購買資產的交易價格和實際生產經營規模確定擬設立的外商投資企業的投資總額。擬設立的外商投資企業的注冊資本與投資總額的比例應符合有關規定。
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 審批與登記
Chapter 3 Approval and Registration
第二十一條
外國投資者股權并購的，投資者應根據并購后所設外商投資企業的投資總額、企業類型及所從事的行業，依照設立外商投資企業的法律、行政法規和規章的規定，向具有相應審批權限的審批機關報送下列文件：
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） 被并購境內有限責任公司股東一致同意外國投資者股權并購的決議，或被并購境內股份有限公司同意外國投資者股權并購的股東大會決議；
(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） 被并購境內公司依法變更設立為外商投資企業的申請書；
(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） 并購后所設外商投資企業的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise established after the merger;
（四） 外國投資者購買境內公司股東股權或認購境內公司增資的協議；
(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） 被并購境內公司上一財務年度的財務審計報告；
(5) the financial auditing report of the merged domestic company in
the previous accounting year;
（六） 經公證和依法認證的投資者的身份證明文件或注冊登記證明及資信證明文件；
(6) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（七） 被并購境內公司所投資企業的情況說明；
(7) the statement on the enterprises invested by the merged domestic
company;
（八） 被并購境內公司及其所投資企業的營業執照(副本)；
(8) the business licenses (duplicates) of the merged domestic
company and of the enterprises it invests in;
（九） 被并購境內公司職工安置計劃；
(9) the plan for re-settlement of the merged domestic company’s
employees;
（十） 本規定第十三條、第十四條、第十五條要求報送的文件。
(10) the documents required in articles 13, 14 and 15 hereof.
并購后所設外商投資企業的經營范圍、規模、土地使用權的取得等，涉及其他相關政府部門許可的，有關的許可文件應一并報送。
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.
第二十二條 股權購買協議、境內公司增資協議應適用中國法律，并包括以下主要內容：
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） 協議各方的狀況，包括名稱（姓名），住所，法定代表人姓名、職務、國籍等；
(1) information regarding each party to the agreements, including
its name, domicile, and the name, position and nationality, etc. of
its legal representative;
（二） 購買股權或認購增資的份額和價款；
(2) the proportions and price of the purchased equity or the capital
increased from subscription;
（三） 協議的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 協議各方的權利、義務；
(4) the rights and obligations of each party to the agreements;
（五） 違約責任、爭議解決；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 協議簽署的時間、地點。
(6) the date and place for conclusion of the agreements.
第二十三條
外國投資者資產并購的，投資者應根據擬設立的外商投資企業的投資總額、企業類型及所從事的行業，依照設立外商投資企業的法律、行政法規和規章的規定，向具有相應審批權限的審批機關報送下列文件：
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） 境內企業產權持有人或權力機構同意出售資產的決議；
(1) the resolution of the property holders or authority of the
domestic enterprise on agreeing to sell the assets;
（二） 外商投資企業設立申請書；
(2) the application for the establishment of the foreign investment
enterprise;
（三） 擬設立的外商投資企業的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise to be established;
（四） 擬設立的外商投資企業與境內企業簽署的資產購買協議，或外國投資者與境內企業簽署的資產購買協議；
(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） 被并購境內企業的章程、營業執照(副本)；
(5) the articles of association and business license (duplicates) of
the domestic enterprise subject to the Merger and Acquisition;
（六） 被并購境內企業通知、公告債權人的證明以及債權人是否提出異議的說明；
(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） 經公證和依法認證的投資者的身份證明文件或開業證明、有關資信證明文件；
(7) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（八） 被并購境內企業職工安置計劃；
(8) the plan for employees re-settlement of the domestic enterprise
subject to the Merger and Acquisition;
（九） 本規定第十三條、第十四條、第十五條要求報送的文件。
(9) the documents required to submitted in Article 13, Article 14
and Article 15 hereof.
依照前款的規定購買并運營境內企業的資產，涉及其他相關政府部門許可的，有關的許可文件應一并報送。
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.
外國投資者協議購買境內企業資產并以該資產投資設立外商投資企業的，在外商投資企業成立之前，不得以該資產開展經營活動。
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.
第二十四條 資產購買協議應適用中國法律，并包括以下主要內容：
Article 24 The assets purchasing agreement shall be governed by the
laws of China, and shall include the following contents:
（一） 協議各方的狀況，包括名稱（姓名），住所，法定代表人姓名、職務、國籍等；
(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） 擬購買資產的清單、價格；
(2) the list and price of the assets under planned purchase;
（三） 協議的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 協議各方的權利、義務；
(4) the rights and obligations of each party to the agreements;
（五） 違約責任、爭議解決；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 協議簽署的時間、地點。
(6) the date and place for conclusion of the agreements.
第二十五條
外國投資者并購境內企業設立外商投資企業，除本規定另有規定外，審批機關應自收到規定報送的全部文件之日起30日內，依法決定批準或不批準。決定批準的，由審批機關頒發批準證書。
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.
外國投資者協議購買境內公司股東股權，審批機關決定批準的，應同時將有關批準文件分別抄送股權轉讓方、境內公司所在地外匯管理機關。
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.
股權轉讓方所在地外匯管理機關為其辦理轉股收匯外資外匯登記并出具相關證明，轉股收匯外資外匯登記證明是證明外方已繳付的股權收購對價已到位的有效文件。
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.
第二十六條 外國投資者資產并購的，投資者應自收到批準證書之日起30日內，向登記管理機關申請辦理設立登記，領取外商投資企業營業執照。
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.
外國投資者股權并購的，被并購境內公司應依照本規定向原登記管理機關申請變更登記，領取外商投資企業營業執照。
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.
原登記管理機關沒有登記管轄權的，應自收到申請文件之日起10日內轉送有管轄權的登記管理機關辦理，同時附送該境內公司的登記檔案。
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.
被并購境內公司在申請變更登記時，應提交以下文件，并對其真實性和有效性負責：
The merged domestic company shall, when applying for registration of
modification, submit the following documents, and be responsible for
their genuineness and validity:
（一）變更登記申請書；
(1) the application for registration of modification;
（二）外國投資者購買境內公司股東股權或認購境內公司增資的協議；
(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資企業合同；
(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）外商投資企業批準證書；
(4) the foreign investment enterprise’s approval certificate;
（五）外國投資者的主體資格證明或者自然人身份證明；
(5) the subject qualification certificate or the natural person’s
identification certificate of the foreign investor;
（六）修改后的董事會名單，記載新增董事姓名、住所的文件和新增董事的任職文件；
(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）國家工商行政管理總局規定的其他有關文件和證件。
(7) other relevant documents and certificates provided for by the
State Administration for Industry and Commerce.
投資者自收到外商投資企業營業執照之日起30日內，到稅務、海關、土地管理和外匯管理等有關部門辦理登記手續。
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 外國投資者以股權作為支付手段并購境內公司
Chapter 4 Foreign Investors Merge Domestic Companies Using Equity to
Pay
第一節 以股權并購的條件
Section 1 Conditions for Equity Merger
第二十七條
本章所稱外國投資者以股權作為支付手段并購境內公司，系指境外公司的股東以其持有的境外公司股權，或者境外公司以其增發的股份，作為支付手段，購買境內公司股東的股權或者境內公司增發股份的行為。
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.
第二十八條
本章所稱的境外公司應合法設立并且其注冊地具有完善的公司法律制度，且公司及其管理層最近3年未受到監管機構的處罰；除本章第三節所規定的特殊目的公司外，境外公司應為上市公司，其上市所在地應具有完善的證券交易制度。
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.
第二十九條 外國投資者以股權并購境內公司所涉及的境內外公司的股權，應符合以下條件：
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） 股東合法持有并依法可以轉讓；
(1) the equity is lawfully held by shareholders and may be assigned
according to law;
（二） 無所有權爭議且沒有設定質押及任何其他權利限制；
(2) the equity is free from any dispute over ownership, any pledge
or any other property encumbrance;
（三） 境外公司的股權應在境外公開合法證券交易市場（柜臺交易市場除外）掛牌交易；
(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） 境外公司的股權最近1年交易價格穩定。
(4) the transaction price of the overseas company’s equity is stable
in the latest one (1) year.
前款第（三）、（四）項不適用于本章第三節所規定的特殊目的公司。
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.
第三十條 外國投資者以股權并購境內公司，境內公司或其股東應當聘請在中國注冊登記的中介機構擔任顧問（以下稱“并購顧問”）。
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").
并購顧問應就并購申請文件的真實性、境外公司的財務狀況以及并購是否符合本規定第十四條、第二十八條和第二十九條的要求作盡職調查，并出具并購顧問報告，就前述內容逐項發表明確的專業意見。
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.
第三十一條 并購顧問應符合以下條件：
Article 31 The Merger Consultant shall satisfy the following
conditions:
（一） 信譽良好且有相關從業經驗；
(1) to be with good credit standing and experiences in relevant
industries;
（二） 無重大違法違規記錄；
(2) to be without record of serious violation of law or regulation;
（三） 應有調查并分析境外公司注冊地和上市所在地法律制度與境外公司財務狀況的能力。
(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.
第二節 申報文件與程序
Section 2 Application Documents and Procedures
第三十二條 外國投資者以股權并購境內公司應報送商務部審批，境內公司除報送本規定第三章所要求的文件外，另須報送以下文件：
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） 境內公司最近1年股權變動和重大資產變動情況的說明；
(1) the statement on alteration in equity and material assets of the
domestic company in the latest one (1) year;
（二） 并購顧問報告；
(2) the merger consultant’s report;
（三） 所涉及的境內外公司及其股東的開業證明或身份證明文件；
(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） 境外公司的股東持股情況說明和持有境外公司5％以上股權的股東名錄；
(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） 境外公司的章程和對外擔保的情況說明；
(5) the articles of association of the overseas company and
statement on external guarantee provided by the overseas company;
（六） 境外公司最近年度經審計的財務報告和最近半年的股票交易情況報告。
(6) the audited financial statements of the overseas company in
recent years and the statement on stock transaction in the latest
half a year.
第三十三條
商務部自收到規定報送的全部文件之日起30日內對并購申請進行審核，符合條件的，頒發批準證書，并在批準證書上加注“外國投資者以股權并購境內公司，自營業執照頒發之日起6個月內有效”。
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".
第三十四條
境內公司應自收到加注的批準證書之日起30日內，向登記管理機關、外匯管理機關辦理變更登記，由登記管理機關、外匯管理機關分別向其頒發加注“自頒發之日起8個月內有效”字樣的外商投資企業營業執照和外匯登記證。
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".
境內公司向登記管理機關辦理變更登記時，應當預先提交旨在恢復股權結構的境內公司法定代表人簽署的股權變更申請書、公司章程修正案、股權轉讓協議等文件。
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.
第三十五條
自營業執照頒發之日起6個月內，境內公司或其股東應就其持有境外公司股權事項，向商務部、外匯管理機關申請辦理境外投資開辦企業核準、登記手續。
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.
當事人除向商務部報送《關于境外投資開辦企業核準事項的規定》所要求的文件外，另須報送加注的外商投資企業批準證書和加注的外商投資企業營業執照。商務部在核準境內公司或其股東持有境外公司的股權后，頒發中國企業境外投資批準證書，并換發無加注的外商投資企業批準證書。
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.
境內公司取得無加注的外商投資企業批準證書后，應在30日內向登記管理機關、外匯管理機關申請換發無加注的外商投資企業營業執照、外匯登記證。
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.
第三十六條 自營業執照頒發之日起6個月內，如果境內外公司沒有完成其股權變更手續，則加注的批準證書和中國企業境外投資批準證書自動失效。
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.
登記管理機關根據境內公司預先提交的股權變更登記申請文件核準變更登記，使境內公司股權結構恢復到股權并購之前的狀態。
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.
并購境內公司增發股份而未實現的，在登記管理機關根據前款予以核準變更登記之前，境內公司還應當按照《公司法》的規定，減少相應的注冊資本并在報紙上公告。
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.
境內公司未按照前款規定辦理相應的登記手續的，由登記管理機關按照《公司登記管理條例》的有關規定處理。
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.
第三十七條
境內公司取得無加注的外商投資企業批準證書、外匯登記證之前，不得向股東分配利潤或向有關聯關系的公司提供擔保，不得對外支付轉股、減資、清算等資本項目款項。
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.
第三十八條 境內公司或其股東憑商務部和登記管理機關頒發的無加注批準證書和營業執照，到稅務機關辦理稅務變更登記。
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.
第三節 對于特殊目的公司的特別規定
Section 3 Special Provisions on Special Purpose Companies
第三十九條 特殊目的公司系指中國境內公司或自然人為實現以其實際擁有的境內公司權益在境外上市而直接或間接控制的境外公司。
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.
特殊目的公司為實現在境外上市，其股東以其所持公司股權，或者特殊目的公司以其增發的股份，作為支付手段，購買境內公司股東的股權或者境內公司增發的股份的，適用本節規定。
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.
當事人以持有特殊目的公司權益的境外公司作為境外上市主體的，該境外公司應符合本節對于特殊目的公司的相關要求。
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.
第四十條 特殊目的公司境外上市交易，應經國務院證券監督管理機構批準。
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國家或者地區應有完善的法律和監管制度，其證券監管機構已與國務院證券監督管理機構簽訂監管合作諒解備忘錄，并保持著有效的監管合作關系。
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.
第四十一條 本節所述的權益在境外上市的境內公司應符合下列條件：
Article 41 A domestic company whose shares are listed overseas as
mentioned in this Section Three shall meet the following conditions:
（一）產權明晰，不存在產權爭議或潛在產權爭議；
(1) to be with a clear ownership and is free from any dispute or
potential dispute over its equity;
（二）有完整的業務體系和良好的持續經營能力；
(2) to be with a complete business operation system and good
sustainable business capacity;
（三）有健全的公司治理結構和內部管理制度；
(3) to be with a sound corporate governance structure and internal
management system;
（四）公司及其主要股東近3年無重大違法違規記錄。
(4) the company and its major shareholders have no record of
material violation of laws or regulations in recent three (3) years.
第四十二條 境內公司在境外設立特殊目的公司，應向商務部申請辦理核準手續。
Article 42 Where a domestic company intends to establish a special
purpose company overseas, it shall submit an application to the MOC
for approval.
辦理核準手續時，境內公司除向商務部報送《關于境外投資開辦企業核準事項的規定》要求的文件外，另須報送以下文件：
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）特殊目的公司實際控制人的身份證明文件；
(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業計劃書；
(2) the business proposal for overseas listing of the special
purpose company;
（三）并購顧問就特殊目的公司未來境外上市的股票發行價格所作的評估報告。
(3) The evaluation report made by the Merger Consultant on the
potential issuing price of shares when the special purpose company
is listed overseas.
獲得中國企業境外投資批準證書后，設立人或控制人應向所在地外匯管理機關申請辦理相應的境外投資外匯登記手續。
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.
第四十三條 特殊目的公司境外上市的股票發行價總值，不得低于其所對應的經中國有關資產評估機構評估的被并購境內公司股權的價值。
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.
第四十四條 特殊目的公司以股權并購境內公司的，境內公司除向商務部報送本規定第三十二條所要求的文件外，另須報送以下文件：
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）設立特殊目的公司時的境外投資開辦企業批準文件和證書；
(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資外匯登記表；
(2) the registration form of foreign exchange in overseas investment
for the special purpose company;
（三）特殊目的公司實際控制人的身份證明文件或開業證明、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業計劃書；
(4) the business proposal for overseas listing of the special
purpose company;
（五）并購顧問就特殊目的公司未來境外上市的股票發行價格所作的評估報告。
(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權益的境外公司作為境外上市主體，境內公司還須報送以下文件：
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）該境外公司的開業證明和章程；
(1) the incorporation certificate and articles of association of the
overseas company;
（二）特殊目的公司與該境外公司之間就被并購的境內公司股權所作的交易安排和折價方法的詳細說明。
(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.
第四十五條
商務部對本規定第四十四條所規定的文件初審同意的，出具原則批復函，境內公司憑該批復函向國務院證券監督管理機構報送申請上市的文件。國務院證券監督管理機構于20個工作日內決定是否核準。
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.
境內公司獲得核準后，向商務部申領批準證書。商務部向其頒發加注“境外特殊目的公司持股，自營業執照頒發之日起1年內有效”字樣的批準證書。
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".
并購導致特殊目的公司股權等事項變更的，持有特殊目的公司股權的境內公司或自然人，憑加注的外商投資企業批準證書，向商務部就特殊目的公司相關事項辦理境外投資開辦企業變更核準手續，并向所在地外匯管理機關申請辦理境外投資外匯登記變更。
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.
第四十六條
境內公司應自收到加注的批準證書之日起30日內，向登記管理機關、外匯管理機關辦理變更登記，由登記管理機關、外匯管理機關分別向其頒發加注“自頒發之日起14個月內有效”字樣的外商投資企業營業執照和外匯登記證。
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".
境內公司向登記管理機關辦理變更登記時，應當預先提交旨在恢復股權結構的境內公司法定代表人簽署的股權變更申請書、公司章程修正案、股權轉讓協議等文件。
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.
第四十七條
境內公司應自特殊目的公司或與特殊目的公司有關聯關系的境外公司完成境外上市之日起30日內，向商務部報告境外上市情況和融資收入調回計劃，并申請換發無加注的外商投資企業批準證書。
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.
同時，境內公司應自完成境外上市之日起30日內，向國務院證券監督管理機構報告境外上市情況并提供相關的備案文件。
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.
境內公司還應向外匯管理機關報送融資收入調回計劃，由外匯管理機關監督實施。
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.
境內公司取得無加注的批準證書后，應在30日內向登記管理機關、外匯管理機關申請換發無加注的外商投資企業營業執照、外匯登記證。
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.
如果境內公司在前述期限內未向商務部報告，境內公司加注的批準證書自動失效，境內公司股權結構恢復到股權并購之前的狀態，并應按本規定第三十六條辦理變更登記手續。
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.
第四十八條
特殊目的公司的境外上市融資收入，應按照報送外匯管理機關備案的調回計劃，根據現行外匯管理規定調回境內使用。融資收入可采取以下方式調回境內：
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）向境內公司提供商業貸款；
(1) to provide commercial loans to the domestic company;
（二）在境內新設外商投資企業；
(2) to establish a new foreign investment enterprise inside the
territory of China;
（三）并購境內企業。
(3) to merge a domestic enterprise.
在上述情形下調回特殊目的公司境外融資收入，應遵守中國有關外商投資及外債管理的法律和行政法規。
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.
如果調回特殊目的公司境外融資收入，導致境內公司和自然人增持特殊目的公司權益或特殊目的公司凈資產增加，當事人應如實披露并報批，在完成審批手續后辦理相應的外資外匯登記和境外投資登記變更。
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.
境內公司及自然人從特殊目的公司獲得的利潤、紅利及資本變動所得外匯收入，應自獲得之日起6個月內調回境內。
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.
利潤或紅利可以進入經常項目外匯帳戶或者結匯。資本變動外匯收入經外匯管理機關核準，可以開立資本項目專用帳戶保留，也可經外匯管理機關核準后結匯。
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.
第四十九條
自營業執照頒發之日起1年內，如果境內公司不能取得無加注批準證書，則加注的批準證書自動失效，并應按本規定第三十六條辦理變更登記手續。
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.
第五十條
特殊目的公司完成境外上市且境內公司取得無加注的批準證書和營業執照后，當事人繼續以該公司股份作為支付手段并購境內公司的，適用本章第一節和第二節的規定。
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 則
Chapter 5 Supplementary Provisions
第五十一條
依據《反壟斷法》的規定，外國投資者并購境內企業達到《國務院關于經營者集中申報標準的規定》規定的申報標準的，應當事先向商務部申報，未申報不得實施交易。
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.
第五十二條 外國投資者在中國境內依法設立的投資性公司并購境內企業，適用本規定。
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.
外國投資者購買境內外商投資企業股東的股權或認購境內外商投資企業增資的，適用現行外商投資企業法律、行政法規和外商投資企業投資者股權變更的相關規定，其中沒有規定的，參照本規定辦理。
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.
外國投資者通過其在中國設立的外商投資企業合并或收購境內企業的，適用關于外商投資企業合并與分立的相關規定和關于外商投資企業境內投資的相關規定，其中沒有規定的，參照本規定辦理。
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.
外國投資者并購境內有限責任公司并將其改制為股份有限公司的，或者境內公司為股份有限公司的，適用關于設立外商投資股份有限公司的相關規定，其中沒有規定的，適用本規定。
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.
第五十三條 申請人或申報人報送文件，應依照本規定對文件進行分類，并附文件目錄。規定報送的全部文件應用中文表述。
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.
第五十四條 被股權并購境內公司的中國自然人股東，經批準，可繼續作為變更后所設外商投資企業的中方投資者。
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.
第五十五條 境內公司的自然人股東變更國籍的，不改變該公司的企業性質。
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.
第五十六條 相關政府機構工作人員必須忠于職守、依法履行職責，不得利用職務之便牟取不正當利益，并對知悉的商業秘密負有保密義務。
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.
第五十七條 香港特別行政區、澳門特別行政區和臺灣地區的投資者并購境內其他地區的企業，參照本規定辦理。
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.
第五十八條 本規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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