Crossborder M&A in China – A Comparative Analysis.ppt
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1、Cross-border M&A in China A Comparative Analysis,Robert D.LewisAmCham China M&A PresentationManaging Partner28 February 2007Lovells BeijingBeijing,China,Cross-border M&A in China,Looking at both sides,Foreign Buyer,Domestic Seller,New Regulations,Old Regulations,vs,FIETarget,PrivateTarget,SOETarget,
2、ListcoTarget,VS,VS,VS,vs,The New Market Realities in China,Other Factors:Company Law revisionsShare reformDomestic industry consolidationOut-bound investment,Old vs.New Regulations Cross-border M&A Regulations,Old vs.New Regulations Public Company Takeover Regulations,Old vs.New Regulations Public C
3、ompany Takeover Regulations,Harmonization of New Regulations,Foreign Acquisitions of Domestic Listed Targets in ChinaGeneral Rule:both the 2006 Takeover Regs and the 2006 M&A Regs are applicable,National Economic Security(“NES”)Review,Central MOFCOM NES approval required for following categories of
4、acquisitions:“important industries”(not defined)“elements that may affect national economic security”(not defined)“famous trademarks”and“old established Chinese tradenames/companies”(not defined)If application for NES review not submitted,MOFCOM may unwind any transaction which“has or may have”mater
5、ial adverse effect on NES or take other measures to eliminate adverse NES impact.,Foreign Shares as Consideration Qualification Requirements,Foreign Shares as Consideration Approvals,China,Off-shore,Seller,Buyer,Target,Initial Approval:in-bound investment and conversion of Target into FIE approved w
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