Chinese company and securities law: investment vehicles, mergers and acquistions and corporate finance in China
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Alphen aan den Rijn [u.a.]
Kluwer Law International [u.a.]
2008
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| Schriftenreihe: | Kluwer Law International
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXVIII, 425 S. graph. Darst. |
| ISBN: | 9041126198 9789041126191 |
Internformat
MARC
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| 100 | 1 | |a Liu, Chengwei |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Chinese company and securities law |b investment vehicles, mergers and acquistions and corporate finance in China |c Chengwei Liu |
| 264 | 1 | |a Alphen aan den Rijn [u.a.] |b Kluwer Law International [u.a.] |c 2008 | |
| 300 | |a XXVIII, 425 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Kluwer Law International | |
| 650 | 4 | |a Corporation law / China | |
| 650 | 4 | |a Securities / China | |
| 650 | 4 | |a Investments / China | |
| 650 | 4 | |a Consolidation and merger of corporations | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016678510&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
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Datensatz im Suchindex
| _version_ | 1804137929298149377 |
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| adam_text | TABLE OF CONTENTS LIST OF CHARTS AND TABLES XXIII CHAPTER 1
INTRODUCTION: REGULATORY FRAMEWORK OF FOREIGN INVESTMENT 1 1.1 OVERVIEW
1 1.2 KEY AUTHORITIES REGULATING FOREIGN INVESTMENT 2 1.2.1 MINISTRY OF
COMMERCE (MOFCOM) 2 1.2.2 NATIONAL DEVELOPMENT AND REFORM COMMISSION
(NDRC) 3 1.2.3 STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE (SAIC) 4
1.2.4 STATE ADMINISTRATION OF FOREIGN EXCHANGE (SAFE) 4 1.2.5 OTHER
AUTHORITIES THAT MAY BE CONCERNED 4 1.3 INDUSTRIAL GUIDANCE 5 1.4
SPECIAL CONTRIBUTIONS TO THE FRAMEWORK IN EACH CHAPTER 7 PARTI
INVESTMENT VEHICLES INTRODUCTION I INVESTMENT VEHICLES UNDER THE NEW
COMPANY LAW (2005) 11 CHAPTER 2 COMMON VEHICLES OF FOREIGN INVESTMENT 13
2.1 INTRODUCTION AND LATEST DEVELOPMENTS 13 2.2 FEATURES SHARED BY THE
COMMON VEHICLES 14 2.2.1 MOFCOM APPROVAL 14 X TABLE OF CONTENTS 2.2.2
LEGAL PERSONALITY 15 2.2.3 CHINESE INDIVIDUAL SHAREHOLDERS 15 2.2.4
PROFIT-SHARING NOT IN PROPORTION 16 2.3 FEATURES PECULIAR TO EACH OF THE
COMMON VEHICLES 17 2.3.1 FEATURES PECULIAR TO THE WFOE 17 2.3.1.1 NOT
ALL OPEN INDUSTRIES AVAILABLE TO A WFOE 17 2.3.1.2 SINGLE-PERSON WFOE 18
2.3.2 FEATURES PECULIAR TO THE EJV 19 2.3.2.1 PROFIT-SHARING RIGIDLY IN
PROPORTION 19 2.3.2.2 NEGOTIATED PRICING OF THE NON-MONETARY ASSETS
CONTRIBUTION 19 2.3.3 FEATURES PECULIAR TO THE CJV 20 2.3.3.1 PROVISION
OF COOPERATIVE CONDITIONS 20 2.3.3.2 ADVANCE RECOVERY OF INVESTMENT 21
2.4 COMPANY NAME 22 2.5 REGISTERED CAPITAL 23 2.5.1 CAPITAL REQUIREMENT
23 2.5.2 CONTRIBUTION ASSETS 23 2.5.3 CAPITAL INJECTION SCHEDULE 25
2.5.3.1 INJECTION IN ONE LUMP SUM 25 2.5.3.2 INJECTION BY INSTALMENTS 25
2.5.3.3 LEGAL CONSEQUENCES OF DEFAULT IN CAPITAL INJECTION 26 2.5.4 FTFS
WITH LESS THAN TWENTY-FIVE PER CENT FOREIGN CAPITAL 27 2.5.5 CAPITAL
INCREASE 28 2.5.5.1 CAPITAL INCREASE IN GENERAL 28 2.5.5.2 CAPITAL
INCREASE WITH SURPLUS RESERVE OR UNDISTRIBUTED PROFITS 28 2.5.6 CAPITAL
REDUCTION 30 2.6 TOTAL INVESTMENT AMOUNT 32 2.7 TERM OF OPERATION 34 2.8
CORPORATE GOVERNANCE STRUCTURE OF AN FIE 35 2.8.1 BOARD OF DIRECTORS AS
THE POWER ORGAN FOR AN EJV OR CJV 35 2.8.2 SHAREHOLDERS MEETING / SOLE
SHAREHOLDER AS THE POWER ORGAN FOR A WFOE 35 2.8.3 BOARD OF SUPERVISORS
OR A SINGLE SUPERVISOR REQUIRED FOR ALL FIES 36 2.9 ESTABLISHMENT
PROCEDURES OF AN FIE 37 2.10 LIQUIDATION OF AN FIE 44 2.11 KEY
PROVISIONS AT ISSUE 44 TABLE OF CONTENTS XI CHAPTER 3 FOREIGN INVESTED
HOLDING COMPANY (FIHC) 47 3.1 INTRODUCTION AND LATEST DEVELOPMENTS 47
3.2 ESTABLISHMENT OF AN FIHC 48 3.2.1 QUALIFICATIONS OF THE INVESTOR 48
3.2.2 REGISTERED CAPITAL 48 3.2.2.1 CAPITAL INJECTION 48 3.2.2.2
CONTRIBUTION BY CONVERTING PAID-IN CAPITAL IN EXISTING FIES 49 3.2.3
TOTAL INVESTMENT AMOUNT 51 3.2.4 APPROVAL OF THE NATIONAL MOFCOM 51 3.3
BUSINESS SCOPE OF THE FIHC 53 3.3.1 OVERVIEW 53 3.3.2 INVESTMENT IN
INVESTEE FIES 53 3.3.2.1 INVESTMENT WAYS 53 3.3.2.2 THE MINIMUM USD 30
MILLION INVESTMENT COMMITMENT 54 3.3.2.3 RENMINBI CONTRIBUTION IN THE
INVESTMENT 54 3.3.3 PROVISION OF SERVICES TO QUALIFIED INVESTEE FIES 55
3.3.3.1 QUALIFICATION OF THE INVESTEE FIE 55 3.3.3.2 SERVICES PROVIDED
UNDER SPECIFIC APPOINTMENT 56 3.3.3.3 SERVICES PROVIDED IN GENERAL 56
3.3.4 BUSINESS WITH CONNECTED PARTIES 57 3.3.5 BUSINESS WITH THIRD
PARTIES 57 3.3.5.1 FOREIGN TRADE 57 3.3.5.2 DISTRIBUTION 58 3.3.5.3
OTHER BUSINESS WITH THIRD PARTIES 58 3.4 QUALIFYING AS A REGIONAL
HEADQUARTER 59 3.4.1 THE QUALIFICATIONS 59 3.4.2 THE QUALIFYING
PROCEDURES 59 3.4.3 BUSINESS SCOPE OF A HEADQUARTER FIHC 59 3.5 TAXATION
60 3.5.1 TAX INCENTIVES 60 3.5.2 TAXATION OVER THE INVESTMENT BUSINESS
61 3.5.3 TAXATION OVER THE PROVISION OF SERVICES TO THE INVESTEE FIES 62
3.5.4 EXPORT TAX REBATES 62 3.6 KEY PROVISIONS AT ISSUE 63 CHAPTER 4
FOREIGN INVESTED COMPANY LIMITED BY SHARES (FICLS) 65 4.1 INTRODUCTION
AND LATEST DEVELOPMENTS 65 4.2 GENERAL MATTERS OF THE FICLS 66 4.2.1 THE
PROMOTERS 66 XII TABLE OF CONTENTS 4.2.2 ESTABLISHMENT WAYS 67 4.2.3 THE
TWENTY-FIVE PER CENT FOREIGN CAPITAL REQUIREMENT 67 4.2.4 ELIGIBILITY TO
FIE PREFERENTIAL TREATMENTS 68 4.3 REGISTERED CAPITAL 69 4.4 CORPORATE
GOVERNANCE STRUCTURE OF AN FICLS 71 4.5 ESTABLISHMENT PROCEDURES OF AN
FICLS 72 4.6 RESTRUCTURING AN EXISTING COMPANY INTO AN FICLS 75 4.6.1
OVERVIEW 75 4.6.2 RESTRUCTURING AN EXISTING FIE INTO THE FICLS 76 4.6.3
RESTRUCTURING A STATE-OWNED ENTERPRISE (SOE) INTO THE FICLS 77 4.6.4
RESTRUCTURING A DOMESTIC CLS INTO THE FICLS 79 4.7 TRANSFER OF
NON-FLOATED SHARES IN AN H SHARES COMPANY 80 4.8 KEY PROVISIONS AT ISSUE
81 CHAPTER 5 FOREIGN INVESTED LIMITED LIABILITY PARTNERSHIP (FILLP) 83
5.1 INTRODUCTION AND LATEST DEVELOPMENTS 83 5.2 GENERAL MATTERS 84 5.2.1
THE DOOR OPENED TO A LIMITED LIABILITY PARTNERSHIP (LLP) 84 5.2.2
APPLICATION OF THE FIPE RULES 85 5.2.3 INDUSTRIAL CONTROLS 85 5.3
PARTNERS 86 5.3.1 THE PARTNERS IN AN FIPE 86 5.3.2 LIMITED LIABILITY
LEGAL PERSON AS A GENERAL PARTNER 87 5.3.3 PARTNERS IN A SPECIAL GENERAL
PARTNERSHIP 88 5.3.4 LIMITED PARTNERS IN AN LLP 89 5.3.4.1 LIABILITY
LIMITED TO THE EXTENT OF CONTRIBUTION TO THE LLP 89 5.3.4.2 SAFE
HARBOUR RULE FOR THE LIMITED PARTNERS 89 5.3.4.3 SPECIAL TREATMENTS FOR
A LIMITED PARTNER 90 5.3.5 TRANSFORMATION FROM A GENERAL PARTNER TO
LIMITED PARTNER OR VICE VERSA 91 5.4 CAPITAL CONTRIBUTION 92 5.4.1
CONTRIBUTION ASSETS 92 5.4.2 VALUATION OF NON-MONETARY CONTRIBUTION 92
5.4.3 TIME LIMITS FOR THE CAPITAL INJECTION 93 5.5 PARTNERSHIP AGREEMENT
93 5.6 FEATURES PARTICULAR FOR AN FIPE 94 5.6.1 MOFCOM APPROVAL
REQUIREMENT 94 5.6.2 CAPITAL CONTRIBUTION AMOUNT 94 5.6.3 TOTAL
INVESTMENT AMOUNT 95 5.6.4 TERM OF OPERATION 95 TABLE OF CONTENTS XIII
5.7 ESTABLISHMENT PROCEDURES OF AN FTPE 95 5.8 APPROVAL/RECORD-FILING OF
POST-ESTABLISHMENT MATTERS 98 5.9 WITHDRAWAL FROM THE PARTNERSHIP 99
5.10 KEY PROVISIONS AT ISSUE 100 PART II MERGER AND ACQUISITION:
NON-LISTED COMPANIES INTRODUCTION II M&AS UNDER THE NEW M&A RULES (2006)
103 CHAPTER 6 ACQUISITION OF DOMESTIC ENTERPRISES IN GENERAL 105 6.1
INTRODUCTION AND LATEST DEVELOPMENTS 105 6.2 STRUCTURING THE
ACQUISITION: EQUITY VS. ASSETS DEAL 106 6.3 PRICING BASED ON VALUATION
108 6.4 PROCEDURES OF THE ACQUISITION 108 6.4.1 THE PROCEDURES OF EQUITY
ACQUISITION 108 6.4.2 THE PROCEDURES OF ASSETS PURCHASE 116 6.4.2.1
AVAILABLE APPROACHES OF THE ASSETS PURCHASE 116 6.4.2.2 PARTICULAR
POINTS AS COMPARED WITH THE PROCEDURES OF EQUITY ACQUISITION 119 6.5
MERGER CONTROLS 124 6.5.1 INDUSTRIAL CONTROLS 124 6.5.2 REPORT TO THE
NATIONAL MOFCOM IN PARTICULAR ACQUISITIONS 124 6.5.3 ANTI-MONOPOLY
REVIEW BASED ON COMPETITION LAW 126 6.6 TAXATION IN AN ACQUISITION DEAL
126 6.6.1 TAX LEVIED IN AN ACQUISITION DEAL 126 6.6.2 TAX IMPLICATIONS
128 6.7 KEY PROVISIONS AT ISSUE 129 CHAPTER 7 ACQUISITION OF PARTICULAR
STRUCTURE: ACQUISITION VIA SPV, SHARE SWAP 131 7.1 INTRODUCTION AND
LATEST DEVELOPMENTS 131 7.2 ESTABLISHMENT OF AN OFFSHORE SPV BY DOMESTIC
RESIDENTS 132 7.3 STRINGENT CONTROLS OVER THE ACQUISITION VIA AN SPV 133
7.3.1 APPROVAL BY THE NATIONAL MOFCOM 133 7.3.2 LIMITED AVAILABILITY TO
THE FIE PREFERENTIAL TREATMENTS 135 7.4 CROSS-BORDER SHARE SWAP IN
GENERAL 136 7.4.1 CONDITIONS FOR THE SHARE SWAP 136 XIV TABLE OF
CONTENTS 7.4.2 THE APPROVAL AND REGISTRATION PROCEDURES OF A SHARE SWAP
IN GENERAL 136 7.4.3 THE M&A CONSULTANT IN A SHARE SWAP DEAL 141 7.5
SHARE SWAP INVOLVING AN SPV 141 7.5.1 THE PARTICULAR STRUCTURE OF A
SHARE SWAP INVOLVING SPV 141 7.5.2 PARTICULAR CONDITIONS FOR A SHARE
SWAP INVOLVING SPV 142 7.5.3 PARTICULAR PROCEDURES OF A SHARE SWAP
INVOLVING SPV 142 7.5.4 REPATRIATION OF THE OVERSEAS PROCEEDS AND
DISTRIBUTIONS 148 7.6 KEY PROVISIONS AT ISSUE 148 CHAPTER 8 ACQUISITION
OF STATE-OWNED ENTERPRISES (SOES) 149 8.1 INTRODUCTION AND LATEST
DEVELOPMENTS 149 8.2 TRANSFER OF SOES IN GENERAL 151 8.2.1 TRANSFER WAYS
151 8.2.2 TRANSFER APPROVAL BY COMPETENT AUTHORITIES 152 8.2.3 PRICING
OF THE TRANSFER 153 8.2.4 PAYMENT 154 8.3 PRIVATE TRANSFER BY AGREEMENT
(TRANSFER BY AGREEMENT) 154 8.3.1 STRICT CONTROLS OVER THE TRANSFER BY
AGREEMENT 154 8.3.2 THE PROCEDURES OF TRANSFER BY AGREEMENT 155 8.4
PUBLIC TRANSFER ON THE EQUITY EXCHANGE (FLOOR-BASED TRADING) 160 8.5
SUPERVISIONS OVER THE CONTROLLING OF STATE CAPITAL 163 8.5.1 SECTORS
REQUIRING ABSOLUTE OR STRONG CONTROLLING BY STATE CAPITAL 163 8.5.2
STRICT REQUIREMENTS FOR THE TRANSFER OF STATE CONTROLLING RIGHTS 163 8.6
ASSETS VALUATION AND APPROVAL/ RECORD-FILING THEREOF 164 8.6.1 THE
VALUATION REQUIREMENT AND EXCEPTIONS 164 8.6.2 APPROVAL/RECORD-FILING OF
THE VALUATION RESULT 165 8.6.3 PROCEDURES OF THE APPROVAL/RECORD-FILING
OF THE VALUATION RESULT 166 8.7 KEY REGULATIONS AT ISSUE 168 CHAPTER 9
EQUITY TRANSFER AND PLEDGE IN EXISTING FIES 171 9.1 INTRODUCTION AND
LATEST DEVELOPMENTS 171 9.2 OFFSHORE ACQUISITION OF AN EXISTING FIE 172
9.3 ONSHORE ACQUISITION OF AN EXISTING FIE 174 9.3.1 BY-REFERENCE
APPLICATION OF THE M&A RULES 174 9.3.2 PRICING OF THE ACQUISITION 174
9.3.3 PROCEDURES OF EQUITY ACQUISITION OF AN EXISTING FIE 174 TABLE OF
CONTENTS XV 9.4 EQUITY PLEDGE IN AN EXISTING FIE 178 9.4.1 CONDITIONS
AND RESTRICTIONS ON THE PLEDGE 178 9.4.2 PROCEDURES OF THE EQUITY PLEDGE
IN AN FIE 179 9.4.2.1 PROCEDURES OF THE PLEDGE NOT CONSTITUTING OUTBOUND
SECURITY 179 9.4.2.2 ADDITIONAL PROCEDURES FOR THE PLEDGE CONSTITUTING
OUTBOUND SECURITY 181 9.5 KEY PROVISIONS AT ISSUE 184 CHAPTER 10
ACQUISITION (DOMESTIC RE-INVESTMENT) BY EXISTING FIES 185 10.1
INTRODUCTION AND LATEST DEVELOPMENTS 185 10.2 APPLICATION OF THE
INDUSTRIAL CONTROLS ON FOREIGN INVESTMENT 186 10.3 ABOLISHMENT OF THE
INVESTMENT QUALIFICATION REVIEW BY THE SAIC 187 10.4 PROCEDURES OF
DOMESTIC RE-INVESTMENT BY FIES 188 10.4.1 THE PROCEDURES VARYING
DEPENDENT ON THE PROPOSED BUSINESS SCOPE 188 10.4.2 DOMESTIC
RE-INVESTMENT IN ENCOURAGED OR PERMITTED SECTORS 188 10.4.3 DOMESTIC
RE-INVESTMENT IN RESTRICTED SECTORS 190 10.4.4 RECORD-FILING OF THE
DOMESTIC RE-INVESTMENT 191 10.5 FIE STATUS OF THE FIE S INVESTEE-COMPANY
191 10.5.1 QUALIFICATIONS FOR THE INVESTEE-COMPANY TO ENJOY AN FIE
STATUS 191 10.5.2 SEPARATE APPLICATION FOR THE GRANT OF THE FIE STATUS
191 10.5.3 INCENTIVES AVAILABLE TO AN INVESTEE-COMPANY WITH THE FIE
STATUS 192 10.6 KEY PROVISIONS AT ISSUE 193 CHAPTER 11 MERGER BETWEEN
FIES OR WITH AN FIE 195 11.1 INTRODUCTION AND LATEST DEVELOPMENTS 195
11.2 GENERAL MATTERS OF THE MERGER 196 11.2.1 CONDITIONS PRECEDENT TO A
MERGER 196 11.2.2 MOFCOM APPROVAL REQUIREMENT 196 11.2.3 NATURE OF THE
POST-MERGER COMPANY 197 11.2.4 INDUSTRIAL CONTROLS 197 11.3 ESSENTIALS
OF THE POST-MERGER FIE 198 11.3.1 REGISTERED CAPITAL 198 11.3.2 TOTAL
INVESTMENT AMOUNT 198 11.3.3 SHAREHOLDING STRUCTURE 199 11.3.4
ESTABLISHMENT DATE 199 11.4 PROCEDURES OF THE MERGER 199 XVI TABLE OF
CONTENTS 11.5 AVAILABILITY OF THE ORIGINAL INCENTIVES TO THE POST-MERGER
FIE 205 11.6 TAXATION IN A MERGER DEAL 206 11.7 KEY PROVISIONS AT ISSUE
207 CHAPTER 12 MERGER CONTROLS UNDER COMPETITION LAW 209 12.1
INTRODUCTION AND LATEST DEVELOPMENTS 209 12.2 AUTHORITIES OF THE
ANTI-MONOPOLY REVIEW 211 12.3 MERGER REVIEW IN THE SENSE OF A
CONCENTRATION 212 12.3.1 THE DEFINITION OF CONCENTRATION 212 12.3.2
THRESHOLDS TRIGGERING MERGER REVIEW 213 12.3.3 SUBSTANTIVE ASSESSMENT
FACTORS IN THE REVIEW 214 12.3.4 EXEMPTION OF THE MERGER REVIEW AND
FILING REQUIREMENT 215 12.4 PROCEDURES OF THE MERGER REVIEW AND FILING
REQUIREMENT 216 12.5 INVESTIGATION IN THE LACK OF ACTIVE FILING 220 12.6
LIABILITIES OF NON-COMPLIANCE 220 12.7 KEY PROVISIONS AT ISSUE 221 PART
III MERGER AND ACQUISITION: LISTED COMPANIES INTRODUCTION IN TAKEOVER
UNDER THE NEW TAKEOVER CODE (2006) 225 CHAPTER 13 TAKEOVER OF LISTED
COMPANIES IN GENERAL 227 13.1 INTRODUCTION AND LATEST DEVELOPMENTS 227
13.2 TAKEOVER METHODS 229 13.3 TAKEOVER BY OFFER 230 13.3.1 GENERAL
MATTERS OF THE OFFER 230 13.3.1.1 VOLUNTARY OFFER VS. MANDATORY OFFER
230 13.3.1.2 GENERAL OFFER VS. PARTIAL OFFER 231 13.3.1.3 OFFER PERIOD
232 13.3.1.4 OFFER PRICE 232 13.3.1.5 PAYMENT MEANS AND PERFORMANCE BOND
233 13.3.2 PROCEDURES OF THE TAKEOVER BY OFFER 234 13.3.3 DEFENCE
MEASURES AGAINST THE TAKEOVER OFFER 240 13.4 TAKEOVER THROUGH SHARES
PURCHASE AGREEMENT (SPA) 241 13.4.1 THE TAKEOVER THROUGH SPA IN GENERAL
241 13.4.2 THE PROCEDURES FOR AN SPA TARGETING THIRTY PER CENT SHARES OR
LESS 243 13.4.3 THE PROCEDURES FOR AN SPA TARGETING OVER THIRTY PER CENT
SHARES 245 13.4.4 TRANSITIONAL PERIOD 250 TABLE OF CONTENTS XVII 13.5
INDIRECT TAKEOVER 251 13.5.1 WAYS OF INDIRECT TAKEOVER 251 13.5.2
COOPERATION OBLIGATIONS OF THE DE FACTO CONTROLLING PERSON 253 13.6 ROLE
OF THE INDEPENDENT FINANCIAL ADVISOR (IFA) 254 13.6.1 IFA OF THE
PURCHASER 254 13.6.2 IFA OF THE TARGET COMPANY 255 13.7 KEY PROVISIONS
AT ISSUE 256 CHAPTER 14 STRATEGIC INVESTMENT IN LISTED COMPANIES 257
14.1 INTRODUCTION AND LATEST DEVELOPMENTS 257 14.2 GENERAL MATTERS OF
THE STRATEGIC INVESTMENT 258 14.2.1 WAYS OF INVESTMENT 258 14.2.2 ENTRY
STANDARDS 258 14.2.3 INVESTMENT RESTRICTIONS 259 14.3 STRATEGIC
INVESTMENT THROUGH SHARES PURCHASE AGREEMENT (SPA) 260 14.4 STRATEGIC
INVESTMENT THROUGH PRIVATE PLACEMENT 264 14.5 FIE TREATMENTS FOR THE
LISTED COMPANY WITH STRATEGIC INVESTMENT 265 14.6 REPATRIATION
RESTRICTIONS 267 14.7 KEY PROVISIONS AT ISSUE 268 CHAPTER 15 INVESTMENT
VIA QUALIFIED FOREIGN INSTITUTIONAL INVESTORS (QFIIS) 269 15.1
INTRODUCTION AND LATEST DEVELOPMENTS 269 15.2 ENTRY STANDARDS OF THE
QFII 270 15.3 STRATEGIC INVESTMENT VS. QFII: PROS AND CONS 272 15.4
LICENCES NECESSARY FOR QFII INVESTMENT 272 15.4.1 GRANT OF THE QFII
PERMIT BY CSRC 272 15.4.2 GRANT OF THE QFII QUOTA CERTIFICATE BY SAFE
274 15.5 CONTROLS OVER THE INVESTMENT 274 15.5.1 INVESTMENT WITHIN THE
QFII QUOTA 274 15.5.2 SHAREHOLDING CAPS 275 15.6 AGENCIES IN THE
INVESTMENT 276 15.6.1 TRADING BROKER: A DOMESTIC SECURITIES COMPANY 276
15.6.2 CUSTODIAN: A DOMESTIC COMMERCIAL BANK 276 15.7 ACCOUNTS
MANAGEMENT 277 15.7.1 CAPITAL ACCOUNTS 277 15.7.2 SECURITIES ACCOUNTS
278 15.8 KEY PROVISIONS AT ISSUE 279 CHAPTER 16 TRANSFER OF STATE-OWNED
SHARES IN A LISTED COMPANY 281 16.1 INTRODUCTION AND LATEST DEVELOPMENTS
281 XVIII TABLE OF CONTENTS 16.2 CENTRALIZATION OF THE APPROVAL
AUTHORITY 282 16.3 TRADING ON THE STOCK EXCHANGE 283 16.3.1 THE APPROVAL
OR RECORD-FILING REQUIREMENT 283 16.3.2 THE SASAC APPROVAL ON THE
TRADING OF SS SHARES 285 16.4 TRANSFER THROUGH SHARES PURCHASE AGREEMENT
(SPA) 285 16.4.1 THE APPROVAL REQUIREMENT 285 16.4.2 PRICING UNDER THE
SPA 286 16.4.3 THE PROCEDURES OF SS SHARES TRANSFER THROUGH SPA 286 16.5
INDIRECT TRANSFER 292 16.5.1 INDIRECT TRANSFER OF SS SHARES 292 16.5.2
PARTICULAR FEATURES OF THE INDIRECT TRANSFER OF SS SHARES 292 16.5.3
PROCEDURES OF THE INDIRECT TRANSFER OF SS SHARES 293 16.6 ROLE OF THE
INDEPENDENT FINANCIAL ADVISOR (IFA) 295 16.7 KEY PROVISIONS AT ISSUE 295
CHAPTER 17 DISCLOSURE IN THE TAKEOVER 297 17.1 INTRODUCTION AND LATEST
DEVELOPMENTS 297 17.2 DISCLOSURE REPORTS IN GENERAL 297 17.3 DISCLOSURE
REPORTS IN SPECIFIC 299 17.3.1 CHANGE OF INTERESTS REPORT 299 17.3.2
TAKEOVER BY OFFER REPORT 301 17.3.3 LISTED COMPANY TAKEOVER REPORT 302
17.4 DISCLOSURE PROCEDURES 302 17.4.1 DISCLOSURE IN THE TRADING ON THE
STOCK EXCHANGE 302 17.4.2 DISCLOSURE IN THE TAKEOVER BY OFFER 303 17.4.3
DISCLOSURE IN THE TAKEOVER THROUGH SPA 304 17.4.4 DISCLOSURE IN THE
INDIRECT TAKEOVER 304 17.5 CONCEPTS CRITICAL TO THE DISCLOSURE 308
17.5.1 ACTING IN CONCERT 308 17.5.2 CONTROLLING RIGHTS 309 17.6 KEY
PROVISIONS AT ISSUE 310 CHAPTER 18 SUBSTANTIAL ASSETS RESTRUCTURING
(SAR) OF A LISTED COMPANY 311 18.1 INTRODUCTION AND LATEST DEVELOPMENTS
311 18.2 IDENTIFICATION OF THE SAR 312 18.2.1 THE DEFINITION OF SAR 312
18.2.2 QUANTITATIVE STANDARDS OF THE SAR 312 18.2.3 SAR THROUGH PRIVATE
PLACEMENT 314 18.2.4 SAR THROUGH MEANS OTHER THAN PURCHASE OR SALES 315
18.2.5 VERY SUBSTANTIAL ASSETS RESTRUCTURING (VSAR) 315 18.3 SPECIAL
REPORTS AND PROFESSIONAL OPINIONS INVOLVED IN AN SAR 316 18.4 PROCEDURES
OF AND DISCLOSURE IN THE SAR 317 18.5 KEY PROVISIONS AT ISSUE 320 TABLE
OF CONTENTS XIX PART IV CORPORATE FINANCE INTRODUCTION IV SECURITIES
OFFERING UNDER THE NEW SECURITIES LAW (2005) 325 CHAPTER 19 INITIAL
PUBLIC OFFERING (IPO) AND LISTING 327 19.1 INTRODUCTION AND LATEST
DEVELOPMENTS 327 19.2 APPROACHES AVAILABLE TO FOREIGN INVESTORS 327 19.3
THE IPO VEHICLE: FIES CLS OR FICLS 329 19.3.1 THE ESTABLISHMENT OF A
CLS IN CHINA 329 19.3.1.1 THE PROMOTERS 329 19.3.1.2 ESTABLISHMENT MEANS
329 19.3.1.3 REGISTERED CAPITAL 329 19.3.1.4 ESTABLISHMENT PROCEDURES
330 19.3.2 PARTICULAR REQUIREMENTS FOR ESTABLISHING AN FICLS BY FOREIGN
INVESTORS 332 19.3.3 PARTICULAR REQUIREMENTS FOR PROMOTING A CLS BY FIES
332 19.4 CONDITIONS FOR THE ISSUER 333 19.4.1 ENTRY STANDARDS 333
19.4.1.1 THREE-YEAR TRACK RECORD 333 19.4.1.2 FULLY PAID-IN CAPITAL 333
19.4.1.3 FINANCIAL TESTS 334 19.4.1.4 PUBLIC FLOATING REQUIREMENT 335
19.4.2 GOOD STANDING AND OPERATION COMPLIANCE 335 19.4.2.1 CLEAN
OWNERSHIP 335 19.4.2.2 NO MATERIAL CHANGE 335 19.4.2.3 CONTINUOUS
PROFIT-MAKING CAPABILITY 335 19.4.2.4 OPERATION COMPLIANCE 336 19.4.3
INDEPENDENCE 336 19.4.4 USE OF PROCEEDS 337 19.4.5 LOCK-UP PERIODS 338
19.5 CONDITIONS PARTICULAR FOR AN FICLS 339 19.6 IPO AND LISTING
PROCEDURES 340 19.7 KEY PROVISIONS AT ISSUE 350 CHAPTER 20 FOLLOW-ON
SHARES OFFERING BY A LISTED COMPANY 353 20.1 INTRODUCTION AND LATEST
DEVELOPMENTS 353 20.2 PRIVATE PLACEMENT 354 20.2.1 PRIVACY OF THE
PLACEMENT 354 20.2.2 DESIGNATED SUBSCRIBERS 354 20.2.3 ISSUANCE PRICES
355 XX TABLE OF CONTENTS 20.2.3.1 PRICING GUIDELINES 355 20.2.3.2
DETERMINATION OF THE SPECIFIC PRICE 356 20.2.4 LOCK-UP PERIODS 357
20.2.5 DISQUALIFICATIONS OF THE ISSUER TO LAUNCH A PRIVATE PLACEMENT 357
20.3 THE PROCEDURES OF A PRIVATE PLACEMENT 358 20.3.1 PROCEDURES OF THE
PRIVATE PLACEMENT TO SPECIFICALLY DESIGNATED SUBSCRIBERS 358 20.3.2
PROCEDURES OF THE PRIVATE PLACEMENT THROUGH PRICING ENQUIRY AND BIDDING
365 20.4 INFORMATION DISCLOSURE IN THE PRIVATE PLACEMENT 368 20.5 PUBLIC
OFFERING 370 20.5.1 COMMON CONDITIONS FOR A PUBLIC OFFERING 370 20.5.2
DISQUALIFICATIONS OF THE ISSUER TO LAUNCH A PUBLIC OFFERING 370 20.5.3
CONDITIONS PARTICULAR FOR THE RIGHTS ISSUE TO EXISTING SHAREHOLDERS 372
20.5.4 CONDITIONS PARTICULAR FOR THE ADDITIONAL ISSUE TO THE PUBLIC 372
20.5.5 THE PROCEDURES OF A PUBLIC OFFERING 373 20.6 USE OF PROCEEDS 375
20.7 KEY PROVISIONS AT ISSUE 376 CHAPTER 21 CORPORATE BONDS AVAILABLE TO
A LISTED COMPANY 379 21.1 INTRODUCTION AND LATEST DEVELOPMENTS 379 21.2
BOND ESSENTIALS 382 21.2.1 ESSENTIALS OF COMPANY BONDS 382 21.2.2
ESSENTIALS OF CONVERTIBLE BONDS (CBS) 382 21.2.3 ESSENTIALS OF WARRANT
BONDS (WBS) 383 21.3 OFFERING CONDITIONS 384 21.4 SECURITY FOR THE BONDS
386 21.5 CREDIT RATING 388 21.6 USE OF PROCEEDS 388 21.7 PROTECTION OF
THE CREDITORS (BONDHOLDERS) 389 21.8 BONDS OFFERING ON THE STOCK
EXCHANGE 390 21.9 LISTING ON THE TRADING MARKETS 399 21.9.1 AVAILABLE
BOND TRADING MARKETS 399 21.9.2 LISTING ON THE STOCK EXCHANGE 399
21.9.2.1 APPLICABLE LISTING RULES 399 21.9.2.2 LISTING CONDITIONS 399
21.9.2.3 LISTING PROCEDURES 400 21.9.2.4 LISTING APPLICATION VIA THE
SPONSOR 402 21.9.2.5 LISTING APPROVAL BY THE STOCK EXCHANGE 402 21.9.3
LISTING ON THE INTERBANK MARKET 402 21.10 KEY REGULATIONS AT ISSUE 404
TABLE OF CONTENTS XXI CHAPTER 22 CORPORATE GOVERNANCE AND INTERNAL
CONTROLS OF LISTED COMPANIES 407 22.1 INTRODUCTION AND LATEST
DEVELOPMENTS 407 22.2 CORPORATE GOVERNANCE 408 22.2.1 THE CORPORATE
GOVERNANCE STRUCTURE 408 22.2.2 SHAREHOLDERS GENERAL MEETING 408 22.2.3
BOARD OF DIRECTORS 411 22.2.4 BOARD OF SUPERVISORS 412 22.2.5 SENIOR
OFFICERS 413 22.2.6 DISQUALIFICATIONS OF THE SENIOR MANAGEMENT 413 22.3
INTERNAL CONTROLS 414 22.3.1 CONTROLS OVER EXTERNAL SECURITY 414 22.3.2
CONTROLS OVER CONNECTED TRANSACTIONS 415 22.3.2.1 DEFINITION OF THE
CONNECTED PERSONS 415 22.3.2.2 DISCLOSURE OF THE CONNECTED TRANSACTIONS
416 22.3.2.3 APPROVAL PROCEDURES FOR THE CONNECTED TRANSACTIONS 417 22.4
KEY PROVISIONS AT ISSUE 419 INDEX 421
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TABLE OF CONTENTS LIST OF CHARTS AND TABLES XXIII CHAPTER 1
INTRODUCTION: REGULATORY FRAMEWORK OF FOREIGN INVESTMENT 1 1.1 OVERVIEW
1 1.2 KEY AUTHORITIES REGULATING FOREIGN INVESTMENT 2 1.2.1 MINISTRY OF
COMMERCE (MOFCOM) 2 1.2.2 NATIONAL DEVELOPMENT AND REFORM COMMISSION
(NDRC) 3 1.2.3 STATE ADMINISTRATION FOR INDUSTRY AND COMMERCE (SAIC) 4
1.2.4 STATE ADMINISTRATION OF FOREIGN EXCHANGE (SAFE) 4 1.2.5 OTHER
AUTHORITIES THAT MAY BE CONCERNED 4 1.3 INDUSTRIAL GUIDANCE 5 1.4
SPECIAL CONTRIBUTIONS TO THE FRAMEWORK IN EACH CHAPTER 7 PARTI
INVESTMENT VEHICLES INTRODUCTION I INVESTMENT VEHICLES UNDER THE NEW
COMPANY LAW (2005) 11 CHAPTER 2 COMMON VEHICLES OF FOREIGN INVESTMENT 13
2.1 INTRODUCTION AND LATEST DEVELOPMENTS 13 2.2 FEATURES SHARED BY THE
COMMON VEHICLES 14 2.2.1 MOFCOM APPROVAL 14 X TABLE OF CONTENTS 2.2.2
LEGAL PERSONALITY 15 2.2.3 CHINESE INDIVIDUAL SHAREHOLDERS 15 2.2.4
PROFIT-SHARING NOT IN PROPORTION 16 2.3 FEATURES PECULIAR TO EACH OF THE
COMMON VEHICLES 17 2.3.1 FEATURES PECULIAR TO THE WFOE 17 2.3.1.1 NOT
ALL OPEN INDUSTRIES AVAILABLE TO A WFOE 17 2.3.1.2 SINGLE-PERSON WFOE 18
2.3.2 FEATURES PECULIAR TO THE EJV 19 2.3.2.1 PROFIT-SHARING RIGIDLY IN
PROPORTION 19 2.3.2.2 NEGOTIATED PRICING OF THE NON-MONETARY ASSETS
CONTRIBUTION 19 2.3.3 FEATURES PECULIAR TO THE CJV 20 2.3.3.1 PROVISION
OF 'COOPERATIVE CONDITIONS' 20 2.3.3.2 ADVANCE RECOVERY OF INVESTMENT 21
2.4 COMPANY NAME 22 2.5 REGISTERED CAPITAL 23 2.5.1 CAPITAL REQUIREMENT
23 2.5.2 CONTRIBUTION ASSETS 23 2.5.3 CAPITAL INJECTION SCHEDULE 25
2.5.3.1 INJECTION IN ONE LUMP SUM 25 2.5.3.2 INJECTION BY INSTALMENTS 25
2.5.3.3 LEGAL CONSEQUENCES OF DEFAULT IN CAPITAL INJECTION 26 2.5.4 FTFS
WITH LESS THAN TWENTY-FIVE PER CENT FOREIGN CAPITAL 27 2.5.5 CAPITAL
INCREASE 28 2.5.5.1 CAPITAL INCREASE IN GENERAL 28 2.5.5.2 CAPITAL
INCREASE WITH SURPLUS RESERVE OR UNDISTRIBUTED PROFITS 28 2.5.6 CAPITAL
REDUCTION 30 2.6 TOTAL INVESTMENT AMOUNT 32 2.7 TERM OF OPERATION 34 2.8
CORPORATE GOVERNANCE STRUCTURE OF AN FIE 35 2.8.1 BOARD OF DIRECTORS AS
THE POWER ORGAN FOR AN EJV OR CJV 35 2.8.2 SHAREHOLDERS' MEETING / SOLE
SHAREHOLDER AS THE POWER ORGAN FOR A WFOE 35 2.8.3 BOARD OF SUPERVISORS
OR A SINGLE SUPERVISOR REQUIRED FOR ALL FIES 36 2.9 ESTABLISHMENT
PROCEDURES OF AN FIE 37 2.10 LIQUIDATION OF AN FIE 44 2.11 KEY
PROVISIONS AT ISSUE 44 TABLE OF CONTENTS XI CHAPTER 3 FOREIGN INVESTED
HOLDING COMPANY (FIHC) 47 3.1 INTRODUCTION AND LATEST DEVELOPMENTS 47
3.2 ESTABLISHMENT OF AN FIHC 48 3.2.1 QUALIFICATIONS OF THE INVESTOR 48
3.2.2 REGISTERED CAPITAL 48 3.2.2.1 CAPITAL INJECTION 48 3.2.2.2
CONTRIBUTION BY CONVERTING PAID-IN CAPITAL IN EXISTING FIES 49 3.2.3
TOTAL INVESTMENT AMOUNT 51 3.2.4 APPROVAL OF THE NATIONAL MOFCOM 51 3.3
BUSINESS SCOPE OF THE FIHC 53 3.3.1 OVERVIEW 53 3.3.2 INVESTMENT IN
INVESTEE FIES 53 3.3.2.1 INVESTMENT WAYS 53 3.3.2.2 THE MINIMUM USD 30
MILLION INVESTMENT COMMITMENT 54 3.3.2.3 RENMINBI CONTRIBUTION IN THE
INVESTMENT 54 3.3.3 PROVISION OF SERVICES TO QUALIFIED INVESTEE FIES 55
3.3.3.1 QUALIFICATION OF THE INVESTEE FIE 55 3.3.3.2 SERVICES PROVIDED
UNDER SPECIFIC APPOINTMENT 56 3.3.3.3 SERVICES PROVIDED IN GENERAL 56
3.3.4 BUSINESS WITH CONNECTED PARTIES 57 3.3.5 BUSINESS WITH THIRD
PARTIES 57 3.3.5.1 FOREIGN TRADE 57 3.3.5.2 DISTRIBUTION 58 3.3.5.3
OTHER BUSINESS WITH THIRD PARTIES 58 3.4 QUALIFYING AS A REGIONAL
HEADQUARTER 59 3.4.1 THE QUALIFICATIONS 59 3.4.2 THE QUALIFYING
PROCEDURES 59 3.4.3 BUSINESS SCOPE OF A HEADQUARTER FIHC 59 3.5 TAXATION
60 3.5.1 TAX INCENTIVES 60 3.5.2 TAXATION OVER THE INVESTMENT BUSINESS
61 3.5.3 TAXATION OVER THE PROVISION OF SERVICES TO THE INVESTEE FIES 62
3.5.4 EXPORT TAX REBATES 62 3.6 KEY PROVISIONS AT ISSUE 63 CHAPTER 4
FOREIGN INVESTED COMPANY LIMITED BY SHARES (FICLS) 65 4.1 INTRODUCTION
AND LATEST DEVELOPMENTS 65 4.2 GENERAL MATTERS OF THE FICLS 66 4.2.1 THE
PROMOTERS 66 XII TABLE OF CONTENTS 4.2.2 ESTABLISHMENT WAYS 67 4.2.3 THE
TWENTY-FIVE PER CENT FOREIGN CAPITAL REQUIREMENT 67 4.2.4 ELIGIBILITY TO
FIE PREFERENTIAL TREATMENTS 68 4.3 REGISTERED CAPITAL 69 4.4 CORPORATE
GOVERNANCE STRUCTURE OF AN FICLS 71 4.5 ESTABLISHMENT PROCEDURES OF AN
FICLS 72 4.6 RESTRUCTURING AN EXISTING COMPANY INTO AN FICLS 75 4.6.1
OVERVIEW 75 4.6.2 RESTRUCTURING AN EXISTING FIE INTO THE FICLS 76 4.6.3
RESTRUCTURING A STATE-OWNED ENTERPRISE (SOE) INTO THE FICLS 77 4.6.4
RESTRUCTURING A DOMESTIC CLS INTO THE FICLS 79 4.7 TRANSFER OF
NON-FLOATED SHARES IN AN H SHARES COMPANY 80 4.8 KEY PROVISIONS AT ISSUE
81 CHAPTER 5 FOREIGN INVESTED LIMITED LIABILITY PARTNERSHIP (FILLP) 83
5.1 INTRODUCTION AND LATEST DEVELOPMENTS 83 5.2 GENERAL MATTERS 84 5.2.1
THE DOOR OPENED TO A LIMITED LIABILITY PARTNERSHIP (LLP) 84 5.2.2
APPLICATION OF THE FIPE RULES 85 5.2.3 INDUSTRIAL CONTROLS 85 5.3
PARTNERS 86 5.3.1 THE PARTNERS IN AN FIPE 86 5.3.2 LIMITED LIABILITY
LEGAL PERSON AS A GENERAL PARTNER 87 5.3.3 PARTNERS IN A SPECIAL GENERAL
PARTNERSHIP 88 5.3.4 LIMITED PARTNERS IN AN LLP 89 5.3.4.1 LIABILITY
LIMITED TO THE EXTENT OF CONTRIBUTION TO THE LLP 89 5.3.4.2 'SAFE
HARBOUR' RULE FOR THE LIMITED PARTNERS 89 5.3.4.3 SPECIAL TREATMENTS FOR
A LIMITED PARTNER 90 5.3.5 TRANSFORMATION FROM A GENERAL PARTNER TO
LIMITED PARTNER OR VICE VERSA 91 5.4 CAPITAL CONTRIBUTION 92 5.4.1
CONTRIBUTION ASSETS 92 5.4.2 VALUATION OF NON-MONETARY CONTRIBUTION 92
5.4.3 TIME LIMITS FOR THE CAPITAL INJECTION 93 5.5 PARTNERSHIP AGREEMENT
93 5.6 FEATURES PARTICULAR FOR AN FIPE 94 5.6.1 MOFCOM APPROVAL
REQUIREMENT 94 5.6.2 CAPITAL CONTRIBUTION AMOUNT 94 5.6.3 TOTAL
INVESTMENT AMOUNT 95 5.6.4 TERM OF OPERATION 95 TABLE OF CONTENTS XIII
5.7 ESTABLISHMENT PROCEDURES OF AN FTPE 95 5.8 APPROVAL/RECORD-FILING OF
POST-ESTABLISHMENT MATTERS 98 5.9 WITHDRAWAL FROM THE PARTNERSHIP 99
5.10 KEY PROVISIONS AT ISSUE 100 PART II MERGER AND ACQUISITION:
NON-LISTED COMPANIES INTRODUCTION II M&AS UNDER THE NEW M&A RULES (2006)
103 CHAPTER 6 ACQUISITION OF DOMESTIC ENTERPRISES IN GENERAL 105 6.1
INTRODUCTION AND LATEST DEVELOPMENTS 105 6.2 STRUCTURING THE
ACQUISITION: EQUITY VS. ASSETS DEAL 106 6.3 PRICING BASED ON VALUATION
108 6.4 PROCEDURES OF THE ACQUISITION 108 6.4.1 THE PROCEDURES OF EQUITY
ACQUISITION 108 6.4.2 THE PROCEDURES OF ASSETS PURCHASE 116 6.4.2.1
AVAILABLE APPROACHES OF THE ASSETS PURCHASE 116 6.4.2.2 PARTICULAR
POINTS AS COMPARED WITH THE PROCEDURES OF EQUITY ACQUISITION 119 6.5
MERGER CONTROLS 124 6.5.1 INDUSTRIAL CONTROLS 124 6.5.2 REPORT TO THE
NATIONAL MOFCOM IN PARTICULAR ACQUISITIONS 124 6.5.3 ANTI-MONOPOLY
REVIEW BASED ON COMPETITION LAW 126 6.6 TAXATION IN AN ACQUISITION DEAL
126 6.6.1 TAX LEVIED IN AN ACQUISITION DEAL 126 6.6.2 TAX IMPLICATIONS
128 6.7 KEY PROVISIONS AT ISSUE 129 CHAPTER 7 ACQUISITION OF PARTICULAR
STRUCTURE: ACQUISITION VIA SPV, SHARE SWAP 131 7.1 INTRODUCTION AND
LATEST DEVELOPMENTS 131 7.2 ESTABLISHMENT OF AN OFFSHORE SPV BY DOMESTIC
RESIDENTS 132 7.3 STRINGENT CONTROLS OVER THE ACQUISITION VIA AN SPV 133
7.3.1 APPROVAL BY THE NATIONAL MOFCOM 133 7.3.2 LIMITED AVAILABILITY TO
THE FIE PREFERENTIAL TREATMENTS 135 7.4 CROSS-BORDER SHARE SWAP IN
GENERAL 136 7.4.1 CONDITIONS FOR THE SHARE SWAP 136 XIV TABLE OF
CONTENTS 7.4.2 THE APPROVAL AND REGISTRATION PROCEDURES OF A SHARE SWAP
IN GENERAL 136 7.4.3 THE M&A CONSULTANT IN A SHARE SWAP DEAL 141 7.5
SHARE SWAP INVOLVING AN SPV 141 7.5.1 THE PARTICULAR STRUCTURE OF A
SHARE SWAP INVOLVING SPV 141 7.5.2 PARTICULAR CONDITIONS FOR A SHARE
SWAP INVOLVING SPV 142 7.5.3 PARTICULAR PROCEDURES OF A SHARE SWAP
INVOLVING SPV 142 7.5.4 REPATRIATION OF THE OVERSEAS PROCEEDS AND
DISTRIBUTIONS 148 7.6 KEY PROVISIONS AT ISSUE 148 CHAPTER 8 ACQUISITION
OF STATE-OWNED ENTERPRISES (SOES) 149 8.1 INTRODUCTION AND LATEST
DEVELOPMENTS 149 8.2 TRANSFER OF SOES IN GENERAL 151 8.2.1 TRANSFER WAYS
151 8.2.2 TRANSFER APPROVAL BY COMPETENT AUTHORITIES 152 8.2.3 PRICING
OF THE TRANSFER 153 8.2.4 PAYMENT 154 8.3 PRIVATE TRANSFER BY AGREEMENT
(TRANSFER BY AGREEMENT) 154 8.3.1 STRICT CONTROLS OVER THE TRANSFER BY
AGREEMENT 154 8.3.2 THE PROCEDURES OF TRANSFER BY AGREEMENT 155 8.4
PUBLIC TRANSFER ON THE EQUITY EXCHANGE (FLOOR-BASED TRADING) 160 8.5
SUPERVISIONS OVER THE CONTROLLING OF STATE CAPITAL 163 8.5.1 SECTORS
REQUIRING ABSOLUTE OR STRONG CONTROLLING BY STATE CAPITAL 163 8.5.2
STRICT REQUIREMENTS FOR THE TRANSFER OF STATE CONTROLLING RIGHTS 163 8.6
ASSETS VALUATION AND APPROVAL/ RECORD-FILING THEREOF 164 8.6.1 THE
VALUATION REQUIREMENT AND EXCEPTIONS 164 8.6.2 APPROVAL/RECORD-FILING OF
THE VALUATION RESULT 165 8.6.3 PROCEDURES OF THE APPROVAL/RECORD-FILING
OF THE VALUATION RESULT 166 8.7 KEY REGULATIONS AT ISSUE 168 CHAPTER 9
EQUITY TRANSFER AND PLEDGE IN EXISTING FIES 171 9.1 INTRODUCTION AND
LATEST DEVELOPMENTS 171 9.2 OFFSHORE ACQUISITION OF AN EXISTING FIE 172
9.3 ONSHORE ACQUISITION OF AN EXISTING FIE 174 9.3.1 BY-REFERENCE
APPLICATION OF THE M&A RULES 174 9.3.2 PRICING OF THE ACQUISITION 174
9.3.3 PROCEDURES OF EQUITY ACQUISITION OF AN EXISTING FIE 174 TABLE OF
CONTENTS XV 9.4 EQUITY PLEDGE IN AN EXISTING FIE 178 9.4.1 CONDITIONS
AND RESTRICTIONS ON THE PLEDGE 178 9.4.2 PROCEDURES OF THE EQUITY PLEDGE
IN AN FIE 179 9.4.2.1 PROCEDURES OF THE PLEDGE NOT CONSTITUTING OUTBOUND
SECURITY 179 9.4.2.2 ADDITIONAL PROCEDURES FOR THE PLEDGE CONSTITUTING
OUTBOUND SECURITY 181 9.5 KEY PROVISIONS AT ISSUE 184 CHAPTER 10
ACQUISITION (DOMESTIC RE-INVESTMENT) BY EXISTING FIES 185 10.1
INTRODUCTION AND LATEST DEVELOPMENTS 185 10.2 APPLICATION OF THE
INDUSTRIAL CONTROLS ON FOREIGN INVESTMENT 186 10.3 ABOLISHMENT OF THE
INVESTMENT QUALIFICATION REVIEW BY THE SAIC 187 10.4 PROCEDURES OF
DOMESTIC RE-INVESTMENT BY FIES 188 10.4.1 THE PROCEDURES VARYING
DEPENDENT ON THE PROPOSED BUSINESS SCOPE 188 10.4.2 DOMESTIC
RE-INVESTMENT IN 'ENCOURAGED' OR 'PERMITTED' SECTORS 188 10.4.3 DOMESTIC
RE-INVESTMENT IN 'RESTRICTED' SECTORS 190 10.4.4 RECORD-FILING OF THE
DOMESTIC RE-INVESTMENT 191 10.5 FIE STATUS OF THE FIE'S INVESTEE-COMPANY
191 10.5.1 QUALIFICATIONS FOR THE INVESTEE-COMPANY TO ENJOY AN FIE
STATUS 191 10.5.2 SEPARATE APPLICATION FOR THE GRANT OF THE FIE STATUS
191 10.5.3 INCENTIVES AVAILABLE TO AN INVESTEE-COMPANY WITH THE FIE
STATUS 192 10.6 KEY PROVISIONS AT ISSUE 193 CHAPTER 11 MERGER BETWEEN
FIES OR WITH AN FIE 195 11.1 INTRODUCTION AND LATEST DEVELOPMENTS 195
11.2 GENERAL MATTERS OF THE MERGER 196 11.2.1 CONDITIONS PRECEDENT TO A
MERGER 196 11.2.2 MOFCOM APPROVAL REQUIREMENT 196 11.2.3 NATURE OF THE
POST-MERGER COMPANY 197 11.2.4 INDUSTRIAL CONTROLS 197 11.3 ESSENTIALS
OF THE POST-MERGER FIE 198 11.3.1 REGISTERED CAPITAL 198 11.3.2 TOTAL
INVESTMENT AMOUNT 198 11.3.3 SHAREHOLDING STRUCTURE 199 11.3.4
ESTABLISHMENT DATE 199 11.4 PROCEDURES OF THE MERGER 199 XVI TABLE OF
CONTENTS 11.5 AVAILABILITY OF THE ORIGINAL INCENTIVES TO THE POST-MERGER
FIE 205 11.6 TAXATION IN A MERGER DEAL 206 11.7 KEY PROVISIONS AT ISSUE
207 CHAPTER 12 MERGER CONTROLS UNDER COMPETITION LAW 209 12.1
INTRODUCTION AND LATEST DEVELOPMENTS 209 12.2 AUTHORITIES OF THE
ANTI-MONOPOLY REVIEW 211 12.3 MERGER REVIEW IN THE SENSE OF A
CONCENTRATION 212 12.3.1 THE DEFINITION OF 'CONCENTRATION' 212 12.3.2
THRESHOLDS TRIGGERING MERGER REVIEW 213 12.3.3 SUBSTANTIVE ASSESSMENT
FACTORS IN THE REVIEW 214 12.3.4 EXEMPTION OF THE MERGER REVIEW AND
FILING REQUIREMENT 215 12.4 PROCEDURES OF THE MERGER REVIEW AND FILING
REQUIREMENT 216 12.5 INVESTIGATION IN THE LACK OF ACTIVE FILING 220 12.6
LIABILITIES OF NON-COMPLIANCE 220 12.7 KEY PROVISIONS AT ISSUE 221 PART
III MERGER AND ACQUISITION: LISTED COMPANIES INTRODUCTION IN TAKEOVER
UNDER THE NEW TAKEOVER CODE (2006) 225 CHAPTER 13 TAKEOVER OF LISTED
COMPANIES IN GENERAL 227 13.1 INTRODUCTION AND LATEST DEVELOPMENTS 227
13.2 TAKEOVER METHODS 229 13.3 TAKEOVER BY OFFER 230 13.3.1 GENERAL
MATTERS OF THE OFFER 230 13.3.1.1 VOLUNTARY OFFER VS. MANDATORY OFFER
230 13.3.1.2 GENERAL OFFER VS. PARTIAL OFFER 231 13.3.1.3 OFFER PERIOD
232 13.3.1.4 OFFER PRICE 232 13.3.1.5 PAYMENT MEANS AND PERFORMANCE BOND
233 13.3.2 PROCEDURES OF THE TAKEOVER BY OFFER 234 13.3.3 DEFENCE
MEASURES AGAINST THE TAKEOVER OFFER 240 13.4 TAKEOVER THROUGH SHARES
PURCHASE AGREEMENT (SPA) 241 13.4.1 THE TAKEOVER THROUGH SPA IN GENERAL
241 13.4.2 THE PROCEDURES FOR AN SPA TARGETING THIRTY PER CENT SHARES OR
LESS 243 13.4.3 THE PROCEDURES FOR AN SPA TARGETING OVER THIRTY PER CENT
SHARES 245 13.4.4 TRANSITIONAL PERIOD 250 TABLE OF CONTENTS XVII 13.5
INDIRECT TAKEOVER 251 13.5.1 WAYS OF INDIRECT TAKEOVER 251 13.5.2
COOPERATION OBLIGATIONS OF THE DE FACTO CONTROLLING PERSON 253 13.6 ROLE
OF THE INDEPENDENT FINANCIAL ADVISOR (IFA) 254 13.6.1 IFA OF THE
PURCHASER 254 13.6.2 IFA OF THE TARGET COMPANY 255 13.7 KEY PROVISIONS
AT ISSUE 256 CHAPTER 14 STRATEGIC INVESTMENT IN LISTED COMPANIES 257
14.1 INTRODUCTION AND LATEST DEVELOPMENTS 257 14.2 GENERAL MATTERS OF
THE STRATEGIC INVESTMENT 258 14.2.1 WAYS OF INVESTMENT 258 14.2.2 ENTRY
STANDARDS 258 14.2.3 INVESTMENT RESTRICTIONS 259 14.3 STRATEGIC
INVESTMENT THROUGH SHARES PURCHASE AGREEMENT (SPA) 260 14.4 STRATEGIC
INVESTMENT THROUGH PRIVATE PLACEMENT 264 14.5 FIE TREATMENTS FOR THE
LISTED COMPANY WITH STRATEGIC INVESTMENT 265 14.6 REPATRIATION
RESTRICTIONS 267 14.7 KEY PROVISIONS AT ISSUE 268 CHAPTER 15 INVESTMENT
VIA QUALIFIED FOREIGN INSTITUTIONAL INVESTORS (QFIIS) 269 15.1
INTRODUCTION AND LATEST DEVELOPMENTS 269 15.2 ENTRY STANDARDS OF THE
QFII 270 15.3 STRATEGIC INVESTMENT VS. QFII: PROS AND CONS 272 15.4
LICENCES NECESSARY FOR QFII INVESTMENT 272 15.4.1 GRANT OF THE QFII
PERMIT BY CSRC 272 15.4.2 GRANT OF THE QFII QUOTA CERTIFICATE BY SAFE
274 15.5 CONTROLS OVER THE INVESTMENT 274 15.5.1 INVESTMENT WITHIN THE
QFII QUOTA 274 15.5.2 SHAREHOLDING CAPS 275 15.6 AGENCIES IN THE
INVESTMENT 276 15.6.1 TRADING BROKER: A DOMESTIC SECURITIES COMPANY 276
15.6.2 CUSTODIAN: A DOMESTIC COMMERCIAL BANK 276 15.7 ACCOUNTS
MANAGEMENT 277 15.7.1 CAPITAL ACCOUNTS 277 15.7.2 SECURITIES ACCOUNTS
278 15.8 KEY PROVISIONS AT ISSUE 279 CHAPTER 16 TRANSFER OF STATE-OWNED
SHARES IN A LISTED COMPANY 281 16.1 INTRODUCTION AND LATEST DEVELOPMENTS
281 XVIII TABLE OF CONTENTS 16.2 CENTRALIZATION OF THE APPROVAL
AUTHORITY 282 16.3 TRADING ON THE STOCK EXCHANGE 283 16.3.1 THE APPROVAL
OR RECORD-FILING REQUIREMENT 283 16.3.2 THE SASAC APPROVAL ON THE
TRADING OF SS SHARES 285 16.4 TRANSFER THROUGH SHARES PURCHASE AGREEMENT
(SPA) 285 16.4.1 THE APPROVAL REQUIREMENT 285 16.4.2 PRICING UNDER THE
SPA 286 16.4.3 THE PROCEDURES OF SS SHARES TRANSFER THROUGH SPA 286 16.5
INDIRECT TRANSFER 292 16.5.1 INDIRECT TRANSFER OF SS SHARES 292 16.5.2
PARTICULAR FEATURES OF THE INDIRECT TRANSFER OF SS SHARES 292 16.5.3
PROCEDURES OF THE INDIRECT TRANSFER OF SS SHARES 293 16.6 ROLE OF THE
INDEPENDENT FINANCIAL ADVISOR (IFA) 295 16.7 KEY PROVISIONS AT ISSUE 295
CHAPTER 17 DISCLOSURE IN THE TAKEOVER 297 17.1 INTRODUCTION AND LATEST
DEVELOPMENTS 297 17.2 DISCLOSURE REPORTS IN GENERAL 297 17.3 DISCLOSURE
REPORTS IN SPECIFIC 299 17.3.1 CHANGE OF INTERESTS REPORT 299 17.3.2
TAKEOVER BY OFFER REPORT 301 17.3.3 LISTED COMPANY TAKEOVER REPORT 302
17.4 DISCLOSURE PROCEDURES 302 17.4.1 DISCLOSURE IN THE TRADING ON THE
STOCK EXCHANGE 302 17.4.2 DISCLOSURE IN THE TAKEOVER BY OFFER 303 17.4.3
DISCLOSURE IN THE TAKEOVER THROUGH SPA 304 17.4.4 DISCLOSURE IN THE
INDIRECT TAKEOVER 304 17.5 CONCEPTS CRITICAL TO THE DISCLOSURE 308
17.5.1 ACTING IN CONCERT 308 17.5.2 CONTROLLING RIGHTS 309 17.6 KEY
PROVISIONS AT ISSUE 310 CHAPTER 18 SUBSTANTIAL ASSETS RESTRUCTURING
(SAR) OF A LISTED COMPANY 311 18.1 INTRODUCTION AND LATEST DEVELOPMENTS
311 18.2 IDENTIFICATION OF THE SAR 312 18.2.1 THE DEFINITION OF SAR 312
18.2.2 QUANTITATIVE STANDARDS OF THE SAR 312 18.2.3 SAR THROUGH PRIVATE
PLACEMENT 314 18.2.4 SAR THROUGH MEANS OTHER THAN PURCHASE OR SALES 315
18.2.5 VERY SUBSTANTIAL ASSETS RESTRUCTURING (VSAR) 315 18.3 SPECIAL
REPORTS AND PROFESSIONAL OPINIONS INVOLVED IN AN SAR 316 18.4 PROCEDURES
OF AND DISCLOSURE IN THE SAR 317 18.5 KEY PROVISIONS AT ISSUE 320 TABLE
OF CONTENTS XIX PART IV CORPORATE FINANCE INTRODUCTION IV SECURITIES
OFFERING UNDER THE NEW SECURITIES LAW (2005) 325 CHAPTER 19 INITIAL
PUBLIC OFFERING (IPO) AND LISTING 327 19.1 INTRODUCTION AND LATEST
DEVELOPMENTS 327 19.2 APPROACHES AVAILABLE TO FOREIGN INVESTORS 327 19.3
THE IPO VEHICLE: FIES' CLS OR FICLS 329 19.3.1 THE ESTABLISHMENT OF A
CLS IN CHINA 329 19.3.1.1 THE PROMOTERS 329 19.3.1.2 ESTABLISHMENT MEANS
329 19.3.1.3 REGISTERED CAPITAL 329 19.3.1.4 ESTABLISHMENT PROCEDURES
330 19.3.2 PARTICULAR REQUIREMENTS FOR ESTABLISHING AN FICLS BY FOREIGN
INVESTORS 332 19.3.3 PARTICULAR REQUIREMENTS FOR PROMOTING A CLS BY FIES
332 19.4 CONDITIONS FOR THE ISSUER 333 19.4.1 ENTRY STANDARDS 333
19.4.1.1 THREE-YEAR TRACK RECORD 333 19.4.1.2 FULLY PAID-IN CAPITAL 333
19.4.1.3 FINANCIAL TESTS 334 19.4.1.4 PUBLIC FLOATING REQUIREMENT 335
19.4.2 GOOD STANDING AND OPERATION COMPLIANCE 335 19.4.2.1 CLEAN
OWNERSHIP 335 19.4.2.2 NO MATERIAL CHANGE 335 19.4.2.3 CONTINUOUS
PROFIT-MAKING CAPABILITY 335 19.4.2.4 OPERATION COMPLIANCE 336 19.4.3
INDEPENDENCE 336 19.4.4 USE OF PROCEEDS 337 19.4.5 LOCK-UP PERIODS 338
19.5 CONDITIONS PARTICULAR FOR AN FICLS 339 19.6 IPO AND LISTING
PROCEDURES 340 19.7 KEY PROVISIONS AT ISSUE 350 CHAPTER 20 FOLLOW-ON
SHARES OFFERING BY A LISTED COMPANY 353 20.1 INTRODUCTION AND LATEST
DEVELOPMENTS 353 20.2 PRIVATE PLACEMENT 354 20.2.1 PRIVACY OF THE
PLACEMENT 354 20.2.2 DESIGNATED SUBSCRIBERS 354 20.2.3 ISSUANCE PRICES
355 XX TABLE OF CONTENTS 20.2.3.1 PRICING GUIDELINES 355 20.2.3.2
DETERMINATION OF THE SPECIFIC PRICE 356 20.2.4 LOCK-UP PERIODS 357
20.2.5 DISQUALIFICATIONS OF THE ISSUER TO LAUNCH A PRIVATE PLACEMENT 357
20.3 THE PROCEDURES OF A PRIVATE PLACEMENT 358 20.3.1 PROCEDURES OF THE
PRIVATE PLACEMENT TO SPECIFICALLY DESIGNATED SUBSCRIBERS 358 20.3.2
PROCEDURES OF THE PRIVATE PLACEMENT THROUGH PRICING ENQUIRY AND BIDDING
365 20.4 INFORMATION DISCLOSURE IN THE PRIVATE PLACEMENT 368 20.5 PUBLIC
OFFERING 370 20.5.1 COMMON CONDITIONS FOR A PUBLIC OFFERING 370 20.5.2
DISQUALIFICATIONS OF THE ISSUER TO LAUNCH A PUBLIC OFFERING 370 20.5.3
CONDITIONS PARTICULAR FOR THE RIGHTS ISSUE TO EXISTING SHAREHOLDERS 372
20.5.4 CONDITIONS PARTICULAR FOR THE ADDITIONAL ISSUE TO THE PUBLIC 372
20.5.5 THE PROCEDURES OF A PUBLIC OFFERING 373 20.6 USE OF PROCEEDS 375
20.7 KEY PROVISIONS AT ISSUE 376 CHAPTER 21 CORPORATE BONDS AVAILABLE TO
A LISTED COMPANY 379 21.1 INTRODUCTION AND LATEST DEVELOPMENTS 379 21.2
BOND ESSENTIALS 382 21.2.1 ESSENTIALS OF COMPANY BONDS 382 21.2.2
ESSENTIALS OF CONVERTIBLE BONDS (CBS) 382 21.2.3 ESSENTIALS OF WARRANT
BONDS (WBS) 383 21.3 OFFERING CONDITIONS 384 21.4 SECURITY FOR THE BONDS
386 21.5 CREDIT RATING 388 21.6 USE OF PROCEEDS 388 21.7 PROTECTION OF
THE CREDITORS (BONDHOLDERS) 389 21.8 BONDS OFFERING ON THE STOCK
EXCHANGE 390 21.9 LISTING ON THE TRADING MARKETS 399 21.9.1 AVAILABLE
BOND TRADING MARKETS 399 21.9.2 LISTING ON THE STOCK EXCHANGE 399
21.9.2.1 APPLICABLE LISTING RULES 399 21.9.2.2 LISTING CONDITIONS 399
21.9.2.3 LISTING PROCEDURES 400 21.9.2.4 LISTING APPLICATION VIA THE
SPONSOR 402 21.9.2.5 LISTING APPROVAL BY THE STOCK EXCHANGE 402 21.9.3
LISTING ON THE INTERBANK MARKET 402 21.10 KEY REGULATIONS AT ISSUE 404
TABLE OF CONTENTS XXI CHAPTER 22 CORPORATE GOVERNANCE AND INTERNAL
CONTROLS OF LISTED COMPANIES 407 22.1 INTRODUCTION AND LATEST
DEVELOPMENTS 407 22.2 CORPORATE GOVERNANCE 408 22.2.1 THE CORPORATE
GOVERNANCE STRUCTURE 408 22.2.2 SHAREHOLDERS' GENERAL MEETING 408 22.2.3
BOARD OF DIRECTORS 411 22.2.4 BOARD OF SUPERVISORS 412 22.2.5 SENIOR
OFFICERS 413 22.2.6 DISQUALIFICATIONS OF THE SENIOR MANAGEMENT 413 22.3
INTERNAL CONTROLS 414 22.3.1 CONTROLS OVER EXTERNAL SECURITY 414 22.3.2
CONTROLS OVER CONNECTED TRANSACTIONS 415 22.3.2.1 DEFINITION OF THE
CONNECTED PERSONS 415 22.3.2.2 DISCLOSURE OF THE CONNECTED TRANSACTIONS
416 22.3.2.3 APPROVAL PROCEDURES FOR THE CONNECTED TRANSACTIONS 417 22.4
KEY PROVISIONS AT ISSUE 419 INDEX 421 |
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| index_date | 2024-07-02T21:43:16Z |
| indexdate | 2024-07-09T21:20:06Z |
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| language | English |
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| spelling | Liu, Chengwei Verfasser aut Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China Chengwei Liu Alphen aan den Rijn [u.a.] Kluwer Law International [u.a.] 2008 XXVIII, 425 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Kluwer Law International Corporation law / China Securities / China Investments / China Consolidation and merger of corporations SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016678510&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Liu, Chengwei Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China Corporation law / China Securities / China Investments / China Consolidation and merger of corporations |
| title | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China |
| title_auth | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China |
| title_exact_search | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China |
| title_exact_search_txtP | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China |
| title_full | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China Chengwei Liu |
| title_fullStr | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China Chengwei Liu |
| title_full_unstemmed | Chinese company and securities law investment vehicles, mergers and acquistions and corporate finance in China Chengwei Liu |
| title_short | Chinese company and securities law |
| title_sort | chinese company and securities law investment vehicles mergers and acquistions and corporate finance in china |
| title_sub | investment vehicles, mergers and acquistions and corporate finance in China |
| topic | Corporation law / China Securities / China Investments / China Consolidation and merger of corporations |
| topic_facet | Corporation law / China Securities / China Investments / China Consolidation and merger of corporations |
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