【中豪研究】外资并购监管迈入2.0时代（BILINGUAL）

外资并购监管迈入2.0时代

Regulation for Foreign Investors to Acquire Domestic Enterprises Enters into Times 2.0

The Ministry of Commerce issued and implemented newly revised Interim Measures for the Archival Filing Administration of the Incorporation and Modification of Foreign-Funded Enterprises (New Interim Measures) on July 30, 2017. The most significant amendments are made that only archival filing administration is required as and when the acquisition of a which is not involved into any special adinistrative measures the key points of this revision for reference, combined with cases handled of incorporation and acquisition of foreign-funded enterprises.

一、 外国投资者并购境内非外商投资企业管理进入2.0时代

The Administrative Measures for Foreign Investors to Acquire Domestic Enterprises Enter into Times 2.0

《新暂行办法》规定，非外商投资企业通过被并购、吸收合并等方式转变为外商投资企业,属于备案范围的,应当按照《新暂行办法》进行备案。

According to New Interim Measures, domestic enterprises converted into foreign-funded enterprises by merger and acquisition made by foreign investor (the Foreign Acquisition) shall undergo the archival filing formalities.

而根据2016年10月8日公布的《外商投资企业设立及变更备案管理暂行办法》（以下简称《原暂行办法》）规定,对于外资并购,应当按照《关于外国投资者并购境内企业的规定》(以下简称6号令)中的规定进行审批。

Based on the Interim Measures for the Archival Filing Administration of the Incorporation and Modification of Foreign-Funded Enterprises (Former Interim Measures) issued on October 8, 2016, a foreign investor shall, when acquiring 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 of the Ministry of Commerce on M&A of a Domestic Enterprise by Foreign Investors (Order No.6).

在进行外资并购情形下的设立/变更备案时,我们特别提请注意，除需要按照外商投资企业设立/变更备案的要求提供相关材料和信息外,需要披露有关交易是否涉及拥有中华老字号的境内企业，是否涉及国有资产转让，并提供被并购股权/资产价值评估情况等信息。

When going through archival filing formalities for Foreign Acquisition, it is also required to disclose whether the Foreign Acquisition is related to any local enterprise with any Chinese time-honored brand, transfer of the state-owned assets, and valuation reports on M&A equity or assets value shall also be provided.

二、 外国投资者对上市公司实施战略投资管理进入2.0时代

The Administrative Measures for Foreign Investors to Invest In Listed Enterprises Strategically Enter into Times 2.0

《新暂行办法》规定，不涉及准入特别管理措施的外国投资者对上市公司的战略投资，实行备案制管理，如涉及准入特别管理措施的,仍适用审批制。而根据《外国投资者对上市公司战略投资管理办法》规定，战略投资需进行审批。《新暂行办法》已经明确将不涉及准入特别管理措施的战略投资纳入备案制的范畴。

The New Interim Measures stipulates that the foreign investors' strategic investment in the listed company, which does not involved in the special management measures, shall be subject to archival filing management, while the strategic investment shall be subject to the examination and approval procedure if the relevant special management measures are involved. Whereas according to the Administrative Management for Foreign Investors’ Strategic Investment in Listed Companies, strategic investments are required to be approved. The New Interim Measures has made it clear that strategic investments that do not involve access to special management measures shall comply with archival filing administration.

与非上市公司的外商投资企业办理变更备案的时限为发生变更事项后的30日内不同,如果战略投资备案信息发生变更的,应当在《中华人民共和国证券法》及相关规定要求的信息披露义务人履行信息披露义务之日起5日内办理变更备案。由于对于不同的变更事项,根据上市公司相关法律法规以及内部规则,信息披露义务人履行信息披露义务的时限可能不同,提请注意根据具体情况查明相关时限。

It is required to carry out the record procedure within 5 days since the disclosure date as required by the Securities Law of the PRC and other laws and regulations if there is any change of information in relation to the strategic investment, which is different from the 30 day requirement imposed on the record for the change of any information in relation to the non-listed foreign enterprises. Please note that the disclosure requirement may be different with respect to different matters under the laws and regulations of the listed companies. 

三、 外国投资者以境外公司股权作为支付手段并购境内公司操作程序更明确

The Operation Procedure in Relation to Acquisition of Domestic Company by Foreign investor by Means of Payment of Overseas Equity Held by Such Foreign Investor Has Become More Clearer.

《新暂行办法》规定,涉及外国投资者以境外公司股权作为支付手段的(以下简称跨境换股),在办理备案手续时，需提供因跨境换股而获得境外公司股权的境内企业所取得的《企业境外投资证书》。

The New Interim Measures provides that if foreign investors make payment by offshore company’s equity (Cross-border Share Swap), when going through the archival filing procedures, the domestic enterprise is required to provide Certificate of Overseas Investment by Chinese Enterprises for the Cross-border Share Swap.

此前,根据6号令规定,跨境换股中,外国投资者应当先就其以股权并购境内企业这一事项报送商务部审批,在取得商务部批准并完成境内被并购企业的工商变更登记后,境内被并购企业或其股东再就其因跨境换股而持有境外公司股权事项,向商务部、外汇管理机关申请办理境外投资开办企业核准、登记手续。而根据《新暂行办法》,在跨境换股中,因跨境换股获得境外公司股权的一方应当先完成境外投资相关手续,并取得《企业境外投资证书》后,方可凭借此《企业境外投资证书》,就跨境换股完成外商投资企业的设立/变更备案。因此,《新暂行办法》实际对跨境换股的操作程序做出了调整，使得跨境换股并购具有更强的操作性。

Previously, in accordance with the provisions of Order No. 6,acquiringa domestic enterprise by a foreign investor in means of Cross-border Share Swap shall be firstly subject to the approval and examination of the Ministry of Commerce and then shall be subject to the approval and alteration registration, the domestic enterprise or its shareholders shall apply to the Ministry of Commerce and State Administration of Foreign Exchange for approval and registration of enterprise establishment with foreign investment. In accordance with the New Interim Measures, the domestic company shall firstly complete the overseas investment-related procedures, and obtain Approval Certificate of Overseas Investment by Chinese Enterprises, then to complete the archival filing procedure of establishment or alteration of foreign - invested enterprises. Therefore, the New Interim Measures actually adjust the procedures for Cross-border Share Swap, where cross-border M & A operates more smoothly.

四、 办事流程、时限及所需材料变得更为简便

Service Processes, Time Limits and Required Materials Become Simpler.

根据《新暂行办法》，外国投资者股权并购境内非外商投资企业，不涉及特别管理措施和关联并购的，将由原来的商务部门审批制变更为备案制，较《原暂行办法》，在流程、所需材料及办理时限等方面均变得更为简便。

According to the New Interim Measures, if foreign investors acquire domestic company, and it does not involve special management measures and affiliated merger and acquisition, which shall be changed from the original approval to current archival filing management by the sub-MOC, and the procedures, required materials and processing time all become simpler and easier compared with the Former Interim Measures.

Simplification of Required Documents

Documents Required for Examination and Approval by Sub-MOC

Documents Required for Archival filing by Sub-MOC

通过上述对比可以看出，根据《原暂行办法》规定，获得商务部门审批的外国投资者需要提供资信证明，被并购公司需要提供职工安置计划、债权债务说明、关联关系说明和资产评估报告等材料。这些文件的准备过程比较繁琐、耗时长。而改为备案制后，上述文件无需再提供，只需要如实填报《设立变更申报表》，并由全体投资者出具承诺书即可，所需资料大为简化。

Through the above explanation we can see, accordingto the Former Interim Measures, the examination and approval of Sub-MOCrequires foreign investors to provide proof of credit, and merged company toprovide the employees resettlement plan, the disposition report of the claimsand debts, the affiliation report and the evaluation report of assets, etc.Preparation for these documents is cumbersome and time-consuming. Whereas underthe archival filing management, above documents are no longer required, andonly need to truthfully fill in Application Form for the archival filing of theIncorporation of Foreign-Funded Enterprises , and issue the CommitmentLetter  signed by all investors. Therequired information is greatly simplified.

Matters Considered

根据《新暂行办法》，外国投资者与被并购企业在准备上述资料时，应注意如下事项：

According to the New Interim Measures, foreign investors and the merged enterprises should pay attention to the following matters when preparing the above materials:

（1） 文件原件为外文的，应同时提交中文翻译件，并应确保中文翻译件内容与外文原件内容保持一致，建议聘请专业的翻译公司进行翻译。

Where any of the aforesaid documents is in foreign language, a Chinese translation shall also be submitted at the same time. The foreign-funded enterprise or its investors shall ensure that the content ofChinese translation is consistent with that of the original document in foreign language.It is recommended to hire a professional translation company to translate them.

（2） 在填写《设立变更申报表》和草拟外商投资企业最终实际控制人股权架构图时，最终实际控制人需披露到自然人或上市公司这一层。

When filling out Application Form for archival filing ofIncorporation of Foreign-Funded Enterprises and drafting the equity structure diagram of foreign-invested enterprise’s actual controllers, the ultimateactual controller needs to be disclosed to the layer of natural person orlisted company.

（3） 如并购可能涉及到经营者集中的，需在获得商务部反垄断局审查结果后，方可进行备案程序。如不能确定是否构成经营者集中，建议事先向反垄断局提交书面咨询函进行咨询。

If mergers and acquisitions may involve theconcentration of operators, approval results of Anti-Monopoly Bureau of MOCshall be required before the archival filing procedures. If it can not confirmwhether or not operator concentration is determined, it’s advised to submit awritten consultation letter for advice to the Anti-Monopoly Bureau.

（4） 为了提高效率，建议事先将《设立变更申报表》需要填写的信息均准备好，然后再在线填报，从而缩短准备备案资料所需时间。

In order to improve efficiency, it is advisable toprepare the information required by Application Form for the archival filing ofthe Incorporation of Foreign-Funded Enterprises in advance and then fill itonline, so as to shorten the time required to prepare for the archival filing.

（5） 备案时，所有需要由外国投资者盖章的文件都需其加盖公章并经法定代表人签字或加盖法定代表人的个人私章。

When handling archival filing, all documents neededto be stamped by foreign investors shall be stamped with official seals and signed by the legal representative or stamped with the legal representative’spersonal private seal.

The process is simpler and more flexible

根据《原暂行办法》规定，获得商务部门审批是办理工商登记的前置程序。而根据《新暂行办法》，全体投资者可以在营业执照签发前，或由外商投资企业在营业执照签发后30日内，通过综合管理系统，在线填报和提交《外商投资企业设立备案申报表》及相关文件，办理设立备案手续，整个流程更加简便与灵活。

According to the Former Interim Measures, theexamination and approval of –Sub-MOC is the prerequisite for industrial and commercial registration. Whereas in accordance with the New Interim Measures,all investors may before the issuance of the business license or the foreign-invested enterprise may within 30 days after the issuance of the business license, fillout and submit on line the Application Form for the archival filing of theIncorporation of Foreign-Funded Enterprises and related documents through the integrated management system for the archival filing procedures ofestablishment. The whole process is more simple and flexible.

The processingtime is greatly shortened

在办理时限上，按照原来的审批程序，商务部门在收到完整材料后15个工作日完成审批，而根据新的备案程序，商务部门应在3个工作日完成备案，所需时限大为缩短。

In accordance with the original examination andapproval process, the Sub-MOC may finish examination and approval procedureswithin 15 working days in the receipt of complete materials. Whereas inaccordance with the new archival filing procedures, the sub-MOC shall completearchival filing within 3 working days. The required time is shortened greatly.

五、新规影响

The Effect of the New Interim Measures

总体而言,《暂行办法》的此次修订,最大的突破是外国投资者并购境内非外商投资企业及外国投资者战略投资境内上市公司这两种情形由原来的事先审批制改为备案制。无论是办理流程、所需材料与办理时限，均变得更为简化、便捷和高效，从而大大提高了外国投资者收购境内企业的可预期性，同时也节省了时间与成本。上述修改进一步深化了外商投资企业的国民待遇,我国外商投资管理体制改革又朝着简政放权、放管结合、优化服务的方向迈出了实质一步。笔者相信，《新暂行办法》的出台将进一步加快外国投资者并购境内企业的步伐。

Overall,in this amendment of the Interim Measures, the biggest breakthrough is that the administrative process for foreign investors to merge domestic enterprises without foreign investment and to invest in domestic listed companies changes from previous pre-approval system to archival filing system. Whether theprocess, required materials or processing time all become more simplified,convenient and efficient. This changes improve the predictability, also savetime and cost for foreign investors to merge domestic enterprises. Theabove-mentioned amendments have further deepened the national treatment forforeign-invested enterprises, and the reform of foreign investment managementsystem has taken a substantial step in the direction of administrativesimplification and power devolution and service optimization. The authorbelieves that the introduction of the New Interim Measures will further acceleratethe pace of acquisition of domestic companies by foreign investors.