bm的ma策略－－中国

GuidetoMergers&Acquisitions2005/2006ChinaBaker&McKenzieInternationalisaSwissVereinwithmemberlawfirmsaroundtheworld.Inaccordancewiththecommonterminologyusedinprofessionalserviceorganizations,referencetoa“partner”meansapersonwhoisapartner,orequivalent,insuchalawfirm.Similarly,referencetoan“office”meansanofficeofanysuchlawfirm.©2005Baker&McKenzieAllrightsreserved.DISCLAIMERItshouldbenotedthatthematerialinthisbookisdesignedtoprovidegeneralinformationonly.Itisnotofferedasadviceonanyparticularmatter,whetheritbelegal,proceduralorother,andshouldnotbetakenassuch.Theauthorsexpresslydisclaimallliabilitytoanypersoninrespectoftheconsequencesofanythingdoneoromittedtobedonewhollyorpartlyinrelianceuponthewholeoranypartofthecontentsofthisbook.Noreadershouldactorrefrainfromactingonthebasisofanymattercontainedinitwithoutseekingspecificprofessionaladviceontheparticularfactsandcircumstancesatissue.IndexofSomeAbbreviationsUsedinthisBrochureTheseabbreviationsarerepeatedatthefirsttimeeachoftherelevanttermsappearsinthemaintextofthisbrochure.AICAdministrationofIndustryandCommerceCBRCChinaBankingRegulatoryCommissionCJVSino-ForeignCooperativeJointVentureCSRCTheChinaSecuritiesRegulatoryCommissionFESCOTheForeignEnterprisesServicesCompanyFISCForeign-InvestedJointStockLimitedCompanyEJVSino-ForeignEquityJointVentureFIEForeign-InvestedEnterpriseHCHoldingCompanyJVJointVentureLLCLimitedLiabilityCompanyLOILetterofIntentMOFCOMMinistryofCommerceMOUMemorandumofUnderstandingNDRCTheNationalDevelopmentandReformCommissionPRCPeople’sRepublicofChinaQFIIQualifiedForeignInstitutionalInvestorRepOfficeRepresentativeOfficeRMBRenminbi,theofficialcurrencyofChinaSAFEStateAdministrationofForeignExchangeSAICStateAdministrationofIndustryandCommerceSASACState-OwnedAssetsSupervisionandAdministrationCommissionSOEState-OwnedEnterprisesVATValueAddedTaxWFOEWhollyForeign-OwnedEnterprisesWTOWorldTradeOrganizationCONTENTSINTRODUCTION.............................................................................1InvestmentOverview........................................................................1ChinaandtheWorldTradeOrganization.......................1SpecialNotes....................................................................................2SUMMARYOOFTTHEPPRCFFOREIGNIINVESTMENTRREGIME.........2FormsofEstablishment...................................................................2RepresentativeOffices.....................................2Sino-ForeignJointVentures.................................3WhollyForeign-OwnedEnterprises...........................3Foreign-InvestedJointStockLimitedCompanies................3ForeignContractors........................................4NoBranches.............................................4BusinessScopes...............................................................................4TheForeignInvestmentCatalogandSector-SpecificRestrictions........................................................................................4CloserEconomicPartnershipArrangements...................5HoldingCompanies...........................................................................5TYPESOOFTTRANSACTION..............................................................6CommonTypesofAcquisitionTransactionsinthePRC.................6SpecialTypesofAcquisition.............................................................7AdvantagesandDisadvantagesofDifferentTypesofAcquisitions...................................................................................8EquityAcquisitions........................................8AssetAcquisitions.........................................9DeterminationandPaymentofConsideration...............................9AssumptionofLiabilities................................................................10PossiblePost-AcquisitionIssues...................................................10CONSENTSAANDAAPPROVALS....................................................11Background-EstablishmentProceduresforaNewFIE................11ANewSystem...........................................11TheExistingExaminationandApprovalSystem................13GovernmentalApprovalProcessesforAcquisitions.....................15IndirectAcquisitions......................................15DirectAcquisitions.......................................16AssetAcquisitions........................................19Mergers................................................20Non-GovernmentalConsentsandApprovals................................21ConsentoftheSeller.....................................21ConsentsandWaiversfromOtherShareholders...............21BoardApproval..........................................21ApprovalfromEmployees..................................22ContractualObligations...................................22PublicAnnouncementsandCreditorNotifications.............22AcquisitionsInvolvingOverseasInvestmentbyPRCIndividualsandEnterprises...........................................................22EXCHANGECCONTROL...................................................