China to Adopt a Simplified Merger Review Process

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Apr. 26 – Over the last few years, delays and uncertainties have arisen in many merger control cases in China mainly due to the lack of a simplified merger review process. Therefore, it has become urgent and necessary for China to adopt a simplified procedure to review its merger cases. In the first quarter of 2013, China’s Ministry of Commerce (MOC) cleared 45 mergers unconditionally, a 24 percent decline compared with the mergers cleared in the last quarter of 2012.

In response, the MOC released the “Interim Regulations on Standards for Simple Cases (Draft for Comments) (hereinafter referred to as ‘Regulations’)” on April 3, which sets out standards for simple merger cases that can be subject to a fast-track clearance process. Detailed information can be found below. Continue reading…

M&A Registration to Become Easier in China

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Nov. 30 – China is attaching more importance to supporting company restructuring as well as mergers and acquisitions (M&As), hoping these business activities will help optimize the country’s resource distribution and push forward economic transition. On Monday, the State Administration for Industry and Commerce (SAIC) released a new document, requiring government departments to offer greater convenience for the registration of businesses after combination and separation (C&S).

The document, titled “Opinions on Improving Registration Services for Companies after C&S and Supporting Enterprise M&As as well as Restructuring (gongshangqizi [2011] No.226),” specified the following aspects in which local Administrations for Industry and Commerce (AICs) shall improve their registration services for businesses after C&S: Continue reading…

New China Legal, Tax and Regional Publications from Asia Briefing

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Seven new titles and one free book from Asia Briefing this month

Oct. 20 – China Briefing has published over 200 English-language China legal and tax guides on the Asia Briefing Bookstore, ranging from 118 issues of China Briefing Magazine to 20 China legal book titles on everything from joint ventures to intellectual property rights, and from setting up wholly foreign-owned enterprises to China mergers and acquisitions. A further nine titles have been published in our China Regional Business Guide series, covering China in its entirety. Many of these are now in their fourth and fifth editions. Continue reading…

China Officially Opens Cross-Border RMB-Denominated FDI

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Oct. 18 – Following the issuance of a circular draft concerning cross-border RMB-denominated foreign direct investment (FDI) in August, the Chinese Ministry of Commerce (MoC) has recently fixed and released the official legal document, which can be used as a guidance for foreign investors who intend to conduct FDI with RMB legally obtained overseas.

The “Circular on Issues Concerning Cross-border RMB-denominated FDI (shangzihan [2011] No.889),” issued on October 12, does not present significant differences compared to the previous draft version, in which the definition of “RMB legally obtained overseas” is given and approval procedures for RMB-denominated FDI projects are specified. Continue reading…

The Legal Fundamentals of China M&As

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By Eunice Ku, Rachel Xuan and Susan Kang

Oct. 6 – In 2003, the Chinese government first laid down in a single piece of M&A legislation the relevant principles, procedures and requirements allowing foreign investors to acquire Chinese limited companies. The most recent version, the “Rules on Acquisition and Merger of Domestic Enterprises by Foreign Investors (M&A Rules),” was promulgated in 2006 and revised in 2009.

These regulations provide investors with a basic framework and guidance on carrying out M&A activities in China, while giving the government ample discretion to examine and approve M&A activities that would potentially impact national and economic security. Continue reading…

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