Let the Games Begin: New Takeover Code Opens Door to Acquisition of Listed Companies

October 31, 2002 | BY

clpstaff &clp articles

For the first time, clear rules have been spelled out as to how a takeover of listed Chinese companies can be done.

By Jonathan Z. Zhou, Fangda Partners

Before the Administration of the Takeover of Listed Companies Procedures (the Takeover Procedures or Procedures) were issued, various rules and provisions in the PRC Securities Law  (中华人民共和国証券法) and different stock exchange listing rules governed takeover activities in the PRC. The lack of a systematic legislative framework governing listed companies takeover activities has led to considerable uncertainty for investors and practitioners alike. As the first takeover code in the PRC, the Takeover Procedures provide comprehensive guidelines for parties to use in takeover transactions.

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