M&A Madness

The Filing Measures simplified acquisitions of non-restricted FIEs. MOFCOM approval is no longer a condition to the completion of transfers of equity interests in non-restricted FIEs, as the filing can be made after completion. A new requirement is that the ultimate actual controller of the FIE must be disclosed under the rules.

In practice, MOFCOM still needs to provide details for the implementation of the Filing Measures to enable local commerce bureaus to proceed with the new filing regime.

In May 2015, China broadened its national security regime for all foreign investment activities in free trade zones (FTZs) in China.

Inside the FTZs, all foreign investments that have national security implications must undergo national review, regardless of whether they are structured:

• As new enterprises;
• Through a merger or acquisition of a pre-existing enterprise; or
• By way of other investments, such as through contractual arrangements, share entrustments, trusts, reinvestments, overseas transactions, leases or convertible bond subscriptions.

It is anticipated that a similar type of extensive review regime will ultimately be adopted nationwide.

2. Can you describe China's merger control regime and process?

Under the PRC Anti-Monopoly Law, transactions triggering a change of business concentration must file a pre-merger notification to MOFCOM if the concentration reaches certain thresholds.

The relevant thresholds are met where either of the following are satisfied:

• The combined worldwide turnover of all business operators in the prior fiscal year is more than Rmb10 billion, and the domestic turnover of each of at least two of the business operators in the prior fiscal year is more than Rmb400 million.
• The combined domestic turnover of all business operators in the prior fiscal year is more than Rmb2 billion, and the domestic turnover of each of at least two of the business operators in the prior fiscal year is more than Rmb400 million.

The process:

• Upon receipt of all the application documents, MOFCOM will conduct a preliminary review and decide whether to initiate a further review within 30 days.
• If initiated, MOFCOM must either complete the further review within 90 days following the date of its decision to do so or extend its review for a further 60 days, after which time it is required to give its decision.
• However, the time periods above only commence when the application is formally accepted by MOFCOM.

MOFCOM is aware that merger reviews have caused delays for the completion of M&A transactions. To streamline the merger review process, MOFCOM launched a simplified merger review procedure in 2014. The simplified procedure is available in the following circumstances:

• Horizontal mergers where in the same relevant market, the collective market share of all operators concerned in the concentration is less than 15%;
• Vertical mergers where the market share of each of the operators concerned in the concentration in each of the relevant upstream and downstream markets is less than 25%;
• Mergers that are neither horizontal nor vertical where the market share of each of the operators concerned in the concentration in each of the markets is less than 25%;
• Offshore joint ventures or acquisitions where the arrangement or target does not engage in business within China.
• Reduction of the number of controlling parties.

The simplified track may reduce review timing to two to three months (as opposed to four to six months for the normal procedure).

3. Which industries have attracted the most foreign investment and experienced the most M&A activity?

Throughout the past year, the TMT industry in China has attracted the most foreign investment and experienced the most M&A activity.

Foreign investment into China has attracted growth despite a slowing domestic economy, specifically in the technology sector. Investors from the U.S. and EU have been some of the biggest contributors to this trend. According to MOFCOM, FDI into China rose 4.2% to reach $98 billion (Rmb666.3 billion) in the first ten months of the year.

We expect to see continued growth in FDI in China in the future due to MOFCOM's reforms aimed at benefiting FIEs.

The TMT industry continues to be the most active M&A sector in China with over $100 billion in deal value despite fluctuating macroeconomic conditions. This trend has been led by mega-deals such as Tencent's $8.6 billion acquisition of Supercell, Didi Chuxing's $7 billion takeover of Uber's operation in China, HNA Group's $6 billion acquisition of Ingram Micro, among others. The fintech sector has seen a particular rise in M&A activity from top Chinese internet companies like Alibaba, Baidu, Tencent due to the huge growth potential in financial infrastructure in China.

4. Which sectors have recently opened up to increased foreign shareholding or ownership?

• E-commerce: Online data processing and transaction processing is now fully open to foreign investment.
• Energy: The construction of power grids has been moved from the restricted to encouraged category in the 2015 Catalogue. The construction and operation of power stations using renewable energy is also encouraged under the Catalogue.
• Real estate: Restrictions on foreign investment in subways and real property projects have been lifted in the Catalogue. The construction and operation of rail transit is encouraged and no longer requires a Chinese majority shareholder.

5. Which recent transactions have highlighted the One Belt, One Road initiative?

China's One Belt, One Road initiative set out by President Xi Jinping aims to create an economic belt in the Eurasia region and to develop a modern maritime “Silk Road” to connect China's ports with Africa's coasts and the Mediterranean through Southeast Asia and the Suez Canal.

A recent transaction that highlights this initiative include Shanghai Electric's majority stake investment in Pakistan's K-Electric; which was the largest M&A deal in Pakistan in a decade according to Reuters. This transaction comes after China's pledge of $46 billion in infrastructure projects in Pakistan, known as the “China Pakistan Economic Corridor”, which will pave the way to link China's trade with the Arabian Sea.

Other examples of One Belt, One Road transactions include:

• The Thar Coal power project in Pakistan involving Chinese sponsors and lenders;
• China Everbright Group's takeover of an Albanian airport operator, the first major investment by a Chinese company into Albania; and
• China COSCO's takeover of the Greek port of Piraeus, the second largest privatization deal in Greece this year.

6. How important is M&A due diligence in China?

Due diligence is a vital element for a successful M&A in China, especially for inbound foreign investors.

Legal, financial and tax due diligence must be conducted carefully and thoroughly. In addition, due diligence should also cover any third-party agents acting on behalf of the target to identify possible compliance violations.

Other types of due diligence should also be performed on the target company in China, in particular, reviews on anti-corruption compliance. Investigations on any violations of the Foreign Corrupt Practices Act of the U.S., the Bribery Act of the UK and other foreign anti-corruption regulations that may apply to foreign investors in China should be conducted. This must be a priority particularly for corruption-prevalent industries such as pharmaceutical and healthcare. Review of other matters such as environmental protection is necessary if the target is engaged in environment-related sectors. More care in the due diligence exercise is called for if the transaction involves government entities or state-owned enterprises (SOEs).

7. Will outbound approval measures be further relaxed? What does this mean for the global bidding power of Chinese acquirers?

It is reported that the Chinese government plans to tighten controls on Chinese companies seeking to invest overseas in order to slow down capital outflow. It is understood that the measures to be adopted will mainly be targeted at large transactions of deal values exceeding $10 billion, property investments by SOEs above $1 billion, and investments of $1 billion or more by any Chinese company in an overseas entity unrelated to the buyer's core business. The new controls are likely to be temporary, remaining in effect until the end of September 2017, when the next leadership reshuffle takes place.

Hopefully, after stabilizing the market and currency, further relaxation can continue to push ahead, implementing the NDRC's Measures for the Administration of the Check and Approval and Record Filing of Overseas Investment Projects (Draft for Public Comments) (Outbound Draft), which was published in April 2016 for public consultation, further streamlining the outbound approval process. The proposed amendments are:

• The NDRC will assume final verification authority over outbound investments in a sensitive country or industry without reference to a minimum threshold amount, and State Council approval will no longer be required.
• The requirement for a confirmation letter will be removed.

In the initial stage, a simple “letter of receipt” will replace the “letter of confirmation”.

In the second stage, registration will still be required but the filing process will be simplified.

• The requirement for a letter from a bank expressing its intent to finance the transaction will be removed.
• While the Measures do not apply to investments made by Chinese enterprises in Taiwan, the Outbound Draft proposes that investment projects in Taiwan will be subject to the same offshore investment regime with the additional requirement that the NDRC will consult with the Taiwan Affairs Office on the transaction.

The Chinese government needs to balance both the need to control capital outflow and stabilize the domestic economy and the growing demands of Chinese enterprises to expand outside of China to diversify, internationalize and gain access to technology and knowhow. Although outbound investments may slow down in the short term as a result of the reported tightening measures, in the medium to long run, Chinese outbound acquisitions will inevitably continue to increase due to opportunities presented by the global economy and the domestic competitive landscape in China.

8. Which sectors have Chinese investors been most drawn to overseas? What are the key outbound trends you are witnessing?

As China is moving from an export-driven manufacturing hub to a technologically-centered industrialized environment, Chinese investors have been drawn into investing strategically into the industrials and technology sectors overseas. This strategy focuses on acquiring industrial know-how, high-value products and brands, as well as technological capabilities that can be offered back to the Chinese consumer market.

The key outbound trends include:

• Government policies such as the One Belt, One Road initiative and relaxed regulatory reviews that encourage outbound investing in an effort to increase Chinese influence globally;
• Chinese companies investing overseas to diversify their assets in developed and mature markets;
• Rising stock prices and positive market reactions through strategic overseas acquisitions;
• Strategic focus on procuring technology-driven assets, as well as high-value foreign products and brands that can be offered to domestic consumers; and
• Heightened sophistication by Chinese M&A players as they increase their involvement in global transactions.

9. What is your advice to foreign clients engaging in deals with Chinese investors, both inbound and outbound?

It is important for foreign inbound investors to:

• Know your target: It is essential to perform proper due diligence of the target in all relevant aspects thoroughly. In addition, understand why the target enters into the transaction and what it expects to gain from the deal.
• Be aware of the limits: Take note of any restrictions for foreign investment in the particular industry and whether there are specific approval requirements. Also, different regulations apply if the target is an SOE or a private company.
• Optimize the deal structure: Decide whether it is an equity or asset acquisition as different Chinese regulations are applicable.
• Notify the regulators: Be aware of the requirement to file for merger review. If such review is necessary, it may significantly change the timing for the completion of the transaction.
• Consider all factors: Other key issues such as tax and foreign exchange must be taken into account. These may impact how the foreign investor should structure its inbound acquisition.

As for foreign companies working with outbound Chinese investors, it is advisable to ensure the following:

• China's approval: Confirm the Chinese investor has obtained approval for the outbound investment. An outbound investment of less than $2 billion involving a sensitive country or region or a sensitive industry requires NDRC approval. MOFCOM approval is also required, regardless of the amounts involved, if the investment is made in a sensitive country, region or industry. Approvals from other government departments, such as the State Asset Supervision and Administration Commission, and industry regulators such as the China Insurance Regulatory Commission may also be required.
• Enough funds: Confirm the Chinese investor's ability to obtain foreign exchange to fund the acquisition. The Chinese government has been tightening measures to prevent capital outflows. There have been reports that the State Administration of Foreign Exchange has tightened bank quotas for currency swaps to fund outbound acquisitions.
• Thresholds: Be aware of merger control filings, requirements for approval (such as by the Committee on Foreign Investment in the U.S. or the Foreign Investment Review Board of Australia), and security reviews required under the regulations of China or the host country.
• Safeguarding measures: To address the risks that may result from Chinese and foreign country regulation and review, foreign sellers may consider asking for reverse break fees and non-refundable deposits.
• Integration details: Consider separation and transitional services arrangements, including IT separation, de-branding requirements, technical support and other transitional services should be considered by both the foreign seller and the Chinese investor in their negotiations of the transaction.

10. How do you see M&A trends and investment strategies evolving over the next 12 months?

The deal trends and investment strategies to evolve in the next year include continued growth in outbound M&A into developed countries, with a focus on sectors such as technology, high-value products, brands and industries. One Belt, One Road will also attract Chinese investors to acquire foreign assets in infrastructure globally. SOEs may play a less prominent role in outbound M&A due to a high leverage and their frequent reliance on debt financing.

We are likely to see a consolidation within China's top logistics companies within the next 12 months with companies such as ZTO Express, SF Express, YTO Express, and others raise funds to fuel their acquisition appetites. In addition, logistics technology and data analytics are advancing substantially, leading to a further appetite for M&A deals.

Another likely consolidation will be the media & entertainment sector in China, specifically in the cinema sector. While Chinese corporations like Dalian Wanda Group have been investing overseas into various media & entertainment assets, these companies have also begun acquiring other China-based cinema competitors to gain market share and increase synergy.

Judie Ng Shortell, Partner

Paul, Weiss, Rifkind, Wharton & Garrison

+86 10 5828 6318

+86 10 6530 9070/9080

[email protected]

Unit 3601, Office Tower A

Beijing Fortune Plaza

No. 7 Dongsanhuan Zhonglu

Chaoyang District

Beijing, 100020 PRC

Judie Ng Shortell is a partner in the corporate department based in the firm's Beijing office. Her practice focuses on China-related private equity investments and cross-border mergers and acquisitions. Judie is particularly experienced in strategic acquisitions and special situations. Her clients are primarily financial institutions, private equity firms, Chinese companies and multinational corporations which operate across a number of industries, including food and beverage, financial services, retail, real estate, healthcare and energy.

Judie has advised private equity firms and corporates in their investments in and outside of China, including KKR, Morgan Stanley Private Equity, TPG, Standard Chartered Private Equity, Hony Capital, IDG, CIC, China State Grid and Tencent.

Judie obtained her MA in jurisprudence at Oxford University, and is admitted to practice law in Hong Kong. She is fluent in English, Mandarin and Cantonese.

宝维斯律师事务所的吴苏律师详述了促进中国并购交易的最新趋势、应对主要监管问题的方法以及给中外并购方的必备锦囊。

1. 过去十二个月有什么主要监管法规影响外商在中国的并购活动的？

全国人民代表大会常务委员会于2016年9月通过了一项决定，根据该项决定，自2016年10月1日起，外商投资的审批规定被外资企业(“外资企业”)的备案制度取代，而有关的外资企业为从事不受特别限制或不涉及“实施准入特别管理措施”业务的企业。这些非限制性外资企业只需要在商务部(“商务部”)完成备案手续。

为了落实新的备案制度，商务部就不受限制的外资企业的设立和后续变更发布了备案规定(“备案管理办法”)，并与国家发展和改革委员会(“发改委”)共同发布了[2016年]第22号公告(“第22号公告”)，将受限制业务明确为(i)《外商投资产业指导目录(2015年修订)》(“目录”)中规定的“限制类”和“禁止类”业务，以及(ii)“鼓励类”中有外资股权限制或高管要求的业务。

备案管理办法简化了非限制性外资企业的收购规定。取得商务部的批准不再是非限制性外资企业股权转让交易的一项前提条件，所需的备案手续可在交割之后再办理。

备案管理办法的一项新规定是必须披露外资企业的最终实际控制人。

在实践中，商务部仍然需要颁布执行备案管理办法的详细资料，以便地方商务部门能够实施新的备案制度。

2015年5月，中国就所有在自由贸易区(“自贸区”)内的外商投资活动，采取了范围更广泛、更全面的国家安全审查制度。

自贸区内，所有对国家安全有影响的外商投资都必须接受国家安全审查，无论这些外商投资是否：

• 新建企业；
• 通过合并或收购已设立企业；或
• 通过其他投资方式，例如通过协议控制、代持、信托、再投资、境外交易、租赁或认购可转换债券等。

  我们预期类似的安全审查制度最终将会在全国全面的实施。

2. 可否说明中国的合并管理制度和程序？

根据《反垄断法》，涉及经营者集中变化的交易，如果经营者集中达到某一门槛，则需事先向商务部申报。

只要满足以下任何一项，即达到相关的门槛：

• 所有业务经营者在上一个会计年度的合并全球营业额超过人民币100亿元，而其中至少两个经营者在上一个会计年度的国内营业额均超过人民币4亿元。
• 所有业务经营者在上一个会计年度的合并国内营业额超过人民币20亿元，而其中至少两个经营者在上一个会计年度的国内营业额均超过人民币4亿元。

程序：

• 商务部收到所有申报文件后30日内，将进行初步审查及决定是否实施进一步审查。
• 如果实施进一步审查的，商务部必须自其决定作出之日起90日内完成审查，或者将审查期限再延展60日，延长期届满后，商务部需公布决定。
• 但是，上述期限只从商务部的反垄断部门接受申请文件之日起计算。

商务部明白合并审查对并购交易的完成造成延误。为了简化合并审查程序，商务部于2014年公布了合并审查简易程序。简易程序适用于下列情况：

• 在同一相关市场，所有参与集中的经营者所占的市场份额之和小于15%的横向并购；
• 存在上下游关系的参与集中的经营者，在上下游市场所占的份额均小于25%的纵向并购；
• 参与集中经营者，在每个市场所占的份额均小于25%的非横向且非纵向的并购；
• 合营企业或目标公司不在中国境内经营业务的境外合营或并购交易。
• 控股方的数目减少。

简化后的审查可把审查时间缩短至2至3个月(正常的审查程序约需4至6个月)。

3. 哪一种行业吸引最多外商投资和有最多并购活动？

在过去一年里，中国境内的技术、媒体、电信行业吸引了最多的外商投资和进行了最多的并购活动。

尽管中国经济发展放缓，中国境内的外商投资增加，尤其是技术领域的外商投资。美国和欧盟的投资者成为此一投资趋势的主力。根据商务部的资料，中国境内的外商直接投资在今年的首十个月增加了4.2%，达到980亿美元(人民币6,663亿元)。

由于商务部将进行有利于外资企业的外资企业改革，我们预期中国境内的外商直接投资将继续增加。

虽然宏观经济条件不稳定，技术、媒体、电信行业继续是中国境内最多并购活动的行业，交易价值超过1,000亿美元。这一潮流主要由一些巨型交易主导，其中包括腾讯以86亿美元收购Supercell、滴滴出行以70亿美元收购优步在中国的业务、海航集团以60亿美元收购英迈。由于中国金融基础设施发展有巨大的空间，阿里巴巴、百度、腾讯等中国公司积极进行并购，使金融科技行业的并购活动迅速增加。

4. 哪些行业最近放开外资股比限制？

• 电子商务：在线数据处理与交易处理业务现在已全面开放外商投资。
• 能源：目录中属于限制类产业的电网建设已移至鼓励类产业。利用再生能源的电站的建设和经营也成为目录中的鼓励产业。
• 房地产：目录中限制外商投资的隧道和房产地产项目也不再属于限制产业。铁路运输的建设和经营成为鼓励外商投资产业并且不再需要中国籍的多数股东。

5. 最近哪些交易突出“一带一路”的战略构想？

中国提倡的“一带一路”是习近平主席制订的经济战略，目的是在欧亚地区创造一个经济带，发展一条现代海上“丝绸之路”，通过东南亚和苏伊士运河连接中国的港口和非洲海岸及地中海。

近期突出这个战略构想的交易中包括上海电气收购巴基斯坦电力公司K-Electric控股股份。根据路透社报道，该交易是巴基斯坦十年来规模最大的并购交易。是次交易是中国承诺向巴基斯坦投资460亿美元基础设施的中巴经济走廊其中一个项目，该走廊为连接中国和阿拉伯海域之间的贸易奠定基础。

• “一带一路”交易的其他例子包括：
• 中国创办人和贷款人参与的巴基斯坦塔尔煤炭能源项目；
• 中国光大集团收购阿尔巴尼亚的机场运营商，是中国公司对阿尔巴尼亚第一个重大投资；和
• 中国中远集团收购希腊比雷埃夫斯港，是希腊今年第二大私有化交易。

6. 在中国进行并购尽职调查有多重要？

尽职调查，特别是对境内外商投资者而言，是中国境内并购项目成功一个主要因素。

必须进行谨慎彻底的法律、财务和税务尽职调查。此外，尽职调查范围还应该涵盖代表目标公司行事的第三方代理人以确定可能存在的违规问题。

也应对中国境内的目标公司进行其他种类的尽职调查，特别是反腐败方面的合规审查。应进行违反美国《海外反腐败法》、英国《贿赂法》和适用于中国境内外国投资者的其他海外反腐败法规方面的调查。反腐败尽职调查应优先进行，尤其是医药和保健等腐败频生的产业。如果目标公司从事环保相关产业，必须进行环保等其他事宜方面的审查。如果交易涉及政府实体或国有企业，需要进行更谨慎的尽职调查。

7. 会否进一步放宽境外投资的限制？这对中国收购人的全球竞标能力意味着什么？

据报道，中国政府拟收紧中国公司海外投资，以便进一步控制资金外流。正在酝酿的措施主要针对超过100亿美元的大型海外收购项目、国有企业在境外建设和投资额在10亿美元或以上的地产项目也和超过10亿美元的中国企业非主营业务并购。据报道，新措施将为暂时性的，并会在2017年9月中国下次领导层换届前有效。

希望在市场和货币稳定后，进一步放宽海外并购的措施，如发改委于2016年4月颁布的关于对《境外投资项目核准和备案管理办法》(“办法”)的修订公开征求意见稿可以得以实施，建议修订如下：

• 涉及敏感国家、敏感行业的境外投资项目无论投资金额多少，发改委均拥有最终的核准权，无需国务院核准。
• 撤销确认函的规定。

初步阶段 – 简单的“备案回执”将取代“确认函”。

第二阶段 – 需要进行登记但将简化备案申报程序。

• 撤销由银行出具融资意向书的规定。
• 虽然办法不适用于中国企业在台湾进行的投资，修订建议在台湾进行的投资项目将需遵从境外相同的投资体制，另外规定发改委将征求国台办有关台湾交易的意见。

中国政府需要在控制资金外流和稳定国内经济的同时平衡中国企业在海外发展实现行业多元化、产业全球化、技术高级化的布局的需求。在短期内，虽然海外并购的步伐可能会因政策收紧放缓，但中长期来说，基于国际经济环境和机会以及国内竞争态势，中国企业海外并购会继续增长。

8. 最吸引中国投资者境外投资的有哪些行业？据观察所得，境外投资有哪些主要趋势？

随着中国逐步从出口为主的制造中心转型为技术为主的工业化环境，吸引了中国投资者对海外工业和技术产业进行战略性投资，主力收购对中国消费市场有用的行业诀窍、高价值产品/品牌、技术实力等。

主要境外投资趋势：

• 提出“一带一路”等政府倡议，放宽对境外投资的监管审批，旨在扩大中国的全球影响力；
• 在海外投资的中国企业对发达国家市场的资产进行分散投资；
• 通过战略性海外投资项目来提升股价和取得良好的市场反应；
• 将战略重点放在收购海外市场中有益于中国消费市场的技术性资产、高价值产品/品牌；
• 中国企业通过并购项目增加全球交易的参与度，提高这方面的经验。

9. 外国企业客户如果与中国投资者进行境内或境外投资项目，对他们有哪些建议？

在境内投资的外国企业客户必需:

• 了解目标公司：有必要在各方面对目标公司彻底地进行适当的尽职调查。此外，需要了解目标公司为什么要进行交易、想从交易中得到什么。
• 注意限制：了解外商投资该行业的限制和特定审批程序。注意国企和民企所适用的法规有所不同。
• 构建最适切的交易结构：鉴于中国适用法规有所不同，需决定是收购股权还是资产。
• 通知监管机构：注意是否需反垄断审查申报。如需申报，完成交易的时间可能大受影响。
• 考虑所有因素：其他重要因素如税务和外汇方面的问题必须要考虑。外国投资者如何安排境内投资会受到该等问题的影响。

  和境外投资的中国投资者合作的外国企业则要处理好以下各方面：

• 中国的审批：确认中国投资者已取得境外投资批准—境外投资不超过20亿美元的，如涉及敏感国家或地区，或者涉及敏感产业，需取得发改委批准；而且无论金额多寡，如涉及敏感国家或地区，或者涉及敏感产业，一律需商务部批准。视情况而定，也需要国有资产监督管理委员会、中国保险监督管理委员会等其他行业监管部门的批准。
• 资金充足：确定中国投资者有能力取得外汇用于收购—中国政府已收紧对资金外流的管控。据悉，国家外汇管理局已收紧银行的境外收购换汇额度。
• 安全审查门槛：注意合并管控方面的备案、审批要求(如美国外国投资委员会、澳大利亚外国投资审查委员会的批准)，以及中国或东道国法规下的国家安全审查。
• 保障措施：为了减轻中外政府机关监管审查方面的风险，外国卖方可考虑收取反向分手费和不设退还的保证金。
• 整合安排：外国卖方和中国投资者在对交易进行协商时可考虑分割和过渡期服务安排，包括IT分割、品牌终止使用、技术支持等其他过渡期服务。

10. 未来12个月的并购趋势和投资策略将有什么变化？

未来12个月的并购趋势和投资策略将有所变化，包括对先进国家的境外并购将继续增长，主要聚焦于技术行业、高价值产品/品牌、高价值产业。“一带一路”倡议将吸引中国投资者收购全球基础建设方面的境外资产。由于高杠杆比率和国企往往依赖债务融资，国企在境外并购项目中所扮演的角色将削弱。

中通快递、顺丰速运、圆通速递等中国物流业龙头企业在未来12个月有可能进行整合，其他企业则有可能筹募资金用于收购。此外，物流产业在技术和数据分析方面的大跃进，也将进一步引发并购。

中国传媒/娱乐产业也有可能进行整合，尤其是电影院线产业。虽然大连万达集团等中国企业已在海外投资各类传媒/娱乐产业，但是这些公司也开始收购其他中国电影院线，以达到扩大市场份额、增加协同效益之目的。

吴苏 合伙人

宝维斯律师事务所

+86 10 5828 6318

+86 10 6530 9070/9080

[email protected]

中华人民共和国北京市朝阳区东三环中路7号

北京财富中心写字楼A座3601室

邮政编码：100020

吴苏律师是公司业务部的合伙人，常驻北京。吴律师主要为中国有关的私募股权投资和跨境并购项目提供法律咨询服务。同时，吴律师在战略收购和特别投资机会方面尤其具有经验。吴律师的客户主要是金融机构、私募股权公司、中国公司以及跨越多个行业运营的跨国公司，包括食品、饮料、金融服务、零售、房地产、医疗保健和能源。

吴律师为私募基金投资者和企业在华及海外投资投供法律服务，客户包括KKR、摩根士丹利私募股权、TPG、渣打私募股权、弘毅投资、IDG、CIC、国家电网和腾讯。

吴律师取得牛津大学法学硕士学位，具有香港执业律师资格，且能说流利的英语、广东话和普通话。

Judie Ng Shortell of Paul, Weiss, Rifkind, Wharton & Garrison describes the hottest trends fueling Chinese deal activity, solutions to top regulatory issues and vital tips for foreign and domestic M&A parties.

1. What have been the key regulatory developments affecting inbound M&A in the past 12 months?

In September 2016, the Standing Committee of the National People's Congress adopted a decision under which the foreign investment approval requirement was replaced by a filing system for foreign-invested enterprises (FIEs) that engage in a business that is not subject to restrictions or “special administrative measures for access” with effect from October 1, 2016. These non-restricted FIEs only need to make a filing with the Ministry of Commerce (MOFCOM).

To implement the new filing process, MOFCOM issued rules for filings in respect of the establishment of, and changes to, non-restricted FIEs (Filing Measures), and jointly with the National Development and Reform Commission (NDRC) released Announcement [2016] No. 22 (Announcement 22), which defines restricted businesses as those (i) specified under the restricted and prohibited categories of the Foreign Investment Industrial Guidance Catalogue (Amended in 2015) (Catalogue); and (ii) specified under the “encouraged” category but subject to foreign shareholding limits or requirements for senior management.

The Filing Measures simplified acquisitions of non-restricted FIEs. MOFCOM approval is no longer a condition to the completion of transfers of equity interests in non-restricted FIEs, as the filing can be made after completion. A new requirement is that the ultimate actual controller of the FIE must be disclosed under the rules.

In practice, MOFCOM still needs to provide details for the implementation of the Filing Measures to enable local commerce bureaus to proceed with the new filing regime.

In May 2015, China broadened its national security regime for all foreign investment activities in free trade zones (FTZs) in China.

Inside the FTZs, all foreign investments that have national security implications must undergo national review, regardless of whether they are structured:

• As new enterprises;
• Through a merger or acquisition of a pre-existing enterprise; or
• By way of other investments, such as through contractual arrangements, share entrustments, trusts, reinvestments, overseas transactions, leases or convertible bond subscriptions.

It is anticipated that a similar type of extensive review regime will ultimately be adopted nationwide.

2. Can you describe China's merger control regime and process?

Under the PRC Anti-Monopoly Law, transactions triggering a change of business concentration must file a pre-merger notification to MOFCOM if the concentration reaches certain thresholds.

The relevant thresholds are met where either of the following are satisfied:

• The combined worldwide turnover of all business operators in the prior fiscal year is more than Rmb10 billion, and the domestic turnover of each of at least two of the business operators in the prior fiscal year is more than Rmb400 million.
• The combined domestic turnover of all business operators in the prior fiscal year is more than Rmb2 billion, and the domestic turnover of each of at least two of the business operators in the prior fiscal year is more than Rmb400 million.

The process:

• Upon receipt of all the application documents, MOFCOM will conduct a preliminary review and decide whether to initiate a further review within 30 days.
• If initiated, MOFCOM must either complete the further review within 90 days following the date of its decision to do so or extend its review for a further 60 days, after which time it is required to give its decision.
• However, the time periods above only commence when the application is formally accepted by MOFCOM.

MOFCOM is aware that merger reviews have caused delays for the completion of M&A transactions. To streamline the merger review process, MOFCOM launched a simplified merger review procedure in 2014. The simplified procedure is available in the following circumstances:

• Horizontal mergers where in the same relevant market, the collective market share of all operators concerned in the concentration is less than 15%;
• Vertical mergers where the market share of each of the operators concerned in the concentration in each of the relevant upstream and downstream markets is less than 25%;
• Mergers that are neither horizontal nor vertical where the market share of each of the operators concerned in the concentration in each of the markets is less than 25%;
• Offshore joint ventures or acquisitions where the arrangement or target does not engage in business within China.
• Reduction of the number of controlling parties.

The simplified track may reduce review timing to two to three months (as opposed to four to six months for the normal procedure).

3. Which industries have attracted the most foreign investment and experienced the most M&A activity?

Throughout the past year, the TMT industry in China has attracted the most foreign investment and experienced the most M&A activity.

Foreign investment into China has attracted growth despite a slowing domestic economy, specifically in the technology sector. Investors from the U.S. and EU have been some of the biggest contributors to this trend. According to MOFCOM, FDI into China rose 4.2% to reach $98 billion (Rmb666.3 billion) in the first ten months of the year.

We expect to see continued growth in FDI in China in the future due to MOFCOM's reforms aimed at benefiting FIEs.

The TMT industry continues to be the most active M&A sector in China with over $100 billion in deal value despite fluctuating macroeconomic conditions. This trend has been led by mega-deals such as Tencent's $8.6 billion acquisition of Supercell, Didi Chuxing's $7 billion takeover of Uber's operation in China, HNA Group's $6 billion acquisition of Ingram Micro, among others. The fintech sector has seen a particular rise in M&A activity from top Chinese internet companies like Alibaba, Baidu, Tencent due to the huge growth potential in financial infrastructure in China.

4. Which sectors have recently opened up to increased foreign shareholding or ownership?

• E-commerce: Online data processing and transaction processing is now fully open to foreign investment.
• Energy: The construction of power grids has been moved from the restricted to encouraged category in the 2015 Catalogue. The construction and operation of power stations using renewable energy is also encouraged under the Catalogue.
• Real estate: Restrictions on foreign investment in subways and real property projects have been lifted in the Catalogue. The construction and operation of rail transit is encouraged and no longer requires a Chinese majority shareholder.

5. Which recent transactions have highlighted the One Belt, One Road initiative?

China's One Belt, One Road initiative set out by President Xi Jinping aims to create an economic belt in the Eurasia region and to develop a modern maritime “Silk Road” to connect China's ports with Africa's coasts and the Mediterranean through Southeast Asia and the Suez Canal.

A recent transaction that highlights this initiative include Shanghai Electric's majority stake investment in Pakistan's K-Electric; which was the largest M&A deal in Pakistan in a decade according to Reuters. This transaction comes after China's pledge of $46 billion in infrastructure projects in Pakistan, known as the “China Pakistan Economic Corridor”, which will pave the way to link China's trade with the Arabian Sea.

Other examples of One Belt, One Road transactions include:

• The Thar Coal power project in Pakistan involving Chinese sponsors and lenders;
• China Everbright Group's takeover of an Albanian airport operator, the first major investment by a Chinese company into Albania; and
• China COSCO's takeover of the Greek port of Piraeus, the second largest privatization deal in Greece this year.

6. How important is M&A due diligence in China?

Due diligence is a vital element for a successful M&A in China, especially for inbound foreign investors.

Legal, financial and tax due diligence must be conducted carefully and thoroughly. In addition, due diligence should also cover any third-party agents acting on behalf of the target to identify possible compliance violations.

Other types of due diligence should also be performed on the target company in China, in particular, reviews on anti-corruption compliance. Investigations on any violations of the Foreign Corrupt Practices Act of the U.S., the Bribery Act of the UK and other foreign anti-corruption regulations that may apply to foreign investors in China should be conducted. This must be a priority particularly for corruption-prevalent industries such as pharmaceutical and healthcare. Review of other matters such as environmental protection is necessary if the target is engaged in environment-related sectors. More care in the due diligence exercise is called for if the transaction involves government entities or state-owned enterprises (SOEs).

7. Will outbound approval measures be further relaxed? What does this mean for the global bidding power of Chinese acquirers?

It is reported that the Chinese government plans to tighten controls on Chinese companies seeking to invest overseas in order to slow down capital outflow. It is understood that the measures to be adopted will mainly be targeted at large transactions of deal values exceeding $10 billion, property investments by SOEs above $1 billion, and investments of $1 billion or more by any Chinese company in an overseas entity unrelated to the buyer's core business. The new controls are likely to be temporary, remaining in effect until the end of September 2017, when the next leadership reshuffle takes place.

Hopefully, after stabilizing the market and currency, further relaxation can continue to push ahead, implementing the NDRC's Measures for the Administration of the Check and Approval and Record Filing of Overseas Investment Projects (Draft for Public Comments) (Outbound Draft), which was published in April 2016 for public consultation, further streamlining the outbound approval process. The proposed amendments are:

• The NDRC will assume final verification authority over outbound investments in a sensitive country or industry without reference to a minimum threshold amount, and State Council approval will no longer be required.
• The requirement for a confirmation letter will be removed.

In the initial stage, a simple “letter of receipt” will replace the “letter of confirmation”.

In the second stage, registration will still be required but the filing process will be simplified.

• The requirement for a letter from a bank expressing its intent to finance the transaction will be removed.
• While the Measures do not apply to investments made by Chinese enterprises in Taiwan, the Outbound Draft proposes that investment projects in Taiwan will be subject to the same offshore investment regime with the additional requirement that the NDRC will consult with the Taiwan Affairs Office on the transaction.

The Chinese government needs to balance both the need to control capital outflow and stabilize the domestic economy and the growing demands of Chinese enterprises to expand outside of China to diversify, internationalize and gain access to technology and knowhow. Although outbound investments may slow down in the short term as a result of the reported tightening measures, in the medium to long run, Chinese outbound acquisitions will inevitably continue to increase due to opportunities presented by the global economy and the domestic competitive landscape in China.

8. Which sectors have Chinese investors been most drawn to overseas? What are the key outbound trends you are witnessing?

As China is moving from an export-driven manufacturing hub to a technologically-centered industrialized environment, Chinese investors have been drawn into investing strategically into the industrials and technology sectors overseas. This strategy focuses on acquiring industrial know-how, high-value products and brands, as well as technological capabilities that can be offered back to the Chinese consumer market.

The key outbound trends include:

• Government policies such as the One Belt, One Road initiative and relaxed regulatory reviews that encourage outbound investing in an effort to increase Chinese influence globally;
• Chinese companies investing overseas to diversify their assets in developed and mature markets;
• Rising stock prices and positive market reactions through strategic overseas acquisitions;
• Strategic focus on procuring technology-driven assets, as well as high-value foreign products and brands that can be offered to domestic consumers; and
• Heightened sophistication by Chinese M&A players as they increase their involvement in global transactions.

9. What is your advice to foreign clients engaging in deals with Chinese investors, both inbound and outbound?

It is important for foreign inbound investors to:

• Know your target: It is essential to perform proper due diligence of the target in all relevant aspects thoroughly. In addition, understand why the target enters into the transaction and what it expects to gain from the deal.
• Be aware of the limits: Take note of any restrictions for foreign investment in the particular industry and whether there are specific approval requirements. Also, different regulations apply if the target is an SOE or a private company.
• Optimize the deal structure: Decide whether it is an equity or asset acquisition as different Chinese regulations are applicable.
• Notify the regulators: Be aware of the requirement to file for merger review. If such review is necessary, it may significantly change the timing for the completion of the transaction.
• Consider all factors: Other key issues such as tax and foreign exchange must be taken into account. These may impact how the foreign investor should structure its inbound acquisition.

As for foreign companies working with outbound Chinese investors, it is advisable to ensure the following:

• China's approval: Confirm the Chinese investor has obtained approval for the outbound investment. An outbound investment of less than $2 billion involving a sensitive country or region or a sensitive industry requires NDRC approval. MOFCOM approval is also required, regardless of the amounts involved, if the investment is made in a sensitive country, region or industry. Approvals from other government departments, such as the State Asset Supervision and Administration Commission, and industry regulators such as the China Insurance Regulatory Commission may also be required.
• Enough funds: Confirm the Chinese investor's ability to obtain foreign exchange to fund the acquisition. The Chinese government has been tightening measures to prevent capital outflows. There have been reports that the State Administration of Foreign Exchange has tightened bank quotas for currency swaps to fund outbound acquisitions.
• Thresholds: Be aware of merger control filings, requirements for approval (such as by the Committee on Foreign Investment in the U.S. or the Foreign Investment Review Board of Australia), and security reviews required under the regulations of China or the host country.
• Safeguarding measures: To address the risks that may result from Chinese and foreign country regulation and review, foreign sellers may consider asking for reverse break fees and non-refundable deposits.
• Integration details: Consider separation and transitional services arrangements, including IT separation, de-branding requirements, technical support and other transitional services should be considered by both the foreign seller and the Chinese investor in their negotiations of the transaction.

10. How do you see M&A trends and investment strategies evolving over the next 12 months?

The deal trends and investment strategies to evolve in the next year include continued growth in outbound M&A into developed countries, with a focus on sectors such as technology, high-value products, brands and industries. One Belt, One Road will also attract Chinese investors to acquire foreign assets in infrastructure globally. SOEs may play a less prominent role in outbound M&A due to a high leverage and their frequent reliance on debt financing.

We are likely to see a consolidation within China's top logistics companies within the next 12 months with companies such as ZTO Express, SF Express, YTO Express, and others raise funds to fuel their acquisition appetites. In addition, logistics technology and data analytics are advancing substantially, leading to a further appetite for M&A deals.

Another likely consolidation will be the media & entertainment sector in China, specifically in the cinema sector. While Chinese corporations like Dalian Wanda Group have been investing overseas into various media & entertainment assets, these companies have also begun acquiring other China-based cinema competitors to gain market share and increase synergy.

Judie Ng Shortell, Partner

Paul, Weiss, Rifkind, Wharton & Garrison

+86 10 5828 6318

+86 10 6530 9070/9080

[email protected]

Unit 3601, Office Tower A

Beijing Fortune Plaza

No. 7 Dongsanhuan Zhonglu

Chaoyang District

Beijing, 100020 PRC

Judie Ng Shortell is a partner in the corporate department based in the firm's Beijing office. Her practice focuses on China-related private equity investments and cross-border mergers and acquisitions. Judie is particularly experienced in strategic acquisitions and special situations. Her clients are primarily financial institutions, private equity firms, Chinese companies and multinational corporations which operate across a number of industries, including food and beverage, financial services, retail, real estate, healthcare and energy.

Judie has advised private equity firms and corporates in their investments in and outside of China, including KKR, Morgan Stanley Private Equity, TPG, Standard Chartered Private Equity, Hony Capital, IDG, CIC, China State Grid and Tencent.

Judie obtained her MA in jurisprudence at Oxford University, and is admitted to practice law in Hong Kong. She is fluent in English, Mandarin and Cantonese.

宝维斯律师事务所的吴苏律师详述了促进中国并购交易的最新趋势、应对主要监管问题的方法以及给中外并购方的必备锦囊。

1. 过去十二个月有什么主要监管法规影响外商在中国的并购活动的？

全国人民代表大会常务委员会于2016年9月通过了一项决定，根据该项决定，自2016年10月1日起，外商投资的审批规定被外资企业(“外资企业”)的备案制度取代，而有关的外资企业为从事不受特别限制或不涉及“实施准入特别管理措施”业务的企业。这些非限制性外资企业只需要在商务部(“商务部”)完成备案手续。

为了落实新的备案制度，商务部就不受限制的外资企业的设立和后续变更发布了备案规定(“备案管理办法”)，并与国家发展和改革委员会(“发改委”)共同发布了[2016年]第22号公告(“第22号公告”)，将受限制业务明确为(i)《外商投资产业指导目录(2015年修订)》(“目录”)中规定的“限制类”和“禁止类”业务，以及(ii)“鼓励类”中有外资股权限制或高管要求的业务。

备案管理办法简化了非限制性外资企业的收购规定。取得商务部的批准不再是非限制性外资企业股权转让交易的一项前提条件，所需的备案手续可在交割之后再办理。

备案管理办法的一项新规定是必须披露外资企业的最终实际控制人。

在实践中，商务部仍然需要颁布执行备案管理办法的详细资料，以便地方商务部门能够实施新的备案制度。

2015年5月，中国就所有在自由贸易区(“自贸区”)内的外商投资活动，采取了范围更广泛、更全面的国家安全审查制度。

自贸区内，所有对国家安全有影响的外商投资都必须接受国家安全审查，无论这些外商投资是否：

• 新建企业；
• 通过合并或收购已设立企业；或
• 通过其他投资方式，例如通过协议控制、代持、信托、再投资、境外交易、租赁或认购可转换债券等。

  我们预期类似的安全审查制度最终将会在全国全面的实施。

2. 可否说明中国的合并管理制度和程序？

根据《反垄断法》，涉及经营者集中变化的交易，如果经营者集中达到某一门槛，则需事先向商务部申报。

只要满足以下任何一项，即达到相关的门槛：

• 所有业务经营者在上一个会计年度的合并全球营业额超过人民币100亿元，而其中至少两个经营者在上一个会计年度的国内营业额均超过人民币4亿元。
• 所有业务经营者在上一个会计年度的合并国内营业额超过人民币20亿元，而其中至少两个经营者在上一个会计年度的国内营业额均超过人民币4亿元。

程序：

• 商务部收到所有申报文件后30日内，将进行初步审查及决定是否实施进一步审查。
• 如果实施进一步审查的，商务部必须自其决定作出之日起90日内完成审查，或者将审查期限再延展60日，延长期届满后，商务部需公布决定。
• 但是，上述期限只从商务部的反垄断部门接受申请文件之日起计算。

商务部明白合并审查对并购交易的完成造成延误。为了简化合并审查程序，商务部于2014年公布了合并审查简易程序。简易程序适用于下列情况：

• 在同一相关市场，所有参与集中的经营者所占的市场份额之和小于15%的横向并购；
• 存在上下游关系的参与集中的经营者，在上下游市场所占的份额均小于25%的纵向并购；
• 参与集中经营者，在每个市场所占的份额均小于25%的非横向且非纵向的并购；
• 合营企业或目标公司不在中国境内经营业务的境外合营或并购交易。
• 控股方的数目减少。

简化后的审查可把审查时间缩短至2至3个月(正常的审查程序约需4至6个月)。

3. 哪一种行业吸引最多外商投资和有最多并购活动？

在过去一年里，中国境内的技术、媒体、电信行业吸引了最多的外商投资和进行了最多的并购活动。

尽管中国经济发展放缓，中国境内的外商投资增加，尤其是技术领域的外商投资。美国和欧盟的投资者成为此一投资趋势的主力。根据商务部的资料，中国境内的外商直接投资在今年的首十个月增加了4.2%，达到980亿美元(人民币6,663亿元)。

由于商务部将进行有利于外资企业的外资企业改革，我们预期中国境内的外商直接投资将继续增加。

虽然宏观经济条件不稳定，技术、媒体、电信行业继续是中国境内最多并购活动的行业，交易价值超过1,000亿美元。这一潮流主要由一些巨型交易主导，其中包括腾讯以86亿美元收购Supercell、滴滴出行以70亿美元收购优步在中国的业务、海航集团以60亿美元收购英迈。由于中国金融基础设施发展有巨大的空间，阿里巴巴、百度、腾讯等中国公司积极进行并购，使金融科技行业的并购活动迅速增加。

4. 哪些行业最近放开外资股比限制？

• 电子商务：在线数据处理与交易处理业务现在已全面开放外商投资。
• 能源：目录中属于限制类产业的电网建设已移至鼓励类产业。利用再生能源的电站的建设和经营也成为目录中的鼓励产业。
• 房地产：目录中限制外商投资的隧道和房产地产项目也不再属于限制产业。铁路运输的建设和经营成为鼓励外商投资产业并且不再需要中国籍的多数股东。

5. 最近哪些交易突出“一带一路”的战略构想？

中国提倡的“一带一路”是习近平主席制订的经济战略，目的是在欧亚地区创造一个经济带，发展一条现代海上“丝绸之路”，通过东南亚和苏伊士运河连接中国的港口和非洲海岸及地中海。

近期突出这个战略构想的交易中包括上海电气收购巴基斯坦电力公司K-Electric控股股份。根据路透社报道，该交易是巴基斯坦十年来规模最大的并购交易。是次交易是中国承诺向巴基斯坦投资460亿美元基础设施的中巴经济走廊其中一个项目，该走廊为连接中国和阿拉伯海域之间的贸易奠定基础。

• “一带一路”交易的其他例子包括：
• 中国创办人和贷款人参与的巴基斯坦塔尔煤炭能源项目；
• 中国光大集团收购阿尔巴尼亚的机场运营商，是中国公司对阿尔巴尼亚第一个重大投资；和
• 中国中远集团收购希腊比雷埃夫斯港，是希腊今年第二大私有化交易。

6. 在中国进行并购尽职调查有多重要？

尽职调查，特别是对境内外商投资者而言，是中国境内并购项目成功一个主要因素。

必须进行谨慎彻底的法律、财务和税务尽职调查。此外，尽职调查范围还应该涵盖代表目标公司行事的第三方代理人以确定可能存在的违规问题。

也应对中国境内的目标公司进行其他种类的尽职调查，特别是反腐败方面的合规审查。应进行违反美国《海外反腐败法》、英国《贿赂法》和适用于中国境内外国投资者的其他海外反腐败法规方面的调查。反腐败尽职调查应优先进行，尤其是医药和保健等腐败频生的产业。如果目标公司从事环保相关产业，必须进行环保等其他事宜方面的审查。如果交易涉及政府实体或国有企业，需要进行更谨慎的尽职调查。

7. 会否进一步放宽境外投资的限制？这对中国收购人的全球竞标能力意味着什么？

据报道，中国政府拟收紧中国公司海外投资，以便进一步控制资金外流。正在酝酿的措施主要针对超过100亿美元的大型海外收购项目、国有企业在境外建设和投资额在10亿美元或以上的地产项目也和超过10亿美元的中国企业非主营业务并购。据报道，新措施将为暂时性的，并会在2017年9月中国下次领导层换届前有效。

希望在市场和货币稳定后，进一步放宽海外并购的措施，如发改委于2016年4月颁布的关于对《境外投资项目核准和备案管理办法》(“办法”)的修订公开征求意见稿可以得以实施，建议修订如下：

• 涉及敏感国家、敏感行业的境外投资项目无论投资金额多少，发改委均拥有最终的核准权，无需国务院核准。
• 撤销确认函的规定。

初步阶段 – 简单的“备案回执”将取代“确认函”。

第二阶段 – 需要进行登记但将简化备案申报程序。

• 撤销由银行出具融资意向书的规定。
• 虽然办法不适用于中国企业在台湾进行的投资，修订建议在台湾进行的投资项目将需遵从境外相同的投资体制，另外规定发改委将征求国台办有关台湾交易的意见。

中国政府需要在控制资金外流和稳定国内经济的同时平衡中国企业在海外发展实现行业多元化、产业全球化、技术高级化的布局的需求。在短期内，虽然海外并购的步伐可能会因政策收紧放缓，但中长期来说，基于国际经济环境和机会以及国内竞争态势，中国企业海外并购会继续增长。

8. 最吸引中国投资者境外投资的有哪些行业？据观察所得，境外投资有哪些主要趋势？

随着中国逐步从出口为主的制造中心转型为技术为主的工业化环境，吸引了中国投资者对海外工业和技术产业进行战略性投资，主力收购对中国消费市场有用的行业诀窍、高价值产品/品牌、技术实力等。

主要境外投资趋势：

• 提出“一带一路”等政府倡议，放宽对境外投资的监管审批，旨在扩大中国的全球影响力；
• 在海外投资的中国企业对发达国家市场的资产进行分散投资；
• 通过战略性海外投资项目来提升股价和取得良好的市场反应；
• 将战略重点放在收购海外市场中有益于中国消费市场的技术性资产、高价值产品/品牌；
• 中国企业通过并购项目增加全球交易的参与度，提高这方面的经验。

9. 外国企业客户如果与中国投资者进行境内或境外投资项目，对他们有哪些建议？

在境内投资的外国企业客户必需:

• 了解目标公司：有必要在各方面对目标公司彻底地进行适当的尽职调查。此外，需要了解目标公司为什么要进行交易、想从交易中得到什么。
• 注意限制：了解外商投资该行业的限制和特定审批程序。注意国企和民企所适用的法规有所不同。
• 构建最适切的交易结构：鉴于中国适用法规有所不同，需决定是收购股权还是资产。
• 通知监管机构：注意是否需反垄断审查申报。如需申报，完成交易的时间可能大受影响。
• 考虑所有因素：其他重要因素如税务和外汇方面的问题必须要考虑。外国投资者如何安排境内投资会受到该等问题的影响。

  和境外投资的中国投资者合作的外国企业则要处理好以下各方面：

• 中国的审批：确认中国投资者已取得境外投资批准—境外投资不超过20亿美元的，如涉及敏感国家或地区，或者涉及敏感产业，需取得发改委批准；而且无论金额多寡，如涉及敏感国家或地区，或者涉及敏感产业，一律需商务部批准。视情况而定，也需要国有资产监督管理委员会、中国保险监督管理委员会等其他行业监管部门的批准。
• 资金充足：确定中国投资者有能力取得外汇用于收购—中国政府已收紧对资金外流的管控。据悉，国家外汇管理局已收紧银行的境外收购换汇额度。
• 安全审查门槛：注意合并管控方面的备案、审批要求(如美国外国投资委员会、澳大利亚外国投资审查委员会的批准)，以及中国或东道国法规下的国家安全审查。
• 保障措施：为了减轻中外政府机关监管审查方面的风险，外国卖方可考虑收取反向分手费和不设退还的保证金。
• 整合安排：外国卖方和中国投资者在对交易进行协商时可考虑分割和过渡期服务安排，包括IT分割、品牌终止使用、技术支持等其他过渡期服务。

10. 未来12个月的并购趋势和投资策略将有什么变化？

未来12个月的并购趋势和投资策略将有所变化，包括对先进国家的境外并购将继续增长，主要聚焦于技术行业、高价值产品/品牌、高价值产业。“一带一路”倡议将吸引中国投资者收购全球基础建设方面的境外资产。由于高杠杆比率和国企往往依赖债务融资，国企在境外并购项目中所扮演的角色将削弱。

中通快递、顺丰速运、圆通速递等中国物流业龙头企业在未来12个月有可能进行整合，其他企业则有可能筹募资金用于收购。此外，物流产业在技术和数据分析方面的大跃进，也将进一步引发并购。

中国传媒/娱乐产业也有可能进行整合，尤其是电影院线产业。虽然大连万达集团等中国企业已在海外投资各类传媒/娱乐产业，但是这些公司也开始收购其他中国电影院线，以达到扩大市场份额、增加协同效益之目的。

吴苏 合伙人

宝维斯律师事务所

+86 10 5828 6318

+86 10 6530 9070/9080

[email protected]

中华人民共和国北京市朝阳区东三环中路7号

北京财富中心写字楼A座3601室

邮政编码：100020

吴苏律师是公司业务部的合伙人，常驻北京。吴律师主要为中国有关的私募股权投资和跨境并购项目提供法律咨询服务。同时，吴律师在战略收购和特别投资机会方面尤其具有经验。吴律师的客户主要是金融机构、私募股权公司、中国公司以及跨越多个行业运营的跨国公司，包括食品、饮料、金融服务、零售、房地产、医疗保健和能源。

吴律师为私募基金投资者和企业在华及海外投资投供法律服务，客户包括KKR、摩根士丹利私募股权、TPG、渣打私募股权、弘毅投资、IDG、CIC、国家电网和腾讯。

吴律师取得牛津大学法学硕士学位，具有香港执业律师资格，且能说流利的英语、广东话和普通话。