domestic limited liability company, the registered capital of a
foreign investment enterprise established after the merger shall be
the sum of the original domestic company’s registered capital and
the increased capital. The foreign investor and other original
shareholders of the merged domestic company shall, on the basis of
the asset evaluation of the domestic company, determine the
proportions of their respectively contributed investments in the
foreign investment enterprise’s registered capital.
外国投资者认购境内股份有限公司增资的，按照《公司法》有关规定确定注册资本。
Where a foreign investor purchases the increased capital of a
domestic joint stock company, the registered capital of a foreign
investment enterprise established after the merger shall be
determined in accordance with the relevant provisions in the Company
Law of the People’s Republic of China.
第十九条 外国投资者股权并购的，除国家另有规定外，对并购后所设外商投资企业应按照以下比例确定投资总额的上限：
Article 19 Where a foreign investor merges a domestic enterprise by
equity merger, the upper limit of the total investment amount of the
foreign-funded enterprise established after the merger shall be
determined according to the following proportions, unless it is
otherwise provided in relevant state’s laws and regulations:
（一） 注册资本在210万美元以下的，投资总额不得超过注册资本的10/7；
(1) if the registered capital is less than USD 2,1 million, the
total investment amount shall not exceed ten sevenths (10/7) of the
registered capital;
（二） 注册资本在210万美元以上至500万美元的，投资总额不得超过注册资本的2倍；
(2) if the registered capital is more than USD 2,1 million but less
than USD 5 million, the total investment amount shall not exceed 2
times of the registered capital;
（三） 注册资本在500万美元以上至1200万美元的，投资总额不得超过注册资本的2.5倍；
(3) if the registered capital is more than USD 5 million but less
than USD 12 million, the total investment amount shall not exceed
2.5 times of the registered capital;
（四） 注册资本在1200万美元以上的，投资总额不得超过注册资本的3倍。
(4) if the registered capital is more than USD 12 million, the total
investment amount shall not exceed 3 times of the registered
capital.
第二十条
外国投资者资产并购的，应根据购买资产的交易价格和实际生产经营规模确定拟设立的外商投资企业的投资总额。拟设立的外商投资企业的注册资本与投资总额的比例应符合有关规定。
Article 20 Where a foreign investor merges a domestic enterprise by
asset merger, it shall determine the total investment amount of the
foreign investment enterprise under planned establishment according
to the transaction price for purchasing the assets and the actual
scale of production and operation. The proportion of the registered
capital of the foreign investment enterprise under planned
establishment in its total investment amount shall conform to
relevant provisions.
第三章 审批与登记
Chapter 3 Approval and Registration
第二十一条
外国投资者股权并购的，投资者应根据并购后所设外商投资企业的投资总额、企业类型及所从事的行业，依照设立外商投资企业的法律、行政法规和规章的规定，向具有相应审批权限的审批机关报送下列文件：
Article 21 Where a foreign investor merges a domestic enterprise by
equity merger, it shall, pursuant to the total investment amount of
the foreign investment enterprise under planned establishment, the
type of the enterprise and the industry it engages in, submit the
following documents to the approval authority with the corresponding
approval power in accordance with the laws, administrative
regulations and departmental rules on establishment of foreign
investment enterprises:
（一） 被并购境内有限责任公司股东一致同意外国投资者股权并购的决议，或被并购境内股份有限公司同意外国投资者股权并购的股东大会决议；
(1) the resolution of the shareholders of the merged domestic
limited liability company on unanimous consent of the foreign
investor’s equity merger, or resolution of the shareholders’ meeting
of the merged domestic stock limited company on consent of the
foreign investor’s equity merger;
（二） 被并购境内公司依法变更设立为外商投资企业的申请书；
(2) the application for the merged domestic company to be modified
in accordance with the law into and be established as a foreign
investment enterprise;
（三） 并购后所设外商投资企业的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise established after the merger;
（四） 外国投资者购买境内公司股东股权或认购境内公司增资的协议；
(4) the agreement on the foreign investor’s purchase of the
shareholders’ equity of the domestic company or on the subscription
of the domestic company to increase capital;
（五） 被并购境内公司上一财务年度的财务审计报告；
(5) the financial auditing report of the merged domestic company in
the previous accounting year;
（六） 经公证和依法认证的投资者的身份证明文件或注册登记证明及资信证明文件；
(6) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（七） 被并购境内公司所投资企业的情况说明；
(7) the statement on the enterprises invested by the merged domestic
company;
（八） 被并购境内公司及其所投资企业的营业执照(副本)；
(8) the business licenses (duplicates) of the merged domestic
company and of the enterprises it invests in;
（九） 被并购境内公司职工安置计划；
(9) the plan for re-settlement of the merged domestic company’s
employees;
（十） 本规定第十三条、第十四条、第十五条要求报送的文件。
(10) the documents required in articles 13, 14 and 15 hereof.
并购后所设外商投资企业的经营范围、规模、土地使用权的取得等，涉及其他相关政府部门许可的，有关的许可文件应一并报送。
Where the business scope, scale and obtainment of land use right of
the foreign investment enterprise established after the merger
involves permits from other relevant governmental departments, the
relevant permit documents shall be submitted along with those
provided for in the preceding paragraph.
第二十二条 股权购买协议、境内公司增资协议应适用中国法律，并包括以下主要内容：
Article 22 The equity purchase agreement, capital increase agreement
for domestic company shall be governed by Chinese laws, and shall
include the following contents:
（一） 协议各方的状况，包括名称（姓名），住所，法定代表人姓名、职务、国籍等；
(1) information regarding each party to the agreements, including
its name, domicile, and the name, position and nationality, etc. of
its legal representative;
（二） 购买股权或认购增资的份额和价款；
(2) the proportions and price of the purchased equity or the capital
increased from subscription;
（三） 协议的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 协议各方的权利、义务；
(4) the rights and obligations of each party to the agreements;
（五） 违约责任、争议解决；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 协议签署的时间、地点。
(6) the date and place for conclusion of the agreements.
第二十三条
外国投资者资产并购的，投资者应根据拟设立的外商投资企业的投资总额、企业类型及所从事的行业，依照设立外商投资企业的法律、行政法规和规章的规定，向具有相应审批权限的审批机关报送下列文件：
Article 23 Where a foreign investor merges a domestic enterprise by
asset merger, it shall, pursuant to the total investment amount of
the foreign investment enterprise under planned establishment, the
type of the enterprise and the industry it engages in, submit the
following documents to the approval authority with the corresponding
approval power in accordance with the laws, administrative
regulations and departmental rules on establishment of foreign
investment enterprises:
（一） 境内企业产权持有人或权力机构同意出售资产的决议；
(1) the resolution of the property holders or authority of the
domestic enterprise on agreeing to sell the assets;
（二） 外商投资企业设立申请书；
(2) the application for the establishment of the foreign investment
enterprise;
（三） 拟设立的外商投资企业的合同、章程；
(3) the contract and articles of association of the foreign
investment enterprise to be established;
（四） 拟设立的外商投资企业与境内企业签署的资产购买协议，或外国投资者与境内企业签署的资产购买协议；
(4) the agreement concluded between the foreign investment
enterprise to be established and the domestic enterprise on purchase
of assets, or, the agreement concluded between the foreign investor
and the domestic enterprise on assets purchase;
（五） 被并购境内企业的章程、营业执照(副本)；
(5) the articles of association and business license (duplicates) of
the domestic enterprise subject to the Merger and Acquisition;
（六） 被并购境内企业通知、公告债权人的证明以及债权人是否提出异议的说明；
(6) the evidence of notice and public announcement to creditors by
the domestic enterprise subject to the Merger and Acquisition and
statement on whether or not any objection being made by creditors;
（七） 经公证和依法认证的投资者的身份证明文件或开业证明、有关资信证明文件；
(7) the identification certificate or incorporation certificate and
the credit certificate of the investor notarized and attested
according to law;
（八） 被并购境内企业职工安置计划；
(8) the plan for employees re-settlement of the domestic enterprise
subject to the Merger and Acquisition;
（九） 本规定第十三条、第十四条、第十五条要求报送的文件。
(9) the documents required to submitted in Article 13, Article 14
and Article 15 hereof.
依照前款的规定购买并运营境内企业的资产，涉及其他相关政府部门许可的，有关的许可文件应一并报送。
Where the assets of the domestic enterprise purchased and operated
in accordance with the preceding paragraph involves permits from
other relevant governmental departments, the relevant permit
documents shall be submitted along with those provided for in the
preceding paragraph.
外国投资者协议购买境内企业资产并以该资产投资设立外商投资企业的，在外商投资企业成立之前，不得以该资产开展经营活动。
Where a foreign investor purchases the assets of a domestic
enterprise by agreement and invests such assets in establishing a
foreign investment enterprise, it shall not, prior to the
establishment of the foreign investment enterprise, operate any
business with such assets.
第二十四条 资产购买协议应适用中国法律，并包括以下主要内容：
Article 24 The assets purchasing agreement shall be governed by the
laws of China, and shall include the following contents:
（一） 协议各方的状况，包括名称（姓名），住所，法定代表人姓名、职务、国籍等；
(1) information of each party to the agreements, including its name
and domicile, and the name, position and nationality, etc. of its
legal representative;
（二） 拟购买资产的清单、价格；
(2) the list and price of the assets under planned purchase;
（三） 协议的履行期限、履行方式；
(3) the term and method for performance of the agreements;
（四） 协议各方的权利、义务；
(4) the rights and obligations of each party to the agreements;
（五） 违约责任、争议解决；
(5) the liabilities for breach of the agreement and settlement of
disputes;
（六） 协议签署的时间、地点。
(6) the date and place for conclusion of the agreements.
第二十五条
外国投资者并购境内企业设立外商投资企业，除本规定另有规定外，审批机关应自收到规定报送的全部文件之日起30日内，依法决定批准或不批准。决定批准的，由审批机关颁发批准证书。
Article 25 Where a foreign investor merges a domestic enterprise to
establish a foreign investment enterprise, the approval authority
shall, unless otherwise provided for in the present provisions,
decide on, in accordance with the law, whether or not to grant the
approval within thirty (30) days as of the receipt of all the
documents submitted. If the approval authority decides to grant the
approval, it shall issue a certificate of approval.
外国投资者协议购买境内公司股东股权，审批机关决定批准的，应同时将有关批准文件分别抄送股权转让方、境内公司所在地外汇管理机关。
Where the approval authority decides to approve a foreign investor
to purchase by agreement the shareholders’ equity of a domestic
company, it shall simultaneously make copies of the relevant
approval documents separately to the foreign exchange administrative
authority at the equity transferor’s locality and that at the
domestic company’s locality.
股权转让方所在地外汇管理机关为其办理转股收汇外资外汇登记并出具相关证明，转股收汇外资外汇登记证明是证明外方已缴付的股权收购对价已到位的有效文件。
The foreign exchange administrative authority at the equity
transferor’s locality shall issue the relevant certificate on
registration of share transference foreign exchange earnings and
foreign exchange from foreign investment, which is the valid
document to prove that the foreign investor has paid the
consideration for equity subscription.
第二十六条 外国投资者资产并购的，投资者应自收到批准证书之日起30日内，向登记管理机关申请办理设立登记，领取外商投资企业营业执照。
Article 26 Where a foreign investor merges a domestic enterprise by
asset merger, it shall, within thirty (30) days as of the receipt of
the approval certificate of foreign investment enterprise, apply to
the administrative authority of registration for making registration
of establishment, and obtaining the foreign investment enterprise’s
business license.
外国投资者股权并购的，被并购境内公司应依照本规定向原登记管理机关申请变更登记，领取外商投资企业营业执照。
Where a foreign investor merges a domestic enterprise by equity
merger, the merged domestic company shall, in accordance with the
present provisions, apply to the original registration
administrative authority for registration of modification, and
obtaining the foreign investment enterprise’s business license.
原登记管理机关没有登记管辖权的，应自收到申请文件之日起10日内转送有管辖权的登记管理机关办理，同时附送该境内公司的登记档案。
If the original registration administrative authority has no
jurisdiction of registration, it shall, within ten (10) days as of
the receipt of the application documents, transfer them to an
administrative authority of registration with the jurisdiction for
handling the registration, and meanwhile attach the domestic
company’s registration files.
被并购境内公司在申请变更登记时，应提交以下文件，并对其真实性和有效性负责：
The merged domestic company shall, when applying for registration of
modification, submit the following documents, and be responsible for
their genuineness and validity:
（一）变更登记申请书；
(1) the application for registration of modification;
（二）外国投资者购买境内公司股东股权或认购境内公司增资的协议；
(2) the agreement on the foreign investor’s purchase of the
shareholders’ equity of the domestic company or on the subscription
of the domestic company to increase capital;
（三）修改后的公司章程或原章程的修正案和依法需要提交的外商投资企业合同；
(3) the amended articles of association of the company or the
amendment to the original articles of association, and the contract
of the foreign investment enterprise that needs to be submitted in
accordance with the law;
（四）外商投资企业批准证书；
(4) the foreign investment enterprise’s approval certificate;
（五）外国投资者的主体资格证明或者自然人身份证明；
(5) the subject qualification certificate or the natural person’s
identification certificate of the foreign investor;
（六）修改后的董事会名单，记载新增董事姓名、住所的文件和新增董事的任职文件；
(6) the amended name list of the board of directors, the documents
stating the names and domiciles of the newly increased directors,
and the documents on the positions held by the new directors;
（七）国家工商行政管理总局规定的其他有关文件和证件。
(7) other relevant documents and certificates provided for by the
State Administration for Industry and Commerce.
投资者自收到外商投资企业营业执照之日起30日内，到税务、海关、土地管理和外汇管理等有关部门办理登记手续。
The investor shall, within thirty (30) days as of the receipt of the
foreign investment enterprise’s business license, make registration
in the departments of taxation, customs, land administration and
foreign exchange control, etc.
第四章 外国投资者以股权作为支付手段并购境内公司
Chapter 4 Foreign Investors Merge Domestic Companies Using Equity to
Pay
第一节 以股权并购的条件
Section 1 Conditions for Equity Merger
第二十七条
本章所称外国投资者以股权作为支付手段并购境内公司，系指境外公司的股东以其持有的境外公司股权，或者境外公司以其增发的股份，作为支付手段，购买境内公司股东的股权或者境内公司增发股份的行为。
Article 27 The expression of "merger of domestic company by a
foreign investor using its equity to pay" mentioned in this Chapter
4 shall refer to that the shareholder of a overseas company, using
its equity in the overseas company or using its increased shares of
the overseas company to pay, purchases the shareholders’ equity in a
domestic company or purchases the increased shares of a domestic
company.
第二十八条
本章所称的境外公司应合法设立并且其注册地具有完善的公司法律制度，且公司及其管理层最近3年未受到监管机构的处罚；除本章第三节所规定的特殊目的公司外，境外公司应为上市公司，其上市所在地应具有完善的证券交易制度。
Article 28 The overseas company mentioned in this Chapter 4 shall be
legally established and its registration place shall have a sound
legal system on company administration, and the company and its
management shall have not been punished by relevant regulatory
authority in recent three (3) years. Except the special purpose
companies as provided for in Section Three of this Chapter Four, the
oversea company shall be a public listed company, and the listing
place shall have a sound management system on securities exchange.
第二十九条 外国投资者以股权并购境内公司所涉及的境内外公司的股权，应符合以下条件：
Article 29 When a foreign investor merges a domestic company by
equity merger, the equity of the domestic and overseas companies
involved in the merger shall satisfy the following conditions:
（一） 股东合法持有并依法可以转让；
(1) the equity is lawfully held by shareholders and may be assigned
according to law;
（二） 无所有权争议且没有设定质押及任何其他权利限制；
(2) the equity is free from any dispute over ownership, any pledge
or any other property encumbrance;
（三） 境外公司的股权应在境外公开合法证券交易市场（柜台交易市场除外）挂牌交易；
(3) the equity of the overseas company shall be listed on an
overseas open and lawful securities exchange market (excluding any
over-the-market counter exchange) for transaction;
（四） 境外公司的股权最近1年交易价格稳定。
(4) the transaction price of the overseas company’s equity is stable
in the latest one (1) year.
前款第（三）、（四）项不适用于本章第三节所规定的特殊目的公司。
The preceding Item (3) and Item (4) are not applicable to the
special purpose companies as provided for in Section 3 of this
Chapter 4.
第三十条 外国投资者以股权并购境内公司，境内公司或其股东应当聘请在中国注册登记的中介机构担任顾问（以下称“并购顾问”）。
Article 30 When a foreign investor merges a domestic company by
equity merger, the domestic company or its shareholders shall employ
an intermediary authority established and registered in China to act
as its consultant (hereinafter referred to as "the Merger
Consultant").
并购顾问应就并购申请文件的真实性、境外公司的财务状况以及并购是否符合本规定第十四条、第二十八条和第二十九条的要求作尽职调查，并出具并购顾问报告，就前述内容逐项发表明确的专业意见。
The Merger Consultant shall conduct a due diligence investigation on
the authenticity of application documents in the merger, the
financial status of overseas company and whether the merger is
compliance with the requirements provided for in Article 14, Article
28 and Article 29 hereof, and shall issue a merger consultant’s
report to give clear and professional advice on the above mentioned
contents item by item.
第三十一条 并购顾问应符合以下条件：
Article 31 The Merger Consultant shall satisfy the following
conditions:
（一） 信誉良好且有相关从业经验；
(1) to be with good credit standing and experiences in relevant
industries;
（二） 无重大违法违规记录；
(2) to be without record of serious violation of law or regulation;
（三） 应有调查并分析境外公司注册地和上市所在地法律制度与境外公司财务状况的能力。
(3) to be with the ability to investigate and analyze the legal
system in the registration and listing place of the overseas company
as well as the financial status of the overseas company.
第二节 申报文件与程序
Section 2 Application Documents and Procedures
第三十二条 外国投资者以股权并购境内公司应报送商务部审批，境内公司除报送本规定第三章所要求的文件外，另须报送以下文件：
Article 32 When a foreign investor merges a domestic company by
equity merger, it shall submit an application to the MOC, and the
domestic company shall also submit the following documents in
addition to the documents as required in Chapter 3 of the present
provisions:
（一） 境内公司最近1年股权变动和重大资产变动情况的说明；
(1) the statement on alteration in equity and material assets of the
domestic company in the latest one (1) year;
（二） 并购顾问报告；
(2) the merger consultant’s report;
（三） 所涉及的境内外公司及其股东的开业证明或身份证明文件；
(3) the certificate of incorporation or the identity certificate of
the domestic company, overseas company involved in the merger and
the shareholders of these companies;
（四） 境外公司的股东持股情况说明和持有境外公司5％以上股权的股东名录；
(4) the statement on shareholding status of the shareholders of the
overseas company and the name list of shareholders who hold more
than 5% equityof the overseas company;
（五） 境外公司的章程和对外担保的情况说明；
(5) the articles of association of the overseas company and
statement on external guarantee provided by the overseas company;
（六） 境外公司最近年度经审计的财务报告和最近半年的股票交易情况报告。
(6) the audited financial statements of the overseas company in
recent years and the statement on stock transaction in the latest
half a year.
第三十三条
商务部自收到规定报送的全部文件之日起30日内对并购申请进行审核，符合条件的，颁发批准证书，并在批准证书上加注“外国投资者以股权并购境内公司，自营业执照颁发之日起6个月内有效”。
Article33 MOC shall make an examination on the merger application
within thirty (30) days as of the receipt of all application
documents as required, and if the application can satisfy the
conditions, it shall issue a certificate therefore and indicate the
following words on the certificate "a foreign investor merges a
domestic company by equity merger, which is valid within six (6)
months as of the issuance of the business license".
第三十四条
境内公司应自收到加注的批准证书之日起30日内，向登记管理机关、外汇管理机关办理变更登记，由登记管理机关、外汇管理机关分别向其颁发加注“自颁发之日起8个月内有效”字样的外商投资企业营业执照和外汇登记证。
Article 34 Within thirty (30) days as of the receipt of certificate
&nb,sp; with the above mentioned indication, the domestic company shall go
through the procedures on registration of alteration with the
competent administrative authority of registration and the foreign
exchange administrative authority, and the administrative authority
of registration and the foreign exchange administrative authority
shall respectively issue the business license for a foreign
investment enterprise and the foreign exchange registration
certificate to the domestic company, on which it shall indicated the
words of "valid within eight (8) months as of its issuance".
境内公司向登记管理机关办理变更登记时，应当预先提交旨在恢复股权结构的境内公司法定代表人签署的股权变更申请书、公司章程修正案、股权转让协议等文件。
When the domestic company goes through procedures on registration of
alteration with the administrative authority of registration, it
shall in advance submit the application for equity alteration,
amendment to the articles of association and the agreement on equity
transference signed by the legal representative of the domestic
company for the purpose of restoration of equity structure.
第三十五条
自营业执照颁发之日起6个月内，境内公司或其股东应就其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。
Article 35 Within six (6) months as of the issuance of the business
license, the domestic company or its shareholders shall apply to the
MOC and the foreign exchange administrative authority for approval
and registration of establishment of foreign investment enterprise
with respect to the equity of an overseas company held by the
domestic company.
当事人除向商务部报送《关于境外投资开办企业核准事项的规定》所要求的文件外，另须报送加注的外商投资企业批准证书和加注的外商投资企业营业执照。商务部在核准境内公司或其股东持有境外公司的股权后，颁发中国企业境外投资批准证书，并换发无加注的外商投资企业批准证书。
In addition to the documents to be submitted to the MOC as required
in the Provisions on Approval of Investment in and Establishment of
Overseas Enterprises, the parties to a merger shall also submit the
approval certificate and the business license of the foreign
investment enterprise with the indication as mentioned above. After
the equity held by a domestic company or its shareholders in an
overseas company is approved by the MOC, the MOC shall issue the
Approval Certificate of Overseas Investment by Chinese Enterprises
to the domestic company, and shall also reissue an approval
certificate for the foreign investment enterprise without the above
mentioned indication.
境内公司取得无加注的外商投资企业批准证书后，应在30日内向登记管理机关、外汇管理机关申请换发无加注的外商投资企业营业执照、外汇登记证。
Within thirty (30) days as of the receipt of an approval certificate
for the foreign investment enterprise without indication, the
domestic company shall apply to the administrative authority of
registration and the foreign exchange administrative authority for
re-issuance of the business license for a foreign investment
enterprise and the foreign exchange registration certificate without
indication.
第三十六条 自营业执照颁发之日起6个月内，如果境内外公司没有完成其股权变更手续，则加注的批准证书和中国企业境外投资批准证书自动失效。
Article 36 If the domestic company and the overseas company fail to
go through the procedures for alteration of equity within six (6)
months since issuance of the business license, the approval
certificate with remarks and the approval certificate of overseas
investment by Chinese enterprise shall be invalidated automatically.
登记管理机关根据境内公司预先提交的股权变更登记申请文件核准变更登记，使境内公司股权结构恢复到股权并购之前的状态。
The registration administrative authority shall examine and approve
the registration on alteration based on the application documents
for registration on equity alteration submitted by the domestic
company in advance, so as to restore the equity structure of the
domestic company to the status before the equity merger.
并购境内公司增发股份而未实现的，在登记管理机关根据前款予以核准变更登记之前，境内公司还应当按照《公司法》的规定，减少相应的注册资本并在报纸上公告。
If a foreign investor fails to merge the increased shares of a
domestic company, the domestic company, before the registration
administrative authority approves the registration on alteration in
accordance with the preceding paragraph, shall also reduce its
registered capital accordingly and make public announcement on the
newspaper in accordance with the provisions of Company Law of the
People’s Republic of China.
境内公司未按照前款规定办理相应的登记手续的，由登记管理机关按照《公司登记管理条例》的有关规定处理。
If the domestic company fails to go through the procedures of
registration in accordance with the preceding paragraph, the
registration administrative authority shall settle it in accordance
with the relevant provisions of Regulations of the People’s Republic
of China on Administration of Registration of Companies.
第三十七条
境内公司取得无加注的外商投资企业批准证书、外汇登记证之前，不得向股东分配利润或向有关联关系的公司提供担保，不得对外支付转股、减资、清算等资本项目款项。
Article 37 Prior to the obtainment of the approval certificate for a
foreign investment enterprise and the foreign exchange certificate
without indication, the domestic company shall not distribute
profits to any shareholder, or provide any guarantee to any of its
affiliated company, or assign any equity to any third party, or
reduce its registered capital, or make liquidation or any other
matters relating to its assets.
第三十八条 境内公司或其股东凭商务部和登记管理机关颁发的无加注批准证书和营业执照，到税务机关办理税务变更登记。
Article 38 The domestic company and its shareholders may go through
the procedures on registration of taxation alteration with the
competent taxation authority with the approval certificate and the
business license without indication issued by the MOC and the
registration administrative authority.
第三节 对于特殊目的公司的特别规定
Section 3 Special Provisions on Special Purpose Companies
第三十九条 特殊目的公司系指中国境内公司或自然人为实现以其实际拥有的境内公司权益在境外上市而直接或间接控制的境外公司。
Article 39 The "special purpose company" shall refer to an overseas
company directly or indirectly controlled by a domestic company or
Chinese natural person to realize the interests of a domestic
company actually owned by the aforesaid domestic company or Chinese
natural person by means of overseas listing.
特殊目的公司为实现在境外上市，其股东以其所持公司股权，或者特殊目的公司以其增发的股份，作为支付手段，购买境内公司股东的股权或者境内公司增发的股份的，适用本节规定。
Where the shareholders of a special purpose company use its equity
in the company as the means of payment, or a special purpose company
uses its increased shares as the means of payment, for the purpose
of realizing oversea listing, to purchase the shareholders’ equity
right in a domestic company or the increased shares of a domestic
company, the provisions of this Section 3 shall apply.
当事人以持有特殊目的公司权益的境外公司作为境外上市主体的，该境外公司应符合本节对于特殊目的公司的相关要求。
Where a party to the merger takes an overseas company, as the
subject of overseas listing, the overseas company shall meet the
relevant requirements on special purpose companies as provided for
in this Section 3.
第四十条 特殊目的公司境外上市交易，应经国务院证券监督管理机构批准。
Article 40 Where a special purpose company to be listed overseas,
the listing shall be proved by the securities regulatory authority
under the State Council.
特殊目的公司境外上市所在国家或者地区应有完善的法律和监管制度，其证券监管机构已与国务院证券监督管理机构签订监管合作谅解备忘录，并保持着有效的监管合作关系。
The country or region where the special purpose company is listed
shall have a sound legal and regulatory system, and the securities
regulatory authority of such country or region has concluded a
memorandum of understanding on cooperation in regulation with the
securities regulatory authority under the State Council, and has
kept the effective relationship of cooperation in regulation.
第四十一条 本节所述的权益在境外上市的境内公司应符合下列条件：
Article 41 A domestic company whose shares are listed overseas as
mentioned in this Section Three shall meet the following conditions:
（一）产权明晰，不存在产权争议或潜在产权争议；
(1) to be with a clear ownership and is free from any dispute or
potential dispute over its equity;
（二）有完整的业务体系和良好的持续经营能力；
(2) to be with a complete business operation system and good
sustainable business capacity;
（三）有健全的公司治理结构和内部管理制度；
(3) to be with a sound corporate governance structure and internal
management system;
（四）公司及其主要股东近3年无重大违法违规记录。
(4) the company and its major shareholders have no record of
material violation of laws or regulations in recent three (3) years.
第四十二条 境内公司在境外设立特殊目的公司，应向商务部申请办理核准手续。
Article 42 Where a domestic company intends to establish a special
purpose company overseas, it shall submit an application to the MOC
for approval.
办理核准手续时，境内公司除向商务部报送《关于境外投资开办企业核准事项的规定》要求的文件外，另须报送以下文件：
When submitting the application, in addition to the documents to be
submitted to the MOC as required in the Provisions on Approval of
Investment in and Establishment of Overseas Enterprises, the
domestic company shall also submit the following documents to the
MOC:
（一）特殊目的公司实际控制人的身份证明文件；
(1) the identity certificate of the actual controller of the special
purpose company;
（二）特殊目的公司境外上市商业计划书；
(2) the business proposal for overseas listing of the special
purpose company;
（三）并购顾问就特殊目的公司未来境外上市的股票发行价格所作的评估报告。
(3) The evaluation report made by the Merger Consultant on the
potential issuing price of shares when the special purpose company
is listed overseas.
获得中国企业境外投资批准证书后，设立人或控制人应向所在地外汇管理机关申请办理相应的境外投资外汇登记手续。
Upon obtainment of the approval certificate of overseas investment
by Chinese enterprises, the promoter or the controller shall apply
to the foreign exchange administrative authority of its locality for
the corresponding registration of foreign exchange in overseas
investment.
第四十三条 特殊目的公司境外上市的股票发行价总值，不得低于其所对应的经中国有关资产评估机构评估的被并购境内公司股权的价值。
Article 43 The total value of shares of the special purpose company
to be issued overseas shall not be less than the total value of
share right of the merged domestic company as evaluated by a
corresponding asset valuation institution in China.
第四十四条 特殊目的公司以股权并购境内公司的，境内公司除向商务部报送本规定第三十二条所要求的文件外，另须报送以下文件：
Article 44 Where a special purpose company merges a domestic company
by equity merger, the domestic, in addition to the documents to be
submitted to the MOC as required in Articles 32 hereof, shall also
submit the following documents:
（一）设立特殊目的公司时的境外投资开办企业批准文件和证书；
(1) the approval documents and certificates for investment in and
establishment of overseas enterprises when setting up the special
purpose company;
（二）特殊目的公司境外投资外汇登记表；
(2) the registration form of foreign exchange in overseas investment
for the special purpose company;
（三）特殊目的公司实际控制人的身份证明文件或开业证明、章程；
(3) the identity certificate or incorporation certificate and
articles of association of the actual controller of the special
purpose company;
（四）特殊目的公司境外上市商业计划书；
(4) the business proposal for overseas listing of the special
purpose company;
（五）并购顾问就特殊目的公司未来境外上市的股票发行价格所作的评估报告。
(5) the evaluation report made by the Merger Consultant on the
potential issuing price of shares when the special purpose company
is listed overseas.
如果以持有特殊目的公司权益的境外公司作为境外上市主体，境内公司还须报送以下文件：
If an overseas company holding the equity of a special purpose
company is the subject of overseas listing, the domestic company
shall also submit the following documents:
（一）该境外公司的开业证明和章程；
(1) the incorporation certificate and articles of association of the
overseas company;
（二）特殊目的公司与该境外公司之间就被并购的境内公司股权所作的交易安排和折价方法的详细说明。
(2) the detailed statement on the transaction arrangement and
evaluation method for the equity of the merged domestic company
between the special purpose company and the overseas company.
第四十五条
商务部对本规定第四十四条所规定的文件初审同意的，出具原则批复函，境内公司凭该批复函向国务院证券监督管理机构报送申请上市的文件。国务院证券监督管理机构于20个工作日内决定是否核准。
Article 45 If the MOC approves the documents as provided for in
Article 44 hereof in the preliminary examination, it shall issue a
letter of reply in principle, and the domestic company may use this
letter of reply to submit the documents for application of public
listing to the securities regulatory authority under the State
Council. The securities regulatory authority under the State Council
shall decide on whether approve it or not within twenty (20)
business days.
境内公司获得核准后，向商务部申领批准证书。商务部向其颁发加注“境外特殊目的公司持股，自营业执照颁发之日起1年内有效”字样的批准证书。
After the obtainment of approval, the domestic company shall apply
to the MOC for the approval certificate. The MOC shall issue an
approval certificate indicated with the following words to the
domestic company: "Holding share right by an overseas special
purpose company, valid within one (1) year as of the issuance of the
business license".
并购导致特殊目的公司股权等事项变更的，持有特殊目的公司股权的境内公司或自然人，凭加注的外商投资企业批准证书，向商务部就特殊目的公司相关事项办理境外投资开办企业变更核准手续，并向所在地外汇管理机关申请办理境外投资外汇登记变更。
Where the equity or any other matters of a special purpose company
is changed due to the merger, the domestic company or natural person
who holds the share right of the special purpose company shall use
the approval certificate for a foreign investment enterprise with
the above mentioned indication to go through the procedures with the
MOC on approval of alteration in the enterprise invested and
established overseas with respect to the relevant matters of the
special purpose company, and shall apply to the foreign exchange
administrative authority of its locality for alteration in
registration of foreign exchange in overseas investment.
第四十六条
境内公司应自收到加注的批准证书之日起30日内，向登记管理机关、外汇管理机关办理变更登记，由登记管理机关、外汇管理机关分别向其颁发加注“自颁发之日起14个月内有效”字样的外商投资企业营业执照和外汇登记证。
Article 46 Within thirty (30) days as of the receipt of certificate
with the above mentioned indication, the domestic company shall go
through the procedures on registration of alteration with the
competent registration administrative authority and the foreign
exchange administrative authority, and the registration
administrative authority and the foreign exchange administrative
authority shall respectively issue the business license for a
foreign investment enterprise and the foreign exchange registration
certificate to the domestic company, on which it shall indicated the
words of "valid within fourteen (14) months as of its issuance".
境内公司向登记管理机关办理变更登记时，应当预先提交旨在恢复股权结构的境内公司法定代表人签署的股权变更申请书、公司章程修正案、股权转让协议等文件。
When the domestic company goes through procedures on registration of
alternation with the registration administrative authority, it shall
in advance submit the application for equity alternation, amendment
to the articles of association and the agreement on equity
transference signed by the legal representative of the domestic
company for the purpose of restoration of equity structure.
第四十七条
境内公司应自特殊目的公司或与特殊目的公司有关联关系的境外公司完成境外上市之日起30日内，向商务部报告境外上市情况和融资收入调回计划，并申请换发无加注的外商投资企业批准证书。
Article 47 Within thirty (30) days after the special purpose company
or an overseas company have affiliation relationship with the
special purpose company has completed the overseas listing, the
domestic company shall report the situation of overseas listing and
the proposal of financing income retrieval to the MOC, and shall
apply to the MOC for re-issuance of an approval certificate for
foreign investment enterprises without indication.
同时，境内公司应自完成境外上市之日起30日内，向国务院证券监督管理机构报告境外上市情况并提供相关的备案文件。
Furthermore, within thirty days as of the completion of overseas
listing, the domestic company shall report the situation of overseas
listing and submit relevant documents for reference to the
securities regulatory authority under the State Council.
境内公司还应向外汇管理机关报送融资收入调回计划，由外汇管理机关监督实施。
The domestic company shall also submit the proposal of financing
income retrieval to the foreign exchange administrative authority,
and the foreign exchange administrative authority shall supervise
over the implementation of this proposal.
境内公司取得无加注的批准证书后，应在30日内向登记管理机关、外汇管理机关申请换发无加注的外商投资企业营业执照、外汇登记证。
Within thirty (30) days as of the receipt of an approval certificate
for foreign investment enterprises without indication, the domestic
company shall apply to the registration administrative authority and
the foreign exchange administrative authority for re-issuance of the
business license for foreign investment enterprises and the foreign
exchange registration certificate without indication.
如果境内公司在前述期限内未向商务部报告，境内公司加注的批准证书自动失效，境内公司股权结构恢复到股权并购之前的状态，并应按本规定第三十六条办理变更登记手续。
Where the domestic company fails to report to the MOC within the
above mentioned time limit, the approval certificate with indication
issued for the domestic company shall be automatically invalidated,
and the equity structure of the domestic company shall be restored
to the status before the share right merger, and the domestic
company shall go through the procedures on registration of
alteration in accordance with Article 36 hereof.
第四十八条
特殊目的公司的境外上市融资收入，应按照报送外汇管理机关备案的调回计划，根据现行外汇管理规定调回境内使用。融资收入可采取以下方式调回境内：
Article 48 The financing income of a special purpose company from
overseas listing shall be retrieved and used inside the territory of
China in accordance with the proposal of financing income retrieval
filed with the foreign exchange administrative authority and with
the current effective laws and regulations on foreign control. The
financing income may be retrieved into the territory of China by any
of the following means:
（一）向境内公司提供商业贷款；
(1) to provide commercial loans to the domestic company;
（二）在境内新设外商投资企业；
(2) to establish a new foreign investment enterprise inside the
territory of China;
（三）并购境内企业。
(3) to merge a domestic enterprise.
在上述情形下调回特殊目的公司境外融资收入，应遵守中国有关外商投资及外债管理的法律和行政法规。
The retrieval of overseas financing income of a special purpose
company by any of the above mentioned means shall be subject to the
relevant laws and administrative regulations of China on foreign
investment and overseas debt administration.
如果调回特殊目的公司境外融资收入，导致境内公司和自然人增持特殊目的公司权益或特殊目的公司净资产增加，当事人应如实披露并报批，在完成审批手续后办理相应的外资外汇登记和境外投资登记变更。
Where the retrieval of overseas financing income of a special
purpose company causes the share right held by a domestic company
and natural person in the special purpose company to be increased or
causes the net assets value of the special purpose company to be
increased, the parties thereto shall disclose the fact and submit an
application for approval. After the obtainment of approval, the
parties thereto shall go through the procedures on registration of
foreign exchange in overseas investment and registration of
alteration in overseas investment.
境内公司及自然人从特殊目的公司获得的利润、红利及资本变动所得外汇收入，应自获得之日起6个月内调回境内。
If a domestic company and natural person gain any profits, dividends
from the special purpose company or gain foreign exchange income
from the alteration in capital, it shall retrieve such profits,
dividends or income into the territory of China within six (6) month
as of its gaining. The profits and dividends may be accrued to the
foreign exchange under current account or be settled as foreign
exchange.
利润或红利可以进入经常项目外汇帐户或者结汇。资本变动外汇收入经外汇管理机关核准，可以开立资本项目专用帐户保留，也可经外汇管理机关核准后结汇。
With respect to the foreign exchange income from the alteration in
capital, upon approval of the foreign exchange administrative
authority, it may be deposited in a special account for capital
item, or may be settled as foreign exchange upon approval of the
foreign exchange administrative authority.
第四十九条
自营业执照颁发之日起1年内，如果境内公司不能取得无加注批准证书，则加注的批准证书自动失效，并应按本规定第三十六条办理变更登记手续。
Article 49 If the domestic company fails to obtain an approval
certificate without indication within one (1) year as of the
issuance of the business license, the approval certificate with
indication shall be invalidated automatically, and the domestic
company shall go through the procedures on registration of
alteration in accordance with Article 36 hereof.
第五十条
特殊目的公司完成境外上市且境内公司取得无加注的批准证书和营业执照后，当事人继续以该公司股份作为支付手段并购境内公司的，适用本章第一节和第二节的规定。
Article 50 After the special purpose company has completed its
overseas listing and the domestic company has obtained the approval
certificate without indication and the business license, if the
parties thereto continue to merge a domestic company using the share
right of the special purpose company as the means of payment, it
shall be subject to the provisions of Section 1 and Section 2 of
this Chapter 4.
第五章 附 则
Chapter 5 Supplementary Provisions
第五十一条
依据《反垄断法》的规定，外国投资者并购境内企业达到《国务院关于经营者集中申报标准的规定》规定的申报标准的，应当事先向商务部申报，未申报不得实施交易。
Article 51 According to the provisions of the Antimonopoly Law,
where M&A of a domestic enterprise by a foreign investor meets the
thresholds for declaration of the Provisions of the State Council on
Thresholds for Declaration of Concentrations of Undertakings, the
foreign investor shall make a declaration with the MOFCOM and shall
not carry out the deal without declaration.
第五十二条 外国投资者在中国境内依法设立的投资性公司并购境内企业，适用本规定。
Article 52 An investment company which is established by a foreign
investor inside the territory of China in accordance with the law
shall be governed by the present provisions to merge a domestic
enterprise.
外国投资者购买境内外商投资企业股东的股权或认购境内外商投资企业增资的，适用现行外商投资企业法律、行政法规和外商投资企业投资者股权变更的相关规定，其中没有规定的，参照本规定办理。
Where a foreign investor purchases the equity of a domestic foreign
investment enterprise or subscribes the increased capital of a
domestic foreign investment enterprise, it shall be subject to the
current laws, administrative regulations on foreign investment
enterprises and the relevant provisions on alteration in investors’
share right of foreign investment enterprises. If there is no such
applicable provision, it shall be handled by reference to the
present provisions.
外国投资者通过其在中国设立的外商投资企业合并或收购境内企业的，适用关于外商投资企业合并与分立的相关规定和关于外商投资企业境内投资的相关规定，其中没有规定的，参照本规定办理。
Where a foreign investor merges or acquire a domestic enterprise by
its foreign investment enterprise established in China, it shall be
subject to the relevant provisions on merger and division of foreign
investment enterprises, and the relevant provisions on domestic
investment by foreign investment enterprises. If there is no such
applicable provision, it shall be handled by reference to the
present provisions.
外国投资者并购境内有限责任公司并将其改制为股份有限公司的，或者境内公司为股份有限公司的，适用关于设立外商投资股份有限公司的相关规定，其中没有规定的，适用本规定。
Where a foreign investor merges a domestic limited liability company
and reauthorizes it into a joint stock company, or the domestic
company is a joint stock company, it shall be subject to the
relevant provisions on establishment of foreign investment joint
stock companies. If there is no such applicable provision, it shall
be subject to the present provisions.
第五十三条 申请人或申报人报送文件，应依照本规定对文件进行分类，并附文件目录。规定报送的全部文件应用中文表述。
Article 53 The applicant or reporter shall sort relevant documents
and attach a file list thereof in accordance with the present
provisions. All the documents to be submitted shall be in Chinese.
第五十四条 被股权并购境内公司的中国自然人股东，经批准，可继续作为变更后所设外商投资企业的中方投资者。
Article 54 A Chinese natural person shareholder of the domestic
company merged by equity merger, upon approval, may continue to be
the Chinese investor in the foreign investment enterprise
established after the merger.
第五十五条 境内公司的自然人股东变更国籍的，不改变该公司的企业性质。
Article 55 If the nationality of a natural person shareholder of the
domestic company is changed, the nature of the company will not be ,
affected therefore.
第五十六条 相关政府机构工作人员必须忠于职守、依法履行职责，不得利用职务之便牟取不正当利益，并对知悉的商业秘密负有保密义务。
Article 56 The personnel of relevant governmental agencies must be
faithful to their duties, perform their responsibilities according
to law, and shall not seek any unlawful interests by taking
advantage of their positions, and shall be liable to keep the
confidentiality of any business secret.
第五十七条 香港特别行政区、澳门特别行政区和台湾地区的投资者并购境内其他地区的企业，参照本规定办理。
Article 57 The mergers by investors from Hong Kong Special
Administrative Region, Macau Special Administrative Region and
Taiwan Region of the enterprises in other regions inside the
territory shall be handled by referring to the present provisions.
第五十八条 本规定自公布之日起施行。
Article 58 The present provisions shall enter into force as of
September 8, 2006