Welcome to White & Case’s monthly China Corporate Bulletin. This bulletin covers recent corporate regulatory developments and news in the PRC and Hong Kong, ensuring you stay up to date on the latest market issues.
MOFCOM Released the Provisions on National Security Review of Foreign M&A of Domestic Enterprises
China’s Ministry of Commerce (MOFCOM) released the Provisions on the National Security Review of Foreign Mergers and Acquisitions (M&A) of Domestic Enterprises (the “Provisions”) on August 26, 2011. They become effective on September 1, 2011.
The Provisions are another step in establishing China’s “national security review” regime. Several industries are specifically targeted for review in M&A transactions, including agriculture, basic infrastructure, energy and natural resources, equipment manufacturing, technology and transportation services. Unfortunately, the Provisions remain vague in describing other industries where M&A transactions may be subject to review (e.g. “other enterprises related to national security”), and they fail to provide a detailed list of sectors that fall within those industries.
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