上市公司境外并购的国内监管（中英）

中国企业境外非金融直接投资规模2016年高达1700亿美元。其中，上市公司已成为境外并购的中坚力量。但相比于其他企业，上市公司境外并购面临着更为复杂的审批程序。
国资审批。若上市公司为国有企业，其首先需要依据《企业国有资产法》《企业国有资产监督管理暂行条例》（2011年修订），取得国有资产监督管理机构的审核批准。
项目审批。根据《境外投资项目核准和备案管理办法》（国家发展改革委第9号令、20号令），涉及敏感国家和地区、敏感行业的境外投资项目以及中方投资额20亿美元及以上的境外投资项目，由国家发展改革委核准；除此之外的境外投资项目实行备案管理。其中，中央管理企业或地方企业实施的中方投资额3亿美元及以上的项目，由国家发展改革委备案；其他由省级政府投资主管部门备案。
在实务操作中，上市公司应在收购方案经股东大会审议通过后，通过全国境外投资项目备案管理网络系统向国家发改委申请办理境外投资项目备案。
商务审批。根据《境外投资管理办法》（商务部2014年第3号），企业境外投资涉及敏感国家和地区、敏感行业的，实行核准管理；企业其他情形的境外投资，实行备案管理。对属于备案情形的境外投资，中央企业报商务部备案；地方企业报所在地省级商务主管部门备案。
在实务操作中，上市公司首先上报企业所在地的市级商务部门，并由其上报给省级商务部门办理企业境外投资备案程序。
经营者集中审查。根据《反垄断法》《国务院关于经营者集中申报标准的规定》，上市公司并购达到以下两项标准的，需向商务部申报，并应取得商务部不予禁止的审批同意：（1）参与集中的所有经营者上一会计年度在全球范围内的营业额合计超过100亿元人民币，并且其中至少两个经营者上一会计年度在中国境内的营业额均超过4亿元人民币；或（2）参与集中的所有经营者上一会计年度在中国境内的营业额合计超过20亿元人民币，并且其中至少两个经营者上一会计年度在中国境内的营业额均超过4亿元人民币。
在实务操作中，上市公司应通过《经营者集中反垄断审查申报表》客户端申报软件填写或编辑申报文件，并通过商务部行政事务服务中心窗口直接报送。
证监会审查。根据《上市公司重大资产重组管理办法》（2016修订）、《上市公司收购管理办法》（2014修订）、《上市公司非公开发行股票实施细则》（2017修订），发行股份购买资产以及构成借壳上市的重大资产重组、非公开发行股票的需要证监会核准。
同时，根据《上市公司并购重组行政许可并联审批工作方案》，上市公司可在股东大会通过后同时向中国证监会和相关部委（发改委、商务部）报送并购重组行政许可申请，由其并联审批，并独立作出核准或不予核准的决定。
外汇登记。根据国家外汇管理局发布的《关于进一步简化和改进直接投资外汇管理政策的通知》，上市公司在取得发改委、商务部、证监会的核准或备案后，即可直接到银行办理境外直接投资项下相关外汇登记。
此外，上市公司还需根据交易所的上市规则及信息披露管理制度、信息披露指引、信息披露备忘录等，就境外并购履行信息披露义务。
与时间赛跑
综上可见，中国境外并购领域适用的政策分散在各类部门规章之中，尚无统一的上位法律法规对境外并购进行完善的规范与管理，且目前针对上市公司境外并购的专门监管缺少针对性的要求及豁免规则，境内上市公司境外并购仍面临较繁琐的审查程序。
而上市公司海外并购交易多为市场化交易，对时间要求较高；尤其是要约收购中存在竞争性要约，时间要求往往比协议收购更急迫。有的资产出售方在竞价交易中还会设定支付订金、付款的期限。然而，上市公司海外并购需多部门审批或备案。多环节的审批时间较长，还有某些不确定性，难以满足境外交易对方对价支付期限及后续交易确定性的诉求，这成了中国上市公司在国际竞争中的不利因素。
Domestic oversight of foreign acquisitions by listed companies
In 2016, direct foreign non-finance investment by Chinese enterprises reached US$170 billion, with listed companies becoming the central force in foreign acquisitions. However, as compared to other enterprises, listed companies face more complex approval procedures for their foreign acquisitions.
State-owned asset authority approval. If a listed company is a state-owned enterprise (SOE), it first needs to secure the approval of the state-owned asset authority in accordance with the Law on the State-Owned Assets of Enterprises and the Interim Regulations for the Oversight of the State-Owned Assets of Enterprises.
Project approval. Pursuant to the Administrative Measures for the Approval and Recordal of Offshore Investment Projects (Orders No. 9 and 20 of the National Development and Reform Commission [NDRC]), offshore investment projects in sensitive countries and regions, and in sensitive industries, as well as offshore investment projects in which the Chinese party’s investment totals at least US$2 billion, are subject to the NDRC’s approval. Offshore investment projects other than those mentioned above are subject to administration by way of recordal. Of those, projects with an investment by the Chinese party of at least US$300 million, implemented by an enterprise under the administration of the central government or a local enterprise, are subject to recordal by the NDRC. Others are subject to recordal by the investment authority of the provincial-level government.
In practice, once the acquisition plan has been deliberated on and approved by the shareholders’ general meeting, the listed company is required to apply to the NDRC for recordal of its offshore investment project through the national online offshore investment project recordal management system.
Commerce authority approval. Pursuant to the Administrative Measures for Offshore Investment (Order No. 3 of 2014 of the Ministry of Commerce [MOFCOM]), if the offshore investment of an enterprise involves a sensitive country or region, or a sensitive industry, it is subject to administration by way of approval. Other offshore investments are subject to administration by way of recordal. For offshore investments subject to recordal, an enterprise under the central government is required to carry out recordal with MOFCOM, whereas a local enterprise is required to carry out recordal with the provincial-level commerce authority where it is located.
In practical operation, a listed company first makes a submission to the municipal level commerce authority of the place where it is located, whereupon the latter than makes a submission to the provincial-level commerce authority to carry out recordal of the enterprise’s offshore investment.
Business operator concentration review. Pursuant to the Anti-Monopoly Law and the Provisions of the State Council on the Thresholds for Business Operator Concentration Filings, if the acquisition of a listed company reaches either of the following thresholds, a filing is to be made with, and an approval opinion not prohibiting the concentration secured from, MOFCOM: (1) if the total global turnover during the preceding fiscal year of all business operators involved in the concentration exceeds RMB10 billion (US$1.46 billion) in total, and domestic turnover for the preceding fiscal year of at least two of those business operators exceeds RMB400 million; or (2) the total domestic turnover during the preceding fiscal year of all of the business operators involved in the concentration exceeds RMB2 billion, and the domestic turnover during the preceding fiscal year of at least two of those business operators exceeds RMB400 million.
A listed company is required to fill in or edit the filing documents through the Business Operator Concentration Anti-Monopoly Review Filing Form client terminal filing software, and submit the same directly at a window at the MOFCOM administrative affairs service centre.
CSRC review. Pursuant to the Administrative Measures for Material Asset Restructurings of Listed Companies (amended in 2016), the Administrative Measures for the Acquisition of Listed Companies (amended in 2014) and the Implementing Rules for Private Offerings of Shares by Listed Companies (amended in 2017), offerings of shares to purchase assets, material asset restructurings that constitute backdoor listings, and private offerings of shares are subject to CSRC approval. Additionally, pursuant to the Working Plan for Administrative Permissions and Joint Approvals of Acquisitions and Restructurings of Listed Companies, following approval by the shareholders’ general meeting, a listed company may simultaneously submit applications for administrative permissions for an acquisition or restructuring to the CSRC and relevant ministerial-level authorities (the NDRC and MOFCOM) for their joint review and separate decisions on approval.
Foreign exchange registration. Pursuant to the Notice on Further Simplifying and Improving the Policies for Exchange Control in Connection with Direct Investment, issued by the State Administration of Foreign Exchange, once a listed company has secured approval or recordal form the NDRC, MOFCOM or CSRC, it may carry out foreign exchange registration in connection with direct foreign investment directly with a bank. Furthermore, a listed company needs to perform its obligation of disclosing information relating to its foreign acquisition in accordance with the listing rules of the stock exchange, the system for the administration of information disclosures, the guidelines for information disclosures, the memorandum on information disclosure, etc.
The policies applicable to foreign acquisitions are scattered among the rules and regulations of various ministerial-level authorities, and there is as yet no top-level law or regulation that provides sound regulation and administration of foreign acquisitions. Oversight addressing the foreign acquisitions of listed companies also lacks dedicated requirements and exemption rules, and foreign acquisitions in China still face review procedures tied up in red tape.
However, the majority of the overseas acquisitions in which listed companies are involved are market-based transactions, meaning time is of the essence. Particularly in acquisitions by offer, there are competing offers, so timing is more pressing than in negotiated acquisitions. Some asset sellers will set a deadline for payment of a deposit or making a payment in a transaction that involves bids. However, overseas acquisitions by listed companies require the approvals of, or filings with, numerous authorities. The time required for approval is long and there are also uncertainties, making it difficult to meet the foreign transaction counterparty’s deadline for payment of the consideration and requirement for certainty in the subsequent steps of the transaction, placing Chinese listed companies at a disadvantage in international competition.