Acquisition of SOEs in Shanghai: New Rules Open the Market
Shanghai has issued new regulations that govern the process of acquiring state-owned enterprises. The new rules should be read in conjunction with the various national level regulations which give foreign investors an opportunity to participate in state enterprise reform.
Date:
November 2003
Keywords (click to search): [Shanghai] [acquisitions] [SOEs] [asset purchase] [equity purchase] [M&A] [acquisition of SOEs by foreign investors] [public SOEs] [financial SOEs]
Bill Shouyun Tong, and Tom Yu, Wyselead Law Firm, Shanghai
The Shanghai State-owned Assets Supervision and Administration Commission, the Shanghai Foreign Investment Commission and the Shanghai Administration for Industry and Commerce jointly issued the Acquisition of State-owned Enterprises in the Municipality by Foreign Investors Several Opinions Implementing Rules (the Implementing Rules) on August 4 2003.1 The Implementing Rules were enacted pursuant to the relevant national legislation on the acquisition of SOEs by foreign investors and the Acquisition of State-owned Enterprises in the Municipality by Foreign Investors Several Opinions (the Several Opinions), which were promulgated on April 4 2002.
The Implementing Rules have incorporated some of the latest provisions on the acquisition of SOEs by foreign investors promulgated at the national level and have set out detailed procedures for the acquisition of SOEs by foreign investors in Shanghai specifically. The Implementing Rules and the Several Opinions together with the Using...
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