China's first share swap to test M&A laws

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clpstaff &clp articles

Grey area surrounding Chapter 4 to challenge Ministry of Commerce’s interpretation

Poly Investments has carried out the first share swap in China under new M&A rules, but uncertainty still surrounds the treatment of acquiring equity interest.

Poly's Hong Kong-listed company acquired the equity interest of its sister company, Shenzhen Poly Investments. While the deal is a welcome first since the introduction of China's M&A Laws, it is yet to test one undefined article on the statute.

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