Early this month, Circular of the General Office of the State Council on the Establishment of Security Review System Regarding Merger and Acquisition of Domestic Enterprises by Foreign Investors has been announced, and caused a hot discussion among media. Recently, senior lawyer Mr. Chambers Yang had an interview with the journalist of Press TV regarding this issue. Mr. Yang made an introduction on the background for the security review system and the practical operation before the system was introduced, and analyzed the major fields of the security review. Mr. Yang emphasized that Chinese government were only trying to protect the military security and political security without enough concern on economy in the past. As a result, some fields of economy have been controlled by foreign investors and some popular national brands were hidden from the market after being acquired which seriously reduced China’s international competitiveness. Mr. Yang also answered some questions raised by the journalist concerning the effect of the system on foreign investment in China, the difficulties and challenges that the system will be confronted with.
Press TV is an international news network, broadcasting the latest news, comments and documentaries in English on a round-the-clock basis.
常见法律问题
投资并购中如何进行尽职调查？
投资并购尽职调查应包括：法律尽职调查（公司设立、股权结构、合同、诉讼等）、财务尽职调查、商业尽职调查。建议委托专业律师和会计师共同进行，重点关注隐性债务、知识产权、劳动用工等风险领域。
公司并购有哪些法律风险？
公司并购主要法律风险包括：1）股权权属瑕疵风险；2）隐性债务和或有负债风险；3）劳动用工风险；4）知识产权风险；5）反垄断审查风险。建议在交易前进行全面尽职调查，并在协议中设置适当的保障条款。
并购交易中如何设计交易结构？
并购交易结构设计需考虑：1）股权收购vs资产收购的选择；2）支付方式（现金/股权/混合）；3）分步交易安排；4）税收筹划；5）风险分配机制。建议由律师、税务师和财务顾问共同参与。
以上内容仅供参考，不构成法律意见。如需专业法律服务，请联系杨春宝一级律师：chambers.yang@dentons.cn
