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Security review on foreign acquisitions to focus on substance of transactions

Security review on foreign acquisitions to focus ...

China alert - Issue 35, September 2011  

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Security review on foreign acquisitions to focus on substance of transactions

 The Ministry of Commerce (MOFCOM) issued Announcement [2011] No. 53 (Announcement 53) on 25 August 2011, to modify MOFCOM Announcement [2011] No.8 (Announcement 8), based on the feedback from the public on the latter. Announcement 53 provides formal guidance in respect of the detailed procedures of implementing a security review system and the relevant documentation requirement for foreign investors seeking to acquire Chinese enterprises. Announcement 8 ceased to be effective on 31 August 2011 and Announcement 53 came into force from 1 September 2011.

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