- Since 2020, domestic-enterprise M&A is no longer a commerce-department approval event — it runs through the negative list, information reporting, plus merger control and security review where triggered.
2020 年后，并购境内企业不再是商务部门审批事件——经负面清单、信息报告办理，并在触发时通过经营者集中与安全审查。- Merger-control thresholds (Order No. 773, effective 26 January 2024): worldwide >RMB 12bn and two parties >RMB 800m China, OR China aggregate >RMB 4bn and two parties >RMB 800m China; below-threshold deals can still need security review where scope and control exist.
经营者集中门槛（第 773 号令，2024 年 1 月 26 日施行）：全球 >120 亿且两方中国 >8 亿，或中国合计 >40 亿且两方中国 >8 亿；未达门槛的交易在涉范围且取得控制权时仍可能需安全审查。- SAMR’s simplified track targets a “double 20-day” review; gun-jumping (closing before clearance) draws penalties.
市场监管总局简易案件推行”双 20 天”审查目标；”抢跑”（获批前实施）受罚。- Security review is required where the target is in a covered sensitive sector and the foreign investor acquires actual control; the control test is broader than merger control’s.
当目标位于受涵盖敏感领域且外国投资者取得实际控制权时须通过安全审查；控制标准宽于经营者集中标准。- The 2024 strategic-investment rules (Order No. 3, effective 2 December 2024) ease listed-company investment: foreign natural persons allowed, lower asset thresholds (USD 50m owned / USD 3bn managed for non-controlling), tender offers added, lock-up cut to 12 months, and no commerce approval needed.
2024 年战投规则（第 3 号令，2024 年 12 月 2 日施行）放宽上市公司投资：允许外国自然人、降低资产门槛（非控股者实有 5,000 万美元或管理 3 亿美元）、新增要约收购、锁定期降至 12 个月，且无需商务审批。- A straightforward below-threshold acquisition can close in roughly 2–4 months; security review’s 15+30+60 working-day path (extendable) can exceed a year for sensitive cases.
一项简单未达门槛的收购约 2–4 个月可完成；安全审查 15+30+60 工作日路径（可延长）对敏感案件可超一年。- Run merger control, security review and sector licensing in parallel; do not close until every mandatory clearance is in hand, and begin the two reviews at term-sheet stage.
将经营者集中、安全审查与行业许可并行推进；未获所有强制 clearance 前不得交割，并在条款书阶段启动两项审查。
Foreign M&A in China: process & approvals | 外资并购中国企业的流程与审批
Overview
Acquiring a domestic Chinese company as a foreign investor runs through the same foreign-investment framework as greenfield entry, plus two deal-specific gates: merger control (antitrust) clearance with SAMR and national security review where a covered sensitive sector and control are involved. The foundational rule is the Provisions on Foreign Investors’ Mergers of and Acquisitions of Domestic Enterprises (MOFCOM Order No. 6, 2009), now operating inside the Foreign Investment Law’s negative-list and information-reporting regime. This article maps the process, the filing thresholds, the security review, and a realistic timeline.
A key behavioural change since 2020: M&A of a domestic enterprise is no longer a commerce-department approval event by itself. The investor incorporates/transfers under company law, clears any negative-list condition, reports foreign-investment information, and separately clears merger control and security review where triggered. Understanding which gates actually apply — and running them in parallel — is the core of a smooth closing.
The M&A rule and negative-list applicability
The 2009 M&A provisions govern how a foreign investor acquires equity or assets of a domestic enterprise, or obtains control through other means. They sit beneath the Foreign Investment Law: if the target’s sector is on the negative list, the acquisition must satisfy the list’s conditions (equity caps, Chinese-control, etc.); if off the list, the deal is treated on equal terms with domestic M&A.
Cross-border share swaps are permitted but conditioned: as a general rule the foreign equity used as consideration should be in a listed overseas company, though the 2024 strategic-investment rules relaxed this for certain directed-issue and tender-offer structures (allowing unlisted overseas company equity). Where the target is a listed company, the foreign investor must also comply with the Measures for the Administration of Foreign Investors’ Strategic Investment in Listed Companies, and the deal must respect the negative list — for example, a foreign investor may not acquire control of a sector that the list reserves to Chinese control.
Merger control (antitrust) filing
A foreign acquirer must notify SAMR before implementing a concentration that meets the thresholds. Under the revised State Council regulation (Order No. 773, effective 26 January 2024), a concentration must be notified where, in the prior fiscal year, the worldwide aggregate turnover of all parties exceeds RMB 12 billion and at least two parties each had China turnover above RMB 800 million; OR the parties’ aggregate China turnover exceeds RMB 4 billion and at least two parties each had China turnover above RMB 800 million. Banking, insurance, securities and futures are calculated with sector-specific rules.
The 2024 thresholds raised the prior levels (RMB 10bn / RMB 2bn / RMB 400m) to RMB 12bn / RMB 4bn / RMB 800m, cutting the number of notifiable deals by an estimated 30%. A deal must not close before clearance; “gun-jumping” draws penalties. SAMR runs a simplified track with a “double 20-day” target for straightforward cases, and has piloted delegated review with selected provincial market-regulation bureaus to bring examination closer to the market.
National security review
Where the acquisition is in a covered sensitive sector (defence, important agriculture/energy/equipment/infrastructure/transport/culture/IT/finance/key tech) and the foreign investor acquires actual control, security review is required before implementation. The control test is broader than the merger-control test, so review can be triggered even when no antitrust filing is needed. The procedure runs preliminary (15 working days) → general (30) → special (60, extendable) review; the decision is final and can prohibit or condition the deal. Because it can override a cleared merger filing, security review is the gate an acquirer must screen first.
Strategic investment in listed companies (2024 update)
The revised Measures for Foreign Investors’ Strategic Investment in Listed Companies (six agencies, Order No. 3, 2024; effective 2 December 2024) lower the bar materially: foreign natural persons are allowed; asset thresholds are eased (non-controlling investors need only USD 500m owned or USD 3bn managed); tender offers are added as a method; cross-border share swaps are eased for directed issues and tender offers; and the lock-up is cut from three years to twelve months (longer if other rules require). Importly, post-Foreign-Investment-Law, strategic investment no longer requires commerce-department approval — it is handled through information reporting and the securities-market rules, with security-review and merger-control interfaces preserved.
Typical timeline
A straightforward, unrestricted, below-threshold acquisition can complete in roughly 2–4 months: due diligence and SPA (variable), the foreign-investment information report and company-law filings (weeks), and any sector licence. Add merger control where thresholds are met (the simplified track targets ~20 days for review plus filing time; the standard track can run longer). Add security review where scope and control are present — the 15 + 30 + 60 working-day path (plus extensions) can extend well beyond a year for sensitive cases. The three workstreams should run in parallel, but closing is gated by the slowest mandatory clearance.
A practical tip: do not sequence the clearances serially. Begin merger-control and security-review analyses at term-sheet stage, because the documents and the substantive analysis overlap with diligence; locking the structure before the reviews are scoped risks a redesign late in the process. Build the long-stop date around the special-review maximum, not the preliminary-review minimum.
What to do next
Common misreads
Three mistakes recur in cross-border deals. The first is sequencing the clearances serially — merger control, then security review, then licence — when they should run in parallel; serial handling is the usual cause of a missed long-stop. The second is assuming that because a deal is below the merger-control turnover thresholds, no ex-ante review applies at all; security review can still be triggered by a covered sector and control, independent of size. The third is underestimating the breadth of “actual control” for security review — a minority stake with veto rights can count — which leads teams to skip the screen and discover the gap late. Scoping both reviews at term-sheet stage is the single best defence.
- Screen the target sector against the 2024 negative list; if restricted, confirm the equity/control condition can be met before signing.
- Run a merger-control threshold test early (worldwide >RMB 12bn & two parties >RMB 800m China; or China aggregate >RMB 4bn & two parties >RMB 800m China).
- Test security-review scope and “actual control” (50%+ equity, material voting influence, or material influence on decisions/personnel/finance/tech).
- For listed-company targets, apply the 2024 strategic-investment rules and route through information reporting, not commerce approval.
- Run merger control, security review and sector licensing in parallel; do not close until every mandatory clearance is in hand.
- Set the long-stop around the special-review maximum, and begin the two reviews at term-sheet stage rather than after signing.
Sources
- Six agencies Q&A on the revised Measures for Foreign Investors’ Strategic Investment in Listed Companies (MOFCOM, Order No. 3, 2024)
- State Council regulation on concentration notification thresholds (Order No. 773, effective 2024-01-26) (State Council / gov.cn)
- SAMR: optimising concentration review, 2024 threshold revision (SAMR)
- Security Review Office Q&A on the Foreign Investment Security Review Measures (MOFCOM / Invest China)
Related reading
- see also: National security review of foreign investment
- see also: FIE admission rules: approval vs. filing
- see also: One-stop foreign investment service windows
外资并购中国企业的流程与审批
概述
外国投资者收购中国境内企业，遵循与绿地投资相同的外资框架，外加两道交易专属关卡：市场监管总局的经营者集中（反垄断）审查，以及涉及受涵盖敏感领域并取得控制权时的外商投资安全审查。基础规则是《关于外国投资者并购境内企业的规定》（商务部 2009 年第 6 号令），现运行于《外商投资法》的负面清单与信息报告制度之下。本文梳理流程、申报门槛、安全审查与合理时间表。
2020 年后的关键行为变化：并购境内企业本身不再是商务部门审批事件。投资者依公司法完成转让／设立，满足负面清单条件，报送外商投资信息，并在触发时另行通过经营者集中与安全审查。弄清哪些关卡真正适用——并并行推进——是顺利交割的核心。
并购规则与负面清单适用
2009 年并购规定规范外国投资者取得境内企业股权或资产，或通过其他方式取得控制权。其置于《外商投资法》之下：若目标行业在负面清单上，收购须满足清单条件（股比上限、中方控股等）；若不在清单上，则按内资并购同等对待。
跨境换股被允许但有条件：一般规则下作为支付对价的外国股权应为境外上市公司股权，但 2024 年战投规则对特定定向发行与要约收购结构有所放宽（允许境外非上市公司股权）。目标为上市公司的，还须遵守《外国投资者对上市公司战略投资管理办法》，且交易须尊重负面清单——例如，外国投资者不得取得清单保留由中方控股行业的控制权。
经营者集中（反垄断）申报
外国收购方须在实施达到门槛的集中前，向市场监管总局申报。依修订后的国务院规定（第 773 号令，2024 年 1 月 26 日施行），上一会计年度参与集中各方全球合计营业额超 120 亿元且至少两方中国境内营业额均超 8 亿元；或各方中国境内合计营业额超 40 亿元且至少两方中国境内营业额均超 8 亿元，即须申报。银行、保险、证券、期货按行业特别办法计算。
2024 年门槛将原标准（100 亿／20 亿／4 亿）提高至 120 亿／40 亿／8 亿，预计减少约 30% 应申报交易。交易须在获批前不得实施；”抢跑”受罚。市场监管总局简易案件推行受理与审查”双 20 天”目标，并试点委托部分省级市场监管局开展审查，使审查更贴近市场。
外商投资安全审查
当收购位于受涵盖敏感领域（军工、重要农业／能源／装备／基础设施／运输／文化／信息技术／金融／关键技术）且外国投资者取得实际控制权时，须在实施前通过安全审查。控制标准宽于经营者集中标准，故即便无需反垄断申报，仍可能触发审查。程序为初步审查（15 个工作日）→ 一般审查（30）→ 特别审查（60，可延长）；决定为最终决定，可禁止或附条件。因其可凌驾于已通过的经营者集中申报，安全审查是收购方须最先筛查的关卡。
上市公司战略投资（2024 更新）
修订后的《外国投资者对上市公司战略投资管理办法》（六部门，2024 年第 3 号令，2024 年 12 月 2 日施行）大幅降低门槛：允许外国自然人；资产要求放宽（非控股股东仅需实有资产 5,000 万美元或管理资产 3 亿美元）；新增要约收购方式；定向发行与要约收购的跨境换股放宽；锁定期由三年降至十二个月（其他规则有更长要求的从其规定）。重要的是，在外商投资法后，战略投资不再需商务部门审批——经信息报告与证券市场规则办理，安全审查与经营者集中接口保留。
典型时间表
一项简单、不受限、未达门槛的收购约 2–4 个月可完成：尽调与股权协议（可变）、外商投资信息报告与公司法项下登记（数周）、及相关行业许可。达到门槛的加经营者集中（简易案件审查目标约 20 天加申报时间；普通案件可能更久）。涉范围且取得控制权的加安全审查——15 + 30 + 60 工作日路径（可延长）对敏感案件可远超一年。三道工作流应并行，但交割受最慢的强制 clearance 约束。
实务提示：勿将各项 clearance 串行。在条款书阶段即启动经营者集中与安全审查分析，因其文件与实质分析与尽调重叠；在审查范围确定前锁定结构，可能导致流程后期重构。长止期应围绕特别审查上限而非初步审查下限设定。
下一步建议
常见误读
跨境交易中有三类反复出现的错误。其一，将各项 clearance 串行——先经营者集中，再安全审查，再许可——而它们应并行；串行处理是错过长止期的常见原因。其二，以为交易未达经营者集中营业额门槛即完全无需事前审查；受涵盖领域加控制权仍可触发安全审查，与规模无关。其三，低估安全审查”实际控制”的广度——具否决权的少数股权亦可计入——导致团队跳过筛查、后期才发现缺口。在条款书阶段即对两项审查做范围筛查，是最佳防御。
- 将目标行业对照 2024 年版负面清单；若受限，签约前确认股比／控股条件可满足。
- 尽早做经营者集中门槛测试（全球 >120 亿且两方中国 >8 亿；或中国合计 >40 亿且两方中国 >8 亿）。
- 测试安全审查范围与”实际控制”（50% 以上股权、重大表决影响，或对决策／人事／财务／技术的重大影响）。
- 目标为上市公司的，适用 2024 年战投规则，经信息报告而非商务审批办理。
- 将经营者集中、安全审查与行业许可并行推进；未获所有强制 clearance 前不得交割。
- 长止期围绕特别审查上限设定，并在条款书阶段而非签约后启动两项审查。
来源
- 六部门有关负责人就《外国投资者对上市公司战略投资管理办法》答记者问（商务部，2024 年第 3 号令）
- 《国务院关于经营者集中申报标准的规定》（第 773 号令，2024-01-26 施行，国务院 / 中国政府网）
- 优化经营者集中审查 激发经营主体活力（市场监管总局）
- 外商投资安全审查工作机制办公室负责人就《安审办法》答记者问（商务部 / 投资中国）
相关阅读
- 参见：外商投资安全审查
- 参见：外资企业准入：审批与备案
- 参见：外商投资一站式服务窗口