作者：苏唐明Tom Shoesmith 赵泱地 金杜律师事务所

毫无疑问，近几年来与中国相关的交易变得更难以通过CFIUS审查。金杜的统计数据显示，Obama任期的最后几年，与中国相关的交易通过CFIUS审查的比例高达95%。相比之下，自Trump 2017年就任以来，总体来说，仅60%的中国交易获得了CFIUS批准。

我们就Trump任期内的66个与中国相关的交易做了统计。当然，所有的CFIUS申报均为保密信息，还有很多交易无需进行CFIUS申报。当一项交易仅需自愿申报时，交易方可选择不向CFIUS申报，并不会因此受到惩罚或遭到罚款。但是，如果交易方选择不进行申报，CFIUS可以主动对交易进行审查，甚至在交易已经成功交割之后也可以进行调查。如果彼时交易仍然会引发任何国家安全担忧，CFIUS可强行要求作为投资者的外国主体进行剥离。CFIUS在过去几年曾要求三项交易中的买方在交易完成后将目标公司剥离，一家社交网络公司，一个健康信息共享网站，还有一间酒店行业相关公司，这三项交易均涉及到敏感个人数据和地理位置数据方面的担忧。

金杜统计数据中最大一类交易即是科技行业的交易，共计29项，包括9项半导体交易。这些交易的通过率达60%，比大部分人预想的要好很多。其他行业，如金融服务、生命科学、地产等，通过率也达到类似水平。这一通过率自Trump执政之初即是如此，在Trump任期内基本保持不变，这表明此类交易虽然难以通过审查，但也并未在Trump任期内变得更难。

除科技、金融服务和媒体三个领域之外，涉及中国投资者的其他行业交易的通过率与Obama任期内的通过率基本持平。金杜的统计数据中，包括航空、电池技术、纺织品、密封垫及其他部件、运输、制造、安全气囊及汽车零部件、自然资源等14项其他行业的交易。这些交易的通过率达到80%以上。

本期CFIUS 60秒速读的启示：科技行业的交易虽然面临困难但仍有希望获得批准，其他有很多优质资产的行业交易的通过率仍然很高。

 

英文原文

There is no doubt China deals have been more difficult to clear during the Trump years than they were previously. A database maintained by KWM shows a clearance rate of over 95% during the final years of the Obama Administration. By contrast, the overall clearance rate since Donald Trump took office in January 2017 is no better than 60%.

Our database of China deals during the Trump Administration covers 66 transactions. Of course, all filings are confidential, and many transactions completed without making a CFIUS filing. Where a filing is voluntary, the parties may choose not to file; there is no fine or penalty for choosing not to make a voluntary filing. However, if the parties do not file, CFIUS can come back attime and review the transaction, even after it has closed. If it cannot satisfy all its national security concerns at that time, CFIUS can require the foreign party to divest. This has happened three times in the past year, in the cases of a social media company, a health information sharing website, and a hospitality industry company, in all of which cases, there were sensitive personal data and geolocation concerns.

The largest single category of transactions in our database is technology (29 transactions, including 9 in the semiconductor space). These deals cleared at a rate of almost 60%, better odds than most people would expect. Other sectors—financial services, life sciences, real estate—cleared at comparable rates. These rates have stayed essentially unchanged since the beginning of the Trump Administration, indicating that, although these deals are difficult, they are not getting more difficult.

Acquisitions outside of the technology, financial services and media categories cleared at a rate almost as high as Chinese investors enjoyed under Obama. Our database includes 14 transactions in a miscellaneous category, including aviation, battery technology, textiles, gaskets and other parts, transportation, manufacturing, airbags and automotive parts, and natural resources. These deals cleared at a rate of over 80%.

The 60-second takeaway is that technology deals are difficult but still possible, and the clearance rate in other sectors—where there are many assets—is still high.