2019年3月,美国外国投资委员会(Committee on Foreign Investment in the United States ,简称“委员会”或 “CFIUS”)做出决议,要求某中国企业放弃并出售对美国某社交应用软件的控制权。2019年4月,CFIUS要求另一家中国企业出售其在美国健康技术初创企业的控股股权。这些举措再次让CFIUS这个“神秘”的组织进入公众的视野。何为CFIUS?为什么CFIUS对中国企业赴美投资如此重要?在特朗普总统当政后,CFIUS的最新立法对中国企业赴美投资又有怎样进一步的影响?本文对这些问题作出解答。
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On June 18, 2018, in conjunction with the passage of the National Defense Authorization Act for Fiscal Year 2019, the United States Senate passed a new bill (the Foreign Investment Risk Review Modernization Act of 2018, or “FIRRMA”) that aims to enhance the powers of the Committee on Foreign Investment in the United States (“CFIUS”).
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2018年6月18日,伴随着《2019财年国防授权法案》的通过,美国参议院还通过了一项新的法案——《外国投资风险审查现代化法案》(the Foreign Investment Risk Review Modernization Act of 2018,简称“FIRRMA法案”)。该法案旨在扩大美国外国投资委员会(the Committee on Foreign Investment in the United States,简称“CFIUS”)的权限。
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作者:李大诚 金杜律师事务所金融资本部

新法案一旦通过可能导致境外资本并购美国企业审批难度增加。

金杜律师事务所多年来致力于深耕美国资本金融市场,在跨境并购投资等领域拥有资深的律师团队和丰富的美国本土行业经验,是该领域法律服务的行业指向标。我们通过及时掌握美国市场和法律发展的新动向为中国资本赴美并购及投资提供最为精准的指引和建议。
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By Jinsong Zhang, Wei Kao, Zhengyi Pan King & Wood Mallesons‘ Finance & Capital Markets group

On September 13, 2017, U.S. President Donald Trump issued an executive order blocking a Chinese-backed private equity firm headquartered in Palo Alto, California, Canyon Bridge Capital Partners Inc. (“Canyon Bridge”), from buying a Hillsboro, Oregon-based chipmaker, Lattice Semiconductor Corporation (“Lattice”), for $1.3 billion, sending a signal that the U.S. will oppose China-related takeover deals that particularly involve in the high-tech sector.
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作者:张劲松 高玮 潘正怡 金杜律师事务所金融资本部

2017年9月13日,美国总统特朗普签署行政令,禁止Canyon Bridge Capital Partners Inc. (“Canyon Bridge”) 以13亿美元收购Lattice 半导体公司的交易。Canyon Bridge是一家总部位于加州帕罗奥多市,有中国背景的私募公司;Lattice半导体公司是一家位于俄勒冈州希尔斯伯勒市的芯片制造商。这件事向中国投资者传递了一个信号——美国政府对中国投资者收购美国高科技企业的部分交易持反对态度。
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By WACHTELL, LIPTON, ROSEN & KATZ:Adam O. Emmerich Robin Panovka David A. Katz;King & Wood Mallesons:Wang Kaiding  Jing Gang  Wang Lianghua

More than 40% of global M&A in 2012 involved acquirors and targets in different countries, including $170 billion of acquisitions in the U.S. by non-U.S. acquirors. Given the continuing accumulation of U.S. Dollars in emerging economies, many expect the trend to continue as Dollars are re-invested in the U.S. Natural resources will continue to be an important part of this story, including in the U.S., where substantial non-U.S. investment has been an important trend, as well as in resource-rich developed nations such as Canada and Australia, where non-domestic investment has lately been highly controversial.
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By Susan Ning, Yin Ranran, Huang Jing

There have been concerns about Chinese government’s foreign investment policy ever since the State Council announced the formal establishment of the national security review ("NSR") regime in China.  At a press conference of the Fourth Session of the 11th National People’s Congress held on March 7, 2011, China’s Minister of Commerce Chen Deming reiterated that China’s "opening-up" policy will remain unchanged.  According to Chen, whereas China is in the process of further opening up to the world, introducing the NSR regime ensures that national security concerns will be addressed in a transparent manner and it is in line with international practice. 

The NSR regime is not particular to China.  The United States first instituted the NSR process in the 1980s.  Other jurisdictions, such as Australia, Germany, Canada, also have similar processes (see our article entitled More on China’s national security review regime – the American regime vs the Chinese regime).  Through our research, we find that during the past few years, the following contemplated outbound investments by Chinese companies underwent the NSR process:


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