关于国有企业利用外商投资进行资产重组的暂行规定 Asset Reorganization by State-owned Enterprises Using Foreign Investment Ten

s still account for a controlling interest following the establishment of the joint venture and which satisfy the conditions shall be eligible for treatment under relevant policies in accordance with the State Council, Related Problems Concerning Trial Merger of Bankrupt State-owned Enterprises and Job Replacement for Staff and Personnel Thereof in Various Cities Supplementary Circular (document Guo Fa [1997] No. 10).

　　Article 9　Where State-owned enterprises use foreign investment in order to carry out asset reorganization, the feasibility study shall require the foreign investor to make its capital contribution in full within three months after the date of issuance of the business licence. If the contribution needs to be postponed due to extraordinary circumstances, then, subject to examination and approval, at least 60% of the total contribution shall be made within six months, and the contribution shall be made in full within one year, after the date of issuance of the business licence. Until it has made its capital contribution in full, the foreign investor may enjoy rights and interests only in proportion to the amount of the capital contribution actually made.

　　Article 10　The approved feasibility study shall be the fundamental basis for formulation of the contract (articles of association). If the event of any inconsistency between the contract (articles of association) and the approved feasibility study, the opinion of the authority which examined the feasibility study shall be obtained.

　　Article 11　These Provisions shall be applicable to asset reorganization by State-owned enterprises using investment from the Hong Kong Special Administrative Region or from Macao or Taiwan.

　　Asset reorganization by non-State-owned enterprises using foreign investment shall be handled by reference to these Provisions.

　　Article 12　The State Economic and Trade Commission shall be in charge of interpreting these Provisions. These Provisions shall be implemented as of the date of promulgation

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