Interim Provisions on the Absorption of Foreign Capital by Financial Asset Management Companies Partaking in the Reorganization and Disposal of Assets

金融资产管理公司吸收外资参与资产重组与处置的暂行规定

Promulgating Institution: Ministry of Foreign Trade and Economic Cooperation; Ministry of Finance; The People's Bank of China

Document Number: Decree [2001] No. 6 of Ministry of Foreign Trade and Economic Cooperation, Ministry of Finance and the People's Bank of China

Promulgating Date: 10/26/2001

Effective Date: 10/26/2001

颁布机关: 对外贸易经济合作部; 财政部; 中国人民银行

文      号: 对外贸易经济合作部、财政部、中国人民银行令2001年第6号

颁布时间: 10/26/2001

实施时间: 10/26/2001

 (Promulgated under Decree No. 6 [2001] of the Ministry of Foreign Trade and Economic Cooperation, Ministry of Finance, and People's Bank of China on October 26, 2001)

(2001年10月26日对外贸易经济合作部 财政部 中国人民银行令2001年第6号发布)

Article 1   These Provisions are formulated in accordance with the Regulations on Financial Assets Management Companies and the laws and regulations concerning foreign investment in China in order to regulate the assets reorganization and disposal by financial asset management companies (hereinafter referred to as "asset management companies") through absorption of foreign capitals and protect the lawful rights and interests of Chinese and foreign investors.

       第一条  为了规范吸收外资参与金融资产管理公司(以下称“资产管理公司”)的资产重组与处置，保护中外投资者的合法权益，根据我国外商投资的法律、《金融资产管理公司条例》及有关法规，制订本规定。

  Article 2  Asset management companies may reorganize and dispose of their assets by absorbing foreign capitals.

       第二条  资产管理公司可以通过吸收外资对其所拥有的资产进行重组与处置。

  Article 3  The reorganization and disposal of assets through absorption of foreign capitals shall be conducted in accordance with the strategy for adjusting the national economic structure. The absorbed capitals shall be used to liquidize non-performing assets, introduce advanced management expertise, funds and techniques, and carry out enterprise technology innovation, so as to promote the reform in State-owned enterprises and the establishment of modern corporate systems. Activities involving speculative short-term trading and debt evasion shall be prevented.

       第三条  吸收外资参与资产重组与处置应从国民经济战略调整的高度出发，通过吸收外资盘活不良资产，引进先进管理经验、资金和技术，对企业进行技术改造，促进国有企业改革和现代化企业制度的建立。要防止以炒作资产为惟一目的的短期交易及企业逃废债务。

  Article 4  Reorganization and disposal of assets by asset management companies through absorption of foreign capitals shall comply with industry policies of the State concerning foreign investment. Industries such culture, finance and insurance as well as fields from which foreign investments are banned, as prescribed in the Catalogue of Industries for Guiding Foreign Investment, shall be out of the scope of foreign capital absorption for the reorganization and disposal of assets. Where the Catalogue of Industries for Guiding Foreign Investment provides the projects in which Chinese parties shall be the controlling shareholders, Chinese parties shall, in principle, remain as the controlling shareholders in such projects after the completion of the reorganization through the absorption of foreign capitals.

       第四条  资产管理公司吸收外资进行资产重组与处置，应符合国家指导外商投资的产业政策。文化、金融、保险以及《外商投资产业指导目录》中禁止外商投资类领域，不列入吸收外资参与资产重组与处置的范围。《外商投资产业指导目录》中规定须中方控股的项目，外资参与重组后原则上应继续保持中方控股。

  Article 5   Scope of assets that can be reorganized and disposed of

(1) Corporate equities owned by asset management companies shall include equities obtained by asset management companies after the debt for equity swap, equities owned by asset management companies after the reorganization of debtor enterprises, and equities owned by asset management companies in other methods;

(2) Asset management companies shall have the right to dispose of assets in kind of enterprises; and

(3) Asset management companies shall be entitled to creditor's rights of enterprises.

       第五条  重组与处置的资产范围

    (一)资产管理公司拥有的企业股权，包括：资产管理公司对企业实施债转股后取得的股权，资产管理公司对欠债企业进行重组后拥有的股权，资产管理公司以其他方式拥有的股权；

    (二)资产管理公司有支配处置权的企业实物资产；

    (三)资产管理公司拥有的企业债权。

  Article 6  Methods of assets reorganization and disposal

(1) Asset management companies may sell or transfer equities or creditor's rights of non-listed companies that they own to foreign purchasers after the reorganization;

(2) Asset management companies may sell or transfer directly to foreign purchasers the equities or creditor's rights of non-listed companies that they own;

(3) Asset management companies may transfer to foreign purchasers assets in kind that they own by means of, among others, agreement to transfer, bid invitation and auction; and

(4) Asset management companies may establish foreign-invested enterprises based on the original enterprises with the corporate equities or assets in kind that they own and use as capital contributions.

       第六条  重组与处置资产的方式

    (一)资产管理公司对其拥有的非上市公司的股权、债权进行重组后向外商出售或转让；

    (二)资产管理公司直接向外商出售、转让其拥有的非上市公司的股权和债权；

    (三)资产管理公司通过协议转让、招标、拍卖等方式向外商出让其拥有的实物资产；

    (四)资产管理公司以其拥有的企业股权、实物资产作价出资，在原企业基础上与外商组建外商投资企业。

  Article 7   Asset management companies shall reorganize and dispose of assets in consultation with other investors of the enterprises in question. The said investors shall have the first refusal under equal conditions.

       第七条  资产管理公司重组与处置资产时，应与企业其他投资者协商，在同等条件下，其他投资者有优先购买权。

  Article 8  Assessment and trading prices of assets to be reorganized and disposed of

The reorganized and disposed of assets shall be assessed by qualified asset evaluation agencies before being sold or transferred by the management companies. Factors concerning asset reorganization and disposal shall be taken into account during the said evaluation, which shall be consistent with international practice and carried out in universally acceptable methods.

Asset management companies shall, at their own discretion, determine trading prices of assets to be reorganized and disposed of by taking into consideration the net value of assets assessed, asset appreciation potential and the status quo of assets etc., and based on relevant provisions of the Administrative Measures for Assets Disposal by Financial Asset Management Companies issued by the Ministry of Finance.

       第八条  重组与处置资产的评估与交易价格

    资产管理公司重组与处置的资产出售、转让前须由有资格的资产评估机构进行评估。资产评估时应充分考虑重组与处置资产的各种因素。资产评估应符合国际惯例，采用国际上普遍接受的方法。

    资产管理公司应综合考虑资产评估净值、资产增值潜力、资产现状等因素，根据财政部《金融资产管理公司资产处置办法》的有关规定，自主确定重组与处置的资产交易价格。

  Article 9  Procedures for the reorganization and disposal of assets

(1) Pursuant to relevant provisions of the Administrative Measures for Assets Disposal by Financial Asset Management Companies issued by the Ministry of Finance, the asset reorganization and disposal schemes of asset management companies shall be subject to the examination and approval of the relevant asset disposal verification institutions. In the event that assets to be reorganized and disposed of fall under the category of restricted assets as prescribed in the Catalogue of Industries for Guiding Foreign Investment, the asset management companies concerned shall obtain the consent from competent departments before their asset reorganization and disposal schemes are approved.

(2) Asset management companies shall sign relevant legal documents with foreign purchasers according to the approved asset reorganization and disposal schemes.

(3) Asset management companies shall, in accordance with the law, apply to the Ministry of Foreign Trade and Economic Cooperation for the establishment of foreign-invested enterprises and obtain the approval certificates.

       第九条  重组与处置资产的程序

    (一)资产管理公司根据财政部《金融资产管理公司资产处置管理办法》的有关规定由资产处置专门审核机构审批资产重组与处置方案。若重组与处置的资产属《外商投资产业指导目录》中限制类范围，资产管理公司在批准重组与处置方案前，应征得主管部门的同意。

    (二)资产管理公司根据审批同意后的资产重组和处置方案与外商签订有关法律文件。

    (三)资产管理公司依法向外经贸部申请办理外商投资企业设立的有关手续，并领取批准证书。

  Article 10   These Provisions shall apply to investors from Hong Kong, Macau and Taiwanese partaking in the reorganization and disposal of assets of asset management companies.

       第十条  香港、澳门、台湾投资者参与重组与处置资产管理公司资产，参照本规定执行。