China's New National Security Review Procedures for Mergers and Acquisitions Involving Foreign Investors: A New Hurdle for Foreign Investors or China Just Putting Existing Practice To Paper?

On 12 February 2011, the General Office of China's State Council released new rules to introduce a national security review system for mergers and acquisitions ("M&A") of companies within China involving foreign investors. In the Circular on Establishing the Security Review System for Mergers and Acquisitions of Enterprises within China involving Foreign Investors ("Security Review Circular") dated 3 February 2011, the State Council lays out a formal national security review process ("National Security Review") for various categories of inbound M&A transactions involving foreign investors. The Security Review Circular will come into effect 30 days after the date of its promulgation.

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