展望2019 · 《并购和杠杆融资评论》中国章节：回顾与预测
本所律师参与撰写的《并购和杠杆融资评论》（第5版）（The Acquisition and Leveraged Finance Review (Fifth Edition)）一书于2019年1月在英国出版，该书是世界著名法律出版商法律商业研究有限公司（Law Business Research Limited）出版的The Law Reviews系列丛书之一。天元律师事务所合伙人殷雄、合伙人柴杰、资深律师马骎应邀撰写了该书的“中国”一章。
天元律师撰写的“中国”一章，从中国执业律师的角度对近年来跨境收购和融资交易的市场变化进行了回顾，并针对中国并购融资的监管政策、债务工具选择、境内及跨境并购交易（尤其是上市公司并购交易）的监管和披露要求、争议解决等问题，对中国法下的并购融资进行了总结和分析，以帮助读者了解中国并购融资的监管要求和实践。天元律师还结合对中国并购融资市场的观察，对跨境收购和并购融资市场的未来发展趋势进行了分析和预测。《并购和杠杆融资评论》的“中国”一章可作为境内、外企业法律顾问和国际法律从业者了解中国并购融资市场的实用指南。
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The Acquisition and Leveraged Finance Review - Edition 5
CHINA
I OVERVIEW
The outbound acquisition by Chinese investors has become more rational since late 2016 because of the tightened control of the administration of outbound investment through 'window guidance' and uncertainty over the policy. Foreign investment has also been slowed down due to the de facto restriction to the transfer of dividend and investment proceeds out of China and uncertainty over future exit from investment.
However, since 2018, several rules and regulations regarding outbound investment and foreign investment and foreign exchange have been promulgated, with the aim to improve oversight on outbound investment and to facilitate foreign investment in China. Cross-border investment has picked up since the start of 2018.
Domestic and international banks are the primary source of debt finance in acquisition transactions. Finance companies also play an important role in the debt financing market. Unsecured credit facility, secured facility, revolving facility for working capital purposes, bonds and convertible bonds are the most commonly used debt products. Chinese laws are not well developed for the mezzanine finance; however, mezzanine finance is not a new concept in China as it is commonly seen for Chinese companies with an offshore structure. For onshore companies, hybrid debt-plus-securities instruments are commonly arranged, which are more inclined to the hybrid of plain vanilla loans or pure equity solutions.
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