The Ministry of Foreign Trade and Economic Cooperation, the Ministry of Finance, the People’s Bank of China Order of The Ministry of Foreign Trade and Economic Cooperation, the Ministry of Finance, the People’s Bank of China No.6 The Interim Provisions on Drawing Foreign Capital into the Asset Restructuring and Disposal by Financial Asset Management Companies Minister of the Ministry of Foreign Trade and Economic Cooperation: Shi Guangsheng Minister of the Ministry of Finance Xiang Huaicheng President of the People’s Bank of China Dai Xianglong October 26, 2001 Interim Provisions on Drawing Foreign Capital into the Asset Restructuring and Disposal by Financial Asset Management Companies Article 1 These provisions are formulated according to the laws of our country concerning foreign investment, to the Rules for Financial Asset Article 2 Asset Management Companies may restructure and dispose of the assets they possess by way of drawing foreign capital. Article 3 Drawing foreign capital into the asset restructuring and disposal shall stand at the point of national economy strategic adjustment, Article 4 Drawing foreign capital into asset restructuring and disposal by asset management companies shall conform to state industrial policies Article 5 Scope of Assets Restructured and Disposed (1) The enterprise stock rights owned by asset management companies include: stock rights obtained by asset management companies through (2) The physical assets of enterprises on which asset management companies have right to dispose of; (3) The creditor’s rights of enterprises owned by asset management companies. Article 6 Mode of Asset restructuring and Disposal (1) Asset management companies restructure the non-listed companies’ stock rights and creditor’s rights they owned, and then sell or transfer (2) Asset management companies directly sell or transfer the non-listed companies’ stock rights and creditor’s rights they owned to foreign (3) Asset management companies transfer physical assets they owned to foreign merchants through transfer agreements, public bidding, auction (4) Asset management companies evaluate the enterprise stock rights and physical assets they owned and invest them as financial contribution Article 7 When restructuring and disposing of the assets of an enterprise, asset management companies shall consult with other investors, who Article 8 Evaluation and Transaction Value of Assets Restructured and Disposed Assets restructured and disposed by asset management companies Asset management companies shall have the right to determine independently the transaction value of assets restructured and disposed, Article 9 Procedure of Asset restructuring and Disposal (1) According to relevant provisions of the Regulatory Measures of the Ministry of Finance on Asset Disposal of Financial Asset Management (2) Asset management companies shall sign relevant legal documents with foreign merchants according to approved plans for asset restructuring (3) Asset management companies shall apply to the Ministry of Foreign Trade and Economy for going through relevant procedure to establish Article 10 Cooperation of asset restructuring and disposal between asset management companies and investors from Hong Kong, Marco and Taiwan |
The Ministry of Foreign Trade and Economic Cooperation, the Ministry of Finance, the People’s Bank of China
2001-10-26