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CFIUS Screening Process 美国外国投资委员会审查过程
30天审查
与美国官员非正 式沟通
Sometimes有时候
较少情况下 15天总统审查 45天调查
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Screening of Chinese Investments 中国投资审查
•CFIUS screening has become controversial with respect to Chinese investment in the US. But many criticisms/concerns are based on misunderstandings. If parties are properly advised/represented, CFIUS normally clears proposed Chinese acquisitions.美国外国投资委员会对来自中国的投资的审查已经引起 了一些争议。但是很多批评和担忧还是因误解造成。如果交易各方获得适当 咨询和代理，该委员会正常情况下都会通过提议的来自中国的并购。 •Orrick has great depth in this area. It was involved in two of approximately ten CFIUS cases that have gone to the desk of the president for decision. 奥睿在该 领域有很深的造诣。奥睿参与了最近走到了总统审查这一步的10个外国投资 委员会项目中的两个。 •Our firm recently represented the PRC government aerospace conglomerate Aviation Industry Corporation of China (“AVIC”) when it bought the U.S. plane maker Cirrus in 2011 – secured CFIUS clearance.奥睿最近代表中国国有 航空巨头中国航空工业集团公司（AVIC）于2011年并购美国飞机制造商 Cirrus，并帮助该交易通过了美国外国投资委员会的审查。 •In fact, more Chinese deals are approved than denied or modified. While CFIUS is a hurdle that must be cleared, it generally is not an insurmountable. 事实上，相比被否决或被要求修改的交易，获批的中国交易还是更多。虽然 委员会审批是必须清除的障碍，但是总的来说，这个障碍并非无法克服。 8
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M&A Activity: Review by the Committee on Foreign Investment In the US (CFIUS) 并购活动：美国外国投资委员会的审查
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Recent Chinese M&A Activity in the U.S. 最近中国公司在美国的并购活动
Recent CFIUS Outcomes 最近的美国外国投资委员会的审查结果
This list is illustrative, and not exhaustive. 这个表是说明性质的，并不全。
Acquisitions Denied/Modified By CFIUS CFIUS否决和修改的收购
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Outline大纲
•US investment risk is a very broad topic •美国投资风险是一个非常宽泛的话题 − M&A & CFIUS Review并购与美国外国投 资委员会审查 − International Trade Regulation & Enforcement国际贸易管制和执法 − Litigation Risk诉讼风险 − IP Risk知识产权风险
OCTOBER 2013 2013年10月
Managing Legal Risk in US Investments 管理在美投资的法律风险
Mitch Zuklie/Ralph Baxter/David Syed Chairman, Orrick, Herrington & Sutcliffe LLP 美国奥睿国际律师事务所主席/董事
CFIUS Clearance: The First Hurdle 美国外国投资委员会审查：第一个障碍
•The “Exon-Florio” law authorizes the President to block non-U.S. investment in the United States for national security reasons. 埃克森-佛罗里奥法案授权美 国总统可以国家安全为由阻挡非美国人在美国投资。 •The President generally has authority to act against a transaction if it could result in a non-U.S. person gaining control over a U.S. business.通常情况如果 一项交易会导致非美国人控制一个美国的行业，则总统有权反对该交易。 •At the discretion of transaction parties, the Committee on Foreign Investment in the United States (“CFIUS”) will screen a transaction – explore whether the transaction presents unacceptable national security risk.交易方可以选择是否由 美国外国投资委员会排查，看该交易是否会有不可接受的国家安全风险。 •CFIUS clearance generally insulates a transaction from adverse action. Without CFIUS clearance, the transaction is always susceptible to a divestment order.该委员会的批准通常可以使得一项交易不再受到反对。如果没经该委员 会的审批，则该交易随时可能因撤资令而告吹。
“NiHao”! 大家好！
•I am honored to be here and to have the opportunity to address you. 我非常荣幸有这个机会向你们做这个演讲。 •I have had the opportunity to make many visits to Beijing since Orrick established our law practice here in 2006. 自从2006年奥睿 在北京开设办事处以来，我有机会多次访问北京。 •Two weeks ago, Orrick’s Board held its quarterly meeting in China. 两周前，奥睿的董事会在中国举办了季度会议。 •It is awe-inspiring to witness your country’s economic, social and cultural development.见证中国的经济、社会和文化发展的 过程着实令人敬畏。 •I want to thank the conference organizers and especially the Dacheng law firm, with whom Orrick has had the honor to collaborate on a number of exciting and successful engagements.非常感谢大会的组织者，特别是大成律师事务所， 奥睿很荣幸在多个有意思和成功的法律项目上与大成有过合作。
CNOOC proposed acquisition of Unocal Corporation中海油提议收购优尼科 Huawei proposed acquisition of 3Com 华为提议收购3Com Northwest Non-Ferrous International Co.’s attempt to buy Nevada's Firstgold Corp. gold mine 西北有 色金属国际公司尝试收购内华达Firstgold公司 的金矿 Huawei proposed acquisition of Motorola wireless equipment business华为提议收购摩托罗拉的无 线设备业务 Huawei acquisition of 3Leaf华为收购三叶 Ralls Corporation proposed acquisition of wind farms in Oregon三一重工的Ralls公司提议收购 俄勒冈的风力农场 Procon Resources’ Acquisition of Lincoln Mining Corporation普康资源收购林肯矿业公司 2005 2008 2009 AVIC Acquisition of Cirrus Industries, Inc. 中航收购Cirrus 2011
Chinese M&A activity in the U.S. is likely to reach record levels in 2013 中国公司2013年在 美国的并购可能会创造新的纪录 •Broader investment focus, extending beyond energy, natural resources and raw materials to acquisitions of control of brands and technology and securing markets for Chinese goods and consumers. 投资热点扩大，从能源、自然资源和原材料已扩展至并购品牌和 技术控制权以及为中国产品和消费者获取市场。 •Recent deals include: 最近的交易包括： − Shuanghui International’s acquisition of US pork processor Smithfield Food for US$7.1 BN (largest Chinese acquisition of a U.S. company)双汇国际以71亿美元并购美国猪肉 加工商史密斯菲尔德食品公司（迄今为止中国公司并购美国公司数额最大的一次） − Dailan Wanda acquired AMC Theaters for US$2.6 BN大连万达26亿美元并购AMC − Wanxiang Group’s acquisition of A123’s automotive battery business for US$237 MN (effected through 363 bankruptcy sale)万向集团以2.37亿美元并购A123公司的汽车电 池业务（通过363破产销售完成） − San’an Optoelectronics acquisition of LED manufacturer Luminous Devices for US$22 MN三安光电以2200万美元并购LED生产商流明公司。 − Sinopec Group’s US$1.02 BN investment in certain oil and gas assets of Chesapeake Energy中石化集团向切萨皮克能源公司的部分石油和天然气资产投资10.2亿美元。