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Scoring Table
Description Rank Sub-rank
Sound legal environment for smooth M&A 81—100 96—100
91—95
86—91
81—85
Good legal environment for easy M&A 61—80 76—80
71—75
66—70
60—61
Average legal environment for slightly difficult M&A 41—60 56—60
51—55
46—50
41—45
Poor legal environment for difficult M&A 21—40 36—40
31—35
26—30
21—25
Bad legal environment for little or no M&A 0—20 16—20
11—15
6—10
0—5
Assessment on Chinese M&A Legal Environment
Issues Frequency Frequent
Coefficient Marks
Final
Marks
Market Access and Industrial Policy 72 0.0643 66 4.2438
Assets Appraisal Appraisal Methods 65 0.0580 31 1.7980
Appraisal Procedure 31 0.0277 45 1.2465
Transfer Price
Fixation Methods to fix price 55 0.0491 31 1.5221
Autonomy to fix price 22 0.0199 41 0.8159
Verification and
Approval
Complexity 47 0.0419 51 2.1369
Transparency 36 0.0321 45 1.4445
Risks 12 0.0107 45 0.4815
Antitrust Rules 71 0.0634 91 5.7694
Identification of Bargaining Parties and State-owned Assets Management Identification of Bargaining
Parties 65 0.0580 35 2.0300
State-owned Assets Management
Under Multipolar System 35 0.0313 51 1.5963
Payment Payment Instruments 43 0.0384 45 1.7280
Time Limit for payment 58 0.0525 45 2.3625
Government Intervention 52 0.0464 41 1.9024
Protection of
Staffs’ Rights and Interests Placement of Redundant
Personnel 45 0.0402 35 1.4070
Compensation to Managers or Directors 12 0.0107 86 0.9202
the Employees’ Power to Control M&A 35 0.0313 66 2.0658
Creditors Protection 47 0.0419 86 3.6034
National Treatment 16 0.0143 65 0.9295
M&A Finance
Loans 55 0.0491 41 2.0131
Corporate Bonds
Issuing New Shares
Conversable Bonds
Taxation Taxation of M&A 16 0.0143 65 0.9295
Tax Treatment after M&A 68 0.0607 85 5.1595
Foreign Exchange Control Control on Capital Entrance 23 0.0205 61 1.2505
Control on Income Remitting 23 0.0205 76 1.5580
The Limitation on Circulation of bought Shares 32 0.0286 51 1.3668
Information Disclosure 12 0.0107 86 0.9202
M&A Patterns
Acquisition of Shares Acquisition by Tender offers 35 0.0313 61 1.9093
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