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Chinese Company and Securities Law/刘成伟(13)
12.3.3 Substantive Assessment Factors in the Review 214
12.3.4 Exemption of the Filing and Review Requirement 215
12.4 Procedures of the Merger Review and Filing 216
12.5 Investigation in the Lack of Active Filing 220
12.6 Liabilities of Non-compliance 220
12.7 Key Provisions at Issue 221
Part III
Merger and Acquisition: Listed Companies
Introduction III
Takeover under the New Takeover Code (2006) 225
Chapter 13
Takeover of Listed Companies in General 227
13.1 Introduction and Latest Developments 227
13.2 Takeover Methods 229
13.3 Takeover by Offer 230
13.3.1 General Matters of the Offer 230
13.3.1.1 Voluntary Offer vs. Mandatory Offer 230
13.3.1.2 General Offer vs. Partial Offer 231
13.3.1.3 Offer Period 232
13.3.1.4 Offer Price 232
13.3.1.5 Payment Means and Performance Bond 233
13.3.2 Procedures of the Takeover by Offer 234
13.3.3 Defence Measures against the Takeover Offer 240
13.4 Takeover through Shares Purchase Agreement (SPA) 241
13.4.1 The Takeover through SPA in General 241


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