At a meeting with the People’s Liberation Army delegation during the third session of the 12th National People’s Congress in March 2015, President Xi Jinping said for the first time that the integration of military and civilian development should be upheld as a national strategy.
With the joint efforts by the Central Committee of the Communist Party of China, the State Council and the Central Military Commission, the military-civilian integration policy has become an important strategy to push for market-oriented development of China’s defence industry. More and more listed companies have explored opportunities of business transformation by merging and acquiring defence assets.
Partner
East & Concord Partners
According to incomplete statistics, there were 225 merger and acquisition (M&A) deals in the defence industry as of the third quarter of 2016, with 83 done by defence corporations and 142 by military related companies. State-owned enterprises and privately owned enterprises separately accounted for roughly 40% and 60% of these M&A activities, respectively.
The defence industry requires different legal services due to its particularity. When performing due diligence on defence M&As, especially military related civilian-run companies, lawyers should pay attention to some extra issues in addition to the ordinary checklist.
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Zhang Xuan is a partner at East & Concord Partners. Wang Haonan and Jiang Yizhen are associates at the law firm
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电子信箱 E-mail:
jenniferzhang@east-concord.com
wanghaonan@east-concord.com
jiangyizhen@east-concord.com
