Foreign Investment

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2022

Executive Summary/Highlights Global dealmaking slowed significantly in Q3 2022, reflecting current macro-economic and geopolitical uncertainties and challenges. Nevertheless, many deals got done and many of the traditional drivers of M&A point to meaningful deal flow in Q4 and beyond. Global M&A volume was US$692 billion in Q3 2022, a 37% decrease from Q2 2022 and … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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CANADIAN UPDATE – Foreign Investment Review in Canada: Top Trends and Developments for 2022

The past year generated substantial interest in the operation of the Investment Canada Act (ICA), especially the national security review process, against the backdrop of changes in government policy that purport to articulate a more expansive view of Canada’s national security interests. We expect foreign investment review to remain an issue of public and political concern in … Continued

This article was authored by Davies partners John Bodrug, Anita Banicevic, Mark Katz and Charles Tingley of the Davies Competition, Antitrust & Foreign Investment group.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2021

Executive Summary/Highlights Global M&A volume was more than US$5.8 trillion in 2021, the highest annual volume on record. Each of the four quarters of 2021 was one of the top six most active quarters by dollar volume since the beginning of 2010. In addition to a legion of private equity funded transactions, including such major … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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CHINESE UPDATE: A Christmas Gift from the CSRC – thoughts on the CSRC Rules Regarding Overseas Listings

*Originally distributed on December 31, 2021 The second half of 2021 was an extraordinary time for Chinese companies seeking to list overseas, as well as for other relevant market participants. The Didi incident further deepened the anxiety and “mistrust” by US securities regulators on the risks associated with investing in China-based companies or that have … Continued

This article was authored by Wang Yi and Xiaojia Sun, partners at JunHe. Mr. Wang is the head of capital market department at JunHe and has been practicing for more than 20 years with leading PRC firms and international firms in Beijing, Hong Kong and Shanghai. Ms. Sun is a partner in the capital markets practice area of JunHe’s Beijing office and is dedicated to providing diversified service in the area of securities law including reorganization, pre-IPO private placements, and initial public offerings on domestic and international stock exchanges.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2021

Executive Summary/Highlights The boom in global M&A activity reached new heights in the third quarter of 2021, resulting in a record volume of global M&A through the first three quarters. M&A activity has surged on the back of pent-up demand for deals following the Covid-19 shutdown in the early part of 2020 and the subsequent … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for First Quarter 2021

Executive Summary/Highlights Global M&A volume reached record highs in Q1 2021. As Covid-19 vaccines became more widely available and economies reopened, M&A volume reached the largest first quarter deal volume on record since records started being kept in 1980. In Q1 2021, global M&A volume was US$1.34 trillion, a 1.7% increase from Q4 2020 (US$1.32 … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2020

Global M&A activity in 2020 was a remarkable tale of two halves, with historically low M&A volume in the first half of the year, especially in the months following the initial outbreak of the coronavirus pandemic, followed by an explosion of activity in the second half of the year.

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2020

Executive Summary/Highlights Global M&A activity recovered in Q3 2020 as economies around the world began to reopen and dealmakers, focusing on existence-preserving activities in the first half of the year, returned their attention to M&A transactions. While global M&A volume in Q3 2020 was strong across the board, the continuing effects of the coronavirus pandemic, … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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CHINESE UPDATE: MOFCOM Unreliable Entity List

P.R.C. Ministry of Commerce (“MOFCOM”) issued an order promulgating “Provisions on the Unreliable Entity List” (the “Provisions”) on September 19, 2020, effective immediately the same day. These implementing rules have been long awaited since the idea was first introduced nearly 16 months ago on May 31, 2019. The Unreliable Entity List (“UEL”) mechanism will create … Continued

Editors’ Note: Contributed by Adam Li, a partner at JunHe (Shanghai), and by Fang He, a partner at JunHe’s Beijing headquarters; both are members of XBMA’s Legal Roundtable. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies. Ms. He specializes in M&A and outbound investment from China. 

This article was authored by David Tang (Partner) - JunHe (Shanghai). Mr. Tang advises multinational clients on Chinese sanctions and export controls and has over 20 years of experience specialized in international trade, customs, and compliance related investigations. Mr. Tang is the head of JunHe’s trade practice group.

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GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Second Quarter 2020

Executive Summary/Highlights Global M&A activity in Q2 2020 dropped to its lowest quarterly levels in more than a decade, as corporate dealmakers paused to weigh the effects of the COVID-19 pandemic, including the responses of governments, businesses and consumers across the world, and many companies devoted all available resources to existence-preserving activities and not growth … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.

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