Foreign Investment

JAPANESE UPDATE – Japan’s Largest M&A Transaction in 2023: The Acquisition of Toshiba Corporation

*Originally distributed on February 20, 2024.  In 2023, there was a 6.7% decline in the number of mergers and acquisitions involving Japanese companies as compared to 2022. This decrease can be attributed to a combination of macroeconomic factors, interest rate trends, regulatory changes, and geopolitical influences. Despite this overall trend, one standout deal was the … Continued

This article was authored by Masakazu Iwakura (Senior Partner), Hidenori Nakagawa (Partner) and Masanori Bito (Partner) of TMI Associates. They appreciate the valuable assistance of Vincent Tritto, a Foreign Attorney at TMI.

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CHINESE UPDATE: Key Considerations for Multinational Corporations in China under the New PRC Company Law

*Originally distributed on January 13, 2024.  On December 29, 2023, the National People’s Congress passed the new amendment to the Company Law of the People’s Republic of China (the “New Company Law”), which will take effect on July 1, 2024. This marks the second comprehensive revisions of the PRC Company Law since its initial promulgation … Continued

This article was authored by Daniel He (partner) at JunHe. Mr. He's current practice focuses on merger and acquisition projects, joint venture transactions, and strategic investment projects in various industries such as food & nutrition, automotive, chemistry, logistics, real property, medical device, and retail & distribution. In addition to his work in M&A, Mr. He also serves as China counsel to a number of leading companies and non-government organizations in their general corporate and regulatory compliance matters throughout China.

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CHINESE UPDATE: Border Crossings: Toward Mutual Recognition and Enforcement of U.S. and Chinese Civil Court Judgment

Despite frequent frictions in recent trade relations, the growing scale of the economic relationship between the world’s two largest economies—the People’s Republic of China (PRC) and the United States—has given rise to an ever-greater number of civil and commercial disputes. For decades, the common assumption among American lawyers was that enforcing a U.S. court judgment … Continued

This article was co-authored by JunHe LLP Partner Zhenyong (Allan) Ye and Frost Brown Todd Attorney-at-law Aaron M. Bernay. Summer intern Shizun Zhou from JunHe LLP and summer associate James Hardman from Frost Brown Todd also contributed.

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GLOBAL UPDATE – Cross-Border M&A Guide

Cross-Border M&A Guide Wachtell, Lipton, Rosen & Katz recently published the 2023 edition of their Cross-Border M&A Guide, which is available here. This Cross-Border M&A Guide covers the key U.S. legal considerations not only for acquisitions of U.S. companies by non-U.S. companies (or “inbound” M&A transactions), but also for acquisitions of non-U.S. companies, including under … Continued

This submission was contributed by Victor Goldfeld, John L. Robinson, Hannah Clark and Charles C. See at Wachtell, Lipton, Rosen & Katz

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GLOBAL STATISTICAL UPDATE – XBMA Annual Review for 2022

Following record-breaking M&A activity in 2021, M&A volume over the 12 months ending December 31, 2022 reverted toward the mean, with a significant slowdown in the second half of the year. Global M&A volume in 2022 was US$3.6 trillion, down from US$6.2 trillion in 2021 and closer to the annual average of US$4.3 trillion over the prior 10-year period.

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 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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