China's National Development and Reform Commission (NDRC) released on June 8, 2009 the Circular on Issues Concerning Modifying the Administration of Overseas Investment Projects (Circular), so as to regulate the Chinese enterprises' overseas takeover and bidding projects.
Under the Circular, enterprises must submit their project information reports to the NDRC and send a copy to the industrial administration authorities of the State Council before they sign any binding agreements, provide the binding fee quote and submit their applications for the overseas takeover to the governmental authorities of the countries (areas) where the projects are conducted.
The aforementioned reports must specify the basic information of the major investors, background of the investment, circumstances of the object to be taken over or under bidding, circumstances of the overseas issues and due diligence investigation, basic plans and schedules of the takeover of bidding, and etc. (Source: National Development and Reform Commission) (July.2th 2009)