# Chinese (Mandarin) — Corporate, M&A, JV and Powers of Attorney Sub-Lexicon

Unified Chinese reference covering corporate resolutions and governance under the PRC
Company Law (2023 revision, effective 1 July 2024), mergers and acquisitions, joint
ventures, shareholders' agreements and related collateral, and powers of attorney /
proxies. Use alongside `references/corporate-ma-jv.md`. For tax-related terminology,
see `chinese-taxes.md` and `references/taxes.md`.

---

## 1. Core M&A Terms

| Chinese | English |
|---|---|
| 合并 / 兼并 | merger |
| 吸收合并 | merger by absorption |
| 新设合并 | merger by formation of a new company |
| 收购 | acquisition |
| 分立 / 分拆 | demerger / spin-off |
| 存续分立 | partial demerger |
| 解散分立 | demerger by dissolution |
| 股权收购 | share / equity acquisition |
| 资产收购 | asset acquisition |
| 股权转让协议 | share / equity transfer agreement (SPA) |
| 资产转让协议 | asset purchase agreement (APA) |
| 交易 | transaction / deal |
| 目标公司 | target company |
| 收购方 / 买方 | acquirer / purchaser |
| 转让方 / 卖方 | seller / transferor |
| 意向书 | letter of intent (LOI) |
| 保密协议 | confidentiality agreement / NDA |

## 2. Due Diligence

| Chinese | English |
|---|---|
| 尽职调查 | due diligence |
| 法律尽职调查 | legal due diligence |
| 财务尽职调查 | financial due diligence |
| 税务尽职调查 | tax due diligence |
| 商业尽职调查 | commercial due diligence |
| 数据室 / 资料室 | data room |
| 披露 | disclosure |
| 重大发现 | material findings |

## 3. Price, Adjustments, Warranties, Escrow

| Chinese | English |
|---|---|
| 估值 / 评估 | valuation |
| 收购价格 / 转让价格 | purchase price / transfer price |
| 固定价格 | fixed price |
| 价格调整机制 | price adjustment mechanism |
| 交割审计 / 完成审计 | completion accounts |
| 锁箱机制 | locked box |
| 锁箱日 | locked box date |
| 企业价值 | enterprise value |
| 股权价值 | equity value |
| 净负债 | net debt |
| 营运资金 | working capital |
| 对赌条款 / 业绩补偿 | earn-out / performance-based adjustment |
| 延期支付 | deferred consideration |
| 托管账户 | escrow account |
| 托管代理人 | escrow agent |
| 交割 | completion (UK) / closing (US) |
| 交割日 | completion / closing date |
| 交割前提条件 | conditions precedent |
| 过渡期 / 交割前期间 | interim period |
| 重大不利变化 (MAC) | material adverse change (MAC) |
| 陈述与保证 | representations and warranties |
| 卖方保证 | seller's warranties |
| 基本保证 / 基础陈述 | fundamental warranties |
| 业务保证 / 经营保证 | business warranties |
| 税务保证 | tax warranties |
| 披露函 | disclosure letter |
| 已披露事项 | disclosed matters / exceptions to warranties |
| 责任限额 (上限) | cap (on warranty claims) |
| 起赔额 / 门槛 (下限) | basket / threshold |
| 最低索赔额 | de minimis threshold |
| 保证期间 | warranty period |
| 索赔期限 | claims period |
| 赔偿 / 补偿 | indemnity |
| 赔偿义务 | indemnification obligation |
| W&I 保险 / 陈述与保证保险 | warranty and indemnity (W&I) insurance |

## 4. Tax Interface (overview only — see `chinese-taxes.md`)

| Chinese | English |
|---|---|
| 税务赔偿 / 税务补偿 | tax indemnity / tax covenant |
| 企业所得税 | enterprise income tax (EIT) |
| 个人所得税 | individual income tax (IIT) |
| 增值税 | value added tax (VAT) |
| 印花税 | stamp duty |
| 土地增值税 | land appreciation tax (LAT) |
| 国家税务总局 (STA) | State Taxation Administration (STA) |
| 税务登记 | tax registration |
| 7号公告 / 间接转让 | Public Notice No. 7 (indirect transfers) |

## 5. Shareholders' Agreement, JV Capital and Shareholder Loans

| Chinese | English |
|---|---|
| 股东协议 | shareholders' agreement |
| 合资合同 / 合营合同 | joint venture agreement / joint venture contract |
| 合资章程 | articles of association (of the JV) |
| 合资企业 / 合营企业 | joint venture |
| 中外合资经营企业 | Sino-foreign equity joint venture (legacy form) |
| 中外合作经营企业 | Sino-foreign cooperative joint venture (legacy form) |
| 合资方 / 合营方 | joint venture partner |
| 中方 | Chinese party / PRC party |
| 外方 | foreign party |
| 大股东 / 多数股东 | majority shareholder |
| 小股东 / 少数股东 | minority shareholder |
| 股权 / 出资比例 | equity interest / shareholding |
| 出资 | contribution / capital contribution |
| 货币出资 | cash contribution |
| 实物出资 / 非货币出资 | contribution in kind / non-cash contribution |
| 技术出资 / 知识产权出资 | technology / IP contribution |
| 土地使用权出资 | contribution of land use rights |
| 注册资本 | registered capital |
| 出资期限 (5年) | capital contribution schedule (5-year limit under 2023 Co. Law) |
| 增资 / 增加注册资本 | capital increase |
| 减资 / 减少注册资本 | capital reduction |
| 股东借款 | shareholder loan |
| 经营范围 | business scope |
| 商业计划 / 经营计划 | business plan |
| 合营期限 | JV term / duration of the JV |

## 6. Parties and Capacity

| Chinese | English |
|---|---|
| 股东 | shareholder |
| 一人有限公司股东 | sole shareholder of a single-member LLC |
| 法人 | legal person / legal entity |
| 自然人 | natural person |
| 实际控制人 | actual controller |
| 受益所有人 / 最终受益人 | ultimate beneficial owner (UBO) |
| 关联方 | related party / affiliate |
| 关联交易 | related-party transaction |

## 7. Notarization, Chops and Corporate Formalities

| Chinese | English |
|---|---|
| 公证 | notarization |
| 公证书 | notarial certificate |
| 公证处 | notary public office |
| 认证 | authentication |
| 海牙认证 / 附加证明书 | apostille / Hague Convention authentication |
| 领事认证 | consular authentication / consular legalization |
| 公司公章 | company chop / company seal |
| 法定代表人章 | legal representative's chop |
| 财务专用章 | finance chop |
| 合同专用章 | contract chop |
| 营业执照 | business license |
| 国家市场监督管理总局 (SAMR) | State Administration for Market Regulation (SAMR) |
| 公司登记 / 工商登记 | company registration / commercial registration |
| 变更登记 | filing of changes |
| 国家企业信用信息公示系统 | National Enterprise Credit Information Publicity System |

## 8. Corporate Approvals and Regulatory Terms

| Chinese | English |
|---|---|
| 公司批准 / 内部审批 | corporate approval |
| 股东会决议 | shareholders' resolution |
| 优先购买权 | pre-emption right / right of first refusal |
| 放弃优先购买权 | waiver of pre-emption rights |
| 第三方同意 | third-party consent |
| 反垄断申报 / 经营者集中申报 | merger filing / antitrust notification |
| 国家市场监督管理总局反垄断局 | Anti-Monopoly Bureau of SAMR |
| 不予禁止决定 | clearance decision |
| 监管审批 | regulatory approval |
| 外商投资安全审查 | foreign investment security review |
| 外商投资负面清单 | Negative List for Foreign Investment |
| 外商投资法 (2020) | Foreign Investment Law (2020) |
| 商务部 (MOFCOM) | Ministry of Commerce (MOFCOM) |
| 国家外汇管理局 (SAFE) | State Administration of Foreign Exchange (SAFE) |
| 国家发改委 (NDRC) | National Development and Reform Commission (NDRC) |
| 控制权变更 | change of control |
| 要约收购 | tender offer / takeover bid |
| 强制要约收购 | mandatory bid / mandatory tender offer |
| 对价 / 交易对价 | consideration |
| 竞业限制 / 竞业禁止 | non-compete |
| 非招揽条款 | non-solicitation clause |
| 排他性协议 | exclusivity agreement |
| 排他期 | exclusivity period |
| 分手费 / 解约金 | break-up fee / termination fee |

## 9. Joint Venture Governance, Deadlock and Exit

| Chinese | English |
|---|---|
| 表决权 | voting right |
| 简单多数 | simple majority |
| 绝对多数 / 特别多数 / 三分之二多数 | qualified majority / special resolution / two-thirds majority |
| 全体一致 | unanimity |
| 保留事项 / 重大事项 | reserved matters |
| 一票否决权 / 否决权 | veto right |
| 僵局 / 经营僵局 | deadlock |
| 僵局解决机制 | deadlock resolution mechanism |
| 随售权 / 强制出售权 (drag-along) | drag-along right |
| 共售权 / 跟售权 (tag-along) | tag-along right |
| 反稀释条款 | anti-dilution clause |
| 股权转让 | transfer of equity interests |
| 出售 / 处置 | disposal / sale |
| 转让同意 | consent to transfer |
| 转让限制 | transfer restriction |
| 锁定期 | lock-up period |
| 认购权 / 购买选择权 (call option) | call option |
| 出售选择权 (put option) | put option |
| 估值 (退出) | valuation (for exit purposes) |
| 公允市场价值 | fair market value |
| 独立评估师 | independent valuer / appraiser |
| IPO / 首次公开发行 | initial public offering (IPO) |
| 退出 | exit |
| 清算 (合资企业) | winding up / dissolution (of the JV) |
| 资产分配 | distribution of assets |
| VIE 结构 / 协议控制 | variable interest entity (VIE) structure / contractual control |

## 10. Core Corporate Resolution Terms

| Chinese | English |
|---|---|
| 董事会决议 | board resolution / resolution of the board of directors |
| 股东会决议 (有限公司) | shareholders' resolution (LLC) |
| 股东大会决议 (股份公司) | shareholders' resolution (joint stock company) |
| 董事会会议纪要 | minutes of the board of directors' meeting |
| 股东会会议纪要 | minutes of the shareholders' meeting |
| 书面决议 / 通讯表决 | written resolution / resolution by communication |
| 股东会 (有限公司) | shareholders' meeting (LLC) |
| 股东大会 (股份公司) | shareholders' meeting / general meeting (JSC) |
| 年度股东大会 | annual general meeting (AGM) |
| 临时股东大会 | extraordinary general meeting (EGM) |
| 召集通知 / 会议通知 | notice of meeting / convening notice |
| 议程 / 议案 | agenda |
| 法定人数 | quorum |
| 普通决议 / 简单多数 | ordinary resolution / simple majority |
| 特别决议 (三分之二以上) | special resolution (two-thirds majority) |
| 委托投票 / 投票委托书 | proxy / proxy form |
| 代理人 / 受托人 | proxy holder / representative |
| 出席签到 | attendance sheet |
| 记录秘书 | secretary of the meeting |
| 主持人 / 会议主席 | chairman of the meeting |

## 11. Substantive Resolutions and Corporate Actions

| Chinese | English |
|---|---|
| 审议批准年度报告 | approval of the annual report |
| 审议批准财务报告 | approval of the financial statements |
| 董事会工作报告 | management report / directors' report |
| 审计报告 | auditor's report |
| 利润分配方案 | profit distribution proposal / appropriation of profits |
| 分红 / 股利分配 | dividend distribution |
| 选举 / 任命 | election / appointment |
| 免职 / 解聘 | removal / dismissal |
| 连任 / 续聘 | re-appointment / renewal |
| 薪酬方案 / 报酬 | remuneration |
| 授权 | grant of authority / authorization |
| 追认 / 批准 | ratification |
| 修改公司章程 | amendment of the articles of association |
| 变更公司名称 | change of company name |
| 变更注册地址 | change of registered address |
| 变更经营范围 | change of business scope |
| 合并 | merger |
| 解散 | dissolution |
| 清算 | liquidation / winding up |

## 12. Corporate Officers and Bodies

| Chinese | English |
|---|---|
| 董事会 | board of directors |
| 董事 | director |
| 执行董事 (有限公司) | executive director (of an LLC) |
| 独立董事 | independent director |
| 总经理 / 总裁 | general manager / president |
| 副总经理 | deputy general manager |
| 监事长 | chairman of the supervisory board |
| 监事 | supervisor |
| 董事会秘书 (上市公司) | board secretary (listed company) |
| 审计师 / 审计机构 | auditor / audit firm |
| 财务负责人 | chief financial officer (CFO) |
| 审计委员会 | audit committee |

## 13. Company Types

| Chinese | English |
|---|---|
| 有限责任公司 (有限公司) | limited liability company (LLC) |
| 股份有限公司 (股份公司) | joint stock company / company limited by shares |
| 一人有限责任公司 | single-member LLC |
| 国有企业 / 国有独资公司 | state-owned enterprise (SOE) / wholly state-owned company |
| 外商独资企业 (WFOE) | wholly foreign-owned enterprise (WFOE) |
| 中外合资经营企业 (legacy) | Sino-foreign equity joint venture |
| 合伙企业 | partnership |
| 有限合伙企业 | limited partnership |
| 上市公司 | listed company / publicly traded company |

## 14. Powers of Attorney — Types and Formalities

| Chinese | English |
|---|---|
| 授权委托书 / 委托书 | power of attorney (POA) |
| 一般授权委托书 | general power of attorney |
| 特别授权委托书 / 专项授权 | special / limited power of attorney |
| 不可撤销授权委托书 | irrevocable power of attorney |
| 撤销授权 | revocation of the power of attorney |
| 授权终止 | termination of the authorization |
| 转委托 | delegation / sub-authorization |
| 经公证的授权委托书 | notarized power of attorney |
| 海牙认证的授权委托书 | apostilled POA / POA with Hague apostille |
| 领事认证的授权委托书 | consularly legalized POA |
| 国内授权委托书 | domestic POA |
| 域外授权委托书 | foreign POA / POA executed abroad |

## 15. Powers of Attorney — Scope of Authority

| Chinese | English |
|---|---|
| 授权范围 | scope of authorization |
| 授权事项 | matters authorized |
| 委托人 | principal / grantor |
| 受托人 / 代理人 | attorney-in-fact / agent / authorized representative |
| 一般代理 | general agency |
| 特别代理 / 专项代理 | special agency |
| 表见代理 | apparent agency / agency by estoppel |
| 无权代理 | unauthorized agency |
| 越权代理 | agency in excess of authority |
| 代理权终止 | termination of the agency |
| 自己代理 / 自我交易 | self-agency / self-dealing |
| 双方代理 | dual agency / dual representation |
| 利益冲突 | conflict of interest |
| 民法典代理章 (第161-175条) | Civil Code, Chapter on Agency (Arts. 161-175) |

## 16. Proxies for Meetings

| Chinese | English |
|---|---|
| 股东大会授权委托书 | proxy form for the general meeting |
| 表决委托 / 投票委托书 | voting proxy |
| 受托代理人 / 代理表决人 | proxy holder |
| 网络投票 / 电子投票 | online voting / electronic voting |
| 现场表决 | on-site voting |
| 累积投票制 | cumulative voting |

## 17. Verbal Anchors (POA / Proxy)

| Chinese | English |
|---|---|
| 兹授权 ... 代表本人 / 本公司 | I/we hereby authorize ... to act on my/our behalf |
| 行使下列权利 | to exercise the following powers |
| 签署本协议项下的所有文件 | to sign all documents under this agreement |
| 授权范围内 | within the scope of authorization |
| 受托人在授权期限内的行为对委托人具有约束力 | acts of the attorney-in-fact within the term of the authorization are binding on the principal |
| 本授权委托书自签署之日起生效 | this power of attorney takes effect from the date of signature |
| 本授权委托书有效期至 ____ 止 | this power of attorney is valid until ____ |
| 转委托须经委托人书面同意 | sub-authorization requires the principal's written consent |

## 18. Section Headings

| Chinese | English |
|---|---|
| 定义 | DEFINITIONS |
| 交易标的 | SUBJECT MATTER |
| 价格与支付 | PRICE AND PAYMENT |
| 先决条件 | CONDITIONS PRECEDENT |
| 过渡期承诺 | INTERIM PERIOD COVENANTS |
| 赔偿 | INDEMNIFICATION |
| 竞业限制 | NON-COMPETE |
| 保密 | CONFIDENTIALITY |
| 一般条款 | MISCELLANEOUS |
| 目的和范围 | PURPOSE AND SCOPE |
| 治理 / 公司治理 | GOVERNANCE |
| 保留事项 | RESERVED MATTERS |
| 僵局 | DEADLOCK |
| 期限与退出 | TERM AND EXIT |
| 会议召开 | OPENING OF THE MEETING |
| 法定人数确认 | QUORUM VERIFICATION |
| 议程 | AGENDA |
| 第一项决议 | FIRST RESOLUTION |
| 会议结束 | CLOSING OF THE MEETING |

## 19. Notes

- **PRC Company Law (2023 revision)**: The Company Law was substantially revised in
  2023 (effective 1 July 2024). Key changes include the 5-year cap on the capital
  contribution period, simplified deregistration, enhanced director/shareholder
  liability for unpaid contributions, the option to replace the supervisory board with
  an audit committee for LLCs, and an expanded role for the legal representative. Cite
  the 2023 revision on first mention.
- **法定代表人 (legal representative)**: Unique to PRC corporate law. A mandatory role —
  typically the chairman of the board, the executive director, or the general manager
  (per the 2023 revision the company has more flexibility). The legal representative
  binds the company and bears personal liability for certain regulatory matters. No
  exact common-law equivalent — translate as "legal representative" and explain.
- **Company chop / 公章**: In PRC practice the company chop has legal effect equivalent
  to a signature. Several specialized chops exist (法定代表人章, 财务专用章, 合同专用章).
  Resolutions and POAs should always address custody and use of the chop.
- **LLC vs JSC governance**: An LLC (有限公司) uses a 股东会 (shareholders' meeting) and
  may have a single 执行董事 (executive director) instead of a full board. A JSC
  (股份公司) must have a 股东大会, a 董事会 and (subject to the 2023 revision flexibility)
  a 监事会 or audit committee. Keep the distinction.
- **特别决议 (special resolution / two-thirds majority)**: Under the PRC Company Law,
  certain matters (capital increase or reduction, merger, demerger, dissolution,
  amendment of articles) require approval by two-thirds of voting rights present. Flag
  thresholds.
- **Foreign Investment Law (2020) / Negative List**: The 2020 FIL abolished the old
  Sino-foreign JV law framework. All foreign-invested enterprises must now comply with
  the Company Law. The five-year transitional period ended 31 December 2024 — legacy
  EJV/CJV structures should be flagged. The Negative List for Foreign Investment Access
  restricts or prohibits foreign investment in listed sectors.
- **Foreign investment security review**: Acquisitions in sensitive sectors (defense,
  energy, agriculture, infrastructure, IT, finance, etc.) by foreign investors are
  subject to security review under the 2020 Measures jointly administered by NDRC and
  MOFCOM.
- **SAMR concentration filing (经营者集中申报)**: Transactions meeting the turnover
  thresholds (worldwide RMB 12bn AND PRC turnover of RMB 800m for at least two parties
  with at least RMB 400m each, per 2024 thresholds) require notification. Flag.
- **VIE structures**: Variable Interest Entity structures are widely used by PRC
  companies for overseas listing and to circumvent foreign-investment restrictions.
  These involve contractual control rather than equity ownership. Flag VIE-related
  provisions and note the regulatory uncertainty.
- **对赌条款 (bet-on / earn-out)**: A common feature of PRC M&A — performance-based
  price adjustments or compensation. PRC courts have developed specific rules on
  enforceability (notably the 2019 Jiangsu High Court guidelines and subsequent SPC
  guidance). Translate as "earn-out" or "performance-based adjustment" depending on
  structure, and flag enforceability nuances.
- **7号公告 (Public Notice No. 7)**: STA Public Notice [2015] No. 7 on indirect transfers
  of PRC taxable assets by non-residents. A reasonable-business-purpose test applies; if
  the offshore transfer is a tax-avoidance device, the PRC tax authority can
  recharacterize the transfer. Flag for cross-border deals.
- **注册资本 vs 实缴资本**: Under the 2023 Company Law revision, subscribed registered
  capital must be fully paid within 5 years of incorporation. This changed the previous
  regime of largely flexible contribution schedules. Flag capital-contribution
  provisions.
- **经营范围 (business scope)**: Defines the permitted activities of the company and is
  registered with SAMR. Activities outside the registered scope may be challenged
  (though the SPC has limited the consequences in many cases). Translate as "business
  scope" and flag restrictions.
- **公证 + 海牙认证 / 领事认证 for foreign POAs**: A POA executed outside Mainland China
  for use in Mainland China generally requires (a) notarization in the country of
  origin and (b) either Hague apostille (after China's accession on 7 November 2023) or
  consular authentication by the Chinese embassy/consulate. Flag this two-step
  requirement.
- **民法典代理 (Civil Code agency, Arts. 161-175)**: The basic civil-law agency rules
  apply to POAs. The Civil Code distinguishes 委托代理 (entrusted agency, by POA) from
  法定代理 (statutory agency) and 指定代理 (court-designated agency). Concepts of
  apparent agency (表见代理) and unauthorized agency (无权代理) are statutory.
- **AIC / SAMR registration**: Corporate resolutions affecting registered items
  (directors, legal representative, registered capital, business scope) must be filed
  with the local branch of SAMR (formerly AIC). Updates appear on the 国家企业信用信息
  公示系统 — a useful diligence resource.

## Additional PRC Company Law (2023 revision) Mappings

| Chinese | English |
|---|---|
| 公司法 (2023年修订) | PRC Company Law (2023 revision — effective 1 July 2024) |
| 有限责任公司 | limited liability company (LLC) |
| 股份有限公司 | joint-stock limited company |
| 国有独资公司 | wholly state-owned company |
| 出资期限 | capital contribution period (5-year cap from 2024 revision — previously indefinite) |
| 实缴资本 | paid-in registered capital |
| 认缴资本 | subscribed registered capital |
| 出资方式 | form of capital contribution (cash / in kind / intellectual property / land-use rights) |
| 非货币出资 | non-cash capital contribution |
| 股东会 | shareholders' meeting / members' meeting |
| 股东大会 | general meeting of shareholders (JSC) |
| 董事长 | chairperson of the board |
| 副董事长 | vice-chairperson of the board |
| 总经理 | general manager / CEO |
| 监事会 | board of supervisors (PRC-specific supervisory body — distinct from audit committee) |
| 法定代表人 | legal representative (the individual authorized to represent the company externally — PRC-specific concept) |
| 授权代表 | authorized representative |
| 公司章程 | articles of association |
| 股东名册 | register of shareholders |
| 工商登记 / 市场监督管理登记 | commercial / SAMR registration |
| SAMR (国家市场监督管理总局) | State Administration for Market Regulation (successor to SAIC) |
| 统一社会信用代码 (USCC) | Unified Social Credit Code |
| 外商投资法 (FIL) | Foreign Investment Law (2020) |
| 外商投资信息报告 | foreign investment information report |
| 外商投资准入特别管理措施 (负面清单) | Special Administrative Measures for Foreign Investment Access (Negative List) |
| VIE结构 | VIE (variable-interest entity) structure |
| 对赌条款 | valuation adjustment mechanism / earn-out (literally "gambling clause") |
| 优先清算权 | liquidation preference |
| 棘轮条款 | ratchet clause |
| 随售权 / 随卖权 | tag-along right |
| 拖售权 | drag-along right |
| 优先认购权 | pre-emption right |
| 股权激励 | equity incentive |
| 分立 | demerger / division |
| 派生分立 / 存续分立 | spin-off division |
| 新设分立 | split-off division |
| 减少注册资本 | reduction of registered capital |
| 增加注册资本 | increase of registered capital |
| 企业合并反垄断申报 | merger-control notification (to SAMR) |
| 经营者集中 | concentration of undertakings |
| 国家安全审查 | national security review (FDI) |
| 上市 | listing |
| 退市 | delisting |
| 注册制 | registration-based IPO system |
| 主板 / 科创板 / 创业板 / 北交所 | Main Board / STAR Market / ChiNext / Beijing Stock Exchange |
| 新三板 | NEEQ (National Equities Exchange and Quotations) |
| 港股通 / 沪港通 / 深港通 | Stock Connect programs (HK-SH, HK-SZ) |
| 海牙认证 (2023年11月生效) | Hague Apostille (effective in PRC 7 November 2023) |
