特朗普总统加大对美国外国投资委员会的打击力度:中国公司被勒令撤资收购美国企业.S. Hotel-Software Company

By: Olga Torres, Managing Member & Maria Alonso, Associate
Date: 04/05/2020

The U.S. 财政部确定了新的美国外国投资委员会(CFIUS)规定, which became effective on February 13, 2020.[1]

Amongst other matters, 新规定大大扩大了CFIUS对非控制性投资的管辖范围, including the review of transactions involving U.S. businesses that manage or collect “sensitive personal data” of U.S. citizens. Notably, section 721 of the Defense Production Act of 1950, 授权CFIUS对涉及国家安全的交易进行审查, 并列举总统的权力,“暂停或禁止任何涉及的交易,威胁损害美国的国家安全.”

Since taking office, President Trump has exercised this authority three times. The first two blocked transactions occurred in 2017 and 2018 (see our previous newsletter article for more details). Most recently and as discussed below, President Trump prohibited a Chinese company from acquiring a U.S. hotel-software company. Overall, U.S. 总统以国家安全为由,行使阻止特定范围内交易的权限的次数只有6次, three of which have occurred during the past three years.

New Executive Order

On March 6, 2020, President Trump issued an Executive Order (“EO”),[2] 要求公开上市的中国公司北京世纪信息技术有限公司., Ltd. and its wholly owned subsidiary, Shiji (Hong Kong) Ltd. (统称为“世纪”),剥离其2018年收购的StayNTouch, Inc. (“StayNTouch”), a U.S.-based hotel-management software company. StayNTouch为酒店提供基于云的物业管理系统,帮助跟踪预订情况, guest check-in/out, and several other services.

Pursuant to the EO, 有可信的证据表明,《亚虎娱乐注册平台》通过获取StayNTouch的利益,“可能会采取危及美国国家安全的行动。.“EO声明在120天内(CFIUS可能会延长90天), Shiji must fully divest all its interests in StayNTouch.

The EO does not detail CFIUS’s concerns with the acquisition, 但在此期间,行政命令确实禁止世纪网通过StayNTouch访问任何酒店客人的数据. Additionally, the EO requires that within seven days, 《亚虎娱乐注册平台APP》必须确保控制措施到位,以防止此类数据访问,直到撤资完成并得到CFIUS的满意验证. As such, 可以推断,至少有一个CFIUS的担忧是,StayNTouch的云系统可以为《亚虎娱乐注册平台》提供访问美国的个人和财务信息的大型数据库.S. citizens.

CFIUS审查的细节通常都是保密的,世纪实业收购StayNTouch也不例外. Shiji and StayNTouch issued press releases, noting their disappointment and disagreement with the EO, 并指出《亚虎娱乐注册平台APP》提出了一系列重要的建议,以减轻美国的担忧.S. Government, 包括进一步限制对客户数据的访问,并任命一名独立监督员以确保这些保护. 但美国外国投资委员会似乎没有接受这些提议,并最终建议取消这笔交易.

Significantly, 《亚虎娱乐注册平台》还授权CFIUS采取其认为必要和适当的措施,以核实遵守《亚虎娱乐注册平台》的情况, including permitting CFIUS-designated U.S. Government employees access to StayNTouch’s U.S. premises and facilities, on reasonable notice to Shiji and StayNTouch, to:

(i) “inspect and copy any books, ledgers, accounts, correspondence, memoranda, 以及[世纪]或StayNTouch拥有或控制的与此命令有关的任何事项的其他记录和文件”;

(ii) “inspect or audit any information systems, networks, hardware, software, data, communications, or property in the possession or under the control of [Shiji] or StayNTouch”; and

(iii) “interview officers, employees, 或[世纪]或StayNTouch的代理,涉及与此订单有关的任何事宜.”[3]

2019 Sensitive Personal Data Cases

这是第一次出现总统命令以敏感的个人数据担忧为由阻止涉及的交易. But it does not come as a surprise, 因为在此之前,2019年发生了两起中国企业不得不放弃收购美国企业的案例.S. 据报道,在美国外国投资委员会(CFIUS)提出对美国企业获取个人数据的担忧之后.S. citizens.

Unlike Shiji, 2019年的案件没有被CFIUS或总统正式/公开阻止交易. Instead, 媒体报道称,这些商定的撤资是根据CFIUS的要求进行的,要求这些公司要么“自愿”撤资,要么通过总统的首席执行官(EO)撤资. 最终,这两家中国公司都“自愿”放弃了在美国的收购.S. companies.

In the first instance, according to media reports, CFIUS required Chinese gaming company Beijing Kunlun Tech Co. Ltd. to divest its 100% ownership of Grindr, LLC (“Grindr”). Grindr是一个约会应用程序,其数据库包含了超过2700万用户的个人信息, including a user’s location, HIV status, and other personal details.

Moreover, CFIUS also required iCarbonX, a Chinese genome company, to divest its majority ownership of U.S. company, PatientsLikeMe Inc. (“PatientsLikeMe”). PatientsLikeMe为患有相同疾病的患者提供了一个相互联系、交换信息的平台. The company collects important personal data, including a user’s name, date of birth, various genome analysis, biographic and demographic information, condition/disease information, and laboratory results and biomarkers.

Importantly, 外国投资委员会没有收到外国投资者收购Grindr或PatientsLikeMe的通知. 美国外国投资委员会在这些交易完成后对其进行了审查,并命令这些交易在几年后解除.


The March 6, 《亚虎娱乐注册平台》是美国外国投资委员会严格审查外国在美国某些地区投资的最新例子.S. businesses. In addition to implementing the new CFIUS regulations, 美国外国投资委员会毫不犹豫地要求撤销过去已经完成的受监管交易. 企业应该意识到,CFIUS可能会继续审查过去几年的未通知投资,并可能要求撤资.

Small companies should carefully consider the recent cases because, while they may appear to only affect large companies and acquisitions, 当交易完成时,风险最小的小型收购和投资可能会由于公司增长和风险敞口的增加而产生更大的风险.

了解更多有关新规的信息,以及您未来是否在美国进行投资.S. could trigger CFIUS filings, please do not hesitate to contact us.


[1] See 有关外国人在美国的某些投资的规定,美联储,85. Reg. 3112 (Jan. 17, 2020) (codified at 31 C.F.R. pt. 800); Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States, 85 Fed. Reg. 3158 (Jan. 17, 2020) (codified at 31 C.F.R. pt. 802).

[2] Exec. Order of March 6, 2020, 85 Fed. Reg. 13,719 (Mar. 10, 2020).

[3] Id.