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Advantages of mediation in securities investment disputes
Losses on investments in wealth management products are a common source of disputes between investors and firms that deal in securities and futures. In recent years, securities investment dispute cases have shown explosive growth,...
China Business Law Awards (Regional Awards) 2021
Following our report on the China Business Law Awards in the previous issue of China Business Law Journal, we now focus on the outstanding achievements of regional law firms in the past year. Business...
China approves ICBC-Goldman JV
Goldman Sachs Group has announced that it will set up a domestic asset management joint venture with ICBC, one of China’s “big four” state-owned commercial banks, in the fourth Sino-foreign JV asset management company...
China Business Law Awards 2021
China Business Law Journal’s editorial team reveals the law firms that shone in 2020
Let’s turn the clock back to the beginning of last year – the world was shrouded in great uncertainty, and with...
M&A of China-listed companies in evolving policy environment
The main logic of M&A projects generally includes: (1) financial investment (M&A is due to the appropriate price of the target, or the strong growth of the target); (2) industrial integration (synergy effect between...
Impact of securities law revisions on China arbitration
The first Securities Law of the PRC come into effect on 1 July 1999, and has since undergone five amendments. The latest revision came into effect on 1 March 2020. It is more striking...
Applying Securities Law to interbank bonds
The Securities Law is the fundamental law governing China’s capital market, coming into force on 1 July 1999. The Securities Law was amended in late 2019, in its second overhaul since it came into...
China Business Law Awards 2020
China Business Law Journal’s editorial team reveals the law firms that shone in the past year
China’s legal market flourished in 2019, but as always there were many challenges that required complex and innovative legal...
The ‘200 shareholders’ issue under new Securities Law
The revised Securities Law was promulgated on 28 December 2019, and will enter into force on 1 March 2020. This revision to the Securities Law, as the underlying law for the domestic capital market,...
Managing multijurisdictional investigations involving China
Imagine you are a UK/Europe-based multinational corporation assessing allegations of non-compliant business practices in its China operations. These may include corruption, bribery, fraud or other forms of misconduct. Suppose your company is also publicly...
Asset management arbitration cases in China
The wave of closures of P2P platforms in China in the summer of 2018 garnered national attention. The latest blacklist for P2P lending published by “P2PEYE.COM” (https://www.p2peye.com/platform/wenti) shows that as of the end of...
Underlying logic for changes in securities regulations
A draft for comment of the revised Administrative Measures for the Material Assets Reorganization of Listed Companies was released on the official website of the China Securities Regulatory Commission (CRSC) on 20 June 2019....
Commissions of inquiry
THIS COLUMN DISCUSSES a special process that is established by governments in common law jurisdictions to inquire into matters of public importance. This process – known as a Royal Commission in the UK and Australia...
China Business Law Awards 2019
The editorial team of China Business Law Journal presents the law firms whose performances stood out in the past year
2018 presented numerous opportunities and challenges for all law firms in China. While the large...
CSRC disclosure requirements on publicly offered securities investment funds
China Securities Regulatory Commission (CSRC) issued on 3 August 2018 a consultation paper on Administrative Measures for Information Disclosure of Publicly Offered Securities Investment Funds and associated implementing rules for public opinion consultation. The...
Regulatory policy governing Chinese companies’ overseas debt issuance
On 14 September 2015, the National Development and Reform Commission (NDRC) issued the Notice on Reforming the Recordal and Registration System for the Overseas Debt Issuance by Enterprises (the Notice). After the issuance of...
Potential administrative penalties under strong financial regulatory enforcement
According to the China Bank and Insurance Regulatory Commission (CBIRC), in the first quarter of 2018, CBIRC (established by merging the former China Bank Regulatory Commission and China Insurance Regulatory Commission) carried out enforcements...
IPO paths under the new CDR policies in China
On 30 March 2018, the China Securities Regulatory Commission (CSRC) released Several Opinions on Launching the Pilot Programme for Issuance of Shares or Depository Receipts by Innovative Companies in Domestic Market, clarifying the new...
An explanation of ‘extensive asset management’ in China
According to the Report on the Development of China’s Asset Management Industry (2017), the scale of China’s asset management industry has reached RMB110 trillion (US$17.5 trillion). The boundary between different financial business such as...
Precise regulation over liquidity of commercial banks in China
After experiencing a series of high-profile events in 2015 and 2016, including the stock market crash, the battle between Baoneng and Vanke, and Ezubao’s P2P lending fraud, the Chinese financial market entered a year...
Risk management during the existence of ABS in China
On 22 March 2018, the Shanghai Stock Exchange, Shenzhen Stock Exchange and the Inter-agency Quotation and Service System for Privately Offered Products issued the Guidelines for the Management of Credit Risks During the Existence...
Key legal considerations for rental housing REITs in China
The report of the 19th National Congress of the CPC has made it clear that “houses are built to be inhabited, not for speculation”. Therefore, accelerating the establishment of a housing system that draws...
China Business Law Awards 2017-18
The editorial team of China Business Law Journal presents the law firms that stand out with their performance in the past year
China Business Law Awards are based on nominations and comments received mostly from...
China’s Green Lanterns
The exponential growth of green investment opportunities in China provides both a guiding light and a beacon of opportunity, but international investors may still need to be convinced, writes Paul Davies
China has experienced unparalleled...
China issues formal CRS legislation
On 19 May 2017, the State Administration of Taxation (SAT), the Ministry of Finance (MOF), the People’s Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC) and the...
China Business Law Awards 2016
The editorial team of China Business Law Journal showcases the winning law firms that made well-recognized achievements in 2016
The National Bureau of Statistics recently announced China’s GDP grew by 6.7% in 2016, the slowest...
Latest regulatory trends on the use of insurance funds
Since the second half of 2015, insurance funds have become one of the few “hot spots” in the capital market. Insurance companies frequently buy the shares of listed companies, which not only leads to...
China Business Law Awards 2015
The annual China Business Law Awards has shone a light on the real achievers of 2015, as voted by law firms and clients alike. Leo Long showcases the winners
The beginning of the Year of the...
New approach for securities disputes
The recent stock market volatility has drawn listed companies’ attention to securities disputes as a possible solution, with regulators recognizing Shenzhen’s innovative dispute practice.
Liu Xiaochun and Zhou Yi share Shenzhen’s experience
Soon after Shenzhen...
Offshore finance expert has big plans for China in new role
Following a recent groundbreaking China visit, Guernsey Finance’s outgoing chief executive, Fiona Le Poidevin, told China Business Law Journal about her plans to prepare the ground for further China ties with the island in...
Legal market changes in the new economy of China
Regulatory and commercial developments are shedding light on the genesis of a new economic age in China. Richard Li and Vanessa Ip ask the experts for some old wisdom on the new rules
China’s economy...
More on restructuring offshore assets of China-listed companies
In this column in the previous issue, this author focused on an exposition of the trends in the restructuring of offshore assets and the future plan of the China (Shanghai) Pilot Free Trade Zone...
Venture capital funds face two-track regulatory system
China’s new Securities Investment Fund Law includes private security investment funds within the scope of adjustment, specifying that the registration of private investment fund managers and the recordal of private funds are to be...
How should China-listed companies handle overseas restructurings?
On 7 March 2014, the State Council issued the Opinions on Further Optimising the Market Environment for Enterprise Mergers and Restructurings, which propose several innovative measures in respect of approval system reform, financial services,...
Is this the golden age of film and television acquisitions in China?
Against the background of state policy support, China’s film and television industry has started to expand rapidly, with the leading cinema circuits preparing to list, and film and television production companies, famous actors, etc.,...
China Business Law Awards 2013
For the inaugural China Business Law Awards we went to law firms’ peers and clients to help identify the ones that stood out in 2013. Richard Li reports on the results
China’s legal market is...
Perfect timing for Guernsey delegation’s China visit
Adelegation from Guernsey timed its China visit to perfection, just as a free trade zone was launched in Shanghai, followed by the recent plenum of the Communist Party in Beijing.
“It was very good timing,”...
China outbound investment – recent trends in law and practice
The main trend in PRC governmental approvals of overseas investments by China enterprises will be a gradual loosening of control, but there is likely to be a tightening of macro administration over enterprises under...
Securities association’s notice regulates co-operation between banks and companies
On 17 July 2013, the Securities Association of China issued the Notice on Matters Relevant to Regulating Co-operation Between Securities Companies and Banks in Engaging in Targeted Assets Management Business (Draft for Comments), triggering quite...
Identifying and gauging risks with post-investment disputes in China
Q: What are the typical post-investment disputes in China?
A: In our experience, post-investment disputes in China can be classified in the categories provided in the chart on the right.
Q: What are the reasons for disputes...
Cayman and BVI: withstanding the winds of regulatory change
Structures for China-related investment have often used a combination of Hong Kong companies and companies incorporated in the Cayman Islands or British Virgin Islands (BVI), with the Hong Kong company holding the shares in...
ChiNext lifts its regulatory game
More than 300 listed companies have been trading on ChiNext since its successful launch on 23 October, 2009. To gradually improve the regulatory regime for companies listed on ChiNext, the securities regulators and the...
Hastings team advises on transaction for China Daye’s reverse takeover
China Daye Non-Ferrous Metals Mining completed on 8 March its acquisition of Daye Nonferrous Metals, a non-wholly owned subsidiary of China Daye’s parent company, Daye Nonferrous Metals Corporation Holdings.
China Daye said the acquisition is...
Hastings team advises on transaction for China Daye’s reverse takeover
China Daye Non-Ferrous Metals Mining completed on 8 March its acquisition of Daye Nonferrous Metals, a non-wholly owned subsidiary of China Daye’s parent company, Daye Nonferrous Metals Corporation Holdings.
China Daye said the acquisition is...
Hastings team advises on transaction for China Daye’s reverse takeover
China Daye Non-Ferrous Metals Mining completed on 8 March its acquisition of Daye Nonferrous Metals, a non-wholly owned subsidiary of China Daye’s parent company, Daye Nonferrous Metals Corporation Holdings.
China Daye said the acquisition is...
Hong Kong RMB flows back to China
The China Securities Regulatory Commission, People’s Bank of China and State Administration of Foreign Exchange published on 16 December 2011 the RMB Qualified Foreign Institutional Investors Fund Management Companies and Securities Companies’ Investment...
Dancing breezily along: dreams of China’s capital markets lawyers
ChiNext and the Small and Medium-sized Enterprise Board have given many law firms their first experience of the securities market. But could stiff competition and high professional standards put an end to their dreams...
New policy for verification on shareholders of domestic IPOs
On 5 February 2021, the China Securities Regulatory Commission (CSRC) issued the Guidelines for the Application of Regulatory Rules – Information Disclosure of Shareholders of Companies Applying for Initial Listing, while the Shanghai and...
Proposed legislative reform for family trusts
China’s high net worth individual (HNWI) population has significantly increased in the past decade, making family trusts an increasingly important tool for wealth management and succession planning. Despite the increasing need for family trusts,...
Exploring IPOs on ChiNext board under registration system
After Shenzhen Stock Exchange (SZSE) issued a series of rules and notices on 12 June 2020 – such as the Rules Governing the Listing of Shares on the ChiNext Market of Shenzhen Stock Exchange,...
Impact of Shanghai and Hong Kong policies on where to list
China Securities Regulatory Commission chairman Yi Huiman told the recent Lujiazui Forum that the regulator had “always been open to enterprises’ choosing listing locations”. Companies may choose where to list independently, and based on...
Star struck
The Shanghai Stock Exchange Science and Technology Innovation Board has been a stellar success, even in the past year, paving the way for broader changes to Mainland capital markets. With these reforms, A-shares now...
Star upgrades innovation attribute assessment system
To attract more innovative businesses to the Star Market, regulators raised the threshold for issuers and introduced a negative list that restricts fintech ventures and prohibits real estate companies
Since the launch of the Science...
The verification of ‘three types of shareholders’ in IPOs
The term, “three types of shareholders” refers to financial products such as contractual-type private equity funds, asset management plans, and trust plans, usually excluding partnership funds or corporate private equity funds. In June 2020,...
How to implement preferred shares in LLCs
Based on article 132 of the 2005 Company Law, which stipulates that: “The State Council may make separate regulations on the issuance of other types of shares than those provided for in this law...
Deals of the year 2020
China Business Law Journal’s editorial team has selected the top China-related deals for 2020, recognising their outstanding achievements
The pandemic of the past year has reinforced the hard lines of national boundaries like no other...
Grifols’ Shanghai RAAS acquisition: A share swap deal first
Spanish pharmaceuticals company Grifols picked up a significant stake in Shenzhen-listed Shanghai RAAS Blood Products in an unprecedented type of cross-border share swap deal involving a privately owned overseas company and a non-state-owned listed...
Focus on what constitutes a guaranteed redemption
With regard to disputes over asset management, the Minutes of the National Working Conference on the Trial of Civil and Commercial Cases by Courts, issued by the Supreme People’s Court (SPC) in November 2019,...
Latest trends in investor obligations of PE managers
China’s private equity (PE) industry has made great progress in the past two decades. With the rapid development of the PE industry, the number of disputes between investors and PE managers has also shown...
Managing the financing risks associated with private funds
In recent years, China’s private fund industry has grown at a rapid pace. At the end of July 2020, there were 24,500 private fund managers registered with the Asset Management Association of China (AMAC),...
Protection of technology in enterprise listings
With the rollout of the Science and Technology Innovation Board (STAR Board) and second board registration systems, core technologies that mainly take the form of patents are becoming ever more prominent during company listings....
Nongfu Spring completes landmark HK listing
Chinese bottled water and beverage company Nongfu Spring completed its US$1.08 billion IPO in Hong Kong on 8 September, becoming the most oversubscribed offering to date on the city's bourse, after its retail tranche...
IP asset securitization basic models and key points of law
Since the successful offering of the Qiyi Century Intellectual Property Supply Chain Financial Asset-Backed Security, China’s first intellectual property (IP) asset securitization product, at the end of 2018, a succession of IP securitization products...
Focus on outbound acquisitions by A-share listed companies (Part 1)
in recent years, an increasing number of Chinese A-share listed companies have – with an eye to securing strategic resources, enhancing their technological reserves and opening new foreign markets – started to train their...
Structure, procedure and dilemmas of the PPP+REITs model
the release of the Notice on Work Related to Promoting the Pilot Programme of Real Estate Investment Trusts (REITs) in the Infrastructure Field, and the Guidelines for Publicly Offered Infrastructure Securities Investment Funds (for...
SMIC returns to A-share market
Chinese chipmaker Semiconductor Manufacturing International Corporation (SMIC) raised RMB53.2 billion (US$7.7 billion) in its recent listing on the Star market, making it the largest A-share IPO since 2010.
Incorporated in the Cayman Islands, SMIC listed...
Beyond the ‘mega’ era
What has changed, and what does the future hold for the RMB100 trillion asset management industry in China now that new rules are firmly embedded? Frankie Wang reports
Does that old saying, “cash is king”,...
What the Star Market has changed
The piloting of a registration-based IPO system for the Star Market is of epoch-making significance to the capital market in China. This Nasdaq-style board of the Shanghai Stock Exchange has brought additional room and...
Paths of domestic enterprises listing in Hong Kong
Since the Stock Exchange of Hong Kong Limited (HKEX), the preferred place for overseas listing of PRC domestic enterprises, revised the listing rules for the Main Board in 2018 and added three chapters such...
Legal risk management of green bonds
Agreen bond is a direct financing instrument of bond issuance to raise funds for investment in green projects or assets that meet certain conditions. According to the Guidelines on the Issuance of Green Bonds...
Deal highlights
Xiaomi issuance
Xiaomi Corporation’s (guarantor) wholly-owned subsidiary, Xiaomi Best Time International (issuer) issued US$600 million in 3.375% senior notes due 2030. The issuance closed on 29 April 2020. The notes are listed on the Hong...
Morgan Stanley takes majority stake in JV
China Fortune Securities recently transferred a 2% share of its joint venture company, Morgan Stanley Huaxin Securities, to Morgan Stanley, giving the JV partner a controlling stake by raising its share from 49% to...
The authorised resolution mechanism for share buybacks
due to the outbreak of COVID-19, more than 80 companies listed in A-share market have bought back their shares from 1 January 2020 to date, and 80% of these repurchases are for equity incentives.
Article...
Gains and losses during transition periods in M&A
Arrangements for gains and losses during the transition period in mergers and acquisitions, as a part of transaction pricing, should be made by market players freely through consultation. The Revised Compilation of FAQs Concerning...
Flight of the black swan
Despite some inspiring legislative reform, companies in China are going through a crucial test this year. Those that survive will have proven the strength and resilience of their business models. Frankie Wang asks senior...
Exploring rollout of H-share ‘full tradability’ system
By posting the China Securities Regulatory Commission’s (CSRC) Guidelines for the Application by H-Share Companies for “Full Tradability” of Their Domestic Unlisted Shares, and also the CSRC responses to questions by the press on...
Key points of revised restructuring and listing rules
On 18 October 2019, the China Securities Regulatory Commission (CSRC) issued the Measures for the Administration of Major Assets Restructurings of Listed Companies (revised in 2019), which amended the basic rules for restructuring and...
Data protection and cybersecurity trends in 2020
The Cybersecurity Law, which came into force on 1 June 2017, marks that China has initially established a legal framework for cybersecurity and personal information protection. Since then, China has issued a series of...
Forging ahead
As China Business Law Journal celebrates the 10th anniversary of its founding, we asked senior in-house counsel and lawyers about what they regard as the standout legal trends and developments of the past decade....
Deals of the year 2019
China Business Law Journal’s editorial team selected outstanding China-related deals and cases in 2019, applauding remarkable legal efforts
Our winning deals have, as in previous years, been chosen based on various factors. We attach most...
Access to capital for Chinese businesses through London listings
Launched in June 2019, the Shanghai-London Stock Connect scheme is a reciprocal arrangement between the Shanghai Stock Exchange (SSE) and London Stock Exchange (LSE) that allows Chinese entities with A Shares listed on the...
The winners are…
China Business Law Journal presents the results of our inaugural awards for prominent in-house counsel in China. Richard Li reports
See the full list of winners
For the past 10 years China Business Law Journal has...
Income taxes on partners of limited partnership and VC funds
A limited partnership private fund is not a subject of taxation, while its partners shall respectively pay income taxes. This effectively helps avoid double taxation. However, in accordance with the circular No.159 (2008), even...
Contract validity: Beware of ministerial-level regulations
For the longest time, judicial and theoretical circles have held a common belief that, pursuant to the Contract Law and its judicial interpretations, a contract is invalid only if it violates laws formulated by...
GDR under the Shanghai-London Stock Connect mechanism
At 8am London time on 17 June 2019, the China Securities Regulatory Commission (CSRC) and the Financial Conduct Authority (FCA) made a joint announcement, approving the creation of Shanghai-London Stock Connect between the Shanghai...
HKEX and Star Market: How do new drug developers choose?
In the past two years, new drug development enterprises have drawn wide attention in the capital market. These enterprises need “special treatment”, as they often have difficulty meeting financial requirements on main board listing...
Corporate voices
What kinds of opportunities and challenges do enterprises face in China’s current regulatory and market environments? China Business Law Journal interviewed corporate counsel and senior executives from different industries to get some observations
Media beyond...
Overseas ‘Sci-tech Innovation Board’
Since its launch in June this year, the Shanghai Stock Exchange (SSE) Sci-tech Innovation Board (Star) has received much attention from the public. Overseas stock exchange sectors that Star could use as benchmarks include...
Green bond issuance: A new project financing channel
As China pays more attention to environmental protection, renewable energy and other green industries, it has made a line of policies since 2015 to encourage fundraising for eco-benefiting green projects by issuing green bonds....
Shanghai-London Stock Connect launches
On 17 June 2019, the China Securities Regulatory Commission (CSRC) and the Financial Conduct Authority of the United Kingdom (FCA) released a joint announcement of their approval in principle of the establishment of the...
Disclosure of VIE structures in listco restructurings
In recent years, the vibrancy of the domestic capital and acquisition markets has attracted an increasing number of companies with VIE structures that are proposing to return to China’s domestic capital markets by way...
Share-based payment issues and equity incentives under STIB
Q: What is share-based payment? A: According to the Accounting Standards for Business Enterprises No. 11, a share-based payment refers to a transaction in which an enterprise grants equity instruments, or assumes liabilities determined...
Curtain rises on the Star Market
The Science and Technology Innovation Board (referred to as the Star Market) has officially been launched, and a lawyer who was involved in the first application for listing says enterprises that wish to list...
Case study of ‘important clients + shareholders’ in IPOs
To prevent interest transfer and forgery in business performance, the regulatory authorities and intermediaries are generally cautious about share purchasing of proposed public companies by clients and suppliers that are parties of interest to...
Technified
China’s eagerly awaited Science and Technology Innovation Board opens a key financing channel for innovative tech and will have a profound impact on China’s capital market, writes Luo WeiTeng
Shouldering the dream of a Chinese...
Comparison of STIB System and GEB System
Since January 2019, China Securities Regulatory Commission and the Shanghai Stock Exchange have successively published the Implementation Opinions on Establishment of the Science and Technology Innovation Board (STIB) on the Shanghai Stock Exchange and...
The prospectus and participants’ assumption of liability
With the anticipated launch of the Science and Technology Innovation Board (STIB), the Shanghai Stock Exchange has stated that prospectuses are among the most important documents for information disclosure, but the quality of existing...
Mergers and restructuring trends in 2019
Beginning the afternoon roundtable sessions of CBLJ Forum 2019, Tian Yuan Law Firm selected the topic “Hot issues in mergers and restructuring in 2019” and held a discussion revolving around the differences in the...
Seizing opportunities in investment, financing
During the roundtable session of the CBLJ Forum 2019, lawyers from AllBright Law Offices moderated with guests and arbitration experts, discussing the topic “Financial Markets, opportunities in investment and financing, and legal risk prevention”.
Attending...
Criteria for determination of ‘insiders’ in criminal law
Insider trading seems to be closely related with securities markets and its manifestation is particularly serious in listed company acquisitions and restructurings, so they present a high criminal risk.
Due to such features as length...
Big turnout, huge live web interest in first CBLJ Forum
About 500 corporate executives, legal counsel and business elites attended the first CBLJ Forum, hosted by Vantage Asia, the publisher of China Business Law Journal, at the JW Marriott Hotel in Beijing on 3...
Chinese enterprise D-share offering and listing practice (2)
A Chinese company that wishes to offer D-shares needs to secure the prior approval of the China Securities Regulatory Commission (CSRC) and comply with China’s Company Law, Securities Law and related laws and regulations....
Step-transaction plans for M&A and listco restructurings (3)
In the past two articles, the author summarized cases where listed companies obtained approval from the China Securities Regulatory Commission (CSRC) after adopting step-transaction plans, and examined the advantages and other issues with step-transaction...
Chinese enterprise D-share offering and listing practice (1)
On 24 October 2018, Qingdao Haier offered 265 million shares on the D-share market of China Europe International Exchange (CEINEX), passing through the admission of the Frankfurt Stock Exchange and achieving a listing that...
New provisions on insurance AMCs creating dedicated products
The A-share market has suffered from constant setbacks since 2018. Listed companies that pledge their shares as collateral for loans are exposed to liquidity risks, which seriously affects the healthy development of China’s real...
Step-transaction plans for M&A and listco restructurings (2)
In the previous article, the author reviewed several listco restructuring cases. The listed companies obtained approval from the China Securities Regulatory Commission (CRSC) through step-transaction plans. Strong points of the step-transaction plans for listco...
New year, more compliance
China will introduce a raft of evolutionary legislation this year, even as regulatory reach from overseas closes in on business within the nation, writes Luo Weiteng
With the Belt and Road Initiative in full swing,...
Impact on PE funds of new criteria for qualified investors
The Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (the New Rules) were officially issued on 27 April 2018. In addition, on 22 October 2018, the China Securities Regulatory Commission issued...
Main preferential policies for venture capital funds
In recent years, venture capital funds have witnessed rapid growth in China and become one of the key financing channels for numerous innovative micro and small enterprises. Compared with other private investment funds, venture...
Quasi-security measures adopted by listed companies without resolution
In recent years, more and more listed companies use quasi-security measures for credit enhancement. These measures generally take the form of top-ups by the listed company, commitment to debt repayment in the place of...
Step-transaction plans for M&As and listco restructurings (1)
Amid the ongoing market-oriented reform of mergers and acquisitions, as well as restructurings of listed companies, the latter process is being designed with increasing flexibility. During the past year, there was evidence of the...
Ways available for domestic enterprises to list in HK
The year 2018 witnessed a new record in the number of domestic enterprises that listed in Hong Kong in recent years. This column describes the main ways available for domestic enterprises to list in...
Snapshot of Shanghai-London Stock Connect
Since launching in October 2015, the Chinese and British governments have had dialogue for the Shanghai Stock Exchange and the London Stock Exchange to set up the Shanghai-London Stock Connect (SLSC), which has attracted...
Asset management expert joins Llinks
A former government lawyer at the China Securities Regulatory Commission (CSRC), Frank Lu recently joined Llinks Law Offices as a counsel, which will further strengthen Llinks’ capabilities in asset management practice.
He is experienced in...
A review of the full convertibility of H-shares
On 8 November 2018, Fang Xinghai, the vice chairman at the China Securities Regulatory Commission (CSRC) said in a forum that the regulators were assessing a plan to extend the H-shares full convertibility pilot...
Deals of the Year 2018
China Business Law Journal’s editorial team selected outstanding china-related deals and cases in 2018, applauding remarkable legal efforts
Our winning deals have, as in previous years, been chosen based on various factors. We attach most...
Determination of confidential info in material asset restructurings of listcos
To regulate information disclosures on acquisitions and restructurings of listed companies, the Standards for the Substance and Format of Information Disclosures by Companies that Issue Securities to the Public, No 26: Material Asset Restructurings...
Effect of related-party M&A provision on red-chip listing
Red-chip listing is one of the important routes for Chinese enterprises to access offshore funds. Since the Provisions on Merger and Acquisition of Domestic Enterprises by Foreign Investors (Circular 10) from the Ministry of...
First ‘low-value express’ M&A, restructuring deal finished
According to lawyers involved in the first “low-value express” M&A and restructuring deal, the mechanism does not mean loosened regulation of such deals.
The proposed deal of Beijing TRS Information Technology to acquire Keyun Big...
