Web Analytics
Our publications:
Our publications
Home Search

Search results: China Securities Regulatory Commission

北交所:中小企业上市的最新选择 卢江霞

BSE the new listing option for China’s SMEs

By Lu Jiangxia, Jincheng Tongda & Neal
On 2 September 2021, President Xi Jinping announced the establishment of the Beijing Stock Exchange (BSE) in his speech at the Global Trade in Services Summit of the China International Fair for Trade in Services,...

Beijing to host China’s third bourse

By Avery Chen China is on track to set up its third stock exchange, this time in Beijing, to support innovative small and medium-sized enterprises (SMEs). The plan for the Beijing Stock Exchange (BSE) was revealed by...

Pros and cons for international asset managers in China

By Ge Yin, Han Kun Law Offices
Since joining the World Trade Organisation in 2001, China has steadily promoted the process of foreign investment “coming in”. It has done this at the national level, by establishing the qualified foreign institutional investor (QFII)...

China introduces world’s largest carbon trading market

With the first deal of 160,000 tonnes carbon certificates sold on Shanghai Environment Energy Exchange on 16 July, China expanded previous emission trading pilot areas nationwide as the country sets about keeping its carbon-neutral...
Advantages of mediation in securities investment disputes, 运用调解化解证券投资相关纠纷, Jeffery Quan and Wu Zhenyu, ETR Law Firm

Advantages of mediation in securities investment disputes

By Jeffery Quan and Wu Zhenyu, ETR Law Firm
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, 工商银行和高盛获批成立新合资公司

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, 证券市场新时期的上市公司并购, Dorothy Xing and Cheng Jing, East & Concord Partners

M&A of China-listed companies in evolving policy environment

By Dorothy Xing and Cheng Jing, East & Concord Partners
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

By Li Jumei, Grandway Law Offices
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...
law firms

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...
Securities Law

The ‘200 shareholders’ issue under new Securities Law

By Zhao Zeming, Grandway Law Offices
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

By Zhan Ling, China International Economic and Trade Arbitration Commission
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

By Zheng Chao, Grandway Law Offices
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....
Agents ad litem

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

By Ling Tezhi, Du Linhong, Jingtian & Gongcheng
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...
刘思远 LIU SIYUAN 竞天公诚律师事务所 合伙人 Partner Jingtian & Gongcheng

Potential administrative penalties under strong financial regulatory enforcement

By Liu Siyuan, Jingtian & Gongcheng
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

By Liu Tao and Huang Qingfeng, Commerce & Finance Law Offices
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...
龙海涛 LONG HAITAO 植德律师事务所 合伙人 Partner Merits & Tree Law Officesvideo

An explanation of ‘extensive asset management’ in China

By Long Haitao, Merits & Tree Law Offices
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...
吴杰江 WU JIEJIANG 竞天公诚律师事务所 合伙人 Partner Jingtian & Gongcheng

Precise regulation over liquidity of commercial banks in China

By Wu Jiejiang, Jingtian & Gongcheng
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

By Li Wenmin, JunZeJun Law Offices
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...
王立宏 WANG LIHONG 大成律师事务所高级合伙人 Senior Partner Dentons

Key legal considerations for rental housing REITs in China

By Wang Lihong, Dentons
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

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...
Jason Xia

Latest regulatory trends on the use of insurance funds

By Jason Xia, Wintell & Co
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

By Jonathan Sun, Zhong Yin Law Firm
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...
Sun Jian, Zhong Yin Law Firm

How should China-listed companies handle overseas restructurings?

By Jonathan Sun, Zhong Yin Law Firm
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?

By Liu Yumei, Lu Qian, t Concord & Partners
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...
Fiona Le Poidevin

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...
Li Min is a partner at Zhonglun W&D Law Firm

Securities association’s notice regulates co-operation between banks and companies

By Li Min, Zhonglun W&D Law Firm
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

By Jeremy Dai and George Zhang, AnJie Law Firm
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...
张人仪 Christine Chang and Greg Knowles Maples and Calder

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...
Paul Hastings Hong Kong China Dyes

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

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...
轻舞飞扬 证券市场法律舞者的梦想 Dancing breezily along- dreams of China’s capital markets lawyers

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...
Grant Jamieson, KPMG China, E-discovery on the agenda for China’s CEOs, 电子文件披露悄然兴起

E-discovery on the agenda for China’s CEOs

By Grant Jamieson, KPMG China
Global companies are increasingly facing an overload of data. Experts forecast that there will soon be one trillion internet-connected devices in the world. The large volumes of information being created and stored are also putting...
CSRC regulates securities law practices of lawyers, 证监会规范律师证券法律业务

CSRC regulates securities law practices of lawyers

In 20 October 2010 the China Securities Regulatory Commission (CSRC) and the Ministry of Justice jointly published the Securities Law Business Practices of Law Firms Provisions (Trial Implementation) and the Legal Business Practices of Law Firms in Securities Investment...
CSRC issues measures governing the issuance and underwriting of securities, 证券发行与承销管理办法 (2010修订)

CSRC issues measures governing the issuance and underwriting of securities

The China Securities Regulatory Commission (CSRC) recently introduced amendments to the Issuance and Underwriting of Securities Administrative Measures, which were promulgated in 2006. With effect from 1 November 2010, the new Measures are a set of...

Managing a corruption investigation in China

By Anthony Pacheco and Keith Butler, Proskauer
What are you going to do now? Employees in your production plant in China, aided by a couple of management-level employees in your home office in the US, may have bribed Chinese government officials,...

China targets the West

Cash-rich Chinese companies are purchasing billions of dollars worth of assets in the developed economies of North America, Europe and Australia. How can law firms and in-house counsel successfully handle the rush of outbound...

New securities account rules set for venture capital companies

The Opening of Securities Accounts by Partnerships and Other Unincorporated Institutions Operational Guidelines, published by the China Securities Depository and Clearing Corporation, came into effect on 21 December 2009. Under the revised Securities Registration and Clearing Measures published...
The US Foreign Corrupt Practices Act- what companies in China need to know

The US Foreign Corrupt Practices Act: what companies in China need to know

The US Foreign Corrupt Practices Act is a powerful statute which governs many US-China transactions and communications. Its implications for Chinese, US and other companies are far-reaching, and the penalties for its violation severe. By...
证监会就修改《证券登记结算管理办法》 征求意见; CSRC issues consultation draft on amendment of securities measures

CSRC issues consultation draft on amendment of securities measures

On 13 October the China Securities Regulatory Commission (CSRC) published the Decision on Amending Articles 14 and 19 of the Measures Governing Securities Registration and Clearing (Consultation Draft). The draft seeks public opinion on...
Deal highlights - March 2022

Deal highlights

LISTINGS Aquila Acquisition Corporation became the first special purpose acquisition company (SPAC) to list in Hong Kong. Promoted by CMB International Asset Management and AAC Mgmt Holdings, Aquilla raised HKD1 billion (USD127.7 million) from its...

NIO plugs into HKEX without fundraising

Electric vehicle manufacturer NIO successfully listed on the main board of the HKEX by way of introduction with shares beginning trading on March 10. This is the first time a Chinese company decided to...

Common legal issues in listing domestic design institutes

By Yuan Yueyun, Grandway Law Offices
Recent years have witnessed a nationwide surge in design institute IPOs. So far, more than 30 design institutes have listed, while other strong and well-known candidates are preparing their own IPOs. In an increasingly...
Han Kun advises on REIT bonanza

Han Kun advises on REIT bonanza

China’s first REIT public offering this year and the biggest transaction volume so far raised RMB9.4 billion (USD1.42 billion) with partners from Han Kun Law offices advising. Huaxia China Communications Construction Company (Huaxia CCCC) REIT...
Analysis of equity-debt structures of quasi-REITs

Analysis of equity-debt structures of quasi-REITs

By Mathew Ching and Chen Jiahui, Jingtian & Gongcheng
When setting up a new special purpose vehicle (SPV), shareholder loans from private equity funds and reverse mergers between the SPV and project company are considered the most ingenious deal arrangements in the conventional...

Audit committee overhaul under new listco rules

By Wang Yuanyuan, Grandway Law Offices
Under registration-based listing, regulators are paying more attention to the completeness of internal controls of prospective listed companies, particularly the establishment and operation of audit committees under the board of directors. The draft for comments...

Determining ‘sensitive period’ of insider information

By Qiu Li, Zhilin Law Firm
Insider trading in securities has been a focus of investigation and crackdown by securities regulatory authorities around the world, but difficulties in the identification criteria remain. This article discusses determination criteria for the ‘sensitive...
Affirming the right of action for bondholders Xu Yu

Affirming the right of action for bondholders

By Xu Yu, Hylands Law Firm
This article’s case concerns Shaoxing Zhongfu Holdings’ issuance of the Zhongfu Holding private placement note (PPN), a financial instrument product with security provided by Jinggong Group, underwritten and managed by Taihehui Investment Management (Kunshan)...
Criminal compliance risks in disclosures of listed companies Liu Huaying

Criminal compliance risks in disclosures of listed companies

By Liu Huaying, Grandway Law Offices
Listed companies have faced growing scrutiny in recent years of their information disclosure, as well as increasingly prominent criminal risks for violations, especially with the issue of Several Opinions of the Supreme People’s Court...
Determining validity of cross-border future trading contracts

Exploring validity of cross-border futures trading contracts

By Xu Zhihe and Wang Yuan, SHIAC
The claimant, a Chinese citizen, and the respondent, a Singaporean citizen, entered into an Account Mandate Management Contract dated 20 September 2017. The contract provides that the claimant entrusts the respondent with the opening...
Common excuses SOE personnel use to dodge liability Wang Yong Zhao Shuyan

Common excuses SOE personnel use to dodge liability

By Wang Yong and Zhao Shuyan, DOCVIT Law Firm
When seeking to avoid liability for damages arising from work practices, state-owned enterprises (SOEs) often fall back on three basic excuses: Collective decision-making; following a superior’s orders; and having a non-professional background. The underlying...
Compliance of listed companies with new regulations on external security Yao Xiaomin Wang Yumo

Compliance of listed companies with new regulations on external security

By Yao Xiaomin and Wang Yumo, Lantai Partners
An alarming number of companies – many listed – became mired in debt and were even pushed to the edge of bankruptcy in recent years due to the illegal provision of external security. To...

Deals of the year 2021

We look back at the most significant transactions and disputes of last year as we ring in the year of the tiger Against the backdrop of a recovering economy, the market continued its buoyance during...

Is guaranteed minimum income in private placements effective?

By Liu Shanqiao, ETR Law Firm
Disputes over investment and financing of listed companies, due to the large amounts and the complex legal issues involved, are subject to heated debate once litigated, and the final judgment can have wide ramifications...

Priced to please

By Luna Jin
While several practice areas have been particularly active this year, Chinese law firms are actively optimising their billing arrangements to meet the rising demand for high-quality services in a legal market where fee structures...

Must creditors review external guarantee disclosures?

By Yao Xiaomin and Xue Yuan, Lantai Partners
Since the implementation of the Civil Code, a series of judicial interpretations have been issued to clarify the law’s implementation. One such document, the Interpretations of the Supreme People’s Court on Application of the...

‘Twin Peaks’ financial regulation

By Andrew Godwin
SINCE 1998, almost 80% of OECD countries have changed their regulatory architecture. The growing complexity of financial products, the increasing challenge of regulating large financial conglomerates, and the global financial crisis (GFC) have made effective...

Finding the finance

China’s ABS market has pulled off a remarkable recovery since the pandemic, but the real estate credit crunch and other economic risks have forced businesses to seek new avenues for financing, writes Sophia Luo Amid...
Fang Rong Partner Han Kun Law Offices

C-REIT pilot projects and development prospects

By Fang Rong, Han Kun Law Offices
The first nine pilot projects for publicly offered infrastructure funds were listed on the Shanghai and Shenzhen stock exchanges on 21 June 2021, marking the official birth of China Real Estate Investment Trusts (C-REITs). To...

Seizing new opportunities in national strategies: Carbon neutral ABN

By Luan Jianhai, Commerce & Finance Law Offices
At the 75th session of the UN General Assembly in September 2020, President Xi Jinping pledged that China would “adopt more vigorous policies and measures” to ensure the nation’s carbon dioxide emissions peaked no...

Open sesame

China has opened the gates to foreign fund managers, giving them unprecedented access to the world’s second-largest asset management market. But it will not all be a magic carpet ride for the aspirants as...


Fangda Partners assisted JP Morgan in becoming the first foreign bank in China to have a sole controlling shareholding in its securities company via acquiring equity from five domestic shareholders, upon recent approval from...
Securing large damages in IP infringement litigation, 如何在知识产权侵权诉讼中获取高额赔偿?, Liu Ji and Jin Xiao, CCPIT Patent and Trademark Law Officevideo

Securing large damages in IP infringement litigation

By Liu Ji and Jin Xiao, CCPIT Patent and Trademark Law Office
As China steps up intellectual property protection, infringers’ annual financial reports and petitioning for the taking of evidence could convince courts to award rights holders big damages payouts In recent years, with the intensified efforts...

Zhejiang in a nutshell

Zhejiang province is home to China's silicon valley, Hangzhou, and is at the heart of the country's innovation drive. With the blistering growth of the region's private enterprises, Zhejiang's legal market is among the...
New listings june, 上市

New listing

Didi Chuxing, China’s largest ride-hailing company, raised USD4.4 billion in its IPO on the New York Stock Exchange, achieving a valuation of about USD80 billion. It is the biggest Chinese share offering in the...
New policy for verification on shareholders of domestic IPOs, 浅议境内首发上市企业股东核查新政, Wang Yan and Zhou Jian, Grandway Law Offices

New policy for verification on shareholders of domestic IPOs

By Wang Yan and Zhou Jian, Grandway Law Offices
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, 家族信托立法改革提议

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, 注册制下创业板IPO现状与展望 , Liu Yinhong, Wang Cheng and Zhang Ming, Jincheng Tongda & Nealvideo

Exploring IPOs on ChiNext board under registration system

By Liu Yinhong, Wang Cheng and Zhang Ming, Jincheng Tongda & Neal
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, 沪港两地政策对企业选择上市地的影响, Liu Yinhong, Lu Jiangxia and Yu Zheng, Jincheng Tongda & Neal

Impact of Shanghai and Hong Kong policies on where to list

By Liu Yinhong, Lu Jiangxia and Yu Zheng, Jincheng Tongda & Neal
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, 科创板科创属性评价体系再升级

Star upgrades innovation attribute assessment system

By Daniel Liu, Commerce & Finance Law Offices
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, 谈IPO中“三类股东”核查, Fang Xiaozhong, Grandway Law Offices

The verification of ‘three types of shareholders’ in IPOs

By Fang Xiaozhong, Grandway Law Offices
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, 如何在有限责任公司内实施“优先股”, 侯榆, 合伙人, 广信君达律师事务所

How to implement preferred shares in LLCs

By Hou Yu, ETR Law Firm
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...
Tomás Dagá and Joe Chen, Osborne Clarke, Grifols’ Shanghai RAAS acquisition: A share swap deal first, 基立福与上海莱士的并购 交易:同类首例换股交易

Grifols’ Shanghai RAAS acquisition: A share swap deal first

By Tomás Dagá and Oscar Calsamiglia, Osborne Clarke; Joe Chen, JunHe
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, 信托公司承诺以固定价格受让信托受益权是否构成刚兑?, Li Xinqian and Ren Guobing, Jingtian & Gongcheng

Focus on what constitutes a guaranteed redemption

By Li Xinqian and Ren Guobing, Jingtian & Gongcheng
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, 私募基金管理人投资者适当性义务最新动向, Yang Guang and Meiling, Lantai Partners

Latest trends in investor obligations of PE managers

By Yang Guang and Wang Meiling, Lantai Partners
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, Hu Xiaobo

Managing the financing risks associated with private funds

By Hu Xiaobo, DOCVIT Law Firm
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, Wang Yuepeng

Protection of technology in enterprise listings

By Wang Yuepeng, Grandway Law Offices
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...
Matthew Ching Zhang Dong, Jingtian & Gongcheng asset securitization

IP asset securitization basic models and key points of law

By Matthew Ching and Zhang Dong, Jingtian & Gongcheng
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...
Kenneth Kong Llinks Law Offices outbound acquisitions

Focus on outbound acquisitions by A-share listed companies (Part 1)

By Kenneth Kong, Llinks Law Offices
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...
Zhang Miao Pei Zhoujian Hylands Law Firm PPP REITs

Structure, procedure and dilemmas of the PPP+REITs model

By Zhang Miao and Pei Zhoujian, Hylands Law Firm
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...
asset management

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”,...
Shu Jin Law Firm Capital market securities

What the Star Market has changed

By The Securities team of Shu Jin Law Firm
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...
Hong Kong

Paths of domestic enterprises listing in Hong Kong

By Wang Bo and Chen Rui, Commerce & Finance Law Offices
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...
green bonds

Legal risk management of green bonds

By Yin Yanhong, DOCVIT Law Firm
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

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

By Chen Yu, Grandway Law Offices
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...
transition period

Gains and losses during transition periods in M&A

By Gong Ruozhou, Grandway Law Offices
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...
full tradability

Exploring rollout of H-share ‘full tradability’ system

By Fan Xingcheng, Dentons
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

By Tang Cenzhi and Lin Lefeng, East & Concord Partners
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

By Samuel Yang, Anjie Law Firm
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....

10 years

Richard Li reviews China Business Law Journal’s first decade of covering China’s legal market With the publication of this issue of China Business Law Journal, we have reached two important milestones – the publication of...
China Deals of the Year 2020

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

By Michael Wang and Nikolas Colbridge, Dentons
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...

Never miss the legal intelligence you need