Home Search
Search results: China Securities Regulatory Commission
Fangda powers up capital market and IP practices in Shanghai, Shenzhen
A former Fangda Partners lawyer has rejoined the firm to boost the capital markets business, while another appointment aims to enhance its intellectual property practice.
Aaron Chen, who has returned from Jia Yuan Law Offices,...
Trader protection under Futures and Derivatives Law
China’s Futures and Derivatives Law (FDL), effective since 1 August 2022, is considered vital to the stable development of the futures market, especially to all market participants. It constructs a comprehensive system to protect...
Zhong Lun secures capital markets expert Jiang Haoxiong
Zhong Lun Law Firm has hired Jiang Haoxiong as a partner in its capital markets practice, who was previously a partner at Chen & Co Law Firm and Hui Cheng & Partners.
With 30-plus years...
Jianzhi Education first Chinese VIE to debut on Nasdaq since DiDi crackdown
Jianzhi Education Technology Group is the first Chinese variable interest entity (VIE) to debut on the Nasdaq since DiDi’s 2021 listing on the same market sparked a crackdown by Chinese authorities.
The online vocational education...
Shifting tide of audit compliance for US listings
A number of Chinese companies listed on the New York Stock Exchange recently issued announcements of delisting. One of the reasons was that the US Securities and Exchange Commission (SEC) could not inspect audit...
Insider trading
INSIDER TRADING is a problem in most financial markets. Many jurisdictions have strict laws and enforcement measures against insider trading. This column discusses recent empirical research published by the author and Dr Zhang Yang of...
The first batch of Chinese companies eye Switzerland to offer GDRs
A quartet of Chinese companies to list on the SIX Swiss Exchange in July signals the beginning of a wave of A-listed firms looking to trade global depository receipts (GDRs) in Switzerland.
At least seven...
Bright future
China’s new Futures and Derivatives Law is set to push the country’s large but still developing market to align with international practice, with requirements on cross-border trade bringing in fresh compliance pressures. Luna Jin...
Markets of choice
How should Chinese companies determine their listing destinations when capital is tight at home and abroad amid new policies, Sino-US regulatory stand-offs and global geopolitical uncertainty? Sophia Luo reports
Practitioner's Perspective Article Series
AS THE CORONAVIRUS...
14 law firms steer the first four Chinese companies into Swiss foray
A group of 14 law firms have advised the first four A-listed companies – Keda Industrial Group, Ningbo Shanshan, GEM and Gotion High-tech – on trading global depository receipts (GDRs) on the SIX Swiss...
Intangible assets of issuers owning ‘time-honoured brands’
Most issuers owning a “China time-honoured brand”, a title granted by the Ministry of Commerce to enterprises existing before 1956, are manufacturers and merchants of consumer goods with trademarks and trade names embodying their...
Legal internal control in listing compliance, corporate governance
Listing compliance and corporate governance are often relegated to a form of financial internal control in A-share IPOs and daily operation and management of companies. But their significance and importance in laying firm foundation...
How a compliance non-prosecution system benefits IPO planners
Private companies are usually started from scratch and face challenges such as compliance costs and operating pressures. Many have undergone a development phase of “barbaric growth”, where compliance issues – even of a criminal...
Transfer of Beijing-listed companies to other stock exchanges
Eligible companies listed on the Beijing Stock Exchange (BSE) may apply to transfer to the Star Market of Shanghai Stock Exchange (SSE) or ChiNext of the Shenzhen Stock Exchange (SZSE) under ‘Guiding Opinions on...
Avoiding risks to listing success from R&D co-operation
Innovative tech companies wanting to increase their R&D capacity or overcome technical thresholds will often form tie-ups with universities, research institutes and other technological entities. This approach has been used by many Star Market-listed...
Main boards: first choice for large, medium-sized enterprises
With the introduction of the Beijing Stock Exchange (BSE) and the board transfer system for New Third Board-listed companies, China’s registration system reform has essentially developed a multi-layered capital market to provide financing channels...
Arbitrability for intra-company disputes
Intra-company disputes are usually resolved by courts in China, but the absence of special procedural rules in the Civil Procedure Law leads to time-consuming and laborious settlements, with parties either unable to obtain a...
Notes for debtors filing for bankruptcy protection
Debtors satisfying bankruptcy conditions under the Enterprise Bankruptcy Law may file with a competent court to gain protection in the form of ceasing interest accrual, release of preservation, suspension of execution, release from unfulfilled...
Watching the watchers
The gatekeepers to China's capital markets are under the microscope via a comprehensive registration system that takes no prisoners. Yu Xiao reports
In China, the pace of comprehensive implementation of the stock offering registration system...
Ethics for AI
In 2015, Alphago, a go-playing computer program developed by Google subsidiary DeepMind, became the first of its kind to defeat a professional human player on a full-sized board without handicap, triggering an ongoing discussion...
Laura Cha re-elected as HKEX chair
Laura Cha Shih May-lung will continue her role as HKEX chair for two more years after being re-elected to the post she has held since 2018.
Hong Kong SAR Chief Executive Carrie Lam approved the...
Zhong Lun ushers in first backdoor listing on SSE
The first backdoor listing on the Growth Enterprises Market of Shenzhen Stock Exchange since changes in the rules on reverse takeovers saw Zhong Lun Law firm advising.
Zhong Lun represented listed food packaging company Precise...
Towards the light
Recent positive signals from Chinese regulators could mean the delisting crisis facing concept stocks in the US due to years of restricted audit working paper access is approaching detente, but their future in America’s...
Next-gen IP protection
Law firms share insights on IP and data protection in a competitive new tech-centric landscape
Value of FTO in biopharma investment, financing
Protecting corporate business data under IP legal norms
Data competition compliance...
Little to fear in Chinese regulator’s handling of US move
A consultation document released by China’s securities watchdog potentially removes a key hurdle for US regulators to gain full access to the auditing reports of Chinese companies listed in New York – but it...
Data competition compliance in online platform economy
Data is a core productive factor of the online platform economy and data resources underpin the core competitiveness and competitive advantages of many enterprises. Platform data resource competition usually involves protection of user personal...
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
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
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
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
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
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
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
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...
Exploring validity of cross-border futures trading contracts
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
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
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
Deals of the year 2022
Deals of the year 2020
Deals of the year 2019
We look back at the most significant transactions and disputes of last year as we ring in the year of...
Is guaranteed minimum income in private placements effective?
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
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?
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
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...
C-REIT pilot projects and development prospects
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
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...
Securing large damages in IP infringement litigation
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 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
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
Deals of the year 2022
Deals of the year 2021
Deals of the year 2019
China Business Law Journal’s editorial team has selected the top China-related deals for 2020, recognising their outstanding achievements
The pandemic of...
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
Deals of the year 2022
Deals of the year 2021
Deals of the year 2020
China Business Law Journal’s editorial team selected outstanding China-related deals and cases in 2019, applauding remarkable legal efforts
Our winning deals...
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...
