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Levelling up
China has come to a new crossroads, where it needs to make important decisions on its future. It has chosen to go for a more efficient and open economy, writes Richard Li
This year marks...
Bank-trust business risk control under new asset management rules
Stringent regulation has remained a theme in the financial industry this year, and the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (the New Rules), which the regulators issued on 27...
Is spot commodity exchange trading model illegal?
Since 2012, spot commodities trading venues have been sprouting up and growing rapidly everywhere around the country, but they have also been surrounded by fierce debate. This is because the main objective of many...
How arbitration tackles disguised debt in trust industry
Debt investment in the name of equity investment” (disguised debt) is a way of establishing trust plans in the trust industry. There has been no consensus regarding the exact definition of disguised debt, in...
Financial institutions to raise the ratio of foreign shareholding
In August 2017, the State Council promulgated the “Notice on Several Measures for Promoting the Growth of Foreign Investment”. In order to deepen the supply-side structural reform, China will further lift admittance restrictions on...
Cryptocurrencies
APREVIOUS LEXICON COLUMN discussed the phenomenon that is known as fintech (see China Business Law Journal volume 7 issue 8: Fintech and smart contracts). Reflecting the combination of “finance” and “technology”, fintech focuses on...
A common language
ASIA’S LEADING DISPUTE RESOLUTION PRACTITIONERS SAY A UNIVERSALLY ACCEPTED ARBITRATION FRAMEWORK IS CRUCIAL TO THE SUCCESS OF THE BELT AND ROAD.
VANESSA IP REPORTS
It isn’t a bad time to be a commercial disputes practitioner in Asia....
A question of quality
Running China’s economy requires complex regulatory manoeuvring, but the philosophy behind most new rules is simpler, writes Richard Li
In the past year, China has juggled the streamlining of regulation with a tighter grip on...
Staying in play
Chinese and international law firms must learn quickly how to keep up with the fast-changing market, write Richard Li and Joy Jiao
Players in the legal services industry are feeling intense pressure not only from...
Tech evolution
Following the first part of our special technology series last month exploring the evolution of fintech, Leo Long looks at the germination of the concept around the Asia-Pacific, revealing which jurisdictions are ahead of...
Why Bermuda is attracting Asia’s insurance business
Mergers and acquisitions (M&A) in the Asian insurance sector have been buoyant in the past decade. In particular, sale and purchase of local and international insurance companies, and overseas expansion by Chinese insurers, have...
The D&O defence
As Chinese companies venture further afield, their senior leaders are more vulnerable to regulatory risks. Jason Kelly analyzes why they need protecting
Directors and Officers liability (D&O) insurance provides essential cover for a company’s senior leadership against...
Legal risks and arbitration of bank management cases
With the intensive expansion of all sorts of financial products since 2013, the China Banking Regulatory Commission has gradually encouraged steady growth in the bank asset management industry. Against this background, the Beijing Arbitration...
Pan-asset management concepts in regulating equity investment funds
In September 2016, the Asset Management Association of China (AMAC) launched a new registration platform, dubbed the Asset Management Business Electronic Registration System, which is intended to gradually replace the old Private Equity Fund...
COSCO’s non-public issuance involves complex issues
COSCO Shipping Development announced its proposed non-public issuance of A shares, which involved several complex legal issues under Hong Kong’s Takeovers Code, said the legal counsel involved.
The A shares would be offered to no...
Eagle eyes
Just how receptive are US capital markets to Chinese issuers? And what major legal and compliance issues do Chinese companies need to consider before exposing themselves to the scrutiny of US regulators?
Vanessa Ip reports
In 2014, Alibaba made...
The value of knowledge
In China’s soaring outbound investment, many private and state-owned enterprises have shown huge interest in foreign technologies. Chinese companies need advanced tech to fare better against fierce competition both at home and abroad. But...
HK P2P lending sees creative step forward
Hong Kong has recently seen the establishment of the Elephant Club Consumer Debt Fund, the city’s first hybrid fund linked to a peer-to-peer (P2P) lending platform, a structure that might be popular in Hong...
Power hungry
As China’s appetite for energy increases, so does its desire for sources that will alleviate a traditional reliance on foreign oil. Vanessa Ip reports on the quest for alternative energies
The world’s largest energy consumer’s...
New rules may further relax overseas investment restrictions
In the previous issue, we introduced the Measures for the Administration of the Approval and Record-filing of Overseas Investment Projects and related legislation. In this issue, we continue our introduction on the National Development...
Opportunity flows
Despite rocky relations, Chinese investors are seeking their chances with investments and M&A in ASEAN, the world’s sixth-largest economy, writes Alainna Wrigley
Following the April summit of ASEAN nations, ASEAN leaders issued an unprecedented closing statement....
Covering the bases in financing via corporate debt instruments
In order to guard against risks, the central government requires local governments to control and oversee the scale of issued debt, but relevant information shows that the issuance of debt by local governments and...
Making the connect
Renhe Commercial Holdings was the first eligible Hong Kong Stock Exchange issuer under the Shanghai-Hong Kong Stock Connect to conduct a rights issue. Psyche Tai and Rachel Chan explain the ‘trilogy’ of transactions that...
What to consider about going private in the US
While it was popular for Chinese companies to list their stocks in the US in the past, often via reverse mergers, Chinese companies are now exiting US capital markets and re-listing in other jurisdictions...
Hot and cold
North America continues to be a hot spot for Chinese investment, but the overall investment forecast remains changeable. Sino-American relations are warming, but in Canada a cold front has descended for Chinese investors, writes Vanessa...
Listing of VIE structured enterprises in Hong Kong
In October 2013, Jingtian & Gongcheng served as PRC legal counsel in the successful listing of the variable interest entity (VIE) structured issuers Forgame and IGG on the main board and second board, respectively,...
A tight rein
In-house counsel should rein in the urge for any great leap forward if they wish to overcome the biggest hurdles of 2014, writes John Church
The Year of the Horse may encourage many an eager...
Party pill for all ills?
The CPC’s reform manifesto is wide-ranging and comprehensive. Susan Munro and Hannah Cao explore the key issues of this policy prescription
The Communist Party of China (CPC) Central Committee’s Decision on Major Issues Concerning Comprehensive...
Insufficient investigation costs more for IPO sponsors in Hong Kong
Sponsors for initial public offerings (IPOs) in Hong Kong are facing new requirements and will need to put more effort into due diligence on IPO candidates from China, an investigation expert has warned.
New regulations...
PE metamorphosis
New exit and entry strategies are vital for survival in China’s rapidly evolving PE industry. Richard Li assesses an industry in transformation
Private equity (PE) funds in China are facing a tough time. Their conventional...
Jersey offers best of both worlds to Chinese investors
The changing regulatory landscape in European markets brings with it new opportunities for corporate and institutional investors in China and the Asian region.
One of the most high-profile changes revolves around the introduction of the...
Adapt and survive
With ever more fierce competition and external regulatory pressures, offshore jurisdictions have their work cut out just to stay above water. Richard Li looks at how they are faring with vital Chinese business
More offshore...
Watch what you tweet
Disclosure of information by Hong Kong-listed companies can be a risky issue in the age of social media
Social media sites are among the most popular websites on the internet. Sina Weibo, China's most popular...
Exploring the effect of shareholder background on trust acquisitions
Trust institutions have, in recent years, basically divided themselves into four types – state-owned, local government-owned, financial institution-owned and privately owned, with a mutual entanglement of domestic and foreign capital.
Shareholder backgrounds
Industry figures show that...
What’s up in 2013?
General counsel make their predictions for 2013, and for most there is the potential for risk and reward in equal measures. John Church reports on a year of snakes and ladders
The Year of the...
A fine romance
China’s relationship with Africa is blossoming. Cathy Chen explores some of the continent’s hotspots for Chinese investment
It has always been a shaky marriage to maintain, but one filled with promise. Culturally and geographically oceans...
Untangling the legal issues that surround renminbi funds exits
During the past few years, the performances of renminbi funds have drawn more attention, and the Law on Securities Investment Funds, which is currently being amended, will offer an even better legal framework for...
Knowledge key to gaining approval for trust company acquisitions
According to data released by the Trustee Association, the trust assets of trust companies reached RMB5.5 trillion (US$876.2 billion) in value during the first half of this year, far exceeding the value of the...
RK&O states its case
Richards Kibbe & Orbe has represented companies based in China since 1995. That year, we were retained to represent the New York branch of a Chinese state-owned enterprise (SOE) that had been victimised in...
Going private in the US
After a few golden years when it was popular for Chinese companies to list their stocks in the US, often via reverse mergers, there is a recent trend for Chinese companies to exit the...
Stopping the rot
Changes at home and abroad may leave you wondering how to weed out corruption and promote compliance. John Church sheds some light across three major jurisdictions
Earlier this year, Chinese procurator-general Cao Jianming delivered his...
In the driver’s seat
As the state-owned enterprises have restructured, professionals like Sun Xiaoqing have been the first to take their legal departments down a new road. She talks about the pace of change with China Business Law Journal...
Manna from the havens
Offshore jurisdictions have weathered the financial crisis surprisingly well thanks to China’s hunger for investments abroad. John Church looks at key issues confronting the sector
The global economic turmoil of 2008 has waned although the...
Another step to internationalize the RMB
The Chinese Securities Regulatory Commission (CSRC), the People’s Bank of China and the State Administration of Foreign Exchange (SAFE) jointly announced a pilot programme on 16th December 2011 which became effective on the same...
Flying high
It’s not just natural resources. Chinese companies are making strategic investments abroad in financial services and manufacturing. Alice Gartland spoke to lawyers involved in some recent deals
Figures released in September by the Ministry of...
Goodbye, apple pie
The troubles afflicting Chinese companies listed in the US are well documented (see China Business Law Journal volume 2 issue 7, Capital punishment) and their repercussions continue to be felt. In early November, the...
Plain language in English and Chinese
In recent years there has been a global trend towards the adoption of uniform rules governing risk disclosure, particularly in relation to complex financial products.
In many common law jurisdictions, such as the United Kingdom...
Chinese cash, common law: PRC bank lending goes global
The biggest Chinese banks have ambitious global lending plans. This is creating borrowing opportunities for Chinese and international companies, and a windfall for major law firms. George W Russell and Robin Weir report
In recent...
Acquiring listed companies by scheme of arrangement
Under Australian law there are two main methods of obtaining control of a listed company: takeover bid and scheme of arrangement. For large transactions, schemes have increasingly become the preferred method of acquisition. Advantages...
QFLP scheme breaks the ice in Shanghai
On 24 December, the Shanghai Financial Service Office, the Shanghai Municipal Commission of Commerce and the Shanghai Administration for Industry and Commerce promulgated the Work Carried Out in Pilot Projects of Foreign-funded Equity Investment Enterprises...
Jersey investment funds
Jersey has over 30 years’ experience of establishing and providing support to investment funds. Many of the world’s leading fund managers have chosen Jersey to establish funds including 3i, Blackrock, HSBC, Intermediate Capital and UBS.
There...
After Kyoto
Since the Kyoto Protocol came into force, Chinese companies have been selling carbon credits to buyers in developed countries. How have they done it, and what will happen when the first commitment period of the Kyoto...
CIRC issues measures on the use of insurance funds
The Use of Insurance Funds Interim Measures (Decree No. 9 of 2010) published by the China Insurance Regulatory Commission (CIRC) came into force on 31 August. The Measures are significant in the ways that...
