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Tag: Howard Wu

What new Company Law means for foreign investment in China

On 29 December 2023, the Standing Committee of the National People’s Congress of China promulgated the amended Company Law

China raises turnover standards for M&A anti-monopoly filing

The State Council published in full its revised Provisions on Thresholds for the Filing of Concentrations of Undertakings on 26 January 2024

China launches visa-free policy to EU countries, Malaysia

China has launched a unilateral visa-free policy for passport holders from France, Germany, Italy, the Netherlands, Spain and Malaysia for business, leisure and transit

Is after-hours work on WeChat considered overtime?

A labour dispute case involving overtime pay recently concluded by the Wuhan Intermediate People’s Court should be closely studied by employers

Shanghai case holds lessons on firing senior employees

Gain insights from a Shanghai case on senior employee termination and learn valuable lessons

HK concludes reciprocal rules on mainland judgments

Hong Kong implements reciprocal rules for mainland judgments, revolutionizing cross-border enforcement.

SEHK to optimise share buy-back programmes

The Stock Exchange of Hong Kong (SEHK) has published a consultation paper on proposed amendments to listing rules that will introduce a new treasury share regime

Issuance of tax residency certificates simplified

Hong Kong’s Internal Revenue Department has modified its approach to issuing certificate of resident status (CoR) 

HK companies to adopt new registration regime

Hong Kong’s Companies Registry has announced a unique business identifier (UBI) system for all entities under the administration of the Registrar of Companies

New functions in E-tax system for non-resident enterprises

The State Taxation Administration (STA) launched a cross-border tax service for non-resident enterprises in April 2023

Cautionary tale for individual actions against senior note issuers

A recent judgment concerning Leading Holdings Group highlights the importance for individual investors in notes to strategise in the recovery of underlying debts

US order restricts China-bound tech investment

On 9 August 2023, US President Joe Biden issued an executive order to regulate US corporate or individual investments to China

New guidelines for overseas GDR offerings

Guidelines for Overseas Offering of Global Depositary Receipts by Domestic Listed Companies

NPC extends supportive tax, fee cut policies

Existing tax and fee cut policies were extended by the 14th National People’s Congress last March, on approving the National Economic and Social Development Plan of 2023

Hong Kong expands talent scheme for visas

Hong Kong recently expanded its talent admission scheme to 51 professions to attract top-notch professionals in support of economic and social development

Precedent set for proving ex-employee covert competition

Arecent non-compete dispute heard before Shanghai Baoshan District People’s Court will have significant reference value for employers seeking to prove ex-employees covertly competed against them through indirect employment arrangements

HK court: cryptos capable of being held on trust

A recent decision by the Hong Kong Court of First Instance in the liquidation case of Gatecoin ruled that cryptocurrencies are “property” and are capable of being held on trust

Termination contract meets a sticky ‘ending’

The termination of an employment contract was ruled invalid by Henan Xinxiang Intermediate People’s Court due to one small language error

Commercial leases: abatement clauses and principle of frustration

The Hong Kong Court of Appeal has examined the applicability of the abatement clause and the principle of frustration in an appeal from a business tenant that sought to relieve its obligation to pay full rent during the covid-19 pandemic

Improved copyright infringement practices

Following Copyright Law amendments that took effect in 2021, Chinese courts have actively developed an array of solutions to tackle the ever-evolving field of infringement claims among cutting-edge technologies and new industrial types

Customs challenge for post-importation TP adjustments

Post-importation transfer pricing (TP) adjustments have always presented great challenges for multinational companies doing business in China

Highlights of patent protection in healthcare

The CNIPA released guidelines to support open patent licensing following amendments to the Patent Law

HK expands arbitration financing options

Effective from 16 December 2022, lawyers in Hong Kong are permitted to fund clients for whom they act in an arbitration by entering into ORFS, such as conditional and contingency fee arrangements

Guangdong’s first equal opportunity judgment issued

The first equal opportunity employment case in Guangdong province was concluded in 2022, with a judgment ordering the employer to pay compensation and apologise in writing to the employee

Amendments reinforce protection of women’s rights

The newly amended Law on the Protection of the Rights and Interests of Women, adopted by the Standing Committee of the 13th National People’s Congress on 30 October 2022, came into effect on 1 January 2023

First action against compliance manager for overseas failures

The Hong Kong Securities and Futures Commission’s (SFC) “manager in charge” (MIC) regime, which aims to heighten senior management’s accountability within licensed corporations, came into effect in 2017

Phase two of new HK inspection regime commences

Phase two of the new inspection regime of the Companies Registry has come into effect from 24 October 2022, allowing Hong Kong companies to limit disclosure to the public regarding certain personal information of their directors and secretaries

HK passes bill for reciprocal enforcement of mainland judgments

Hong Kong’s Legislative Council (Legco) passed the long overdue Mainland Judgments in Civil and Commercial Matters (Reciprocal Enforcement) Bill on 26 October 2022

Guidance for implementing stamp duty policies

In June 2021, the Standing Committee of the 13th National People’s Congress (NPC) officially announced the Stamp Duty Law of China (SD law), which became effective from 1 July 2022

China deposits instrument of approval to OECD convention

On 25 May 2022, China deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with the Organisation for Economic Co-operation and Development (OECD)

Court: Employees cannot be forced to set off quarantine against leave

The Xiaoshan District Court in Hangzhou municipality recently held that the quarantine leave taken during the pandemic may not be set off against an employee’s annual leave entitlement

HKCC succeeds in first appeal on pecuniary penalties

Hong Kong’s Court of Appeal allowed an appeal by the HKCC, increasing pecuniary penalties imposed against various respondents in two separate price-fixing cases on 2 June 2022

Stronger enforcement against price gouging

Determinations of price gouging infringements under the Price Law (PL) were clarified in detailed rules set by the State Administration for Market Regulation (SAMR) on10 June 2022

China mulls lifting merger filing thresholds

Significant changes to merger control procedures have been proposed by the antitrust enforcement authority, raising the existing turnover-based threshold and adding a new hybrid threshold based on turnover and market value

Bank compliance for wealth management subsidiaries

Establishing BWMS is an important means for commercial banks to strengthen risk isolation management and implement professional operation

HK court backs established means for protecting cryptos

A recent Hong Kong judgment confirms that familiar legal principles of trusts and injunctions apply equally to cryptocurrency as a novel asset class

Landmark AML reforms modernise enforcement

In June, the National People’s Congress 13th Standing Committee approved far-reaching amendments to the Anti-Monopoly Law (AML) that become effective from 1 August

Relaxed measures for inbound China travellers

Chinese embassies and consulates have adjusted requirements for pre-travel testing and Health Declaration Code applications

Greater chance of criminal liability for stealing trade secrets

The Tianjin Intellectual Property Court recently tried a criminal case involving an employee’s infringement of his employer’s trade secrets

PU Letter requirement for workers waived

Foreign affairs offices in China announced that, effective 6 June 2022, they have lifted the PU Letter requirement for foreigners who work in China and their dependents

Initiative to prevent NFT-related risks

A joint initiative aiming to prevent risks associated with non-fungible tokens (NFTs) was issued by the China National Internet Finance Association, China Banking Association and Securities Association of China on 13 April 2022

Heightened scrutiny of RPM continues

Antitrust enforcement are continuing to crack down on outlawed resale price maintenance (RPM), with a multinational dental medical device manufacturer’s Chinese entity recently fined RMB9.12 million (USD1.35 million)

Five-year antitrust enforcement plan announced

The antitrust authority will be stepping up oversight over the platform economy, technology development, data security and livelihood sectors such as utilities, healthcare and medicine

SPC pharma matter spotlights pay-for-delay agreements

The Supreme People’s Court (SPC) has identified relevant factors from an Anti-Monopoly Law perspective when assessing pay-for-delay settlement agreements

Compliance issues for HK-listed companies in financial difficulties

Under the Hong Kong regulatory framework, listed companies should focus on the following aspects of compliance.

How will PIPL impact corporate compliance probes?

By Howard Wu

To further fulfil the commitment to protect personal information, mainland China promulgated the new Personal Information Protection Law (PIPL)

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