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China Law Insight

China Depth, International Expertise

沪港通、QFII、RQFII税收新政

Posted in Tax

作者:董刚 章慈 金杜律师事务所税务

伴随着“沪港通”股票交易于11月17日正式开启,投资者关心的沪港通下的税收政策也得以明确。上周五(11月14日),财政部、国家税务总局、证监会联合发布了《关于沪港股票市场交易互联互通机制试点有关税收政策的通知》(财税【2014】81号),其中,不少免税政策力度较大,超出投资者预期。 Continue Reading

贸仲委发布2015版仲裁规则

Posted in Dispute Resolution

作者:张守志 何薇 陈军 胡科 金杜律师事务所

2014年11月4日,中国国际贸易促进委员会修订并通过了《中国国际经济贸易仲裁委员会仲裁规则(2015版)》(“2015版规则”),对中国国际经济贸易仲裁委员会(“贸仲委”)2012年5月1日起实施的《中国国际经济贸易仲裁委员会仲裁规则(2012版)》(“2012版规则”)进行了修订。2015版规则将于2015年1月1日起施行。 Continue Reading

沪港通若干法律风险管窥

Posted in Securities

作者:牟蓬 单颖之 金杜律师事务所证券

投资者们翘首企盼的沪港通已于11月17日正式开通,在两地证监会正式批准启动沪港通的11月10日,沪市上涨超过2%,创近三年新高,这充分展现了市场对沪港通的热切期盼。面对投资者们高涨的投资热情,本文将在法律层面上就沪港通所涉及的股票代持模式、两市股票交收制度的差异及新股认购事宜作出相应分析,供投资者们参考。

股票代持模式

此次开通的沪港通使得大陆及香港的投资者们能够跨境投资上海证券交易所(以下简称“上交所”)或香港联合证券交易所(以下简称“联交所”)上市公司的股票,但这并不意味着投资者能够成为相关上市公司的直接股东。

根据中国证券登记结算有限责任公司(以下简称“中国结算”)发布的《沪港股票市场交易互联互通机制试点登记、存管、结算业务实施细则》(以下简称“《实施细则》”)第6条及第15条的规定,投资者们通过沪港通所买入的股票,将分别由香港中央结算有限公司(以下简称“香港结算公司”)与中国结算代投资者持有,并以香港结算公司与中国结算的名义登记在相关上市公司的股东名册中。 Continue Reading

Factors for Successful Chinese Investment in the Australian Mining Industry: A Case Study of Baosteel Consortium’s Acquisition of Aquila

Posted in Corporate

By Xiong Jin King & Wood Mallesons’ Corporate Group

Since the global financial crisis in 2008, China has seen explosive growth in overseas investment. The Ministry of Commerce forecasts that the size of China’s outbound direct investment will exceed that of foreign capital utilization for the first time in 2015. [1] Australia is one of the earliest countries which Chinese companies have gone out for, and is the second largest target for China’s overseas investment, second only to the United States. Mining is undoubtedly the industry that has attracted most investment from China into Australia. Although there has been a decline in China’s investment into the Australian mining industry in recent years due to factors such as the falling market demand, carbon tax policy, the emergence of alternative countries with resources, the investment in the mining industry in Australia continues to account for the majority of the total investment value. Continue Reading

ChAFTA 2014: The winners, the thresholds and the opportunities

Posted in Global Network

By Paul Schroder  King and Wood Mallesons’ Sydney office 

The much anticipated China Australia Free Trade Agreement (ChAFTA) was announced earlier today. ChAFTA secures Australia’s competitive position with our largest trading partner and lays the foundation for a deeper and stronger long-term strategic partnership.

It’s a major step forward, sending a strong and unmistakable message that Australia is committed to developing a deeper engagement – economically, politically and socially – with China, and vice versa.

This is the first agreement that China has concluded with a developed economy and the most comprehensive compared to any other nation. While some industries and products may have missed out, it is important to look at the big picture and remember that today’s announcement is not an end-point, but rather a base from which to build on. Australian businesses have been granted unprecedented access to the fastest growing markets in the world, unlocking billions of dollars of exports. Continue Reading

中澳自贸协定签署在即,将为两国贸易投资带来便利

Posted in M&A

作者:熊进 孙蕊 曾嘉 金杜律师事务所公司并购

经过近10年、20多轮的谈判,20141117日,中澳两国终于宣布就《中华人民共和国与澳大利亚自由贸易协定》(简称“中澳自贸协定”或“协定”)实质性结束谈判,并就协定签署签订了意向声明。预计未来两个月,两国将完成协定文本的最终定稿和协定签署,之后完成国内的批准程序使协定生效。

中国是澳洲最大的贸易伙伴,澳洲也是中国最主要的投资目标国之一,两国在自然资源、能源、农业等领域存在着天然的互补关系。中澳自贸协定涉及双边贸易和投资的广泛议题,协定生效后将在诸多方面降低壁垒,为两国之间的贸易和投资带来更大便利。 Continue Reading

“China Welcomes Foreign Investment”——With Draft Revision of Foreign Direct Investment Industries Guidance Catalogue, China Plans Sweeping Foreign Investment Reforms

Posted in M&A

By Xu Ping, Yao Lijuan and Gao Wei    King & Wood Mallesons’ M&A Group

On November 4, 2014, the National Development and Reform Commission (“NDRC”) released the latest draft updating the current 2011 “Foreign Direct Investment Industries Guidance Catalogue (“2014 Draft”),” and called for public opinions on the draft until December 3, 2014.

The Foreign Direct Investment Industries Guidance Catalogue (“Catalogue”) is the central policy of the Chinese government that regulates the inflow of foreign investment in various Chinese industries. The Catalogue classifies foreign direct investments in the industrial sectors as “encouraged,” “restricted,” “permitted,” or “prohibited” and imposed restrictions on foreign investment forms and shareholdings on certain key industrial sectors. Since its inception in 1995, the Catalogue has been revised once every few years. The 2014 Draft, once takes into effect, will become the sixth revision and replaces the current 2011 Catalogue. Continue Reading

中国体育产业迎来市场化发展的黄金时代

Posted in M&A

作者:汪蕊 宋雅菲 金杜律师事务所公司并购

2014年10月2日,国务院发布《国务院关于加快发展体育产业促进体育消费的若干意见》(国发〔2014〕46号)(“46号文”)。业界认为,46号文的颁布标志着中国体育产业市场化发展黄金时代的全面到来。

与我国政府近年颁布的一系列促进体育产业发展的鼓励政策相比,46号文首次并列强调体育产业和体育消费,并将此定位为有利于保障和改善民生、扩大内需、增加新的经济增长点以及增强国家凝聚力和国家文化竞争力的绿色朝阳产业。46号文的内容贯穿“坚持改革创新”和“发挥市场作用”的基本原则和思路,进一步深化和细化了国务院办公厅在《关于加快发展体育产业的指导意见》(国办发〔2010〕22号)中所提出的相关重点工作任务和鼓励政策[1]

值得注意的是,46号文推出了数项旨在改革现有行政监管体制和优化市场环境的突破性政策。新政策不仅释放了政府将大力培育扶持体育产业的明确信号,也对体育产业中未来值得社会资本参与投资的特定重点领域进行了提示。本文将主要就取消商业性和群众性体育赛事审批以及放宽赛事转播权限制等两项重要政策进行解读。 Continue Reading

创新型律所是什么

Posted in IP

作者:李中圣 金杜律师事务所知识产权

创新是当代中国律师发展的主题,中国律师事业经过三十年的快速发展,长期积累的问题使得持续发展难以为继,因此创新攸关生存。创新虽然是律师事业发展不竭的动力,但任何创新问题的提出,都有时代背景和个体含义。律所创新是自身持续发展的必要条件,但律所怎样领跑律师服务创新,以下两点至关重要。

提升律师学养和服务质量,重点放在内涵式发展

经济学上外延式发展,主要是通过增加生产要素投入,实现经营规模扩大和收入增长,内涵式发展则主要是通过技术进步和科学管理来提高生产要素的质量和使用效益,实现规模扩大和效益提高。过去三十年里,中国律师事业快速发展,在律所的发展初期,追求规模有利于实现战略布局,但主要发展特征仍是粗放型的特征,而未来发展,应向集约型发展转变。集约型发展的几个关键点需要抓住。 Continue Reading

金杜蝉联“优秀商标代理机构”奖

Posted in Uncategorized

 作者:金杜律师事务所

由国家工商行政管理总局批准、中华商标协会主办的2014中国国际商标·品牌节于2014年11月8日至10日在江苏省苏州市举行,来自全国各地以及部分国家的知识产权专业人员、以及各地工商局、国际商标协会代表等参加了会议。会前,金杜荣获“2012-2014优秀商标代理机构”奖,中华商标协会给包括金杜在内的五十家优秀商标代理机构颁发了奖牌。 Continue Reading