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China Law Insight

China Depth, International Expertise

赴俄投资?先看看尤科斯和世能两个大案带来的启示吧

Posted in Corporate, Foreign Investment

作者:田文静 张琛 徐越 金杜律师事务所公司证券部

tian_wen-jing国家统计局数据显示,中国2015 年对俄罗斯直接投资流量29.61 亿美元,同比增长367.3%。截至2015年末,中国在俄直接投资存量为140.20亿美元,位列所有64个“一带一路”国家第二位。在国家推进“一带一路”建设工作领导小组办公室指导编撰的《“一带一路”大数据报告(2016)》中,俄罗斯更是在国别合作度指数综合评比中位列所有“一带一路”国家第一位。凭借其广阔的国内市场、稳定的政治环境、完善的基础设施网络以及对中国投资的积极态度,俄罗斯在吸引中国投资方面优势明显且潜力巨大。

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隔耳有“墙”——从美国FCC新规则谈个人信息保护新趋势

Posted in Antitrust & Competition

作者:宁宣凤 吴涵 黎辉辉 王诗笋 金杜律师事务所商务合规部

ning_susan2016年12月2日,美国联邦通信委员会(Federal Communications Commission,以下简称“FCC”)正式公布“宽带和其它电信服务中用户隐私保护规则”(Protecting the Privacy of Customers of Broadband and Other Telecommunications Services)(以下简称“FCC新规”),以促进宽带接入服务(Broadband Internet Access Service,BIAS)提供商(以下简称“BIAS提供商”)和其他电信运营商对于用户信息和隐私保护。FCC新规将于2017年1月3日正式生效(少数需要行政管理和预算局批准生效的条款除外)。

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Senior management accountability: diverging paths across Europe

Posted in Global Network

By Dr. Barbara GeckCarl Richards, Tamasin Little King & Wood Mallesons

The private equity and venture capital industry has had to adapt to a changing regulatory landscape over the past few years, and for UK regulated fund managers there is another change on the horizon. The Senior Managers & Certification Regime (“SM&CR”) is a new UK framework for individuals that currently affects UK banks and large investment firms, but is set to be extended across all entities authorised by the Financial Conduct Authority or the Prudential Regulatory Authority – which will include UK private equity and venture capital firms.  It is intended to replace the current “Approved Persons Regime” and is expected to come into force in 2018, with consultation due to begin early next year.

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徐翔案背后的相关收益如何认定,煮熟的鸭子会飞吗?

Posted in Dispute Resolution, Uncategorized

作者:常俊峰 甘雨来 金杜律师事务所争议解决部

chang_jun-feng徐翔案已于2016年12月5日开庭审理,这桩国内目前为止涉案金额最大的操纵证券市场刑事案件,已进入到司法程序的“后半场”。“吃瓜群众”逐渐将视线聚焦于徐翔等被告人被指控的罪名、与徐翔案高度相关的众多上市公司及其高管的情况等吸引眼球的案件事实情况。“业内人士”则更多关注,如果徐翔等被定罪,隐身其后的相关主体获得的收益如何认定,“煮熟的鸭子会飞吗”?因操纵证券市场违法行为而遭受损失的“小散们”能否寻求司法救济, “坑能填平吗”?本文对此类关注略作初探。

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10 things you need to know about the Takeovers Panel this year

Posted in Global Network

By Diana Nicholson, Shaun McRobert David Friedlanderand David Jewkes. King & Wood Mallesons’ Australia office.

So, you haven’t had an opportunity to keep up with what’s happened in the Takeovers Panel this year? No matter, we’ve done the hard work for you. The 10 things you need to know are:

1. Bidders should exercise caution when seeking to deduct the value of franking credits from their bid consideration.

Bidders generally reduce their bid consideration by the value of any dividend received by a target shareholder during the bid period. Recently, bidders have also sought to deduct the value of any franking credits associated with the dividend. The Panel consulted on this issue in 2014 but ultimately didn’t publish any formal guidance. Responses to the consultation paper showed divergent market views on whether the value of franking credits should be deducted from bid consideration at all, and how value should be assessed if it was to be deducted.

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中国最大海外打印机收购案交割成功!

Posted in Uncategorized

作者:金杜律师事务所 King & Wood Mallesons

2016年11月30日(北京时间),艾派克科技股份有限公司(简称“艾派克”)(深交所股票代码:002180)在金杜律师事务所的协助下,对国际著名品牌打印机及软件公司美国利盟国际公司(简称“美国利盟”)的收购正式完成交割。艾派克公司与太盟投资集团(PAG)及君联资本组成的联合投资者,共出资40亿美元(约260亿人民币)。至此,这起中国最大的海外打印机收购案画上圆满句号。该项目是中国企业“走出去”、在全球舞台胜出的又一个经典案例。

30 November 2016 (Beijing Time), King & Wood Mallesons advised Apex Technology Co., Ltd. (Apex, SZSE: 002180) on successfully acquiring Lexmark International, Inc. (Lexmark), a world renowned printing and software company. Apex led a group of investors including PAG Asia Capital and Legend Capital to acquire 100% of Lexmark at an enterprise value of approximately US$4 billion (about 26 billion RMB). To date, this has been the biggest outbound transaction in the print industry, and is yet another example of China’s successful track record in offshore acquisitions.

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Case study: Belt and Road disputes – Choosing Hong Kong as the seat of arbitration

Posted in Global Network

By Paul Starr King & Wood Mallesons’ Hong Kong office

starr_pSummary

China’s Belt and Road initiative brings new investment opportunities but also an increased need for careful risk management. Prior to entering into any investments, it is important for contracting parties to consider their dispute resolution options and to ensure these are properly reflected in the contracts.

Arbitration has advantages over litigation, particularly when the courts closest to an investment are in countries where investors may be less familiar with the legal system. This case study discusses the advantages of opting for a Hong Kong seated arbitration. Confidentiality protections provided for by Hong Kong arbitration law and the near-global mutual enforcement of arbitral awards are key benefits for contracting parties.

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案例研究:一带一路争议—选择香港作为仲裁地

Posted in Global Network

作者:保罗仕达 金杜律师事务所香港办公室

starr_p概述

中国的“一带一路”倡议在带来投资机遇的同时也要求企业更谨慎地开展风险管理。在开展任何投资前,协议各方应考虑选择何种方式解决争议,并确保在合同中写入相关条款。

仲裁与诉讼相比有许多优势,尤其是有时投资者可能对最接近投资地的法院所处国家的法律体系较不熟悉。本案例分析将重点分析选择香港作为仲裁地有哪些好处。香港仲裁法中的保密性保护规定和香港仲裁裁决能在全球大多数法院强制执行对协议方来说都是关键优势。

协议各方选择香港作为仲裁地看重的还有其作为综合性的平台能够满足一带一路的需要。香港定位为基础设施枢纽,因此包括基建融资促进办公室(IFFO)在内的各大机构一直在探索如何为投资者开展一带一路投资提供支持。

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UK government pledges long-term investment for a post-Brexit Britain

Posted in Global Network

By Simon Witney Laura Charkin Stephen Pevsner Adrian Brettell King & Wood Mallesons’ London office.

In the face of great uncertainty, the UK government announced on Wednesday that it will borrow more to invest for the long-term. It is welcome that some of this additional investment will be channelled through the venture capital sector, and the government clearly believes that the benefits of private equity-style investing can be harnessed to help Britain meet the undeniable challenges it is likely to face as it enters the Brexit negotiations.

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加工贸易优惠多,“雷”区也需慎防

Posted in Corporate, Tax

作者:海关与贸易合规团队 金杜律师事务所

中国能在短短30多年里迅速成为世界屈指可数贸易大国,其中加工贸易功不可没。据海关总署的统计数据,2015年我国加工贸易模式下进出口额占全部进出口额比重约为35%;但随之而来的则是加工贸易企业(以下简称“加贸企业”)频频因违反海关规定被科以重罚。加工贸易领域,既是企业发展机遇重重的福音地,也是稍有不慎即违规的多雷区。加贸企业的日常经营决策,往往是悬崖在左、深渊在右,一旦偏离海关法律法规的要求,就可能导致企业遭受巨额行政罚款甚至被追究刑事责任;很多加贸企业因此被主管部门下调信用等级,严重影响其日常进出口活动。

那么加贸企业日常经营中应如何防雷避雷,别让加贸企业的巨轮说翻就翻呢?且让我们从典型违规案例入手,娓娓道来。

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