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China Law Insight

China Depth, International Expertise

Case study: The hunt for top tier assets – State Power Investment Corporation’s acquisition of Pacific Hydro Group

Posted in Global Network

By Jonathan Grant King & Wood Mallesons’ Corporate & Securities Group

grant_jIn a clear signal towards the ongoing appetite of Chinese investors for quality global assets, China’s State Power Investment Corporation (SPIC) successfully acquired Pacific Hydro Group, IFM Investor’s renewable energy portfolio. The acquisition was one of the largest ever by a Chinese bidder into Australia, and SPIC’s first venture into the country.

Who’s who?

The buyer, SPIC, is one of the five-largest power generation groups in China, with over 100 GW of installed capacity. It has over US$113 billion of generation assets under management across 35 countries and regions including China, Japan, Turkey, Malta, Vietnam, Pakistan and Guinea. KWM acts for SPIC on this successful acquisition.

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案例研究丨寻找顶级资产:国家电力投资集团收购太平洋水电公司

Posted in Global Network

作者:葛杰 金杜律师事务所公司证券部

grant_j中国国家电力投资集团(SPIC)成功收购IFM Investor的可再生能源业务,即太平洋水电集团(Pacific Hydro Group),这向正在寻找优质全球资产的中国投资者释放了一个明确的信号。该收购是中国竞标者在澳大利亚有史以来最大的收购交易之一,也是中国国家电力投资集团在该国的首笔交易。

交易方介绍

买方,中国国家电力投资集团,是中国五大发电集团之一,拥有超过100兆瓦的装机容量。管理的1130多亿美元的发电资产遍布世界35个国家和地区,包括中国、日本、土耳其、马耳他、越南、巴基斯坦和几内亚。金杜律师事务所在这次成功的收购行动中代表中国国家电力投资集团。

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《稽查条例》修改,企业应注意哪些问题?

Posted in Dispute Resolution

作者:金杜律师事务所 海关与贸易合规团队

《国务院关于修改<中华人民共和国海关稽查条例>的决定》(以下简称“决定”)于2016年6月19日由国务院总理签署通过,2016年7月1日公布,2016年10月1日正式实施。本次修订在原稽查条例的基础上,增加了3条和2款,同时删除了2条,对部分条文进行了文字性修改33处。

《决定》通过以上修改,增加了对海关实施稽查具有保障和支撑作用的基础性措施,进一步规范和优化了海关稽查程序,完善了海关稽查职权和措施,强化了针对违法行为宽严相济的惩处原则。其中,企业应该特别加以关注的问题主要有以下几点:

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Decoding the New Rules for Online Food Trading

Posted in Uncategorized

By Chen Bing and Yang Yue King & Wood Mallesons’ Corporate & Securities Group

1I. Origin and Background

On 14 July 2016, the China Food and Drug Administration (“FDA”) issued the Measures for the Investigation and Punishment of Unlawful Acts concerning Online Food Safety (“Measures”) to be implemented on 1 Oct, 2016.

The Measures are another set of implementing regulations introduced by FDA as a result of the promulgation of the new Food Safety Law. The Measures have come two years after two drafts were released for public comment. One draft was the Measures for the Supervision and Administration of Internet Food and Drug Operation (draft for comments) released in 2014, and the other was the Measures for the Supervision and Administration of Online Food Operation (draft for comments) released in 2015. After considering these two drafts and comments and the Implementing Measures for Food Safety Law (draft for comments) released in December 2015, the Measures have finally been issued. They impose specific obligations on food manufacturers and operators relating to the online food trade, and set out detailed procedures for investigations and liability for unlawful activities.

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Case Study: GRAM’s takeover of PanAust Limited – An audacious aquisition

Posted in Global Network

By King & Wood Mallesons

Guangdong Rising Assets Management’s unconditional takeover of PanAust Limited

Consistent with the trend of Chinese bidders becoming more competitive in 2015, we saw our Chinese clients become more agile in their outbound investment tactics, with even SOEs adopting innovative M&A tactics to pursue and acquire high-quality assets.

One of the most audacious Chinese offshore investments of 2015 was the takeover of ASX-listed PanAust by Chinese provincial SOE, Guangdong Rising Assets Management Co (GRAM). PanAust has copper/gold projects in Laos, Papua New Guinea and Chile. GRAM’s offer was unsolicited and followed a rejection from PanAust’s board in 2014. The market called it “hostile” – GRAM described it as “friendly but firm”.

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案例研究丨广东广晟资产(GRAM)收购 PanAust 有限公司:大胆收购

Posted in Global Network

作者:金杜律师事务所

跟随中国买家在2015年越来越具竞争力这一趋势,我们看到中国客户在对外投资策略上变得更加敏捷,即使国有企业也采用创新的并购策略,寻求和获得高质量的资产。

2015年中国最大胆的海外投资项目之一就是中国省级国有企业广东广晟资产管理公司(GRAM)收购PanAust。PanAust在老挝、巴布亚新几内亚和智利拥有铜/金矿项目。 2014年,广东广晟主动发出要约,但遭到PanAust董事会拒绝。 市场称之为“敌意”——而广东广晟称其为”友好但坚定”。

敌意收购在澳大利亚和许多西方市场很常见,但对中国竞购者来说仍是一个相对罕见的方案,特别是国有企业,中国境内首次敌意收购发生在2015年12月。说其罕见的原因之一是,需要进行尽职调查才能获得监管机构批准和收购融资。也是一种行事风格问题。

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金杜代理广药赢得与加多宝又一核心诉讼——凉茶“配方案”终审

Posted in Uncategorized

作者:金杜律师事务所

2016年7月18日,金杜代理广州医药集团有限公司(简称“广药集团”)、广州王老吉大健康产业有限公司(简称“大健康公司”),为其诉广东加多宝饮料食品有限公司、加多宝(中国)饮料有限公司(合称“加多宝公司”)虚假宣传、商业诋毁纠纷一案获得终审胜诉,广东省高级人民法院判决驳回加多宝公司上诉,维持原判。此次“配方案”系王老吉与加多宝之间系列诉讼纠纷核心诉讼之一,也是金杜代理广药集团继“红罐”包装装潢一审胜诉、“七连冠”虚假宣传案件等终审胜诉后,再一次获得胜诉的案件。 Continue Reading

The Future of Chinese Outbound Investment

Posted in Global Network

By King & Wood Mallesons

In the past 12 months, our growth in China and in other major centres around the world has allowed us to witness a substantial increase in the ease of doing business with Chinese investors. We have seen regulatory controls and red tape have reduced significantly, there has been more competition between Chinese bidders for assets, and Chinese buyers have enjoyed much greater success rates in competitive bidding processes for foreign assets. As a result, the number, complexity and international significance of Chinese Outbound deals has continued to increase.

In our second China Outbound Investment report, we analyse these trends and delve into several significant policy developments that have – and will continue to – impact on offshore investment.

More importantly, this report looks to the future of Chinese outbound investment.

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金杜发布:2016中国境外投资报告

Posted in Global Network

作者:金杜律师事务所

在过去12个月中,我们在中国和全球其他主要地区的业务都有增长,与中国投资者打交道已经变得越来越容易。监管环境日趋宽松,流程手续大幅精简,中国买家之间的竞购也愈发激烈。在对外国资产的竞购中,中国买家屡屡中标。这使得中国境外交易的交易量、复杂程度和国际影响力都在持续攀升。

我们的第二份《中国境外投资报告》将重点分析上述趋势,并剖析正在影响并将持续影响境外投资的若干重大政策变化。

报告还将对中国境外投资前景进行前瞻性分析。

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The Future of Chinese Outbound Investment – KWM’s predictions across key sectors

Posted in Global Network

By King & Wood Mallesons

As part of our Chinese Outbound Investment publication, we make a number of predictions on the future of China’s offshore investment. Aside from further deregulation which will substantially increase the ease of doing business, we predict the following trends.

Market and Deal Trends

  • China will become the world’s biggest cross-border investor in the next five years
  • Further deregulation and simplification of the existing regime will facilitate increasing cross-border investments
  • Hungry for quality assets, Chinese bidders will:

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