Shanghai Encourages Regional Headquarters
A few years ago, it seemed that
By Mark Schaub, Partner Shanghai Office of King & Wood，FDI
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Standards for Cases of First Instance Adjusted by Supreme Court
On March 30, 2008, a notice was issued by the Supreme People’s Court adjusting the standards for jurisdiction of the high people’s courts and the intermediate people’s courts. The adjustment will reduce dramatically the number of first instance cases tried by the high people’s courts and the Supreme People’s Court, however, it will lead to a huge burden on the basic people’s courts and accordingly the intermediate people’s courts will also see their caseloads increase for cases of second instance. In other words, after the implementation of the new standard, most civil and commercial cases of first and second instance will be charged to the basic and the intermediate people’s courts.
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Revolution in the Foreign Exchange Control System
——A Brief Analysis on the New Administrative Rules on Foreign Exchanges
Background
On August 5, 2008, the Premier of the PRC State Council, Mr. Wen Jiabao, issued the State Council Order No. 532, which promulgates the newly revised “Administrative Rules of the People’s Republic of China on Foreign Exchanges” (hereinafter referred to as the “New Rules”). This document came into force upon its promulgation, and to a large extent changes the rules of the old foreign exchange supervision system. This tremendous change in the regulatory system is for the purpose of accommodating the rapid development of
By King & Wood’s Banking Group
Continue Reading...Renewable Projects in Hong Kong may Lead to Additional Reward?
1.Introduction
On 6 June 2008, the Government of the Hong Kong Special Administrative Region (the “HKSAR”) announced the “Arrangements for the Implementation of Clean Development Mechanism (“CDM”) Projects in the Hong Kong Special Administrative Region” (the “Implementation Arrangements”). The Implementation Arrangements have been developed following consultations between the National Development and Reform Commission (“NDRC”) of
By Andrew Tan
Partner Arculli Fong & Ng (in association with King & Wood, PRC Lawyers)
New Trend of Global Cross-Border M&A and Strategic Investment Wave
2008 is destined to be an extraordinary year for global cross-border M&A. King & Wood, as a leading law firm deeply rooted in this activity in China, has noticed the following trends in the second half of 2007 and the first half of 2008...
By Wang Junfeng, Partner
Edward Jing, King & Wood’s Securities Group
Continue Reading...Crossing the Border Provides No Refuge from the New Mutually Recognized Commercial Contract Law
As of August 1st,
By Xu Xiaodan, King & Wood's International Litigation & Arbitration Group
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Anti-ambush Marketing Measures for the Beijing 2008 Olympic Games
As consideration for obtaining Olympic marketing rights, the official sponsors have contributed considerable funds and goods to the Olympic Games. The strong support of sponsors is crucial to the successful staging of every edition of the Olympic Games. As such, the International Olympic Committee (“IOC”) views the protection of the sponsors’ rights as an important aspect in the preparation and organization of the Olympic Games. The Government of the Beijing Municipality and Beijing Organizing Committee for the Games of the XXIX Olympiad (“BOCOG”) also solemnly have covenanted in the Host City Contract and the Marketing Plan that they will take all necessary measures to prevent and combat ambush marketing in any form...
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Chinese Law on Product Recalls- A Work in Progress
Recent issues regarding Chinese products have focused on the gaps remaining in the law. However, the gaps are quickly closing. Product safety has become a top priority for China. Chinese authorities have streamlined the legislative process for product recalls at all levels...
By Li Yongmei King & Wood’s Domestic Litigation & Arbitration Practice
Continue Reading...Why No Poison Pill in China?
Last month, Mr. Martin Lipton, of Wachtell, Lipton, Rosen & Katz, honored King & Wood with a speech on the implications of the “poison pill” in legal practice. Mr. Lipton is noted for his innovative "rights plan", a series of defensive measures taken by the board of a target company in a hostile takeover. The “rights plan” is meant to ward off hostile offers that substantially underestimate the value of the target's shares. The rights plan was later referred to as the "poison pill" by Wall Street bankers whose attempts at hostile takeover below fair value were frequently frustrated by the "rights plan."
Mr. Lipton's speech inspired me to ponder the question of how defensive measures work in China's corporate governance. I then googled the word "poison pill" and "company" in Chinese, but found no instances of companies utilizing the poison pill within China. So why is there no poison pill in China?
By Li Wenbo King & Wood’s International Trade Group
Statute of Limitations Extended for Commencing Arbitration in Labor Disputes
By Xu Xiaodan, King & Wood's International Litigation & Arbitration Group. Continue Reading...
