Mergers & Acquisitions

By Jinsong Zhang, Wei Kao, Zhengyi Pan King & Wood Mallesons‘ Finance & Capital Markets group

On September 13, 2017, U.S. President Donald Trump issued an executive order blocking a Chinese-backed private equity firm headquartered in Palo Alto, California, Canyon Bridge Capital Partners Inc. (“Canyon Bridge”), from buying a Hillsboro, Oregon-based chipmaker, Lattice Semiconductor Corporation (“Lattice”), for $1.3 billion, sending a signal that the U.S. will oppose China-related takeover deals that particularly involve in the high-tech sector. Continue Reading Trump Blocks His First CFIUS Deal – What Can We Learn from it?

作者:张劲松 高玮 潘正怡 金杜律师事务所金融资本部

2017年9月13日,美国总统特朗普签署行政令,禁止Canyon Bridge Capital Partners Inc. (“Canyon Bridge”) 以13亿美元收购Lattice 半导体公司的交易。Canyon Bridge是一家总部位于加州帕罗奥多市,有中国背景的私募公司;Lattice半导体公司是一家位于俄勒冈州希尔斯伯勒市的芯片制造商。这件事向中国投资者传递了一个信号——美国政府对中国投资者收购美国高科技企业的部分交易持反对态度。 Continue Reading 从特朗普否决Lattice收购案看美国国家安全审查(CFIUS)的新趋势

作者:张运帷 李凌碧 黄中斌​ 金杜律师事务所公司证券部

本文梳理了网络医院的主要业务模式,并简述了其可能面临的法律障碍。

近几年,“网络医院”(含“云医院”、“互联网医院”、“智慧医院”等类似概念,下同)实现了井喷式的发展。据公开数据显示,从2011年到2016年,有533家互联网医疗企业总计获得了33.21亿美元的投资,平均每家企业的融资额约为623万美元[1]。尤其在2015年下半年后,在《国务院关于积极推进“互联网+”行动的指导意见》、《国务院办公厅关于推进分级诊疗制度建设的指导意见》等一系列政策导向的刺激下,“网络医院”在2016年如雨后春笋般在全国各地生长壮大。 Continue Reading 网络医院,我有病你能看吗?

作者:吴晔 罗漪 金杜律师事务所公司证券部​

刚过去不久的7月30日,一个阳光明媚的盛夏周日,没有一点点防备,商务部就发布了《关于修改<外商投资企业设立及变更备案管理暂行办法>的决定》(以下简称“《修改决定》”),以及2017年第37号《关于外商投资企业设立及变更备案管理有关事项的公告》(以下简称“《37号公告》”)。从5月27日商务部公布《外商投资企业设立及变更备案管理办法(征求意见稿)》到《修改决定》的正式出台,仅仅2个月的时间,伴随着不涉及特别管理措施(负面清单)和关联并购的外资并购纳入备案管理范畴,中国外商投资步入全面“准入前国民待遇+负面清单”时代。

凭着十多年来对外商投资领域的真爱,紧跟外资监管由逐案审批到备案制变革的步伐,我们曾于去年9月和10月先后在金杜说法发表了《别了,外商投逐案审批时代》《没想到你是这样的负面清单》两篇文章(以下简称“《别》文”和“《没》文”),对外商投资企业设立及变更事项备案制改革的内容、影响和改革趋势进行了评析。如今随着负面清单和关联并购以外的外资并购也实施备案制,中国吸引外资来华投资无疑迎来了全新的局面与机遇。  Continue Reading 备案制下,外商来华投资怎么玩?

By Mark Schaub and Atticus Zhao  King & Wood Mallesons’ Corporate & Securities group

It was not so many years ago when it was common practice for international brands to sign away exclusivity for the Chinese market with little afterthought.

Back in the 1980s and 1990s it was not unusual for the Western brand to start a relationship in Hong Kong and then add China as an afterthought – it was considered a place far away, with few potential customers.  Continue Reading Grabbing Back Your Distribution Channel in China

作者:彭亚 金杜律师事务所争议解决部

彭亚在刚刚过去的2016年里,并购纠纷的发生更显频繁,交易各方“友谊的小船”说翻就翻。其中的原因,也许是因为浆坏了,也许是因为船体漏水,但要救落水之人,不是修浆也不是修船体,而是要扎到水里——扎到并购交易背景中,才能替当事人找到解决问题、维护权益的“抓手”。

并购纠纷的表现形式非常繁杂,很容易让当事人只看到纠纷的局部,做出“头痛医头,脚痛医脚”的错误决策。经整理自行处理的并购纠纷以及法院已公开的此类案例,我们初略梳理了并购交易不同阶段可能出现的纠纷情形,其纷繁程度已可见一般。

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中国公司并购重组已呈井喷之势,企业海外并购也创历史新高——新一轮并购潮暨战略机遇期已经到来。浙江作为中国经济最发达的地区,为延续竞争优势,提升整体竞争力,通过企业并购实现产业优化升级,在国际竞争中抢占先机已迫在眉睫。

11月25日,“智汇浙商,资本力量——后G20时代浙商全球并购发展论坛“在杭州举办。论坛由《浙商》杂志、浙商全国理事会、金杜律师事务所联合主办。来自各地的上市公司代表、专业投资机构代表、资产管理机构代表、律师事务所代表等200余人齐聚一堂,研讨企业并购未来发展趋势与机会,交流海外并购过程中创新案例与策略,分享海外并购实操经验。浙江省商务厅副厅长韩杰出席论坛并作开幕致辞。论坛还邀请到了知名经济学家、全国政协委员、中国(海南)改革发展研究所所长迟福林,国家发展和改革委员会学术委员会秘书长张燕生,与参会者面对面交流,分析宏观经济形势,共同探讨G20背景下的全球并购新机遇。 Continue Reading 远方有技术和创新,海外并购要哪些心智与硬功?

By Jiang Ke and Yang Nan King & Wood Mallesons’ Commercial & Regulatory group

捕获On 7 November 2016, the Cyber Security Law of the People’s Republic of China (“Cyber Security Law”) was approved by the Standing Committee of the National People’s Congress, after a year and a half and three drafts.  The Cyber Security Law will come into force on 1 June 2017.  Throughout the legislative process, the Cyber Security Law drew wide attention from all sectors of society.  Internet-related businesses were especially interested because of the significant impact it would have on network security.  This article will discuss the main provisions of the Cyber Security Law, from the perspective of internet-related businesses, in particular enterprises with foreign investors, concluding with five things that enterprises should know.

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作者:徐萍 姚平 Thomas Harrison 金杜律师事务所公司证券部

xu_ping2016年,中国企业境外投资的势头更加迅猛,仅2016上半年中国境外并购的交易金额已达到1116亿美元,约占全球并购交易总规模的21% 。中国企业俨然已经成为全球并购市场的最大买家。然而,中国买家的高歌猛进也引发了很多国家的担忧,近期在德国、美国、澳大利亚等中国投资的热点国家接连出现关于中国投资的负面决定,显示各国在“不约而同”地收紧外国投资审批,在对中国投资的态度也互相影响。

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By Mark Schaub and James Zhang  King & Wood Mallesons’ Corporate & Securities Group

Hschaub_mow It Happens?

It was an ordinary Tuesday morning in February when Mandy, a senior accountant in MCA Corporation Ltd, a major US machinery manufacturing company, received 2 emails from company’s CEO Steve Green. This email address was not Mr. Green’s usual one but Mandy did not pay much attention to this since Mr. Green did on occasion use alternative email addresses.

The email came with the subject ‘Urgent and Confidential’. The first line of Mr. Green’s email stated “Below information is highly confidential, please communicate with me via this email and do not copy in anyone else”. Mandy read on. According to the email, Mr. Green was currently in China conducting a top secret M&A deal and was being supported by a firm named Elite Consulting. The email attached two bills from Elite Consulting requesting immediate payment of in total USD$4,320,000. As prompt and efficient as Mandy always is, she wired the amount on the same day to the Chinese bank accounts that was indicated in the email.

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