《证券投资基金法修订草案》松绑与规范并行
作为中国基金业和资本市场发展历史上的一个重要的里程碑，2004年6月1日正式生效的《中华人民共和国证券投资基金法》（“基金法”）至今已经历中国资本市场近八年的风雨洗礼。基于市场规范的需求，新基金法的颁布已进入倒计时阶段。
据悉，新基金法（修订草案）共十五章、一百零三条，在章节设计上增加基金组织形式、非公开募集基金的特别规定、公开募集基金的服务机构、基金业协会新的章节，并合并原来的基金份额的交易和申购与赎回两章。
Continue Reading...中国公司在美国上市的法律风险和成本方面的考量
近几个月来，为数不少的中国企业被指控违反美国证券法和上市公司准则，并因此受到了相关调查和法院诉讼。这些问题的曝光通常源于公司聘请的会计师事务所对公司财务信息真实性的怀疑，或是出于外界对公司某些不正当交易的指责。这些公司在被内部审计委员会、美国证监会和相关证交所调查的同时，也面临受害股东提起的法律诉讼。大多数这类中国公司根本没有预想到会面临这些诉讼和调查，也没有料想到其强度和因此会产生的高额费用。这一切都对公司及其董事、管理人员和员工形成了巨大的压力。公司为配合调查或应诉需要调集大量的人力和资金，相关的开支动辄上千万美元，同时还不可避免地殃及公司的日常运作和员工的士气。
为了合规以及应对在美诉讼都要付出高昂的资金成本，外加股价的低迷和交易量的骤减，对于中国企业来说，美国资本市场的吸引力已不如往日。这些因素正促使一些中国公司重新考虑是否要继续保留其美国上市公司的资格。这类公司有多种退出机制可供选择。公司可以先退市，再通过私募收购实现私有化。公司也可选择退市后作场外交易，或者作为粉单上市公司。退市的成本一般会很高昂，因此在决定退市前公司需要先作慎重周密的考虑。
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上市公司内幕信息知情人登记管理制度出台
作者：金杜律师事务所证券组
2010年11月16日，国务院办公厅转发的证监会、公安部、监察部、国资委、预防腐败局等五部委《关于依法打击和防控资本市场内幕交易意见》（国办发[2010]55号，以下简称55号文），就依法打击和防控内幕交易工作进行了统筹安排和全面部署，明确要求上市公司建立内幕信息知情人登记管理制度。中国证券监督管理委员会（证监会）于2011年10月25日公布《关于上市公司建立内幕信息知情人登记管理制度的规定》（《规定》），自2011年11月25日起施行。《规定》即是在证监会层面要求上市公司建立内幕信息知情人登记管理制度，是落实55号文的一项重要配套制度。
Continue Reading...China Enhances Oversight of Insider Information
By King & Wood's Securities Group
On November 16, 2010, the General Office of China's State Council promulgated a circular aimed at better detection, prevention and control of insider trading in capital markets by requiring listed companies in China to establish a registration system for people in possession of insider information (the "2010 Circular")[1]. To further implement the 2010 Circular, the China Securities Regulatory Commission (the "CSRC") released the Provisions for Establishing a Registration and Administration System for Persons with Insider Information in Listed Companies, which will become effective on November, 25 2011 (the "Provisions").
联交所上市规则对企业管治的新规定
金杜律师事务所证券组
前言
2011年10月28日，香港联交所公布了《有关检讨企业管治守则及相关上市规则的咨询总结》，并通过全面修订《上市规则》的规定，对发行人的企业管治水平制定了更高标准。发行人独立非执行董事的占比不得低于董事会人数三分之一的规定正式出台。
大部分修订将在2012年初陆续生效。发行人必须在首份涵盖2012年4月1日之后期间的中期报告或年报中，分别表明发行人在报告期内有否遵守旧《企业管治常规守则》和新《企业管治守则》。发行人也可以选择在2012年4月1日前执行新的规定。
其中，《企业管治守则》的部分“建议最佳常规”提升为“守则条文”，即上市公司选择不遵守的，需要在年报披露原因，不遵守不视同违反《上市规则》。同时，《企业管治守则》内的部分“守则条文”提升为《上市规则》的强制性条文，即上市公司必须遵守，不遵守视同违反《上市规则》。大小修订合计近30项，从董事会和下属委员会、股东大会，以及公司秘书相关的规定，都有修订。发行人应当注意新规定对自身的影响，并尽快开展相关的提升企业管治水平的工作。
为方便发行人参考，我们摘录了若干我们认为对发行人实务操作影响较为显著的条文，列表说明如下。其他修订则在列表后简要说明。由于各发行人情况不一，如有需要，请尽快与公司香港律师商讨。
证监会发布五个并购重组法律适用意见
金杜律师事务所破产、重组和清算组
中国证监会于2011年1月发布了5个并购重组法律适用意见，内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。
中国证监会有关部门负责人表示，这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确，并以证监会公告的形式对外发布，体现其严肃性和法律效力。
Continue Reading...Establishing renminbi private equity funds
By: Yi Zhang, King & Wood's Securities & Capital Markets Group
Introduction
Legislative research on industrial investment funds started in early 2000. Since the official administrative regulations regarding such funds have not yet been publicly released, the government has been concurrently implementing pilot projects and draft administrative regulations on the subject.
During the pilot period, the National Development and Reform Commission (NDRC) drafted the Administrative Regulations on Industrial Investment Funds, later changing the name to the Administrative Regulations on Private Equity Funds in order to make them applicable to the entire private equity fund industry.
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Listing of foreign enterprises in China: Future Possibilities
Jing Gang, Partner, and Wang Huapeng - Securities & Capital Markets Group
1.The importance of foreign companies listing in China.
1.1 Permitting and attracting foreign enterprises to list on domestic stock exchanges is the norm on international capital markets.
From a global perspective, major securities exchanges are sparing no effort in attracting foreign enterprises to list, with foreign enterprises well represented on their lists of listed companies.
Continue Reading...Debt Restructuring -- Second Life for a Distressed Company
By: Liu Yanling, Partner and head of King & Wood's Bankruptcy, Restructuring & Insolvency Practice
Stellar Megaunion Corporation ("SMC") was in serious debt, as it could barely repay its liabilities. New World China Land ("NWCL"), which was seeking an opportunity to go public, proposed to acquire SMC as a shell company which has no assets, but is publicly listed. To achieve this goal, NWCL conducted several rounds of negotiations with SMC's creditors to settle SMC's debts and clear the roadblocks for the acquisition. However, the parties were unable to make much progress in the negotiations due to the large number of SMC's creditors involved. As SMC needed to solve its debt crisis as soon as possible and its negotiations with NWCL were deadlocked, the company decided to reorganize to completely release itself from the heavy debt burdens in a short period time.
A. Reorganization initiated by SMC's creditors
As SMC failed to repay it debts due, a third party creditor petitioned the proper Intermediate People's Court (the "Court") to reorganize SMC. The Court accepted the petition on March 11, 2008 ([2008] Yusanzhongbozi No.1).
SMC's Reorganization
B. Confirmation of Creditors' Rights
According to the proposed reorganization plan the administrator of SMC (the "Administrator") submitted to the Court and the first SMC creditors' meeting, 70 creditors filed claims and the total value of confirmed claims was nearly RMB 2.5 billion. [continue reading to find out the outcome]
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New Trends of Global Cross-Border M&A and Strategic Investment Wave
By Wang Junfeng, Partner, and Edward Jing, Partner, King & Wood’s Securities & Capital Markets Group
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...
Why No Poison Pill in China?
By: Li Wenbo King & Wood's International Trade Group
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 hisinnovative "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?
