By Susan Ning, Liu Jia and Hazel Yin On 22 February, 2013, Guizhou Provincial Pricing Administration (“Guizhou Pricing Administration”) released the decision to impose a penalty of RMB 247 million (about USD 39.8 million) on Kweichow Moutai, the most famous Chinese state-owned producer of premium liquor, for administering resale price maintenance (“RPM”). On the same… Continue Reading
Tag Archives: NDRC
The Anti-Monopoly Law of China: What We Have Seen in 2012?
Posted in Antitrust & CompetitionBy Susan Ning, Hazel Yin and Yunlong Zhang The year 2012 marks the fifth year of the enactment and implementation of China’s Anti-Monopoly Law (“AML”). Over the past year, we have witnessed substantial progress of the merger control regime and antitrust administrative investigations, in particular in the area of cartel investigations. With the promulgation of… Continue Reading
NDRC Say No to Resale Price Maintenance – Company should be Cautious on Pricing Strategy
Posted in Antitrust & CompetitionBy Susan Ning, Liu Jia and Kate Peng China’s famous producers of premium liquor, Kweichow Moutai Co Ltd. (Maotai) and Wuliangye Group Co., Ltd. (Wuliangye) recently announced that they would correct their behaviors suspicious of AML violation. The corrections were said to be made after the companies being “inspected” by the National Development and Reform… Continue Reading
NDRC Imposed Stiff Fines on Multinational LCD Manufacturers in China’s First Antitrust Enforcement Action against International Cartels
Posted in Antitrust & CompetitionBy Susan Ning and Kate Peng On Jan 4th, the National Development and Reform Commission (“NDRC“) published that they had imposed fines in a total amount of RMB 353 million (approximately USD 56 million) on 6 LCD panel manufacturers, including Samsung and LG of Korea and ChiMei, AU Optronics, Chunghwa Picture Tubes and HannStar… Continue Reading
Heads of the Three Antitrust Enforcement Agencies Attended the First China Competition Policy Forum
Posted in Antitrust & CompetitionBy Susan Ning, Kate Peng and Yunlong Zhang On December 4th and 5th, 2012, the first China Competition Policy Forum (the “Forum“) was held in China University of Political Science and Law. The Forum was sponsored by the expert advisory group of the Anti-monopoly Commission of the State Council. The Directors-General of the… Continue Reading
Price Bureau Uncovered and Punished a Price-Fixing Cartel under the Leniency Program
Posted in Antitrust & CompetitionBy Susan Ning, Kate Peng and Yunlong Zhang The Price Bureau of Guangdong Province (“GDPB“) recently published an article about an investigation in a price-fixing cartel among sea sand dredging companies on its official website 1. According to the article, the price of sea sand in Guangdong province rose from around RMB20 per cubic meter… Continue Reading
Development of Project Finance Deals in China and with Chinese Banks
Posted in Corporate, FinanceBy Liu Zhigang King & Wood Mallesons’ Finance Group The history of Project Finance in China is not long, but it is rich. In the earliest days, Project Finance was used mainly in power plant deals, then later extended to water plant deals and petrochemical projects. At that time, Chinese sponsors were short of funds and experience, and Chinese… Continue Reading
中国项目融资的发展
Posted in Corporate, Finance作者：刘志刚 金杜律师事务所融资组 项目融资在中国的历史不是很久，它是一个舶来品，但迄今已经积累了很多的实践。在最初始的阶段，项目融资模式主要用于火电厂的建设，之后才扩展至水厂、化工项目，等等。在那个时候，中国的发起人缺乏资金和经验，中国的银行机构缺少外汇，并且正在为大量的不良贷款所困扰。同时，国内的基础设施建设相当薄弱，而中国生产商的设备制造能力也是不可靠的。在种种因素的作用下，项目融资市场上的贷款人主要是外资银行，贷款品种包括商业贷款、出口信贷以及政府贷款，贷款中的大部分用来进口国外生产的机器设备。贷款人不但要求在项目的全部资产之上设置担保，而且往往要求并能够获得发起人的保证担保，甚至是项目所在地政府的担保，尽管这在项目融资的模式中并不是常见的安排。 经过20多年的发展，中国公司和银行进行的项目融资交易模式已经有了很大的变化。目前，具备中国因素的项目融资交易主要有两类：在中国境内进行的项目融资和在中国境外进行的项目融资。两种模式有各自不同的特点。
Chinese Antitrust Regulators Vow to Increase Transparency
Posted in Antitrust & CompetitionBy Susan Ning, Sun Yiming and Kate Peng On the International Symposium on Controversial Issues regarding Chinese AML Enforcement held in Hangzhou on Monday this week, both the National Development and Reform Commission (“NDRC”) and the State Administration for Industry and Commerce (“SAIC”) announced that they will increase the transparency of their enforcement actions under… Continue Reading
China’s Anti-Monopoly Law: Retrospect and Prospect on the Fourth Anniversary
Posted in Antitrust & CompetitionBy Susan Ning and Hazel Yin August 1, 2012 marks the fourth anniversary of China’s Anti-Monopoly Law (“AML”). 1 With only 57 articles, the AML introduces a series of new regimes governing not only transactions but also day-to-day operations of domestic and foreign companies. This article presents an overview of how the AML has been implemented… Continue Reading
中国反垄断法实施四周年回顾与展望
Posted in Antitrust & Competition作者：宁宣凤 尹冉冉 金杜律师事务所反垄断组 至2012年8月1日，《中华人民共和国反垄断法》（以下简称《反垄断法》）实施已满四年。1虽然仅有57条，但《反垄断法》确立了一系列崭新的制度，其适用对象不仅包括国内公司，也包括境外企业，适用范围不仅涵盖公司的日常运营，也包括公司间的交易行为。本文简要回顾《反垄断法》四年的实施情况，并对其实施趋势予以展望。 一、合并控制 经营者集中在达到一定营业额标准后，需提交商务部进行经营者集中的反垄断审查。自2008年8月1 日以来，商务部累计审查逾450起交易，其中95%以上的交易获得无条件批准。截至2012年8月1日，商务部已附条件批准14起交易，禁止1起（可口可乐收购汇源）。
NDRC Reply on RMB Fund with FIE GP
Posted in CorporateBy Zhang Yi, Alan Du and Hu Xia King & Wood Mallesons’ Securities Group Shanghai Office In the April, 2012, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring that an RMB fund (the “FIE GP Fund”) with a foreign invested enterprise (FIE) acting as… Continue Reading
发改委关于外商投资企业作为普通合伙人的人民币基金的答复
Posted in Corporate作者：张毅 杜宏晖 胡夏 金杜律师事务所证券组上海办公室 根据2012年4月多家媒体的报道，国家发展和改革委员会（“发改委”）出台了相关政策，将人民币基金中，普通合伙人（GP）是外商投资企业（“FIE GP”），有限合伙人（LP）是境内投资者（不含在中国境内设立的外商投资企业）的人民币基金（“FIE GP 基金”）认定为外国投资者，这就意味着FIE GP基金进行项目投资时，应完成外商投资审批程序，从外界看来，应该是指取得商务部或地方商务部门（“商务部门”）的审批。 鉴于国际私募股权投资（PE）机构在设计其境内人民币基金架构时通常是采用FIE GP基金的形式，上述消息引起了极大的关注。如果外资PE机构的人民币基金在进行项目投资时都被认定为是境外基金，将来再以FIE GP基金的形式募集新的人民币基金的可能性将大大降低。通过解读发改委对发布的相关文件和其他监管部门披露的信息，笔者认为，对市场上对于上述消息的影响存在一定的误解。
反垄断处罚行政复议常见问题解答
Posted in Antitrust & Competition作者：宁宣凤 彭荷月 金杜律师事务所反垄断组 自《中华人民共和国反垄断法》（“《反垄断法》”）实施以来，作为反垄断执法机构的国家工商行政管理总局（“国家工商总局”）和国家发展和改革委员会（“国家发改委”）已经分别在其职权范围内就一些经营者涉嫌垄断的行为进行了调查，并对部分行为实施了处罚。请参见”First Public Enforcement Decision by SAIC against concrete manufacturers（国家工商总局首个公开处罚决定针对混凝土生产企业）”、”Earlier Rumor Confirmed: China Telecom and China Unicom under Antitrust Investigation（早前传闻被确认——中国电信和中国联通接受反垄断调查）”、”NDRC Fined Two Pharmaceutical Companies for Abusive Conducts（国家发改委对两家制药公司垄断行为进行处罚）”以及”Price Related Breaches of the AML and the Price Law – How Many Public Cases Have There Been?（与价格有关的垄断行为以及价格法——目前有多少公开案例？）”等相关文章。 根据《反垄断法》第46条和第47条，如果经营者达成并实施垄断协议，或滥用市场支配地位，反垄断执法机构可以作出以下处罚决定：
FAQs about Administrative Review of Antitrust Enforcement Decision
Posted in Antitrust & CompetitionBy Susan Ning and Kate Peng Since the enactment of the China’s Anti-Monopoly Law (“AML“), the State Administration of Industry and Commerce (“SAIC“) and the National Development and Reform Commission (“NDRC“) have investigated into a number of cases that raise competition concerns and have imposed penalties on some companies within their respective authorities. Please see our… Continue Reading
NDRC reply on RMB Fund with FIE GP
Posted in Corporate, Finance, Foreign InvestmentBy Zhang Yi, Alan Du and Hu Xia King & Wood Mallesons’ Corporate Group Shanghai Office Recently, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring an RMB fund (the ‘FIE GP Fund’) with a foreign invested enterprise (the ‘FIE’) acting as the general partner… Continue Reading
Latest Development re NDRC’s Antitrust Investigation against China Telecom
Posted in Antitrust & CompetitionBy Susan Ning, Wu Han, and Sun Yiming On 13 March, Mr. Zhang Guangyuan, Deputy Director of the Anti-monopoly Bureau of the National Development and Reform Commission (NDRC) spoke on the latest development of NDRC’s antitrust investigation on China Telecom and China Unicom. Mr.Zhang said that the two companies have so far completed a 100G… Continue Reading
Does SARFT Have the Authority to Regulate Movie Ticket Price?
Posted in Antitrust & CompetitionBy Susan Ning and Liu Jia Most recently,a piece of news related to the Anti-Monopoly Law ("AML")indicates that, the National Development and Reform Commission("NDRC")who is in charge of the implementation of the Price Law and price-related antitrust violation, communicated with the State Administration of Radio, Film, and Television("SARFT")1, for SARFT’s proposed draft of Guidance on… Continue Reading
Overview of Doing Business in China
Posted in Foreign Investment, Intellectual PropertyBy Zeng Xianwu King & Wood’s Foreign Direct Investment (FDI) Group Since the reform and opening-up policy was introduced in 1978, especially in the past ten (10) years, the People’s Republic of China (the "PRC" or "China") has undergone significant changes. China is a growth engine for the worldwide economy, fueling global expansion via higher… Continue Reading
NDRC Standardizes Private Equity Funds Filing System
Posted in CorporateBy King & Wood’s Securities Group Following the promulgation of the Notice on Further Regulating the Administration of Development and Filing of Equity Investment Enterprises in Pilot Areas (the "Pilot Rules") by the National Development and Reform Commission (the "NDRC") on 31 January 2011 and positive feedback from the six pilot areas, the NDRC is… Continue Reading
NDRC Doubles Its Antitrust Enforcement Force
Posted in Antitrust & CompetitionSusan Ning and Ding Liang On December 16, 2011, the Beijing Lawyers Association organized a seminar inviting Mr. Zhou Zhigao, an official from the Price Supervision, Inspection and Anti-monopoly Bureau (Price Supervision and Anti-monopoly Bureau) of the National Development and Reform Commission (NDRC), to speak on anti-price monopoly legislation and enforcement.
NDRC Official Speaks on the Pharmaceutical Case
Posted in Antitrust & CompetitionBy Susan Ning and Ding Liang On November 14, the National Development and Reform Commission ("NDRC") announced its decision to fine two private pharmaceutical companies nearly RMB 7 million for violating the Anti-monopoly Law (AML) (please see our previous article entitled NDRC Fined Two Pharmaceutical Companies for Abusive Conducts). The NDRC’s news release did not… Continue Reading
NDRC Demands More Concrete Pledges from China Telecom
Posted in Antitrust & CompetitionBy Susan Ning, Sun Yiming, Liu Jia and Yin Ranran On December 13, it was reported that the National Development and Reform Commission (NDRC) asked China Telecom to submit more detailed "rectification proposal" in relation to its pledge for suspension of antitrust probe1. Earlier on December 2, China Telecom and China Unicom announced that they… Continue Reading
NDRC Fined Two Pharmaceutical Companies for Abusive Conducts
Posted in Antitrust & CompetitionBy Susan Ning, Ding Liang, Liu Jia and Sun Yiming On November 14, the National Development and Reform Commission ("NDRC") announced its decision to fine two private pharmaceutical companies nearly RMB 7 million for violating the Anti-monopoly Law ("AML")1. The penalty decision was released right after the NDRC publicly confirmed its investigation over China Telecom… Continue Reading