作者: 杨皓明、刘泽雨、娄天宇    金杜律师事务所  争议解决部

近日我们代理的一件游戏主播跳槽的案件中,法院做出了关于主播直播行为的保全裁定,这个司法利器对于整治当下文娱圈的乱象具有重要作用。 Continue Reading 行为保全裁定—整治文娱圈乱象的利器

2018年7月20日,《亚洲法律杂志》发布2018年“中国十五佳律师新星”榜单。金杜律师事务所金融资本业务团队合伙人胡喆以出众的执业表现和较高的市场认可度,获此荣誉。《亚洲法律杂志》每年针对中国40岁以下的精英律师,整体考察他们的重要成就、近年服务过的客户和重大交易、所获荣誉以及客户和同业人士对其个人的评价,每年评选出15位律师新星。 Continue Reading 胡喆律师荣获《亚洲法律杂志》2018“中国十五佳律师新星”称号

作者:萧乃莹马绍基邬素岚,陈静雯    金杜律师事务所 

 

香港证券及期货事务监察委员会(“证监会”)于2018年7月12日刊发致金融机构的通函(“通函”),明确了金融机构为客户开户时在网上核实个人客户身份可采用的优化程序步骤。在此之前香港已出台多项重要的业界举措,以促进数字身份识别及“认识你的客户”(“KYC”)电子身份识别的发展。

通函不仅考虑了香港金融发展局(“金发局”)提出的旨在完善香港监管环境以便于在网上为客户开户(无需客户亲身到场)的建议,也对制定适用于金融机构的KYC要求及开户程序之主要法律作出了补充,包括: Continue Reading 香港持牌法团在网上为客户开户——证监会推出核实客户身份的新程序

2018年7月20日,长飞光纤光缆股份有限公司(以下简称“长飞光纤”)成功发行A股股票并在上海证券交易所上市(股票简称:长飞光纤,股票代码:601869)。长飞光纤本次发行的股份总数为75,790,510股,发行价格为每股人民币26.71元,募集资金总额为202,436.45 万元。2014年12月10日,长飞光纤即已在香港联交所主板挂牌上市(股票代码:06869.HK)。因此,本次A股发行完成后,长飞光纤成为国内首家光纤光缆“A+H”股上市企业。 Continue Reading 金杜协助长飞光纤完成A股上市,成为国内首家光纤光缆“A+H”股上市企业

2018年7月3日,金杜律师事务所作为美国知名共享单车公司Neutron Holding, Inc. (“Lime”) 的法律顾问,协助其顺利完成近3亿美元的C轮融资。作为成立仅一年的初创公司, Lime此次融资后估值高达11亿美元,成功迈入独角兽大门。 Continue Reading 金杜助力Lime共享单车完成C轮3亿美元融资,成就新一代独角兽公司

On July 3, 2018, King & Wood Mallesons (“KWM”) advised Neutron Holding, Inc. (“Lime”) on its successful Series C financing. The preferred equity financing raised approximately US$300 million.  Lime, only established for one year, passed a notable milestone as this round would value Lime at over $1.1 billion and Lime has since become a newest unicorn. Continue Reading King & Wood Mallesons Advises Lime on Its US$300 Million Series C Financing, and Lime Becomes a Newest Unicorn

随着十九大“坚持全面依法治国”,“营造良好营商环境”等要求提出,合规已逐渐成为企业关注的热点。广义的合规涵盖企业经营的方方面面,狭义的合规则主要指反商业贿赂。目前,中国反腐败力度不断加大,如何降低商业贿赂给企业带来的法律风险,已成为企业营商过程中必须关注的重中之重。

在这种背景下,金杜反商业贿赂合规团队借助威科先行法律数据库的支持,对近三年的反商业贿赂案例进行了大数据分析,并从中选取典型案例,结合多年的执业经验进行深入点评,撰写了《企业营商风险与合规指引——2018中国反商业贿赂大数据及典型案例分析》(下称“《报告》”)。

《报告》共分四章。第一章以大数据分析的方式还原了反商业贿赂领域刑事和行政执法现状及执法思路,结合对监察体制改革、新《反不正当竞争法》及反商业贿赂行政执法力量变化的分析,明确企业应当正视的合规新常态。第二章以典型案例为基础,以律师点评的方式阐述企业在日常经营的不同环节中应当注意的合规要点。例如,如何与公职人员、交易相对方及其员工交往,如何避免第三方引发的合规风险,如何做好上下游管理。此外,随着走出去及“一带一路”战略的稳步推进,越来越多的中国企业开始进军国际市场,《报告》第三章和第四章从全球化的的视角,对企业如何预防海外合规风险及如何建立有效合规制度给出了实用性建议。

《报告》以大数据分析、律师案例点评为特点,具有极强的专业性和实务参考价值,对企业困惑及实务中有争议的问题进行了重点分析,给企业法务人员建立有效合规管理制度提供了可以借鉴的范本,给反商业贿赂合规律师及理论研究者提供很好的学习及研究参考。

《报告》由吴巍律师牵头撰写,凝聚了金杜反商业贿赂团队全体合伙人和律师的智慧和执业感悟,是金杜反商业贿赂团队继《中国反商业贿赂合规实务指南》之后的又一力作。

2018年7月18日,金杜律师事务所与荷兰威科集团联合举办《报告》发布会。发布会上,吴巍律师、常俊峰律师及韩旸律师围绕《报告》中的重点话题做了进一步分享和解析。本次发布会的参会嘉宾逾百人,汇集了各大跨国企业、大型央企、国企的法律总监、首席合规官、高级法律顾问、法务经理以及英国金融时报、澳大利亚驻华大使馆商务处等诸多媒体及政府官员。发布会现场讨论热烈,《报告》受到了与会嘉宾的极大认可和好评。

【金杜反商业贿赂合规团队】

金杜是国内极少数建立固定律师团队专门从事反商业贿赂法律服务的中国律师事务所之一。金杜反商业贿赂合规团队中有资深的前任检察官、前公安干警,以及执业多年的刑事诉讼律师,对中国法律有着更加深刻的理解,也能更好地从实务角度给企业以指导或建议。金杜反商业贿赂合规团队可以为客户提供合规制度审查、制定,合规培训,应对国内外政府调查,开展公司内部调查,以及反商业贿赂行政、刑事法律服务。如此全面、优质的“一站式”服务,赢得了客户的高度评价和广泛的社会认可。

by:Feng MaAndrew DeszczDavid LamMolly Su 、Andrew Fei

King & Wood Mallesons

 

 

 

 

As the Chinese economy enters the “new normal”, the Chinese government has been adjusting its industrial and credit-related policies and strengthening regulation of Chinese financial institutions. A large number of non-performing loans (NPLs) as well as actual loan defaults have started to surface. The risks associated with rising levels of NPLs require Chinese banks to enhance their ex ante and ex post credit risk management practices.  They also need to strategically and effectively navigate complex domestic and cross-border loan recovery, debt restructuring and insolvency processes.

Careful planning and effective decision-making is required for banks to manage their NPLs and strategically engage in debt restructuring and insolvency processes.  Our recent experience in advising Chinese banks in connection with NPLs indicates that, while insufficient cash flow is the main cause of a borrower’s inability to repay its debts, certain other events may also adversely affect the borrower’s overall business and financial condition, such as:

  • misappropriation of the borrower’s funds by its controlling shareholder;
  • poor local management; and
  • domestic or foreign government investigations involving the controlling shareholder or the borrower’s other affiliates.

Although these events may not immediately result in a payment default, they may constitute breaches of representations or undertakings under the finance documents, which may trigger defaults under the loan in question or cross-defaults under other financing arrangements.

Drawing on our extensive experience in domestic and cross-border NPL recovery, security perfection, enforcement, debt restructuring and insolvency matters, this article provides a high-level, step-by-step guide on how Chinese banks can effectively manage their NPLs, develop a strategy for loan recoveries and navigate complex multi-jurisdictional debt structuring and insolvency processes.

Step 1:  Review finance documents

Banks should actively monitor their outstanding loans and, at the first sign of trouble in respect of a particular borrower, guarantor, security provider (each an “Obligor”) or any of their material affiliates, a bank (hereafter referred to as the “lender”) should assess:

  1. the amount of all outstanding debts including how much has become due and payable and how much is not yet due for payment;
  2. whether all finance documents were duly executed and whether the existing deal structure and security package are sufficient to protect the lender’s interests as a creditor;
  3. whether the relevant signatories of the finance documents were duly authorized at the time of execution;
  4. cross-default clauses in the finance documents;
  5. whether an event of default has occurred and if so, whether to immediately send an event of default notice to the Obligors and to accelerate some or all of the outstanding debt;
  6. whether the lender is entitled to (and whether it should) prevent:
    1. further drawdowns under the facility; and/or
    2. further dealings with the secured property (such as preventing withdrawals from the relevant bank accounts); and
  7. in cases involving a syndicated loan, the lender’s voting rights and voting percentage and whether it needs to work with other lenders in order to instruct the agents as the majority lender.

Step 2:  Assess the existing security package

The lender should assess:

  1. whether it has effective control over the secured property under existing security arrangements;
  2. whether the securities have been duly perfected under applicable laws;
  3. whether any security has not yet been registered, and if so whether the lender has everything it needs (including any power of attorney granted to the lender) to complete such registration under applicable laws; and
  4. whether the lender should immediately notify banks, securities brokers and other custodians to freeze relevant bank accounts, securities accounts or other secured property belonging to each Obligor.

Step 3:  Actively monitor the Obligors and conduct due diligence on their assets and current financial position

The lender should:

  1. consider the extent to which each Obligor’s controlling shareholder or authorized signatory is cooperative and able to sign additional documents, and whether the relevant company seal is readily available and accessible to that person;
  2. assess whether the controlling shareholder or authorized signatory can travel abroad to execute foreign securities documents and attend foreign securities registration (where onsite and in-person signing and notarization are required under applicable foreign laws);
  3. determine whether any Obligor intends to convene a board meeting or shareholder meeting and pass resolutions to dispose of material assets (if so, the lender should consider notifying the attendees or attending the meeting to state its rights); and
  4. conduct litigation and insolvency searches as well as other legal and financial due diligence in respect of each Obligor and its material assets.

Step 4:  Obtain additional security or initiate debt restructuring

The lender should:

  1. conduct legal and financial due diligence in respect of each Obligor to determine whether it has valuable assets (e.g. shares, real estate, receivables, equipment, other contractual rights and projects which can generate cash flow) that could be used to provide additional security to the lender;
  2. review the applicable legal requirements for perfection of security and any relevant restrictions imposed by the Obligor’s articles of association or agreements to which the Obligor is a party. In some foreign jurisdictions, the process for granting and perfecting security over bank accounts, securities and certain other types of movable property may be relatively straightforward, whereas the process in respect of real property may be more complicated. Notarization and certification requirements may also apply to certain types of collateral;
  3. where an Obligor has valuable assets or projects, the lender may work with the Obligor to dispose of them at a reasonable market price (or even at a premium), and the sale proceeds would be used to repay the borrower’s debt. It may also be possible for a third party to acquire equity or debt interests in the borrower in order to be involved in the borrower’s debt restructuring process; and
  4. assess the risk of insolvency proceedings being initiated against an Obligor and possibility of claw-back or similar claims in relation to any payments received by the lender, any additional security provided by the Obligor or any asset disposals by the Obligor.

Step 5:  Develop effective litigation strategies

The lender should, at an early stage, engage its in-house and external legal teams to:

  1. investigate whether an Obligor is engaged in any fraudulent activity, and take preventative measures (including court proceedings) where appropriate;
  2. investigate whether any Obligor is implicated in criminal activities such as loan fraud or money laundering, and take into account the impact of potential criminal proceedings involving the Obligor and their interaction with civil proceedings to recover debt or enforce security;
  3. develop specific litigation strategies with respect to each Obligor, including tailored asset preservation and enforcement strategies; and
  4. prepare relevant litigation materials in advance so the lender stands ready at any time to commence civil proceedings (or report suspected criminal activity to the relevant authorities).

Step 6:  Formulate effective insolvency strategies

The lender should:

  1. prepare a list of key jurisdictions where insolvency proceedings may be commenced against an Obligor; and
  2. with the assistance of external counsel, investigate how different stages of an insolvency proceeding may affect the lender’s rights, including:
    1. before the commencement of insolvency proceedings (e.g. whether transactions entered into by the Obligor prior to insolvency might be subject to challenge by an insolvency official, creditor or other third party)
    2. understanding the position immediately after the commencement of insolvency proceedings (e.g. whether creditors’ rights may be subject to a moratorium)
    3. understanding the position during the medium to long-term (some insolvency proceedings can last many years)
    4. In some jurisdictions, courts are not actively involved in the insolvency process, and a group of creditors (e.g. a creditors’ committee) will need to make important decisions. The lender should consider which senior officers within its organization should be authorized to make decisions for the lender and who should represent the lender on the creditors’ committee.
  3. Formulate strategies against potential insolvency proceedings

Step 7:  Effectively dealing with other creditors

The lender should:

  1. determine whether the borrower has other major creditors and obtain key information about the borrower’s other debts (e.g. amount, due date, whether in default and the security package);
  2. closely monitor the protective and enforcement measures that other creditors have taken or are taking in relation to the Obligors or collateral, and assess whether other creditors are likely to initiate insolvency proceedings against any Obligor; and
  3. consider whether it is strategically advantageous for the lender to work with other creditors (e.g. similarly situated lenders or other members of the loan syndicate) to achieve win-win outcomes for these creditors (including the lender).

In addition to the steps outlined above, we recommend that lenders consider whether there are instances of non-compliance with respect to its credit and lending processes and conduct internal investigations into relevant procedures and personnel. This may help the lender understand and gather relevant evidence for potential legal proceedings.

Debt restructuring, asset recovery, enforcement and insolvency proceedings are fast-moving and incredibly complex, especially if they involve cross-border elements and multiple legal jurisdictions. These processes require close cooperation and coordination at all levels within the bank. They also demand decisive decision-making from the bank’s leadership and swift execution and implementation of those decisions.

External counsel play a critical role in helping banks navigate these complex processes. In addition to their expertise in banking and finance matters and familiarity with the finance documents, external counsel can also provide strategic and practical advice in connection with domestic and foreign security perfection, enforcement, litigation and insolvency proceedings. With the able assistance of external legal and other advisers, Chinese banks can effectively manage their NPLs, maximize loan recoveries and minimize potential or actual losses.

作者:马峰Andrew DeszczDavid Lam苏萌

 

 

 

 

近年来,我国宏观经济增长放缓,国家调整产业和信贷政策,并逐渐加强金融监管,商业银行的资产质量压力有所增加,十亿甚至百亿级别的债务逾期或潜在违约浮出水面。这些巨无霸级别的潜在不良贷款风险,迫切要求商业银行审查并改善贷前贷后管理中的遗漏和问题,也对商业银行的危机处理能力提出了更高的挑战。 Continue Reading 贷款逾期,商业银行如何打好危机处理的第一仗

作者:夏东霞,杨婷,王琦   金杜律师事务所  争议解决部

2018年7月17日,北京市高级人民法院(下称“北京高院”)对苏嘉鸿诉中国证券监督管理委员会(下称“证监会”)行政处罚和行政复议决定上诉案(下称“苏嘉鸿案”)进行公开宣判,以事实不清、程序违法为由判决撤销被诉行政处罚决定及行政复议决定,一并撤销此前驳回苏嘉鸿诉讼请求的一审判决。 Continue Reading 深度解析 | 首例证监会行政处罚决定被撤销案