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By XU Ping and XIONG  Jin King & Wood Mallesons’ Corporate Group

Introduction

In the strong spirit of reform as enshrined in those key policy documents promulgated at the close of the Third Plenary Session of the Eighteenth Congress of the Communist Party of China’s Central Committee, the State Council promulgated on the 2th December 2013, the “Catalogue of Investment Projects Subject to Governmental Verifications (2013)（《政府核准的投资项目目录（2013年本））” (“2013 Catalogue”) [1], with a view to promoting the “reduction and decentralization, to the greatest extent possible, of verification powers to truly implement the investment decision-making power of enterprises”.
Continue Reading Catalogue of Investment Projects Subject to Governmental Verifications (2013) Overhauls Chinese Outbound Investment Regulatory Regime

By Liu Cheng Swita Gan Yu Zhenzhen King&Wood Mallesons’ M&A Group

S001ince the Anti-monopoly Law of the People’s Republic of China[1] (“AML”) came into effect, there has been much debate about the circumstances in which minimum resale price maintenance (“RPM”) will constitute a vertical monopolistic agreement prohibited by Article 14 of the AML. In the debate, the most contentious issue is whether RPM should be regarded as per se illegal or if the “rule of reason” doctrine[2] should be adopted to assess on a case-by-case basis, whether the RPM is illegal.

In reviewing the AML, it can be seen that RPM is one kind of vertical monopolistic agreement, as categorized by Article 14 of the AML. Article 13 of the AML defines monopolistic agreements as “agreements, decisions or other concerted practices that eliminate or restrict competition”. This definition apparently covers vertical monopolistic agreements listed in Article 14. However, opinions differ when it comes to assessing the illegality of RPM. The different opinions can be simplified into two distinct lines of thought: (i) whether the act of RPM is a monopolistic agreement that eliminates or restricts competition definitely with no need to further decide its effect on competition (i.e. to adopt the per se illegal rule) or (ii) whether the act of RPM itself should not be deemed as illegal and a rule of reason approach should be adopted to comprehensively evaluate its effect on market competition, to determine whether or not it constitutes an illegal monopolistic agreement.
Continue Reading Still Unclear Path Forward – Resale Price Maintenance under the AML and Recommendations for Companies

作者：刘成、干潇露、俞珍珍 金杜律师事务所公司并购部

自《中华人民共和国反垄断法》[1]（“《反垄断法》”）实施以来，对限制最低转售价格在何种情况下构成《反垄断法》第14条所禁止的纵向垄断协议行为一直存在着诸多争议，争议的焦点主要在于限制最低转售价格是属于本身违法的情形，还是在认定其违法性时应适用合理原则[2]根据案件的具体情况进行分析。

从《反垄断法》条文来看，限制最低转售价格应当归于第14条所规定的的纵向垄断协议。所谓垄断协议，在反垄断法第13条给出的定义为 “本法所称垄断协议是指排除、限制竞争的协议、决定或其他协同行为。”这一定义显然也适用于第14条。问题在于，在认定违法性时，是否可以认为限制最低转售价格行为本身就是排除、限制竞争的垄断协议而无须再进一步分析其对市场竞争的影响（即适用本身违法原则），还是应当适用合理原则，即在认定是否构成垄断协议时首先需要综合考察该行为限制市场竞争的效果，而不是直接认定违法。
Continue Reading 前路似未明朗—— 《反垄断法》下的限制转售价格行为及对企业的建议

作者：容润笙 赵恬 金杜香港办公室公司组

目前中国企业已经从20世纪60年代的对外援助建设项目发展到现在的多元化“走出去”战略，在世界上形成了具有中国企业“走出去”特色的对外投资策略，但是随着世界形势的不断变化，中国企业在境外的投资风险和经营风险依然严峻，由于投资战略中缺少当地居民利益的考量、对当地环境保护不力、缺乏与当地“利益相关方”沟通等企业社会责任原因而导致的对外投资失败或投入于产出的不成正比，已经成为目前影响中国企业“走出去”的关键因素。
Continue Reading 企业社会责任和中国企业“走出去”

作者：赵京川 金杜律师事务所公司并购部

起草修改简单合同是初级律师的必备技能，完成这项工作需要融入律师更多的思考在里边，是一项偏策划类的工作。起草、修改简单合同的工作需求主要来源于以下几个方面：（1）为合伙人/高年级律师准备合同初稿；（2）直接根据客户要求准备简单协议；（3）修改客户日常经营中的简单业务合同；（4）并购等项目中修改交易文件。

合同与其他文件（如起诉状）相比，最大特点是交易双方找一个折中点，在法律框架下通过条款设计，反应出合同方的权利义务和各种商业因素。
Continue Reading 公司组初级律师培训系列（4）——如何起草简单合同

作者：杜慧力 Tom McGinn 金杜律师事务所并购部

2013年6月底，人大常委会对《中国环境保护法修正案（草案）》二次审议稿进行了审议。鉴于目前广泛的讨论，很多人臆测这项法律初稿还要经第四轮的修改，才能最终生效[1]。这些修改是中国环保法1989年生效以来对其的首次修正。

原全国人大环资委研究室办公室副主任骆建华解释说，目前为止做出的修改重点厘定为七个领域：1) 法律的大致角色；2) 当地政府的职责；3) 公开环境统计数据；4) 防止农村地区与农业相关的污染；5) 公众参与；6) 信息透明度；以及7) 惩治措施。[2]核心论题目前围绕对环境污染提起的集体诉讼展开。现行法律下，代表公众对环境污染提起集体诉讼的权利人为数甚少，最为人所知的可能就属半官方性质的中华环保联合会了。
Continue Reading 从环境保护法草案看集体诉讼

by Wang Rui and Qiu Shaolin King & Wood Mallesons’ M&A Group

Introduction

Cloud computing has become quite a hot topic for discussion over the past few years. However, although recent interest in cloud computing has increased, it is not a completely new type of service. For example, when you send an email through Gmail, or store pictures on social media websites, you are using cloud computing services.

In China, cloud computing services has experienced fast and dynamic growth in recent years. The market value of China’s public cloud computing services for the year of 2012 increased by 73 per cent compared to 2011, and the estimated market value for 2013 is expected to reach RMB 6.3 billion.[1] The growth of China’s cloud computing industry has aroused great interest among foreign service providers. In May 2013, Microsoft Corporation announced that it would add several thousand employees to its work force in China as part of a long-term investment in the cloud computing market. [2] However, since foreign investment in the Chinese cloud computing industry is restricted, there are concerns about the short and long term benefits of foreign investment due to the limited participation of foreign investors in the market.[3]Continue Reading CLOUD COMPUTING: KEY TELECOMMUNICATION REGULATORY ISSUES FOR FOREIGN SERVICE PROVIDERS IN CHINA

By Miao Jing  King & Wood Mallesons’ Energy, Resources and Projects Group

The National Energy Administration (“NEA”) issued the Shale Gas Industry Policy (“Policy”) on October 22, 2013, which was made public on October 30, 2013. The Policy recommends certain reforms to encourage shale gas development in China. The key points are set out below.
Continue Reading NEA calls for reforms to encourage shale gas development

作者：熊进 赵汝彬 孙蕊 林云竹 金杜律师事务所公司并购部

中国商务部的统计数据显示，在即将结束的2013年中，中国海外投资继续保持高速增长的势头。其中，能源资源类投资继续占据较大比例。 2012年，中国对外直接投资878亿美元，首次成为世界三大对外投资国之一。其中采矿业对外直接投资135.4亿美元，与能源资源相关的“电力、热力、燃气及水的生产和供应业”超过10亿美元。[1]

岁末年终，本文将从地域（和代表性国家）的角度，对中国企业对海外能源和资源行业的投资趋势进行总结，分析相关趋势的成因，并对中国企业境外投资的主要问题和风险进行提示。
Continue Reading 2013：中国对外投资趋势概述 — 能源与资源并购交易