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by Wang Ling and Zhou Jie  King and Wood Mallesons’ Finance Group

2012 has witnessed another year of growing demand and strong deal flows in the Chinese aviation market. By year end, more than 350 new aircraft will have been delivered for operation in China including commercial airplanes and business jets. Active participation of Chinese banks and leasing companies (through both onshore and offshore entities) along with innovative transaction structures developed for the Chinese market by market participants and their counsels have contributed to the robust growth.

US Export-Import Bank Guaranteed Structure

For the first time in Chinese aviation finance history, a Chinese airline is able to leverage over the credit support of the Export-Import Bank of the United States (“US Ex-Im Bank”) without a guarantee from a Chinese bank or a sovereign undertaking from the Chinese government.
Continue Reading China Aviation Finance Market On the Rise – A Look Back at 2012

By Qian Yaozhi, Xia Dongxia, Liu Xiangwen & Zhou We King and Wood Mallesons’ Dispute Resolution Group

The Haifu Case is the first case in China where a court has denied the validity of an agreement containing a valuation adjustment mechanism (“VAM Agreement”). It has caused drastic reactions in the PE industry, and not surprisingly, the retrial of this case by the Supreme People’s Court of China (the “Supreme Court”) has also attracted intense public attention. Recently, the Supreme Court has given its retrial judgment, where the Supreme Court (i) corrects the lower courts’ decisions that completely deny the validity of the VAM agreement, and (ii) distinguishes VAM agreements between shareholders and the company from that between the shareholders only, and affirms the validity of the latter. This retrial judgment can be expected to have considerable influence on the controversial issue of validity of VAM agreement, and to generate significant implications for PE investors as for how to protect their interest.
Continue Reading The Haifu Case Review –Interpreting the Supreme People’s Court’s Retrial Judgment And It’s Implications for PE Investors

作者：钱尧志 夏东霞 刘相文 周伟 金杜律师事务所争议解决组

海富投资案作为国内首例判决认定对赌协议无效案件，一度在PE界引发轩然大波，最高法院对该案再审的走向也一直受到各界热切关注。近日，最高法院对海富投资案作出再审判决，纠正了一、二审法院完全否认对赌协议效力的认定，区别对待与公司“对赌”和与股东“对赌”的协议效力，肯定股东与股东之间对赌条款的合法有效性。最高法院该再审判决无疑将对富有争议的对赌条款效力问题起到示范、参考作用，并对PE投资者保护投资权益具有重要启示作用。

一、案情回顾

（一）案件始末

2007年，苏州工业园区海富投资有限公司（“海富公司”）作为投资方与甘肃众星锌业有限公司（后更名为“甘肃世恒有色资源再利用有限公司”，“世恒公司”）、世恒公司当时惟一的股东香港迪亚有限公司（“迪亚公司”）、迪亚公司的实际控制人陆波，共同签订了《增资协议书》，约定海富公司以现金2000万元人民币对世恒公司进行增资。
Continue Reading 海富投资案：解读最高法院再审判决及对PE投资者的启示

By:King and Wood Mallesons’  PE Dispute Resolution Group

The case Haifu Investment Co., Ltd, vs. Gansu Shiheng Non-Ferrous Recycling Co., Ltd and Hong Kong Diya Limited for the defendants’ failure to perform the investment compensation clause under the “valuation adjustment mechanism” (“VAM”), which has drawn high public attention, was finally determined. After its retrial, the PRC Supreme People’s Court (the “Supreme Court”) rendered the final judgment ruling that the old shareholder, Hong Kong Diya Limited, shall bear the compensation liability for the investor.
Continue Reading The Supreme People’s Court Overruled the Lower Court’s Decision on the Haifu vs. Gansu Shiheng Case

作者：金杜PE争议解决工作组

近期，市场关注度极高的海富投资有限公司诉甘肃世恒有色资源再利用有限公司及香港迪亚有限公司不履行对赌协议补偿投资案终于尘埃落定。最高人民法院经再审做出终审判决，判令公司原股东香港迪亚有限公司承担投资款补偿责任。毫无疑问，该判决的做出对以后类似案件的审理有很大的指引作用，应予认真研读。总结而言，我们认为有如下几点值得关注：

1. 从最高院对一审和二审审判思路的扬弃来看，最高院倾向估值调整机制（通俗称为“对赌协议”)的合法性判断建立在公司法对公司和债权人的合法权益保护的基础之上，而非“名为联营，实为借贷”的简单机械的合同裁判标准，这为以后类似案件中估值调整机制的合法性审查扫除了一个很大的法律障碍。
Continue Reading 最高院再审审结海富公司对赌协议纠纷案

作者：马峰 陈运 金杜律师事务所融资组

国家外汇管理局于2012年11月19日颁布了《国家外汇管理局关于进一步改进和调整直接投资外汇管理政策的通知》（汇发［2012］59号，以下简称《通知》）。该通知改进了直接投资外汇管理方式，取消和调整了部分直接投资外汇管理行政许可项目。

《通知》主要带来以下三方面的变化：

一、取消部分直接投资项下管理环节

（1）取消了对直接投资项下部分外汇账户在开立、入账及结汇等方面的核准。外国投资者在设立外商投资企业前，只需到外汇局进行相关信息登记即可在银行开立外汇账户，并在登记的可流入额度范围内汇入外汇资金；
Continue Reading 外管局新规简化直接投资外汇管理

By Zhao Yan and Daisy Duan King & Wood Mallesons’ Tax Group

On January 1, 2012, the trial of the value-added tax (“VAT”) Transition from business tax to VAT (“VAT Transition”) for transportation and certain modern service industries was implemented in Shanghai. It is a landmark event in Chinese tax reform. In July 2012, the State Council further decided to expand the pilot area to Beijing and seven other provinces and municipalities in stages: Beijing is expected to complete the VAT reform by September 2012; Jiangsu and Anhui provinces are expected to be complete by October 2012; the conversion deadline for Fujian and Guangdong provinces is November 1, 2012; and the deadline for Tianjin Municipality, Zhejiang Province and Hubei Province is December 1, 2012. Furthermore, the VAT Transition pilot areas will continue to be expanded next year and certain industries will be selected as pilots for VAT Transition nationwide.
Continue Reading Brief Analysis on the Impacts of the VAT Transition Pilot Expansion

作者：赵炎 段桃 金杜律师事务所税务组

2012年1月1日在上海市开始实施的将交通运输业和部分现代服务业由营业税改征增值税（“营改增”）的试点，是中国税制改革的一个标志性事件。2012年7月，国务院进一步决定将试点范围由上海市分批扩大至其他8个省（直辖市），其中，北京市应当于2012年9月1日完成营改增转制，江苏省、安徽省完成转制时间为10月1日，福建省、广东省为11月1日，天津市、浙江省、湖北省为12月1日。此外，营改增明年继续扩大试点地区，并选择部分行业在全国范围试点。

营改增将会导致相关行业纳税人的税负发生变化，甚至可能对其经营乃至定价模式产生重大影响。本文作者将从此次营改增的背景出发，分析营改增方案对相关行业的影响，上海方案与北京等新试点地区方案（“新方案”）的区别，并对纳税人如何应对此次改革提出建议。
Continue Reading 浅析营业税改征增值税试点扩围

作者：尤杨 黄思哲 金杜律师事务所争议解决组

公证债权文书执行制度与诉讼、仲裁程序相比，具有免除当事人的诉累、节约权利实现成本的优点，但由于有关立法不完善，适用范围有限且司法实践中的反映不一，因此在实践中没有广泛被采用。近年来，民间借贷和非银行融资（例如通过信托方式融资）活动逐渐增多，越来越多的当事人看到了公证债权文书执行制度简便、快速的优势，选择具有强制执行力的公证债权文书作为实现债权主要方式的情况已经比较普遍。通常情况下，无论是普通的借贷还是各种方式的信托融资，都会要求债务人或关联方为债权提供担保，如果主合同办理了强制执行公证，担保合同往往也与主合同一起办理强制执行公证，以期争议发生时能马上执行担保财产。那么，担保合同是否也能依法通过公证被赋予强制执行效力呢？
Continue Reading 信托实务专题之（二）：通过公证赋予担保合同强制执行效力问题探析