一、 前言
北京市发展和改革委员会（“北京发改委”）于2013年1月15日发布了《关于进一步简化企业境外投资项目管理程序有关工作的通知》（京发改规〔2013〕2号，下称“《通知》”），进一步简化对地方国营和民营实施的企业境外投资项目的管理程序。
与现行的企业境外投资项目管理政策相比，《通知》对由北京发改委审核批准的境外投资项目在项目管理程序方面进一步进行了简化，主要体现在以下四个方面：
Continue Reading 北京市发改委颁布新规，进一步简化境外投资项目管理
外汇局颁布新规，进一步放松直接投资外汇管理
国家外汇管理局于2012年11月19日发布了《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，下称“《通知》”），大幅简化直接投资外汇管理流程。《通知》的出台响应了国务院于2012年9月23日颁布的《国务院关于第六批取消和调整行政审批项目的决定》（国发[2012]52号）中规定的推进行政审批制度改革并进一步取消和调整行政审批项目的要求，也反映了中国巨额外汇储备的背景下进一步放松外汇监管的趋势。《通知》将于2012年12月17日开始实施，有望对外商投资和境内企业境外投资流程产生较大影响。
一、 主要调整概述
与现行直接投资外汇管理政策相比，《通知》在监管流程方面有较大的改进，将部分审批事项调整为登记事项，通过登记来监管外汇资金的流动与汇兑额度。
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SAFE Issues New Rules to Further Relax the Foreign Exchange Controls over Direct Investment
By Xiong Jin, Feng Caihong, Liu Qing and Wei Kao King and Wood Mallesons’ Mergers & Acquisitions Group
On November 19, 2012, the State Administration of Foreign Exchange (“SAFE”) promulgated the Circular Regarding Further Improvement and Adjustment of Policies on Foreign Exchange Administration of Direct Investment (Hui Fa [2002] No. 59, the “Circular”) which aims to dramatically simplify foreign exchange administration procedures concerning inbound and outbound direct investment. The Circular is a response to a directive to reduce administrative approvals in the Decision of the State Council on the Sixth Abolishment and Adjustment of Administrative Examination and Approval Projects (Guo Fa [2012] No. 52) promulgated by the State Council on 23 September 2012, and it also reflects a trend of relaxing foreign exchange supervision given China’s accumulation of major foreign exchange reserves. The Circular will be become effective on December 17, 2012 and is expected to have a significant impact on foreign direct investment and outbound investment by domestic enterprises.
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The Haifu Case Review –Interpreting the Supreme People’s Court’s Retrial Judgment And It’s Implications for PE Investors
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
海富投资案：解读最高法院再审判决及对PE投资者的启示
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
The Supreme People’s Court Overruled the Lower Court’s Decision on the Haifu vs. Gansu Shiheng Case
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
最高院再审审结海富公司对赌协议纠纷案
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。
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Arbitration as A Tool to Manage Political Risk in Foreign Investment
By Monique Carroll, Huang Tao King & Wood Mallesons’ Dispute Resolution Group
‘Political risk’ in foreign investment is the risk that an investment will be adversely affected by a host country’s political or regulatory decisions. These political or regulatory decisions might result in unfavorable tax legislation, revocation of a business license or, nationalization or ‘expropriation’ of an investment by, for example, the direct or indirect taking of control over the investment by the government. For instance, earlier this year the Argentinean Government announced that it would assume ownership and control of YPF, Argentina’s biggest energy company. At the time, YPF was privately and partly foreign owned and controlled.
Foreign investors can take steps to minimize exposure to political risk. These steps include structuring the foreign investment so that it falls within the protections provided by an investment treaty to which the host country is a party.
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仲裁–控制外商投资中政策风险的工具
作者：Monique Carroll 黄滔 金杜律师事务所争议解决组
外商投资中的政策风险是指东道国的政策或日常决策可能会对投资产生不利影响的风险。这些政策或日常决策可能会导致不利的税收制度，企业营业执照被撤销，投资的国有化或“征收”，例如，政府直接或间接地控制外商投资。比如，今年初，阿根廷政府宣布其将取得阿根廷最大的能源公司YPF公司的所有权和控制权。当时，YPF公司是部分由外商个人所有和控制的。
外国投资者可以采取措施降低政策风险。这些措施包括调整投资结构，使其属于东道国作为缔约国的投资条约的保护范围。对于已经遭受东道国政府行为不利影响的外国投资者，则应当考虑是否可以寻求投资条约的保护。
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香港的法律制度及解决商业纠纷的民事诉讼程序（2）
本文分两部分刊登， 2012年6月5日金杜法律博客(Chinalawinsight)刊登的了本文的第一部分。文章第二部分将继续对《香港的法律制度及解决商业纠纷的民事诉讼程序》进行解读。
八、简易判决
简易判决可作为以全面审讯解决纠纷的另一选择。简易判决是在被告人没有提出抗辩的情况下，法庭可以不经过庭审即向原告人提供实体终局性判决结果[i]。简易判决的程序是为了避免被告人拖延判决进程，并在被告显然缺乏抗辩理由的情况下，避免浪费时间及诉讼成本。Continue Reading 香港的法律制度及解决商业纠纷的民事诉讼程序（2）