继《有限合伙基金条例草案》(“《条例草案》”)于7月9日通过立法会二读与三读程序、于7月17日在宪报刊发《有限合伙基金条例》(第637章)(“《有限合伙基金条例》”)后,翘首以盼的香港有限合伙基金(“有限合伙基金”)制度终于将于2020年8月31日起正式扬帆起航。
Continue Reading 未来已来,香港有限合伙基金制度将于2020年8月31日起生效

2020年4月27日中央全面深化改革委员会通过《创业板改革并试点注册制总体实施方案》,随后中国证监会和深圳证券交易所同步发布相关规则的征求意见稿,再次点燃了上一轮科创板推出引发的注册制热点讨论。与此同时,因国内外资本市场的变化,众多红筹架构的公司(包括已经上市的中概股),也在把回归国内资本市场作为当下的重要选项。但是因为国内和国外资本市场监管规则和审核思路的差异,红筹架构企业和国内企业股东诉求的差异,当回归与否的决策落到企业自己头上,就是一个无比重大和难以抉择的事项。
Continue Reading 注册制背景下私有化及红筹回归企业如何面对中国证券监管机构问询解析

飞机的预付款融资(Pre-Delivery Payments Finance)是众多航空公司和租赁公司在整机交付融资和交付后再融资渠道之外重要补充。由于国内机队规模逐年增长,不管是作为最终运营方的航空公司还是逐年增持自有订单的租赁公司,都面临着厂商购机合同项下购机进度款付款压力(视具体交易,预付款金额通常占飞机总价30%左右),因此预付款融资也就顺理成章的在中国飞机融资市场上占据了一席之地;而且,预期由于“新冠”疫情对全球航空产业的不利影响,短期内航空公司和租赁公司的资金压力难以缓解,拓宽融资渠道、利用预付款融资保持短期资金流动性的需求还可能会放大。
Continue Reading 跨境飞机融资——“预付款融资”结构简析

A corporate issuer of outstanding debt securities may from time to time seek to purchase the relevant debt securities in the open market or through privately negotiated transactions to reduce their principal amount outstanding. This is a popular liability management method, particularly when the relevant securities are trading in the open market at a price below the nominal value of their principal amount.
Continue Reading Offshore Bond Repurchases: What Issuers Need To Know?

2019新冠病毒流行病(“新冠病毒”)持续对私募股权基金的基金募集活动造成不利影响。

在本报告中,我们将简要总结目前的基金募集环境、2007-2009年全球金融危机(“08年金融危机”)带来的经验、并结合我们从08年金融危机中汲取的经验在本次新冠病毒爆发期间为基金管理人资金募集过程中设计的创新方法、以及本次新冠病毒带来的新的投资机遇。
Continue Reading 疫情防控|2019新冠病毒对私募基金资金募集的影响、与08年金融危机对比和展望

With COVID-19 causing ever increasing financial uncertainty around the globe, we thought it an apt time to provide you with a summary of the various corporate insolvency procedures in the UK applicable to companies facing financial difficulties. Taking each in turn, we will discuss administration, administrative receivership, company voluntary arrangements, schemes of arrangement and liquidation. We will also touch briefly on directors’ duties, rules relating to asset distribution on insolvency and transactions that may be set aside on insolvency or ‘reviewable’ transactions.
Continue Reading Insolvency & Insolvency Procedures in the UK – Revisit

新型基础设施建设,即新基建,是发力于信息数字化的基础设施建设,包括5G基站建设、大数据中心、人工智能、工业互联网等领域。今年以来,中央一系列会议对推动和加快“新基建”进行了密集部署。互联网数据中心即Internet Data Center(IDC),通常指一种拥有完善的设备(包括高速互联网接入带宽、高性能局域网络、安全可靠的机房环境等)、专业化的管理、完善的应用服务的平台。互联网数据中心为信息产业的基础设施之一,也是新基建的重要组成部分。2020年3月4日,中央政治局常务委员会会议明确提出,要加快5G网络、数据中心等新型基础设施进度。
Continue Reading 新基建项目银行融资——以互联网数据中心为例

In response to the COVID-19 pandemic, on March 27, 2020, President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”) into law, in what was the largest single economic rescue and stimulus package in the history of the United States. A significant component of the CARES Act was the Paycheck Protection Program (the “PPP”), a $349 billion program to assist small businesses, non-profits, the self-employed and others,[1] negatively impacted by COVID-19, to obtain loans.
Continue Reading SBA releases Interim Final Rule for Payment Protection Program