项目融资在中国的历史不是很久，它是一个舶来品，但迄今已经积累了很多的实践。在最初始的阶段，项目融资模式主要用于火电厂的建设，之后才扩展至水厂、化工项目，等等。在那个时候，中国的发起人缺乏资金和经验，中国的银行机构缺少外汇，并且正在为大量的不良贷款所困扰。同时，国内的基础设施建设相当薄弱，而中国生产商的设备制造能力也是不可靠的。在种种因素的作用下，项目融资市场上的贷款人主要是外资银行，贷款品种包括商业贷款、出口信贷以及政府贷款，贷款中的大部分用来进口国外生产的机器设备。贷款人不但要求在项目的全部资产之上设置担保，而且往往要求并能够获得发起人的保证担保，甚至是项目所在地政府的担保，尽管这在项目融资的模式中并不是常见的安排。
经过20多年的发展，中国公司和银行进行的项目融资交易模式已经有了很大的变化。目前，具备中国因素的项目融资交易主要有两类：在中国境内进行的项目融资和在中国境外进行的项目融资。两种模式有各自不同的特点。Continue Reading 中国项目融资的发展
By King & Wood Mallesons’ Finance Group
In May 2010, the State Council issued the Opinions on Encouraging and Guiding the Healthy Development of Private Investment (Guo Fa [2010] No.13) to promote private investment activities . In order to solve the difficulties faced by private companies in terms of overseas financing and the lack of liquidity, and to simplify the foreign exchange control policies for outbound investment activities by private companies, SAFE released new rules on private outbound investments, the Circular of State Administration of Foreign Exchange on Foreign Exchange Administration in Relation to Encouraging and Guiding the Healthy Development of Private Investment (Hui Fa [2012] No.33) (the “Circular”) on 11 June 2012. The Circular simplifies the regulation processes for the remittance of foreign direct investment capital as well as offshore loans[1] granted by domestic enterprises and relaxes the administration of external security provided by individuals.
The Circular’s main content includes:Continue Reading Safe New Rules to Boost Private Outbound Investment
作者：金杜律师事务所融资组
自2010年5月7日国务院发布《关于鼓励和引导民间投资健康发展的若干意见》（国发[2010]13号）以来，民间投资业务获得了进一步发展。为了解决企业在境外融资难及流动资金不足的问题，简化民间投资相关外汇管理政策，鼓励和引导民间资本境外投资的健康发展，国家外汇管理局于2012年6月11日颁布了《国家外汇管理局关于鼓励和引导民间投资健康发展有关外汇管理问题的通知》（汇发[2012]33号）（简称“通知”）。该通知简化了境外直接投资资金汇回及境外放款的监管程序，并适当地放宽了境内个人对外担保的管理。
《通知》的主要内容包括：Continue Reading 外管局新规则助力民间境外投资进一步发展
近几个月来，为数不少的中国企业被指控违反美国证券法和上市公司准则，并因此受到相关调查和法院诉讼。这些问题的曝光通常源于公司聘请的会计师事务所对公司财务信息真实性的怀疑，或是出于外界对公司某些不正当交易的指责。这些公司在被内部审计委员会、美国证监会和相关证交所调查的同时，也面临受害股东提起的法律诉讼。大多数这类中国公司根本没有预想到会面临这些诉讼和调查，也没有料想到其强度和因此会产生的高额费用。这一切都对公司及其董事、管理人员和员工形成了巨大的压力。公司为配合调查或应诉需要调集大量的人力和资金，相关的开支动辄上千万美元，同时还不可避免地殃及公司的日常运作和员工的士气。
为了合规以及应对在美诉讼都要付出高昂的资金成本，外加股价的低迷和交易量的骤减，对于中国企业来说，美国资本市场的吸引力已不如往日。
Continue Reading 中国公司在美国上市的法律风险和成本考量
By Zhang Yi, Alan Du and Hu Xia King & Wood Mallesons’ Corporate Group Shanghai Office
Recently, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring an RMB fund (the ‘FIE GP Fund’) with a foreign invested enterprise (the ‘FIE’) acting as the general partner (the ‘FIE GP’) and domestic investors (exclusive of FIEs established in China) acting as limited partners to be regarded as a foreign investor. Being defined as a foreign investor means that the portfolio investments of such a FIE GP Fund shall be subject to foreign investment approvals, which are read by the public as referring to the approvals from the Ministry of Commerce or its local counterpart (MOFCOM).
International private equity firms often structure their RMB funds in the form of FIE GP Funds, as a result this news caused great concern among them because their RMB funds will be defined as offshore funds in regard to making portfolio investments and as a result there will probably be little chance of raising new RMB funds in the form of FIE GP Funds.
Continue Reading NDRC reply on RMB Fund with FIE GP
By Huang Xuhua Sau-Wing Mak Kevin Tong King & Wood Mallesons’ Corporate Group
Background
As part of China’s commitment to foster the development of the offshore RMB bond market in Hong Kong, the National Development and Reform Commission (“NDRC”) published the “Circular on the Matters relating to the Issuance of RMB Bonds in Hong Kong by Onshore Non-financial institutions” (the “NDRC Circular”) on 2 May 2012. The Circular is a sequel to the “Interim Measures for the Administration of the Issuance of RMB Bonds in Hong Kong by Onshore Financial Institutions” published by the NDRC in June 2007 which regulate the issuance of RMB bonds in Hong Kong by onshore financial institutions (the “2007 Measures”).
Prior to the publication of the NDRC Circular, approvals for onshore PRC non-financial institutions to issue RMB Bonds in Hong Kong have been granted on a discretionary basis. In November last year, Baosteel Group Corporation became the first PRC corporate to issue RMB bonds in Hong Kong. Late last month, one metals and mining company and three state-owned power plant operators, namely China Minmetals, Guangdong Nuclear Power, Huaneng Power and Datang Power , were granted approvals by the NDRC to issue RMB bonds in Hong Kong. The significance of the NDRC Circular is that it formalises the approval process and stipulates the regulatory framework for onshore PRC non-financial institutions to issue RMB bonds in Hong Kong.Continue Reading New NDRC rules facilitate the issuance of RMB Bonds in Hong Kong by PRC non-financial institutions
背景
作为中央政府承诺促进香港人民币债券市场发展的一部分，2012年5月2日，国家发展和改革委员会（“国家发改委”）发布了《国家发展改革委关于境内非金融机构赴香港特别行政区发行人民币债券有关事项的通知》（“发改委通知”）。发改委通知是《境内金融机构赴香港特别行政区发行人民币债券管理暂行办法》（“2007年办法”）之续篇，2007年办法由中国人民银行和国家发改委于2007年6月8日公布，主要规范境内金融机构赴香港发行人民币债券的行为。
发改委通知发布之前，内地非金融机构赴香港发行人民币债券采用的是个案审批。去年十一月，宝钢集团公司成为第一家在香港发行人民币债券的内地公司。上个月，国家发改委核准中国五矿集团、广东核电集团、华能电力和大唐电力赴香港发行人民币债券。发改委通知就内地非金融机构赴香港发行人民币债券确定了正式的审批流程和监管架构，意义重大。Continue Reading 国家发改委发布通知以规范并促进境内非金融机构赴香港发行人民币债券
By King & Wood Mallesons’ Banking Group
On the 24th day of February 2012, China Banking Regulatory Commission (the "CBRC") issued the Green Credit Guidelines (the "Guidelines"), which require banking financial institutions ("Banks") to encourage energy saving, emission reduction and environment protection by managing environmental and social risk(1) of its client. The Guidelines apply to domestic policy banks, commercial banks, rural cooperation banks and rural credit cooperatives. In addition, village banks, loan companies, rural funding cooperatives and non-banking financial institutions shall also adopt the Guidelines to the extent applicable.
The Guidelines introduced some specific requirements in relation to the following aspects:Continue Reading The Green Credit Guideline
作者：金杜律师事务所银行组
2012年2月24日，中国银行业监督管理委员会（“银监会”）发布了《绿色信贷指引》（“《指引》”），要求银行业金融机构大力促进节能减排和环境保护，防范环境和社会风险（1）。《指引》适用于境内设立的政策性银行、商业银行、农村合作银行、农村信用社。村镇银行、贷款公司、农村资金互助社和非银行金融机构参照执行。《指引》对银行业金融机构在以下方面提出了一些具体的要求：Continue Reading 绿色信贷指引
By Guan Feng King & Wood’s Finance Group
This article continues to discuss Insurance Benefits for Banks as Mortgagees. The first part of this article was published on Chinalawinsight on January 2012.
In practice, in order to insure the debt, the lender bank often signs an insurance assignment agreement with the borrower, in which the borrower will assign all insurance benefits(1) under the related property insurance policy(2) to the lender bank. The assignment of rights becomes effective at the moment when the assignment contract is signed, or when the borrower defaults on the loan. Meanwhile, the endorsement slip, in which the insured designates the bank as the "first beneficiary" under the insurance policy, confirms the rights of the bank. To evaluate the feasibility of the insurance assignment contract, the fundamental approach from an insurance law perspective is to assess the nature of the insurance benefits assigned.Continue Reading Insurance Benefits for Banks as Mortgagees (Part II of II)
