作者：金杜律师事务所
在本期《中国对外投资》中，我们对中国海外投资前景做出一系列预测。除了以大力促进商业发展为目的，进一步放松管制外，我们的其他预测如下。
市场和交易趋势
- 未来五年，中国将成为世界最大的跨境投资国
- 进一步放宽监管和简化现有制度将促进跨境投资增长
- 为追逐优质资产，中国竞标人将：
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10 things you need to know about crowd-sourced equity funding reforms in Australia
By Shannon Finch, Anthony Boogert and Thomas Brunskill. King & Wood Mallesons’ Sydney Office
1. Crowd-sourced equity funding (or “CSF”) is…
A variety of crowdfunding models have emerged as early-stage companies search for innovative fundraising methods. In contrast to reward or donation based models, CSF involves a company raising capital by issuing equity (ordinary
投资者-国家仲裁中的条约滥用：评Phillip Morris针对澳大利亚提起的仲裁
作者：Max Bonnell 金杜律师事务所悉尼办公室
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hilip Morris向澳大利亚简易包装立法发起的数十亿澳元挑战宣告失败，国际投资条约仲裁法庭驳回了其仲裁请求。
Philip Morris的诉讼是针对澳大利亚一项禁止品牌烟草产品销售的法律。该等法律要求澳大利亚的所有烟草厂商（包括Philip Morris）在销售其产品（如香烟）时不得标志其任何商标。取而代之的是，要求所有烟草产品以简易包装出售并配以危及健康的警示。Philip Morris声称该等法律剥夺其知识产权，并由此损害了其在澳大利亚投资的价值。
Philip Morris案件的基本问题，即澳大利亚基于公众健康的利益所采取的监管行为，是否导致澳大利亚政府被要求对该等行为作出补偿，是全球政府都非常关心的问题。主权国家希望通过提供投资保护鼓励外国投资，但也希望维护其对公共利益（如有关健康、环境等）的监管权，并使得该等监管措施不会导致国家不得不补偿外国投资者，如同其无需就此补偿国内企业。
Forward looking information in the mining and resources industry – Let’s cut to the chase, we need reform
By Heath Lewis and David Jewkes. King & Wood Mallesons’ Perth Office
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SIC’s release of Information Sheet 214 (IS 214) regarding the publication of forward-looking statements by mining and resources companies has created significant controversy. Clearly there is a disconnect between what some resources industry participants believe they should or need to be able
Abu Dhabi Global Market
By Tim Taylor QC King & Wood Mallesons’ Dubai Office
Abu Dhabi establishes new common law free zone – ADGM, enacting new arbitration regulations. Comparisons will be drawn with Dubai’s already well established free zone, DIFC, and the DIFC-LCIA Rules.
The ADGM is a financial free zone, established in accordance with Federal Law No
阿布扎比全球市场
作者：Tim Taylor QC 金杜律师事务所迪拜办公室
阿布扎比建立了新的普通法自由区——ADGM，制定了新的仲裁法规。本文将对ADGM法规与迪拜已经成熟的自由区DIFC和DIFC-LCIA规则作对比。
ADGM是一个金融自由区，根据2004年联邦法律第8号、2013年联邦法令第15号、2013年内阁决议第4号和2013年阿布扎比法第4号建立。ADGM位于阿布扎比酋长国Al Maryah岛，占地1,680,323平方米，是一个从阿拉伯联合酋长国（ 阿联酋）独立出的单独管辖区域。ADGM不受阿联酋的民商法管辖，而是以普通法原则为原型，为满足该地区具体需求而量身定制的。
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Shall means shall, may means may, but an option can be exercised in several ways
By Dorothy Murray King & Wood Mallesons’ London Office
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hareholders to JV agree that “any party may submit the dispute to binding arbitration”. Shareholders then get into a dispute, end up in Court and argue about stay.
The parties were shareholders in a BVI joint venture. The shareholders agreement was governed by English law.
“应当”是应当，“可以”是可以，但选择权可以多种方式行使
作者：Dorothy Murray 金杜律师事务所伦敦办公室
合资企业股东同意“任何一方可以将争议提交至具有约束力的仲裁”。随后股东起争执，最终对簿公堂并就中止程序展开争论。
当事人是一家英属维尔京群岛合资企业的股东。股东协议受英国法律管辖。因Anzen被指控在管理合资企业时的不公平损害行为而产生争议。Hermes在英属维尔京群岛法院提起诉讼。Anzen试图依《英属维尔京群岛仲裁条例》第6（2）条中止该等程序，请求法院在确信存在有效的与其审理之事项有关的仲裁协议的情况下中止程序。
Anzen依赖股东协议第19.5条的争议解决规定：如出现争议，“任何一方可以将争议提交至具有约束力的仲裁”。
Hermes称，Anzen不可以依赖该等规定获得中止，除非其已就当前争议提起仲裁。一审和上诉法院均对此表示同意。对Anzen来说幸运的是，枢密院（“枢密院”）对此持不同看法。
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10 things you need to know about insurtech
By Kate Jackson-Maynes, Nathan Hodge, Travis Toemoe, Michael Swinson, Oshini Jinasena and Elizabeth Oliver. King & Wood Mallesons
1. Insurtech is…
the transformation of the insurance industry through mobile apps and the use of new technologies such as wearable devices, telematics and artificial intelligence. The use of these devices and the
10 things you need to know about smart contracts
By Scott Farrell, Annabel Griffin, Roslyn Hinchliffe and Claire Warren. King & Wood Mallesons
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A smart contract is an agreement that automates otherwise manual tasks…
A smart contract is simply any agreement that can execute a part of its functions by itself. One example is a contract which automatically calculates the