Continue Reading China Enhances Oversight of Insider Information
Securities & Capital Markets
联交所上市规则对企业管治的新规定
金杜律师事务所证券组
前言
2011年10月28日,香港联交所公布了《有关检讨企业管治守则及相关上市规则的咨询总结》,并通过全面修订《上市规则》的规定,对发行人的企业管治水平制定了更高标准。发行人独立非执行董事的占比不得低于董事会人数三分之一的规定正式出台。
大部分修订将在2012年初陆续生效。发行人必须在首份涵盖2012年4月1日之后期间的中期报告或年报中,分别表明发行人在报告期内有否遵守旧《企业管治常规守则》和新《企业管治守则》。发行人也可以选择在2012年4月1日前执行新的规定。
其中,《企业管治守则》的部分“建议最佳常规”提升为“守则条文”,即上市公司选择不遵守的,需要在年报披露原因,不遵守不视同违反《上市规则》。同时,《企业管治守则》内的部分“守则条文”提升为《上市规则》的强制性条文,即上市公司必须遵守,不遵守视同违反《上市规则》。大小修订合计近30项,从董事会和下属委员会、股东大会,以及公司秘书相关的规定,都有修订。发行人应当注意新规定对自身的影响,并尽快开展相关的提升企业管治水平的工作。
为方便发行人参考,我们摘录了若干我们认为对发行人实务操作影响较为显著的条文,列表说明如下。其他修订则在列表后简要说明。由于各发行人情况不一,如有需要,请尽快与公司香港律师商讨。 Continue Reading 联交所上市规则对企业管治的新规定
证监会发布五个并购重组法律适用意见
金杜律师事务所破产、重组和清算组
中国证监会于2011年1月发布了5个并购重组法律适用意见,内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。
中国证监会有关部门负责人表示,这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确,并以证监会公告的形式对外发布,体现其严肃性和法律效力。
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Establishing renminbi private equity funds
By: Yi Zhang, King & Wood’s Securities & Capital Markets Group
Introduction
Legislative research on industrial investment funds started in early 2000. Since the official administrative regulations regarding such funds have not yet been publicly released, the government has been concurrently implementing pilot projects and draft administrative regulations on the subject.
During the pilot period, the National Development and Reform Commission (NDRC) drafted the Administrative Regulations on Industrial Investment Funds, later changing the name to the Administrative Regulations on Private Equity Funds in order to make them applicable to the entire private equity fund industry.
Listing of foreign enterprises in China: Future Possibilities
Jing Gang, Partner, and Wang Huapeng – Securities & Capital Markets Group
1.The importance of foreign companies listing in China.
1.1 Permitting and attracting foreign enterprises to list on domestic stock exchanges is the norm on international capital markets.
From a global perspective, major securities exchanges are sparing no effort in attracting foreign enterprises to list, with foreign enterprises well represented on their lists of listed companies.Continue Reading Listing of foreign enterprises in China: Future Possibilities
Debt Restructuring — Second Life for a Distressed Company
By Liu Yanling, Partner and head of King & Wood’s Bankruptcy, Restructuring & Insolvency Practice
Stellar Megaunion Corporation (“SMC”) was in serious debt, as it could barely repay its liabilities. New World China Land (“NWCL”), which was seeking an opportunity to go public, proposed to acquire SMC as a shell company which has no assets, but is publicly listed. To achieve this goal, NWCL conducted several rounds of negotiations with SMC’s creditors to settle SMC’s debts and clear the roadblocks for the acquisition. However, the parties were unable to make much progress in the negotiations due to the large number of SMC’s creditors involved. As SMC needed to solve its debt crisis as soon as possible and its negotiations with NWCL were deadlocked, the company decided to reorganize to completely release itself from the heavy debt burdens in a short period time.
Continue Reading Debt Restructuring — Second Life for a Distressed Company
New Trends of Global Cross-Border M&A and Strategic Investment Wave
By Wang Junfeng, Partner, and Edward Jing, Partner, King & Wood’s Securities & Capital Markets Group
2008 is destined to be an extraordinary year for global cross-border M&A. King & Wood, as a leading law firm deeply rooted in this activity in China, has noticed the following trends in the second half of 2007 and the first half of 2008…
Continue Reading New Trends of Global Cross-Border M&A and Strategic Investment Wave
Why No Poison Pill in China?
By: Li Wenbo King & Wood’s International Trade Group
Last month, Mr. Martin Lipton, of Wachtell, Lipton, Rosen & Katz, honored King & Wood with a speech on the implications of the “poison pill” in legal practice. Mr. Lipton is noted for hisinnovative "rights plan", a series of defensive measures taken by the board of a target company in a hostile takeover. The “rights plan” is meant to ward off hostile offers that substantially underestimate the value of the target’s shares. The rights plan was later referred to as the "poison pill" by Wall Street bankers whose attempts at hostile takeover below fair value were frequently frustrated by the "rights plan."
Mr. Lipton’s speech inspired me to ponder the question of how defensive measures work in China’s corporate governance. I then googled the word "poison pill" and "company" in Chinese, but found no instances of companies utilizing the poison pill within China. So why is there no poison pill in China?
