By Michael Lawson King&Wood Mallesons’ Singapore Office
S
ince the middle of 2014, the Asian LNG market has seen oil prices tumble, an increase in supply courtesy of new projects coming on stream in Papua New Guinea and Australia’s east coast in particular (albeit partially offset by curtailment of supply from certain established sources), and
作者：Michael Lawson 金杜律师事务所新加坡办公室
2014年年中以来，亚洲液化天然气市场经历了油价下滑、因新项目投入运行所致的供给增加以及需求疲软；具体而言，投入运行的新项目位于巴布亚新几内亚及澳大利亚东海岸（尽管其所增加的供给部分被某些既定来源的供给削减而抵消）。尽管需求形势部分归咎于季节性因素，亚洲市场的长期结构性变化似乎也起了一定作用。
本文从全新的角度考察了以上趋势对买家和卖家在长期合同价格谈判中的影响，以及对这些新的合同项下的价格审核及灵活性安排的可能启示。我们考虑建立亚洲液化天然气交易中心的持续努力可能发挥何种作用，特别是新加坡在此方面所做的工作。此外，我们还相应考察了中国的“一带一路”计划以及处于萌芽期的亚洲基础设施投资银行（“亚投行”）的发展是否会重新促进在东盟地区内全面铺设天然气管道的工作，以及是否会为新加坡带来加强其中心建设计划以及地区领导力的机会。
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By Huang Jianwen King & Wood Mallesons’ Investment Group
Although China has experienced rapid growth in the numbers of foreign non-governmental organizations (“NGOs”) carrying out activities within its borders in the past 10 years, foreign NGOs have remained loosely and ambiguously regulated in China. For example, as for the establishment of representative offices by foreign NGOs in China, currently only the Regulation for the Administration of Foundations provides the legal basis for foreign foundations to establish representative offices in China. There are no unified laws and regulations at the national level governing the establishment of representative offices or carrying out activities by the other foreign NGOs except for foreign foundations. This brings doubt and difficulty for many foreign NGOs carrying out activities in China.
The latest draft of the Foreign NGO Management Law (Second Draft) (the “Foreign NGO Draft Law”) can be seen as a preliminary attempt by PRC regulators to introduce more transparency and regulatory oversight to the often nebulous world of international NGOs operating in China. The Legal Affairs Committee of the Standing Committee of the National People’s Congress opened the Foreign NGO Draft Law to public comments, including those from foreign NGOs, on May 5, 2015.
Continue Reading Highlights of the Foreign NGO Management Law (Second Draft)
过去十年间，在中国境内开展活动的境外非政府组织在数量上迅速增加，但是中国法律法规对此的规范和管理一直较为松散和模糊。例如，关于境外非政府组织在中国设立办事机构，目前只有《基金会管理条例》为合法成立的境外基金会提供了依法在中国设立境外基金会境内代表机构的依据。而基金会以外的其他境外非政府组织在中国设立办事机构或者开展活动，缺乏国家层面的统一的法律法规。这为很多在中国开展活动的境外非政府组织带来了疑惑和困难。
最新发布的《中华人民共和国境外非政府组织管理法（草案）（二次审议稿）》（“《草案》”）可以看作是中国监管部门对国内模糊的国际非政府组织运作现状进行透明化和规范化的重要尝试。全国人大法工委于2015年5月5日公布草案，向包括境外非政府组织在内的社会公众公开征求意见。
Continue Reading 境外NGO在中国将有法可依
在香港银行近期特别关注的中银香港诉辽宁省政府最高法院［（2014）民四终字第37号］判决中，该院确认了关于如何判断政府《承诺函》是否构成担保责任承诺的依据以及债权人在破产程序中依据《承诺函》向承诺人主张权利的期间问题。
该案涉及的具体争议焦点有二项：（一）辽宁省政府出具的《承诺函》是否构成保证责任；（二）在债务人中辽公司破产后，中银香港向担保人葫芦岛锌厂主张权利是否超过了法定保证期间。其裁判观点分别为：
Continue Reading 政府《承诺函》的效力与破产程序中的保证期限
By Ramón García-Gallardo, Xiao Jin, King & Wood Mallesons
More than five years after the United States (“U.S.”) and China agreed to start negotiations of a bilateral investment treaty (“BIT”), the launch of the negotiations between the European Union (“E.U.”) and China towards a BIT was announced at the Sixteenth China-E.U. Summit held in Beijing on 21 November 2013.
Continue Reading The E.U.—China bilateral investment treaty
作者：Ramón García-Gallardo 肖瑾 金杜律师事务所
在美国和中国同意启动双边贸易协定谈判超过五年后，2013年11月21日，在北京举办的第十六届中欧峰会上也宣布启动欧盟和中国的双边贸易协定的谈判。
为什么欧盟和中国需要双边贸易协定
尽管欧盟和中国之间商品与服务的贸易价值每日超过十亿欧元，双方之间的投资在过去二十年增长迅速，但仍显示具有潜力。欧洲境外投资投向中国的部分所占比例不到5%，并且来自于中国的外商直接投资(“FDI”)仅占对欧盟外商投资的不到3%。双方均希望，在中国国内经济改革以及欧盟努力克服金融危机的背景下，通过全面的双边贸易协定减少双方在贸易及投资领域水平的明显差异，并继续推动现有的双方互惠合作。
Continue Reading 欧盟——中国双边投资协定
By Joshua Cole, Sharon Henrick, Michael Robert-Smith King&Wood Mallesons
In this article we explore the First Conduct Rule in Hong Kong’s Competition Ordinance, focusing on its significance for companies preparing for implementation of the Ordinance.
Overview of the First Conduct Rule
The First Conduct Rule targets anti-competitive agreements, including serious or ‘hardcore’ coordination between competitors such as price-fixing, market allocation, output restriction or bid-rigging.
Hong Kong’s Competition Commission has indicated that it will be particularly focused on this type of conduct. The Chairperson of the Commission, Ms Anna Wu, has singled out price-fixing cartels as initial targets, stating that she is determined to tackle the “Big Tigers” of Hong Kong.
Continue Reading Hong Kong Competition Ordinance: First Conduct Rule
作者：Joshua Cole Sharon Henrick Michael Robert-Smith 金杜律师事务所
本文将探讨香港竞争条例中的第一行为守则，并且将关注其对拟适用于该条例的公司的重要性。
第一行为守则概述
第一行为守则针对反竞争性协议，包括公司间严重的“核心”协同行为，例如固定价格、市场分割、产量限制或串通投标。
香港竞争事务委员会已经说明其将尤其关注该类行为。委员会主席胡红玉指出首先会针对固定价格的同业联合，声称她已经决心解决香港的“大老虎”。
Continue Reading 香港竞争条例：第一行为守则——生效倒计时
By Xia Dongxia Yang Ting King & Wood Mallesons’ Dispute Resolution Group
In November, 2012, the Supreme People’s Court entered into the decision of retrial for HaiFu Investment Co., Ltd. v. ShiHeng Non-ferrous Recourses Recycling Co., Ltd. (hereafter referred to as the “HaiFu Investment Case”). This judgment made a distinction between signing a valuation adjustment mechanism (hereafter referred to as “VAM”) agreement with the target company and signing a VAM agreement with the shareholder. In essence, it confirms that a VAM Agreement between the investor and the shareholder is valid, whereas a VAM Agreement between the investor and the target company is invalid because such agreement would harm the interests of the company and its creditors. After that, the Supreme People’s Court, various people’s courts at the local level, and arbitration institutions dealt with a number of cases related to issues of VAM agreement under the Private Equity (hereafter referred to as “PE”) framework. A select number of such typical cases are summarized below:
Continue Reading Typical Cases Re Valuation Adjustment Mechanism Agreements post HaiFu Investment Co., Ltd. v. Shiheng Non-ferrous Recourses Recycling Co., Ltd.
