Authored by:Xing Meidong Xu Qin Li Xiaoran Chen Shiyuan He Mengran

In 2018, we offered insights of the legal application, regulatory compliance requirement, investment, operation and management of real property private equity funds after the enactment of the regulation, Administrative Code for the Filing of Private Asset Management Plans of Securities and Futures Operators No. 4 – Private Asset Management Plans to Invest in Real Estate Development Enterprises and Projects (“Specification No. 4”) in article “When Private Equity Funds Encounter Real Estate”. According to the Specification No. 4, unlike those of other types of private equity funds, the regulatory authorities have imposed more stringent regulatory requirements over real property private equity funds in multiple aspects of its daily operation (such as registration and filing, restrictions on the use of funds, investment structure and compliance with underlying assets, etc.).

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作者：王兴华 刘宁 梁嘉伟 余子霄

大型并购交易通常所需资金量大，单一买家有时难以完成，此时可能需要引入更多买家，组成财团联合体（consortium）以完成交易。有时交易所需资金量并不大，但交易结构复杂，需要投入多种不同资源或者技能，或者需要在交易完成后对目标公司的业务或资产进行拆分，此时也可能形成财团参与交易。为约束财团成员之间的关系，财团成立时通常签署财团联合体协议（Consortium Agreement），有时也称为临时财团联合体协议（Interim Consortium Agreement）。财团协议通常在财团成立时签订（可能在交易发起时，也可能与正式交易协议同时签署），仅在交易过程中存续，在交易交割时，通常被正式的股东协议或者投资者协议取代。

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作者：马天宁 赵迪

2023年2月17日，经国务院批准，中国证券监督管理委员会发布了境外上市备案管理相关制度规则，自2023年3月31日起实施。此次发布的制度规则共6项，包括《境内企业境外发行证券和上市管理试行办法》（以下简称“管理试行办法”）和5项配套指引（以下与“管理试行办法”合称“备案管理新规”）。

备案管理新规的发布表明境内企业境外上市的监管方向和思路已经明朗，在此情形下，市场主体有必要结合自身情况，进一步论证在新的监管体制下企业进行资本运作需考虑的因素。

结合过往的经验，我们选取了备案管理新规发布至今讨论最多以及客户咨询时最为关注的如下五个热点问题进行分享，希望能够为大家提供一些思考和建议。

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作者：谢晓东 陈璴丹 骆伟德 陈博志 尹智伟

香港联合交易所有限公司最近刊发咨询文件，建议因应国务院及中国证券监督管理委员会于2023年2月17日宣布实施有关境外上市的监管新规更新而修订《上市规则》。联交所也建议删除或修改若干有关中国发行人但现已再无必要的《上市规则》条文，使分别适用于中国发行人及其他发行人的规定保持一致。

联交所的建议旨在让《上市规则》第19A章适用于中国发行人的规定与《上市规则》第19章适用于海外发行人的相关规定保持一致，这符合联交所一直以来致力于为所有发行人（不论其注册成立地点在哪里）的投资者提供相同保障的目标。

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作者：陈桦 历晓

2023年2月20日，寒尽春生之际，不动产市场迎来2023年第一声新雷，中国证券监督管理委员会公告启动不动产私募投资基金试点。同日，中国证券投资基金业协会发布《不动产私募投资基金试点备案指引（试行）》，明确在私募股权投资基金的框架下新设“不动产私募投资基金”类别。《试点指引》已于2023年3月1日正式施行。

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Authored by: Zhang Yunwei (Mark) Yang Fan Li Lingbi Zhang Wenyi

The import of biological materials has been strictly supervised under the Chinese import regulatory regime. On April 15, 2021, The Biosecurity Law of P.R.C. was officially implemented, which strengthens the supervision on the application of biology technology. The Biosecurity Law and other existing regulations and rules establish a national administration system for imported biological materials.

This article intends to highlight key regulatory requirements for importing biological materials and assist biotech companies in the compliance management related to importing biological materials.

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Authored by:Wang Jianxue Ye Xiaobei An Shan

On February 17, 2023, the China Securities Regulatory Commission (CSRC) promulgated the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises, along with its five supporting guidelines (collectively, the “New Rules on Overseas IPOs” or “New Rules”). The New Rules on Overseas IPOs stipulate the duties and obligations of intermediaries, especially the securities companies, securities service providers and practitioners (collectively, the “securities companies”), in the overseas securities offerings and listings by Chinese companies, and provide for the supervision and administration by the CSRC and the competent regulators under the State Council. In addition, in response to the journalists’ questions on the New Rules, CSRC officials stated that the “administration” of filing for overseas listings will be implemented by clarifying the duties of intermediaries and strengthening regulatory oversight and coordination. This article intends to tease out the duties and obligations of securities companies under the New Rules for reference and discussion.

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Authored by:Zhou Xiaoli （Cissy） Sun Huanhuan Zhou Xinyi

On January 13, 2023, China National Intellectual Property Administration published the Draft Amendment to the Trademark Law of the People’s Republic of China (Draft for Comments) and solicited public opinions. This will be the Fifth Amendment to the Trademark Law of the People’s Republic of China since its effectiveness as of March 1, 1983. Four amendments have been made to the Trademark Law respectively in 1993, 2001, 2013 and 2019. However, with further development of the socialist market economy, market players now have a greater awareness of intellectual property protection and attach more importance to branding, which has in turn spurred huge trademark-related demands and brought about a series of issues. In this context, the Draft Amendment makes a number of significant or even game-changing adjustments to the current Trademark Law, such as the additional requirements and provisions on submission of explanations on use, prohibition of duplicate registration, prohibition of bad-faith trademark registration applications and corresponding punishment mechanism, application for invalidation on relative grounds and for trademark transfer, responsibilities and obligations of trademark agencies, new remedies for trademark infringements, protection of well-known trademarks, regulation with credit records, and measures for trademark brand building.

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