作者：金杜律师事务所 King & Wood Mallesons

上海健耕医药科技股份有限公司（简称“健耕医药”）在金杜律师事务所跨境法律团队的协助下，成功收购设立于美国特拉华州的Lifeline Scientific, Inc. （简称“LSI”），交易规模约8,700万美元，约合人民币5.8亿元，成为首单中国企业收购并私有化在英国上市的美国企业项目。

King & Wood Mallesons’ (KWM) cross-border team has advised Shanghai Genext Pharmaceutical Technology Co., Ltd. (SGM) on its successful acquisition of Lifeline Scientific, Inc. (LSI), a company incorporated in the State of Delaware, the US. It is the first transaction in which a Chinese enterprise acquired a UK-listed US company with a total of US$87 million, equivalent to approximately RMB580 million. Continue Reading 金杜助力健耕医药成功收购英上市美企Lifeline Scientific

作者：莫里斯 & 莱荔

最近，河北坠井小男孩的新闻获得了网络和社会公众的极大关注。特别是该新闻的几次反转涉及到了非常敏感的“医闹”话题，更是收获了一大批社会热议。尽管“医闹”最终被证实为子虚乌有，但大众的关注程度充分显示了近年来医患之间日益紧张的社会关系。

“医闹”会坐牢吗？病人家属方进行“医闹”是否触犯刑法？什么原因会使病人和医生对簿公堂？“医闹”会对法院判决医疗纠纷案件造成影响吗？本期理脉观点将为您统计和分析2012年至今的“医闹”相关诉讼案件。 Continue Reading “医闹”会坐牢吗？——医闹相关诉讼案件数据分析报告

作者：宁宣凤 吴涵 赵泱地 金杜律师事务所商务合规部

ning_susan共享经济作为“供给侧”结构性改革背景下的一种新型商业模式，在近几年迅速崛起。共享经济模式目前正广泛应用于交通出行、住宿、餐饮、旅行等各个行业，催生了一批诸如摩拜单车、小猪短租、回家吃饭、丸子地球等创新企业（具体案例请见图一）。不可否认的是，共享经济新型商业模式降低了交易成本、提高了资源配置效率，为传统行业注入了新的生机与活力。但与此同时，随着共享经济越来越多地向各传统行业渗透并快速发展，一些大型平台初步形成，行业参与者、监管机构及消费者等开始关注并担忧与共享经济平台相关的反垄断问题，创新型平台企业将面临反垄断合规的风险和挑战。 Continue Reading 越分享，越经济？共享经济中的垄断问题

By King & Wood Mallesons

On 9 December 2016, advised by King & Wood Mallesons (KWM), China Financial Co., Ltd. (CSC Financial, stock code: 6066) had its H shares listed on the main board of the Hong Kong Stock Exchange. CSC Financial issued a total of 1,130,293,500 H shares globally at HK$6.81 per share (including 53,823,500 shares from selling shareholders), and raised a total of approximately HK$7.697 billion, (after deducting the net proceeds from sales by the selling shareholders and the underwriting commissions and other estimated expenses in connection with the offering) including a net amount of HK$7.097 billion (before exercise of over-allotment option). Continue Reading King and Wood Mallesons Advises on CSC Financial’s Hong Kong Listing

作者：金杜律师事务所

2016年12月9日，中信建投证券股份有限公司（以下简称“中信建投”，股票代码6066）在金杜律师事务所协助下在香港联交所主板成功上市。中信建投本次全球发售的H股股份总数为1,130,293,500股（含售股股东出售的53,823,500股销售股份），每股发行价为6.81港元，募集资金总额约为76.97亿港元，其中，总募集净资金额（扣除现有股东售股及发行费用）约为70.97亿港元（超额配售权行使前）。 Continue Reading 金杜助力中信建投成功于香港上市

作者：田文静 张琛 徐越 金杜律师事务所公司证券部

tian_wen-jing国家统计局数据显示，中国2015 年对俄罗斯直接投资流量29.61 亿美元，同比增长367.3%。截至2015年末，中国在俄直接投资存量为140.20亿美元，位列所有64个“一带一路”国家第二位。在国家推进“一带一路”建设工作领导小组办公室指导编撰的《“一带一路”大数据报告（2016）》中，俄罗斯更是在国别合作度指数综合评比中位列所有“一带一路”国家第一位。凭借其广阔的国内市场、稳定的政治环境、完善的基础设施网络以及对中国投资的积极态度，俄罗斯在吸引中国投资方面优势明显且潜力巨大。

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作者：宁宣凤 吴涵 黎辉辉 王诗笋 金杜律师事务所商务合规部

ning_susan2016年12月2日，美国联邦通信委员会（Federal Communications Commission，以下简称“FCC”）正式公布“宽带和其它电信服务中用户隐私保护规则”（Protecting the Privacy of Customers of Broadband and Other Telecommunications Services）（以下简称“FCC新规”），以促进宽带接入服务（Broadband Internet Access Service，BIAS）提供商（以下简称“BIAS提供商”）和其他电信运营商对于用户信息和隐私保护。FCC新规将于2017年1月3日正式生效（少数需要行政管理和预算局批准生效的条款除外）。

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By Dr. Barbara Geck, Carl Richards, Tamasin Little King & Wood Mallesons

The private equity and venture capital industry has had to adapt to a changing regulatory landscape over the past few years, and for UK regulated fund managers there is another change on the horizon. The Senior Managers & Certification Regime (“SM&CR”) is a new UK framework for individuals that currently affects UK banks and large investment firms, but is set to be extended across all entities authorised by the Financial Conduct Authority or the Prudential Regulatory Authority – which will include UK private equity and venture capital firms.  It is intended to replace the current “Approved Persons Regime” and is expected to come into force in 2018, with consultation due to begin early next year.

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作者：常俊峰 甘雨来 金杜律师事务所争议解决部

chang_jun-feng徐翔案已于2016年12月5日开庭审理，这桩国内目前为止涉案金额最大的操纵证券市场刑事案件，已进入到司法程序的“后半场”。“吃瓜群众”逐渐将视线聚焦于徐翔等被告人被指控的罪名、与徐翔案高度相关的众多上市公司及其高管的情况等吸引眼球的案件事实情况。“业内人士”则更多关注，如果徐翔等被定罪，隐身其后的相关主体获得的收益如何认定，“煮熟的鸭子会飞吗”？因操纵证券市场违法行为而遭受损失的“小散们”能否寻求司法救济， “坑能填平吗”？本文对此类关注略作初探。

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By Diana Nicholson, Shaun McRobert David Friedlanderand David Jewkes. King & Wood Mallesons’ Australia office.

So, you haven’t had an opportunity to keep up with what’s happened in the Takeovers Panel this year? No matter, we’ve done the hard work for you. The 10 things you need to know are:

1. Bidders should exercise caution when seeking to deduct the value of franking credits from their bid consideration.

Bidders generally reduce their bid consideration by the value of any dividend received by a target shareholder during the bid period. Recently, bidders have also sought to deduct the value of any franking credits associated with the dividend. The Panel consulted on this issue in 2014 but ultimately didn’t publish any formal guidance. Responses to the consultation paper showed divergent market views on whether the value of franking credits should be deducted from bid consideration at all, and how value should be assessed if it was to be deducted.

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