作者: 张保生 金杜律师事务所争议解决组
一、Citi 模式
2002年底，花旗银行与上海浦东发展银行（下称“浦发银行”）达成结为“具有排他性的战略合作伙伴关系”的协议。由于监管政策的限制，花旗银行对浦发银行的股权投资采取分阶段入股的方式，即协议签订后入股5%；在2008前，在政策允许的情况下，花旗银行可增持至14.9%，最终不超过24.9%。根据该协议，在分阶段入股投资的基础上，花旗银行将通过实质性参与实际控制浦发银行的信用卡业务。[i]
经过上述安排，浦发银行信用卡中心名义上设在浦发银行下，实则为按公司化运作的半独立运营中心。一旦政策允许，信用卡中心将独立出来，成立合资公司。 Continue Reading PE的几种常见架构——跨国公司在华公司诉讼（XI）
By Ma Feng and Chen Yun King and Wood Mallesons’ Finance Group
The State Administration of Foreign Exchange (“SAFE”) promulgated on 19 November 2012 the Notice on Further Improvement and Adjustment on the Foreign Exchange Administration Policies of Direct Investment (Hui Fa [2012] No. 59, the “Notice”).The Notice aims to improve the foreign exchange administration on direct investment in China, and abolishes and/or adjusts certain foreign exchange administrative mechanism in that respect.
The changes reflected in the Notice mainly cover the following issues: Continue Reading New Regulation of SAFE Simplifies Foreign Exchange Administration of Direct Investment
国家外汇管理局于2012年11月19日颁布了《国家外汇管理局关于进一步改进和调整直接投资外汇管理政策的通知》（汇发［2012］59号，以下简称《通知》）。该通知改进了直接投资外汇管理方式，取消和调整了部分直接投资外汇管理行政许可项目。
《通知》主要带来以下三方面的变化：
一、取消部分直接投资项下管理环节
（1）取消了对直接投资项下部分外汇账户在开立、入账及结汇等方面的核准。外国投资者在设立外商投资企业前，只需到外汇局进行相关信息登记即可在银行开立外汇账户，并在登记的可流入额度范围内汇入外汇资金； Continue Reading 外管局新规简化直接投资外汇管理
By Zhao Yan and Daisy Duan King & Wood Mallesons’ Tax Group
On January 1, 2012, the trial of the value-added tax (“VAT”) Transition from business tax to VAT (“VAT Transition”) for transportation and certain modern service industries was implemented in Shanghai. It is a landmark event in Chinese tax reform. In July 2012, the State Council further decided to expand the pilot area to Beijing and seven other provinces and municipalities in stages: Beijing is expected to complete the VAT reform by September 2012; Jiangsu and Anhui provinces are expected to be complete by October 2012; the conversion deadline for Fujian and Guangdong provinces is November 1, 2012; and the deadline for Tianjin Municipality, Zhejiang Province and Hubei Province is December 1, 2012. Furthermore, the VAT Transition pilot areas will continue to be expanded next year and certain industries will be selected as pilots for VAT Transition nationwide. Continue Reading Brief Analysis on the Impacts of the VAT Transition Pilot Expansion
2012年1月1日在上海市开始实施的将交通运输业和部分现代服务业由营业税改征增值税（“营改增”）的试点，是中国税制改革的一个标志性事件。2012年7月，国务院进一步决定将试点范围由上海市分批扩大至其他8个省（直辖市），其中，北京市应当于2012年9月1日完成营改增转制，江苏省、安徽省完成转制时间为10月1日，福建省、广东省为11月1日，天津市、浙江省、湖北省为12月1日。此外，营改增明年继续扩大试点地区，并选择部分行业在全国范围试点。
营改增将会导致相关行业纳税人的税负发生变化，甚至可能对其经营乃至定价模式产生重大影响。本文作者将从此次营改增的背景出发，分析营改增方案对相关行业的影响，上海方案与北京等新试点地区方案（“新方案”）的区别，并对纳税人如何应对此次改革提出建议。 Continue Reading 浅析营业税改征增值税试点扩围
对PE投资者而言，由于PE并非旨在通过长期持股获得企业的经营收益，而是通过“退出”受益。因此，PE投资者更多地关注风险控制而非公司治理。
除一般条款外，PE投资协议主要包括：股权购买的比例及对价条款、购股款支付方式和期限条款、未分配利润归属条款、资金用途条款、新股东地位及股东权利条款、组织机构变动条款、退出条款、声明和保证条款、违约责任条款等。
（一）组织机构变动条款
通过投资行为，PE投资者取得了被投资公司一定比例的股权，享有了与股权相关的分红权等经济权利。为保证资金的合理使用和企业的规范运行，保障其经济权利，PE投资者有必要在公司的组织机构中享有相应的政治权利。 Continue Reading PE投资协议的主要条款——跨国公司在华公司诉讼系列（X）
We have launched our updated Guide to Takeovers in Australia in both English and Chinese. A must-read for anyone with an interest in mergers and acquisitions.
English PDF: http://www.mallesons.com/Documents/A_guide_to_takeovers_in_Australia.pdf
《澳大利亚要约收购指南》概述了在澳洲从事或回应要约收购上市公司所涉及的法律问题和操作程序及澳大利亚收购交易中的复杂问题。
中文PDF:http://www.mallesons.com/Documents/Guide_to_takeovers_in_Australia_chinese.pdf
By Susan Ning and Hazel Yin
On November 16, 2012, the Ministry of Commerce (“MOFCOM“) released the latest data of unconditionally approved notifications of concentrations, including the total number and the list of all transactions with the name of each transaction and the undertakings concerned. According to an earlier piece of press release, MOFCOM will disclose information of unconditionally cleared cases on a quarterly basis1.
From August 1, 2008 when the Anti-monopoly Law (“AML”) became effective to September 30, 2012, MOFCOM cleared 474 cases, of which 458 cases were cleared unconditionally2. Continue Reading China’s Ministry of Commerce Released List of Unconditionally Approved Notifications of Concentrations
By Susan Ning and Kate Peng
In August 2012, the State Administration for Industry and Commerce published the fifth draft of the Guidelines on Anti-Monopoly Law Enforcement in the Field of Intellectual Property (the “Draft Guidelines“). Although compulsory licensing is not expressly mentioned in the Draft Guidelines, many provisions therein seem to imply it being a possible remedy for relevant monopolistic conducts in the IP field. For example, where a dominant market player’s refusal to license has anti-competitive effects1, a compulsory license could be the right answer to the problem. However, the role to be played by the antitrust enforcement agencies in compulsory licensing is not clearly defined under the current legal system.
There are very limited provisions in the Chinese law with respect to compulsory licensing. Continue Reading What is the role of an antitrust enforcement agency in compulsory licensing?
