By Susan Ning,Hazel YIN,and Han WU 

On 13 August 2012, the Ministry of Commerce (“MOFCOM”) approved Wal-Mart Stores Inc(“Wal-Mart”)’s proposed acquisition of 33.6% share of Niu Hai Holdings (“Niu Hai”),which enables Wal-Mart to have a controllin stake in the online direct sales business of Yihaodian, the largest e-supermarket in China.1 The approval is not without conditions,though.It is the fifth conditional merger clearance decision (“Decision”)MOFCOM issued in 2012 and the first conditional clearance relating to the online retail sector.
 Review Process
 
 MOFCOM received notification of the transaction on 16 December 2011 and officially accepted it on 16 February 2012. Continue Reading MOFCOM Approved Wal-Mart’s Acquisition of Controlling Stake in Yihaodian but Said NO to VIE Structure

By Susan Ning, Sun Yiming and Kate Peng

On the International Symposium on Controversial Issues regarding Chinese AML Enforcement held in Hangzhou on Monday this week, both the National Development and Reform Commission (“NDRC”) and the State Administration for Industry and Commerce (“SAIC”) announced that they will increase the transparency of their enforcement actions under the AML. 

NDRC and SAIC are the regulators for anti-monopoly conducts in China. The powers are divided between the two authorities in the way that NDRC is responsible for price-related monopoly conducts, and SAIC is responsible for non-price related monopoly conducts.

Continue Reading Chinese Antitrust Regulators Vow to Increase Transparency

By Tony Dong and Philip Liu King & Wood Mallesons’ Tax Group

Technology innovation is the engine that will drive the 21st century economy. With growing economic demand for core technologies from Chinese enterprises, recent years have witnessed the robust development of Intellectual Properties (“IP”) transactions in China, in which tax issues are often important elements to consider when structuring IP transactions, especially for the IP transfers carried out in the context of IPOs, mergers, acquisitions, or investment projects. We will discuss in the article the major PRC tax considerations for IP transfers, especially for cross-border IP transactions, with a view to achieve tax optimization and ensure tax compliance for such transactions.

 I .Tax Cost of IP Transfers Continue Reading Tax Considerations for IP Transfer

作者：董刚  刘勃 金杜律师事务所税务组

技术创新是21世纪社会的经济增长发动机。近年来，随着中国企业整体经济实力提升和技术创新意识增强，知识产权交易发展十分迅速，而基于上市、并购重组、外商投资等原因进行的知识产权交易，通常金额较大，税务因素对交易至关重要。本文将探讨知识产权转让交易中的税务影响，尤其是跨境交易中需关注的税务问题，以期相关交易能够实现税务优化及合规的目标。

 一、知识产权转让的税务成本

在中国税法框架下，知识产权所有权转让和使用权转让均属于无形资产转让，通常涉及的税种包括所得税（企业所得税或个人所得税）、营业税和印花税。 Continue Reading 知识产权转让的税务考量

作者：夏东霞 杨婷 金杜律师事务所争议解决组

最高人民法院《关于审理买卖合同纠纷案件适用法律问题的解释》（“《解释》”）于2012年6月5日公布，并于2012年7月1日起施行。《解释》分为八个部分四十六条，分别针对买卖合同的成立及效力、标的物交付和所有权转移、标的物风险负担、标的物检验、违约责任、所有权保留、特种买卖等问题作出了明确规定。《解释》不仅澄清了司法实践中诸多困惑问题，还弥补了《合同法》的部分空白和漏洞，对司法实践具有重要意义。本文现就《解释》的重点内容简要作如下介绍。

 一、承认预约合同的独立契约效力

合同缔结过程中，当事人签订认购书、意向书等，约定在将来一定期限内签订正式合同，在买卖合同领域，尤其是商品房买卖领域非常普遍。理论上，此类认购书、意向书为“预约”，系相对于正式合同，即“本约”而言的。 Continue Reading 解读《关于审理买卖合同纠纷案件适用法律问题的解释》

作者：张保生  陈湘林 金杜律师事务所争议解决组

1、根据中国法律，认定合同无效的标准是什么？

根据《合同法》（1999年）第52条，如果合同存在如下五种情形之一，将被认定为无效：（一）一方以欺诈、胁迫的手段订立合同，损害国家利益；（二）恶意串通，损害国家、集体或者第三人利益；（三）以合法形式掩盖非法目的；（四）损害社会公共利益；（五）违反法律、行政法规的强制性规定。

 在司法实践中运用上述规定需要注意：

第一，根据最高人民法院《关于适用〈中华人民共和国合同法〉若干问题的解释（二）》（法释〔2009〕5号）第十四条，“合同法第五十二条第（五）项规定的‘强制性规定’，是指效力性强制性规定。” Continue Reading 外商投资企业的合同效力和审批中的常见问题解答—-跨国公司在华诉讼系列（IV）

By Monique Carroll, Huang Tao King & Wood Mallesons’ Dispute Resolution Group

‘Political risk’ in foreign investment is the risk that an investment will be adversely affected by a host country’s political or regulatory decisions. These political or regulatory decisions might result in unfavorable tax legislation, revocation of a business license or, nationalization or ‘expropriation’ of an investment by, for example, the direct or indirect taking of control over the investment by the government. For instance, earlier this year the Argentinean Government announced that it would assume ownership and control of YPF, Argentina’s biggest energy company. At the time, YPF was privately and partly foreign owned and controlled.  

Foreign investors can take steps to minimize exposure to political risk. These steps include structuring the foreign investment so that it falls within the protections provided by an investment treaty to which the host country is a party. Continue Reading Arbitration as A Tool to Manage Political Risk in Foreign Investment

作者：Monique Carroll 黄滔 金杜律师事务所争议解决组

外商投资中的政策风险是指东道国的政策或日常决策可能会对投资产生不利影响的风险。这些政策或日常决策可能会导致不利的税收制度，企业营业执照被撤销，投资的国有化或“征收”，例如，政府直接或间接地控制外商投资。比如，今年初，阿根廷政府宣布其将取得阿根廷最大的能源公司YPF公司的所有权和控制权。当时，YPF公司是部分由外商个人所有和控制的。

外国投资者可以采取措施降低政策风险。这些措施包括调整投资结构，使其属于东道国作为缔约国的投资条约的保护范围。对于已经遭受东道国政府行为不利影响的外国投资者，则应当考虑是否可以寻求投资条约的保护。 Continue Reading 仲裁–控制外商投资中政策风险的工具

By Chen Changhui and Jiang Zhipei King & Wood Mallesons’ IP Legal  Group

For decades, more and more Chinese overseas students and experienced employees in foreign enterprises have been flocking to domestic enterprises. In some cases, these employees have successfully developed products, that had been monopolized by enterprises in western countries in the name of trade secrets. Thus, Chinese enterprises are highly vulnerable to allegations by transnational enterprises of trade secret infringement. For Chinese enterprises, how to avoid falling into the pitfall of trade secret infringement and relevant legal risks, is the more immediate issue.

A trade secret falls within the protective scope of intellectual property (“IP”) laws. It refers to technical or business information which is not generally known to the public, but which has utility and can bring economic benefits to the right holder; the right holder must also have taken security measures to keep the information secret. Continue Reading Coping Mechanisms for Trade Secret Infringement in Outbound Investment

作者：陈长会 蒋志培 金杜律师事务所专利组

近十年来，越来越多留学人员和外企职员涌向国内企业，并且凭借在外企积累的丰富经验成功开发出原被西方公司作为商业秘密加以垄断的产品。此时，一些跨国公司很容易将相关中国企业看成侵犯商业秘密的嫌犯；而这些国内企业如何防止落入侵犯商业秘密的陷阱和避开商业秘密的法律风险，更加突出地提到我们的面前。

 商业秘密是一种不为公众所知悉并难以获得、能为权利人带来经济利益、具有实用性并经权利人采取保密措施的技术信息或者商业信息，属于知识产权法保护的范围。商业秘密最大特点是其边界模糊性，即使是一个清晰配方或图纸，也往往是商业秘密和公知技术的混杂体。因此，商业秘密纠纷往往案情复杂，程序繁琐，判断困难，主观性强。 Continue Reading 走出去企业如何避免和应对商业秘密纠纷