In today’s global corporate world, many conglomerates have complex and layered shareholding structures with multiple entities in various jurisdictions. Each entity must function as part of a cohesive whole within the larger global group, but will still be governed by company laws or other laws of its respective local jurisdiction. In international M&A deals, parties sometimes approach the corporate governance of a foreign entity (and correspondingly, negotiations of shareholders agreements, joint venture agreements and other matters) by using principles and concepts that they are familiar with in their domestic jurisdiction.
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By: Yi Zhang,  King & Wood’s  Securities & Capital Markets Group 

Introduction

Legislative research on industrial investment funds started in early 2000. Since the official administrative regulations regarding such funds have not yet been publicly released, the government has been concurrently implementing pilot projects and draft administrative regulations on the subject.

During the pilot period, the National Development and Reform Commission (NDRC) drafted the Administrative Regulations on Industrial Investment Funds, later changing the name to the Administrative Regulations on Private Equity Funds in order to make them applicable to the entire private equity fund industry.


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