In cross border transactions, there is sometimes a misconception amongst both PRC and foreign parties that all contracts are by and large the same, whether governed by PRC law or foreign law, and that the key to a good contract is just proper drafting.
Continue Reading Global M&A: Know the differences btw PRC & foreign law contracts
金杜助力中国财团收购英超西布罗姆维奇足球俱乐部/King & Wood Mallesons advises a Chinese Consortium on the acquisition of West Bromwich Albion Football Club
作者：金杜律师事务所 King & Wood Mallesons
在金杜律师事务所专业团队的协助下，由赖国传先生领导，深圳上市公司棕榈生态城镇发展股份有限公司（简称“棕榈”）联合私募股权基金云毅投资共同注入大量资金的中国财团成功收购了英超西布罗姆维奇足球俱乐部。
King & Wood Mallesons has advised a large consortium of Chinese investors, led by Guochuan Lai and comprised of significant investments by Shenzhen-listed Palm Eco-Town Development Company Limited (Palm)and private equity fund Yunyi Investment, on its acquisition of English Premier League Football Club West Bromwich Albion.
Continue Reading 金杜助力中国财团收购英超西布罗姆维奇足球俱乐部/King & Wood Mallesons advises a Chinese Consortium on the acquisition of West Bromwich Albion Football Club
Exporters of the World Rejoice – PRC Customs issues e-commerce reprieve
By Mark Schaub and Chen Bing King & Wood Mallesons’ Corporate Securities Group
In recent months there has been great concern, indeed bordering on panic, in some quarters arising from the issuance of dramatic but vague PRC cross-border e-commerce rules that were issued in April 2016.
However, the PRC authorities have now addressed, at least to some extent, most of the major pressing concerns on 24 May 2016 when the General Administration of Customs of PRC (“PRC Customs”) issued a Circular on Relevant Matters Concerning Implementation of New Supervision Requirements on Cross-border E-commerce Retail Imports (“Circular”).
Continue Reading Exporters of the World Rejoice – PRC Customs issues e-commerce reprieve
“Keep Calm and Carry On”: Keeping up with China’s changing rules for cross-border e-commerce
By Mark Schaub and Chen Bing, King & Wood Mallesons’ Corporate & Securities Group
C
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ina cross border e-commerce has grown by leaps and bounds in the last 2 years since the PRC authorities encouraged the use of bonded zones. Some commentators have suggested the value of the business may have exceeded USD 3 trillion in 2015. The effects have not been limited to China as many international companies have seen their share price rise exponentially on the basis of the China e-commerce phenomenon. Cross border e-commerce moved from being a possible avenue to sell to the China consumer to THE only way to sell to China.
Just as everything was going so well, suddenly major concerns surfaced about the very future of cross border e-commerce in China. These concerns were due to a raft of regulations that were issued in April 2016 by a number of Chinese regulators including Ministry of Finance (“MOF”), General Administration of Customs, State Administration of Taxation, Food and Drug Administration (“CFDA”), Ministry of Commerce, General Administration of Quality Supervision, Inspection and Quarantine.
Continue Reading “Keep Calm and Carry On”: Keeping up with China’s changing rules for cross-border e-commerce
China Launches New Tax Policies For Cross Border E-Commerce Retail Imports
By Customs & Trade Compliance Group, King & Wood Mallesons
1 Highlights of the New Tax Policies
China’s State Administration of Taxation, the Ministry of Finance and the General Administration of Customs released Circular on Tax Policies for Cross-border E-commerce Retail Imports (Circular) on March 24, 2016. The Circular, together with List of
Taking Immediate Action: Responding to Cross-border Fraud in China
By Mark Schaub and James Zhang King & Wood Mallesons’ Corporate & Securities Group
How It Happens?
It was an ordinary Tuesday morning in February when Mandy, a senior accountant in MCA Corporation Ltd, a major US machinery manufacturing company, received 2 emails from company’s CEO Steve Green. This email address was not Mr.
Taking Immediate Action: Responding to Cross-border Fraud in China
By Mark Schaub and James Zhang King & Wood Mallesons
How It Happens?
It was an ordinary Tuesday morning in February when Mandy, a senior accountant in MCA Corporation Ltd, a major US machinery manufacturing company, received 2 emails from company’s CEO Steve Green. This email address was not Mr. Green’s usual one but Mandy did not pay much attention to this since Mr. Green did on occasion use alternative email addresses.
The email came with the subject ‘Urgent and Confidential’. The first line of Mr. Green’s email stated “Below information is highly confidential, please communicate with me via this email and do not copy in anyone else”. Mandy read on. According to the email, Mr. Green was currently in China conducting a top secret M&A deal and was being supported by a firm named Elite Consulting. The email attached two bills from Elite Consulting requesting immediate payment of in total USD$4,320,000. As prompt and efficient as Mandy always is, she wired the amount on the same day to the Chinese bank accounts that was indicated in the email.
The next morning, Mandy was shocked to see Mr. Green pass by her office thinking ‘shouldn’t he be in China?’ All of sudden, the unfamiliar email address with nobody else copied, the mysterious consulting firm, top secret communications, urgent payment to China all pointed to MCA having been the victim of a fraud.
Continue Reading Taking Immediate Action: Responding to Cross-border Fraud in China
PBOC Issued Detailed Rules to Expand Cross-border Use of Renminbi in the Shanghai Free Trade Zone
By King & Wood Mallesons’ Banking Group
1. Overview
- On 20 February 2014, the People’s Bank of China (PBOC) issued the Measures Supporting the Expansion of Cross-border Use of Renminbi in the China (Shanghai) Pilot Free Trade Zone (《关于支持中国(上海)自由贸易试验区扩大人民币跨境使用的通知》)(PBOC Notice). The PBOC Notice provides various policy support in relation to the cross-border use of Renminbi (RMB) in the China (Shanghai) Pilot Free Trade Zone (FTZ), including: (1) cross-border RMB settlement for current account and direct investment; (2) individual RMB settlement account; (3) offshore RMB borrowings by FTZ entities; (4) two-way cross-border RMB cash pooling; (5) centralized current account RMB payments and collections; (6)RMB settlement for cross-border e-commerce; and (7) cross-border RMB trading.
Continue Reading PBOC Issued Detailed Rules to Expand Cross-border Use of Renminbi in the Shanghai Free Trade Zone