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In response to the COVID-19 pandemic, on March 27, 2020, President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”) into law, in what was the largest single economic rescue and stimulus package in the history of the United States. A significant component of the CARES Act was the Paycheck Protection Program (the “PPP”), a $349 billion program to assist small businesses, non-profits, the self-employed and others,[1] negatively impacted by COVID-19, to obtain loans.
Continue Reading SBA releases Interim Final Rule for Payment Protection Program

The COVID-19 outbreak in the United States has wreaked havoc on the U.S. economy.  In response, the U.S. government has taken extensive measures to stabilize and stimulate the economy.  The most recent such measure is a piece of legislation delivering an economic rescue package, the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”).  The CARES Act was passed by both Houses of Congress last week and was signed into law by President Trump on March 27, 2020.
Continue Reading The U.S. Government’s $2.3 Trillion Response to COVID-19

In Review of Shanghai’s Anti-Commercial Bribery Administrative Law Enforcement in 2019[1], an article published on 22 January 2020, we conducted a comprehensive review and summary of the anti-commercial bribery enforcement in Shanghai in 2019, and compared the data of 2019 with those of previous two years for analytical purposes.
Continue Reading Application of Law in Anti-commercial Bribery in Medical Field

On May 9, 2020 the China Banking and Insurance Regulatory Commission (the “CBIRC”) published the Interim Measures on the Administration of the Online Lending of Commercial Banks (Consultation Paper) (the “Consultation Paper”) on its website, soliciting comments from the public officially.  As the Interim Measures on the Administration of the Online Lending of Commercial Banks is an important regulation to be promulgated, which, among others, is indicated in the legislative plan of the CBIRC in 2020, the release of the Consultation Paper would accelerate the promulgation and implementation thereof.
Continue Reading Consultation Paper Issued to Regulate CB’s Online Lending Biz

On 5 May 2020, the People’s Bank of China (“PBOC”) and the State Administration of Foreign Exchange (“SAFE”) issued the Regulations on Fund Administration for Domestic Securities and Futures Investments by Foreign Institutional Investors (“New Regulation”, as supplemented with the FAQs published by SAFE[1]), introducing the latest round of reforms to the QFII and RQFII schemes – China’s two major inbound investment systems. The New Regulation will take effect on 6 June 2020.
Continue Reading Latest relaxations in the QFII and RQFII regimes

In preparation for a post COVID-19 world, Chinese outbound investors have begun to source for bargain deals in other countries, with markets characterised by corporate restructurings, low prices, depressed valuations, distressed assets, and fire sales. In this article, we briefly set out some suggestions for Chinese outbound investors when entering into bargain M&A deals in this unprecedented M&A landscape.
Continue Reading Bargain M&A deals in COVID19 – a guide for CHINESE odi investors

Recently, many foreign credit funds have their sights set on the Chinese market. With the further opening-up of the capital account and the Chinese government’s commitment to create a favorable business environment for foreign investment, there are now more channels and methods for foreign credit funds to invest in Chinese assets. The main asset types favored by foreign credit funds are Chinese real estate, non-performing assets and other types of credit assets portfolios, with investments being made using increasingly diversified structures. This article discusses the key channels through which foreign credit funds can invest in Chinese assets and the key PRC legal issues associated with them.
Continue Reading Opportunities for Foreign Credit Funds in China

The common wisdom is that CFIUS will not clear any China-related semiconductor deal. This isn’t true – Chinese acquisitions of US semiconductor companies have cleared at about the same rate—60%–as other technology deals during the Trump Administration. See our earlier 60-Second CFIUS on the CFIUS statistics during the Trump Years.
Continue Reading CFIUS: the Taiwan region Acquisition of US Semiconductor Company