On 2 November 2020, GDS Holdings Limited (“GDS”) was listed on the Main Board of the Stock Exchange of Hong Kong with the stock code 9698-SW. GDS issued a total of 160,000,000 Class A ordinary shares (subject to over-allotment) at a price of HK$ 80.88 each through international and Hong Kong public offerings. It is expected to raise HK$12.9408 billion (subject to over-allotment) through this global offering.
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Introduction to 2019 Top Ten Patent Reexamination/Invalidation Cases(Mechanical)
In the top 10 patent reexamination & invalidation cases of 2019 announced by the China National Intellectual Property Administration (CNIPA), five are related to mechanical technologies. According to the CNIPA, these cases were selected for their guiding value in certain topics typical for patent examination, as well as the considerable social attention focused on them. The opinions reflected in the Decisions of these cases would undoubtedly impose great influence on the practices of both substantial examination and invalidation, and can be cited as supporting reference or evidence to benefit similar cases. Therefore, we summarize below the case brief and introduce the focuses of the five invalidation cases of mechanical invention.
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Brief Comments on the Fourth Revision of Patent Law of China
The current Patent Law of China came into force in 1985 and was revised three times in 1992, 2000 and 2008, respectively. In order to keep up with developments of the times, the China National Intellectual Property Administration (hereinafter “CNIPA”) researched and drafted the Revision Draft of the Patent Law of the People’s Republic of China (Draft for purposes of Soliciting of Comments from the Public) (hereinafter “Revision Draft”) in accordance with the 2012 legislative work schedule of the State Council in China. The Revision Draft, published on August 10th, 2012 for comments, was followed by multiple drafts until a final draft was reached and submitted to the National People’s Congress of China for vote. On October 17th, 2020, the 22nd meeting of the Standing Committee of the 13th National People’s Congress of China passed the Decision on Revising the Patent Law of the People’s Republic of China. The newly revised Patent Law of China will come into force on June 1st, 2021. It took about 8 years to fulfill this fourth revision of Patent Law.
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No deal is safe: CFIUS ramps up investigations of “non-notified” transactions
CFIUS is stepping up its investigations into deals that were closed without a CFIUS filing. Chinese investors should self-assess their existing investments and make a judgment as to the risk of a post-closing CFIUS investigation.
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KWM Hong Kong maintains robust track record in offshore liability management transactions
King & Wood Mallesons (KWM) remains at the forefront in corporate restructuring & insolvency and onshore and offshore debt issuance, having recently advised on three offshore liability management transactions. These transactions involved cash tender and exchange offer of New York law governed high-yield notes.
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Biosecurity Law — A Landmark Law to Be Released Soon
Biosecurity is a new area of the national security system, and the basic law, Biosecurity Law (“the law” hereinafter), is expected to be officially implemented in October after several rounds of deliberations. Biosecurity Law is a regulation occupies a vital position in the legislation filed, covers a wide range of fields and highly technical. The party who breaks the law may face a huge penalty of up to 10 million yuan or ten times the illegal income and serious criminal liability. As the first article, we will start with the basic legal concepts of biosecurity, and explain the legislative background and important content of the draft. We will also continue to follow up and provide our further interpretation and explanation after the formal approval of the law.
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King & Wood Mallesons advises Amundi BOC Wealth Management on obtaining the CBIRC approval for opening the first foreign-investor controlled wealth management joint-venture
On September 24, 2020, the China Banking and Insurance Regulatory Commission (“CBIRC”) approved the opening of Amundi BOC Wealth Management Co. Ltd. (hereinafter referred to as “Amundi BOC Wealth Management”). Amundi BOC Wealth Management is the first foreign-controlled wealth management company established in China and approved to open by CBIRC.. According to the approval of CBIRC, Amundi BOC Wealth Management has a registered capital of RMB 1 billion and its registered place is Shanghai Lingang Free Trade Zone. It mainly engages in the issuance of publicly offered wealth management products, the issuance of privately offered wealth management products, wealth management advisor, consulting and other asset management related businesses.
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A new chapter for (R)QFIIs – more than meets the eyes
We welcome the recent publication of the long-awaited rules for (R)QFIIs on 25 September 2020 (“New (R)QFII Rules”[1]) by the China Securities Regulatory Commission (“CSRC”) following its two consultation papers in 2019. The New (R)QFII Rules will take effect on 1 November 2020.
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Four Key Issues on China’s Unreliable Entity List
Written by: Wang Feng, Dai Meng hao Regulatory& Compliance Group
With the introduction and implementation of the Provisions on the Unreliable Entity List (the “UEL Provisions”) by the Ministry of Commerce of the PRC (MOFCOM) on 19 September 2020, China’s legislation on the Unreliable Entity List (UEL), which started in May last year, has finally made substantial progress. As the first blacklist for trade control and sanction in China, it has drew intensive attention from multinationals in terms of its follow-up implementation and the regulatory scope. In light of this, we would like to explore several issues of common concern that may arise in the implementation of the UEL Provisions based on the UEL Provisions, the regulations on anti-boycott in trade control of some foreign countries and regions and our experience. We also look forward to further discussion with you.
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Revision of the Catalogue of Technologies Prohibited or Restricted from Export of the PRC
Written by: Jing Yunfeng Li Jia Wang Hui Li Xinyan Corporate&Commercial Group
Introduction
The revised Catalogue of Technologies Prohibited or Restricted from Export of the PRC (“Catalogue“) was finally issued on August 28, 2020. This is the first revision of the Catalogue since 2008, coinciding with an extremely special period of China-US relations. Therefore, the Catalogue aroused wide attention at home and abroad. We will interpret the adjustments made to the Catalogue in the form of Q&A to assist enterprises in improving their internal control systems for technology export compliance and effectively guarding against relevant legal risks.
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