By King & Wood Mallesons’ Dispute Resolution Group

Over the past few years, revolving trade crises have frequently occurred in China, such as the steel trade crisis in 2011 in Southern China and the financing fraud case in Qing Dao last year. In these cases, many large state-owned enterprises were caught in crises of revolving trade. In particular, the Qingdao Port Case attracted worldwide attention.

With our previous legal practice experience in these cases, we discuss the relevant issues regarding revolving trade and treatment methods for enterprises.
Continue Reading The risk and treatment of revolving trade

By WACHTELL, LIPTON, ROSEN & KATZ:Adam O. Emmerich Robin Panovka David A. Katz;King & Wood Mallesons:Wang Kaiding  Jing Gang  Wang Lianghua

More than 40% of global M&A in 2012 involved acquirors and targets in different countries, including $170 billion of acquisitions in the U.S. by non-U.S. acquirors. Given the continuing accumulation of U.S. Dollars in emerging economies, many expect the trend to continue as Dollars are re-invested in the U.S. Natural resources will continue to be an important part of this story, including in the U.S., where substantial non-U.S. investment has been an important trend, as well as in resource-rich developed nations such as Canada and Australia, where non-domestic investment has lately been highly controversial.
Continue Reading Cross-Border M&A – Checklist for Successful Acquisitions in the U.S.

By: Gao Chunkai, He Yunfan and Li Lingxiao of King and Wood’s Foreign Direct Investment Group

I. Background

On May 20, 2011, the State Administration of Foreign Exchange ("SAFE") issued the Circular of the SAFE on Operating Rules Concerning Financing and Round-Trip Investment Undertaken by Domestic Residents through Overseas Special-Purpose Vehicles (1)( "Circular 19" or "New Operating Rules"), which took effect on July 1, 2011. This Circular provides new operating rules for the foreign exchange registration with the SAFE of round-trip investments made through special-purpose vehicles ("SPV") and non-SPVs.


Continue Reading Brief Analysis of Rules Covering Financing and Round-Trip Investment by Domestic Residents through Overseas Special-Purpose Vehicles

作者:高醇恺、李凌霄和贺云帆 金杜律师事务所外商直接投资
一、背景介绍

国家外汇管理局(“外管局”)于2011年5月20日颁布了《境内居民通过境外特殊目的公司融资及返程投资外汇管理操作规程》(1)(“19号文”或“新操作规程”),为特殊目的公司、非特殊目的公司返程投资相关的外汇登记提供了新的操作依据。

外管局曾于2005年10月21日颁布了《关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知》(2)(“75号文”),之后外管局综合司先后于2005年、2007年和2009年颁布了《国家外汇管理局综合司关于下发<关于完善外债管理有关问题的通知>及<关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知>操作规程的通知》(3)(“124号文”)、《国家外汇管理局综合司关于印发<国家外汇管理局关于境内居民通过境外特殊目的公司融资及返程投资外汇管理有关问题的通知>操作规程的通知》(4)(“106号文”)及《国家外汇管理局综合司关于印发<资本项目外汇管理业务操作规程(2009年版)>的通知》(5)(“77号文”,与124号文和106号文统称“旧操作规程”)。目前就境内居民通过境外特殊目的公司融资及返程投资相关的外汇事宜主要是适用77号文。


Continue Reading 《境内居民通过境外特殊目的公司融资及返程投资外汇管理操作规程》解读

Interview of Roy Zhang of King & Wood’s Banking Department by Zhang Tianhui and He Ran of King & Wood’s Publications Group

Financing is a critical consideration in M&A transactions. For a long period of time, financing large scale strategic M&As of listed companies in China has been a bottleneck. As such, it is important for companies to study successful M&A experiences from abroad and develop additional venues and tools for financing and venues for such transactions.


Continue Reading Financing Mergers & Acquisitions in China Today

By John Lo, Partner, Corporate, King & Wood–Hong Kong

To a large extent, angel investment in Hong Kong has so far revolved around individual investors rather than institutions. It is useful to examine local angel financing activities by looking at the angel profiles.To date, no systematic research has been conducted regarding the number or makeup of business angels in Hong Kong. General observations indicate that the following groups, not in any order, have been spearheading the efforts: (a) former VC practitioners; (b) individuals who have made money from entrepreneurial activities or as angels; (c) second generation of the leading business families; (d) professionals such as lawyers, doctors and accountants; (e) tech executives and professionals; (f) well-to-do manufacturers who made their initial fortunes with investments in China; and (g) returnees or overseas Chinese with exposure to angel investment elsewhere.
 


Continue Reading Angel Investing in Hong Kong: Part III Angel Profiles & Networks