By Mark Schaub King & Wood Mallesons’ Corporate group

Why is China Relevant for International Companies?

China will be too big for international autonomous car suppliers and service providers to ignore. Biggest automotive market, continued strong growth, right infrastructure, ability for government to implement, early adopter consumers, popularity of car sharing and sharing economy, new and innovative companies on the rise all point to China being pivotal to the development of autonomous cars.
Continue Reading

By Stanley Zhou and Andrew Fei King & Wood Mallesons’ Finance & Capital Markets group

The Chinese government has announced that it will ease or remove restrictions on foreign ownership of Chinese securities and futures firms, fund managers, commercial banks, financial asset managers, life insurers and certain other financial institutions.  Subject to certain transition periods, these changes will allow foreign investors to own a majority and eventually a 100% stake in many types of Chinese financial institutions.  The announcement therefore represents one of the most significant steps China has taken to further open up the financial sector in the world’s 2nd largest economy. 
Continue Reading

By Song Ruiqiu and Lou Xiaohan King & Wood Mallesons’ Finance & Capital Markets group.

Middle Huaihai Road in Shanghai is home to a stately piece of architecture a well-known foreign owned Shanghai Redleaf International Women & Children’s Hospital (“Redleaf”). Incorporated on 9 December 2011, Redleaf had been operating from Middle Huaihai Road for over four years. As a hospital with high-end positioning, excellent medical staff, luxurious facilities, and quality services, Redleaf had attracted clients from all over the world. However, on 31 August 2017, Redleaf made a sudden announcement that it would be relocating its services to a different location at the request of the government.[1] The move that followed, happened almost overnight and, no doubt, brought with it significant consequences for the hospital, and its staff and patients.
Continue Reading

By Wu Ye and Luo Yi King & Wood Mallesons’ Corporate & Securities group

On 30 July 2017, a beautiful sunny Sunday in midsummer, without expectation the Ministry of Commerce (“MOFCOM”) issued two documents relating to foreign investment in China[1]. This was only two months after MOFCOM released draft measures.[2]

The inclusion in the record-filing system of foreign mergers and acquisitions  not involving special access administrative measures (negative list) and related-party M&A signals that foreign investment in China has entered an era known as the “Pre-establishment National Treatment (PENT) and negative list”.
Continue Reading

By Andrew Fei King & Wood Mallesons’ sydney office

On 18 August 2017, as part of the Chinese government’s ongoing efforts to regulate overseas investments by Chinese companies, China’s State Council published a set of investment guidelines (Guidelines) formulated by four key regulators – the National Development and Reform Commission, Ministry of Commerce, People’s Bank of China and Ministry of Foreign Affairs (collectively, PRC Regulators).
Continue Reading

By Malcolm Brennan, Stephen Brightman King & Wood Mallesons’ Canberra office.

 
An array of changes to Australia’s foreign investment framework took effect from 1 July 2017 under the Foreign Acquisitions and Takeovers Amendment (Exemptions and Other Measures) Regulations 2017 (Cth). The amendments will be of particular interest to private equity sponsors, and industry players in the renewables, aged care, student accommodation and other commercial real estate sectors. They will impact the types of acquisitions requiring FIRB approval, as well as introducing new types of exemption certificates. 
Continue Reading

By Huang Jianwen King & Wood Mallesons’ Commercial & Regulatory group

The Catalogue for the Guidance of Foreign Investment Industries (2017 Revision) (the “2017 Catalogue“) was issued by the National Development and Reform Commission and the Ministry of Commerce on 28 June 2017. It will come into force on 28 July 2017 and the Catalogue for the Guidance of Foreign Investment Industries (2015 Revision) (the “2015 Catalogue“) will be abolished therefrom.
Continue Reading