By Jingjing Jiang and Miao Wang, King & Wood Mallesons’ Hong Kong office.

On September 3, 2016, the Standing Committee of the National People’s Congress of the PRC promulgated the “Decision regarding the Amendment of the Four Statutes Including the ‘Law of the People’s Republic of China on Wholly Foreign-Owned Enterprises’” (“Decision”). The

By Zhang Yi, Alan Du and Hu Xia King & Wood Mallesons’ Securities Group Shanghai Office

In the April, 2012, it was reported by various media sources that the National Development Reform Commission (NDRC) had issued certain policies requiring that an RMB fund (the “FIE GP Fund”) with a foreign invested enterprise (FIE) acting as the general partner (the “FIE GP“) and domestic investors (exclusive of FIEs established in China) acting as limited partners be regarded as a foreign investor. Being defined as a foreign investor means that the portfolio investments of such a FIE GP Fund shall be subject to foreign investment approvals, which are read by the public as referring to approvals from the Ministry of Commerce or its local counterparts(MOFCOM).
Continue Reading NDRC Reply on RMB Fund with FIE GP

By: Yi Zhang,  King & Wood’s  Securities & Capital Markets Group 


Legislative research on industrial investment funds started in early 2000. Since the official administrative regulations regarding such funds have not yet been publicly released, the government has been concurrently implementing pilot projects and draft administrative regulations on the subject.

During the pilot period, the National Development and Reform Commission (NDRC) drafted the Administrative Regulations on Industrial Investment Funds, later changing the name to the Administrative Regulations on Private Equity Funds in order to make them applicable to the entire private equity fund industry.

Continue Reading Establishing renminbi private equity funds