information disclosure

by Feng Ai and Chen Xunan  King & Wood’s Finance Group

In the process of an Initial Public Offering ("IPO"), the issuer’s intellectual property ("IP"), such as trademarks, patents, copyrights and know-how, is often directly related to the issuer’s competitive advantage and long term profitability. The Examination and Verification Committee of the China Securities Regulatory Commission ("Examination and Verification Committee") often takes this fact into consideration.

I. IP Issues Arising from A share IPOs within Legal Framework

This article focuses on IP rights from the perspective of A share public offerings, and particularly on trademark, patent, know-how and copyright issues that have caught the attention of the Examination and Verification Committee.Continue Reading Intellectual Property Issues Arising from A Share Initial Public Offerings

作者:冯艾  陈旭楠 金杜律师事务所融资

A股首发上市(Initial Public Offerings,简称“IPO”)过程中,发行人的商标、专利、专有技术、版权等知识产权(Intellectual Property,简称“IP”),直接关系到发行人的核心竞争力、持续盈利能力等,历来为审核部门的关注重点。



A股IPO法律规范框架内,与IP相关的核心规定主要散见于《首次公开发行股票并上市管理办法》、《首次公开发行股票并在创业板上市管理暂行办法》、《中国证券监督管理委员会股票发行审核委员会审核工作指导意见》等规范性文件。Continue Reading A股首发上市视野下的知识产权问题

By King & Wood’s Securities Group

Following the promulgation of the Notice on Further Regulating the Administration of Development and Filing of Equity Investment Enterprises in Pilot Areas (the "Pilot Rules") by the National Development and Reform Commission (the "NDRC") on 31 January 2011 and positive feedback from the six pilot areas, the NDRC is now determined to apply its administration and filing system to equity investment enterprises ("EIEs") across the nation. 

On November 23, 2011, the NDRC promulgated its first set of nationwide rules on the administration of equity investment enterprises, the Notice on Promoting Regular Development of Equity Investment Enterprises (the "Notice"). The main objective of the Notice is to standardize the establishment and operation of private equity funds.  This Notice evolved from the Pilot Rules and has addressed five major topics.  Together with the Notice, the NDRC also issued a set of forms for filing and guidance for EIEs’ constitutional documents (i.e. guidance on articles of association/partnership agreement of EIEs, guidance on the fund raising prospectus, etc.).Continue Reading NDRC Standardizes Private Equity Funds Filing System