By Jinsong Zhang, Wei Kao, Zhengyi Pan King & Wood Mallesons‘ Finance & Capital Markets group

On September 13, 2017, U.S. President Donald Trump issued an executive order blocking a Chinese-backed private equity firm headquartered in Palo Alto, California, Canyon Bridge Capital Partners Inc. (“Canyon Bridge”), from buying a Hillsboro, Oregon-based chipmaker, Lattice Semiconductor Corporation (“Lattice”), for $1.3 billion, sending a signal that the U.S. will oppose China-related takeover deals that particularly involve in the high-tech sector. Continue Reading Trump Blocks His First CFIUS Deal – What Can We Learn from it?

By Dr. Sandra Link, LL.M.   King & Wood Mallesons’ Frankfurt office.

link_sDuring the last years, the number of Chinese outbound transactions to Germany have increased considerably and reached a record high in 2016. M&A transactions are quite complex processes, presenting a wide range of potential pitfalls for both buyers and sellers. Often, Chinese investors are not familiar with the particularities of the European market. Against this backdrop, the need to mitigate transactional risk is increasing in particular for Chinese investors.

The use of Warranty & Indemnity (W&I) insurance, has become commonplace in the US and European M&A markets over the last years. Whilst the product is less well-known in the Chinese market, the gap is starting to close and a leading W&I insurer has already established a Chinese desk in Germany to meet the special needs of Chinese clients. With SASAC having emphasized the importance of risk insurance in the context of outbound investments for SOEs in their regulation of 7 January 2017, we expect the importance of W&I insurance for Chinese outbound M&A to further increase. Continue Reading W&I insurance for Chinese investors in Germany

By King & Wood Mallesons

On March 20th, 2017, Xu Ping, partner at King & Wood Mallesons (KWM), was named one of the Top 10 M&A Lawyers in China for 2017 by Asian Legal Business (ALB) for her exceptional work in cross-border M&A transactions and the high praise and recognition she received from her clients. The list was compiled on the basis of various factors, including the significance of the M&A deals such candidate has advised on (as lead counsel) in the past 12 months, the representative and influential clients for whom such candidate represented, and the accolades and recognitions such candidate has received from the market, etc. Continue Reading Xu Ping, partner at King & Wood Mallesons, nominated as the Top 10 M&A Lawyers in China for 2017


Global M&A volume in 2015 exceeded $5 trillion, an all-time high. Booms inevitably raise questions about their sustainability, and it remains to be seen how long this one will last, but as of this writing M&A shows no signs of slowing.

Last year’s volume exceeded 2014’s by $1.4 trillion, as well as the prior 2007 record. One-third of the 2015 volume represented cross-border deals, approximately 40% of which ($637 billion) involved U.S. companies. Incoming deals to the United States were valued at $433 billion, also an all-time high.

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By Cheng Lim and James Walsh, King & Wood Mallesons

Tlim_cwalsh_jhe number of M&A transactions in 2015 has hit record highs, with volumes expected to increase by 11% from 2014, according to Bloomberg. Indeed, one of the hottest areas for M&A activity has been cybersecurity companies, with deals including AVG Technologies’ acquisition of Privax and Blue Coat systems’ acquisition of Perspecsys.

Cybersecurity is one of the top five business risks identified by major corpo­rates, particularly those in retail, health, and technology. Every day, we read of a new data breach somewhere in the world. Continue Reading The importance of cyber due diligence in M&A transactions

By Sharon Henrick, King & Wood Mallesons’ Sydney Office

henrick_sAustralia’s competition policy framework and laws are currently undergoing a wide-ranging review – the first comprehensive independent review of Australia’s competition framework since 2003. We explain the key developments and recommendations to date.


In its 2013 election campaign, the Coalition of Australia’s Liberal and National political parties proposed a ‘root and branch’ review of competition laws in Australia within its first 100 days of government. Continue Reading Reforming Australia’s competition landscape

Contributed by: Wachtell, Lipton, Rosen & Katz (New York) and King & Wood Mallesons (Beijing)

M&A was robust in 2014, hitting several noteworthy post-crisis high-water marks: total global volume reached US$3.5 trillion, cross-border volume reached US$1.3 trillion (37% of the total) and cross-border M&A involving U.S. companies reached US$770 billion (45% of which was incoming). Acquirors from Germany, France, Canada, Japan and the United Kingdom accounted for 67% of the incoming acquisitions into the U.S., and acquirors from China, India and other emerging economies accounted for approximately 7%. Cross-border deals announced in 2014 included some of the year’s largest, including many above US$10 billion and a number of real blockbusters. Continue Reading U.S. UPDATE – 2015 Checklist for Successful Acquisitions in the U.S.

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 Rupert Li  King & Wood Mallesons

People frequently observe the cultural barriers which the Chinese companies find difficult to overcome in relation to China’s nascent outbound investment program.  Since China is culturally and politically different from the mainstream trading countries, an attribution of the anguish on both sides of the negotiation table to cultural barriers is indeed tempting but often misplaced.  Any professionals operating in places other than in the rule setting non Anglo-American jurisdictions always have war stories to share with their colleagues.  The Mexican tycoons prefer to negotiate their deals in the smoking rooms of their vast hacienda guarded by private soldiers.  The Indians nod to signify their disapproval and shake their heads for approval, or sometimes vice versa.  The Japanese entertain their foreign guests with stylized geisha dance and ocean dainties of whale meat and blow fish.  Continue Reading Cross Border Transactions– How Many Hardships does China Need to Overcome?

By Zeng Xianwu King & Wood’s Foreign Direct Investment (FDI) Group

Since the reform and opening-up policy was introduced in 1978, especially in the past ten (10) years, the People’s Republic of China (the "PRC" or "China") has undergone significant changes.  China is a growth engine for the worldwide economy, fueling global expansion via higher output and trading relationships with other nations as well as greater contributions from domestic consumption.  Over last nine (9) months of 2011, China has already attracted contractual inbound foreign direct investment of USD177.8 billion.  Notwithstanding China’s status as one of the world’s largest economies, and the massive amounts of foreign money invested in China, the basic laws and rules in China governing foreign investment seems mysterious for those who want to invest in China or are accustomed to laws of their countries.

Continue Reading Overview of Doing Business in China