On 5 May 2020, the People’s Bank of China (“PBOC”) and the State Administration of Foreign Exchange (“SAFE”) issued the Regulations on Fund Administration for Domestic Securities and Futures Investments by Foreign Institutional Investors (“New Regulation”, as supplemented with the FAQs published by SAFE[1]), introducing the latest round of reforms to the QFII and RQFII schemes – China’s two major inbound investment systems. The New Regulation will take effect on 6 June 2020.
Continue Reading Latest relaxations in the QFII and RQFII regimes

Continue Reading 境外机构投资者(QFII/RQFII)政策的最新开放

作者:马绍基萧乃莹、牟牧、吴颖敏、Marina Lauer 金杜律师事务所香港办公室

mazzochi_rsiu_m明天,明晟公司(MSCI Inc.)(“MSCI”)将公布其《2017年度市场分类评估》的最终结果,而中国A股在连续三年尝试后能否突围成功,被纳入到明晟新兴市场指数(MSCI Emerging Market Index)中,一直备受市场关注。明晟公司将根据其《全球可投资市场基金方法论》得出最终的评估结果,这套方法论融合了其市场准入标准的18种具体评估办法。如果明天的评估能够支持纳入中国A股,将成为中国股权市场的又一突破性发展,从而获得投资基金及金融产品的青睐,促使他们在重新进行资产配置的过程中逐步考虑中国A股。
Continue Reading 明晟公司(MSCI)将于明日发布《2017年度市场分类评估》:万事俱备,只欠东风?

By Minny SiuRichard Mazzochi, David Mu, Jessie Ng and Marina Lauer King & Wood Mallesons’ Hong Kong office.

Tomorrow, MSCI Inc. (“MSCI”) will release the results of its 2017 Annual Market Classification Review. There has been intense market focus on whether China A-shares will be, after the previous 3 attempts, included in the MSCI Emerging Markets Index.MSCI’s decision will ultimately be based on its Global Investable Markets Indexes Methodology, which includes 18 measures across its market accessibility criteria. If tomorrow’s review supports the inclusion of China A-shares, this would be another significant breakthrough for China’s equity market and attract new mandates from investment funds and financial products rebalancing their asset allocation to include China A-shares.
Continue Reading MSCI’s 2017 Annual Market Classification Review due tomorrow: a recap of what’s at stake for inclusion of China A-shares

By  King & Wood Mallesons’ Tax Group

On 31st October, 2014, the Ministry of Finance, State Administration of Taxation (SAT) and China Securities Regulatory Commission jointly published Cai Shui [2014] No.79 (Circular 79) to clarify enterprise income tax (EIT) policy for capital gains with respect to QFIIs/RQFII. Under Circular 79, QFIIs/RQFIIs are temporarily exempt from EIT on China-sourced capital gains derived from transfer of equity investment assets (including shares) effective from 17th November, 2014. However, at the same time, it provides that the abovementioned capital gains derived prior to 17th November, 2014 shall be subject to Chinese EIT. 
Continue Reading Chinese Tax Authorities will recently commence tax cleaning-up activities targeting incomes of QFIIs/RQFIIs

作者:金杜律师事务所 税务组

Continue Reading 中国税务局将对QFII/RQFII展开追征税款专项清理活动

作者:董刚 章慈 金杜律师事务所税务

Continue Reading 沪港通、QFII、RQFII税收新政