China’s bond market is the world’s third largest bond market in the world in terms of trading volume. China has two main bond markets: the inter-bank bond market (“Inter-bank Bond Market”), which is primarily regulated by the People’s Bank of China (“PBOC”)
The 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 King & Wood Mallesons’ Dispute Resolution Group
Over the past few years, revolving trade crises have frequently occurred in China, such as the steel trade crisis in 2011 in Southern China and the financing fraud case in Qing Dao last year. In these cases, many large state-owned enterprises were caught in crises of revolving trade. In particular, the Qingdao Port Case attracted worldwide attention.
With our previous legal practice experience in these cases, we discuss the relevant issues regarding revolving trade and treatment methods for enterprises.
Continue Reading The risk and treatment of revolving trade
Since the global financial crisis in 2008, China has seen explosive growth in overseas investment. The Ministry of Commerce forecasts that the size of China’s outbound direct investment will exceed that of foreign capital utilization for the first time in 2015.  Australia is one of the earliest countries which Chinese companies have gone out for, and is the second largest target for China’s overseas investment, second only to the United States. Mining is undoubtedly the industry that has attracted most investment from China into Australia. Although there has been a decline in China’s investment into the Australian mining industry in recent years due to factors such as the falling market demand, carbon tax policy, the emergence of alternative countries with resources, the investment in the mining industry in Australia continues to account for the majority of the total investment value.
Continue Reading Factors for Successful Chinese Investment in the Australian Mining Industry: A Case Study of Baosteel Consortium’s Acquisition of Aquila
On 19 July 2014, state-owned enterprise Tsinghua Unigroup Ltd. (“Tsinghua Unigroup“) and RDA Microelectronics, Inc. (“RDA”) jointly announced the completion of the US$907 million merger and acquisition of RDA (“Merger”). The announcement noted that the Merger was completed according to the Agreement and Plan of Merger previously announced on 11 November 2013 and amended on 20 December 2013 (“Merger Agreement”). The Merger Agreement contemplated that the Merger was to be executed through Tsinghua Unigroup’s overseas subsidiary company, and when the Merger is completed, RDA would launch into its delisting procedures.
Continue Reading Tsinghua Unigroup and RDA deal closed, but controversy far from over