Apac Insider issue 1

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APAC Insider Magazine / Issue 1

GE Announces Over $1 Billion in Orders from Asia Pacific Customers Rapid economic growth across Asia Pacific has led to the demand for power to soar, fuel prices to rise and environmental and financial regulations to tighten.

India Announces New Partnership to Accelerate Financial Inclusion for Everyone Government of India joins the United Nations’ Better than Cash Alliance to share success stories from the world’s largest financial inclusion programme.

Plus: News, Appointments, Profiles & more


DEEP & FAR Attorneys-at-Law 13th F1., No. 27, Sec. 3, Chung San N. Rd. Taipei 104, Taiwan, R.O.C. Tel: +886-2-2585-6688 Fax: +886-2-25989900/25978989 email@deepnfar.com.tw Deep & Far was founded in 1992 and is one of the largest law firms in this country. The firm is presently focused on the practice in separate or in combination of all aspects of intellectual property rights (IPRs) including patents, trademarks, copyrights, trade secrets, unfair competition, and/or licensing, counseling, litigation and/ or transaction thereof. Since this firm edges itself into the IPRs field, the firm quickly comes to fame. As an illustration, this firm often is one of the largest sources from which foreign filing orders originate. The fascinating rise of this firm begins from the founder of Deep & Far attorneysat-law, C. F. Tsai, who is the one first patent practitioner in this country who both has technological and law backgrounds and is qualified as a local attorney-at-law. The patent attorneys and patent engineers in this firm normally hold outstanding and advanced degrees and are generally graduated from the top five universities in this country and/or the university in the US. Our prominent staffs are dedicated to provide the best quality service in IPRs. As a proof, about one half of top 100 incorporations in this country have experiences of seeking patented their techniques, but more than one fifth of the top 100 incorporations are/were clients of this firm. Furthermore, Hi-Tech companies in the science-based industrial park located at Hsin Chu play an important role in booming the economy of this country. About one half of which have experiences in seeking patented their techniques, and out of more than 60% of the patent-experienced companies in that park have ever entrusted their IPR works to this firm. We have experienced in seeking IPR-protections for our clients in more than 100 territories all over the world. We have thousands of IPR-cases respectively prosecuted before official Patent Offices of major industrialized countries. This firm not only is the most competent in IPR-related matters in this country but also is very familiar with IPR-practices in major industrialized countries. As a matter of fact, this firm oftentimes tries and makes precedents of new claim-drafting styles. While we might have become wonderfully famed locally with remarkable appreciation and respects, we would like to extend our services for internationalized or quality service-requiring foreign conglomerated giants, corporations or individuals. We strongly believe that we will win more

www.deepnfar.com.tw


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Contents 4. News 12. Appointments

Profiles

14. Hylands Law Firm 16. Kafrouni Lawyers 18. Lall Lahiri & Salhotra 22. Lee, Tsai & Partners 24. Pang & Co. in Association with Loeb & Loeb LLP

Features

26. India Announces New Partnership to Accelerate Financial Inclusion for Everyone 30. Gen Y and Baby Boomer Create a $5M Company in 3 Years with #1 Products in App Store, Buzinga App Development 32. GE Announces Over $1 Billion in Orders from Asia Pacific Customers 36. Defying Reality and Gravity 40. Businesses in Asia Pacific overwhelmed by real-time data RSS Share 44. Corporate Restructuring to Significantly Increase across Asia-Pacific Experts Survey 48. Energy Development Corp Financing for Burgos Wind Farm Project

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APAC Insider Magazine / Issue 1

news

8x8 Expands Asia Pacific Presence and Signs Reseller Agreement with CSG

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Increases Enterprise Cloud Communications Footprint in Australia, New Zealand and Extends Company’s Global Reach® Initiative.

nications solution to a broader customer segment in one of the fastest growing technology hubs for enterprise communications.”

London — 20th August, 2015 — 8x8, Inc. (NASDAQ:EGHT), a leading provider of cloud-based unified communications and contact centre solutions, announces that the company has expanded its presence in Asia Pacific and has signed a new reseller agreement with ASX listed CSG, a leading business technology and communications solutions specialist. As part of the agreement, CSG will serve as an 8x8 channel partner for Asia Pacific and resell the company’s entire portfolio of enterprise cloud communications solutions to the Australian and New Zealand markets – including its award-winning Virtual Office and Virtual Contact Centre solutions.

8x8 Product Innovations Solve Critical Business Communications Needs

CSG takes an integrated ‘cloud-first’ approach to help its customers maximise productivity and reduce costs. As part of its 8x8 go-to-market strategy, CSG will launch a new service to onboard employees with a turnkey offering that bundles 8x8 cloud communications solutions with telephony hardware, a laptop, online file storage and back-up in a complete end-user package—all supported by the company’s national service team. CSG customers will benefit from the simplicity and ease of this rapidly deployable, pre-configured bundle for a simple and predictable monthly cost. CSG’s cloud solutions sold as a service also scale to suit the larger enterprise, and 8x8’s Virtual Contact Centre will be a critical solution for this market. CSG’s Chief Executive Officer, Julie-Ann Kerin said, “I am extremely pleased that 8x8’s world-leading Virtual Office and Virtual Contact Centre products are now part of our ever-expanding, innovative cloud solutions portfolio. We work with some of the world’s leading technology brands and are delighted to have 8x8 as one of our key partners.” “Our partnership with CSG allows 8x8 to further extend its footprint and better serve our valued customers in Asia Pacific as part of our ongoing Global Reach strategy,” said Vik Verma, 8x8 CEO. “The growing demand for enterprise cloud communications in key international markets such as Australia and New Zealand has become critical for our customers. CSG has a valued reputation and broad footprint across Australia and New Zealand, enabling us to offer a highly innovative enterprise cloud commu-

As the only integrated communications platform, 8x8 combines core business telephony and contact centre functionality onto a single, secure cloudbased platform. By integrating the company’s Virtual Office and Virtual Contact Centre solutions, 8x8 helps businesses eliminate the gap between their contact centre agents and other employees to deliver superior customer service. 8x8’s Virtual Office is a sophisticated, highly affordable, enterprise-class phone service over the Internet. Virtual Office provides essential enterprise-class telephony and unified communications features including, auto attendants, an online dashboard, soft phones, and mobile apps. Chat, presence management, third party CRM and ERP integrations, and powerful analytics are also a critical part of this business telephony solution. In May, 8x8 was awarded the number one ranking in the IHS Infonetics’ Annual “Cloud UC Service Provider North American Scorecard” report for the second consecutive year. Additionally, 8x8 introduced VCC Global, the first cloud-based contact centre solution that seamlessly connects an organisation’s international agents over a single platform with integrated presence, multi-lingual chat with automatic translation, call routing, reporting and management. VCC Global is a highly innovative ‘Follow-the-Sun’ solution that uses local connectivity and natural language translation to provide personalised customer experiences worldwide. “8x8 has been gaining impressive traction globally for years and is now leading the charge to truly disrupt the market with its innovative, integrated cloud communications platform,” continued CSG’s Kerin. “The business communications market in Asia Pacific demands the highest levels of quality of service, uptime and security – and together, 8x8 and CSG deliver. 8x8 is a critical component of our go-to-market strategy, and we are now well positioned to offer best-in-class communications solutions to aggressively compete in the region. We are excited to team to provide a highly differentiated cloud communications portfolio for the evolving, burgeoning enterprise APAC market.”


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AsiaInfo to Acquire Trend Micro Chinese Subsidiary Assets to expand industry leadership in data and cloud security. AsiaInfo Technologies (China) Co., Ltd. and Trend Micro (China) Co., Ltd., a wholly owned subsidiary of Trend Micro International, have jointly announced that AsiaInfo intends to acquire all of Trend Micro China’s business, including licensing of product and technology rights within the China market. The acquisition represents AsiaInfo’s commitment to emerge as the industry leader in big data and cloud security to help make the digital exchange of information more secure, reliable and intelligent for Chinese customers. This agreement will solely encompass business within China. “The acquisition enriches AsiaInfo Group’s information security product architecture, strengthening our advantage in both customization and integration,” said Zhang Fan, president of AsiaInfo’s security department. “This allows AsiaInfo to further expand into other sectors, such as finance, education, manufacturing and healthcare. The agreement will not only provide a broader market for future growth, but also protect national security through the creation of independent control of information technology development.” AsiaInfo is China’s largest provider of IT solutions and services in the telecommunications industry with over one billion customers in more than ten countries. Trend Micro is the world’s largest independent provider of security software, and is a leader in server, virtualization, mobile and cloud security solutions. In addition, through its 15 research laboratories, Trend Micro responds to cyber threats worldwide. “As a global industry leader, Trend Micro has delivered proven security technologies trusted by customers for more than two decades,” said Oscar Chang, Greater China sales executive vice president, Trend Micro. “This agreement with AsiaInfo will provide localized security services to organizations and businesses throughout China. We believe this will help better provide Chinese customers with innovative products and solutions.”

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Brands in China Fail To Deliver Excellent Customer Experience In the age of the customer – a 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers – improving customer experience is a top priority for businesses in China. However, according to the Customer Experience Index, China 2015 from Forrester Research, none of the companies surveyed rated excellent, and 80 percent are delivering merely mediocre customer experience. Based on a survey of 9,000 Chinese consumers, the CX Index™ measured and ranked 60 brands in China, across 5 industries, on the quality of their customer experience and impact on customer loyalty. Of the five industries, the financial services sector emerged as leaders, while traditional retail and eCommerce brought up the rear in the brand rankings. “With only 15% of the brands evaluated in the 2015 China CX Index rated as good, brands in China have multiple opportunities to improve the quality of their customer experience to build and sustain long-term customer loyalty,” said Ryan Hart, Forrester Research principal analyst serving customer experience professionals. “Meeting the basic needs of customers is the first step before embarking on loyalty programs, which could lead to winning customer emotions by making them feel more valued. Customer experience leaders made customers feel valued almost twice as often as CX laggards did.”


APAC Insider Magazine / Issue 1

news

EU Free Trade Deal Makes Vietnam Key Investment Opportunity

New deal promises to remove all trade and investment barriers as well as tariffs which will make the country even more attractive to investors. The new deal, which has will open up the Vietnamese market to European investors, comes following two and a half years of intense negotiations. This agreement, which still needs to be fully finalised and approved, will remove nearly all tariffs on goods traded between the two economies.

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Commissioner Cecilia Malmström, who helped to organise the deal said: “We have a deal. This finely balanced agreement will boost trade with one of Asia’s most dynamic economies. It sets a new, better and modern model for Free Trade Agreements between the EU and developing countries, and establishes a good standard for the trade relationship between the EU and South East Asia as a whole. “Vietnam is a growing economy and once this agreement is up and running, it will provide significant new opportunities for companies on both sides, by increasing market access for goods and services. Over 31 million jobs in Europe depend on exports, so having easier access to a growing and fast developing market like Vietnam, with its 90 million consumers, is great news. And Vietnam’s exporters will now get much easier access to the EU for their products, giving an important boost to the Vietnamese economy. Both sides have worked extremely hard in the past few months to achieve this breakthrough”.

This agreement is the first of its kind that the EU has concluded with a developing country. As such, the ambitious and symmetrical liberalisation agreed upon – with a transition period to allow Vietnam to adapt – breaks new ground compared to other EU agreements with developing countries. It shows the shared conviction of the EU and Vietnam that trade is essential to growth, the creation of jobs and sustainable development. Besides eliminating tariffs, Vietnam will also remove almost all of its export duties. The agreement will also create new market access opportunities in services and investment. Vietnam has agreed to liberalise trade in financial services, telecommunications, transport, and postal and courier services. On investment, Vietnam will open its market to the EU, for instance by removing or easing limitations on the manufacturing of food products and beverages, as well as in the non-food sectors. The agreement will also improve the protection in Vietnam of Geographical Indications (GIs) representing EU flagship agricultural products, such as Champagne, Parmigiano Reggiano cheese, Rioja wine, Roquefort cheese and Scotch Whisky. Vietnamese GIs too will be recognised as such in the EU, providing the adequate framework for further promoting imports of quality products such as Mộc Châu tea or Buôn Ma Thuột coffee.


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High Levels Of Consumer Optimism Beginning To Recede In Asia Pacific While consumers in Asia Pacific remain generally optimistic about the future, the level of optimism is beginning to recede in a number of markets, according to the MasterCard Index™ of Consumer Confidence, released today. The decline comes off the back of a ten year high in optimism levels in the second half of 2014 and reflects an increasingly uncertain economic outlook. Between May and June 2015, 8,718 respondents, aged 18 to 64 in 17 Asia Pacific markets, were asked to give a six-month outlook on five economic factors including the economy, employment prospects, regular income prospects, the stock market and their quality of life. The Index is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral. KEY APAC FINDINGS • Collectively, Asia Pacific markets remain optimistic – levels of optimism remain stable at 66.1 Index points in H1 2015 compared to 68.3 Index points in H1 2014. This stability reflects the fact that the most pessimistic markets are showing signs of improvement while the most optimistic are showing decreased confidence. • People in Indonesia, Thailand and Myanmar remain generally optimistic but consumers have shown significant deterioration in their confidence from very high levels 6 months ago. • While optimism remains high overall, there is still significant variation between markets in the region. Australia is the only pessimistic market at 39.5 Index points, while India, with 93.1 Index points is the only market in Asia Pacific in which consumers are ‘extremely optimistic’ about economic prospects over the next six months. • Consumer confidence in China and Hong Kong were shown to be stable, remaining optimistic. However, it is very important to note that the survey was conducted between May and June, before the fall in the Chinese stock market. There was no indication that confidence in the stock market would fall, and in the survey, the local stock market component is in optimistic territory at 81.3 Index points for China and 80 Index points for Hong Kong. • Meanwhile Australia, Taiwan, and Japan showed improvement in consumer confidence. However they started off at either a pessimistic or neutral base.

1000 Words / Shutterstock.com

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QBE appoints Mark Lingafelter as Asia Pacific Managing Director QBE Insurance announced the appointment of Mark Lingafelter as the Managing Director of its Asia Pacific region with effect from 1 September 2015. In this role, Mark will be accountable for the ongoing execution of the QBE Asia Pacific Profitable Growth Strategy and the continued development of the Asia Pacific region into a growth engine for the QBE Group. He will oversee the underwriting and distribution functions as well as the management of all QBE operations across Asia Pacific. David Fried, Chief Executive Officer, Emerging Markets, QBE Insurance Group said: “This leadership appointment represents another key milestone in the further strengthening of our regional senior management capabilities. Mark brings with him a wealth of experience in product, underwriting and distribution. He also has a proven track record of growing businesses profitably in Asia and Australia, in addition to implementing strategic change initiatives. We are confident that Mark will help drive the expansion of our business in this region by further leveraging our Asia Pacific Profitable Growth Strategy.” Prior to joining QBE, Mark held various senior positions with Chubb Insurance Company in Australia, Hong Kong and Singapore, having spent more than 30 years with the company. His last role with Chubb was as the Managing Director and CEO for the firm’s Australian operation for 10 years. Prior to this, Mark was the CEO of Federal, Hong Kong, and the Country Manager for Federal, Singapore – both part of the Chubb Group. Before taking up the country management roles, Mark was also an Underwriting Manager with Chubb in Asia as well as the United States.


APAC Insider Magazine / Issue 1

news

Stork Extends Regional Footprint with Strategic Acquisition in Australia

Stork has signed an agreement to acquire Giovenco Industries (Aust) Pty Ltd (Giovenco) in Australia, a leading industrial services group with a track record of over 60 years of service to key clients.

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Giovenco currently has revenues of around AUS$ 150 million and provides fabric maintenance and mechanical services, predominantly to clients in the oil, gas and natural resources sectors. The services that Giovenco provides include, design and installation of access systems, surface preparation and finishing, insulation fabrication and installation and tank cleaning and repair. The company currently has approximately 875 employees. The acquisition also includes the Giovenco Industries 50% stake in a Joint Venture for a multi-million dollar contract for painting, insulation and fireproofing on Chevron’s Wheatstone LNG Plant in Onslow in Western Australia. Giovenco is headquartered in Ingleburn (Sydney), has activities throughout Australia, primarily in New South Wales, Queensland, and Western Australia. The company operates from office and workshop hubs located in Sydney, Perth, Brisbane, Surat Basin (Chinchilla) and Gladstone as well as project field offices on client project sites, including refineries and terminals at Lytton (Qld), Kurnell (NSW), Curtis Island (Gladstone) and at the Wheatstone LNG project (WA).

Paul Giovenco, CEO of Giovenco: “The acquisition by Stork will support Giovenco’s growth ambitions. Stork has a solid reputation in Australia. We will have access to Stork’s full portfolio of services and innovations, allowing us to provide our customers with a broader scope of services.” Arnold Steenbakker, CEO of Stork: “Giovenco has a good track record both in providing value to their customers and in safety, a core value in both companies. We welcome Paul Giovenco and the entire management team at Giovenco into Stork. We are both confident and excited that the current presence of Giovenco on various client sites, many of which where we are co-located, will provide a great platform to support operators as they transition from the construction phase into full scale operations during the life cycle of their facilities.’’ Stork has secured two new committed credit facilities to finance the acquisition and facilitate the future growth in Australia.


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Trade Pact in Asia Pacific Could Remove 80% of Tariffs in the Next Decade Talks have resulted in a major breakthrough during regional free trade deal. 16 Asia Pacific countries and their trade ministers agreed to cut their trade tariffs, on imports, by 80% within the next 10 years. The talks involved the 10 members from the Association of Southeast Asian Nations and China, South Korea, Japan, Australia, New Zealand and India. They have been negotiating to push through a trade pact known as the Regional Comprehensive Economic Partnership of RCEP for the last 2 years, which has been slowed by issues of modality in goods until the recent vow. “The biggest issue we resolved today was agreement on modality in goods, meaning the level of tariff reduction,” Malaysian International Trade and Industry Minister Mustapa Mohamed said in a press conference at the end of the ministerial meeting, adding “I consider this to be a major achievement.” The ministers agreed that upon being put into force, no duty will be imposed on 65 percent of tariff lines, and in 10 years it will be 80 percent. “Details will be worked out in the next few weeks,” Mohamed said. “Our position now is for RCEP to be substantively concluded by the end of this year. There will be some technical issues which need to be resolved in 2016. We have to be realistic. Although the original plan was to complete everything perhaps by 2015, now we know that some issues might have to be carried forward. But those are minor issues.”

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Energy Reform Drives Power and Utilities M&A Activity amid Slow Quarter Asia-Pacific region records largest power and utilities Q2 deal value at US$9.3b The Asia-Pacific region recorded 31 deals and the largest deal value in Q2 at US$9.3b while China saw the most deals with 86% of total regional deal value originating in the country. This region is particularly impacted by reform, with investors drawn by liberalization, electrification and privatization efforts in India, Indonesia, Pakistan, Japan and Australia. Similarly, reforms in Africa and the Middle East are attracting private sector investment in infrastructure for generation capacity expansion. Matt Rennie, EY’s Global Power & Utilities Transactions Leader, says: “Companies are adopting a more strategic approach when it comes to M&A. We’ve seen that reflected in innovative financing structures, investment in midstream infrastructure and renewables, the rise of Asia-Pacific and Africa as investment hubs and ongoing corporate restructuring in Europe. Throughout the second half of 2015 we expect to see notable deals to emerge as companies to respond to a changing industry.”


APAC Insider Magazine / Issue 1

news

Rising Demand for Advanced Residential Water Treatment Equipment

Growing concern over potable water purity and increasing awareness on the benefits of water treatment are driving the residential water treatment equipment market in Asia-Pacific. In countries such as Japan, Australia and New Zealand, where the market is reaching maturity, technology mergers and product enhancements will be key selling points, resulting in slower but stable growth rates.

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New analysis from Frost & Sullivan, Residential Water Treatment Equipment Market in Asia-Pacific, finds that the market earned revenues of US$3.07 billion in 2014 and estimates this to reach US$4.84 billion in 2020. Compact, economical, and effective point-of-use products dominate the overall market. The study also covers point-of-entry equipment and pitchers. “Low customer confidence in municipal water infrastructure systems is opening up opportunities for the RWTE market, especially in Southeast Asia,” said Frost & Sullivan Environment and Building Technologies Industry Analyst Janice Wung. “Consumers in developed countries, and to a certain extent urban end users from Southeast Asian countries such as Bangkok, are willing to pay a premium price for advanced solutions, further driving profitability for RWTE suppliers.”

Top global equipment manufacturers remain leaders in the Asia-Pacific market with their strong brand equity and well-executed expansion plans. However, the number of domestic market participants continues to surge as emerging vendors perceive the market to be lucrative. The presence of a large number of suppliers offering homogenous products is intensifying price competition. Misleading claims on RWTE features may also lead to a breakdown of trust among consumers and cause them to look for alternative solutions. “To build credibility, large RWTE companies are investing in R&D to improve solutions in terms of user-friendliness and functionality,” stated Wung. “Beyond these product advancements, they must also deliver robust after-sales services to tip the scales in their favour and attract customers in the cut-throat Asia-Pacific RWTE market.” Residential Water Treatment Equipment Market in Asia-Pacific is part of the Environment & Water Growth Partnership Service program. Frost & Sullivan’s related studies include: Water & Wastewater Treatment Market in the Australian Resources Sector, Aquatic Game Changer: The Internet of Water in Asia-Pacific—A CEO’s 360 Degree Perspective, and European Water Utility Services Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.


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Travelzoo Acquires Asia Pacific Business Travelzoo announced that on August 20, 2015 it acquired the Travelzoo Asia Pacific business (“APAC”), which includes the Travelzoo® businesses in Australia, China, Hong Kong, Japan, Taiwan, and Southeast Asia. This business was independently operated by Azzurro Capital Inc. under a licensing agreement with Travelzoo Inc. The acquisition positions Travelzoo to tap into opportunities arising from the fast-growing number of Chinese outbound travelers and to bring even more travel and lifestyle offers to Travelzoo’s 27 million members around the globe. Travelzoo Inc. held an option right to acquire APAC at fair market value as determined by a third party valuation expert. Travelzoo Inc. exercised its option right to acquire APAC using available cash and a promissory note of $5.7 million with a maturity date of three years. In 2014, APAC reported approximately $10.8 million in revenue. Travelzoo Inc.’s board of directors established a special committee (the “Special Committee”), consisting of independent directors to determine whether the acquisition of APAC was advisable, fair and in the best interests of the company’s stockholders other than Azzurro Capital Inc., the principal stockholder of Travelzoo Inc. The Special Committee engaged an independent financial advisor to determine the fair market value of APAC to be used as the fair market value option exercise price and to issue a fairness opinion on the transaction. The Special Committee unanimously approved the acquisition of APAC at the fair market value option exercise price with the assistance of its independent legal counsel and independent financial advisor.

Shanghai – London, an Urban Tale of Fashion and Creativity With the announcement by China’s Premier Li Keqiang that 2015 would be the year of UK-China Cultural Exchange, reinforced by Prince William’s visit to China in May and Chinese President Xi Jinping’s state visit to the UK taking place this October, the Shanghai Fashion Week Organising Committee, in partnership with an Anglo-Chinese business consultancy, ACTIVE Anglo Chinese Communications, is hosting a forum entitled ‘Shanghai – London, an Urban Tale of Fashion and Creativity’. This will take place on 16 September 2015 at The Hospital Club, Covent Garden, London at 3pm, designed to encourage and facilitate ongoing business exchanges between China and the UK. China was recently ranked as Britain’s sixth largest export market[1] and is set to become the world’s greatest luxury goods supplier by 2020.[2] The forum, moderated by Gemma A. Williams, author of ‘Fashion China’, will attract an audience of professionals from the fashion and creative industries, buyers, media and social commentators to introduce, promote and discuss the creative and fashion industries within this prominent metropolis. The seminar panel will be comprised of successful senior business executives and entrepreneurs from leading Chinese companies including Ms. Wang, Zhen, founder of “1436”, Ordos Group Ltd.; Mr. Justine Peng, CEO of “Dong Liang” Boutique and Ms. Liu, Mengjie, general manager of Shanghai Xin Tian Di. They will discuss their business experience, market research and present case studies to demonstrate and showcase the current fashion scene in Shanghai. The forum will introduce Chinese brands, business models and their environments to the British audience, and provide an insight into the city’s creative and retail industries from both a local and international perspective. Yintong Betser, managing director of ACTIVE Anglo Chinese Communications and event organiser, says: “We are delighted to welcome to London key representatives from Shanghai’s creative and fashion industries to promote the city, its investment potential and to comment on how its vibrant environment can generate and advance global business links. The UK capital is fast positioning itself as a creative attraction for China’s import and export trades and the link between Shanghai and London plays an important role in this.”

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APAC Insider Magazine / Issue 1

appointments

Bird & Bird expands its practice in Asia Pacific with the appointment of new partner to spearhead its IP practice in Australia

Bird & Bird is pleased to announce that it has appointed Jane Owen to head its IP practice in Australia. Jane will be based in Sydney and work closely with IP partner Justin Senescall and Bird & Bird’s regional IP team of 60 plus specialists to grow and develop the practice in Australia and across Asia Pacific.

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Jane joins from K&L Gates where she was a partner. She has over 20 years’ experience in all aspects of intellectual property, including portfolio establishment, IP strategisation, commercialisation and enforcement. Her main sector focus is within life sciences, health care and education. A specialist in contentious IP, Jane focuses on patent litigation, particularly life sciences disputes. Her experience ranges across complex patent infringement/revocation, trade mark and passing off, design infringement, IP ownership disputes and appeals of decisions made by the Commissioner of Patents and the Registrar of Trade Marks. Jane holds a BA and an LLB with first class honours from the University of Queensland and an LLM with Merit from the University of London. She is admitted as a Solicitor of the Federal Court, High Court and Supreme Courts of New South Wales and Queensland. She is joined by associates Troy Gurnett, Shehana Wijesena and Rebecca Currey. Shane Barber, Managing Partner, Bird & Bird Australia said: “Jane’s appointment is the next milestone in the dynamic development of Bird & Bird in Australia and in the broader Asia Pacific region. We are extremely pleased to be able to offer a comprehensive client service in all areas for which Bird & Bird is internationally regarded. Jane is a valuable addition to our team and will be instrumental in further driving our growth in the region. We are very excited to welcome her on-board.” Matthew Laight, Head of IP, Bird & Bird, Asia Pacific said: “I am delighted to welcome Jane as a key member of both our Asia Pacific and international IP practice. This is an exciting time to join us. As a part

of our Asia Pacific growth strategy, we are building the leading IP practice in Australia including brand capability, IP litigation, commercial IP, licensing and anti-counterfeiting. Bird & Bird is already recognised for its leading IP practice in Asia, particularly in jurisdictions such as China, Hong Kong and Singapore. Jane’s impressive experience and first-class reputation will enable us to pursue our ambitious plans to establish a top tier IP practice in Australia, which is an important part of our IP and broader practice across the wider Asia Pacific region.” Jane added: “What attracted me to Bird & Bird was its leading position in IP, as well as its strong sector focus and broad international network. I look forward to working with my colleagues across Asia Pacific and globally. I believe I have found a very sound platform to develop my practice further.” Justin Walkey, Chairman, Bird & Bird Asia Pacific said: “This appointment follows directly on from a number of new senior lateral hires to our corporate, Tech & Comms and employment practices in the Asia Pacific over the past 12 months. These appointments are all key to our ongoing commitment to clients and integral to Bird & Bird’s strategy for growth and development in the Asia Pacific region.”


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Mr Scott Wightman CMG has been appointed British High Commissioner to the Republic of Singapore Mr Scott Wightman CMG has been appointed British High Commissioner to the Republic of Singapore in succession to Mr Antony Phillipson, who will be transferring to another Diplomatic Service appointment. Mr Wightman will take up his appointment later this year. Mr Wightman joined the FCO in 1983. He has worked in the British Embassies in Beijing, Paris and Rome, where he was Deputy Head of Mission from 2002 to 2006. He was Director for Global and Economic Issues in the FCO from 2006-2008, then Director for Asia Pacific from 2008 to 2010. His most recent appointment was as HM Ambassador to the Republic of Korea until January 2015. On his appointment as British High Commissioner to the Republic of Singapore, Mr Wightman said: I am honoured to have been appointed the next British High Commissioner to Singapore. In this 50th anniversary year of Singapore’s independence I look forward to building on President Tan’s successful State Visit to the UK last year and to helping develop further the close economic, political and cultural relationship between our two countries.”

MasterCard Announces Two New Senior Leadership Appointments in Asia Pacific MasterCard have announced the appointment of Porush Singh as Division President for South Asia while Julienne Loh has been appointed to the role of Senior Vice President and Group Head, Core Products, Global Products & Solutions for Asia Pacific, effective immediately. In his new role, Porush will lead the South Asia team to drive core business growth and exePorush Singh - 1 Mediumcute fast growing emerging payments opportunities in the region. He will be based in Delhi and succeeds Ari Sarker who was recently appointed Co-President for the Asia Pacific region. Porush was most recently Senior Vice President and Group Head, Core Products, Global Products & Solutions, Asia Pacific, where he undertook the development and management of consumer and commercial products for Asia Pacific, including debit, credit, commercial, prepaid, and loyalty solutions. Porush started out his career with MasterCard in Dubai in 2005 before joining the Singapore office in 2010. Taking over as Senior Vice President and Group Head, Core Products, Global Products & Solutions for Asia Pacific is Julienne Loh, who was previously Group Head, Consumer Credit, Asia Pacific. In that role, Julienne led the strategic development and execution of consumer credit products in Asia Pacific as MasterCard looks to expand its customer base in this fast growing region. She has been with MasterCard since 2005 and has over 20 years of experience in business, marketing and financial sectors. In her new role, Julienne will oversee the development and management of all consumer and commercial payment solutions for Asia Pacific, based in Singapore.

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APAC Insider Magazine / Issue 1

profile

Hylands Law Firm

Hylands has more than 60 partners, over 300 lawyers, paralegals and other professionals. All of them graduated from prestigious law schools, and many can work in Mandarin, Cantonese, English, French, German, Italian or Japanese. We spoke to them about their diverse range of clients and how they satisfy their multi-dimensional needs.

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Hylands is proud to have advised large numbers of distinguished clients from a wide spectrum of businesses and industrial sectors, such as finance, securities, insurance, investment banking, real estate and construction, metallurgy and steel making, oil and mineral resources, energy, aviation, transportation, infrastructure, household appliances, retail, trade, franchise, advertisement and media, entertainment, pharmaceuticals and chemicals, software, telecommunication, and internet, etc.. We are highly recognized and acclaimed by both clients and legal professionals in the following practice areas: International Trade; Corporate & Investment; Labour & Employment; Real Estate; Dispute Resolution; Intellectual Property; Antitrust; Finance & Capital Markets; Energy, Mining & Infrastructure; Entertainment & Media; Wealth Inheritance. It is the ultimate goal of Hylands to satisfy the clients’ multi-dimensional needs in law and help maximize their interests by way of providing quality and efficient legal services and delivering customized legal solutions. With Hylands’ expertise in such areas as M&A, real estate, finance and investment, intellectual property, litigation and arbitration, Hylands pursue an inter-disciplinary approach to sophisticated international business and cross-border transactions to offer our clients a full range of legal services. Over the past 12 months, we have been focusing on manufacturing, real estate, internet companies, etc. We have worked very hard and were able to conduct multiple deals at the same time with limited resources. We find that we always need to keep in touch with the latest development in the industry and train our people constantly. In terms of the prevalent trends in our industry, merger and acquisition activities in China were vibrant last year and the robust trend is expected to continue this year, driven by a flurry of restructuring by state-owned enterprises. There were 1,536 M&A deals in China in 2014, with transaction value soaring 73.9% from a year earlier to US$339.7bn. Last year, Chinese companies continued to be the main driver of the regional M&A market as they contributed to 80.7% of transaction volume growth in the Asia ex-Japan area.


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With knowledge of both Chinese and international laws, we provide a full range of legal services to Chinese clients and foreign clients doing international business, whether for Chinese clients doing business overseas or foreign clients doing business in China.

Company: Hylands Law Firm Address: 12F Fortune Financial Center, No.5 Dongsanhuan Zhong Road, Chaoyang District, Beijing 100020, China Telephone: +86 10 6502 8888 Fax: +86 10 6502 8866/ 6502 8877

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Kafrouni Lawyers

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When doing business in Australia, consider Kafrouni Lawyers as an ideal option for legal representation and corporate counsel. They are specialist commercial and corporate lawyers based in Brisbane, Australia. They help lawyers and professional advisors from all over the globe assist their clients start, buy, grow and sell businesses in Australia. They understand it is difficult to know who you can trust; especially when you are not a local. They are a family business, established in 1999, with a strong commitment to their clients and a real understanding of business. Their family name is on the door and they never forget it. Global reach is important now and they have it. Their clients are Australian companies doing business locally and abroad and overseas companies doing business in Australia. They are the Australian contributing authors of a major international publication; a country-by-country encyclopaedia of business regulation in more than 55 jurisdictions, including all the major industrial, financial and offshore centres worldwide. They have a global network of lawyers and accountants spanning most of these jurisdictions. For their overseas clients, they open their network of local advisors; including accountants, business brokers and intermediaries, migration agents, leasing agents, real-estate agents, financial advisors, insurance advisors, patent and trademark attorneys and those providing resident director services, to name a few. On a day to day basis, they assist their client with small and medium M&A transaction (up to $150 million), contract advice and negotiations, legal compliance, risk management and dispute resolution. They also have many accolades as a testament to their commitment to client service and expertise in business law. Kafrouni Lawyers was ranked #15 best law firm in Australia and their founding director, Joe Kafrouni, is accredited by the Queensland Law Society as a business law specialist and has been awarded “Family Business Lawyer of the Year in Australia� by various organisations. For good measure, their company guarantee is that they will do what they say we will do, when they say they will do it, for the price they quote, will be available to take your calls (or return them) and will speak you in plain, no-nonsense English.


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If you or your clients are considering doing business in Australia, and in particular any M&A transaction, don’t hesitate to contact Joe Kafrouni to discuss how his firm can help.

Company: Kafrouni Lawyers Web: www.klaw.com.au Address: 36, Riparian Plaza, 71 Eagle Street, Brisbane QLD 4000, Australia Phone:+61 7 3121 3177

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Lall Lahiri & Salhotra

Lall Lahiri & Salhotra (‘LLS’) is rated as one of the best, most well-known and respected law firms in the country. LLS has one of the biggest Intellectual Property practices in the country and is amongst the largest and fastest growing dedicated IP firms in India. Over the years, our clients have entrusted us with some of their most important and challenging legal matters. The firm, established in the year 1983 as a dedicated IP practice aims at providing services of all manners to clients under one roof.

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LLS has over 55 professionals and support staff of over 75, including attorneys, trademark agents, patent agents, scientists, company secretaries, and is one of the few law firms in the country having a depth of services required for assisting businesses in all areas of practice and providing inter-disciplinary solutions to legal questions. The firm handles all IP related work and provides the highest standard of services for all spheres of IP, including management, protection of large scale IP portfolios, creation and protection of IP, enforcement, transactions including licensing, assignments, take overs and acquisitions, monetisation, strategy and planning for long term IP optimisation etc. The firm assists clients in assessing risks arising from such transactions and advising on optimum risk management strategies. In addition, LLS also acts as a point of contact for various multinational entities for IP management and protection, hub-and-spoke arrangements for clients based on their requirements. It is also responsible for managing some of the most complex, valuable and even vulnerable IP portfolios in India and providing IP and related services to clients across south East Asia and Middle East. LLS has over 30 years of experience in both contentious and non-contentious matters and has had the privilege of assisting the most well-known names in fields as diverse as pharmaceuticals, Oil & Gas, FMCG, Consumer goods, IT, Fashion, Telecom, Electronics, Entertainment, Media & Publishing, Retail, Automotive amongst others. The firm assists a large number of clients before judicial as well as quasi and non-judicial forums as well. The practice areas of LLS include Intellectual Property Law, Trademarks, Designs, Copyright & Broadcasting, Patents, Geographical Indications, Antitrust &Competition, Information Technology & Cyber Laws, Capital Markets, Corporate Compliance & Secretarial, Foreign Investments & Joint Ventures, Infrastructure, Labour & Employment, Media & Telecommunications, Regulatory Practice & Legal Compliance, Dispute Resolution Given the vast & expansive areas of practice, LLS today has among one of the most specialised teams composed of attorneys which ensure quick turnaround times, sound advice, business centric approach, specialist knowledge and high success rates. As a result of this, LLS has come to be known for its cost effective, time and resource effective approach and for handling of some of the most high profile and high risk matters with excellent results in India.


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Mr. Rahul Chaudhry is the Managing Partner of LLS. He has been at the helm of LLS’ practice and is responsible for its prestigious and unparalleled expansion since July 2007. Under his leadership, the firm has developed from a small family run IP practice into a major business law firm with immense respect the world over. Mr. Chaudhry emphasizes a solution based approach to all matters entrusted to him by his clients. Not satisfied by merely elucidating the law, he encourages his clients to develop long term strategies based on business goals and long term cost-benefit analysis. He is sought after by his clients for his tailor made solutions that cover the vast spectrum of business types across the industrial segments. He has committed himself and the firm to develop with the needs of the clients. While creating extensive depth in practice areas and expertise, he places special emphasis on meeting business goals of the clients through legal services. Under his leadership, LLS has also represented clients in several high stakes legal battles and he is often relied upon for advise and representation in court matters all by clients from diverse industries.

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Today, as a result of his efforts since July 2007, LLS has grown into a professionally managed firm with over 55 attorneys (including six partners) and a support staff of 85, practicing law out of two state of the art offices/buildings in New Delhi and Gurgaon. His endeavors with the firm and his own personal work ethic have ensured that the services rendered by the firm and its attorneys form the benchmark for quality business solutions in the legal field all over the country. Awards & recognitions under leadership of Mr. Chaudhry include: • WTR-1000 – The World’s Leading Trademark Professionals 2016 • Global Law Experts 2015 Award- IP Enforcement Law Firm of the Year in India • Legal 500 Asia Pacific 2016 edition- Lall Lahiri & Salhotra • Asialaw Asia Pacific Dispute Resolution Awards – September 2015 - Lall Lahiri & Salhotra • ACQ Law Awards- 2014- Leading Lawyer of the Year • IP Star (2014)- India (Managing IP) • Asialaw Leading Lawyers – Intellectual Property, 2014 • ACQ 2014 India – IP Enforcement law firm of the year (SME)- 2014 winner • ACQ 2014 - IP Law Firm of the Year - Lall Lahiri & Salhotra - India (Gurgaon)- 2014 Winner • WTR Leading Trademark Professionals: Firm Ranking for the year 2014 for Enforcement & Litigation, Prosecution & Strategy

Company: Lall Lahiri & Salhotra Name: Rahul Chaudhry Email: gpo@lls.in Web: www.lls.in Address: RCY House, C-235, Defence Colony, New Delhi - 110024, India Telephone: +91 11 435 000 00 Fax: +91 11 435 000 03/4


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Lee, Tsai & Partners

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Lee, Tsai & Partners are a law group founded on the principle of being reasoned and compassioned, and follow their mission statement of providing the “highest quality of professional service to our clients through our comprehensive knowledge of their industries while dedicating ourselves not only to our clients but also to our community.” We spoke to them about their recent landmark deal with the Beijing City Government. We assisted Beijing Holding Limited, the wholly owned subsidiary of the Beijing City Government, in various joint venture projects with local Taiwanese companies, including an investment in sewage systems in Taiwan. The investment was a purchase of shares from RICH Group of two BOT sewage system companies, namely, East Foreast Development Co., Ltd. and Green Foreast Development Co., Ltd, and a BOT sewage system operation company Forest Water Environmental Engineering Co., Ltd. (“Project Company”). As for the other parties in the deal, Deloitte & Touche assisted Beijing Holding Limited in the financial audit of the target companies in the above sewage systems project. The seller Rich Group’s legal advisor was ChengYeh Attorneys-at-law, and KPMG was also involved in this transaction. One of the main challenges is that a Mainland China company is only allowed to invest in sectors/types of businesses that are approved by the Taiwan government. While a Mainland China company may invest in the BOT project in question, there are still various business activities, e.g. operating a construction work that are required for the establishment of a sewage system, that are off limits. We advised to Beijing Holding Limited to properly structure the deal and assisted them in obtaining the required approval from Taiwan government based on our advised structure. When working in this region, there were two main aspects we needed to review when completing the deal. They were: (1) A recent wave of activism against more open free trade arrangements between Mainland China and Taiwan may have in theory caused the government to be more cautious regarding Mainland China investments, but we have not experienced any significant impact to this transaction, and we believe any such impact can be minimized if the transaction is carefully structured to be compliant with the relevant laws and practices.


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(2) The Taiwan government recently amended the Company Act to loosen the restrictions on the establishment of companies. This development may stimulate investment in new ventures. The deal is one of the largest Mainland China investments in Taiwan to date, which made Beijing Holding Limited more confident about continuing to invest in Taiwan; as a matter of fact, we have since been assisting Beijing Holding Limited in other investment projects in Taiwan, including the beverage and fishery industries. Furthermore, the successful conclusion of the deal demonstrates our expertise in M&A projects, especially in such a highly regulated field such as Mainland China investment in Taiwan.

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Pang & Co. in Association with Loeb & Loeb LLP

Serving Hong Kong, Asia and Beyond...

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Pang & Co., in association with Loeb & Loeb LLP, is one of the most active law firms in the Hong Kong region within the areas of capital markets and corporate finance. The firm concentrates on capital markets transactions and regulatory advice in Greater China and IPOs in both the Main Board and the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited, as well as mergers and acquisitions and general corporate and commercial transactions. Working in association with Loeb & Loeb LLP, a multi-service law firm with five U.S. offices, as well as offices in Beijing and Hong Kong, Pang & Co. is positioned to advise a broad range of foreign and domestic businesses in the Greater China Region on local and cross-jurisdictional transactions. From its offices firm wide, Loeb & Loeb represents Asia-based companies doing business or seeking to expand or raise debt or equity capital in the U.S., Hong Kong and mainland China, as well as U.S. and multinational companies seeking to invest in or expand their businesses in Asia. The firm’s Asia Practice combines the resources of more than 30 attorneys in Hong Kong, Beijing and the U.S. to deliver sophisticated transactional advice, regulatory counseling and litigation services. Over the past year, the Pang & Co. team, working in association with Loeb & Loeb in Hong Kong, acted on behalf of the issuer or underwriters in a number of public offerings on both the Main Board and the GEM Board of the Hong Kong Stock Exchange. These including listings of shares by Chun Sing Engineering Holdings Limited, Earthasia International Holdings Limited, ELL Environmental Holdings Limited, Glory Flame Holdings Limited, and Sinomax Group Limited. The team also handled a number of significant mergers and acquisitions in recent months. Pang & Co., in association with Loeb & Loeb, has received a number of accolades as a testament to the firm’s premier standing within the market and the industry. Pang & Co. was distinguished as the 2014 “IPO Transactions Law Firm of the Year in Hong Kong” by Corporate INTL magazine in the publication’s annual Global Awards edition. Finance Monthly magazine also named Pang & Co. as the “Securities and Capital Markets Law Firm of the Year – Hong Kong” as part of the publication’s 2014 Finance Monthly Global Awards. In addition, for the second year in a row, Pang & Co. was honored by International Alternative Investment Review (IAIR) magazine with the “Hong Kong Boutique – Excellence in Legal Practice” award.


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These accolades reflect the deep market insight and expertise of the dedicated Pang & Co. team, which prides itself on conducting and coordinating client matters expertly, efficiently and expeditiously. Pang & Co.’s strong regional presence in Hong Kong, together with Loeb & Loeb’s office in Beijing and coast-to-coast practice in the United States, allow the firm to bridge cultural, time zone and language barriers to offer seamless access and service to both foreign and domestic clients. Whether the work is inbound or outbound, clients turn to Pang & Co., in association with Loeb & Loeb LLP, for critical business transactions that will extend their global reach.

Company: Pang & Co., in association with Loeb & Loeb LLP Name: Benny Pang Email: bpang@loeb.com Web Address: www.loeb.com Phone: +852.3923.1111

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India Announces New Partnership to Accelerate Financial Inclusion for Everyone

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Government of India joins the United Nations’ Better than Cash Alliance to share success stories from the world’s largest financial inclusion programme.


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Government of India is joining the UN-based Better than Cash Alliance. The announcement comes on the first anniversary of Prime Minister Narendra Modi’s flagship financial inclusion programme Pradhan Mantri JanDhan Yojana (PMJDY). Under PMJDY, in one year, 175 million new accounts have been opened, with deposits totaling more than $3.4 billion (223 billion Rupees), as revealed by the Government of India.

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The new partnership with the Better than Cash Alliance, made up of governments, companies, and international organizations, is an extension of Indian Government’s commitment to reduce cash in its economy. Digital financial services lower the cost of providing financial services and make it more convenient for poor people to access their accounts. Mr. Arun Jaitley, Finance Minister of the Government of India, said: “The scale of ambition of Pradhan Mantri Jan-Dhan Yojana has been much higher than for any other financial inclusion initiative in the past. The project has been instrumental in bringing almost all families of the country into the formal financial system and enabling citizens at grassroots level to perform financial transactions and keep their hard-earned money safe.” India’s announcement comes ahead of next month’s United Nations special summit in New York, when Prime Minister Modi and other world leaders will launch the adopted Sustainable Development Goals (SDGs). Digital financial services are a key tool for the implementation of the goals, and advocates hope India’s leadership inspires other governments to harness the power of digital payments as a strategy for achieving the SDGs. “India’s leadership and progress are inspirational for countries around the world,” said Dr. Ruth Goodwin-Groen, Managing Director of the Better than Cash Alliance. “By making the digitization of payments to achieve finan-

cial inclusion a top priority, the Indian Government is showing its commitment to improving the lives of its people and driving inclusive growth.” One year ago, the Indian Government announced PMJDY with a goal of covering every household with a bank account in less than five months’ time. The programme focuses on citizens excluded from the formal financial sector, including women, small farmers, and labourers. To ensure that these accounts are actively used, the Government is delivering financial products, such as credit for economic activity, as well as remittance facilities, insurance, and pension directly into the accounts. “We have been recognized by the Guinness World Records for opening over 1.8 crore (10 million) bank accounts in a single week,” added Finance Minister Jaitley. “As a next step, the aim is to utilize these accounts for extending insurance, pension, and credit facilities to those who are currently excluded from these benefits.” Dr. Hasmukh Adhia, Secretary for the Department of Financial Services of the Government of India, said: “PMJDY has been a game changer in the country’s financial inclusion efforts. The initiative has demonstrated that when we converge the efforts of all stakeholders, and work in unison with clearly defined goals, unprecedented results follow.” The financial inclusion programme, along with Aadhaar biometric unique identity cards that make it easier for the Government to identify social benefit recipients and the widespread use of mobile phones, are driving financial inclusion in India. It is also resulting in cost savings. The fuel subsidy programme, which is the world’s largest cash transfer programme, saved $2 billion (131 billion Rupees) by paying cooking gas consumers directly into their bank accounts, according to a new paper by Columbia University.


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Finance Minister of the Government of India Mr. Arun Jaitley

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Gen Y and Baby Boomer Create a $5M Company in 3 Years with #1 Products in App Store, Buzinga App Development

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Buzinga App Development, Australia’s leading innovative app development company, reveal the secret behind their success: the combination of a Gen Y entrepreneurial mind with a seasoned Baby Boomer business developer. In three years, Buzinga App Development, Australia’s leading app developer for both enterprise mobilisation and startup technology, has grown into a $5 million company. This Melbourne-based business has played a key part in releasing a number of innovative enterprise applications for companies including Bluescope Steel, as well as releasing two apps this year that have hit #1 on the Appstore for health and fitness, including FoodSwitch and That Sugar App.


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Buzinga was founded by Logan Merrick, a 26-year-old entrepreneur and investor and Graham McCorkill, 58, an astute businessman with 30 years of experience in business development and management. The partnership is a combination of Logan’s Gen Y ambition and “Baby Boomer” Graham’s experience. The former possessing the creativity and drive for innovation, while the latter process driven and analytical, with the experience to steer the business towards success. While many look to avoid such an age gap in business, this power duo attributes it as the key behind Buzinga’s success, as it positions their opposing strengths in a manner that forms a solid backbone for their operations. “The synergy of an unconventional, yet exciting and empowering workplace is what we thrive on at Buzinga. We aim to be Australia’s best workplace by year 2017. We believe that through inspiring our people with education and by creating an environment where they love to be, we can generate more ideas, optimise performance and manufacture happiness. That’s how our team truly thrive in creativity, designing and managing innovative products that truly make a difference in the world,” explains Logan Merrick, Director of Buzinga. Although fast in terms of most businesses, their success did not come overnight. “We began as a two-man operation working from home, sharing the same entrepreneurial passion. We spent the first 18 months ‘incubating’ the business in Graham’s lounge room until his wife promptly kicked us out,” laughs Logan. Buzinga’s core specialisation is helping enterprises optimise efficiencies within their businesses through tech innovation, and helping startups build successful disruptive products in highly competitive markets. “At the core of it all, we’re an incredibly creative, passionate and driven group of people at Buzinga, building an Intraprenueurial culture. There’s not a dull moment in our office, the energy of our millennials creates the buzz we thrive on and the solid plans and leadership of my business partner Graham pushes us forward. The key to building a multi-million dollar business in three years is really a combination of passion and drive,” reflects the young Director.

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GE Announces Over $1 Billion in Orders from Asia Pacific Customers

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Rapid economic growth across Asia Pacific has led to the demand for power to soar, fuel prices to rise and environmental and financial regulations to tighten. As a result, generators are looking for ways to improve efficiency and flexibility while reducing costs and environmental impact, and they are increasingly turning to companies such as GE (NYSE:GE) for solutions. At the POWER-GEN Asia conference, GE announces more than $1 billion in orders from customers across the region, demonstrating the growing demand for GE’s power generation systems and software.


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“Customers in this region are challenged to generate high-efficiency power and reduce emissions,” said Ramesh Singaram, president of Power Generation, Asia Pacific, GE Power & Water. “With GE technology, they have the opportunity to add power to the grid as quickly as possible, safeguard the environment and still realize critical life cycle cost savings.” GE’s current Asia Pacific gas turbine fleet consists of more than 1,000 units across 15 countries, comprising the largest gas turbine portfolio in the region. GE units can deliver from 16 megawatts (MW) of power up to 510 MW, the equivalent power that would be needed to supply more than 1 million homes in countries such as Japan and Korea. Singaram said that GE is well-positioned to help Asia Pacific customers, with more than 18,500 GE professionals working in the region and accessibility, resources, service and sales support in more than 10 countries. GE has repair centers in Japan, Indonesia and a repair center of excellence in Singapore. GE’s comprehensive solutions, he said, help customers throughout Asia Pacific manage such issues as fuel prices, environmental regulations and the need for fuel flexibility. Customers across Asia Select GE Power Solutions In Thailand, GE is announcing six new LM6000-PF+ aeroderivative gas turbines for Gulf Energy Development (GED). The units will be used for three combined-cycle plants to help increase efficiency and generate additional power. The LM6000-PF+ has reached its highest efficiency yet, 56 percent, and can go from zero to full power in less than 10 minutes. “We have faith in GE and believe that by choosing the LM6000-PF+, which is recognized for its increased performance and flexibility, it should serve our requirements fittingly for the specific project conditions. Moreover, it is a bonus for us to be the first country in the world to get this product,” said Ravi Kurmahorita, GED’s EVP Business Development. Additionally, the Electricity Generating Authority of Thailand (EGAT) will be utilizing GE’s suite of upgrade solutions on four 9F gas turbines at two of its power stations in Bangkok to increase output, enhance efficiency and reduce fuel consumption costs while lowering emissions. Collectively these measures both increase the reliability of the power supply and reduce electricity costs for Thailand’s residents.

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“By working with GE to increase the flexibility and efficiency of our power plants at EGAT North and South Bangkok, we are strengthening power security for our country in the event of different gas compositions while also improving air quality around Bangkok and reducing fuel consumption,” said Mr. Charin Kanjanarat: EGAT Assistant Governor—Generation 1. “Energy efficiency and environmental protection are priorities that support Thailand’s growth policies, and we implemented strong measures to reduce and control our environmental impact.”

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In Vietnam, GE will be providing two high-efficiency, supercritical steam turbines and generators for Petrovietnam’s Long Phu 1 coal-fired power plant. This technology is more environmentally friendly as compared to conventional subcritical boiler technology. “Long Phu 1 power plant will serve the growing demand in the south of Vietnam and help improve transmission efficiencies for the whole of Vietnam by locating much needed power closer to the demand,” said Dr. Nguyen Tien Vinh, general manager of power division, Petrovietnam. “Working with GE, we look forward to implementation of this project and ongoing success.” In Japan, GE is announcing its largest-scale replacement project at Tepco Yokohama Thermal Power Station where it will replace and upgrade the components of eight gas turbines ranging from 9FA.01 to 9FA.03 models. Additionally, Chubu Electric will be utilizing GE’s Advanced Gas Path (AGP) solution to upgrade eight 7F gas turbines at Joetsu Thermal Power Station. Combined, the two power plants generate a total of 5,180 MW, the equivalent power that would be needed to supply 1.4 million homes in Japan. The plants account for 2.5 percent of the country’s energy supply and underscore the important role that natural gas is expected to play in Japan in the coming years.

“GE’s proven AGP solution gives us the ability to improve thermal efficiency by 0.7 percent and reduce the fuel costs and CO2 emissions of our Joetsu Thermal Power Station,” said Chubu Electric Power’s Akira Kuriyama, Executive Officer, General Manager of Thermal Power Department Power Generation Division. “In addition, the AGP solution contributes to improved durability of the equipment itself and extends maintenance intervals from three years to four years, which helps to improve our competitiveness by reducing operational costs and shortening downtime for maintenance.” The products and services that GE will spotlight at POWER-GEN Asia include: GE’s high-efficiency HA gas turbines. The world’s largest and most efficient turbines, the largest model can generate 510 MW. They lead the industry in total life cycle value. Eight HA turbines are on order for companies in Japan and Korea, and GE has seen heavy bidding from countries such as Thailand, Malaysia, Singapore, Indonesia, Taiwan and the Philippines. GE has received a total of 17 HA orders and 64 HA technical selections1 globally in 12 countries. GE’s latest LM6000 PF+ aeroderivative gas turbine. Ideally suited for customers needing flexible power as quickly as possible, it offers the highest output (52 MW) and combined-cycle efficiency (56 percent) in the LM6000’s 25-year history and can be installed in half the time as earlier models. GE’s D850 high-efficiency supercritical steam turbines. These help demonstrate how efficiently coal can be used as part of an environmentally sound energy mix. GE’s high-performance AGP. GE is expanding its AGP program in the Asian region to more effectively control the overall fuel and life cycle maintenance costs of gas turbines. GE also provides crucial technologies and services to upgrade the output and efficiency of existing combined-cycle power plants while lowering emissions.


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Defying Reality and Gravity

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Sit tight, don’t panic and think long term - Rowan Dartington Signature’s Guy Stephens on China and the global stock market crisis.


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Who would have thought that once the intensity of the Greek debt crisis had faded we would see the FTSE-100 breach 6,000? Last week we talked about Chinese Whispers. These have now turned into seriously loud screams of panic with a full blown global equity market correction now in motion. At times like this, it is important to sit tight and wait for the dust to settle but this may take a little while in thin August markets with many major players on the beach. It is therefore doubly important not to panic but to remain mindful of the longer term strategy of investing in assets other than cash. After all, events in China are not particularly damaging to western domestic economies; on-the-contrary, they will reduce commodity costs and most likely push out the date when interest rates will have to rise.

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So why the dramatic falls and why now? Doubts about Chinese growth have been building over the summer with the first evidence provided by the 8.3% fall in Chinese exports recorded in July and shipments to the European Union and Japan down by over 12%. This has gradually been supported by weak purchasing managers data and now manufacturing output data, where Friday’s reading represented the lowest figure for more than six years. During this period, the Chinese authorities have cut interest rates, introduced liquidity and very recently allowed the currency to devalue, which did rather smack of desperation at the time, as we commented. So whilst there is nothing surprising in the data, which is all consistent with an economic slowdown, the reason why markets are so rattled is that, despite the best efforts of the authorities and discounting the data manipulation that we suspect goes on, the economy is clearly slowing rapidly and the second quarter 7% GDP really is pie-in-the-sky going forward. We have known for some time that ever since the credit crunch in the West hammered global demand for Chinese exports, the Chinese kept their growth miracle going through massive infrastructure spending projects which resulted in the construction of airports, roads, underground systems, whole cities and more. This fuelled demand for commodities, kept the population employed and maintained the growth of the economy. However, whilst running a centralised and controlled economy, the authorities have a desire to control everything and have thus far managed the inevitable economic slowdown of an emerging nation at a measured pace.


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But there is only so much real estate, empty office blocks and under-utilised infrastructure you can build before eventually the misallocation of capital causes a pause so that demand can catch up. A desire to keep the middle classes content by letting them loose on the stock market was a fundamental step too far and the attempts to control a mechanism that is driven by greed and fear have exposed the flaws in trying to combine the free world with a controlled economy. We learnt this lesson in the UK when we tried to control the value of Sterling against the Deutschmark in the Exchange Rate Mechanism – this was pivotal as it showed the world that investment markets were more powerful than any government and that the latter had to respect the former from now on. This is where we are with interest rates in the West. The Central Banks are terrified of raising interest rates too soon for fear of instilling panic into markets and triggering recession. In China, the authorities are not frightened of anything within their own economy and the people do as they are told. However, when domestic investors lose their shirts playing the stock market, real estate prices start falling and people lose their jobs as manufacturing falls, accusations of mismanagement will come with potential unrest and threats to the communist status quo. Whilst it is very easy to see this as one of those rare buying opportunities for the brave, it is unlikely to be rectified soon as the communication channels to the markets are non-existent in the case of China. If this was in the West, there would be statements from the Central Bankers designed to calm nerves with an explanation of their thinking and understanding of the situation. This is not how it works in China. They say nothing and simply act, with little justification or explanation which leaves us all guessing, and they like it that way as you minimise your mistakes. It is probably a fair prediction that Chinese growth is some way below 7%, just how far below we will probably never know. However, we can be certain that there will be data releases in the next few weeks which may defy reality, and whether gravity in the markets has been fully experienced, only time and history will tell. For the longer term investor, this is undoubtedly an opportunity and we would recommend investment but, as with any seismic disturbance, there will be aftershocks ahead. We would therefore advise a staggered approach over time, trying not to get sucked into the inevitable doom and gloom prognosis we hear around us.

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Businesses in Asia Pacific overwhelmed by real-time data RSS Share

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79% believe their brands should be more active on digital platforms. Yet 70% are unable to integrate multiple data sources – such as social media, blogs, website traffic and search data - leaving them unsure what action to take Businesses have never had so much data at their disposal but new research from TNS reveals that many are failing to use the information to help them make informed decisions. According to the TNS Marketing Monitor, a survey of over 2,700 marketing professionals across Asia Pacific, the volume and variety of data is obscuring valuable insights and making it harder for businesses to use it to their advantage Businesses across the region are investing more in data-driven digital platforms and tracking systems to help them understand the challenging online landscape. Much of this data comes into the marketing department, with one in three marketers (34%) now managing real-time data as part of their role. However, almost three quarters (70%) of marketers admit that they find it difficult to integrate data from different sources. With so much data available, marketers know they should be able to make decisions in real-time, but many are struggling to integrate traditional and digital measurements. According to Nitin Nishandar, Managing Director of Brand & Communications, Asia Pacific, TNS, many South Korean businesses are overwhelmed by the volume of data. “Instead of being daunted by the challenge, marketers should see this as a golden opportunity to leverage the data to build a fastpaced, real-time marketing function.�


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Because of the difficulties with real-time data, many marketers are falling back on traditional measurements. According to the survey, sales uplift metrics are still used as the number one way of evaluating the success of marketing campaigns. Despite their importance, these metrics are retrospective and do not empower businesses to track the ongoing reception of campaigns, react to live issues and make the changes that could nudge their marketing activity in a more favourable direction. In addition, current market research methods are not helping marketers make quick and informed decisions. Analysis is viewed as ‘not actionable enough’ (68%) and ‘too slow’ (66%) to be of use, according to the marketers surveyed across the region. Nitin Nishandar, Managing Director of Brand & Communications, Asia Pacific, TNS, explains: “The difficulties in extracting valuable insight from data means that marketers have a rear-view mirror approach, only understanding their performance and brand equity weeks or even months afterwards. Real-time data needs to deliver real-time value -otherwise it’s just distracting noise.”

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Some countries are further ahead than others in integrating insights from digital channels. Singapore is leading the way, with 55% of marketers using social media monitoring when making marketing decisions, with Malaysia closely behind at 50%. Despite having some of the most advanced social media platforms in the world, China is lagging behind, with only one in three (30%) monitoring this data. Countries using social media monitoring to inform decisions Singapore – 55% Malaysia – 50% Thailand – 46% South Korea – 45% Indonesia – 43% Australia – 43% India – 42% China - 30% Tapping into digital data has the potential to unlock future opportunities for those businesses that can leverage it. The survey highlighted that two out of three marketers (67%) are frustrated with the lack of predictive insight provided by traditional market research. New methods are showing that digital data, when integrated correctly, can not only help make real-time decisions, but can also predict brand equity. Nitin continues: “As the pace of change accelerates across the region, we need to start using data to gaze into the future, not just measure the here and now. Tracking social and search data to form the basis of a predictive spine delivers insight months ahead of survey data or sales figures. This gives marketers the power to anticipate changes to brand equity in time to actually do something about it. In such a volatile environment, having a telescopic view into the future is an invaluable competitive advantage, and one that businesses can’t afford to overlook.”


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APAC Insider Magazine / Issue 1

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Corporate Restructuring to Significantly Increase across Asia-Pacific Experts Survey

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AlixPartners survey highlights that M&A would be the most likely form of restructuring in the year ahead. AlixPartners, the global advisory firm, recently announced the findings of its third annual experts survey and accompanying study into the outlook for corporate restructurings and turnaround activities across Asia-Pacific. The report, “Opportunity Knocks: Success in Restructuring,� is based on interviews with 150 bankers, lawyers, fund managers, government officials and other restructuring experts from across the Asia-Pacific region. The study revealed that companies in the region will likely be restructuring in greater volume and at higher frequency in the next 12 months, which is potentially due in large part to macroeconomic uncertainty globally and may be exacerbated by a slowdown in the Chinese economy. Anticipation of increasing distress but yet to adopt preventative approach According to the study, 93% of market participants anticipate that the number of corporate restructurings and turnaround situations will increase in 2015. That represents a significant uptick compared with expectations in 2013 (66% of respondents) and 2014 (70%). Similar to previous years, global macroeconomic uncertainties remains the top driver of rising distress with more than a quarter of respondent sentiment. In particular, the unease from the slowdown in the Chinese economy, and mounting corporate debt across the region, with almost 40% of respondents saying that that downward shift in growth would contribute to increased restructuring activity. Alleviating debt or liquidity issues is another primary concern among respondents, as are regulatory or political developments and competitive pressures. As in previous years, restructuring activity is expected to increase in varying degrees across the Asia-Pacific region. A prolonged recession in Japan means that 97% of respondents anticipate increased restructurings, with distress within the mining sector contributing to downbeat sentiment in Australia and New Zealand (93%). This is followed by South Korea (87%), Greater China (85%), Southeast Asia (75%), and India (74%). Top industries likely to experience upticks in restructuring are financial services (59%) and industrials (58%), followed by automobile manufacturers (50%) and the real estate sector (35%). Despite the unanimous agreement that restructuring is set to increase, only a small percentage of respondents (18%) say they take a proactive approach to restructuring. Instead, the majority (69%) say preemptive restructuring is both uncommon and unlikely and that such efforts to transform a business will commence only after the first signs of distress. The survey found that starting the restructuring process late has a huge impact on the chances of success with 62% of those surveyed agreeing that delays can have a ripple effect on the company’s continued health.

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APAC Insider Magazine / Issue 1

Commenting on the restructuring environment in Asia, Masahiko Fukasawa, Managing Director, co-Head Asia & co-Japan representative at AlixPartners, “We see a growing recognition of the importance of timing for a successful corporate reorganization. Although most companies are waiting until signs of distress are apparent, there are signs that this approach is changing and gradually the market is beginning to realize the detrimental effect this can have on the likelihood of success.” M&A most anticipated restructuring tool, postmerger integration key for success Some 90% of respondents say M&A would be one of the most likely forms of restructuring in the year ahead. For the next 12 months, making an acquisition stands out as the most anticipated restructuring tool of choice, followed by employee layoffs (76%), cash flow forecasting (70%), and exploring new markets (70%).

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AlixPartners’ survey highlighted that time and resources are usually dedicated largely to the early stages of the transaction, with more than 90% saying the focus is on activities completed before the deal is closed. However, 30% of respondents say the most challenging part of the transaction occurs once the deal is closed and integration begins. Close to a quarter of respondents say postmerger integration deserves more attention than it is given. Nearly all respondents agree that weaknesses during the postmerger integration stage can have a major impact on the overall restructuring. Fukasawa added, “Increasingly, corporations in Asia are using M&A as a way to break out of their local and regional markets and into the global arena. A large part of that activity was driven by government-mandated industry consolidations. Although for a struggling company the rewards from acquisitions can be significant, a company must first make an honest assessment of its current financial and operational standing.” Transforming for a Digital World Digital advances offer promising complements to traditional restructuring practices and are ways for companies to gain advantages over their market rivals. However, digital transformations have been slow to take root in Asia. A full 93% of respondents say they had heard of digital transformation prior to taking this survey, but only 50% say digital transformation was part of their most recent corporate restructuring. All industries can upgrade existing technology in the move toward a more digitized business, but respondents say several sectors in particular stand to benefit the most from such change. Specifically, retail (selected by 57% of the respondents) and financial services (50%) are cited by respondents as expected to see the most improvement or most value add if digital technologies get incorporated into restructuring or turnaround efforts. Looking ahead, the majority of respondents say digital transformation opportunities will be involved in restructuring, with 28% saying digital transformation will be a critical factor and 57% saying it will be at least a key item.


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Fukasawa added, “The acknowledgment of digital and its incorporation into the restructuring process to transform a business demonstrates an understanding of the full range of tools that are now available to corporates undergoing reorganization. As respondents noted, digitally transforming the business in tandem with one of the four main strategies can hold the key to unlocking the door to the next level in a company’s growth and development.” Asia-Pacific Lags Behind Respondents agree that a holistic approach will see wider use in the year ahead: more than a third of respondents say that strengthening operational, financial, and leadership would make companies in the Asia-Pacific region more resilient and less vulnerable to external shocks. Yet despite agreement that the holistic approach is the best way of increasing the chances for a successful turnaround, the holistic approach has yet to see widespread application in the market. Although regulatory and political developments appear to be paving the way for a smoother restructuring process, 57% of respondents say the region is still less mature than markets in the West. Close to half of respondents (47%) also say that executing a corporate restructuring in Asia is more difficult than in North America and Europe. Respondents say the restructuring profession has yet to establish a foothold in Asia comparable to that in North America or Europe. Fukasawa concluded, “Slowly but steadily, an openness toward corporate restructuring is taking hold among Asia-Pacific business leaders. The potential impact such reorganization can have on a company is being recognized, but the market’s overall maturity has yet to reach a level on par with that in North America and Europe. Corporate leaders should prepare and execute an effective turnaround strategy before it is too late, and determine the best approach through a thorough internal analysis of strengths and weaknesses, as well as consider bringing in external support before further distress erodes corporate value.”

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APAC Insider Magazine / Issue 1

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Energy Development Corp Financing for Burgos Wind Farm Project

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In November 2014, Philippines renewable energy company Energy Development Corporation (EDC) signed a US$315m financing agreement with a group of foreign and local banks for the construction of the 150- MW Burgos Wind Project in Ilocos Norte. We caught up with Erwin O. Avante, Vice President for Corporate Finance and Compliance Officer, and Reman A. Chua, Assistant Vice President and Business Unit Head for Wind, to find out more about this landmark deal.


APAC Insider Magazine / Issue 1

In November 2014, EDC, through its effective wholly owned subsidiary, EDC Burgos Wind Power Corp., signed a US$315m financing agreement with a group of foreign and local banks for the construction of the 150-MW Burgos Wind Project (BWP). BWP is located in the province of Ilocos Norte, at the northwest corner of Luzon Island. The facility, which consists of US dollar and Philippine peso tranches, will mature in 15 years.

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BWP is EDC’s first foray into the wind energy business. It is the largest wind farm in the Philippines and one of the largest, if not the largest, in Southeast Asia. The wind farm consists of 50 units of the Vestas V90-3.0MW wind turbines and ancillary plant constructed by Vestas. Aside from the wind farm, the project also includes a 115 kV transmission line component connecting the wind farm from the Burgos substation to the Laoag substation of the National Grid Corporation of the Philippines (NGCP), and a substation and interconnection works component. Vestas will also be operating the wind farm for 10 years. BWP represents EDC’s single largest investment to date. EDC has invested US$450m in BWP including the US$315m in project financing with leading international and local banks led by Eksport Kredit Fonden (EKF), Denmark’s export credit agency. It will provide 370 GWh of electricity to power approximately two million households and the project will displace about 200,000 tons of carbon emissions annually. BWP achieved successful commissioning on 5 November 2014 following its nomination by the Department of Energy for Feed-inTariff eligibility. Both Phase 1 and Phase 2 of the project, totalling 150 MW have been endorsed by the DOE to qualify for the FIT on 11 November 2014. On 18 December 2014, the Energy Regulatory Commission issued the Provisional Authority to Operate to BWP.

“The Burgos Wind Project has been in development for several years awaiting the passing of the Renewable Energy Law and the establishment of the feed-in-tariff regime,” says Reman A. Chua, Assistant Vice President and Business Unit Head for Wind. “Following the announcement of the Department of Energy that the allocation of the 200 MW installation target for wind technology will be on a first come, first serve basis, EDC jumpstarted the development and proceeded with construction to ensure that the project secures its Fit Eligibility allocation. Only wind projects that are issued a Certificate of Endorsement (COE) by the DOE will be eligible for the Feed In Tariff. “After construction commenced, EDC initiated discussions on financing of the project. A key element of the non-recourse financing is a high level of export credit agency support from EKF, the Danish Export Credit Agency. EKF’s support to the transaction was critical to assist the international lenders with the 15-year loan tenor and country credit limitations.” EKF guaranteed a part of the dollar loan component. The Mandated Lead Arrangers for the foreign tranche are Australia and New Zealand Banking Group Limited (ANZ), DZ Bank AG, ING Bank NV, Malayan Banking Berhad (Maybank) and Norddeutsche Landesbank Gironzentrale. The local tranche, meanwhile was arranged by PNB Capital and Investment Corporation and SB Capital Investment Corporation among a syndicate of local lenders namely BDO Unibank, Inc., Land Bank of the Philippines, Philippine National Bank, and Security Bank Corporation. Counsels for the borrower were Herbert Smith Freehills (foreign counsel) and Puno and Puno (local counsel) while Clifford Chance (foreign counsel) and Picazo Law (local counsel) advised the banks.


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APAC Insider Magazine / Issue 1

All major deals have their challenges – and this one was no different, says Avante. “The transaction is very challenging as it needed to address the challenge of a new feed in tariff system, local right of way requirements that involved about 2,100 individual landowners, a viable wind assessment, and the race to start the commissioning of the project ahead of anybody else.” The deal’s main challenge lies in the uncertainty on the FIT and the long loan tenor of 15 years that goes with it, he says. “What if BWP will not qualify or partly qualify for the FIT? This will definitely affect the project economics and debt sizing parameters of the transaction.”

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The transaction, he says, took just under seven months to complete. “EDC first met with EKF on 25 March 2014 and formal negotiations on the term sheet started with both ANZ and EKF in late May. The Documentary Close was achieved on 17 October 2014 and financial close was achieved on 21 October 2014.” The project team responsible for putting together the contracts as well as the onsite project management during construction made the big difference, says Avante. “The project was bankable from the very beginning with risks allocated to the party best capable of handling the risk.” A financing structure was required to accommodate a number of the deal’s facets, he says: a project with construction documents already in place, construction well progressed and initial loan funds required to reimburse equity; securing EKF involvement, tied to the provision of the turbines, to ensure the 15-year tenure could be supported by the commercial banks; separate USD and Peso tranches to accommodate international and local payments; no offtake agreement in

place and thus loan repayments had an element of merchant/corporate risk that lenders needed to consider; the large and complex challenge of securing site access from approximately 2,100 landowners; and a lack of certainty around the regulatory regime for the feed-in-tariff. “Non-recourse project finance for a wind farm has been successfully attempted in the Philippines. This is a watershed milestone for the renewable energy industry in the Philippines as it demonstrated that international banks (including Eksport Kredit Fonden) are prepared to take long term risk in this part of the world,” Avante says. The loan is a sign of confidence from funding institutions in EDC’s ability to execute a strategic business plan for the wind project amidst intense competition in the renewable energy industry, says Avante. “What this also indicates is the foreign banks are now finding comfort in providing substantial tenor to a Philippine renewable project supported by a FIT scheme (under new regulatory environment), and not the traditional long-term Power Purchase Agreements.” Looking to the future, apart from ensuring reliability of its existing operations, EDC has several growth projects lined up both in the Philippines and overseas, Chua says. “We have lined up expansion of its geothermal operations in existing and new frontier areas in the Philippines as well as in Chile, Peru, and Indonesia. We have also identified several wind projects in the Philippines by as much as an additional 550MW which we hope to develop in the coming years.”


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www.LNTpartners.com LNT & PARTNERS (“LNT”) is a leading full-service independently ranked local law firm in Vietnam with offices in Ho Chi Minh City, Hanoi, Hong Kong and San Francisco. The firm is among Vietnam’s most prominent, representing a wide range of multinational and domestic clients, including Fortune Global 500 companies as well as well known Vietnamese listed companies on a variety of business and investment matters.

LNT has set a high standard for providing innovative and effective legal services. Through its continued success in negotiating complex deals and resolving high-stakes disputes, the Firm is widely recognized for its legal prowess in both transactional and litigation matters. The core team at LNT co-founded a local law firm in 2006, which quickly gained recognition in Vietnam and two short years later joined the Allen Gledhill (Singapore) Zaid Ibrahim (Malaysia) Alliance to create AGZI LCT in 2008, the first joint venture law firm in Vietnam. AGZI LCT localized in 2009, changing its name to LNT & Partners in 2013 following the expansion and combination with Kirin Law International, a U.S. California-based law firm. We maintain a highly-qualified team of professionals who are experts in their field. Together, we bring a diversity of legal and business experience from public to private practice. Our team can advise on Vietnamese, American, and Japanese law. We are committed to creating pragmatic solutions that bridge the gap between the law and commercial reality. Our lawyers have received accolades from and have been recognized by leading legal publications, including Legal 500, IFLR1000, Chambers Global, AsiaLaw and PLC. Key contact: Ms. Quyen Hoang, email: Quyen.hoang@LNTpartners.com Mr. Huy Do, email: Huy.do@LNTpartners.com


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