Asian Legal Business China April 2015

SHILTON SHARPE QUARRY ALB CHINA LAW AWARDS: THE FULL LIST OF NOMINEES • SSQ ALB中国法律大奖：完整提名榜单

APRIL 2015 WWW.LEGALBUSINESSONLINE.COM ISSN 2220-2706

亚洲法律杂志 - 中国版 CHINA

9 772220 270006

EMPLOYER of CHOICE CHINA’S BEST LAW FIRMS TO WORK FOR

中国最佳雇主

中国 最 适 合 工 作 的 律 所

2015

KAISA LESSONS

BUYING SPREE

CAPITAL TIMES

What precedent will it set?

Chinese companies eye Europe

While Hong Kong’s IPO streak continue?

购买狂欢： 中国公司着眼欧洲

资本积累： 香港IPO热还能否继续？

PAGE 25

PAGE 30

佳兆业教 训 ： 有何预示 ？

PAGE 21

INSIDE

n THE BIG STORY

04

n DEALS SPOTLIGHT

06

n APPOINTMENTS

08

LOCAL ROOTS GLOBAL IMPACT “The only local arbitration commission which meets or surpasses global standards” - The Economist Intelligence Unit “Professionalism, competence and transparency” - Global Arbitration Review

BAC/BIAC Profile

Beijing Arbitration Commission

Beijing International Arbitration Center Tel: +86 10 6566 9856 Fax: +86 10 6566 8078 Email: bjac@bjac.org.cn Address: 16/F, China Merchants Tower, No.118 Jian Guo Road, Chaoyang District, Beijing 100022, China

The Beijing Arbitration Commission (BAC), also known as the Beijing International Arbitration Center (BIAC), was established in 1995 as a non-governmental arbitration institution, and became the first self-funded Chinese arbitration institution in 1999. It provides institutional support as an independent and neutral venue for the conduct of domestic and international arbitration and ADR proceedings. It is operated by a Secretariat headed by its Secretary General under the supervision of its Committee. The BAC/BIAC Arbitration Rules 2015 were unveiled on December 4, 2014, and will be effective as of April 1, 2015. The 2015 rules widely adopt UNCITRAL Arbitration Rules and further accept up-to-date international practice.

BAC/BIAC Growth

﹡ From 7 cases filings in 1995 to over 24,000 cases in total by 2014 ﹡ 1500+ new filings on average per year since 2005 ﹡ 500+ international cases in total ﹡ Parties form various jurisdictions including USA, UK, Germany, Australia, Japan, South Korea, Singapore, Hong Kong and Taiwan, etc. ﹡ The sum in dispute of around 10 billion RMB (approx. 1.65 billion USD or 1.20 billion EUR) per year on average since 2010 with a highest claim amount of 4.2 billion RMB (Approx. 0.69 billion USD or 0.51 billion EUR) in 2011

Recommended BAC/BIAC Model Clause: Hearing Room

All disputes arising from or in connection with this contract shall be submitted to Beijing Arbitration Commission / Beijing International Arbitration Center for arbitration in accordance with its rules of arbitration in effect at the time of applying for arbitration. The arbitral award is final and binding upon both parties.

CONTENTS

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1

NEWS

30

THE BIG STORY

04

DEALS

06

APPOINTMENTS

08

REUTERS/Bobby Yip

COVER STORY ALB EMPLOYER OF CHOICE 2015

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ALB’s annual survey of the best law firms to work for in China lists ten domestic and five international firms that were lauded by their employees – from the paralegal level right up to managing partner – on issues ranging from career prospects within their firm to mentorship opportunities and work-life balance. Responses to the survey, which was conducted in the months of February and March, were used to pick the best law firms to work for in China, or the “Employer of Choice.”

ALB 2015年中国最佳雇主 ALB每年都会评选出十个最受雇员欢迎的中国律所 以及五个国际律所，从律师助理到管理合伙人都有 参与我们的调查问卷填写，所回答的问题包括职业 发展前景、培训辅导、工作与生活平衡等等。本次调 查于今年2月和3月进行，旨在评选出最适合员工工作 的中国律所，也就是“最佳雇主”。

FEATURES Ominous signs

21

to be the favourite items on the menu, finds Shangjing Li

As the case of Shenzhen’s struggling Kaisa Group grows murkier, and investors in China’s property industry grow worried, lawyers dissect how the case has been handled so far, and the kind of precedent it could set for future cases of this type, to Shangjing Li

饥饿的中国商人正在进行所谓的购物狂 欢，而位 于欧洲的资产成了他们购买单上的最爱。李尚晶报 道。

随着深圳佳兆业集团的困境滚雪球，中国房地产行 业投资者的担忧日益加重，律师们为您详细剖析此 案到目前为止的处理情况以及它可能为今后所提供 的先例，李尚晶报道。

After a strong showing in 2014, Hong Kong’s IPO market is set to carry the momentum forward into 2015, with a strong pipeline of companies looking to list on the Hong Kong Stock Exchange. On the liquidity front, the signs look positive with the Hong Kong-Shanghai Stock Connect starting to bear fruit, and the introduction of a similar scheme between Hong Kong and Shenzhen’s stock markets penciled for later this year. Meanwhile, discussion over

佳兆业征兆

Buy, buy, buy

25

买，买，买

Hungry Chinese companies are on an acquisition spree, and Europe assets appear

Gathering momentum

30

蓄势待发

the hotly debated issue of whether Hong Kong should allow weighted voting rights has continued into 2015. Kanishk Verghese reports 在2014年的强劲表现后，随着更多企业寻求在香 港交易所上市，香港新股首次上次（IPO）市场在 2015年将延续过去一年的发展势头。此外，由于沪 港通开始结出硕果，而类似的深港通也将在今年 晚些时候引入，流动性方面正释放出积极信号。同 时，就香港是否应该允许加权投票权问题的热议将 持续到2015年。Kanishk Verghese报道。

Shilton Sharpe Quarry ALB China Law Awards 2015 34 SSQ ALB 2015年度中国法律大奖 We unveil the full list of nominees for ALB’s annual China law awards.

ALB公布2015年度中国法律大奖入围名单

Corrections

更正与致歉启事

• In the March issue of ALB China, the practice area of Mao Hongtao of DHH Law Firm was incorrectly stated as insurance, real estate, construction, and corporate law in the China’s Top 15 Litigators list. Mao actually specialises in economic criminal defense. Any inconvenience caused is deeply regretted.

• 在3月的《亚洲法律杂志》（中国版）的中国十五佳诉讼律师榜单中，我们 错误的将北京德和衡律师事务所毛洪涛律师的执业领域刊登为保险、房 地产、建筑和公司法。特此更正：毛洪涛律师在刑事辩护领域，尤其是经 济犯罪辩护领域，树立了良好的声誉。我们为此带来的不便深感歉意。

ASIAN LEGAL BUSINESS APRIL 2015

2

PUBLISHER Amantha Chia amantha.chia@thomsonreuters.com

ON THE COVER

MANAGING EDITOR Ranajit Dam ranajit.dam@thomsonreuters.com DEPUTY EDITOR Kanishk Verghese kanishk.verghese@thomsonreuters.com CHINA JOURNALIST Shangjing Li shangjing.li@thomsonreuters.com CONTRIBUTOR Dana MacLean

EMPLOYER of CHOICE CHINA’S BEST LAW FIRMS TO WORK FOR

COPY EDITOR Karuna Jainpalli karuna.jainpalli@thomsonreuters.com ACCOUNT MANAGERS Yvonne Cheung Account Director (China) (852) 2847 2003 yvonne.cheung@thomsonreuters.com Henry Cheng Account Manager (Hong Kong) (852) 2847 2016 henry.cheng@thomsonreuters.com Shyanne Chen Advertising Sales Manager (Indonesia and Malaysia) (65) 6870 3253 shyanne.chen@thomsonreuters.com Sardor Yangibayev Sales Executive (Philippines, Thailand, Vietnam) (65) 6870 3190 sardor.yangibayev@thomsonreuters.com DIRECTOR, EVENTS Colin Carter colin.carter@thomsonreuters.com CONFERENCE AND MARKETING MANAGER Trang Chu Minh chuminh.trang@thomsonreuters.com DESIGNER Samson Pang TRAFFIC MANAGERS Rozidah Jambari Gloria Ng

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中国最佳雇主

中国最适合工作的律所

2015

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EDITORIAL

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3

BEYOND ENGAGEMENT

远不止敬业

The iron rice bowl is well and truly smashed. Today’s law firm employees are acutely aware of their value in the marketplace and are not afraid to switch if they feel their employer does not give them a good enough reason to stay. To counter this, firms are going out of their way to ensure that employees love their work and the environment they work in. The benefits go beyond just retaining the best talent in the market: once people are happier at work, they will go the extra mile for their clients, work innovatively, and continuously improve the business.

铁饭碗是被彻底打破了。现在，律所员工清楚的认识到他 们在市场中的价值，如果感到律所没有为他们提供足够好的工 作条件，他们并不担心重新找份工作。为了避免这种情况，律 所竭尽全力，确保员工喜欢他们的工作和工作环境。这样的做 法不仅能帮助律所留住市场上最好的人才，还能带来更多的好 处：员工在工作中越开心，他们越愿意付出额外的努力为客户 服务、提高创新能力并持续改善公司的业务。

As this year’s ALB Employer of Choice Survey, which picks China’s best law firms to work for, finds out though, engagement is the very minimum that firms need to be aiming at. As China’s lawyers become more sophisticated and in tune with characteristics of the global workplace, they also become more demanding. Law firms need to look at defining a mission, an identity and a culture, i.e. creating a place that is “cool” to work in and that their employees can identify with. “Are our employees engaged enough?” might be the wrong question to ask. Instead, it should be “Is our firm a place that excites people to come to work every day?”

2014年ALB最佳雇主的调查评选出了对员工来说中国最好 的律所。但在调查中，我们发现，律所对员工的期望远不止敬 业而已。中国的律师越来越有经验，与国际职场的特点越来越 协调一致，他们对工作环境的要求也在不断提高。律所需要确 定自身的使命、身份和文化，也就是为员工创造一个很“酷”的 工作环境，同时员工能够产 生认同感。对律所来说，“我 们的员工足够敬业吗”可能是 个错误的问题。“我们能让员 工每天充满激情的工作吗”才 应该是律所要问的问题。 RANAJIT DAM Managing Editor Asian Legal Business Thomson Reuters ranajit.dam@thomsonreuters.com

DATE: 6 MAY 2015 VENUE: SHANGHAI With the increasing attention paid to corruption issues by the Chinese government and an ever more complex global regulatory environment, both Chinese and international companies are faced with the challenges of fighting against corruption and staying compliant with local and international regulations. To provide the Chinese legal community with a platform to exchange ideas and solutions for the pressing issues, Asian Legal Business is pleased to present the inaugural China Anti-corruption Forum on in Shanghai on 6th May 2015.

Conference speakers will represent key Chinese and Multi-National companies, law firms and consultancies. For the full speaker faculty and to view the event agenda, please visit http://www.legalbusinessonline.com/conferences/chinaanticorruption or contact sheila.lum@thomsonreuters.com for more information

REGISTER BEFORE 17 TH APRIL 2015 AND SAVE UP TO US$200!

• In-House Counsel / Compliance Managers / Internal Auditors and other in-house professionals – US$295 (earlybird rate) / US$445 (full price) • Law Firms / Consultants / Service Providers – US$695 (early-bird rate) / US$895 (full price) To register, please visit http://www.legalbusinessonline.com/conferences/china-anticorruption. For more information, please contact Sheila Lum on sheila.lum@thomsonreuters.com or call +65 6870 3252

Join over 100 attendees: Corporates: • Heads of Compliance / Compliance Professionals • General Counsel / In-House Legal Team • Head of Procurement • CXO roles Law Firms: • Managing / Senior Partners / Of Counsel

Sponsorship and speaking opportunities are still available – for more information on how to join the speaker faculty, please contact Amantha Chia on amantha.chia@thomsonreuters.com or call +65 6870 3917 SPONSORS

ALB SUPPORTS

PROUDLY PRESENTED BY

4

BRIEFS

04.2015

INSIDE DEALS: YOUR MONTH AT A GLANCE 06 / APPOINTMENTS 08

THE BIG STORY

Out of the shadows China’s thriving brokerage minnows set to come under M&A spotlight

By ELZIO BARRETO and ADAM JOURDAN

I

n the shoals of China’s little-known stockbrokers, fast-growing firms like Southwest Securities Co may soon find themselves in the glare of a consolidation spree triggered

by Beijing’s drive to modernise the country’s financial industry.

Nearly doubling profits last year on a stock market boom, Southwest is one of the more than 120 brokerages in China that will have to live with government plans to allow commercial banks and other finance firms to own a brokerage licence. The new rules are expected later in 2015, part of moves to open up capital markets and bolster China’s sagging economic growth.

After a stellar 2014 - securities firms’ profits more than doubled to $16 billion - Chinese brokerages are now bracing for the impact of newcomers by lining up to raise billions of dollars in funds to expand margin trading and other businesses. A series of takeovers is about to be unleashed, insiders say.

“Mergers between banks and securities companies, insurers and banks, or insurers and securities companies are all likely to show up,” Wang Dongming, chairman of China’s largest brokerage, CITIC Securities Co, said at a recent news conference. “The strong will become stronger, and the weak will become weaker.”

Chinese securities firms had about 4.1 trillion yuan ($660 billion) of assets at the end of 2014, nearly double a year earlier, according to the Securities Association of China.

and Shanghai stocks on each other’s bourses.

While CITIC Securities and Haitong Securities Co are way out in front, with 192.9 billion yuan and 129 billion yuan of assets respectively, most of the industry consists of much smaller players. Ranked 19th, Southwest has assets of about 30 billion yuan.

Two sources of big brokerage business will be affected by the broadening of the licences: equity underwriting, a hugely profitable business that pays nearly double the fees in mainland China compared with Hong Kong, where fees are squeezed by stiff competition from global brokerages; and stock trading, where the entry of new players is expected to push very tight commissions even lower.

Banks with brokerage licences would present “huge risks” to brokerages because of their large retail customer base, Credit Suisse analysts wrote in a March research note. That would further pressure stock trading commissions that fell to about 7 basis points in the second half of 2014 from 7.6 basis points in 2013 amid competition from brokers for business from retail clients.

China’s securities regulator has given no timetable for when new licences would be issued. Hong Kong-based advisory firm REORIENT Financial Markets expects the change could be as soon as the third quarter of 2015.

The Hang Seng China H-Financials index has surged 39 percent in the past year, pushing valuations too high, according to some investors, potentially building pressure on brokerages if competition cuts into profit.

“The environment for the brokerage business in China is definitely more negative versus other players and other sectors in the financial space, especially considering the current valuation level,” said Francois Perrin, head of Greater China equities at BNP Paribas Investment Partners Asia.

ALL-TIME HIGH Brokers’ assets and earnings were boosted by stock trading volumes rising to an alltime high in China last year as local investors flocked to equities after the central bank’s surprise interest rate cut in November. Volumes have also been helped by the Stock Connect scheme, which opened the same month, allowing direct trading of Hong Kong

REUTERS/Will Burgess

BRIEFS 冲出阴影

中国蓬勃发展的小型券商 将在并购浪潮中成为焦点 Elzio Barreto和Adam Jourdan报道

在

中国大批鲜为人知的股票经纪公 司中，西南证券有限责任公司等 许多快速增长的公司很快就会发 现它们正身处由中国政府主导的国家金融 产业现代化所引发的合并浪潮中。 在收获了去年的股票市场繁荣期带来的 近一倍的利润增长之后，西南证券和其他 120多家中国券商一样，将不得不接受中 国允许商业银行和其他金融机构拥有券商 牌照的计划。新规则预计在2015年晚些时 候颁布，是众多旨在开放资本市场和提振 放缓的经济增速的措施中的一项。 证券公司的利润在繁荣的2014年增长 逾一倍，达160亿美元。现在，中国的券 商正在通过筹集数十亿美元的资金扩大融 资融券等业务，准备迎接新加入者所带来 的冲击。业内人士表示一场并购浪潮即将 袭来。

“银行与证券公司，保险公司与银行， 保险公司与证券公司之间都可能出现合 并。”中国规模最大的券商公司中信证券股 份有限公司董事长王东明在最近的一次新 闻发布会上说。“强者会更强，弱者会更 弱。” 根据中国证券业协会的数据，截止2014 年底，中国证券公司共持有4.1万亿元资产 （6600亿美元），较之去年同期增长了近 一倍。

历史最高纪录 去年11月，由于央行意外降息，本土投 资者纷纷涌入股市，交易量攀升至历史新 高，券商的资产规模与盈利也随之攀升。 同月启动的沪港通也带动了股票交易量， 该计划允许在香港和上海的交易所之间直 接交易股票。 目前，中信证券和海通证券牢牢占据 券商行业的头两把交椅，资产规模分别为 1929亿元和1290亿元。但是，券商行业的 主力军仍是中小规模的证券公司。以西南 证券为例，该公司资产约300亿元，在券 商规模排行榜上位列第19位。 此次扩大券商牌照发放范围将会使券商 的两大业务受到冲击：首先是股票承销业

5

务，在香港，来自国际券商的激烈竞争拉 低了费率，而在内地承销股票仍然非常有 利可图，其费用几乎是香港的两倍；其次 是股票交易业务，新参与者的入场将会进 一步压低佣金。 瑞士信贷的分析师在三月份的一份研 究报告中指出，凭借庞大的零售客户基 础，持有券商牌照的银行将会给证券公司 带来“巨大的风险”。 这可能会进一步压低 股票交易佣金。由于与经纪公司争夺零售 客户，股票交易佣金在2014年下半年从 2013年的7.6个基点下降到7个基点。 中国的证券监管机构对于什么时候发放 新牌照没有给出具体时间表。香港研究机 构瑞东集团预计新政最快在2015第三季 度实施。 一些投资者认为，恒生中国H股金融行 业指数去年大涨39％，推动估值过高，如 果竞争消弱了利润，这可能给券商造成压 力。 法银巴黎证券投资顾问股份有限公司 大中华区证券业务主管弗朗索瓦•佩兰表 示：“相比金融领域的其他市场主体或行 业，中国券商公司面临的环境肯定要更为 负面，特别是考虑到目前的估值水平。

6

DEALS BRIEFS

ASIAN LEGAL BUSINESS APRIL 2015

DEALS: YOUR MONTH AT A GLANCE

$7.7 BILLION

DEAL NAME

FIRM

JURISDICTION

VALUE DEAL TYPE (US$ MLN)

M&A

CHINA NATIONAL CHEMICAL CORP’S BID TO ACQUIRE ITALIAN TIRE-MAKER PIRELLI • Under the deal, ChemChina’s tire making division, China National Tire & Rubber Company will first enter into a joint venture which will buy the 26.2 percent stake Italian holding firm Camfin owns in Pirelli.

• If successful, the deal will create a global company with a market share of 10 percent, according to Swiss bank UBS.

N/A JV

STARBUCKS’ PARTNERSHIP WITH TAIWANESE DRINK MAKER TINGYI HOLDING CORP • Starbucks’ teaming-up with a local partner is in line with the trend that global firms tend to latch on to a local Chinese peer to expand in China.

• Starbucks will be providing coffee expertise, while Tingyi will manufacture and sell Starbucks read-todrink (RTD) portfolio in China.

• Binding with Tingyi would lower the cost of Starbucks’ RTD coffee products and boost the company’s footprint in smaller cities.

Clifford Chance Latham & Watkins China National Chemical Corp’s bid to acquire Italian tire-maker Pirelli

Linklaters JunHe

China, Italy

7,700

M&A

China, Hong Kong

5,500

M&A

China, Taiwan

N/A

JV

China, Hong Kong

74

IPO

China, Hong Kong

953

IPO

China, U.S.

640

M&A/ Privatisation

China, Hong Kong

173

JV

China, Hong Kong

3,600

IPO

Chiomenti and Lombardi Molinari Segni Studio Legale Pedersoli e Associati

China Overseas Land and Investment Ltd’s property portfolio acquisition from its state-owned parent company Starbucks’ partnership with Taiwanese drink maker Tingyi Holding Corp

Norton Rose Fulbright Jingtian & Gongcheng Baker & McKenzie Sidley Austin Cadwalader, Wickersham & Taft (in association with Joseph P.C. Lee & Associates)

Suchuang Gas Corporation’s HK IPO

Deacons Grandall Law Firm Jingtian & Gongcheng Appleby Commerce & Finance Law Offices

Fuyao Glass Industry Group’s Hong Kong IPO

Fujian Zenith Law Firm Latham & Watkins

Integrated Silicon Solutions Inc’s privatisation by a consortium of Chinese investors

$3.6 BILLION IPO

GF Securities IPO • GF Securities is the fourth biggest Chinese brokerage by assets.

• It is the largest IPO in the Asia Pacific Region this year, or the second-largest new listing globally in 2015.

Sino-Ocean Land Holdings Limited’s joint venture with Nan Fung

Morrison & Foerster Wilson Sonsini Goodrich & Rosati Baker & McKenzie Latham & Watkins Clifford Chance

GF Securities IPO King & Wood Mallesons Jia Yuan Law Offices

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SPONSORED ARTICLE

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北京仲裁委员会 BEIJING ARBITRATION COMMISSION

北仲新规则中的追加当事人和合并仲裁

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北京仲裁委员会（以下简称北仲）最近制定了 最新版本的仲裁规则（简称新规则）。新规则将于 2015年4月1日开始施行。新规则为仲裁双方追加当 事人和合并仲裁提供了更大的便利。新规则推动了 北仲的仲裁程序与最先进的国际仲裁实践的接轨， 促进了仲裁的积极的发展。

的条款。然而，新规则的第二十九条对此问题作出 了规定，经各方当事人同意且北仲认为必要的，北 仲可以将两个或两个以上的仲裁案件合并为一个 仲裁案件进行审理。在决定是否进行合并时，北仲 将考虑相关仲裁案件的具体情况，例如所依据的 仲裁协议等。

仲裁程序中的追加当事人 很多的商事合同由多方当事人订立。当其中两个 当事人之间产生了争议，在仲裁中，其中一方很难追 加第三人（被追加的第三人亦为诉争合同项下的主 体）。 但在国内法院案件中，不存在这样的难题，因 为法院有权将其他当事人追加到程序中。

新规则中的合并仲裁条款和《国际商会仲裁规 则》的条款很相似。同新规则类似，《国际商会仲 裁规则》规定国际商会仲裁院（而非仲裁庭）可以 根据一方当事人的请求合并两个或多个仲裁案件 为一个仲裁案件进行审理。第十条列举了国际商 会仲裁院允许合并仲裁的三种情形。我们注意到， 相较而言，新规则下北仲拥有更大的空间决定是否 合并多个仲裁程序。

北仲现行仲裁规则没有包含任何允许当事人追 加其他当事人的条款，而新规则第十三条解决了这 个问题。新规则第十三条规定，仲裁庭组成前，当 事人可以依据相同的仲裁协议在案件中向北仲申请 追加当事人。仲裁庭组成后，除非申请人、被申请人 及被追加的当事人均同意，否则不再接受追加当事 人的申请。新规则中的第七到第十条中规定了追加 第三人的程序。 新规则中的追加当事人条款和当下的国际仲裁实 践可相媲美。新规则第十三条和《国际商会仲裁规 则》中的追加当事人条款十分相似，《国际商会仲裁 规则》中的第七条同样允许当事人在仲裁庭组庭之 前向秘书长提出追加第三人的申请。此外，《国际商 会仲裁规则》不允许在仲裁庭组庭后追加第三人，“ 除非全部当事人，包括被追加的当事人都同意”。 由此可见，新规则中的追加当事人条款是一个受 欢迎的新制度，能确保北仲能够更高效地管理仲裁 程序。通过允许第三人加入仲裁程序，使得北仲的 程序与当前国际仲裁实践相接轨。这一举措让新 规则的起草者实现了他们的初衷。

合并仲裁 对于一个仲裁机构来说，拥有决定合并仲裁的权 力十分重要。例如，大型的IT公司经常与多方签署格 式文本的合同。合同项下经常会发生同一性质的争 议，而IT公司却不得不启动多个涉及同样合同和同 一争议点的仲裁程序。如果仲裁机构有合并仲裁的 权力，这既可以帮助当事人节省大量的费用，也可以 避免不同的仲裁庭作出一致的裁决。 地址：北京市朝阳区 建国路118号招商局大厦16层. 电话：+86 10 65669856-275 传真：+86 1065668078

北仲现行仲裁规则未规定任何多程序合并仲裁

最后，我们注意到，《联合国国际贸易法委员会 仲裁规则》不包含任何关于合并仲裁的条款。因 此，在合并仲裁方面，新规则比《联合国国际贸易 法委员会仲裁规则》更优越，它为北仲在决定是否 合并仲裁方面提供了更大的灵活性。

结论 新规则中关于追加当事人和合并仲裁的条款对 于北仲来讲是代表着积极的发展。这些条款将为 当事人在仲裁程序中提供更大的灵活性，帮助当 事人避免因启动多个仲裁程序而投入额外的费用 和时间。通过新规则的施行，北仲将进一步将其仲 裁程序与先进的国际仲裁实践相接轨。如此一来， 新规则将使北仲对那些潜在的仲裁当事人而言成 为更具吸引力的选择。

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BRIEFS APPOINTMENTS

ASIAN LEGAL BUSINESS APRIL 2015

LATERAL HIRES NAME

LEAVING

GOING TO

PRACTICE

LOCATION

Grace Chen

Bird & Bird

Covington & Burling

Employment

Beijing

Anna Elshafei

Hogan Lovells

Miller Canfield

Corporate

Shanghai

Ilan Freiman

Haley & Co

Berwin Leighton Paisner

Real Estate

Hong Kong

Tim Gardner

Latham & Watkins

Weil, Gotshal & Manges

Private Equity

Hong Kong

Glenn Haley

Haley & Co

Berwin Leighton Paisner

Dispute Resolution, Construction

Hong Kong

Kyungseok Kim

Linklaters

White & Case

M&A

Hong Kong

Thomas Ng

Linklaters

Finance

Hong Kong

David Ludwick

Linklaters

Freshfields Bruckhaus Deringer

Capital Markets

Hong Kong

Scott D. Peterman

Sidley Austin

Jones Day

Private Equity

Hong Kong

Geoffrey Shaw

Haley & Co

Berwin Leighton Paisner

Dispute Resolution, Construction

Hong Kong

Stephanie Tang

Kirkland & Ellis

Shearman & Sterling

M&A

Hong Kong

Kenny Wong

Mayer Brown JSM

Hogan Lovells

Intellectual Property

Hong Kong

Shao Zili

JPMorgan Chase

King & Wood Mallesons

M&A, Corporate

China

Freshfields Bruckhaus Deringer

PROMOTIONS NAME Haiping Li

FIRM

PRACTICE

Skadden

Corporate

POSITION Partner

LOCATION Hong Kong (relocating to Shanghai)

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SINGAPORE

金管局就柜台交易衍生品交易拟修改证 券期货法令

新加坡金融管理局于2015年2月11日发布公众咨询函， 拟就柜台交易（OTC）衍生品交易修改有关证券期货法 令。金管局在2012年11月曾就OTC衍生品交易相关事 宜对证券期货法令进行了有关修改。现为扩大OTC衍生 品规管范围，金管局拟就证券期货法令再次进行修改， 其拟修改内容主要如下：

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SHANGHAI

解读《国家外汇管理局关于进一步简 化和改 进直接投资外汇管理政策的 通知》 国家外汇管理局近期对外发布了《国家外汇管理 局关于进一步简化和改进直接投资外汇管理政策的 通知》（汇发[2015]13号，下称“13号文”），13号文将 自2015年6月1日起实施。

1. 就OTC改革引起的有关修改 证券期货法令关于该部分的修改主要体现在： - 对有关定义的修改，诸如“证券”、“期货合约”及“衍 生品合约”，以及该些定义之间的关联； - 为OTC衍生品交易提供交易设施的市场运营主体 将纳入证券期货法令规管范围； - 提升交易信息报告要求，如金管局考虑可能要求该些注册在新加坡，但 并未在新加坡进行交易的合同，也需予以报告，以提高金管局对衍生品 交易市场的监管；另根据市场反馈，交易一方因银行法令或信托公司法 令保密义务不能履行报告义务，金管局考虑将在证券期货法令中明确 规定，向金管局或特定海外交易机构履行报告义务将不视为违反保密 义务； - 拟修改的证券期货法令要求，适当时候，所有标准化交易须在交易所或 电子交易系统进行交易，虽然金管局认为目前不必限定OTC衍生品交易 在某个特定交易场所进行。 2. 将 衍生品交易适用规定从大宗商品交易法令（Commodity Trading Act）改为证券期货法令。目前，金管局仅根据证券期货法令对远期商 品交易进行规管，衍生品及现货商品交易由新加坡国际企业发展局根 据大宗商品交易法令进行规管。 3. 完善规定以防止市场的任何不当行为 为加强监管措施，以防止市场的任何不当行为，金管局拟修改下述内容： - 证券期货法令第199章旨在杜绝市场上错误及误导性披露，确保市场 上公开给投资者的信息都是准确无误的。金管局拟澄清并明确“重要 (material)”之含义，目前第199章规定禁止任何人提供或发布任何错误 或误导性信息，该些信息在某重要方面可能影响证券的市场价格或可 能导致某人进行证券交易； - 引入新的定义“普通证券投资人士”，用以确定内幕交易中的价格敏感信 息； - 若违反证券期货法令市场不当行为，可能被要求赔偿，金管局拟修改该 民事赔偿限额； - 就任何市场不当行为受到金管局调查并可能遭受赔偿，该赔偿将优先 于任何其他私人债务。

13号文的主要内容包含以下几点： 一、取消直接投资项下外汇登记核准 13号文取消了直接投资项下外汇登记核准，改由 13号文实施后已经取得国家外汇管理局及其分支机 构（以下合称“外管局”）金融机构标识码且在所在地 外管局开通资本项目信息系统的银行直接审核办理 境内直接投资项下外汇登记和境外直接投资项下外 汇登记，外管局通过银行对直接投资外汇登记实施 间接监管。完成直接投资外汇登记后，方可办理后续直接投资相关 账户开立、资金汇兑等业务 （含利润、红利汇出或汇回）。 二、简化境内直接投资项下外国投资者出资确认登记 取消境内直接投资项下外国投资者非货币出资确认登记和外国 投资者收购中方股权出资确认登记。将外国投资者货币出资确认 登记调整为境内直接投资货币出资入账登记，外国投资者以货币 形式（含跨境现汇和人民币）出资的，由开户银行在收到相关资本 金款项后直接办理入账登记，办理入账登记后的资本金方可使用。 三、取消境外再投资外汇备案 境内投资主体设立或控制的境外企业在境外再投资设立或控制 新的境外企业无需办理外汇备案手续。 四、取消直接投资外汇年检，改为实行存量权益登记 对于未按规定办理存量权益登记的相关市场主体，外管局对其进 行业务管控，银行不得为其办理资本项下外汇业务。在按要求补报并 向外管局出具说明函说明合理理由后，外管局取消对其的业务管控， 对涉嫌违反外汇管理规定的，依法进行行政处罚。 总的来说，13号文尤其是上述第一、二点主要内容将进一步便利 外国投资者和外商投资企业的相关外汇交易，但该文的实际运行效 果如何还有待其正式实施后实践对其的检验。

4. 拟修改海外集体投资计划（CIS）的认可标准 目前，若海外注册CIS管辖地的法律及实践和新加坡相当，则该CIS将在 新加坡受到承认。金管局建议除考虑法律及实践外，考虑更多其他因素用 以决定是否认可该境外CIS. 关于证券期货法令的拟修改意见的公众咨询函，可登陆金管局网站 (www.mas.gov.sg)获取更多详情。

陶丽, 主任合伙人 T: +86 21 6211 2390, +86 21 6211 2357 F: +86 21 6211 2387 E: li.tao@victorylegalgroup.com

MS. DIANTHA HO, Legal Associate (Corporate Practice) T: +65 6322 2235 F: +65 6534 0833 E: dianthaho@loopartners.com.sg MR. NICHOLAS CHANG, Manager, Corporate Finance Department T: +65 6322 2236 F: +65 6534 0833 E: nicholaschang@loopartners.com.sg A: 俊昭法律事務所 143 Cecil Street, Level Ten, GB Building, Singapore 069542 W: www.loopartners.com.sg

9

罗怡德, Senior Advisor T: +86 21 6211 2390, +86 21 6211 2357 F: +86 21 6211 2387 E: lloyd.loh@victorylegalgroup.com

A: VICTORY LEGAL GROUP 双胜律师事务所 Unit J, 14 Floor, Huamin Empire Plaza, No. 726, Yan An West Road, Shanghai, 200050 PRC W: www.victorylegalgroup.com

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SPONSORED ARTICLE

ASIAN LEGAL BUSINESS APRIL 2015

中倫律师事务所 ZHONG LUN LAW FIRM

ZHONG LUN GUANGZHOU OFFICE: DEVELOPING FAST

Lin Zejun, Partner 林泽军, 合伙人

Zhang Baisha, Partner 张白沙, 合伙人

Hu Tiejun, Partner 胡铁军, 合伙人

Quan Fen, Partner 全奋, 合伙人

Every year, Zhong Lun Law Firm finishes at the top of the ALB China and the Asia Law Awards list. The accolades come as no surprise as it has, after 22 years of rapid growth, established itself as a high-end law firm that provides a spectrum of legal services.

Zhong Lun’s Guangzhou office was founded in 2006.

And a conscious effort to expand and develop began in 2011.

“I joined Zhong Lun in 2011. The Guangzhou office has seen massive growth and expansion at a rapid rate in the past few years,” said Lin Zejun, the managing partner of Zhong Lun Guangzhou office.

The Guangzhou office currently has 16 partners, a fourfold increase from four partners back in 2010. The increase is directly proportional to the firm’s revenue which, in 2014, increased 10 times compared to 2010.

Lin told ALB that he owes the Guangzhou office’s success to Zhong Lun’s brand and reputation, the concerted efforts of all staff in Guangzhou office and the valuable support from big name partners in its Beijing headquarters and from its Shanghai and Shenzhen offices.

“Zhong Lun’s Guangzhou office still has gaps when compared to our first-tier Beijing, Shanghai and Shenzhen offices,” Lin said. “But we are integrating our resources and catching up especially with the support we receive from our headquarters.”

Zhong Lun’s Guangzhou office can boast of expertise in the areas of real estate, construction and infrastructure, capital market, finance innovation, foreign direct investment, outbound investment, anti-trust, intellectual property and labor law. Its success has not gone unnoticed, with many successful lawyers vying to join from the South China area—the future of the firm looks very promising.

Real Estate and Infrastructure

Just like the services at Zhong Lun’s headquarters — real estate, construction and infrastructure—have been Guangzhou office’s flagship service as well.

Zhong Lun Guangzhou office has four partners and more than a dozen lawyers in the practice areas. The service they provide covers real estate development, M&A, financing, construction, investing in infrastructure in the forms of BOT (Build-Operate-Transfer), BT (Build-Transfer) and PPP (Public-Private-Partnership).

The team has provided legal services in a number of influential projects including the Sino-Singapore Guangzhou Knowledge City development project and quite a few projects of CITIC Real Estate, the TOD project in Foshan Zhaoqing of Guangdong Railway Construction Investment Group , and the PPP project of Shantou Su Ai tunnel .

Capital market IPO, securitisation, finance innovation

中伦律师事务所广州办公室 地址：广州市天河区珠江新城华 夏路10号富力中心23层 邮编：510623 电话：86-20-2826 1688 传真： 86-20-2826 1666 邮件：guangzhou@zhonglun.com

Capital market is another rapidly growing area. With four partners and more than 10 lawyers in this area, Zhong Lun Guangzhou’s office provides varied services including domestic and overseas listing, restructuring of public companies, and acquisition. The diverse array of services they provide puts them in a competitive position in the capital markets area in Guangzhou.

Offering such services is especially challenging as it is

not easy for lawyers to be exceptional in capital market in Guangzhou. “It is quite a competitive market here in Pearl River Delta. Its not just the lawyers from Shenzhen that are part of the game, professionals from Beijing and Shanghai are also involved.” Quan Fen, a partner in the Guangzhou office said.

But over the years, Guangzhou Office’s partners and lawyers in the capital market have gained clients’ trust, by providing solid legal support to their IPOs, bond issuance and private and public equity services. Quan said, in the first three months of 2015 alone, he and his team have accomplished one private equity placement and two IPOs. In addition, Guangzhou office has received incredible support from the headquarters which in turn enables the office to develop in the areas of securitisation, financial innovation, and gives the office a firm competitive edge in the South China market.

Antitrust and intellectual property

Owning to law firms’ experience with the central government most companies usually have to pursue Beijing firms for antitrust services. But this is not the case for Zhong Lun Guangzhou office.

“Zhong Lun Guangzhou office is fully prepared to support our clients to resolve potential antitrust issues under the rigorous antitrust scrutiny,” said Zhang Baisha, partner of the antitrust team.

An academic partner of Research Partnership Platform on Competition and Consumer Protection (RPP) of United Nations Conference on Trade and Development, Zhang Baisha has a close connection with international antitrust community.

Meanwhile, Guangzhou office has an intellectual property team that is equally powerful, giving it a unique advantage in area of IP and antitrust. .

“The significance of the intersection of these two areas is increasing … I agree with newly appointed director of Price Supervision and Anti-monopoly Bureau of NDRC, Zhang Handong, when he says that abuse of IPRs is the target of antitrust public enforcement this year.” Zhang said. “We are devoted to safeguarding clients’ intellectual properties while ensuring the line for misuse of IPRs has not been crossed.”

Foreign business involvement in new urbanisation

Urbanisation has been a hot topic in China. China’s prime minister Li Keqiang has put forward a new type of urbanisation strategy: urbanisation that emphasised on environment protection and resource-saving, thus making the cities more livable.

In this context, Zhong Lun Guangzhou office provides professional legal service to both domestic and foreign investors in the urbanisation cause, especially to foreign investors.

“Foreign companies have better technologies and more experience in environment protection, energy efficiency, intelligent devices, and urban planning which gives them a competitive advantage in serving the future urbanisation constructions. It is a big business opportunity, ” Hu Tiejun, the parter at Guangzhou office told ALB.

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中伦律师事务所广州办公室：在快速发展的路上 中伦律师事务所每年都位居ALB中国和亚洲法律大 奖名单之首。所有的褒奖都在情理之中，经过22年的 快速发展，中伦已经把自身打造成了一家提供全方位 法律服务的高端律所。 中伦广州办公室成立于2006年，从2011年开始有意 识地进行扩张与发展。 “我本人也是在2011加盟中伦，并担任广州办公室 的负责人。在过去几年，我有幸参与和见证了广州办 公室较快的发展历程。”中伦律师事务所广州办公室管 理合伙人林泽军律师对ALB说道。 广州办公室目前有16名合伙人，数量是2010年时4 名合伙人的4倍。这种增长与该办公室的收入增长直接 成正比，2014年营收比2010年增长了10倍。 林律师对ALB表示，广州办公室的成功归于中伦律 师事务所的品牌和声誉，广州办公室全体合伙人和律 师的努力以及该所北京总部和上海、深圳办公室知名 合伙人提供的有力支持, 林律师表示，“目前，我们与北京、上海和深圳等 办公室相比，还是有很大的距离。我们正努力整合自 身的资源，在总部的支持下加速发展，以期追赶上中 伦快速发展的步伐。” 中伦广州办公室拥有在房地产、建筑工程与基础设 施、资本市场、金融创新、外商直接投资、 中国企业 对外投资、反垄断、知识产权和劳动法等多个领域的 专长。该办公室过去几年取得的成功已经受到瞩目， 许多华南地区的成功律师争相加盟，该办公室的前景 十分光明。

房地产与基础设施 与中伦总部所提供的服务一样，房地产、建筑和基础 设施也是广州办公室的主打服务。 中 伦 广 州 办 公 室 在 这 一 执 业 领 域 拥 有 4名 合 伙 人 和十几名律师。这些律师提供的服务涵盖土地一级 开 发 、 房 地 产 开 发 与 融 资 、 以 及 以 建 造 -经 营 -转 让 （BOT）、建造-转让（BT） 和公私合伙（PPP）为形 式的基础设施投资。 该团队为数量众多的重要项目提供法律服务：包括 中新广州知识城开发项目、中信房地产的多个项目、 广东铁路投资集团的佛山肇庆TOD项目以及汕头市苏 埃跨海通道PPP项目等。

资本市场、IPO、资产证券化和金融创新 资本市场是另一个快速发展的执业领域。中伦广州办 公室有四位合伙人，十几位律师致力于提供多种资本 市场服务，包括国内与国外上市、上市公司重组以及 收购。他们提供的多样化服务使其在广州资本市场执 业领域占据了有利的竞争地位。

提供此类服务尤其具有挑战性，因为律师们要在广 州的资本市场上脱颖而出并不容易。“珠三角是竞争 相当激烈的市场。不仅深圳的律师参与其中，来自北 京和上海的律师也在市场上。”广州办公室的合伙人 全奋律师表示。 但过去几年来，广州的合伙人和律师通过为客户提 供IPO、债券发行、私募股权和公开股票服务方面的 坚实法律支持，赢得了客户的信任。全律师表示，仅 2015 年头三个月，他和他的团队就已完成了一宗私募 股权融资和两宗IPO。 另外，在资产证券化和金融创新业务方面，在总部 合伙人的支持下，广州办公室在此一领域的发展非常 迅速。目前，广州办公室在华南资产证券化和金融创 收的市场上具有不容小视的竞争力。

反垄断与知识产权 出于律所与中央政府打交道的经验考虑，绝大多数公 司一般还是会选择位于北京的律所提供反垄断服务。 但中伦广州办公室却是个例外。 反垄断团队合伙人张白沙律师表示，“中伦广州办 公室已经完全准备好，在严格的反垄断审查机制下支 持我们的客户解决潜在反垄断问题。” 张白沙律师是联合国贸易和发展会议竞争与消费 者保护研究伙伴合作平台（RPP）的一名学术合作伙 伴， 与国际反垄断界联系密切。 中伦广州办公室同样拥有一支在知识产权领域具有 雄厚实力的律师团队，使得广州办公室在反垄断和知 识产权的相互交集中具有突出的法律服务优势。 “这两个领域交集的重要性与日俱增...我认同国家 发改委价格监督检查与反垄断局新任局长张汉东的 观点， 他说知识产权滥用是今年反垄断公共执法的 重点。”张律师表示。“我们致力于捍卫客户的知识产 权，同时确保他们不越过滥用知识产权的界限。”

新型城镇化中涉及的外商业务 城镇化一直是中国的一个热门话题。中国国务院总理 李克强已提出一种新型城镇化战略：以环境保护和 资源节约为重点的城镇化，从而使城市更适合居住生 活。 在此背景下，中伦广州办公室为城镇化进程中的 国内外投资者，尤其是外国投资者，提供专业法律服 务。 “外国企业拥有在环境保护、节能技术、智能设 备、物联网、城市规划等方面拥有技术和经验的优 势，在未来新型城镇化建设的服务提供方面具有比较 优势，也迎来了巨大的商业机会。”广州所合伙人胡 铁军对ALB表示。

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COVER STORY EMPLOYER OF CHOICE

ASIAN LEGAL BUSINESS APRIL JUNE 2015 2013

ASIAN LEGAL BUSINESS

EMPLOYER of CHOICE 中国最佳雇主

METHODOLOGY

The ALB Employer of Choice Rankings were compiled taking into account responses from hundreds of law firm employees across China, ranging from managing partners to support staff, as well as our own market knowledge. The survey was open in the months of February and March, and law firms have been ranked on the basis of job satisfaction, remuneration, work-life balance, career prospects, mentorship, job security and other aspects, with respondents being asked to submit their inputs anonymously to help maintain fairness and objectivity. Law firms have been listed in alphabetical order.

2015 评选方法

ALB中国最佳雇主排名基于全国数百名从管理合伙人 到支持人员的律师事务所员工提供的调查反馈，以及 我们自身了解的市场情况编写而成。本次调查于今年2 月和3月进行，按工作满意度、薪酬水平、工作与生活 的平衡、职业发展前景、培训辅导、工作安全感和其 他方面对各律师事务所进行排名。受访者被要求以匿 名方式提交问卷结果，以帮助保证调查的公平性和客 观性。律所名单按字母顺序排列。

**The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

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O

ne number sums up how lawyers across China feel about the firms they work for – 98 percent. That is the proportion of the nearly 1,000 respondents to ALB’s Employer of Choice survey for 2015 who either profess to being “extremely satisfied” or “satisfied with their jobs,” the highest figure since ALB began conducting this survey. When asked to describe the reasons behind their job satisfaction, respondents offer a variety of perspectives. “The firm has a very supportive environment, where the entire team works together, encouraging young associates to take an active role and produce work that then receives constructive feedback from the seniors,” says an associate. “The management is very keen to hear the associates’ concerns and is very responsive.”

When it comes to salaries, though, the reaction is slightly less euphoric.

About 37 percent of respondents feel their earnings are in line with the market, and only about 56 percent consider themselves better paid than their peers elsewhere in the industry. One associate in Beijing reckons it is an “estimated 7-8 percent below peers in Beijing in terms of basic salary, with a maximum cap for non-partners, irrespective of salary. Additionally, the medical benefits are low and narrow.” Says an associate in Shanghai: “Compared to the people working in the same field, my job appears to be more demanding and the amount of work needed to be done every day is more, with relatively less salary.”

Equally, opportunities for training and professional development are highly regarded, with more than half the respondents terming them “very good.” However, lawyers believe that there is always scope for improvement in this regard.

“Secondments to clients and the offices of foreign law firm offices should be permitted and encouraged to help lawyers build their network and industry experience,” says an associate. However, nearly 60 percent of the respondents believe the path to partnership in their law firm is “very transparent.” And more than 81 percent say that their firm is “very collaborative.” And more than 60 percent of the lawyers feel “extremely valued” by their firm.

That said, high marks don’t always mean there’s no room for improvement.

Even respondents that are happy and satisfied in their current roles feel there are areas where firms can do better. The list includes gender equality, fair evaluations of job performance and more investments in resources, particularly staff.

But generally respondents are happy where they are: More than 80 percent would “definitely” or “probably” see themselves in the same firm in five years’ time, while three-quarters would “wholeheartedly” recommend it to a friend.

The Winners

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可

以用一个数字来概括全国各地的律师对所在律师事务 所的感受，98%。近1000名参与ALB 2015年最佳雇 主调查的人士中，有98%的受访者对自己的工作表示“极为满 意”或“满意”，该数据是ALB自进行这项调查以来的最高值。 当被问及对工作感到满意的原因时，受访者的回答五花八 门。一名律师表示，“律所的环境非常支持员工发展，整个团 队一起工作，鼓励年轻律师扮演积极角色，他们能从资深律 师那里获得对其工作的建设性反馈。管理层非常愿意听取律 师的意见，并迅速作出回应。” 但谈及薪酬时，反响就不那么热烈了。约37%的受访者认 为自己的收入符合市场水平，只有约56%的人认为自己的薪 水高于业内同行。一名北京的律师表示，“就基本工资而言， 估计比北京同行低7-8%，而且对非合伙人设定了工资上限， 无论你工资是多少。此外，医疗福利水平较低，面也很窄。” 一名上海的律师表示：“与业内同行相比，我的工作更累一 些，每天需要完成的工作量也更大，工资却相对更少。” 同样，培训和职业发展机会也受到高度重视，一半以上的 受访者认为有“非常好”的机会。但律师们认为这方面始终有 改善的空间。一名律师表示，“应该允许和鼓励律师借调到客 户和外资律所办事处，帮助律师建立人脉和行业经验。”不过 近60%的受访者认为自己所在律所的合伙人晋升之路还是“非 常透明的”。81%以上的人称自己所在的律所“合作氛围非常 好”。超过60%的律师认为律所“极其重视”自己。 即便如此，高得分也并不总表示没有改进的空间。即使对 目前工作感到高兴和满意的受访者也认为律所在某些方面可 以更上一层楼。本排名包括性别平等、公正评估工作表现、 以及对资源进行更多投资，尤其是对员工的投资。当然，受 访者普遍对工作感到满意，其中80%以上的人认为自己在今 后5年内“肯定”或“很可能”还在同一家律所工作，而四分之三 的人愿意“真心诚意”地向朋友推荐自己就职的律所。

获胜者

ALLBRIGHT LAW OFFICES

上海锦天城律师事务所

At Allbright Law Offices, respondents demonstrate a job satisfaction rate of almost 96 percent; an associate recognises the “teamwork, strong sense of professionalism of colleagues and recognition of customers.” Remuneration is considered to above the market standard by close to 60 percent of respondents, and nearly 92 percent consider the salary structure and overall salary transparency at the firm either “good” or “excellent.” Half of the lawyers from the firm consider the opportunities for training or professional development as “very good” although there is room for improvement: “The firm could provide training in the drafting of legal documents,” says one. Opportunities to receive mentoring in the firm are rated “very good” by nearly 60 percent, and two-thirds perceive the path to partnership as “very transparent.” More than 83 percent also find it “very collaborative.” With work-life balance rated as either “good” or excellent for more than 83 percent, its no surprise 95 percent see themselves in the same firm in five years’ time.

在上海锦天城律师事务所，受访者的工作满意 度几乎达到96%。一名律师表示，这里“团队 合作氛围强，同事有强烈的专业责任感，并受 到客户认可”。近60%的受访者认为锦天城的 薪酬水平超过市场标准，近92%的人认为该所 的薪资结构和总体工资透明度“好”或“极好”。 该所有一半的律师认为培训或职业发展机会“ 非常好”，但仍有提升空间：一位律师表示，“ 律所可以提供起草法律文件方面的培训。”近 60%的人认为在律所内获得指导的机会“非常 好”，三分之二的人认为晋升合伙人的道路“非 常透明”。83%以上的人还认为该所“合作氛围 非常好”。由于超过83%的人认为工作与生活 的平衡“好”或“极好”，有95%的人觉得今后5年 自己还会留在锦天城工作就一点也不奇怪了。

“WHAT I LIKE IN MY FIRM IS THE TEAMWORK, STRONG SENSE OF PROFESSIONALISM OF COLLEAGUES AND RECOGNITION OF CUSTOMERS” – An associate

“我喜欢我们所里的团队合作，同事 强烈的专业责任感，并能受到客户 认可。” 一名律师

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COVER STORY

ASIAN LEGAL BUSINESS APRIL 2015

CHANCE BRIDGE PARTNERS

卓纬律师事务所

According to Ning Zhu, managing partner of Chance Bridge Partners, the firm’s approach to acquiring and retaining the best talent differs from other firms in the market in three ways. “The first is precise positioning: Chance Bridge Partners is committed to providing comprehensive legal advice to its clients. This makes us different from other law firms and is key to attracting highly skilled employees who take pride in their work,” she says. “Second is international insight: Our clients have different cultural backgrounds so we embrace different ways of thinking and looking at things.

This allows us to bring in people with different backgrounds and perspectives. And third, there is team building. We are committed to making sure that our everyone on our team, especially our younger lawyers, are given opportunities to grow as lawyers and feel like they are part of the Chance Bridge family.” The firm has a 97 percent job satisfaction rating among respondents, with more than 82 percent saying they will “wholeheartedly” recommend it to a friend.

按照卓纬律师事务所管理合伙人朱宁律师 的说法，在招募和留住最优秀人才方面，该 所与业内其他律所有三方面的不同。她认 为，“首先，是定位准确：卓纬致力于为客 户提供综合性的法律服务。这使我们区别于 其他律所，对吸引极其训练有素、以工作为 傲的员工非常关键。第二，是国际化视野： 我们的客户有着不同的文化背景，因此我们 会用不同的方式思考和看待事物。这使得我 们能引入有着不同的背景和视角的员工。第 三，是团队建设。我们致力于确保团队中的 每个人，尤其是年轻律师，都能获得作为律 师的职业成长机会，认为自己是卓纬大家庭 的一份子。”受访者对该所的工作满意度评 价是97%，超过82%的人表示他们会“真心 诚意”地向朋友推荐这家律所。

“SENIORS AND PEERS ARE VERY HELPFUL. IT MAKES FOR A VERY GOOD LEARNING ENVIRONMENT.” – An associate

“资深律师和同事们都非常乐于助 人。形成非常好的学习环境。” 一 名律师

GLOBAL LAW OFFICE

环球律师事务所

Global Law Office has a 96 percent job satisfaction rate, with nearly 72 percent putting themselves in the “extremely satisfied” category. An associate praises the “good team, clear track for promotion and flexibility.” More than 71 percent of those surveyed say that their remuneration is above the market standard, and for nearly two-thirds, the salary structure and overall salary transparency at the firm is “excellent.” Opportunities for training and professional development are appreciated by the respondents, as are opportunities to receive mentoring (93 percent). More than 70 percent find the path to partnership “very transparent” as well. With more than 85 percent of the lawyers finding the firm “very collaborative,” and work-life balance being rated “excellent” by more than 71 percent – not to mention three-quarters considering themselves “extremely valued,” it is plain to see why more than 85 percent of respondents “definitely” or “probably” see themselves in the same firm in five years’ time.

环球律师事务所的工作满意度评价为96%，其 中近72%的人感到“极其满意”。一名律师赞扬“ 团队优秀，晋升渠道明确，工作灵活”。71% 以上的受访者表示自己的薪酬高于市场标准， 近三分之二的人认为该所的薪资结构和总体工 资透明度“极好”。培训及职业发展机会和获得 指导的机会（93%）都受到受访者的称赞。超 过70%的人还认为晋升合伙人的途径“非常透 明”。由于85%以上的律师认为该所“合作氛围 非常好”，超过71%的人认为工作与生活的平 衡“极佳”，更不必说有四分之三的人认为自己“ 极受重视”，显而易见为何超过85%的受访者 认为自己今后5年内“肯定”或“很可能”留任。

“GOOD TEAM, CLEAR TRACK FOR PROMOTION AND FLEXIBILITY ARE THREE IMPORTANT ATTRIBUTES.” – A senior associate

“团队优秀，晋升渠道清晰，工作灵 活，这是三个重要因素。” 一名高级 律师

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GUANGDONG GUANGDA LAW FIRM

广东广大律师事务所

At Guangdong Guangda Law Firm, job satisfaction is at 93 percent; in the words of a counsel, it offers “more opportunities, a comfortable work environment and a good salary.” Remuneration is considered to be above the market standard for a solid majority, although salary structure and overall salary transparency at the firm is considered to be only “good” for more than half the respondents. More than 91 percent praise the opportunities for training and professional development with slightly more lauding the opportunities to receive mentoring in the firm. The path to partnership could be improved, though with nearly half calling it “somewhat transparent.” But more than 86 percent find their firm and their team very collaborative, and 77 percent appreciate the work-life balance. With job security at 92 percent, 89 percent “definitely” or “probably” see themselves in the firm in five years’ time, and 65 percent would recommend it “wholeheartedly.”

广东广大律师事务所的工作满意度为93%， 按一名法律顾问的说法，该所提供了“更多的 机会，舒适的工作环境，不错的薪水”。相 当多数的人认为该所的薪资水平超过市场标 准，但一半以上的受访者认为该所的薪资结 构和总体工资透明度只能算“较好”。超过91% 的受访者对该所的培训和职业发展机会表 示赞赏，对获得所内指导的机会垂青更多一 些。尽管近一半的受访者认为晋升合伙人的 道路“还算透明”，此方面仍需改进。但86%以 上的人认为该所和自己所在团队的合作氛围 非常好，77%的人称赞工作与生活的平衡。 工作安全感的评分为92%，89%的人认为自 己今后5年内“肯定”或“很可能”会继续留在该 所工作，而65%的人将会“真心诚意”地推荐该 所。

“MY FIRM OFFERS MORE OPPORTUNITIES, A COMFORTABLE WORK ENVIRONMENT AND A GOOD SALARY.” – A counsel

“我们所提供更多的机会，舒适的 工作环境和不错的薪水。” 一名法律 顾问

公司与合规 · 资本市场 · 跨境投融资 · 国际贸易 · 反垄断 · 建筑工程与房地产 · 知识产权 · 争议解决 卓纬律师事务所是一家实行公司化管理、致力于为客户提供全面法律服务的精品律师事务所，总部位于 北京——中国的政治中心和最大的法律服务市场。 电话：+86-10-8587 0068 传真：+86-10-8587 0079 北京市东城区东长安街1号东方广场C1座601室 100738 www.chancebridge.com

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COVER STORY

ASIAN LEGAL BUSINESS APRIL 2015

HAN KUN LAW OFFICES

汉坤律师事务所

One of only two law firms in the survey to hit a 100 percent job satisfaction rate (although from a slightly smaller pool compared to some of the other firms), it also pays well, with 92 percent considering their salary to be above the market standard. “The people in our firm are all very nice and the management is very helpful and proactive,” says a senior associate. Opportunities for training or professional development are rated as “very good” by nearly 60 percent, and the path to partnership is considered “very transparent” by about that number. More than 90 percent think of their firm and team as “very collaborative”, although the knowledge management or IT support could be improved, as could work-life balance. With about three-quarters considering themselves “extremely valued” at the firm, and job security high, 93 percent “definitely” or “probably” see themselves in the firm in five years’ time.

在此次调查中，汉坤律师事务所是仅有的获 得100%工作满意度评价的两家律所之一（虽 然与其他一些律所相比，其受访员工的人数 略少），而且该所提供的薪酬也不错，92% 的人认为自己的薪水高于市场标准。一名高 级律师表示，“我们所的人都非常友好，管理 层非常给力，积极”。近60%的受访者认为培 训或职业发展的机会“非常好”，也有60%左右 的人认为晋升至合伙人的路径“非常透明”。超 过90%的人认为该所和自己所在团队的“合作 氛围非常好”，但该所的知识管理或IT支持以 及工作与生活平衡度可以更上一层楼。约四 分之三的人认为自己在律所“极受重视”，工作 安全感高，93%的人认为自己今后5年内“肯 定”或“很可能”会继续在该所工作。

“THE PEOPLE IN OUR FIRM ARE ALL VERY NICE AND THE MANAGEMENT IS VERY HELPFUL AND PROACTIVE.” A senior associate

“我们所的人都非常友好，管理层 非常给力，积极”。一名高级律师

HENGDU LAW OFFICES

北京恒都律师事务所

Hengdu Law Offices has “a very sophisticated operation and remuneration system, which motivates employees to participate in their work with all their heart,” says managing partner Jiang Fengtao. “What Hengdu has been offering is not only a job, but also a way to create a bright future.” Jiang adds: “Hengdu encourages each employee to develop his own features and expertise, cares about the employees’ needs, offers guidance for their career development and helps them to pursue social value.”

北京恒都律师事务所的管理合伙人江锋涛律 师表示，该所拥有“非常成熟的经营和薪酬体 系，能激励员工全身心地投入工作”。“恒都一 直以来提供的不仅仅是一份工作，同时还有 一条创造光明未来的道路。”江律师还表示：“ 恒都鼓励每位员工发展自己的特色和专长， 关心员工的需求，为他们提供职业发展指 导，帮助他们实现社会价值。”

With a job satisfaction rate of 97 percent, including 73 percent who place themselves in the “extremely satisfied” category, this is a firm of happy lawyers. “Good working environment, sufficient pay and great teamwork,” says an associate. “This firm is good for my career.” Remuneration is considered to be above the market standard for 77 percent, and 90 percent praise the opportunities for training for professional development. And 59 percent “definitely” see themselves in the same firm in five years’ time.

由于工作满意度评价得分是97%，包括73% 的人认为自己“极其满意”，这是一家由快乐 的律师组成的律所。一名律师表示，“良好的 工作环境，充足的薪水，以及很棒的团队合 作，这家律所有利于我的职业发展。”77%的 人认为薪酬高于市场标准，90%的人称赞该 所提供的职业发展培训机会。还有59%的人 认为自己今后5年内“一定”会留在这家律所工 作。

“GOOD WORKING ENVIRONMENT, SUFFICIENT PAY AND GREAT TEAMWORK. THIS FIRM IS GOOD FOR MY CAREER.” – An associate

“良好的工作环境，充足的薪水， 以及很棒的团队合作，这家律所有 利于我的职业发展。” 一名律师

COVER STORY

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17

JILIN GONGCHENG LAW FIRM

吉林功承律师事务所

More than 94 percent of respondents from JiLin Gongcheng Law Firm profess to be satisfied with their jobs, and there are a variety of reasons for that. “Competitive salaries for the region, an impressive promotion system, and flexible, employee-friendly working hours are what I find most attractive,” says a senior associate. Remuneration is considered to above the market standard by close to two-thirds of respondents, and nearly 93 percent consider the salary structure and overall salary transparency at the firm either “good” or “excellent.” More than 82 percent of the lawyers from the firm consider the opportunities for training or professional development as “good” or “very good,” and two-thirds perceive the path to partnership as “very transparent.” With about 70 considering themselves “extremely valued” at the firm, and 64 percent considering their jobs “extremely secure,” 93 percent “definitely” or “probably” see themselves in the firm in five years’ time.

吉林功承律师事务所超过94%的受访者对自 己的工作感到满意，理由多种多样。一名高 级律师表示，“在该地区有竞争力的薪资水 平，完善的晋升体系，对员工友好的灵活工 作时间，都是我认为最有吸引力的地方”。近 三分之二的受访者认为功承的薪酬超过市场 标准，近93%的人认为该所的薪资结构和总 体工资透明度“好”或“极好”。该所82%以上的 律师认为该所的培训或职业发展机会“好”或“ 很好”，三分之二的人认为晋升合伙人的道路“ 非常透明”。约70%的人认为自己在律所“极受 重视”，64%的人认为自己的工作“极有保障” ，而93%的人认为自己今后5年内“肯定”或“很 可能”会继续留在该所。

“COMPETITIVE SALARIES FOR THE REGION, AN IMPRESSIVE PROMOTION SYSTEM, AND FLEXIBLE, EMPLOYEE-FRIENDLY WORKING HOURS ARE WHAT I FIND MOST ATTRACTIVE.” – A senior associate

“在该地区有竞争力的薪资水平， 完善的晋升体系，对员工友好的灵 活工作时间，都是我认为最有吸引 力的地方。” 一名高级律师

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18

COVER STORY

ASIAN LEGAL BUSINESS APRIL 2015

JUNHE

君合律师事务所

Job satisfaction is at 98 percent at JunHe, although interestingly only about a third consider themselves “extremely satisfied,” which suggests there is some room for improvement. Nevertheless, as in the words of a partner it is a “wonderful law firm providing excellent opportunities for lawyers to grow.” Remuneration is considered to above the market standard by two-thirds of respondents, and more than 96 percent consider the salary structure and overall salary transparency at the firm either “good” or “excellent.”

Opportunities for training and professional development, as well as opportunities for mentoring within the firm are praised by more than 80 percent of the respondents. More than 92 percent think of their firm and team as “very collaborative” as well, although the work-life balance is “very good” for only about half the respondents. But with about 73 percent considering themselves “extremely valued” at the firm, and job security at 65 percent it is no surprise that 71 percent “wholeheartedly” recommend it to a friend.

君合律师事务所的员工工作满意度达到98% ，但有意思的是只有三分之一左右的人感到“ 非常满意”，这表明仍有改善空间。尽管如 此，正如一名合伙人所言，君合是一家“很棒 的律所，提供绝佳的机会供律师成长”。三 分之二的受访者认为君合的薪酬超过市场标 准，逾96%的人认为该所的薪资结构和总体 工资透明度“好”或“极好”。培训和职业发展的 机会以及律所内部指导机会获得80%以上受 访者的称赞。超过92%的人还认为该所和自 己所在的团队“合作氛围非常好”，但只有约一 半的受访者认为工作与生活的平衡度“非常好” 。不过约73%的人认为自己在律所“极受重视” ，工作安全感得分为65%，因此有71%的人 愿意“真心诚意”地向朋友推荐君合也就不令人 意外了。

“A WONDERFUL LAW FIRM PROVIDING EXCELLENT OPPORTUNITIES FOR LAWYERS TO GROW.” – A partner

“一家很棒的律所，提供绝佳的机 会供律师成长。” 一名合伙人

SOLTON & PARTNERS

重庆索通律师事务所

At Solton & Partners, almost 92 percent consider themselves satisfied with their jobs. “The work environment is very good, my colleagues are likely my friends, and the partners are very hands-on,” says an associate. “Overall, it provides a good platform.” More than 74 percent of those surveyed say that their remuneration is above the market standard, and for nearly 68 percent the salary structure and overall salary transparency at the firm is “excellent.”

Opportunities for training and professional development are appreciated by the respondents, as are opportunities to receive mentoring (88 percent each). The path to partnership could be improved, though, with about 55 percent calling it “somewhat transparent.” But more than 92 percent find their firm and their team very collaborative, and more than three-quarters appreciate the work-life balance.

With 61 percent considering their jobs “very secure,” 87 percent “definitely” or “probably” see themselves in the firm in five years’ time, and nearly 70 percent would recommend it “wholeheartedly.”

在重庆索通律师事务所，约92%的人认为自 己对工作感到满意。一名律师表示，“工作环 境非常好，我的同事们就像朋友一样，合伙 人非常亲力亲为。总体而言，它提供了一个 不错的平台。”74%以上的受访者表示自己的 薪酬高于市场标准，近68%的人认为该所的 薪资结构和总体工资透明度“极好”。培训及职 业发展机会和获得指导的机会（88%）受到 受访者的称赞。但晋升合伙人的道路可以有 所改善，约55%的人认为这一道路“还算透明” 。不过92%以上的人认为该所和自己所在的 团队合作氛围非常好，超过四分之三的人称 赞工作与生活的平衡。61%的人认为自己的 工作“极有保障”，87%的人认为自己今后5年 内“肯定”或“很可能”会继续留在该所工作，近 70%的人将会“真心诚意”地推荐该律所。

“THE WORK ENVIRONMENT IS VERY GOOD, MY COLLEAGUES ARE LIKE MY FRIENDS, AND THE PARTNERS ARE VERY HANDS-ON. OVERALL, IT PROVIDES A GOOD PLATFORM.” – An associate

“工作环境非常好，我的同事们就 像朋友一样，合伙人非常亲力亲 为。总体而言，它提供了一个不错 的平台。” 一名律师

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COVER STORY

19

SUNSHINE LAW FIRM

阳光时代律师事务所

The second of the two law firms to hit a 100 percent job satisfaction rate, Sunshine Law Firm is where, according to a counsel, “the senior lawyers and the team’s dedication create a great atmosphere.” Remuneration is considered to be above the market standard by about 70 percent of respondents, and nearly 94 percent consider the salary structure and overall salary transparency at the firm either “good” or “excellent.” More than 82 percent of the lawyers from the firm consider the opportunities for training or professional development as “good” or “very good,” and two-thirds perceive the path to partnership as “very transparent.” More than 94 percent think of their firm and team as “very collaborative,” although the worklife balance is “very good” for only about 53 percent of the respondents. With 59 percent considering their jobs “very secure,” 91 percent “definitely” or “probably” see themselves in the firm in five years’ time, and nearly 70 percent would recommend it “wholeheartedly.”

第二家在工作满意度方面获得100%评分的律 所就是阳光时代律师事务所，按一名法律顾 问的说法，“高级律师们和团队尽责的态度创 造了极佳的氛围。”约70%的受访者认为阳光 时代的薪酬高于市场标准，近94%的人认为 该所的薪资结构和总体工资透明度“好”或“极 好”。该所82%以上的律师认为培训或职业发 展机会“好”或“很好”，三分之二的人认为晋升 到合伙人的道路“非常透明”。超过94%的人认 为该所和自己所在的团队“合作氛围非常好”， 但只有约53%的受访者认为工作与生活的平 衡度“非常好”。59%的人认为自己的工作“极 有保障”，91%的人认为自己今后5年内“肯定” 或“很可能”会继续留在该所工作，近70%的人 会“真心诚意”地推荐该律所。

“THE SENIOR LAWYERS AND THE TEAM’S DEDICATION CREATE A GREAT ATMOSPHERE.” – A counsel

“高级律师们和团队尽责的态度创 造了极佳的氛围。” 一名法律顾问

20

COVER STORY

ASIAN LEGAL BUSINESS APRIL 2015

The Top Five International Firms

前5大国际律师事务所

Baker & McKenzie

重庆索通律师事务所

“FRIENDLY WORKING ENVIRONMENT AND GOOD PLATFORM FOR CAREER DEVELOPMENT.” – A counsel

“工作环境非常好，我的同事们就 像朋友一样，合伙人非常亲力亲 为。总体而言，它提供了一个不错 的平台。” 一名律师

Cleary Gottlieb Steen & Hamilton

佳利律师事务所

“TRUSTED AND RESPECTED COLLEAGUES, COLLEGIAL ATMOSPHERE, INTERESTING WORK.” – An associate

“值得信赖和尊重的同事，合作的 氛围，有趣的工作。” 一名律师

Clifford Chance

高伟绅律师事务所

“THE FIRM’S ORGANISATION IS EXTREMELY COLLABORATIVE, AND ALL STAFF ARE EXTREMELY HELPFUL.” – A senior

“律所的组织极其具有合作精神， 所有员工都非常愿意帮助他人。”

Clyde & Co

其礼律师事务所

associate

“INTERESTING WORK IN A SUPPORTIVE AND FRIENDLY ENVIRONMENT.” – A counsel

Skadden, Arps, Slate, Meagher & Flom “I LIKE THE PEOPLE AND WORK ENVIRONMENT.” – An associate

一名高级律师

“在支持、友好的环境里从事有趣 的工作。” 一名法律顾问 美国世达律师事务所 “我喜欢这里的人和工作环境。” 名律师

一

INSOLVENCY

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21

OMINOUS SIGNS 佳 兆 业征 兆

A construction site by Chinese property developer Kaisa Group is seen at an area of downtown Shanghai. REUTERS/Carlos Barria

AS THE CASE OF SHENZHEN’S STRUGGLING KAISA GROUP GROWS MURKIER, AND INVESTORS IN CHINA’S PROPERTY INDUSTRY GROW WORRIED, LAWYERS DISSECT HOW THE CASE HAS BEEN HANDLED SO FAR, AND THE KIND OF PRECEDENT IT COULD SET FOR FUTURE CASES OF THIS TYPE, TO SHANGJING LI

随着深圳佳兆业集团的困境滚雪球，中国房地产行业投资者的担忧日益加 重，律师们为您详细剖析此案到目前为止的处理情况以及它可能为今后所 提供的先例，李尚晶报道。

T

he past six months have been particularly hard for China’s property market.

Already deemed by many as a “sunset industry,” the property sector faced one of its biggest challenges earlier this year with the sudden near collapse of Kaisa, the Shenzhen based property developer.

The case has continued to simmer, with a group of bondholders rejecting a proposal by the struggling Chinese property developer to restructure its $2.5 billion debt at the beginning of March. Meanwhile, the company also missed the Mar.31 deadline for the release of its 2014 results, as auditors need more time to verify its accounts.

对

中国的房地产市场而言，过去的6个月尤其艰 难。 房地产业在许多人眼中已成为“夕阳产业”，今年早些 时候，由于来自深圳的房地产开发商佳兆业集团突然濒 临崩溃，房地产业又面临该行业最大的挑战之一。 这一案件持续发酵，一群债券持有人在3月初拒绝了 这家困境中的中国房地产开发商提出的重组该公司25亿 美元债务的方案。与此同时，由于审计师需要更多时间 来核实公司账目，佳兆业也错过了在3月31日公布该公司 2014年业绩的最后期限。

**The Chinese translation of this story was prepared by CLS Communication** ** 此文中文翻译由CLS Communication提供 **

22

INSOLVENCY

The beleaguered company’s woes began late last year when it said government officials in Shenzhen had unexpectedly blocked the sales of some of its property developments. That was followed by the abrupt departure of a string of executives, including its chairman, and then a missed coupon payment on one of its offshore bonds. The bad news hasn’t stopped since then.

DOMINO EFFECT

The government didn’t disclose reasons why Kaisa’s property sales were blocked, but reports surfaced late last year that its chairman Kwok Ying Shing was being questioned in a corruption case.

Several lawyers on the case say that Kwok is in Hong Kong, which operates under a separate legal system, and refuses to return to mainland China.

In a capital-intensive industry such as property, the slightest blip could set off a chain reaction, let alone the kind of turmoil that Kaisa finds itself in.

Late last year, Kwok resigned as the chairman “due to health reasons,” followed by a string of resignations that almost wiped out the entire senior management team, including the chief executive, chief financial officer and the head of investor relations.

The mounting woes caught many investors off guard. The company’s shares fell 55 percent. And its bonds have gone from trading at par to as low as 27 cents on the dollar in just a few months. Both Moody’s and Standard & Poor’s reacted with multiple rating downgrades.

The chairman’s family bailed out of the company in February, agreeing to sell its 49 percent stake to the Chinese developer Sunac China Holding for $580 million, a small fraction of its value just months earlier.

Besides Sunac, other major developers in China are also following the deal closely to see if there is a chance to grab a share of the pie.

“The concern for most of them is the political risks; nobody knows for sure that they won’t get involved in any kind of political trouble,” said Bernie Liu, a partner with Llinks Law Offices.

Several onshore creditors have asked the Shenzhen court to freeze the assets of Kaisa, and offshore bonds holders have also moved quickly to protect their investment.

Kirkland & Ellis, the law firm that represents an ad hoc committee of Kaisa’s offshore bondholders has been pushing for better debt restructuring terms. They rejected the proposal by Kaisa to restructure its $2.5 billion debt in March.

Under Kaisa’s initial plan for its offshore and convertible debt, the maturity on six sets of bonds due each year through to 2020 would be extended by five years and coupons would be slashed. There would, however, be no reduction in principal.

The plan was considered “very unfair” by the group of the offshore bondholders, according to their lawyer. “The ball is in the company’s court to come back with a sensible counter offer. We haven’t given them a deadline,” Neil McDonald, a partner at Kirkland & Ellis, told Reuters.

Kaisa’s liquidation would have worse consequences for creditors than the current restructuring plan: a report by advisors Deloitte Touche Tohmatsu said offshore creditors in a liquidation scenario would only receive 2.4 percent of what they were owed.

Sunac Chairman and Chief Executive Officer Sun Hongbin said publicly that Kaisa’s financial woes were “very severe,” and warned his company would walk away from the deal if its bondholders did not cooperate.

“Overseas creditors don’t really understand how serious Kaisa’s situation is,” Sun said, reiterating that there was a 50 percent chance “at most” of the deal being completed. “When they see the state Kaisa is in, they will see that our proposal is reasonable.”

Kirkland’s McDonald said there were other potential suitors if Sunac pulled out. He declined to give details, adding the bondholders did not think Kaisa would opt for liquidation.

CONTROVERSIAL ACTIONS

Many are watching the Kaisa-mess closely, since how the government handles it could set a precedent for how China’s authorities handle property companies that default.

ASIAN LEGAL BUSINESS APRIL 2015

这家四面楚歌的公司从去年年末开始走霉运，当时该 公司称深圳的政府官员出人意料地查封了该公司某些房地 产开发项目的楼盘销售。随后，包括董事长在内的一众公 司高管突然离职，之后该公司未能按时支付其离岸债券中 的一笔票息。从此之后，坏消息就一直层出不穷。

多米诺骨牌

截止今年三月底，政府并未披露查封佳兆业在售楼盘的原 因，但有报道显示该公司董事长郭英成在一起反腐案件中 接受调查。 该案件的多名律师表示，郭英成身在香港，香港有一 套独立的法律体系，而且他本人不愿返回中国大陆。 在像房地产这种资本密集型行业中，最细微的波动就 有可能引发连锁反应，更何况是佳兆业所处的这种风暴。 去年年底，郭英成“因健康原因”辞去董事长职务，此后 包括执行总裁、首席财务官和投资者关系负责人在内的一 系列人员辞职，几乎掏空了该公司整个高级管理团队。 越来越糟的情况令投资者猝不及防。该公司股价下跌 55%。短短几个月间，公司债券从平价交易跌到低至27美 分。穆迪和标普均作出回应，多次下调评级指标。 郭英成的家族于2月份出手救市，同意以5.8亿美元将 其持有的佳兆业49%的股份出售给中国地产商融创中国 控股有限公司，这一价格只是佳兆业数月前估值的一小部 分。 除了融创中国，国内的其他大型开发商也密切跟进这 一交易，看看是否有机会能分得一杯羹。 通力律师事务所合伙人刘赟春律师表示，绝大多数这 些公司担心的是政治风险；没人敢保证自己不会卷入任何 类型的政治麻烦。 一些境内债权人已要求深圳法院冻结佳兆业集团的资 产，离岸债券持有人也迅速采取行动以保护自己的投资。 凯易律师事务所担任佳兆业离岸债券持有人临时委员 会的代理人，一直在争取更有利的债务重组条款。它们在 3月份拒绝了佳兆业提出的重组该公司25亿美元债务的方 案。 按照佳兆业关于该公司离岸和可转换债券的最初方 案，对于共6批到2020年每年到期一批的债券，其债券 期限可延长5年，票息则会大幅降低，但本金不会减少丝 毫。

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“IN TERMS OF IDLE LAND, LAND RESOURCES ADMINISTRATIVE AGENCY WILL PUBLICIZE ADMINISTRATIVE MEASURES ON ITS WEBSITE PERIODICALLY, IT IS UNLIKELY THAT GOVERNMENT WILL INTENTIONALLY WITHHOLD INFORMATION JUST TO PROTECT A COMPANY’S OWN INTEREST.” David Yu, Managing Partner with Llinks Law Offices

“国土资源部会定期在网站上更新闲置土地处置办法。政府不太可能仅仅是 为了一个公司的利益就故意隐藏信息。” 俞卫锋，通力律师事务所

But so far, the government’s actions, particularly the blocking of the sale of Kaisa’s assets, have been nothing but controversial.

“The government’s involvement in the Kaisa case was very surprising in my opinion,” says Zhu Maoyuan, a Beijing-based partner with Zhong Lun Law Firm. “Is this an administrative penalty? If so, the company has rights to file a lawsuit on administrative grounds and protect its legal rights.”

Zhu says that the government’s measures have been harmful. “The verdict hasn’t been announced yet, but the damage to the investors has already been done. To me this process is not quite correct,” he noted.

And now Chinese property developers will probably have a harder time persuading investors that they can be trusted.

“Kaisa is an overseas-listed company. But through a series of administrative measures, it has been pushed into a financial crisis,” says Bernie Liu, a partner with Llinks Law Offices. “Think about the reputation of Chinese government after this mess.”

Blocking the sale of Kaisa’s assets has triggered this crisis, which has hurt many business partners of the company including banks, related financial institutions and even suppliers of construction materials and other contractors.

Zhu says the government at least needs to provide an explanation to the public, given the massive damage to investors and Kaisa’s business partners. “I want to raise a question here. We now talk a lot about the rule of law. Has the handling of the Kaisa case been with consistent with the big picture here?” he asks. “It is a question worth thinking about.”

Investors might applaud Zhu’s call for openness; however, his opinion is not shared by everyone. David Yu, a director with Llinks Law Offices, be-

A general view of a residential area in the Puxi district of Shanghai. REUTERS/Carlos Barria

按律师的说法，离岸债券持有人团体认为这一方案“非 常不公平”。“球在佳兆业这里，它们必须提出更合理的新 方案。”凯易律师事务所合伙人Neil McDonald对路透社表 示，“我们并未给它们设定最后期限。” 对债权人而言，佳兆业遭遇清算的后果可能比目前重组 计划的后果更糟：咨询公司德勤撰写的一份报告称，一旦 清算，离岸债权人只能获得其债权的2.4%。 融创中国的董事长兼首席执行官孙宏斌曾公开表示，佳 兆业的财务困境“非常严峻”，并警告如果债券持有人不合 作，其公司可能会拂袖而去。 孙宏斌表示，“海外债权人并不真正了解佳兆业的情况 有多么严重”，他强调“至多”只有50%的机会能完成这笔交 易。“当海外债权人了解佳兆业的处境，他们就会知道我们 的方案很合理。” 凯易律师事务所的McDonald律师称，如果融创中国退 出，还有其他潜在的收购方。他拒绝提供具体细节，但表 示债券持有人认为佳兆业并不会选择清算。

有争议的措施

许多人正在密切关注佳兆业的乱局，因为政府处理这一事 件的方式可能会成为中国有关部门如何处理违约房地产公 司的一个先例。 但到目前为止，政府采取的行动尤其是查封佳兆业的在 售资产，除了引发争议之外并未产生任何效果。 中伦律师事务所北京的合伙人朱茂元律师在评价政府查 封佳兆业房源时表示，“从法律人的角度来说为何也是让我 困惑的地方。这是行政处罚吗？如果是，公司有权提起行 政诉讼，保护自己的合法权利。” 朱律师认为政府采取的措施对佳兆业的商业伙伴都是伤 害的。“目前还没有出来裁决，可是已经导致一系列危机 了。目前这个结果，至少不是那么法律化的。”他说。 现在，中国的房地产开发商可能更难以说服投资者信任 自己了。 通力律师事务所合伙人刘赟春律师表示，佳兆业是一家 海外上市公司，但政府通过一系列行政手段，让它财务危 机，中国政府的形象问题必受到影响。 “这对中国政府的形 象问题。” 查封佳兆业的在售资产触发了这次危机，此举伤害了它 的许多商业合作伙伴，其中包括银行、相关金融机构、甚 至还有建筑材料供应商和其他承包商。 朱律师认为，鉴于对投资者和佳兆业的商业伙伴所造成 的重大损害，政府至少应该给公众一个解释。“以这个为出 发点，我想提出个疑问：这样的处理方法和事态呈现的结 果，对于我们现在讲的依法治国是不是不太和谐，是不是

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lieves that the restructuring of debt is a business secret, and participants, including the government, have no obligation to provide information of any kind to the public.

The government, unless it is dealing with a mass incident that affects social stability, doesn’t necessarily have to publicise any information, says Yu, as long as the process is in accordance with laws.

“In terms of idle land, land resources administrative agency will publicize administrative measures on its website periodically, it is unlikely that government will intentionally withhold information just to protect a company’s own interest,” says Yu.

值得再思考一下？”朱律师问道。 投资者可能会赞许朱律师对信息公开的呼吁，但并非每 个人都赞同他的观点。通力律师事务所合伙人俞卫锋律师 认为，债务重组属于商业机密，包括政府在内的参与方没 有义务向公众提供任何信息。 俞律师表示，除非是处理影响社会稳定的群体性事件， 否则政府没有必要公开任何信息，只要过程合法。“国土资 源部会定期在网站上更新闲置土地处置办法。政府不太可 能仅仅是为了一个公司的利益就故意隐藏信息。”

ONE-OFF

偶然事件？ 行业观察者考虑的另一个问题是佳兆业的财务问题是否是 个案。 佳兆业的债务困境凸显了中国重要的房地产业受经济增 长放缓和大量降温措施出台而经历的大幅下滑。 官方数据显示，2月份新建住宅平均价格下跌速度之快 创历史记录。根据最新数据，2月份新建住宅平均价格年 环比下跌5.7%，之前1月份和12月份的跌幅分别为5.1%和 4.3%。这是连续第六个月出现下跌。 尽管如此，许多人认为几近崩溃的佳兆业并不能代表中 国房地产公司的总体情况。 通力律师事务所的俞律师表示，“佳兆业事件是一个偶 然性事件。”他强调佳兆业控制人的某位负责人被带走协助 调查，这一信息成为公开信息，引起投资人恐慌，这本身 就具有偶然性。。 然而，佳兆业模式并不是偶然。与同行相似，该公司借 入大量短期债，购置土地并快速建造，然后希望按计划出 售房产，以偿还债务。除此之外，贿赂文化在房地产行业 内非常普遍，原因在于地产商购置土地时严重依赖政府审 批。 中伦律师事务所的朱律师则对ALB记者表示，“我觉得 目前很难去下一个判断说佳兆业的这个事情有代表性，但 也没有证据说他完全是一个个案，我觉得在这两者中间。” 随着国家主席习近平的反腐运动越演越烈，房地产业 已经成为受到严厉打击的目标之一。 佳兆业的财务崩溃是否属于孤立事件仍众说纷纭。但对 于早已习惯通过跟政府私人关系好来解决事情的中国地产 商来说，佳兆业事件至少值得他们深刻地反思。。 “需要从佳兆业案件中吸取的教训是，地产开发商应当 与政府建立健康合法的关系。”朱律师表示。“佳兆业一案 给房地产开发商制定了更高的法律标准。所有的事情都应 该合法合规。”

Another question on the minds of industry watchers is how unique Kaisa’s financial troubles are.

Kaisa’s debt woes indeed underscore the slump in China’s key property sector, hit by the slowing economy and a raft of cooling measures.

Official data showed average new home prices fell at the fastest pace on record in February. On a year-over-year basis, the average price of new homes dropped 5.7% in February, after a 5.1% decrease in January and a 4.3% fall in December, according to the latest data. It was the sixth consecutive month of declines.

But many believe that Kaisa’s near collapse is not representative of Chinese real estate companies in general.

“Kaisa’s case is unique,” Yu from Llinks says. He adds that after member of Kaisa’s management board controllers was asked to assist in a corruption investigation, and this soon became public information, bondholders panicked, leading to Kaisa’s current situation.

However, Kaisa’s model in not isolated. Like its peers, it borrows vast amounts in short-term debt, buys land and builds quickly, then hopes that sales go as planned and the debt gets paid off. Besides, the culture of bribery is common in the industry, as developers rely heavily on government approval to secure lands.

“It is hard to draw the conclusion that the Kaisa case is symptomatic of other developers,” Zhu from Zhong Lun Law firm says. “But there is no proof that the case is is a one-off. I think it is somewhere in-between.”

President Xi Jinping’s anti-graft drive has made the property industry one of the direct targets of the crackdown. And Kaisa, bearing the brunt of the campaign, has been probed for connections with a former official in Shenzhen.

Whether Kaisa’s financial collapse is a standalone case or not is still under debate. But there are definite lessons to be learned by all developers in the country, which used to boast of their close relationship with government officials, and didn’t take legal processes too seriously.

“What is to be learned from the Kaisa case is that developers should establish healthy and legal relationship with government.” Zhu says. “The Kaisa case has set a higher legal standard for property developers. And everything should be based on law.”

“I WANT TO RAISE A QUESTION HERE. WE NOW TALK A LOT ABOUT THE RULE OF LAW. HAS THE HANDLING OF THE KAISA CASE BEEN CONSISTENT WITH THE BIG PICTURE HERE? IT IS A QUESTION WORTH THINKING ABOUT. IT IS STILL HARD TO DRAW THE CONCLUSION THAT THE KAISA CASE IS SYMPTOMATIC OF OTHER DEVELOPERS. BUT THERE IS NO PROOF THAT THE CASE IS A ONE-OFF. I THINK IT IS SOMEWHERE IN-BETWEEN.” Zhu Maoyuan, Zhong Lun Law Firm

“以这个为出发点，我想提出个疑问：这样的处理方法和事态呈现的结果，对 于我们现在讲的依法治国是不是不太和谐，是不是值得再思考一下？我觉得 目前很难去下一个判断说佳兆业的这个事情有代表性，但也没有证据说他完 全是一个个案，我觉得在这两者中间。” 朱茂元，中伦律师事务所

OUTBOUND INVESTMENT

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Buy,

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, y u B 買，

Buy

， 買 買

HUNGRY CHINESE COMPANIES ARE ON AN ACQUISITION SPREE, AND EUROPE APPEARS TO BE THE FAVOURITE ITEM ON THE MENU, FINDS SHANGJING LI 饥肠辘辘的中国企业正进行一场收购狂欢，而欧洲资产似乎是菜单上最受 欢迎的佳肴，李尚晶报道。 **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

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OUTBOUND INVESTMENT

T

he image of group of Chinese consumers – mostly women – flocking to European shopping malls, cleaning out Coach stores, grabbing dozens of Louis Vuitton bags and baskets of Sephora cosmetics is already a staple in Western media.

But the shopping frenzy is not restricted to these fashion-conscious women any more. Also keen to snap up iconic European brands are Chinese companies, both state-owned and private.

Chinese investment in Europe reached a new record in 2014, totaling $18 billion through 153 deals, according to law firm Baker and McKenzie.

“It shows the economic giant is playing a long-game in Europe, making a long-term bet and has moved far beyond ‘distressed asset’ purchases,” says Thomas Gilles , the Chairman of the EMEA-China Group at Baker & McKenzie.

Most recently, National Chemical Corporation (ChemChina), a stateowned conglomerate agreed to buy tire maker Pirelli in a $7.7 billion deal that will place one of the symbols of Italy’s manufacturing industry in Chinese hands.

The deal with Pirelli’s shareholders is the latest in a string of takeovers in Italy by cash-rich Chinese buyers, who are taking advantage of a weak euro just as Europe emerges from its economic stagnation.

Excluding the financial sector, Italy is the second-biggest acquisition market for China in Europe and fifth-largest worldwide, with 10 deals completed since the start of 2014, according to Thomson Reuters data.

The deal will give ChemChina access to technology to make premium tires, which can be sold at higher margins, and give the Italian company a larger presence in the huge Chinese market.

Previous Chinese acquisitions in Italy, the euro zone’s third-largest economy, include stakes in power grid firms Terna and Snam, turbine maker Ansaldo and luxury yacht maker Ferretti.

WHY EUROPE? But it’s not just Italy. The tentacles of Chinese acquisition are spreading all over Europe. In Britain, which is the biggest recipient of the Asian country’s foreign direct investment in the continent, Chinese firms have stakes in Thames Water and Heathrow airport. In Greece, a Chinese firm runs part of the port of Piraeus. In Sweden, China’s Geely purchased the iconic Volvo brand in 2010. In France, China has invested in another renowened carmaker, Peugeot Citroën; in Toulouse airport; and in Club Med, a resort operator.

One of the key reasons that Europe is attractive to China’s investors is because it has lots of businesses going cheap. The cash-strapped firms and a weak euro, plus the ongoing privatisations propelled by various national governments, provide ample opportunities to Chinese investors.

But it wasn’t always like this. FDI from China into Europe barely existed until 2004 and then averaged less than $1 billion annually. Then, in 2009, investment flows tripled to nearly $3 billion, before tripling again in 2010 to more than $10 billion. Some $55 billion has been invested since 2009.

Until 2011, China was mostly a recipient of European investment, but then

ASIAN LEGAL BUSINESS APRIL 2015

中

国消费者在西方媒体中已然是这样一种固定形 象：他们大部分是女性，蜂拥而至欧洲各大购物 中心，把寇驰门店一扫而空，手里提着一打路易 威登的手袋和装满丝芙兰化妆品的购物袋。 但这种疯狂购物已不再仅限于这些关心时尚的女性了。 同样热衷于抢购欧洲标志性品牌的是中国企业，国企和私 企均是如此。 根据贝克·麦坚时国际律师事务所的数据，2014年中国 对欧洲的投资创下新高，共完成153宗交易，总额达180亿 美元。 贝克·麦坚时国际律师事务所欧洲、中东和非洲-中国业 务部主席Thomas Gilles律师表示，“这表明中国这个经济大 国正在欧洲打一场持久战，下长期赌注，所做的事情也已 远远超过购买‘不良资产’。” 最近，国有大型企业中国化工集团公司（中国化工）同 意以77亿美元收购轮胎制造商倍耐力，该交易将令这家意 大利制造业象征之一的公司落入中国人手中。 与倍耐力公司股东进行的这次交易只是现金充裕的中国 买家在意大利完成的一系列收购中的最新一笔，这些中国 买家恰好在欧洲开始摆脱经济停滞之际利用了欧元贬值的 优势。 根据汤森路透的数据，除金融业以外，意大利是中国的 欧洲第二大、全球第五大收购市场，2014年初至今已完成 了10宗交易。 这次交易将使中国化工获得生产销售利润率更高的优质 轮胎的技术，同时令倍耐力这家意大利公司在庞大的中国 市场中提高占有率。 意大利是欧元区第三大经济体，中国公司之前在意大利 完成的交易包括收购电网公司Terna and Snam、涡轮发电 机制造商Ansaldo和豪华游艇制造商法拉帝的权益。

为何选择欧洲？

不仅仅是意大利，中国收购的触角遍布整个欧洲。英国是 接受中国直接投资数量最多的欧洲国家，在那里中国公司 持有泰晤士水务公司和希斯罗机场的权益。在希腊，一家 中国公司拥有比雷埃夫斯港口的部分运营权;在瑞典，中国 的吉利集团于2010年收购了沃尔沃；同时在法国，中国已 对另一家知名汽车制造商标致雪铁龙集团、图卢兹机场和 度假村运营公司地中海俱乐部进行了投资。 欧洲吸引中国投资者的主要原因之一是价格。目前相当 一部分欧洲公司资金捉襟见肘，加上欧元贬值，各国政府 推动私有化不断进行，这些都为中国投资者提供了充足的 机遇。

“CHINA, OF COURSE, HAS ITS OWN LAWS IN THESE AREAS, BUT CHINESE COMPANIES HAVE BEEN ABLE TO WORK AROUND THESE ISSUES USING THEIR RELATIONSHIPS WITH CHINESE REGULATORS. THAT WILL NOT WORK IN EUROPE.” Michael Vella, Jones Day

“当然，中国在这些领域也有自己的法律法规，但中国企业长期利用自身与 中国监管部门的关系来规避这些问题。在欧洲这一套就行不通了。” Michael Vella, 美国众达律师事务所

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the debt crisis in Europe drove down asset prices. Since then, governments have been keen to privatise hitherto state-owned industries, and corporations are also becoming less picky about potential investors.

And aside from the relatively cheap prices and an open market, European companies have two things that Chinese companies are after: high technology and household names.

And the Pirelli deal, to name a few, is an example of the latter. China’s buying party China National Tire & Rubber Company is hardly heard of in Europe. With plenty of cash, ChemChina would certainly regard Pirelli as a good deal.

Another important driver of outbound investment has been the rapid change in China’s approach to its domestic economy: the central government has been increasing incentives for its companies to invest overseas.

For example in December 2013, the State Council issued a notice following which its ministries lowered the approval thresholds, resulting in new rules that stated that approval from the National Development and Reform Commission (NDRC) and the Ministry of Commerce is only required for transactions above a certain size or in sensitive sectors and countries.

INVESTING TRENDS Chinese investors’ appetite for Europe is obvious. But their way of investing, as well as the industries they are willing to put their money, has changed over the years.

In the last three years, the average value of greenfield projects has been growing, according to data from Baker and McKenzie. Previously targeting mostly offices and smaller administrative operations, Chinese firms have recently shown more willingness to invest in greenfield projects with significant capital expenditure.

OUTBOUND INVESTMENT

目前的状况跟前几年形成了鲜明的对比，2004年 以前，中国对欧洲的直接投资几乎为零，随后每年平 均不到10亿美元。之后到了2009年，投资增长了2倍 达到近30亿美元，2010年再次增长2倍，超过100亿美 元。2009年之后的投资额约达550亿美元。 2011年以前，中国几乎是欧洲投资的纯接受方，但 随后欧洲债务危机拉低了那里资产的价格。从那时起， 欧洲政府一直热衷于对国有行业进行私有化，同时企业 也对潜在投资者不那么挑剔了。 除了相对低廉的价格和开放的市场之外，欧洲公司 还拥有中国公司所追求的两样东西：高新科技和知名品 牌。 举几个例子，此次倍耐力交易就是追求知名品牌的一 个实例。中国买家中国化工橡胶总公司在欧洲几乎无人 知晓。凭借充裕的现金，中国化工肯定认为倍耐力是一 笔划算的交易。 另一个推动对外投资的重要因素是中国对待国内经济 的方式发生了快速转变：中央政府正在加大鼓励中国公 司进行海外投资的力度。 例如，2013年12月国务院下发了一则通知，此后各 部委降低了审批门槛，新规则规定只有超过一定金额的 交易或在敏感行业和国家/地区进行的交易才需要获得国 家发改委和商务部的批准。

投资趋势

中国投资者对欧洲的喜好显而易见。但这些年来，他们 投资的方式以及愿意投资的行业已发生了变化。

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OUTBOUND INVESTMENT

The composition of merger and acquisition activity has also changed substantially since 2011. One important trend is the growing importance of small and medium-sized M&A deals, often undertaken by financial investors. They are less prone to annual fluctuations than large-scale transactions and provide another confirmation of the structural expansion of China’s private sector in Europe.

“Chinese investment in Europe has become much more diverse in recent years and is now extending into all parts of Europe.” says Gilles, a Germany-based partner at Baker & McKenzie. “What we’re seeing is the maturing and normalization of Chinese investment processes in line with the international economy.”

The top recipient of Chinese FDI in 2014 was the United Kingdom, with more than $5.1 billion in total, followed by Italy with $3.5 billion, Netherlands with $2.3 billion, Portugal with $2 billion and Germany with $1.6 billion.

Industry-wise, the top recipient of Chinese capital was Europe’s energy sector, which received a total of $17 billion. The automotive industry is the second largest recipient with $8 billion, followed by agriculture and food, real estate, industrial equipment information and communications technology, basic materials, transport and infrastructure and finance and business services.

“While crisis opportunities and low valuations still play a part, consistently high levels of investment in an increasing number of sectors and countries where assets no longer look cheap suggests that Chinese FDI in Europe is a structural trend, not just a cyclical phenomenon,” Gilles added.

But booming investment also comes with challenges. The biggest challenge is adapting to a culture of compliance that is very different from what they are accustomed to in China.

Michael Vella, a partner at Jones Day says that there are numerous regulatory requirements that Chinese companies will confront for the first time when going into Europe, including labour regulations, environmental regulations and competition regulations.

“China, of course, has its own laws in these areas, but Chinese companies have been able to work around these issues using their relationships with Chinese regulators. That will not work in Europe,” Vella says.

Morever, even after the merger, the Chinese buyers may also face challenges for post-merger integration and business operation due to language and cultural differences and more stringent regulatory climate in Europe, according to industry insider.

But it always takes time and experience for everyone to become comfortable with the differences in foreign legal regimes and business culture.

“Like multinational companies in any other county, the Chinese companies will gradually learn and grow in the new environment, though a few of them may need to pay some learning fees,” said Danian Zhang, a Shanghai-based partner with Baker & Mckenzie.

WHAT’S NEXT The imminent launch of the China-led Asian Infrastructure Investment Bank (AIIB), will certainly add clout to China’s influence in Europe.

The AIIB, seen as a challenge to existing institutions such as the World Bank and Asian Development Bank, has drawn a cool response from the United States, in spite of which the country’s European allies including Britain, France Germany and Italy have already announced they will join the bank.

“I believe this is indicative of Europe’s interest in strengthening its political and economic relationship with China. Given the US’ position on AIIB and China’s role in it, the European countries may see this as an opportunity to put themselves in a position to become partners with

ASIAN LEGAL BUSINESS APRIL 2015

根据贝克·麦坚时国际律师事务所提供的数据，近 三年绿地投资项目的平均金额一直在增长。中国公司 之前大多瞄准写字楼和小型管理运营，最近则有更大 的意愿投资需要大量资本开支的绿地投资项目。 并购活动也自2011年以来发生了重大变化。一个 重要的趋势是，由金融投资者担保的中小型并购交易 持续增长。与大型交易相比，这些交易更不易于出现 年度波动，同时也在另一方面证明了中国私营企业在 欧洲的结构性扩张。 贝克·麦坚时国际律师事务所德国合伙人Thomas Gilles律师认为，“近年来中国对欧洲的投资越来越多 元化，目前延伸到欧洲各个领域。我们现在看到的是 中国投资流程的逐渐成熟和规范化，与国际经济趋势 相一致。” 2014年接受中国直接对外投资金额最多的国家 是英国，总额超过51亿美元，其次是意大利35亿美 元、荷兰23亿美元、葡萄牙20亿美元、以及德国16 亿美元。

就行业而言，中国资本投资最多的行业是欧洲的 能源业，投资总额达170亿美元。汽车业是第二大投 资目标行业，为80亿美元，其次是农业和食品、房地 产、工业设备、信息与通信技术、基础材料、交通与 基础设施、以及金融和商业服务。 Gilles律师还认为，“尽管危机机遇和低估值仍有 影响，但对数量不断增多的、资产不再低廉的行业与 国家持续进行大额投资，表明了中国对欧洲的直接投 资是一种结构性趋势，而不只是一种周期性现象。” 但投资热潮也伴随着挑战。最大的挑战是适应合 规文化，这与中国企业在本土所习惯的文化极为不 同。 美国众达律师事务所合伙人Michael Vella认为， 中国企业在进入欧洲时将首次遭遇许多监管要求，其 中包括劳动法规、环保法规和竞争法规。

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China, particularly with respect to the growth markets in Asia,” says Ian M. Liao, a partner with Jones Day. The AIIB has been seen as a significant setback to U.S. efforts to extend its influence in the Asia-Pacific region to balance China’s growing financial clout not only in Europe, but elsewhere as well. And the fact that EU countries have defied the U.S. in joining the China-led bank indicates that the benefits of joining will outweigh the risks and a closer tie between China and EU is nothing but inevitable even with a slowdown of Chinese economy.

With Chinese economy now entering into a time of “new normal”a slower but steady model of economic development, lawyers in this industry still see a promising landscape.

“I expect the slowdown of the Chinese economy will only increase the investment outside China as Chinese companies now need to diversify their risks beyond China. Europe presents a particularly good investment opportunity as some European companies were hurt by the economic crisis, but could now be poised for growth with the help of an infusion of Chinese money.” Vella said.

OUTBOUND INVESTMENT “当然，中国在这些领域也有自己的法律法规，但中 国企业长期利用自身与中国监管部门的关系来规避这些 问题。在欧洲这一套就行不通了。”Vella律师认为。 此外，业内人士称，即便在兼并之后，由于语言和 文化差异以及更为严格的欧洲监管环境，中国买家还可 能会面临并购之后的整合与业务运营所带来的挑战。 但适应外国法律制度和商业环境的差异总是需要 时间和经验的。贝克·麦坚时律师事务所上海分所的合 伙人张大年律师认为，“与任何其他国家的跨国公司一 样，中国企业会在新环境中逐渐学习和成长，尽管其中 一小部分企业可能需要付点学费。”

接下来会怎样

中国主导的亚洲基础设施投资银行（“亚投行”）即将启 动，这一举动更稳固了中国进军欧洲的步伐。 亚投行被视为是对世界银行和亚洲开发银行等现有 机构的挑战，受到美国的冷遇，但包括英国、法国、 德国和意大利在内的美国在欧洲的盟友已宣布将加入该 行。 “我认为这表明欧洲有兴趣加强与中国的政治和经济 关系。鉴于美国对亚投行的态度和中国在其中扮演的角 色，欧洲各国可能会视此为成为中国合作伙伴的机会， 尤其是谈到亚洲的增长市场。”众达律师事务所合伙人 廖彦铭律师如是说。 美国为了拓展其在亚太地区的影响力做了种种努 力，以制衡中国在欧洲和其他地区不断增强的金融影响 力，而亚投行被视为是这种努力所遭遇的重大挫败。而 众多欧盟国家不顾美国的反对加入由中国主导的亚投行 一事表明，加入亚投行的好处将大于风险，且即使中国 经济增长放缓，中国与欧盟建立更紧密的纽带关系也是 無可避免的。 随着中国经济进入“新常态”时期，这是速度放缓但 保持稳定的一种经济增长模式，身处这个行业的律师们 认为前景仍充满希望。 “由于中国企业目前需要在海外实现风险多元化，我 预计中国经济放缓只会增加中国的对外投资。欧洲有特 别好的投资机遇，一些欧洲企业遭受了经济危机重创， 但在中国资金注入的帮助下它们现在很有可能实现增 长。”Vella律师认为。

“CHINESE INVESTMENT IN EUROPE HAS BECOME MUCH MORE DIVERSE IN RECENT YEARS AND IS NOW EXTENDING INTO ALL PARTS OF EUROPE. WHAT WE’RE SEEING IS THE MATURING AND NORMALIZATION OF CHINESE INVESTMENT PROCESSES IN LINE WITH THE INTERNATIONAL ECONOMY.” Thomas Gilles, Baker & McKenzie

“近年来中国对欧洲的投资越来越多元化，目前延伸到欧洲各个领 域。我们现在看到的是中国投资流程的逐渐成熟和规范化，与国际 经济趋势相一致。” Thomas Gilles, 贝克·麦坚时律师事务所

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ASIAN LEGAL BUSINESS APRIL 2015

GATHERING MOMENTUM 蓄势待发 AFTER A STRONG SHOWING IN 2014, HONG KONG’S IPO MARKET IS SET TO CARRY THE MOMENTUM FORWARD INTO 2015, WITH A STRONG PIPELINE OF COMPANIES LOOKING TO LIST ON THE HONG KONG STOCK EXCHANGE. ON THE LIQUIDITY FRONT, THE SIGNS LOOK POSITIVE WITH THE HONG KONG-SHANGHAI STOCK CONNECT STARTING TO BEAR FRUIT, AND THE INTRODUCTION OF A SIMILAR SCHEME BETWEEN HONG KONG AND SHENZHEN’S STOCK MARKETS PENCILED FOR LATER THIS YEAR. MEANWHILE, DISCUSSION OVER THE HOTLY DEBATED ISSUE OF WHETHER HONG KONG SHOULD ALLOW WEIGHTED VOTING RIGHTS HAS CONTINUED INTO 2015. KANISHK VERGHESE REPORTS

在2014年的强劲表现后，随着更多企业寻求在香港交易所上市，香港新股首次上次 （IPO）市场在2015年将延续过去一年的发展势头。此外，由于沪港通开始结出硕果， 而类似的深港通也将在今年晚些时候引入，流动性方面正释放出积极信号。同时，就香 港是否应该允许加权投票权问题的热议将持续到2015年。Kanishk Verghese报道。 **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

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“IN OUR FIRM’S RESPONSE TO THE CONCEPT PAPER, WE SUPPORTED THE CONCEPT OF A WEIGHTED VOTING RIGHTS STRUCTURE. WHILE STICKING TO THE TRADITIONAL ONE SHARE ONE VOTE PRINCIPLE IS AN EASY AND SIMPLE ROUTE TO TAKE, I BELIEVE THAT OUR MARKET SHOULD KEEP AN OPEN MIND TO MARKET DEVELOPMENTS IN ORDER TO MAINTAIN OUR COMPETITIVENESS.” Sabrina Fung, Deacons

“在我们事务所对概念稿的回复中，我们支持加 权投票权结构这一概念。虽然继续采用传统的 一股一票原则是一个容易和简单的方法，我认 为香港市场应该对市场发展持开放的态度，这 样才能保持我们的竞争力。” 冯海莉，的近律师行

A

fter a few sluggish years, Hong Kong’s IPO market bounced back in 2014, with some big-ticket deals including WH Group’s $2.1 billion listing last July and Dalian Wanda Commercial Properties’ $3.7 billion listing in December. Data from the Hong Kong Exchanges and Clearing Group shows that 2014 saw 96 new main board listings, topping the previous record of 94 set in 2010. Meanwhile, IPO fundraising increased by 34 percent from 2013 to $29.3 billion, the world’s second-highest total behind New York, according to Dealogic data.

The momentum is expected to continue into 2015. KPMG forecasts that 110 companies will list on the Hong Kong Stock Exchange this year, with IPO funds likely to raise more than HK$200 billion ($25.8 billion). The year has started positively, with broadband Internet provider HKBN launching a $750 million IPO, and Chinese automotive glass maker Fuyao Glass Industry Group raising about $950 million in March. In the pipeline are larger deals including Chinese brokerage GF Securities’ proposed $3.6 billion listing and the $3 billion offering of Legend Holding Corp, the parent of Lenovo Group, the world’s biggest maker of personal computers. “Deal flow for the year is relatively healthy,” says Catherine Tsang, a partner at Paul Hastings in Hong Kong. “This year will be interesting because towards the

经

过数年的低迷，香港的IPO 市场在2014年出现反弹， 大额交易有去年7月万洲国 际的2​​1 亿美元上市和12月大连万达商 业地产的37亿美元上市等。香港交易 及结算所有限公司的数据显示，2014 年有96项新的主板上市交易，刷新 了此前2010年94项交易的记录。同 时，Dealogic的数据显示，IPO募集资 金较2013年增加了34％，达到293亿 美元，成为纽约之后的全球第二高总 值。 该势头有望在2015年延续。毕马威 会计师事务所预测，今年将会有110家 企业在香港交易所挂牌上市，IPO募 集资金可能超过2000亿港元（258亿 美元）。今年开局良好，宽带互联网 服务提供商香港宽频网络有限公司首 次公开募股7.5亿美元，中国汽车玻璃 制造商福耀玻璃工业集团股份有限公 司在三月募资约9.5亿美元。计划中的 大额交易包括中国券商广发证券36亿 美元上市，以及全球最大个人电脑制 造商联想集团的母公司 -- 联想控股集 团的30亿美元IPO。“今年的交易量是 相对健康的。”普衡律师事务所香港合 伙人曾慧怡说。“今年将会是非常有趣 的一年，因为随着许多交易在2013年 年底到2014年上半年期间涌入市场，

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end of 2013 and the first half of 2014, there was a heavy deal flow with many deals rushing to market. That was driven partly by the transition period for the new sponsor and listing regimes, which caused everyone to rush to file for their IPOs before the new provisions kicked in,” says Tsang.

On April 1 last year, new disclosure rules were enacted with the aim of improving the quality of IPOs and clamping down on fraud. Listing applications are now made public as soon as companies pass an initial checklist after filing them with the exchange. Under the previous regime, the so-called “A-1” document was filed and remained private until it was vetted and approved, while sponsors could also file incomplete documents and resubmit them without facing major penalties.

Incomplete applications will now be rejected and banks and issuers submitting such applications will face an eight-week waiting period to re-file their documents. Lawyers say that the standard in terms of prospectus drafting has already been lifted, which has shortened the average prospectus vetting procedure timeline by the Stock Exchange.

“But in terms of deal flow, those transition periods have passed, and Hong Kong’s IPO market is back to one that is purely driven by economics,” says Tsang.

A CHANGE TO THE SYSTEM? Much discussion since 2014 has centred on the issue of the “one-shareone-vote principle,” which has been in place in Hong Kong since 1989.

Debate over shareholder structures was sparked after Hong Kong’s regulators rejected Chinese ecommerce giant Alibaba’s request to allow a small group of company insiders to nominate the majority of its board. It is believed that the impasse prompted Alibaba to turn to New York for its IPO, where it raised a mammoth $25 billion, the largest listing ever.

In August last year, the Stock Exchange of Hong Kong (SEHK) launched a concept paper to seek views on whether the adoption of weighted voting rights should be acceptable for companies looking to list in Hong Kong. “In our firm’s response to the concept paper, we supported the concept of a weighted voting rights structure. While sticking to the traditional one share one vote principle is an easy and simple route to take, I believe that our market should keep an open mind to market developments in order to maintain our competitiveness,” says Sabrina Fung, a partner at Deacons. “If that is the case, we believe that there should be an education process for the Hong Kong investing public,” says Fung.

The SEHK has spurred on discussion in other areas too, issuing a consultation paper in January on the potential introduction of a Volatility Control Mechanism (VCM) in the securities and derivatives markets in Hong Kong, and a Closing Auction Session in the city’s securities market. The aim of the VCM is to contain systemic risk caused by price volatility in both the securities and derivatives markets. Fung says that the introduction of a VCM would help boost Hong Kong’s competitiveness on a global platform. “The proposal to enhance the market microstructure is a positive step because it will bring Hong Kong’s trading platform in line with the guidance issued by the International Organisation of Securities Commissions (IOSCO),” says Fung.

Conclusions from the consultation paper have yet to be issued, but are expected in the first half of this year.

BOOSTING LIQUIDITY At the same time, liquidity in the market has been increased as a result of the Hong Kong-Shanghai Stock Connect scheme. The Stock

ASIAN LEGAL BUSINESS APRIL 2015

那时出现了巨大的交易量。这里面部分原因 是受到新保荐人和上市制度过渡期的影响， 导致每个人都急于在新规生效前提出IPO申 请。” 为了提高IPO质量和打击欺诈，新的信 息披露规则于去年4月1日颁布。现在，只要 公司向交易所提出上市申请并通过根据初检 核对表进行的初检，上市申请就必须公诸于 众。根据以前的制度，所谓的“A-1”文件在被 审查通过前一直处于私密状态，同时保荐人 也可以提交不完整的文件，并且在重新提交 时也不会面临重大处罚。不完整的申请现在 将会被拒绝，而提交这种申请的银行和发行 人将会面临为期八周的等待期，之后才能重 新提交文件。律师说，招股说明书起草方面 的标准已经提高了，这缩短了交易所招股说 明书审批程序的平均时间。“但在交易量方 面，这些过渡期都已经过去了，香港的IPO市 场回到了一个纯粹以经济为主导的市场。”曾 律师说。

制度的改变？ 自2014年以来，大部分讨论都集中在1989年 以来香港一直实施的“一股一票原则”。继香港 监管机构拒绝了中国电子商务巨头阿里巴巴 关于允许一小部分公司内部人士提名董事会 大多数成员的请求后，这引发了有关股东结 构的讨论。有关人士认为，这一僵局促使阿 里巴巴转赴纽约上市，并在那里筹集到史上 最高的250亿美元。 去年八月，港交所公布了一份概念稿，就 寻求在香港上市的公司能否采取加权投票权 的问题征求意见。“在我们事务所对概念稿的 回 中，我们支持加权投票权结构这一概念。 虽然继续采用传统的一股一票原则是一个容 易和简单的方法，我认为香港市场应该对市 场发展持开放的态度，这样才能保持我们的 竞争力。”的近律师行的合伙人冯海莉说。“如 果是这样的话，我们认为对于香港投资大众 来说应该有一个教育的过程。”冯律师说。 港交所还在其他领域引发了讨论。 1月 份，港交所针对在香港的证券和衍生品市场 推出波动调节机制（VCM），以及在香港证 券市场引入收市竞价交易时段发出了一份咨 询文件。VCM的目的是控制证券和衍生品市 场上由价格波动造成的系统性风险。冯律师 说VCM的引入将有助于提高香港在全球平台 上的竞争力。“提升市场微观结构的建议是一 项积极的措施，因为它将会使香港的交易平 台与国际证监会组织（IOSCO）发布的指导 意见接轨。”冯律师说。咨询文件的结论尚未 给出，但预计将在今年上半年发布。

HONG KONG REPORT

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Connect, which was launched last November, allows certain mainland investors to trade shares in designated companies listed in Hong Kong, while letting Hong Kong investors buy selected Shanghai-listed shares. At the moment, the Stock Connect imposes a number of limitations and quotas. Hong Kong investment in mainland stocks is limited to an overall quota of 300 billion yuan ($48 billion) and a daily quota of 13 billion yuan. Mainland investment in Hong Kong stocks is limited to an overall quota of 250 billion yuan and a daily quota of 10.5 billion yuan. Industry players expect the quota to be lifted gradually.

With the Hong Kong-Shanghai Stock Connect starting to find its feet, plans are also underway to set up a similar scheme to link Hong Kong and Shenzhen’s stock markets. The Hong Kong-Shenzhen Stock Connect scheme, which could be approved and launched by the end of 2015, would increase the investor range in the Hong Kong securities markets and could drive up investment volume and liquidity.

提高流动性 与此同时，由于沪港通的实施，香港市场的流动性已 经有所增加。去年11月推出的沪港通允许特定内地投 资者交易指定的香港上市公司的股票，同时允许香港 投资者购买规定范围内的上交所上市股票。目前，沪 港通规定了一些限制和额度。香港投资者内地股市投 资的总额度为3000亿元（480亿美元），每日额度为 130亿元。内地投资者香港股市投资的总额度为2500 亿元，每日额度为105亿元。业内人士预计这些额度 将会被逐步取消。 随着沪港通开始站稳脚跟，设立连接香港和深圳 股市的类似计划也正在进行中。可能在2015年底被批 准和推出的深港通将会扩大香港证券市场的投资者范 围，并可能推高投资额和流动性。

前景乐观

POSITIVE OUTLOOK As Hong Kong’s IPO market chugs along into 2015, lawyers expect to see fewer mega deals and more mid-sized listings. The proposed listings for 2015 indicate that a number of Chinese financial institutions and insurance companies will look for an IPO in Hong Kong. In early March, Deacons advised on the mid-sized listings of three healthcare, environmental and consumer retail companies. Fung expects to see more deals in those sectors in 2015, in addition to listings from Chinese banks and brokerage firms. Despite the array of factors that could affect Hong Kong’s IPO market and investor confidence – both positively and negatively – market sentiment for remains positive for the time being, with a healthy IPO pipeline of mid-cap deals for 2015.

随着香港IPO市场稳步迈入2015年，律师们预期未 来大型交易会减少，但中等规模的上市交易会增 加。2015年拟上市交易显示，一些内地的金融机构和 保险公司将寻求在香港进行IPO。三月初，的近律师 行就三家医疗、环保和消费者零售公司的中等规模的 上市交易提供了法律意见。冯律师预期除了内地银行 和券商公司的上市以外， 医疗、环保和消费者零售领 域在2015年还将会有更多的上市交易。尽管存在着一 系列可能影响香港IPO市场和投资者信心的因素 – 无 论是正面的还是负面的，鉴于2015年IPO市场中型交 易的良好势头，市场情绪目前来说仍然十分积极。

“DEAL FLOW FOR THE YEAR IS RELATIVELY HEALTHY. THIS YEAR WILL BE INTERESTING BECAUSE TOWARDS THE END OF 2013 AND THE FIRST HALF OF 2014, THERE WAS A HEAVY DEAL FLOW WITH MANY DEALS RUSHING TO MARKET. THAT WAS DRIVEN PARTLY BY THE TRANSITION PERIOD FOR THE NEW SPONSOR AND LISTING REGIMES, WHICH CAUSED EVERYONE TO RUSH TO FILE FOR THEIR IPOS BEFORE THE NEW PROVISIONS KICKED IN.” Catherine Tsang, Paul Hastings

“今年的交易量是相对健康的。今年将会是非常有趣的一年，因 为随着许多交易在2013年年底到2014年上半年期间涌入市场， 那时出现了巨大的交易量。这里面部分原因是受到新保荐人和 上市制度过渡期的影响，导致每个人都急于在新规生效前提出 IPO申请。” 曾慧怡，普衡律师事务所

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CHINA LAW AWARDS

ASIAN LEGAL BUSINESS APRIL 2015

23 RD APRIL PARK HYATT BEIJING

《亚洲法律杂志》欣然宣布本届SSQ ALB中 国法律大奖的最终候选名单。今年的大奖，吸 引了来自超过100家律师事务所以及企业法务 团队的提名，涉及法律事务的众多业务领域。 SSQ ALB中国法律大奖旨在表彰业界领先的律 师事务所和优秀的企业法务团队，以及上一年 度突出的交易案例。设立11年来，ALB中国法 律大奖已经成为中国法律界最具影响力的奖项 之一。这一成就得益于奖项评选过程中公正、 透明与高效的原则。 最终的获奖决定由独立的评审团作出，并将 于4月23日在北京柏悦酒店举行的颁奖盛典上 公布。

Asian Legal Business is pleased to announce the finalists for the Shilton Sharpe Quarry ALB China Law Awards. Nominations were received from more than 100 law firms and in-house legal teams, covering a wide range of practice areas.

Shilton Sharpe Quarry ALB China Law Awards fete the leading law firms and in-house legal teams, as well as the outstanding deals and transactions of the past year. Having been successfully held for 11 years now, it is one of the most influential awards in China’s legal industry. This is a result of the fairness, transparency and efficiency across the whole nomination and judging process.

The winners will be chosen by an independent panel of judges, and will be announced at the awards ceremony on Apr. 23 at the Park Hyatt Hotel in Beijing.

CHINA LAW AWARDS

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SSQ ALB 中国法律大奖 2015 奖项入围名单 1. 年度最佳债券市场项目大奖 中粮集团有限公司2014年度超短期融资券项目发行项 目 律师事务所：大成 银行：中国工商银行 中国农业银行中期票据发行项目 律师事务所：富而德; 海问; 年利达 阿里巴巴集团海外债券发行项目 律师事务所：方达; 金杜; 迈普达; 盛信; 苏利文.克伦威 尔 银行：花旗全球市场; 瑞信证券（美国）; 德意志银行 （新加坡）; 高盛（亚洲）; 摩根大通; 摩根士丹利 百度债券发行项目 律师事务所：达维; 汉坤; 竞天公诚; 李偉斌律師行; 迈 普达 银行：高盛（亚洲）; 摩根大通证券 中国银行境外优先股发行项目 律师事务所：安理; 高伟绅; 竞天公诚; 金杜; 年利达 中国交建股份有限公司中期债券发行项目 律师事务所：观韬 银行：中国工商银行 中信证券30亿美元中期债券发行项目 律师事务所：佳利; 达维; 竞天公诚; 金杜; 汇嘉开曼群岛 银行：农银国际; 中国银行（香港）; 中信证券（香 港）; 花旗全球市场; 法国东方汇理银行; 汇丰银行; 摩 根大通证券; 渣打银行; 瑞银集团（香港） 复星集团10亿欧元优先票据发行项目 律师事务所：达维; 国浩; 瑞生国际 银行：摩根士丹利 中国工商银行三币种总值57亿美元优先股发行项目 律师事务所：安理; 金杜; 年利达 财政部在香港发行280亿人民币国债项目 律师事务所：的近; 海问; 年利达 中国石化集团创纪录的国际债券发行项目 律师事务所：海问; 世达 国家电网35亿美元优先票据发行项目 律师事务所：史密夫·斐尔 国家开发银行第四期信贷资产证券化项目 律师事务所：大成

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Shilton Sharpe Quarry ALB China Law Awards 2015 FINALISTS 1. DEBT MARKET DEAL OF THE YEAR 2014 COFCO Limited Super & Short-term Commercial Paper Firm: Dacheng Law Offices Bank: ICBC Agricultural Bank of China’s Medium Term Notes offering Firms: Freshfields Bruckhaus Deringer; Haiwen & Partners; Linklaters Alibaba Group’s Overseas Bonds issuing Firms: Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup Global Markets Inc.; Credit Suisse Securities (USA); Deutsche Bank (Singapore); Goldman Sachs (Asia); JP Morgan; Morgan Stanley Baidu’s bond offering Firms: Davis Polk & Wardwell; Han Kun Law Offices; Jingtian & Gongcheng; Li & Partners; Maples and Calder Banks: Goldman Sachs (Asia); J.P. Morgan Securities Bank of China’s additional tier 1 preference shares offering Firms: Allen & Overy; Clifford Chance; Jingtian & Gongcheng; King & Wood Mallesons; Linklaters China Communications Construction Company Limited’s Medium Term Note Issuance Firm: Guantao Law Firm Bank: ICBC CITIC Securities Finance MTN’s US$3 billion Medium Term Notes Programme Firms: Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell; Jingtian & Gongcheng; King & Wood Mallesons; Walkers Banks: ABCI Capital; Bank of China (Hong Kong); CITIC Securities Corporate Finance(HK); Citigroup Global Markets Asia Limited; Crédit Agricole Corporate and Investment Bank; HSBC; J.P. Morgan Securities; Standard Chartered Bank; UBS AG, Hong Kong Branch Fosun’s EUR1 billion senior notes issuing Firms: Davis Polk & Wardwell; Grandall Law Firm; Latham & Watkins Bank: Morgan Stanley ICBC’s triple-currency US$5.7 billion debut offering of preference shares Firms: Allen & Overy; JunHe; King & Wood Mallesons; Linklaters Ministry of Finance of the People’s Republic of China (“MOF”)’s RMB28 billion sovereign bonds issuing in Hong Kong Firms: Deacons; Haiwen & Partners; Linklaters Sinopec Group record-breaking bond offering Firms: Haiwen & Partners; Skadden, Arps, Slate, Meagher & Flom State Grid Corp’s US$3.5 billion senior notes offering Firm: Herbert Smith Freehills The Forth Phase Credit Assets Securitization Deal of China Development Bank in 2014 Firm: Dacheng Law Offices

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CHINA LAW AWARDS

2. 年度最佳股票市场项目大奖 阿里巴巴集团在纽交所首次公开发行股票项目 律师事务所：康德明; 方达; 金杜; 迈普达; 盛信; 苏利 文.克伦威尔 中国广核电力在港交所首次公开发行股票项目 律师事务所：高伟绅; 国浩; 金杜; 谢尔曼.思特灵 银行：农银国际; 中金（香港）; 美林 中国北车集团在港交所上市项目 律师事务所：安德慎国际律师事务所; 高伟绅; 通商; 竞 天公诚 银行：中金（香港）; 麦格理资本证券; 瑞银（香港） 大连万达商业地产股份有限公司在港交所首次公开发行 股票项目 律师事务所：毅柏; 富而德; 金杜; 礼德; 天元 银行：中银国际; 中金（香港）; 花旗全球市场; 瑞信（ 香港）; 德意志银行（香港）; 高盛（亚洲）; 汇丰银行 （香港）; 野村证券（香港）; 瑞银（香港） 京东在纳斯达克首次公开发行股票项目 律师事务所：达维; 通商; 迈普达; 世达; 中伦 银行：美林; 瑞银 中国农业银行境内非公开发行优先股项目 律师事务所：德恒; 金杜 平安集团H股定向增发项目 律师事务所：欧华; 普衡 银行：摩根士丹利 中国交建集团股份有限公司优先股发行项目 律师事务所：中伦文德 沪港通项目 律师事务所：年利达 萬洲国际集团在港交所首次公开发行股票项目 律师事务所：佳利; 通商; 海问; 竞天公诚; 迈普达; 普衡

3. 年度最佳能源和资源项目大奖 中国五矿集团收购秘鲁嘉能可 (Glencore Xtstrata) 拉斯 邦巴斯 (Las Bambas) 铜矿项目 律师事务所：贝克.麦坚时; 高伟绅; 德同; 年利达; Rodrigo, Elias & Medrano; 苏利文.克伦威尔; 伟凯 银行：美银美林; 花旗; 德意志银行; 高盛 中国石油天然气集团公司收购巴西石油公司在秘鲁资产 律师事务所：Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados; Miranda & Amado Abogados; 文 森·艾尔斯 中国广核电力在港交所首次公开发行股票项目 律师事务所：高伟绅; 国浩; 金杜; 谢尔曼.思特灵 银行：农银国际; 中金（香港）; 美林 中石油15亿美元债券发行项目 律师事务所：毅柏; 达维; 君合; 金杜; 谢尔曼.思特灵 电能实业分拆香港电力业务项目 律师事务所：富而德; 苏利文.克伦威尔; 胡关李罗 银行：澳新银行; 巴克莱银行; 法国巴黎银行; 中银国际 （亚洲）; 加拿大丰业银行（香港）; 建银国际; 加拿大

ASIAN LEGAL BUSINESS APRIL 2015

2. EQUITY MARKET DEAL OF THE YEAR Alibaba Group Holding Limited IPO on NYSE Firms: Conyers Dill & Pearman; Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; J.P. Morgan; Morgan Stanley CGN Power IPO in Hong Kong Firms: Clifford Chance; Grandall Law Firm; King & Wood Mallesons; Shearman & Sterling Banks: ABCI Capital; CICC Hong Kong; Merrill Lynch Far East China CNR Corporation IPO Firms: Allens; Clifford Chance; Commerce & Finance Law Offices; Jingtian & Gongcheng; Morrison & Foerster Banks: CICC Hong Kong; Macquarie Capital Securities; UBS Hong Kong Dalian Wanda Commercial Properties Co., Ltd Hong Kong IPO Firms: Appleby; Freshfields Bruckhaus Deringer; King & Wood Mallesons; Reed Smith Richards Butler; Tianyuan Law Firm Banks: BOCI Asia; CICC Hong Kong; Citigroup Global Markets Asia; Credit Suisse (Hong Kong); Deutsche Bank AG, Hong Kong Branch; Goldman Sachs (Asia); HSBC Corporate Finance (Hong Kong); Nomura International (Hong Kong); UBS AG, Hong Kong Branch JD.com IPO on NASDAQ Firms: Davis Polk & Wardwell; Commerce & Finance Law Offices; Maples and Calder; Skadden, Arps, Slate, Meagher & Flom; Zhong Lun Law Firm Banks: Bank of America Merrill Lynch; UBS AG Non-public offering of domestic preference shares by Agricultural Bank of China Firms: DeHeng Law Offices; King & Wood Mallesons Ping An’s H Share placing Firms: DLA Piper; Paul Hastings Banks: Morgan Stanley Preference Shares issuing by China Communications Construction Company Limited Firms: Zhonglun W&D Law Firm Shanghai-Hong Kong Stock Connect Firm: Linklaters WH Group IPO in Hong Kong Firms: Cleary Gottlieb Steen & Hamilton; Commerce & Finance Law Offices; Haiwen & Partners; Jingtian & Gongcheng; Maples and Calder; Paul Hastings

3. ENERGY & RESOURCES DEAL OF THE YEAR Acquisition of Las Bambas from Glencore Xtstrata by MMG Limited Firms: Baker & McKenzie; Clifford Chance; Dentons; Linklaters; Rodrigo, Elias & Medrano; Sullivan & Cromwell; White & Case Banks: Bank of America Merrill Lynch; Citigroup; Deutsche Bank AG; Goldman Sachs Acquisition of Petroleo Brasileiro SA’s assets in Peru by CNPC Firms: Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados; Miranda & Amado Abogados; Vinson & Elkins CGN Power IPO in Hong Kong Firms: Clifford Chance; Grandall Law Firm; King & Wood Mallesons; Shearman & Sterling Banks: ABCI Capital; CICC Hong Kong; Merrill Lynch Far East CNPC Finance (HK) Limited US$1.5 billion Notes Issuance Firms: Appleby; Davis Polk & Wardwell; JunHe; King & Wood Mallesons; Shearman & Sterling

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帝国商业银行; 花旗银行全球市场; 法国东方汇理银行; 星展银行; 高盛（亚洲）; 汇丰银行; 瑞穗证券; 摩根士 丹利 中国墨西哥能源投资基金项目 律师事务所：达辉; Delagardelle Law Firm 中石化混合所有制改革项目 律师事务所：海问 南水北调中线工程 律师事务所：德恒 中国石化仪征化纤股份有限公司重大资产重组项目 律师事务所：海问 漳州核电站项目 律师事务所：阳光时代 浙能台州第二发电厂项目 律师事务所：阳光时代

4. 年度最佳并购项目大奖 中国五矿集团收购秘鲁嘉能可 (Glencore Xtstrata) 拉斯 邦巴斯 (Las Bambas) 铜矿项目 律师事务所：贝克.麦坚时; 高伟绅; 德同; 年利达; Rodrigo, Elias & Medrano; 苏利文.克伦威尔; 伟凯 银行：美银美林; 花旗; 德意志银行; 高盛 京东收购腾讯电商业务 律师事务所：达维; 汉坤; 迈普达; 世达; 中伦 银行：美银美林; 巴克莱; 华兴资本 阿里巴巴战略投资优酷土豆 律师事务所：方达; 迈普达; 盛信; 世达; 权亚; 汇嘉开曼 群岛 中国人寿对中国华融资产战略投资项目 律师事务所：高伟绅; 中伦 新加坡GLP集团重组85亿美元中国资产以及中国投资 者集团对其25亿美元的战略投资项目 律师事务所：美富 厚朴基金对中石化战略投资项目 律师事务所：高伟绅; 君合; 迈普达 华润万家整合Tesco(乐购)中国业务 律师事务所：方达; 富而德; 金杜 华侨银行收购永亨银行 律师事务所：海问; 迈普达 申银万国与宏源证券合并项目 律师事务所：毅柏; 海问 中石化混合所有制改革项目 律师事务所：海问

CHINA LAW AWARDS

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Power Assets Holdings Limited spin-off of Hong Kong Electric Firms: Freshfields Bruckhaus Deringer; Sullivan & Cromwell; Woo, Kwan, Lee & Lo Banks: Australia and New Zealand Banking Group; Barclays Bank; BNP Paribas; BOCI Asia; Bank of Nova Scotia, Hong Kong Branch; CCB International Capital; CIBC World Markets; Citigroup Global Markets; Credit Agricole Corporate and Investment Bank; DBS Asia Capital; Goldman Sachs (Asia); HSBC; Mizuho Securities; Morgan Stanley Sino-Mex Energy Investment Fund Project Firm: DaHui Lawyers; Delagardelle Law Firm Sinopec Mixed Ownership Reform Firm: Haiwen & Partners South-to-North Water Diversion Middle Route Project Firm: DeHeng Law Offices Yizheng Chemical Fibre Major Asset Reorganization Firm: Haiwen & Partners ZhangZhou Nuclear Power Project Firm: Sunshine Law Firm ZheNeng TaiZhou No.2 Power Plant Project Firm: Sunshine Law Firm

4. M&A DEAL OF THE YEAR Acquisition of Las Bambas from Glencore Xtstrata by MMG Limited Firms: Baker & McKenzie; Clifford Chance; Dentons; Linklaters; Rodrigo, Elias & Medrano; Sullivan & Cromwell; White & Case Banks: Bank of America Merrill Lynch; Citigroup; Deutsche Bank AG Acquisition of the e-commerce business of Tencent by JD.com Firms: Davis Polk & Wardwell; Han Kun Law Offices; Maples and Calder; Skadden, Arps, Slate, Meagher & Flom; Zhong Lun Law Firm Banks: Bank of America Merrill Lynch; Barclays Bank; China Renaissance Alibaba Group’s investment in Youku Tudou Firms: Fangda Partners; Maples and Calder; Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom; TransAsia Lawyers; Walkers China Life Insurance (Group) Company’s strategic investment in China Huarong Asset Management Corporation Firms: Clifford Chance; Zhong Lun Law Firm GLP restructuring of US$8.5 billion China assets and US$2.5 billion landmark strategic alliance Firm: Morrison & Foerster HOPU consortium’s investment in Sinopec Firms: Clifford Chance; JunHe; Maples and Calder Merger of Chinese retail operations of Tesco and CRE (China Resources Enterprise, Limited) Firms: Fangda Partners; Freshfields Bruckhaus Deringer; King & Wood Mallesons OCBC privitize Wing Hang Bank Firms: Haiwen & Partners; Maples and Calder Shenyin & Wanguo’s merger with Hongyuan Securities Firms: Appleby; Haiwen & Partners Sinopec Mixed Ownership Reform Firms: Haiwen & Partners

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CHINA LAW AWARDS

ASIAN LEGAL BUSINESS APRIL 2015

5. PROJECT FINANCE DEAL OF THE YEAR

5. 年度最佳项目融资项目大奖 中国五矿集团收购秘鲁嘉能可 (Glencore 拉斯邦巴斯 (Las Bambas) 铜矿项目

Xtstrata)

律师事务所：贝克.麦坚时; 高伟绅; 德同; 年利达; Rodrigo, Elias & Medrano; 苏利文.克伦威尔; 伟凯 银行：美银美林; 花旗; 德意志银行; 高盛 中国广核电力在港交所首次公开发行股票项目 律师事务所：高伟绅; 国浩; 金杜; 谢尔曼.思特灵 银行：农银国际; 中金（香港）; 美林 中国铁路发展基金成立及首期资金募集项目 律师事务所：中伦 东方证券参与盛大游戏私有化项目融资 律师事务所：中银 广东中山-开平高速公路建设项目 律师事务所：中伦 德银携银团向唐钢集团提供15亿美元融资项目 律师事务所：通力 越南永新1期热电厂项目 律师事务所：安理; 高伟绅; Vilaf 贵州鸭溪电厂-元宝山电厂股权转换项目 律师事务所：阳光时代 云南晋宁-红塔高速公路建设项目 律师事务所：中伦

6. 年度最佳科技、媒体和电信项目大奖 京东收购腾讯电商业务 律师事务所：达维; 汉坤; 迈普达; 世达; 中伦 银行：美银美林; 巴克莱; 华兴资本 阿里巴巴集团在纽交所首次公开发行股票项目 律师事务所：康德明; 方达; 金杜; 迈普达; 盛信; 苏利 文.克伦威尔

Acquisition of Las Bambas from Glencore Xtstrata by MMG Limited Firms: Baker & McKenzie; Clifford Chance; Dentons; Linklaters; Rodrigo, Elias & Medrano; Sullivan & Cromwell; White & Case Banks: Bank of America Merrill Lynch; Citigroup; Deutsche Bank AG; Goldman Sachs CGN Power IPO in Hong Kong Firms: Clifford Chance; Grandall Law Firm; King & Wood Mallesons; Shearman & Sterling Banks: ABCI Capital; CICC Hong Kong; Merrill Lynch Far East Establishment and first fundraising for China Railway Development Fund Firm: Zhong Lun Law Firm Financing for Shanda Games taking private project by Orient Securities Company Firm: Zhong Yin Law Firm Guangdong Zhongshan - Kaiping Expressway Project Firm: Zhong Lun Law Firm US$1.5 billion syndicated loan to Tang Steel by Deutsche Bank Firm: Llinks Law Offices Vinh Tan 1 coal-fired power project Firms: Allen & Overy; Clifford Chance; Vilaf Yaxi - Yuanbaoshan equity swap project Firm: Sunshine Law Firm Yunnan Jinning - Hongta Expressway Project Firm: Zhong Lun Law Firm

6. TMT DEAL OF THE YEAR Acquisition of the e-commerce business of Tencent by JD.com Firms: Davis Polk & Wardwell; Han Kun Law Offices; Maples and Calder; Skadden, Arps, Slate, Meagher & Flom; Zhong Lun Law Firm Banks: Bank of America Merrill Lynch; Barclays Bank; China Renaissance Alibaba Group Holding Limited IPO on NYSE Firms: Conyers Dill & Pearman; Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; J.P. Morgan; Morgan Stanley

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阿里巴巴战略投资优酷土豆 律师事务所：方达; 迈普达; 盛信; 世达; 权亚; 汇嘉开曼 群岛 阿里巴巴集团海外债券发行项目 律师事务所：方达; 金杜; 迈普达; 盛信; 苏利文.克伦威 尔 银行：花旗全球市场; 瑞信证券（美国）; 德意志银行（ 新加坡）; 高盛（亚洲）; 摩根大通; 摩根士丹利 全明星投资基金对小米科技11亿美元投资项目 律师事务所：凯威莱德; 高赢; 奥杰; 世达; 尚伦; Travers, Thorp & Alberga 百度债券发行项目 律师事务所：达维; 汉坤; 竞天公诚; 李偉斌律師行; 迈 普达 银行：高盛（亚洲）; 摩根大通证券 阿里巴巴集团认购文化中国股份项目 律师事务所：贝克.麦坚时; 富而德 和记黄埔债券发行项目 律师事务所：安理; 苏利文.克伦威尔 京东在纳斯达克首次公开发行股票项目 律师事务所：达维; 通商; 迈普达; 世达; 中伦 银行：美林; 瑞银 京东方科技集团股票定向增发项目 律师事务所：竞天公诚; 天元 巨人网络私有化项目 律师事务所：毅柏; 泛伟; 国浩; 君合; 年利达; 迈普达; 美 迈斯 沃尔玛在上海自贸区电子商务项目 律师事务所：美富

7. 年度最佳交易律师大奖 - 中国组 大成律师事务所............................于晖 德恒律师事务所............................王贤安 观韬律师事务所............................苏波 海问律师事务所............................杨静芳 汉坤律师事务所............................李朝应 金诚同达律师事务所.....................邬国华 竞天公诚律师事务所.....................项振华 君合律师事务所............................余永强 金杜律师事务所............................王军 中伦律师事务所............................赵靖 中伦文德律师事务所.....................夏欲钦

7. 年度最佳交易律师大奖 - 国际组

安理律师事务所............................何宛文 贝克.麦坚时律师事务所................邬美珍 佳利律师事务所............................黄玲 高伟绅律师事务所........................王彦峰 泛伟律师事务所............................王怡华 富而德律师事务所........................王庆 年利达律师事务所........................刘克诚 盛信律师事务所............................陈磊明 世达律师事务所............................Daniel Dusek 苏利文.克伦威尔律师事务所.........蔡元文 威嘉律师事务所............................Akiko Mikumo

CHINA LAW AWARDS

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Alibaba Group’s Investment in Youku Tudou Firms: Fangda Partners; Maples and Calder; Simpson Thacher & Bartlett; Skadden, Arps, Slate, Meagher & Flom; TransAsia Lawyers; Walkers Alibaba Group’s Overseas Bonds issuing Firms: Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup Global Markets Inc.; Credit Suisse Securities (USA); Deutsche Bank (Singapore); Goldman Sachs (Asia); JP Morgan; Morgan Stanley All-Stars’ US$1.1 billion Investment in Xiaomi Corporation Firms: Cadwalader, Wickersham & Taft; Goodwin Procter; Ogier; Skadden, Arps, Slate, Meagher & Flom; Sunland Law Firm; Travers, Thorp & Alberga Baidu’s bond offering Firms: Davis Polk & Wardwell; Han Kun Law Offices; Jingtian & Gongcheng; Li & Partners; Maples and Calder Banks: Goldman Sachs (Asia); J.P. Morgan Securities China Vision Media Group Limited’s shares issuance to Alibaba Group Firms: Baker & McKenzie; Freshfields Bruckhaus Deringer Hutchison Whampoa Limited’s Bond Offer Firms: Allen & Overy; Sullivan & Cromwell JD.com IPO on NASDAQ Firms: Davis Polk & Wardwell; Commerce & Finance Law Offices; Maples and Calder; Skadden, Arps, Slate, Meagher & Flom; Zhong Lun Law Firm Banks: Bank of America Merrill Lynch; UBS AG Private placement of shares by BOE Technology Group Firms: Jingtian & Gongcheng; Tianyuan Law Firm Take-private transaction of Giant Interactive Firms: Appleby; Fenwick & West; Grandall Law Firm; JunHe; Linklaters; Maples and Calder; O’Melveny & Myers Walmart’s Landmark Shanghai Ecommerce JV Firm: Morrison & Foerster

7. DEALMAKER OF THE YEAR - CHINA Dacheng Law Offices........................................... YU Hui DeHeng Law Offices............................................ WANG Xian’an Guantao Law Firm............................................... SU Bo Haiwen & Partners............................................... YANG Jingfang Han Kun Law Offices........................................... Charles LI Jincheng Tongda & Neal..................................... Guohua (Annie) WU Jingtian & Gongcheng......................................... Zhenhua XIANG JunHe................................................................... YU Yongqiang King & Wood Mallesons...................................... Jack WANG Zhong Lun Law Firm........................................... Anthony ZHAO Zhonglun W&D Law Firm.................................... XIA Yuqin

7. DEALMAKER OF THE YEAR - INTERNATIONAL Allen & Overy....................................................... Yvonne HO Baker & McKenzie................................................ Bee Chun BOO Cleary Gottlieb Steen & Hamilton....................... Ling HUANG Clifford Chance.................................................... Tim WANG Fenwick & West................................................... Eva WANG Freshfields Bruckhaus Deringer.......................... Alan WANG Linklaters............................................................. William LIU Simpson Thacher & Bartlett................................ Leiming CHEN Skadden, Arps, Slate, Meagher & Flom.............. Daniel DUSEK Sullivan & Cromwell............................................ William CHUA Weil, Gotshal & Manges...................................... Akiko MIKUMO

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CHINA LAW AWARDS

ASIAN LEGAL BUSINESS APRIL 2015

8. 年度最佳银行和金融服务业公司法务组 大奖

8. BANKING & FINANCIAL SERVICES IN-HOUSE TEAM OF THE YEAR

9. 年度最佳投资银行法务组大奖

9. INVESTMENT BANK IN-HOUSE TEAM OF THE YEAR

国家开发银行 国寿投资控股有限公司 星展银行 金石投资有限公司 中国工商银行 中国平安保险（集团）股份有限公司 渣打银行

花旗银行 摩根士丹利 瑞银证券

10. 年度最佳跨国公司法务组大奖 3M 安海斯-布希英博 Gameloft 和记黄埔有限公司 英特尔 强生（中国）投资有限公司 科勒（中国）投资有限公司 通力电梯 玫琳凯（中国）化妆品有限公司 惠氏营养品

11. 年度最佳中国民营企业公司法务组大奖 阿里巴巴集团 艺龙旅行网 复星国际 国美电器有限公司 汉能控股集团 乐华陶瓷 双汇集团 腾讯 天狮集团 万达集团

12. 年度最佳国有企业公司法务组大奖 中国国航 国电资本控股有限公司 国寿投资控股有限公司 中国建筑 中粮集团 方兴地产 四川长虹电器股份有限公司 国家电网国际发展有限公司

13. 年度最具创新力公司法务组大奖 阿里巴巴集团 国寿投资控股有限公司 德克斯 复星国际 方兴地产 创新工场 通力电梯大中华区 腾讯 东陶 惠氏营养品

China Development Bank China Life Investment Holding Company Limited DBS Bank (China) Goldstone Investment Industrial and Commercial Bank of China Ping An Insurance (Group) Company Of China, Limited Standard Chartered Bank (China) Limited

Citibank Morgan Stanley UBS Securities

10. MNC IN-HOUSE TEAM OF THE YEAR 3M Anheuser-Busch InBev China Gameloft Hutchison Whampoa Limited Intel Johnson & Johnson Kohler (China) Investment Co KONE Greater China Mary Kay (China) Cosmetics Ltd., Co. Wyeth Nutrition

11. CHINESE PRIVATE OWNED COMPANY IN-HOUSE TEAM OF THE YEAR Alibaba Group eLong.com Fosun International GOME Electrical Appliances Holding Ltd. Hanergy Ryowa Ceramics Shuang Hui Group Tencent Tiens Group Ltd. Wanda Group

12. SOE IN-HOUSE TEAM OF THE YEAR Air China China Guodian Capital Holdings Ltd China Life Investment Holding Company Limited China State Construction COFCO Corporation Franshion Properties (China) Limited Sichuan Changhong Electric Co., Ltd. State Grid International Development Limited

13. INNOVATIVE IN HOUSE TEAM OF THE YEAR Alibaba Group China Life Investment Holding Company Limited Deckers Fosun International Franshion Properties (China) Limited Innovation Works KONE Greater China Tencent TOTO Wyeth Nutrition

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14. 年度最佳反垄断与竞争法律师事务所大 奖

14. ANTI-TRUST & COMPETITION LAW FIRM OF THE YEAR

15. 年度最佳银行业律师事务所大奖

15. BANKING LAW FIRM OF THE YEAR

16. 年度最佳合规律师事务所大奖

16. REGULATORY COMPLIANCE LAW FIRM OF THE YEAR

安理律师事务所 安杰律师事务所 贝克.麦坚时律师事务所 高伟绅律师事务所 大成律师事务所 德恒律师事务所 方达律师事务所 富而德律师事务所 君合律师事务所 金杜律师事务所 天元律师事务所 中伦律师事务所 安理律师事务所 贝克.麦坚时律师事务所 高伟绅律师事务所 方达律师事务所 环球律师事务所 海问律师事务所 君合律师事务所 金杜律师事务所 年利达律师事务所 通力律师事务所 中伦律师事务所 安理律师事务所 贝克.麦坚时律师事务所 方达律师事务所 环球律师事务所 昊理文律师事务所 史密夫·斐尔律师事务所 霍金路伟律师事务所 君合律师事务所 金杜律师事务所 元达律师事务所 盛德国际律师事务所 中伦律师事务所

17. 年度最佳劳动与就业律师事务所大奖 贝克.麦坚时律师事务所 大成律师事务所 德恒律师事务所 方达律师事务所 君合律师事务所 金杜律师事务所

Allen & Overy Anjie Law Firm Baker & McKenzie Clifford Chance Dacheng Law Offices DeHeng Law Offices Fangda Partners Freshfields Bruckhaus Deringer JunHe King & Wood Mallesons Tianyuan Law Firm Zhong Lun Law Firm

Allen & Overy Baker & McKenzie Clifford Chance Fangda Partners Global Law Office Haiwen & Partners JunHe King & Wood Mallesons Linklaters Llinks Law Offices Zhong Lun Law Firm

Allen & Overy Baker & McKenzie Fangda Partners Global Law Office Haoliwen Partners Herbert Smith Freehills Hogan Lovells JunHe King & Wood Mallesons MWE China Sidley Austin Zhong Lun Law Firm

17. EMPLOYMENT LAW FIRM OF THE YEAR Baker & McKenzie Dacheng Law Offices DeHeng Law Offices Fangda Partners JunHe King & Wood Mallesons

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CHINA LAW AWARDS 兰台律师事务所 江三角律师事务所 西盟斯律师事务所 权亚律师事务所 盈科律师事务所 中伦律师事务所

18. 年度最佳债务重组律师事务所大奖 贝克.麦坚时律师事务所 高伟绅律师事务所 协力律师事务所 方达律师事务所 观韬律师事务所 君合律师事务所 通力律师事务所 华诚律师事务所 华盛国际律师事务所 盈科律师事务所 中伦律师事务所

19. 年度最佳国际仲裁律师事务所大奖 锦天城律师事务所 安杰律师事务所 贝克.麦坚时律师事务所 方达律师事务所 富而德律师事务所 环球律师事务所 史密夫·斐尔律师事务所 金杜律师事务所 孖士打律师行 奥睿律师事务所 中伦律师事务所

20. 年度最佳知识产权律师事务所大奖 贝克.麦坚时律师事务所 鸿鹄律师事务所 中国国际贸易促进委员会专利商标事务所 铸成律师事务所 大成律师事务所 的近律師行 方达律师事务所 环球律师事务所 君合律师事务所 金杜律师事务所 立方律师事务所 柳沈律师事务所 中伦律师事务所

21. 年度最佳诉讼律师事务所大奖 安杰律师事务所 北京市通商律师事务所 德恒律师事务所 方达律师事务所 环球律师事务所 金诚同达律师事务所 君合律师事务所 京都律师事务所 金杜律师事务所 天同律师事务所 中伦律师事务所

ASIAN LEGAL BUSINESS APRIL 2015

Lantai Partners River Delta Law Firm Simmons & Simmons TransAsia Lawyers Yingke Law Firm Zhong Lun Law Firm

18. INSOLVENCY & RESTRUCTURING LAW FIRM OF THE YEAR Baker & McKenzie Clifford Chance Co-Effort Law Firm Fangda Partners Guantao Law Firm JunHe Llinks Law Offices Watson & Band Law Offices Watson Farley & Williams Yingke Law Firm Zhong Lun Law Firm

19. INTERNATIONAL ARBITRATION LAW FIRM OF THE YEAR AllBright Law Offices Anjie Law Firm Baker & McKenzie Fangda Partners Freshfields Bruckhaus Deringer Global Law Office Herbert Smith Freehills King & Wood Mallesons Mayer Brown JSM Orrick, Herrington & Sutcliffe Zhong Lun Law Firm

20. IP LAW FIRM OF THE YEAR Baker & McKenzie Bird & Bird CCPIT Patent and Trademark Law Office Chang Tsi & Partners Dacheng Law Offices Deacons Fangda Partners Global Law Office JunHe King & Wood Mallesons Lifang and Partners Liu, Shen & Associates Zhong Lun Law Firm

21. LITIGATION LAW FIRM OF THE YEAR Anjie Law Firm Commerce & Finance Law Offices DeHeng Law Offices Fangda Partners Global Law Office Jincheng Tongda & Neal JunHe King & Capital Law Firm King & Wood Mallesons Tiantong & Partners Zhong Lun Law Firm

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22. 年度最佳并购/私人股权投资律师事务所 大奖-中国组

22. M&A/PRIVATE EQUITY LAW FIRM OF THE YEARCHINA

22. 年度最佳并购/私人股权投资律师事务所 大奖-国际组

22. M&A/PRIVATE EQUITY LAW FIRM OF THE YEARINTERNATIONAL

锦天城律师事务所 达辉律师事务所 方达律师事务所 环球律师事务所 国浩律师事务所 海问律师事务所 汉坤律师事务所 金诚同达律师事务所 竞天公诚律师事务所 君合律师事务所 金杜律师事务所 通力律师事务所 中伦律师事务所

贝克.麦坚时律师事务所 高伟绅律师事务所 的近律師行 富而德律师事务所 霍金路伟律师事务所 年利达律师事务所 美富律师事务所 盛智律师事务所 盛德国际律师事务所 世达律师事务所 苏利文.克伦威尔律师事务所 威嘉律师事务所

AllBright Law Offices DaHui Lawyers Fangda Partners Global Law Office Grandall Law Firm Haiwen & Partners Han Kun Law offices Jincheng Tongda & Neal Jingtian & Gongcheng JunHe King & Wood Mallesons Llinks Law Offices Zhong Lun Law Firm

Baker & McKenzie Clifford Chance Deacons Freshfields Bruckhaus Deringer Hogan Lovells Linklaters Morrison & Foerster Sheppard, Mullin, Richter & Hampton Sidley Austin Skadden, Arps, Slate, Meagher & Flom Sullivan & Cromwell Weil, Gotshal & Manges

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CHINA LAW AWARDS

ASIAN LEGAL BUSINESS APRIL 2015

23. 年度最佳离岸服务律师事务所大奖

23. OFFSHORE LAW FIRM OF THE YEAR

24. 年度最佳房地产律师事务所大奖-中国组

24. REAL ESTATE LAW FIRM OF THE YEAR-CHINA

24. 年度最佳房地产律师事务所大奖-国际组

24. REAL ESTATE LAW FIRM OF THE YEARINTERNATIONAL

毅柏律师事务所 康德明律师事务所 衡力斯 迈普达律师事务所 奥杰

上海市建纬律师事务所 大成律师事务所 方达律师事务所 环球律师事务所 观韬律师事务所 竞天公诚律师事务所 君合律师事务所 金杜律师事务所 通力律师事务所 中伦律师事务所

安理律师事务所 贝克.麦坚时律师事务所 孖士打律师行 美富律师事务所 盛德国际律师事务所

25. 年度最具潜力律师事务所大奖 北京道信律师事务所 卓纬律师事务所 北京高文律师事务所 广悦鸿鼎律师事务所 四川明炬律师事务所 广东胜伦律师事务所 索通律师事务所 拓维律师事务所

26. 年度最佳船运业律师事务所大奖 其礼律师事务所 环球律师事务所 史密夫·斐尔律师事务所 上海凯荣律师事务所 敬海律师事务所 华盛国际律师事务所 威宝律师事务所 瀛泰律师事务所

Appleby Conyers Dill & Pearman Harney Westwood & Riegels Maples and Calder Ogier City Development Law Firm Dacheng Law Offices Fangda Partners Global Law Office Guantao Law Firm Jingtian & Gongcheng JunHe King & Wood Mallesons Llinks Law Offices Zhong Lun Law Firm

Allen & Overy Baker & McKenzie Mayer Brown JSM Morrison & Foerster Sidley Austin

25. RISING LAW FIRM OF THE YEAR Beijing C&H Law Offices Chance Bridge Partners Globe-Law Law Firm Guangdong Grand & Holders Law Firm Sichuan Mingju Law Firm Sino-Win Law Firm Solton & Partners Topwe Law Firm

26. SHIPPING LAW FIRM OF THE YEAR Clyde & Co Global Law Office Herbert Smith Freehills Shanghai Kai-Rong Law Firm Wang Jing & Co. Watson Farley & Williams Wikborg Rein Wintell & Co Wintell & Co

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27. 年度最佳税务律师事务所大奖

27. TAX LAW FIRM OF THE YEAR

28. 年度最佳中国西部律师事务所大奖

28. WEST CHINA LAW FIRM OF THE YEAR

贝克.麦坚时律师事务所 大成律师事务所 环球律师事务所 华税律师事务所 君合律师事务所 金杜律师事务所 中伦律师事务所 甘肃正天合律师事务所 四川明炬律师事务所 索通律师事务所 泰和泰律师事务所 云南八谦律师事务所

29. 年度最佳中国北部律师事务所大奖 吉林功承律师事务所 辽宁法大律师事务所 金诺律师事务所

30. 年度最佳中国中东部律师事务所大奖 凯麦律师事务所 山东德衡律师事务所 山东众成仁和律师事务所 阳光时代律师事务所 天衡联合律师事务所 浙江六和律师事务所 浙江天册律师事务所

Baker & McKenzie Dacheng Law Offices Global Law Office Hwuason Law Firm JunHe King & Wood Mallesons Zhong Lun Law Firm

Gansu Zhengtianhe Law Firm Sichuan Mingju Law Firm Solton & Partners Tahota Law Firm Yunnan Baqian Law Firm

29. NORTH CHINA LAW FIRM OF THE YEAR Jilin GongCheng Law Firm Liaoning Fada Law Firm Winners Law Firm

30. EAST AND CENTRAL CHINA LAW FIRM OF THE YEAR High Mark Law Firm Shandong DH Law Firm Shandong Zhongcheng Renhe Law Firm Sunshine Law Firm Tenet & Partners Zhejiang L&H Law Firm Zhejiang T&C Law Firm

作为中国规模最大的综合性律师事务所之一，国浩始终走在中国法律服务市场的前沿，并确立了 在各个法律服务领域里的市场地位。携手国浩，将助于您取得更大的成功！ As one of the largest full-service law firms in China, Grandall is always on the leading edge of China’s legal market, and maintains significant market presence in various practice areas.

Grandall will be a smart choice leading you to greater success.

• 证券与资本市场 Securities and Capital Markets

• 投资与并购 Investment/M&A

• 银行与融资 Banking and Finance

• 保险 Insurance

• 私募股权与风险资本 Private Equity and Venture Capital

• 一般商事法律 General Business Law

• 国际贸易 International Trade

• 知识产权 Intellectual Property

• 竞争法与反垄断 Competition/Antitrust

• 不动产 Real Estate

• 基础设施与项目融资 Infrastructure and Project Finance

• 海事海商 Shipping & Marine

• 破产清算 Bankruptcy

• 争议解决 Dispute Resolution

北京 Beijing · 上海 Shanghai · 深圳 Shenzhen · 杭州 Hangzhou · 广州 Guangzhou · 昆明 Kunming · 天 津 Tianjin · 成都 Chengdu 宁波 Ningbo · 福州 Fuzhou · 西安 Xi’an · 南京 Nanjing · 南宁 Nanning · 香港 Hong Kong · 巴黎 Paris · 马德里 Madrid · 硅谷 Silicon Valley

www.grandall.com.cn

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CHINA LAW AWARDS

ASIAN LEGAL BUSINESS APRIL 2015

31. 年度最佳中国南部律师事务所大奖

31. SOUTH CHINA LAW FIRM OF THE YEAR

32. 年度最佳上海律师事务所大奖

32. SHANGHAI LAW FIRM OF THE YEAR

33. 年度最佳北京律师事务所大奖

33. BEIJING LAW FIRM OF THE YEAR

34. 年度最佳管理合伙人大奖

34. MANAGING PARTNER OF THE YEAR

35. 年度最佳国际律师事务所大奖

35. INTERNATIONAL LAW FIRM OF THE YEAR

广信君达律师事务所 广悦鸿鼎律师事务所 广大律师事务所 广东广和律师事务所 胜伦律师事务所 敬海律师事务所

锦天城律师事务所 瑛明律师事务 协力律师事务所 通力律师事务所 元达律师事务所 上海原本律师事务所 华诚律师事务所

北京德和衡律师事务所 大成律师事务所 德恒律师事务所 环球律师事务所 观韬律师事务所 汉坤律师事务所 金诚同达律师事务所 竞天公诚律师事务所 君合律师事务所 京都律师事务所 中伦律师事务所

安杰律师事务所............................詹昊 北京德和衡律师事务所.................蒋琪 大成律师事务所............................王隽 国枫凯文律师事务所.....................张利国 恒都律师事务所............................江锋涛 君合律师事务所............................刘大力 金杜律师事务所............................王玲 通力律师事务所............................俞卫锋 元达律师事务所............................黄仲兰 泰和泰律师事务所........................程守太 盈科律师事务所............................梅向荣 中伦律师事务所............................吴鹏

安理律师事务所 贝克.麦坚时律师事务所 佳利律师事务所 高伟绅律师事务所 富而德律师事务所 史密夫·斐尔律师事务所 霍金路伟律师事务所 年利达律师事务所 孖士打律师行 世达律师事务所 苏利文.克伦威尔律师事务所 王律师事务所（新加坡）

ETR Law Firm Guangdong Grand & Holders Law Firm Guangda Law Firm Guangdong GH Law Firm Sino-Win Law Firm Wang Jing & Co.

AllBright Law Offices Chen&Co. Law Firm Co-Effort Law Firm Llinks Law Offices MWE China Shanghai Young-Ben Law Firm Watson & Band Law Offices

Beijing DHH Law Firm Dacheng Law Offices DeHeng Law Offices Global Law Office Guantao Law Firm Han Kun Law offices Jincheng Tongda & Neal Jingtian & Gongcheng JunHe King & Capital Law Firm Zhong Lun Law Firm

Anjie Law Firm..................................................... ZHAN Hao Beijing DHH Law Firm......................................... JIANG Qi Dacheng Law Offices........................................... WANG Jun Grandway Law Offices......................................... ZHANG Liguo Hengdu Law Offices............................................ JIANG Fengtao JunHe................................................................... David Dali LIU King & Wood Mallesons...................................... WANG Ling Llinks Law Offices................................................ David YU MWE China.......................................................... John Z. L. HUANG Tahota Law Firm.................................................. CHENG Shoutai Yingke Law Firm.................................................. MEI Xiangrong Zhong Lun Law Firm........................................... WU Peng

Allen & Overy Baker & McKenzie Cleary Gottlieb Steen & Hamilton Clifford Chance Freshfields Bruckhaus Deringer Herbert Smith Freehills Hogan Lovells Linklaters Mayer Brown JSM Skadden, Arps, Slate, Meagher & Flom Sullivan & Cromwell WongPartnership

CHINA LAW AWARDS

WWW.LEGALBUSINESSONLINE.COM : @ALB_Magazine : Connect with Asian Legal Business

SHILTON SHARPE QUARRY Proud Event Partner of this year’s ALB China Law Awards SSQ is a leader in legal search. We place lawyers into law firms, companies and financial institutions at all levels of seniority and in multiple jurisdictions around the world. We have an unrivalled track record of success and have been responsible for some of the most high profile partner, team moves and office launches in London, continental Europe, the Middle East and Asia.

We are very excited to be part of this year’s awards. Our team look forward to welcoming you on the night and would like to wish all the finalists the very best of luck.

If you would like more information about how SSQ could help your business in Asia, or if you are interested in making a move within the region, please contact a member of our team.

SHAWN CHEN BEIJING

ROLAND GU SHANGHAI

LI JI SHANGHAI

Direct Line: +86 106535 0161 Mobile: +86 188 1108 2300 Email: shawn.chen@ssq.com

Direct Line: +86 216103 7335 Mobile: +86 183 2118 7362 Email: roland.gu@ssq.com

Direct Line: +86 216103 7515 Mobile: +86 183 2118 6561 Email: ji.li@ssq.com

ROBERT ROONEY HONG KONG

FELIX LEE HONG KONG

NICK ROBERTSON SINGAPORE

Direct Line: +852 3977 0503 Mobile: +852 9730 3199 Email: robert.rooney@ssq.com

Direct Line: +852 3977 0504 Mobile: +852 9726 6629 Email: felix.lee@ssq.com

Direct Line: +65 6632 3576 Mobile: +65 9111 7194 Email: nick.robertson@ssq.com

www.ssq.com

Shilton Sharpe Quarry

@SSQlegal

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CHINA LAW AWARDS

36. SSQ年度最佳中国律师事务所大奖 锦天城律师事务所 大成律师事务所 方达律师事务所 环球律师事务所 国浩律师事务所 海问律师事务所 汉坤律师事务所 竞天公诚律师事务所 君合律师事务所 金杜律师事务所 中伦律师事务所

ASIAN LEGAL BUSINESS APRIL 2015

36. SHILTON SHARPE QUARRY AWARD CHINA LAW FIRM OF THE YEAR Allbright Dacheng Law Offices Fangda Partners Global Law Office Grandall Law Firm Haiwen & Partners Han Kun Law offices Jingtian & Gongcheng JunHe King & Wood Mallesons Zhong Lun Law Firm

EVENT PARTNER

SHILTON SHARPE QUARRY Shilton Sharpe Quarry (‘SSQ’) is a leading international legal search and recruitment consultancy. It has over 60 consultants and a unique geographic footprint.

In Asia SSQ has offices in Beijing, Shanghai, Hong Kong and Singapore, while in Europe it has offices in London, Düsseldorf, Frankfurt, Munich, Paris, Madrid, Milan and Rome.

SSQ has additional coverage in the MENA and CIS/CEE regions, as well as across the USA, Australasia, South Africa and Switzerland.

SSQ recruits across the private practice and in-house markets, dealing with roles at all levels of seniority, from senior partners/teams and senior/general in-house counsel to junior associates/in-house counsel. SSQ is particularly experienced in team moves within private practice and offers expert knowledge to law firms looking to launch in new cities or jurisdictions.

SSQ’s in-house legal recruitment team is recognised as a leader in its market, recruiting for leading global and domestic brands within commerce and industry and financial services.

Website: www.ssq.com Contact Details: BEIJING 1406, 14/F China World Office 1 1 Jianguomenwai Avenue Beijing 100004 China Tel: +86 10 6535 0186 HONG KONG Level 27, World Wide House 19 Des Voeux Road Central, Hong Kong Tel: +852 3 9770 505

SHANGHAI 2922, 29/F, Tower 1 Jing An Kerry Centre No. 1515 Nanjing Road (West) Shanghai 200040 China Tel: +86 21 6103 7331

AWARD PATRONS

SUPPORTING ORGANISATION

ALB SUPPORTS

PROUDLY PRESENTED BY

A Lionbridge company

We speak fluent legalese.

In all languages.

International legal communications can be challenging, especially across different languages. This is why we offer comprehensive language solutions in litigation and M&A support. As specialist partners to law firms, general counsel and legal publishers, we ensure the letter of the law, across languages, borders and cultures. Our suite of solutions includes translation and interpretation services, professional transcription support, customized language solutions, and flexible Virtual Data Rooms, amongst others.

Basel | Beijing | Chiasso | Copenhagen | Frankfurt | Hong Kong | Lausanne | London | Madrid | Moncton Montreal | New York | Ottawa | Paris | Quebec | Shanghai | Singapore | Toronto | Zurich

MATTERSPHERE—文档管理，自动化，流程管理 汤森路透法律事业部的 MatterSphere 解决方案是提升律所文档管理与自动化以及流程管理的先进工具，帮助用户把文件、 电子邮件、任务、联系人以及客户信息与案件相关联，方便查看、共享以及检索，更好的支持团队协同工作。其应用嵌入 常用的办公软件 Word，Excel，Outlook，学习周期短。具有良好的安全性，帮助法律专业人士更好的保护知识财富。选择 MatterSphere，不仅获得了完善的文档管理系统，并且为律所工作流程模式的改进打下良好的基础。其文档自动化与流程 管理功能保证律所文件格式、风格的统一，提升文档处理、工作的效率，并且有效降低风险。汤森路透法律事业部专注服 务法律市场有两百多年的历史，拥有众多世界最知名的法律产品品牌，是法律行业最领先、最值得信赖的合作伙伴。

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