Asian Legal Business China August 2015

BELLING THE C AT: CHINA AIMS TO TAME INTERNET FINANCE 中 国 互 联 网 金 融 定 向

AUGUST 2015 WWW.LEGALBUSINESSONLINE.COM ISSN 2220-2706

亚洲法律杂志 - 中国版 CHINA

9 772220 270006

ALB CHINA

FAST

LAW FIRMS

ALB 2015年中国十佳成长律所 CAPITAL IDEA

GROWING NEED

UNDER SIEGE

INSIDE

Shanghai plans Emerging Enterprises Board

Asia ramps up use of offshore centres

Qihoo’s GC talks about life amidst lawsuits

n THE BIG STORY

04

上海计划启动战略新 兴版

亚洲开始增强离岸中心的 利用

奇虎360总法律顾问专访， 探讨诉讼背后的故事

n DEALS SPOTLIGHT

06

n APPOINTMENTS

18

PAGE 32

PAGE 42

PAGE 50

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

Hearing Room

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:

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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32

1

NEWS THE BIG STORY

04

DEALS

06

NEWS

07

REGIONAL UPDATES

13

APPOINTMENTS

18

REUTERS/Aly Song

COVER STORY ALB China Fast 10 Firms 2015

20

The ALB China Fast 10 Firms 2015 list highlights law firms with the fastest growth in the past year. Law firms are evaluated and ranked based on indicators such as headcount growth, new core partner hires, key clients and new offices. Some of the ranked law firms are already large in size, while others are not as big but are growing rapidly.

ALB 2015年中国十佳成长律所 ALB 2015年中国十佳成长律所榜单选出了在过去一年内 成长最快的律师事务所。我们评估的标准包括人头数增 长、新增合伙人数量、新增客户数量以及新开设的办公 室数量等。有些获奖律师事务所原本规模就很大，同时也 有律师事务所本来规模并不大科却有着可观的增长。

FEATURES Shanghai: Still the pioneer

32

上海报告：试水金融改革 Shanghai has always been a pioneer in financial reforms.

Standing at the forefront of both the capital and legal markets, Shanghai plans to inaugurate the muchanticipated Strategic Emerging Enterprises Board. How will it fare, and what impact do lawyers expect it to have? Shangjing Li finds out more. 上海一直以来都在引领金融改革。站在资本和法律市场的 最前沿，上海今年又在筹划开启战略新兴版为多层次资本市 场做贡献。一切的改革之举功效如何？李尚晶报道。

Offshore advantages

42

离岸优势 As business booms across the Asia-Pacific region, the need for offshore financial centres is on the rise, observes Christopher Horton

‘We have been trying to build an 50 innovative company’ “我们一直在做创造型的公司” Qihoo 360 Technology has been frequently embroiled in disputes, such as the 3Q lawsuit with Tencent, and spats with other Internet giants like Kingsoft and Baidu.

What impact are these disputes having on the company, and how is Qihoo attempting to forge ahead in spite of them? General Counsel Fu Tong speaks with Shangjing Li 奇虎 3 6 0一直以来都官司缠身，从与腾讯的 “3Q大战”到对战百度和金山，这些诉讼无不对 法律界影响深远。那么这些诉讼对360自身有 何影响？公司又如何在这些争端中突围？360 总法务傅彤与李尚晶探讨。

Investment Tips & Tricks in Indonesia Forum - Hosted by Makarim & Taira S.

54

印度尼西亚投资技巧

ALB 2015 Shanghai In-House Legal Summit

56

ALB 2015上海企业法律顾问峰会 圆满落幕

随着亚太地区商业蓬勃发展，对离岸金融中心的需求日渐增 多，记者Christopher Horton报道。

Corrections

更正与致歉启事

• In the July issue of ALB China, the Chinese name of Allbright Law Offices in our cover story was incorrectly provided as 锦天成律师事务所. It should be 锦天城律师事务所. Any inconvenience caused is deeply regretted.

• 在7月的《亚洲法律杂志》（中国版）的封面文章中，我们将锦天 城律师事务所的“城”字错误地翻译为“成”。我们为此带来的不便 深表歉意。

ASIAN LEGAL BUSINESS AUGUST 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 ASSOCIATE EDITOR Eileen Ang eileen.ang@thomsonreuters.com CHINA JOURNALIST Shangjing Li shangjing.li@thomsonreuters.com CONTRIBUTOR Marian Ma COPY EDITOR Karuna Jainpalli karuna.jainpalli@thomsonreuters.com ACCOUNT MANAGERS Yvonne Cheung Account Director (China) (852) 2847 2003 yvonne.cheung@thomsonreuters.com

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ALB 2015年中国十佳成长律所

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EDITORIAL

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3

NEED FOR SPEED

寻找增速

In the last three decades in which China has vaulted from a lessdeveloped economy to one of the world’s economic powerhouses, a vital element it displayed has been speed – speed of design and manufacturing, which has led to an enviable pace of growth. As its market matures at home and growth somewhat stabilises, the speed we are now seeing is the pace at which Chinese companies are establishing presences around the world by acquiring businesses, investing in infrastructure and energy, and so on.

这些年中国一跃成为一个经济强国，这种转变明确地展现在“ 速度”二字上。从规划到制造，中国的增长速度令世界惊艳。随 着国内市场日趋成熟，发展趋向稳定，我们看到更多的中国企 业走出去，国际收购并购动作不断，尤其是在基础设施建设、 能源等领域表现突出。

The speed of these organisations requires similarly fast-paced law firms that are able to adapt quickly to their ever-changing needs. The ALB 2015 Fast 10 showcases ten law firms that have shown the most rapid pace of growth in the past year, in terms of opening offices, hiring people and otherwise expanding their business. These firms are not just facilitating the nation’s fast-paced growth, they themselves are moving at a pace that would make the country proud.

这些行业的发展带来的直接结果就是对律所转型的迫切需 求。ALB2015年中国十佳成长律所突出了过去一年内发展速度 最迅猛的律师事务所。我们根据新增办公室，新增合伙人以及 业务拓展等指标选出了这10間律师事务所。这些律所不但促进 了国家整体的增速，它们自己的增速也足以令这个国度自豪。

RANAJIT DAM Managing Editor Asian Legal Business Thomson Reuters ranajit.dam@thomsonreuters.com

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4

BRIEFS

08.2015

INSIDE DEALS: YOUR MONTH AT A GLANCE 06 / APPOINTMENTS 18

THE BIG STORY

A bumpy road ahead China has finally released new guidelines for Internet finance after a long wait, but the devil may lie in the yet-to-come details.

By SHANGJING LI

T

he Internet finance boom hit a brand new milestone last month, when 10 Chinese government agencies laid out a broad regulatory framework for this business, which is hugely lucrative but comes with startling risks.

The 6,000-word document tries to lay ground rules for the industry for the first time and specifies which agency is in charge of which type of Internet-finance institutions.

More details on the regulations from different government agencies are expected to follow soon.

In defining Internet finance, the document summed up six categories, namely online payment, Internet loans, equity crowdfunding, Internet sale of funds, Internet insurance and Internet trust and consumer finance.

“The document has made it clear that Internet finance belongs to finance, and shall be supervised like financial institutions,” said Wan Jun, a lawyer at Han Kun Law Offices.

Turfs were assigned to different regulatory agencies to address the previously murky division lines. The online payment platform will be regulated by People’s Bank of China, while the China Banking Regulatory Commission will preside over Internet loans, trust and consumer finance. Meanwhile, the China Securities Regulatory Commission will supervise online funds selling and equity crowdfunding.

In the past few years, Internet finance has been undergoing what many experts call a “barbarous growth”, with thousands of com-

panies operating amid a vacuum of rules. The recent move to regulate this thriving industry is a positive step towards transforming itself into a more legitimate sector.

In drawing up the guidelines, however, regulators need to carefully weigh the interests of different parties. “The draft itself indicates government strong intention to encourage innovations.” Wan said. “But still, you can sense they are favoring traditional financial institutions or mature Internet giants.”

The rules signal an obvious intention to protect the interest of existing financial institutions, especially state-owned banks. But according to some industry insiders, these moves could threaten the very existence of most peer-to-peer or P2P lending platforms.

P2P TRANSFORMATION P2P lending has grown rapidly in the past two years, as the platform links people or small business that need loans with potential lenders, circumventing banks which usually favour big, state-owned enterprises.

P2P lending has loans outstanding around $33.7 billion by the end of June. The number of P2P lending companies nationwide rose from 1,627 in January to 2,028 in June.

However, the number of non-performing P2P platforms also shot up from 59 in May to 125 in June, underlining the risks of Internet financial products, according to data from www.wangdaizhijia.com, an online lending

information and exchange platform.

Despite massive growth, the sector has been plagued constantly by questionable sales maneuvers, with some platform operators absconding with clients’ funds.

As such, some experts said it comes as no surprise that the new rules seek to draw a clear line between Internet finance companies and banks. Under the guidelines, P2P platforms are identified as intermediaries between borrowers and lenders and are forbidden from providing guarantees or taking deposits.

Previously, P2P companies used thirdparty payment companies as custodians for the funds that investors deposit on the platforms. The new rules have made it clear that only banks can be the custodians, posing a potential risk for most P2P platforms, especially the smaller ones, as they have to switch to banks (which are usually reluctant to work with small businesses) for fund deposit.

“By the time China Banking Regulatory Commission unveiled specific rules, many companies in our industry would face bankruptcy. I assume 90 percent of the platforms will face a shutdown or forced transformation,” said Xu Jianwen, CEO of renrenmoney. com, in a public response to the new regulations.

But many still applaud the government’s

BRIEFS

5

前路崎岖

长久的等待之后，央行等十部委终于公布了互联 网金融指导意见，但尚未公布的细节可能才是监 管成败的关键。

作者：李尚晶

上

REUTERS/Kacper Pempel

decision to reserve fund custodies for banks, as they are always strictly supervised. Moreover, the new regulations should prevent P2P companies from “running away” from their customers’ money.

In this case, P2P companies would have no choice but to work with banks for future fund custody, preparing for their next step.

And the P2P industry in general would be subject to high regulatory volatility.

“From a short-term perspective, the new rules may cause pains. But we have been lacking regulations for a long time, leading to the emergence of high risks,” said Wan from Han Kun Law Offices.

“Now, we are doing something we have to do.”

All are still anxiously awaiting the yetto-come details on specific regulations, which could decide the fate of many small Internet finance companies.

But one thing is certain: gone are the days when Internet finance could grow unregulated. P2P companies, third-party payment platforms, even the regulators each have their own battles to fight to create a more legitimate industry.

It’s going to be a bumpy road ahead.

个月，央行等十部委发布《关于 促进互联网金融健康发展的指导 意见》，为互联网金融业务制定 向，这标志互联网金融野蛮生长的时代正 式结束。一直以来，互联网金融业务利润极 高，但伴随的风险也令人瞠目。 这份全文6000余字的文件试图首次为该 业务制定基本规则，明确哪些部门负责哪些 类型的互联网金融机构。预计各政府部门将 很快出台更多监管细则。 在定义什么是互联网金融时，该文件概 括列举了六大类型，即互联网支付、网络借 贷、股权众筹融资、互联网基金销售、互联 网保险和互联网信托以及互联网消费金融。 “文件明确了互联网金融属于金融范畴， 应像金融机构一样受到监督。”汉坤律师事 务所宛俊律师表示。 文件对各监管机构划分了职责范围，以 明确之前模糊不清的监管界线。网络支付平 台将由中国人民银行监管，而中国银监会将 负责网络借贷、互联网信托和互联网消费金 融。与此同时，中国证监会将监督互联网基 金销售和股权众筹融资。 过去几年间，互联网金融呈现出许多专 家口中的“野蛮增长”，数千家公司在规则真 空的大环境下运营。最近对这个兴兴向荣的 行业进行监管的举动不失为是在使该行业更 加正规化的过程中采取的积极举措。 但在起草指导意见时，监管部门需要仔 细权衡各方的利益。“草案本身表明了政府 对于鼓励创新的强烈意愿。”宛律师称。“但 仍能感觉出政府更青睐传统金融机构或成熟 的互联网巨头。” 该意见明显有意保护现有金融机构尤其 是国有银行。但据某些业内人士表示，这些 措施将威胁到绝大多数点对点也即P2P借贷 平台的根本生存问题。

P2P转型 过去两年中，P2P借贷发展迅猛。这一平台 将需要贷款的个人或小企业与潜在贷款人联 结起来，绕开了通常青睐大型国企的银行。 截至6月底，P2P借贷的贷款余额约为 337亿美元。全国范围内P2P借贷公司数量 从1月份时的1627家增至6月份时的2028家。

但在线借贷信息与交换平台“网贷之家”的 数据显示，不良P2P平台的数量也从5月份 时的59家跃升至6月份时的125家，凸显出 互联网金融产品的风险。 尽管呈现出大规模增长，该行业却常受 困于备受质疑的销售伎俩，一些平台运营商 卷走客户资金后销声匿迹。 因此，一些专家称，新规试图在互联网 金融公司和银行之间划分明确界限就一点也 不令人意外。根据该指导意见，P2P平台被 界定为借款人和贷款人之间的中介机构，禁 止提供担保或吸纳存款。 此前，P2P公司利用第三方支付公司作为 投资者在其平台存款的资金托管人。新规明 确规定只有银行才能作为托管人，这对绝大 多数P2P公司尤其是小公司构成潜在风险， 因为这些公司将不得不转而在银行打理资金 存款，而银行通常不愿与小企业合作。 “到银监会公布具体规定时，我们这一行 有许多公司将面临破产。我认为90%的平台 将面临关停或被迫转型。”人人聚财首席执 行官许建文在对监管新规作出公开回应时表 示。 但许多人仍对政府把资金托管留给银行 的决定拍手称快，因为银行总是受到严格监 督。此外，新规还防止P2P公司携客户资金“ 逃跑”。 在这种情况下，P2P公司今后要进行资金 托管，除了与银行合作别无选择，这是为自 己的未来做准备。此外，P2P行业总体上将 面临较高的监管波动性。 “短期来看，新规会带来阵痛。但我们长 期以来一直缺乏监管，导致出现高风险。” 汉坤律师事务所宛律师称。“现在，我们正 在做必须做的事。” 所有人仍在焦急等待尚未出台的具体监 管细则，这将决定许多小型互联网金融公司 的命运。 但有一件事可以肯定：互联网金融已经 定向，野蛮生长的日子一去不复返了。为了 打造一个更规范的行业，P2P公司、第三方 支付平台、甚至是监管部门都将成为利益博 弈中的一方。 前路注定崎岖。

6

DEALS BRIEFS

$1.4 BILLION IPO

CHINA RAILWAY SIGNAL & COMMUNICATIONS CORPORATION’S (CRSCC) HONG KONG IPO • CRSCC, the world’s largest builder of rail traffic control systems, said it would use the proceeds for acquisitions, research and expansion of its business.

• The offering, which took place on August 7, was Hong Kong’s secondlargest IPO this year after the $2 billion listing of Lenovo Group’s parent Legend Holdings Corp in June.

• Some 16 cornerstone investors, including construction firm China Railway Group, China Life Insurance Co and several other state-owned enterprises, bought $971 million worth – nearly two-thirds – of shares in the IPO.

ASIAN LEGAL BUSINESS AUGUST 2015

DEALS: YOUR MONTH AT A GLANCE

DEAL NAME

YY INC’S PROPOSED TAKE-PRIVATE DEAL • YY Inc’s Chairman Jun Lei and chief executive David Xueling Li offered to acquire all of the outstanding ordinary shares of YY, which was listed on the NASDAQ in November 2012.

• Lei and Li already own about 35.7 percent of YY’s shares, representing about three quarters of the aggregate voting power, the company said.

• YY said it would form a special committee to evaluate the offer.

China Railway Signal & Communications Corporation’s Hong Kong IPO

Kirkland & Ellis Clayton Utz

Hong Kong, China

1,400

IPO

Hong Kong, China

1,000

IPO

China, France

2,800

M&A

China, U.S.

3,700

Privatisation

China, U.S.

3,600

Privatisation

China, U.S.

369

M&A

N/A

M&A

Beijing DeHeng Law Offices

Davis Polk & Wardwell China International Capital Corporation’s planned Hong Kong IPO

Freshfields Bruckhaus Deringer Haiwen & Partners King & Wood Mallesons

HNA Group’s agreement to buy Swissport International from private equity firm PAI Partners YY Inc’s proposed takeprivate deal Momo Inc’s take private offer

DLA Piper Weil, Gotshal & Manges Skadden, Arps, Slate, Meagher & Flom Shearman & Sterling Conyers Dill & Pearman Kirkland & Ellis Morrison & Foerster Paul Hastings Simpson Thacher & Bartlett

M&A

• Wal-Mart stores purchased the 49 percent stake it did not already own in Yihaodian, giving the U.S. retailer full ownership over the Chinese ecommerce firm. In 2012, Wal-Mart took control of Yihaodian by bumping up its stake to 51 percent.

• Wal-Mart said the purchase of the stake would help accelerate its ecommerce business in China and boost coordination between its physical and online stores. It did not disclose the price paid for the stake, which was bought from former executives and financial services group Ping An.

VALUE DEAL TYPE (US$ MLN)

King & Wood Mallesons

N/A WAL-MART STORES’ PURCHASE OF REMAINING 49 PERCENT STAKE IN YIHAODIAN

JURISDICTION

Clifford Chance

$3.7 BILLION PRIVITASATION

FIRM

Xiamen Insight Investment’s planned purchase of Xueda Education

Weil, Gotshal & Manges Commerce & Finance Law Offices Han Kun Law Offices Zhong Lun Law Firm Maples and Calder Travers Thorp Alberga Walkers

Wal-Mart Stores’ purchase of the 49 percent stake it did not already own in Yihaodian

DLA Piper China Morrison & Foerster

BRIEFS

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7

NEWS

Chadbourne departs Asia with Beijing exit

C

查德本•派克律师事务所关闭 北京办事处，结束亚洲运营

查

hadbourne & Parke has closed its one-lawyer office in Beijing, its only physical office in Asia.

The 350-lawyer U.S. headquartered firm, which opened in Beijing in 2000, confirmed its departure with an emailed statement that read: “Our focus has always been on outbound work from China, and it continues to present interesting opportunities for our US and emerging markets practices. We have chosen to focus our growth, therefore, on our international network and market-leading practices in those regions around the world that are of interest to both our Chinese and global client base. For example, we recently opened an office in Johannesburg and have added seven energy lawyers in London in the last year. We will continue to seek strategic and measured growth in those practices and geographies where we have depth and strength.”

The firm had offices in Singapore and Hong Kong in the 1990s, but closed them in the aftermath of the Asian Financial Crisis of 1997.

Earlier this year, fellow U.S. firm Fried Frank Harris Shriver & Jacobson closed its Hong Kong and Shanghai offices, while in 2013, Vinson & Elkins closed its Shanghai outpost.

德本•派克律师事务所关闭了该所只有一名律师的 北京办事处，该办事处是其在亚洲的唯一实体办 事处。 这家总部位于美国的律所共有350名律师，其北京办事 处于2000年开业。该所通过一封电子邮件声明确认了北京 办事处的关闭，内容如下：“我们的业务重心始终是中国对 外业务，这继续为我们的美国和新兴市场业务带来有意思 的机会。因此，我们选择把增长的重心放在对中国及全球 客户群都有影响的那些地区的国际网络与市场领先的执业 领域上。例如，我们最近在约翰内斯堡开设了办事处，去 年在伦敦增加了7名能源律师。我们将继续在这些我们拥有 深度与优势的执业领域和地区寻求适当的战略增长。” 20世纪90年代，该所在新加坡和香港设有办事处，但在 1997年亚洲金融危机的余波中将其关闭。 今年早些时候，美国同行法朗克律师事务所关闭了香港 和上海办事处。而在2013年，文森·艾尔斯律师事务所关闭 了其上海办事处。

U.S. law firm Scott Warmuth opens in Beijing

美国华明胜律师事务所开设 北京办事处

he U.S.-based Law Offices of Scott Warmuth has launched an office in Beijing to serve an increasing client demand from China.

The new office, which opened its doors on Aug. 1, focuses on immigration and intellectual property matters, and serves as a hub for conducting business with the firm’s Chinese clientele.

Headquartered in City of Industry, California, the Scott Warmuth has three branches in California. The firm’s new Beijing office is its first outside the U.S. “We are seeing a greater influx of business from China and want to ensure that we have the capability to serve their needs,” said Scott Warmuth, president of the law firm, in a statement.

国华明胜律师事务所开设了北京办事处，为日益 增多的中国客户需求提供服务。 新办事处于8月1日开门营业，侧重于移民和知 识产权事务，作为该所与中国客户开展业务的中枢。 华明胜律师事务所总部位于加州工业市，在加州有三家 分支机构。该所全新的北京办事处是其首家位于美国之外 的办事处。 “我们看到更多的中国业务需求，希望确保自己有能力 为这些需求服务。”该律所总裁华明胜律师在一份声明中表 示。

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Canadian law firm Gowlings, Britain’s WLG to merge

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ASIAN LEGAL BUSINESS AUGUST 2015

加拿大高林律师事务所将与 英国睿阁律师事务所合并

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anadian law firm Gowlings has agreed to merge with Britain’s Wragge Lawrence Graham & Co in a deal that could lead to further international expansion, the two firms have said.

The new firm, Gowling WLG, will launch January 2016. It will have more than 1,400 lawyers in Canada, the United Kingdom, Europe, Asia and the Middle East. It will be led by a board that includes the chief executives of both firms.

In a release, Gowlings Chief Executive Scott Jolliffe said the new firm would look to expand further, adding more “like-minded firms” in the next few years.

Several Canadian law firms in recent years have merged with international partners in deals aimed at winning more business from clients operating in multiple jurisdictions.

The two firms are roughly the same size, with more than 700 lawyers in 10 offices around the world. Both operate in the United Kingdom, Russia and China, but Gowlings also has seven sites across Canada, while WLG has operations in Brussels, Dubai, Monaco, Munich, Paris and Singapore.

Their focus areas include life sciences, mining, energy and real estate, among others.

拿大高林律师事务所已同意与英国睿阁律师事务 所合并，这两家律所称这笔交易可帮助它们实现 进一步国际化扩张。 新律所名为高林WLG，将于2016年1月正式开业。新所 将有1400多名律师，分布在加拿大、英国、欧洲、亚洲和 中东。新所将由包括这两家律所首席执行官在内的董事会领 导。 高林的首席执行官史考特·乔利夫在一份公告中称，新律 所将寻求进一步扩张，今后数年内将增加更多“志同道合的 律所”。 近些年，数家加拿大律所已与国际合作方合并，旨在从 在多个司法管辖区开展经营的客户手中赢得更多业务。 这两家律所规模相当，分别在全球设有10家办事处，有 律师700多名。两家 律所均在英国、俄罗 斯和中国有业务，但 高林在加拿大境内7 个城市还开设办事 处，而睿阁在布鲁塞 尔、迪拜、摩纳哥、 慕尼黑、巴黎和新加 坡开展业务。 两家律所的重点 领域包括生命科学、 采矿、能源和房地产 等。

China watchdog extends pursuit of short sellers to HK, Singapore

中国监管部门追踪香港、新 加坡卖空卖家

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hina is pressing foreign and Chinese-owned brokerages in Hong Kong and Singapore to hand over stock trading records, sources said, extending its pursuit of “malicious” short sellers of Chinese stocks to overseas jurisdictions.

China’s main share markets, both among the world’s five biggest, have slumped around 30 percent since mid-June and authorities have been flailing in efforts to prevent a further sell-off that could spill over into the wider economy.

The markets regulator, the China Securities Regulatory Commission (CSRC), wants the trading records to try to identify those with net short positions who would profit in case of further falls in China-listed shares, three sources at Chinese brokerages and two at foreign financial institutions said.

At its regular press conference, the CSRC said it had not directly contacted top executives at Hong Kong brokerages. It also noted that it was normal, in the course of an investigation, to reach out to “relevant parties”.

It denied other unnamed media reports that regulators had required Chinese brokerage heads to attend meetings in Beijing or Guangzhou.

The regulator has declared war on “malicious short sellers” or those it deems are trying to profit from a fall in share prices, rather than adopt a short position as a financial hedge.

“The implied threat by the CSRC is that anything that is not a hedge is a no-no,” said a source in Hong Kong with knowledge of the requests. This

消

息人士称，中国正对位于香港和新加坡的外资及 中资券商施加压力，要求其交出股票交易记录， 把对“恶意”卖空中国股票的卖家追踪延伸至海外司 法管辖区。 中国的两大主要股市均为全球前五大市场，自6月中旬以 来暴跌30%左右。当局频频发力，试图阻止可能会蔓延至更 大经济范围的进一步卖空行为。 来自中国券商的3位消息人士和外资金融机构的2名消息 人士称，市场监管部门即中国证券监督管理委员会希望用这 些交易记录来确定那些拥有净卖空头寸的卖家，一旦中国上 市股票进一步下跌，这些人将从中获利。 证监会在其例行新闻发布会上表示，该部并未直接接触 香港券商高层人士。证监会还指出，在调查过程中接触“相 关方”是很正常的。 证监会否认了其他未具名的媒体报道，这些报道称其已 要求中资券商负责人参加在北京或广州召开的会议。 证监会已对“恶意卖空卖家”宣战，该部认为这些卖家正试 图从股价下跌中获利，而非将做空头寸作为金融对冲手段。 “证监会暗指的威胁是，凡是不是对冲的手段都是禁忌。” 一名了解这些要求的香港消息人士表示。此人还称，外资券

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person added that foreign brokers were likely to comply as best they could with the requests.

“When the CSRC makes an offer, you cannot refuse it.”

The sources all have direct knowledge of the matter, but declined to be identified because of the sensitivity of the matter.

商有可能会全力配合遵守这些 要求。 “证监会提出要求的时候， 你无法拒绝。” 以上各消息人士均直接了 解此事，但由于事件敏感，拒 绝透露身份。

HIGHLY UNUSUAL

监管部门要求海外相关部门提 供可能有助于国内调查的信息 的做法很普遍。但一名香港消 息人士称，这次证监会直接向 离岸及国际券商索要信息却极 为不寻常。 证监会并未接听要求其对 此发表评论的致电，新加坡金 融管理局和香港证券期货事务 监察委员会均拒绝置评。 消息人士称，证监会重点 关注通过沪港通和追踪内地股 票的离岸上市产品取得的交易 头寸，这些产品包括指数期货 和交易型指数基金（ETF）。 “过去两周出现了很多问 题。它们正在调查与中国有关 的任何类型的交易活动。”一 家香港国际券商的高管称。 一名来自香港的内地券商 的消息人士称，他们接到了证 监会多次直接来电调查，寻 找“裸卖空”的证据。裸卖空是 指投资者试图从某只股票不断 下跌的股价中获利，而投资者 事实上并不拥有完成交易所必 要的股票，这种做法被绝大多 数市场所限制。 “我们立即表示我们没有客 户进行‘裸卖空’，但证监会并 不相信。它们要求我们提供 沪港通的交易记录以及通过 QFII和RQFII的指数期货卖空 记录。” 合格境外机构投资者 （QFII）计划及其人民币版计 划（RQFII）允许外国机构购 买中国股票和进行指数期货交 易，但也有一些限制，包括投 资金额限制。 开展香港业务的内地券商 消息人士称，他们的公司已上 交这些记录。

It is common for regulators to request information from their overseas counterparts that may aid investigations at home. But it is highly unusual for the CSRC to seek information from offshore and international brokers directly, one source in Hong Kong said.

The CSRC did not answer calls requesting comment and both the Monetary Authority of Singapore (MAS) and Hong Kong’s Securities and Futures Commission (SFC) declined to comment.

The sources said the CSRC was focusing on trading positions taken through both the ShanghaiHong Kong Stock Connect trading link and via offshore-listed products that track mainland stocks, including index futures and exchange traded funds (ETFs).

“There have been a number of questions over the past two weeks. They are going after any type of trading activity that has a reference to China,” said an executive at an international brokerage based in Hong Kong.

One source at a mainland brokerage in Hong Kong said they had received enquiries over the phone directly from the CSRC seeking evidence of “naked shorting” - when an investor tries to profit from falling prices of a given stock without actually owning the shares necessary to complete the transaction, a practice that is restricted in most markets.

“We immediately said we have no clients doing ‘naked shorting,’ but they didn’t believe us. They asked for our records on trades through the Shanghai-Hong Kong Stock Connect and records of short-selling index futures via QFII and RQFII.” The Qualified Foreign Institutional Investor (QFII) program and its yuan-denominated variant (RQFII), allow foreign institutions to buy Chinese shares and trade index futures with some restric-

SPONSORED UPDATE

Regulatory/Compliance

EFFECTIVE COMPETITION COMPLIANCE IN CHINA Increased Competition Enforcement

极其不寻常

被误导的监管行动

证监会此举是试图阻止市场崩 溃的最新手段。执政的中国共 产党已要求央行、国家保证金 贷款人、商业银行、券商、基 金公司、保险公司和养老保险 金购买股票，或提供资金帮助 其购买股票，以保持沪深两市

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Zhaofeng Zhou Partner, China

Anne Federle Partner, Belgium/ Germany

During the last three years, the Chinese competition authorities have become very active in enforcing the Anti-Monopoly Law (‘AML’): • For instance, in the recent Qualcomm case, the National Development and Reform Commission (‘NDRC’) imposed a fine of RMB 6,088 billion on Qualcomm for abusing its dominant position with regard to its standardessential patents.

• Further, the NDRC’s leniency programme, which offers companies that blow the whistle on a cartel immunity from fines or a reduction of fines, has triggered various investigations.

These developments demonstrate that Chinese competition authorities are treating enforcement as a priority, and are willing to take on big companies, including foreign companies.

Consequently, all companies active in China need to take proper measures to ensure that they avoid breaching the AML.

Navigating Competition Law Compliance in China

The first step is to ensure that an effective competition compliance programme is in place.

For MNCs with an established competition compliance programme in other regions, the natural thing would be to simply roll this Siobhan Kahmann programme out in China. However, this would Associate, Belgium disregard material differences between Chinese and other competition laws (e.g. regarding restrictions in distribution agreements), and significant cultural differences.

Consequently, it is important to adapt competition compliance programmes for China.

For instance, some potential challenges and solutions include: • Compliance can be unappreciated in the Chinese operating environment since ‘doing the right thing’ is not usually understood or appreciated commercially. It is therefore important to have a clear explanation of the reasons for the competition compliance programme and its basis, so employees properly recognise its worth and benefit for the business. In particular it is useful to stress that the compliance programme avoids major financial risks, and raises the reputation and credibility of the company.

• Clear direction is particularly important in China. It is therefore essential to keep competition compliance guidance as simple as possible. Employees expect to be given clear do’s and don’ts, and do not wish to take responsibility for making judgment calls themselves.

• Employees will treat competition law compliance as a priority only if they have been directly instructed to do so by a superior.

• The concept of legal privilege does not exist under Chinese law, and correspondence with legal can be seized by the Chinese competition authorities. Compliance reporting procedures should take account of this, and instruct that contact with legal about highly sensitive issues is done in person or over the phone.

For further reading, the US-China Business Council has produced a useful report in this context: ‘Best Practices for Managing Compliance in China’.

W: www.twobirds.com A: Asia: Beijing, Hong Kong, Shanghai, Singapore & Sydney

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tions, including how much can be invested.

Sources at mainland brokerages with Hong Kong operations said their firms had already turned over the records.

MISGUIDED CAMPAIGN The CSRC’s campaign is the latest measure to try to stem the market rout.

The ruling Communist Party has enlisted the central bank, the state marginlender, commercial banks, brokers, fund managers, insurers and pension funds to buy up shares, or help fund their purchase, to keep the Shanghai and Shenzhen markets afloat.

The CSRC has no regulatory power in Hong Kong or other jurisdictions, such as Singapore and the United States, where investment products tracking mainland shares are listed, and can be legally shorted.

But market sources worry that Chinese regulators are intent on suppressing any attempt to profit from China’s sliding markets, including trying to suppress even legal investment behavior by referring to it as “malicious” or otherwise irregular.

At the same time, the government is trying to rally retail investors who dominate trading in China to put money back into the market, a task made more difficult if investors offshore are making bets on falling prices.

Foreign investors are technically allowed to take a short position in a select group of A-shares – yuan-denominated shares listed in China – through the Shanghai-Hong Kong connect scheme, a trading link set up last year to open up Shanghai’s market to overseas investors. But exchange data shows there has been no investor takeup of the shorting opportunity.

Investors can take bets that prices in mainland shares will fall through offshore listed products, such as the popular iShares FTSE A50, the Singaporelisted FTSE China A50 index futures, and over-the-counter derivatives.

Trading in Singapore FTSE A50 futures surged 79 percent to a record in April-June.

As China stocks dive, global investors worry more about yuan

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hile local Chinese fret over the bursting of the Shanghai stock bubble, global investors are more worried about the yuan currency, which once seemed destined to rise inexorably.

A decade after China released the yuan from its peg to the dollar, an increasing number of international money managers no longer regard the currency as a one-way appreciation bet that will augment their returns on stocks and bonds in dollar terms.

“For years, one of the arguments was that the yuan was undervalued and it would go up,” said Zsolt Papp, client portfolio manager at JPMorgan Asset Management. This argument has been weakening for some time, he said.

“That’s added more volatility and uncertainty to your investment decision.”

Foreigners have been fairly sanguine about the $2 trillion wiped off the value of mainland Chinese shares as they collectively hold less than 2 percent of the market. They likewise hold only an estimated 2 percent of the $6 trillion local bond market.

But they have major holdings in H-shares, the $3.7 trillion market in Hong Kong-listed stock of mainland companies, and “dim-sum” bonds, the $70

ASIAN LEGAL BUSINESS AUGUST 2015

周转顺畅。 证监会对香港或新加坡和美国等其他司法管辖区没有监管 权，在这些地区有追踪内地股票的投资产品上市，并可以合 法卖空。 但市场消息人士担心中国监管部门意在对任何试图从中国 不断下滑的市场获利的企图施压，甚至包括打压被其称为“恶 意”或不规范的合法投资行为。 与此同时，中国政府试图号召主宰中国股市交易的散户投 资者重新把资金投入市场，如果离岸投资者押注股价将不断 下跌，这一任务将更加艰巨。 严格来说，外国投资者可以通过沪港通计划对部分A股（ 在中国境内上市的人民币计价股票）持有卖空头寸。沪港通 是一项交易连接，于去年设立，向海外投资者开放上海股 市。但证券交易所数据显示，尚未有投资者进行卖空。 投资者可通过流行的iShares安硕富时A50、在新加坡上 市的富时中国A50指数期货和场外衍生品等离岸上市产品押 注大陆股价下跌。 4月至6月期间，新加坡富时A50期货交易量飙升79%，创 新高。

中国股市跳水，全球投资者 更担心人民币

中

国本土投资者担心上海股市泡沫破裂，但国际投资 者更担心的则是原本有望一路上涨的人民币。 中国解除人民币与美元挂钩的做法十年之后， 越来越多的国际货币基金经理不再认为人民币会一路上涨， 能增大其股票和债券的美元回报。 “多年以来，其中的一个理由是人民币被低估，所以会升 值，”摩根大通资产管理的客户投资经理Zsolt Papp称。他 说，这种理由已经有一段时间不再那么有说服力了。“这给你 的投资决定带来更多的波动性与不确定性。” 中国大陆股市市值蒸发2万亿美元，外国投资者并不怎么 在意，因为他们整体持仓尚不足该市场的2%。据估计，他 们在中国6万亿美元的国内债市中也只占2%左右。 但他们持有大量H股和点心债。Ｈ股是指在香港上市的大 陆企业股票，规模为3.7万亿美元。点心债是指离岸发行和 交易的人民币债券，规模超过700亿美元。 许多年来，这些投资中有不少是基于人民币将升值的假设 而进行的。中国政府致力于把经济从以出口为导向转型为依

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MAKARIM & TAIRA S.

EMBRACING THE UPCOMING INDONESIAN E-COMMERCE REGULATION

Lia Alizia, Partner

Yanuar Pribadhie, Associate

A: Summitmas I, 16th -17th Fls. Jl. Jendral Sudirman Kav 61-62 Jakarta 12190, Indonesia T: (62-21) 2521272, 5200001 F: (62-21) 2522750-51, 2521830 W: www.makarim.com

An apparent blessing-in-disguise draft regulation on e-commerce recently became a hot topic among e-commerce players in Indonesia. The official draft which was released to the public in late June has attracted criticism due to its unclear provisions, despite its good intentions.

One of the issues brought up by the draft regulation is the status of e-commerce players domiciled abroad.

Under the current draft, overseas e-commerce players which offer goods to Indonesian consumers will be deemed to be engaging in business activities in Indonesia.

Accordingly, their income will be subject to the relevant tax regulation; they will require a license and a special registration statement from the Ministry of Trade.

Arguably, this requirement will hamper the development of, among others, platform providers if they plan to expand their merchants to include overseas merchants. Most likely, the merchants abroad will be reluctant to be involved in an Indonesian platform if the requirements are too cumbersome. Meanwhile, local players demand that the Government give players abroad the same treatment as they are subject to.

The draft regulation is also accused of not covering highly varied e-commerce business figures as it only categorizes e-commerce players as either merchants, electronic transaction system providers (penyelenggara transaksi perdagangan melalui sistem elektronik)

billion-plus market for yuan-denominated debt issued and traded offshore.

For years, many of these investments were built on the assumption that the yuan, as the lynchpin of Beijing’s strategy to rebalance its economy away from exports and towards domestic consumption, would move higher.

Those bets have been rewarded: since 2005, the yuan has risen about 30 percent in nominal terms against the dollar. But this course is likely to be less smooth from now on.

A statement from the cabinet saying China would widen “two-way fluctuation” in the exchange rate to support trade provoked short-lived volatility.

This sent yuan traded offshore to two-week lows against the dollar.

The People’s Bank of China allows yuan traded domestically to rise or fall only 2 percent from a midpoint rate it sets daily. Offshore yuan trade is not constrained by this band, although in practice the two exchange rates usually move in lockstep.

Non-deliverable forwards, derivatives used to lock in future exchange rates, indicate the onshore yuan 1 percent weaker in a year.

China could probably benefit from a weaker currency. Its economy is growing at the slowest pace in 25 years and rival exporters, Japan and South Korea, may enjoy an upper hand thanks to the weak yen and won.

By contrast the yuan is near record highs in real effective (REER) terms versus the currencies of trading partners and adjusted for inflation - having risen steadily since its fixed peg was loosened in July 2005.

Barclays calculates the yuan is 18 percent overvalued and sees it at 6.35 per dollar by the end of this year compared with 6.2 now, assuming the trading band is widened to plus/minus 4 percent.

Expectations that the currency will depreciate could increase demand for hedging yuan-denominated assets or cash flows, while reducing appetite for dim-sum bonds and H-shares, Barclays predicted.

or intermediary service providers. This way, the responsibilities of all the business actors will be imposed equally and none will be treated differently. Given this, a mere market place or classified ads will have the same burden of responsibility as those who actively maintain the system and this is believed to possibly cause sudden death of these players.

The protection of personal data is another interesting area covered by this draft regulation. Compared to the current laws on electronic transactions and information, this draft completes the protection of personal data, prohibiting their export to states which do not apply the same standards of personal data protection.

Despite its more detailed protection, the current draft still does not provide a definition or the scope of what constitutes personal data. Under the current draft, electronic transaction system providers must delete all personal data immediately upon receipt of a request from their owner. At the same time, electronic transaction system providers must retain transaction data and information which includes, among others, their customer’s data for at least 10 years. These provisions seem conflicting without any further clarification being currently provided.

Despite all this, the Ministry of Trade still got time until the end of 2015 (as they promised) to cover all the problems caused by the regulation.

赖国内消费，而人民币汇率是这一策略的关键所在。 这些押注已经获得了回报：自2005年以来，人民币兑美 元的名义汇率已经升值约30%。不过今后能否延续这一走势 就不一定了。 中国国务院的声明称，中国将扩大人民币汇率“双向浮动 区间”以支持贸易稳定增长。这份声明引发了市场的短暂波 动，推动人民币兑美元离岸汇率触及两周低点。 中国人民银行设定的境内人民币汇率每日涨跌幅限制为 2%。离岸交易的人民币不受此限，但实际上境内与离岸汇 率走势通常一致。 在岸人民币一年期无本金交割远期外汇下跌1%，此类衍 生品被用来锁定未来汇率。 中国很可能从人民币走软中获益。目前中国经济增长率为 25年来最低；而出口竞争对手日本与韩国或将因日元及韩元 的贬值而占到便宜。 与之相较，人民币兑贸易伙伴国货币经通胀调整后的实质 有效汇率(REER)仍接近纪录高位，而且自2005年7月固定汇 率挂钩被解除以来一直稳步走升。 巴克莱估算，目前人民币汇率被高估了18%。假设人民币 交易区间上下扩幅4%，那么预计到今年底时，人民币兑美 元汇率将从6.2贬值至6.35。 巴克莱预计，人民币的贬值预期可能使对冲人民币计价资 产或现金流的避险需求增加，同时也将降低点心债和H股对 投资人的吸引力。

没有大押注

然而，中国不太可能让人民币大贬。在去年11月的一次评估 后，中国正冲刺让人民币纳入国际货币基金组织的特别提款

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NO BIG BETS Beijing may be far from sanctioning big devaluations, however. It is keen for the yuan to be included in the International Monetary Fund’s SDR basket of reserve currencies following a review in November and is therefore unlikely to allow sharp exchange rate swings in the meantime.

In the past, China has come under pressure to let the yuan appreciate, particularly from U.S. politicians who believed it was keeping the currency artificially weak to gain a trade advantage. Beijing would probably be anxious to avoid reviving such criticism.

Another sticking point is the $1.7 trillion in total Chinese foreign debt, of which 70 percent is classed as short-term. A weaker yuan would make it harder for Chinese borrowers to service this debt.

Perhaps most importantly, devaluation expectations risk scaring away capital following huge recent outflows. About $400 billion may have fled China this year, Goldman Sachs calculates.

Outflows and the resulting instability will outweigh any export gains a weaker yuan delivers, many argue.

Also, a weaker currency will not boost trade much because China, already the world’s biggest exporter, wants to move into higher-value goods, says Ronald Chan, chief investment officer for Asian equities at Manulife in Hong Kong.

“By depreciating your currency, you are just going down the chain, not up the chain,” said Chan, who does not hedge yuan risk.

RECONCILED Investors have become more reconciled to yuan volatility since early 2014, when authorities engineered falls in the currency to discourage speculators betting on yuan gains.

The yuan fell about 2 percent to the dollar last year, its first year in the red since a tiny 2009 loss.

Chinese policymakers’ inability to stem the equity rout has also been a revelation, said Salman Ahmed, global fixed income strategist at Lombard Odier.

“Until a year ago yuan was seen as a one-way street. Everyone knew about issues in the economy but also that they had $3.9 trillion (in reserves) to backstop any spillovers. Trust in that shield has been shaken,” he said.

Ahmed is willing nonetheless to hold bonds, betting on interest rate cuts.

China’s yield premium, or carry, also remains alluring - 10-year government bonds yield 120 basis points above U.S. Treasuries with similar maturities, for instance.

David Buckle, head of quantitative research at Fidelity Worldwide Investment, says the carry will offset the impact of a small 3 percent band widening. But he sees risks in 18 to 24 months’ time if China continues cutting interest rates.

“It’s highly likely the U.S. will have raised rates by that time and that’s when I can see an environment where the yuan weakens,” Buckle added.

ASIAN LEGAL BUSINESS AUGUST 2015

权篮子，因此不太可能允许汇率出现大幅摆荡。 过去中国一直承受着让人民币升值的压力，特别是美国政 治人物批评中国刻意压低汇率以取得贸易优势。因此，中国 肯定不想再让这样的批评声音出现。 另外一个棘手之处是中国的1.7万亿美元外债，这其中有 70%被归类为短期债。人民币若是贬值，将增加中国借款人 的偿债难度。 或许最重要的是，在近期资本大举外流之后，人民币贬值 预期会进一步吓跑资本。根据高盛估算，今年已有约4,000 亿美元资本逃离中国。 许多人认为，资本外流及其所造成的不稳定，将盖过疲软 的人民币给出口带来的任何好处。 而且香港宏利金融亚洲股票投资总监陈景涛表示，人民 币贬值不会大幅提振贸易，因为中国已经是全球最大的出口 国，且希望转向更高附加值的产品。 “通过货币贬值，只会走向价值链的下游，而不是上游。” 陈总监并未对冲人民币风险，他这样表示。

适应波动

从2014年初当局压低人民币以打击押注人民币升值的投机客 开始，投资者对于人民币汇率波动也越来越适应。 人民币兑美元去年跌约2%，为2009年小跌后首次年度下 跌。 Lombard Odier全球固定收益策略师Salman Ahmed表 示，中国决策层无力阻止股市下跌，也说明了一些问题。 “直到一年前，人们还认为人民币将呈单向上涨走势。大 家都知道中国经济存在问题，但也知道中国有3.9万亿美元( 外储)可阻止风险蔓延。如今对这道屏障的信任已经动摇。” 他说。 尽管如此，Ahmed仍愿意持有债券，押注利率下调。中国 债券利差仍然具有吸引力，比如，10年期国债收益率较美国 可比期限公债收益率高120个基点。 富达国际投资量化研究主管David Buckle表示，利差将抵 消人民币波动区间略微扩大至3%的影响。但他认为，如果中 国继续降息，那么18到24个月后将面临风险。 “届时美国很有可能已经加息，那时可以看到人民币走 软。”Buckle补充称。

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新加坡公司法令主要修改 2015年4月15日，会计与企业管制局（ACRA） 发布通知，公司法令修改将于两个阶段予以生效。 其中，公司法令近40%的修改于第一阶段即2015 年7月1日已生效。该阶段生效的修改主要包括以下 几个方面： 1. 第76条的修改 禁 止 私 营 公 司 提 供 财 务 援 助（f i n a n c i a l assistance）的条款已被删除。修改之后，只有上 市公司，或其控股公司/最终控股公司为上市公司的 公司，才被禁止提供财务援助。 2. 第80条的修改 放宽提名董事向提名股东披露信息的条件。修改后的公司法令 取消了提名董事披露信息的诸多限制条件。修改后的法令规定，除 非披露信息会损害公司利益，在董事会对所有或一类信息披露的 一般授权下，或在董事会的特殊授权下，提名董事可以披露信息。 3. 第168条第（1）款的修改 如果满足以下条件，解雇执行董事的赔偿金支付（达到一定限 度）不再需要股东的批准： a. 解雇董事的赔偿金不超过紧接该董事雇佣合同终止后一年该 董事的薪酬； b. 雇佣合同的终止基于公司与董事的现有协议； c. 支付之前，赔偿金的具体数额已向股东披露。 4. 新增第205AA—第205AF条 非公共利益公司（non-public interest companies）的审计师 可以通过向公司发出书面通知的方式辞职。公共利益公司（public interest companies）及其子公司的审计师辞职则须事先得到 ACRA的批准。 5. 新增第205C条及附录13 小公司免于提供经审计的财务报告。免于审计小公司的条件为： a. 在免于审计该年为私人公司；且 b. 在刚刚过去两个财务年度符合下述三个条件中的两个： i. 整个年度收入不高于1000万新元； ii. 所有资产不高于1000万新元； iii. 在财务年度最后一日聘请的全职员工不超过50名。 上述公司法令的修改旨在减少对公司的监管负担，同时加强公 司治理,以使利益相关群体（stakeholder groups）如公司、中小型 企业和散户投资者从该修正案中受益。 关于公司法令修改的更多详情，可登陆ACRA网站（www.acra. gov.sg）予以了解。

MR. ANDREW MAK YEN-CHEN, Partner T: +65 6322 2210 F: +65 6534 0833 E: andrewmak@loopartners.com.sg MARKUS POH, Legal Associate (Corporate Practice) T: +65 6322 2217 F: +65 6534 0833 E: markuspoh@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

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浅谈人民银行广州分行 《广东南沙、横琴新区跨境人民币贷 款业务试点管理暂行办法》 7月13日，人民银行广州分行对外发布了《广东南沙、横 琴新区跨境人民币贷款业务试点管理暂行办法》（广州银 发[2015]180号）（下称“办法”），办法自发布之日起实施。 一、办法的适用范围 办法适用于广州南沙、珠海横琴的全部行政区域。其适 用的试点企业包括在南沙、横琴新区注册成立并在区内实 际经营或投资的企业，以及参与南沙、横琴新区重点项目 投资、建设的广东省辖内企业。 这里要注意的是，仅在南沙、横琴新区注册成立而未在 区内实际经营或投资的企业不是办法所称的试点企业；而 注册在南沙、横琴新区之外的广东省辖内企业，虽然注册 地不在区内，但如果参与了南沙、横琴新区重点项目的投 资、建设，也是可以适用该办法的。 另外，办法所称的港澳地区银行需为在香港、澳门设立并经营人民币业 务的银行业金融机构；而其所指的境内结算银行需在广东省辖内设立。 二、业务办理 办法所称的跨境人民币贷款是指符合条件的试点企业从港澳地区银 行借入人民币资金，用于南沙、横琴新区的区内生产经营、区内及境外项 目建设等业务。上述跨境人民币贷款实行余额管理，由人民银行广州分行 确定其业务总规模。 跨境人民币贷款业务办理流程： 1. 备案 首先，试点企业办理跨境人民币贷款业务前，应通过境内结算银行向人 民银行广州分行提交申请材料办理备案。申请材料包括：备案申请书、营 业执照副本、组织机构代码证副本、贷款意向书、最近一期审计报告等。 2. 开户和资金汇划 之后，境内结算银行凭人民银行广州分行出具的备案通知书，为试点企 业办理相关开户和资金汇划等手续。 三、跨境人民币贷款用途的限制 办法对跨境人民币贷款的用途有明确的限制要求：贷款应符合国家宏 观调控方向和产业政策导向，贷款资金应按照贷款合同约定的用途使用， 不得用于投资有价证券和金融衍生品，不得用于购买理财产品和非自用房 产，不得用于除借款人集团公司以外企业的委托贷款。 四、监督管理 境内结算银行开展跨境人民币贷款相关业务应遵照“了解你的客户”、“了 解你的业务”、“尽职审查”三项原则，并履行真实性审核责任。 五、办法的意义 这一举措将推动南沙、横琴新区的发展，为区内的基础设施和重点项目 建设提供跨境融资支持，促进南沙、横琴新区的总部经济发展；同时帮助 中资企业开辟跨境融资的便利渠道，解决企业融资难、融资贵的问题，满 足中小微企业的融资需求。 该办法的出台被视为将促进内地与港澳地区的跨境投融资便利化，支持 港澳地区离岸人民币市场的发展；同时还将利于人民币国际化的推动和资 本项目可兑换，为中国全面深化金融改革创新探索可复制、可推广的经验。 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

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

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ASIAN LEGAL BUSINESS AUGUST 2015

China’s GSR Capital launching $5 中国金沙江资本设立50亿美 bln fund for global tech deals 元全球科技交易基金

C

hinese investment firm GSR Capital is launching a $5 billion fund to invest in global technology companies, counting on huge demand at home to create economies of scale in pharmaceuticals, energy saving and mobile phone technology.

Little-known GSR Capital shot into the limelight in April when it teamed up with other investors to buy Philips’s lighting component unit for $2.8 billion, trumping marquee buyout firms, including a joint offer by KKR & Co and CVC Capital and a separate one from Bain Capital.

The fund is targeting cross-border buyouts and M&A in industrial and emerging technology companies, including electric car batteries and pharmaceuticals.

“Growth now in the U.S., in Europe and in Asia is soft... but within that, some sectors are hot, primarily in the technology space,” Sonny Wu, cofounder of GSR Ventures and Chairman of GSR Capital, said in an interview.

The company is backing the so-called GSR Global M&A Fund with $1 billion from its own GSR GO Scale Capital LP unit and unnamed institutional investors, with the remainder still to come from outside investors.

The fundraising is coming on the heels of increased volatility in Chinese equity markets in the past several weeks, with a slump in mainland China markets from mid-June wiping out more than $3 trillion in market value of listed companies.

Chinese technology companies have been trying to become more global, buying out internationally recognizable brands and tapping international markets to get closer to overseas investors. China’s state-owned Tsinghua Unigroup is eyeing a bid for U.S.-listed Micron Technology Inc for about $23 billion, set to be China’s biggest ever outbound M&A. The deal followed the record-breaking $25 billion IPO last year in New York of e-commerce giant Alibaba Group Holding Ltd. GSR Ventures currently manages about $2 billion and it teamed up with bigger partner Oak Investment Partners and billionaire Chinese solar magnate Cheng Kin Ming to buy the Philips unit. GSR and Oak have previously jointly invested in LED lighting firm SunSun Lighting and battery maker Boston Power, where Cheng is also an investor, among others.

看

中国内对打造制药、节能和手机技术规模经济的 巨大需求，中国投资公司金沙江资本日前设立50 亿美元基金用于投资全球科技公司。 4月，此前鲜为人知的金沙江资本成为众人瞩目的焦点， 该公司与其他投资者联合，战胜了包括KKR & Co与CVC资 本的联合要约和贝恩资本独立要约在内的一众收购公司， 以28亿美元买下飞利浦公司的照明元件业务。 该基金瞄准工业和新兴技术公司的跨境买断与并购，其 中包括电动汽车电池和制药。 “目前美国、欧洲和亚洲增长走软...但在这样的环境下， 部分行业非常火热，主要是科技领域。”金沙江创投联合创 始人兼金沙江资本董事长伍伸俊在一次采访中表示。 该公司为“金沙江全球并购基金”提供10亿美元，资金来 自该公司自己的GSR GO Scale Capital LP基金和未透露名 称的机构投资者，剩余部分仍将来自外部投资者。 此次募集进行前的数周，中国股市波动加剧，6月中旬以 来，内地市场上市公司已蒸发超过3万亿美元市值。 中国的科技公司一直试图提高全球化水平，买断国际知 名品牌，以及进军国际市场从而更贴近海外投资者。中国 国有公司紫光集团有意以230亿美元收购美国上市公司美光 科技，这将成为中国有史以来规模最大的对外并购。 排在该交易之前的，是电商巨头阿里巴巴集团去年以创 纪录的250亿美元身价在纽约首次公开上市。 金沙江创投目前管理资金规模约为20亿美元，与规模更 大的合作伙伴橡树资本以及亿万富翁太阳能巨头郑建明共 同买下飞利浦的业务。金沙江资本与橡树之前联合投资了 LED照明公司上舜照明和电池生产商波士顿电池，郑建明 也参与了后一项投资。

Reported Chinese offer for Micron 此前报道的中国公司收购美 faces far too many hurdles 光科技案阻碍重重

A

Chinese state-backed company’s plan to buy U.S. chip maker Micron Technology faces no shortage of obstacles – questions about the price, worries on Capitol Hill, an aggressive regulator – and any one of them could torpedo the deal.

Analysts argued Tsinghua Unigroup Ltd’s proposed price, $23 billion, was far too low. But China’s critics on Capitol Hill worried about the impact on the Defense Department. And any deal would likely face a close look by the agency charged with vetting transactions that have potential national security concerns.

“If people decide that if what Micron makes isn’t important any more (it will be approved),” said Jim Lewis of the think tank Center for Strategic and International Studies. “But I think that Tsinghua will have to get over a whole lot of hurdles and it won’t be easy.”

Tsinghua, which sources said was preparing a bid for Micron but had not officially submitted it, has been at the forefront of China’s efforts to expand its chip industry.

The company bought Chinese mobile chipmakers Spreadtrum and RDA Electronics in the last two years. Last year, Intel Corp bought into Tsinghua with a $1.5 billion investment.

Buying Micron would give China access to both DRAM and NAND mem-

一

家拥有国有背景的中国公司购买美国芯片制造商美 光科技的计划将面临重重阻碍：对价格的疑问，美 国国会的忧虑，激进的监管部门作为拦路虎等。其 中任何一点都能使这笔交易搁浅。 分析师称，紫光集团有限公司提出的230亿美元的价格太 低了。但美国国会中的中国批评人士担心交易对美国国防部 的影响。对存在潜在国家安全问题的交易进行审查的有关部 门会对任何交易都密切关注。 “如果人们认为美光生产的东西不再重要（那么交易就 会获得批准）。”来自战略与国际研究中心这家智库的Jim Lewis称。“但我认为紫光不得 克服许许多多障碍，这不会容易。” 消息人士称，紫光准备为美光竞标但尚未正式提交，该公 司处在中国扩张芯片产业的前沿。 该公司前两年收购了中国手机芯片制造商展讯通信和锐迪 科微电子。去年，英特尔公司向紫光投资15亿美元。 收购美光将令中国获得DRAM和NAND内存芯片，这些 芯片用于个人电脑，并用来存储智能手机和移动设备上的音 乐、照片和其他数据。 但分析师称计划的230亿美元要约价远远低估了美光的工

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15

观韬律师事务所 GUANTAO LAW FIRM

利用自贸区优势设立基金跨境并购 中国企业海外投资过程中，能否及时完成资金募集出境，对项目成功至关重要。通过利用上海自贸区（以下 简称“自贸区”）的资本优势和政策优势，有助于企业在短时间内完成收购资金的募集出境，从而赢得商机。因 此，越来越多的企业选择通过自贸区进行募集资金跨境并购。仅2015年1-4月，上海自贸区境外投资企业为130 家，投资金额为114.3亿美元，已超过2014年全年的规模（2014年全年，上海自贸区境外投资企业247家，投资 金额为80.20亿美元）。 根据现行法规，上海自贸区内企业境外投资的审批权限如下： 黄鹏 合伙人 T: +86571 8993 9691 F: +86571 8993 9620 E: huangpeng@guantao.com

A: 17/F, Tower 2, Yingtai Center, No.28 ,Finance Street, Xicheng District, Beijing 100033, P R China T: +86 10 66578066 F: +86 10 66578016 W: http://www.guantao.com

3亿美元以上 由国家发改委进行境外投资项目备案，由自贸 区管委会进行境外投资备案 涉及敏感国家、地 由国家发改委境外进行投资项目核准（20亿美元以上由国务院核准），由商务部进行境外 区、敏感行业项目 投资核准 一般项目

3亿美元以下 自贸区管委会备案

由此可见，对于投资3亿美元以下的一般项目，与区外企业需分别向发改委、商务部门备案相比，自贸区管 委会“一表申请，一口受理”，为区内企业提供了很大的便利，节省了宝贵时间。同时，上海集中了包括信托、私 募股权基金、资管计划在内的各种资本，有助于企业境外投资项目的资金募集。 以笔者近期代理的某项目为例：某中国A公司获悉某美国B公司的新药即将获批，上市后市场空间巨大，即与 B公司开展了增资入股谈判。由于有数个潜在投资者同时在与B公司接洽，因此能否迅速筹集并购资金并购汇出 境成为交易成败的关键。笔者为Ａ公司设计了以下交易结构： 1. 在自贸区以有限合伙的形式设立基金，Ａ公司投少量资金做GP，同时就该项目寻找基金管理公司做LP； 2. 有限合伙企业设立后即进行境外投资备案；同时，基金管理人发行契约式基金募集收购款； 3. 境外投资备案完成后，基金持境外投资证书直接在银行办理外汇登记，同时，GP和LP分别完成对基金的出资； 4. 购汇出境，完成交易。 通过上述安排，中国Ａ公司在很短的时间内完成了筹资和境外投资的全部手续，最终在众多竞争者中胜出， 成功完成对美国Ｂ公司的收购。 另外，企业也可先在自贸区设立境内的跨境投资平台，并利用自贸区的平台在境外设立投资架构，一旦找到 合适的境外项目即可在区内完成相关备案程序。

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A pharmaceutical giant is seeking a highly skilled lawyer to oversee its legal operations within the ASEAN region. This is a rare opportunity for a meticulous in-house counsel with extensive experience in life sciences. You’ll be responsible for all legal matters pertaining to commercial transactions, product safety, regulatory matters and intellectual property including patents. To be considered, you must possess a law degree from a recognised institution and have at least 10 years’ legal experience. You must demonstrate strong leadership qualities and possess excellent communication skills.

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16

BRIEFS

ory chips, which are used in personal computers and to store music, pictures and other data on smartphones and mobile devices.

But analysts said the $23 billion planned offer price far undervalues the plants, employees and intellectual property of Micron, whose stock has recently taken a hit due to slow demand for personal computers.

“We think the price was only floated through the media because they were too embarrassed to bring it to Micron’s board,” said Stifel analyst Kevin Cassidy.

J.P. Morgan analysts said a $27 to $29 per share offer would be more realistic, while Needham analysts said the company was unlikely to sell itself for less than $35 per share, implying a deal value of about $38 billion.

SENSITIVE SECTOR, TECH Micron’s potential sale to Tsinghua triggered concerns among U.S. lawmakers given modern weapons’ enormous dependence on computer chips. The possible deal also comes amid concerns over U.S. cyber attacks tied to Chinese hackers.

“This is a sensitive sector and a sensitive technology, and there will be a lot of congressional interest in conducting oversight,” said one Senate aide, who was not authorized to speak publicly.

Analysts were split on whether the deal could be approved.

“This seems highly unlikely, just given the technology that’s involved. This is a massive deal, really important technology and quite frankly, it’s the Chinese,” said Reed Smith partner Leigh Hansson, who leads the firm’s International Trade & National Security practice.

Pentagon spokesman Mark Wright declined comment on the expected bid or how prevalent the company’s chips were in U.S. weapons systems.

Micron Technology did not respond to questions about use of its chips in defense systems.

A central national security concern is that a Chinese version of a Micron chip could have a “back door,” which allows it to be more easily compromised.

“If you have access to these chips, what mischief could you do?” asked Paul Marquardt of Cleary Gottlieb, who is an expert on the Committee on Foreign Investment in the United States, or CFIUS. CFIUS, an inter-agency which reviews mergers to ensure they do not compromise national security, required Chinese networking company Huawei Technologies Co to divest 3Leaf Systems in 2011 and blocked its purchase of 3Com Corp stock in 2008 because of concerns about links between Huawei’s founder and China’s military.

But CFIUS does approve some tech deals. In 2014, China’s Lenovo Group won CFIUS approval to buy IBM’s low-end server business.

Two other experts with CFIUS experience said they would not write off the deal as dead. CFIUS, they said, would assess Tsinghua’s ties to the government and Micron’s role in national security to decide if the task force, which is led by the Treasury Department, would allow it to go forward.

The company’s apparent close ties to the government could be a negative. It behaves as a private equity fund but is controlled by Tsinghua University in Beijing, which counts President Xi Jinping among its alumni, and is backed by China’s central government.

The Pentagon may opt to order its supplier to refrain from using Micron chips, said Marquardt.

Micron competes intensely with Samsung, SK Hynix, and Toshiba selling memory chips, and there is very little that it sells that its competitors do not.

ASIAN LEGAL BUSINESS AUGUST 2015

厂、员工和知识产权的价值，该公司近期股价由于个人电脑 需求迟缓而受到打压。 “我们认为这个报价只是放给媒体的风声而已，紫光自己 都不好意思将这一报价提交给美光董事会。”Stifel分析师 Kevin Cassidy称。 摩根大通分析师称，每股27至29美元的报价将更为合理， 而Needham分析师称，美光不可能以低于每股35美元的价格 出售，暗示交易价值约为380亿美元。 敏感行业：科技 鉴于现代武器大量依赖电脑芯片，美光可能会卖给紫光引 发了美国议员的担忧。与中国黑客有关的美国网络攻击也使 得这笔可能进行的交易蒙上了阴影。 “这是敏感行业和敏感技术，美国国会将有大量兴趣来进 行监督。”一名未获得授权公开发言的参议员助手表示。 分析师对于这笔交易是否能获得批准意见不一。 “看起来可能性极小，只要想想涉及到的技术就行了。这 笔交易规模巨大，技术非常重要，而且相当坦率地说，收购 方又是中国公司。”礼徳律师事务所合伙人里昂·汉森表示， 他负责该所的国际贸易与国家安全业务。 美国国防部发言人马克·赖特拒绝对这一竞标或该公司芯 片在美国武器体系中使用的普遍性加以评论。美光科技并未 对关于该公司芯片在国防体系中应用的问题作出回应。 核心的国家安全担忧是，中国版的美光芯片是否会存在“ 后门”，使其更容易被侵入。 “如果你能接触这些芯片，你会搞什么恶作剧？”佳利律师 事务所保罗·马奎特律师称，他是美国外国投资委员会（CFIUS）的一名专家。 CFIUS是一家跨部门机构，审查并购交易以确保其不会损 害美国国家安全。该委员会2011年要求中国网络公司华为技 术有限公司剥离3Leaf Systems，2008年因为担心华为创始 人与中国军队的关联还阻止该公司收购3Com Corp的股票。 但CFIUS也批准了一些科技交易。2014年，中国的联想集 团获得CFIUS批准，收购IBM的低端服务器业务。 另两名曾与CFIUS打过交道的专家表示，他们不认为这笔 交易已经完全没希望了。他们称，CFIUS将会评估紫光与中 国政府的关系以及美光在国家安全中的地位，从而决定由美 国财政部主导的专门工作组是否批准该交易。 紫光与中国政府之间关系密切，这一点很明显，并将成为 不利因素。该公司运作上是私募股权基金，但受位于北京的 清华大学控制，习近平主席也是该大学校友之一，清华大学 还获得中国中央政府支持。 马奎特律师称，美国国防部可能要求其供应商不要使用美 光的芯片。 美光与三星、SK海力士和东芝在内存芯片销售上激烈竞 争，该公司出售的产品其竞争对手也几乎都销售。

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BRIEFS APPOINTMENTS

ASIAN LEGAL BUSINESS AUGUST 2015

LATERAL HIRES NAME

LEAVING

GOING TO

PRACTICE

LOCATION

Paul-Emmanuel Benachi

Gide Loyrette Nouel

Ince & Co

Corporate

Shanghai/Paris

Charles Butcher

Hogan Lovells

Corporate

Hong Kong

Ya-Chiao Chang

Kirkland & Ellis

Nils Eliasson

Mannheimer Swartling

Paul Greening

Vinson & Elkins

Karen Yan

Latham & Watkins

Adrian Yip

Winston & Strawn

Zhang Li

Eversheds Orrick, Herrington & Sutcliffe Shearman & Sterling

Intellectual Property

Beijing

Dispute Resolution

Hong Kong

Energy

Hong Kong

Corporate

Shanghai

Morrison & Foerster

Dispute Resolution

Hong Kong

Grandway Law Offices

Zhong Lun Law Firm

Capital Markets

Shanghai

Shuang Zhao

Shearman & Sterling

Cleary Gottlieb Steen & Hamilton

Capital Markets

Hong Kong

Julia Zhu

AllBright Law Offices

Zhong Lun Law Firm

Capital Markets

Shanghai

Akin Gump Strauss Hauer & Feld Fenwick & West

PROMOTIONS NAME

FIRM

PROMOTION

PRACTICE

LOCATION

Kate Hodson

Ogier

Partner

Corporate

Hong Kong

Anthony Oakes

Ogier

Head of Finance – Asia

Finance

Hong Kong

Carol Wang

Rouse

Executive

Intellectual Property

Shanghai

Paul Westover

Stephenson Harwood

Head of Corporate - Hong Kong

Corporate

Hong Kong

RELOCATIONS NAME

FIRM

PRACTICE

FROM

TO

Karl Buch

DLA Piper

Head of Internal Investigations – Asia

New York

Hong Kong

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19

EAST & CONCORD PARTNERS 天达共和律师事务所

商业保理：融资租赁公司的机会与挑战

陈宝姝, 律师 Baoshu Chen, Lawyer 电话 T: +8610 6510 7420 邮箱 E: tammy_chen@east- concord.com

申晓雨, 律师 Xiaoyu Shen, Lawyer 电话 T: +8610 6510 7416 邮箱 E: xiaoyu_shen@east- concord.com

前言 随着2012年《商务部关于商业保理试点有关工作的 通知》的颁布以及相关试点地区针对商业保理业的相 关监管办法或规定出台，众多商务部监管项下的融资 租赁公司把目光投向了商业保理，试图寻找和利用融 资租赁与商业保理的合作机会，以扩展融资租赁公司 的业务范围和服务模式。 一、商业保理的基本法律关系和市场功能 商业保理业务是指供应商与商业保理公司（非银 行机构）通过签订保理协议，供应商将现在或将来的 应收账款转让给商业保理公司，从而获取融资，或获 得保理商提供的分户账管理、账款催收、坏账担保等 服务。商业保理的基本法律性质即为债权的转让和受 让，商业保理涉及的基本交易合同为以应收账款为标 的物的买卖合同。商业保理具有三项最基本和最有商 业意义的市场功能：（1）融资功能：商业保理公司通 过支付转让价款受让应收账款的方式为供应商或卖方 等提供融资服务，解决短期或长期的资金困难。（2） 承担债务人的信用风险功能：商业保理公司在受让应 收账款后与债务人构成了实际的债权债务关系，据此 商业保理公司将承担债务人的信用风险。（3）提供专 业的应收账款管理和催收服务功能：商业保理公司通 常将配备专业人员和专职律师进行应收账款的管理和 催收，在一定程度上帮助供应商或卖方降低了相关成 本，使人员配置更加集中，交易更加有效率。 二、商业保理与融资租赁的互补和合作机会 首先模拟如下交易结构：交易背景：承租人有一 批存量生产设备，同时也对债务人享有一笔应收账款 的收取权，承租人希望出租人提供融资服务。对于同 时具有提供融资租赁服务和商业保理服务资质的出租 人，可以提供如下交易结构：（1）就存量生产设备， 出租人可以向承租人提供售后回租的融资租赁服务； （2）就应收账款，出租人可以向承租人提供受让应收 账款的商业保理服务。 尽管上述模拟的交易结构非常简单，但仍可以看 出，就融资租赁公司而言，商业保理业务可以丰富融 资租赁公司的融资服务内容和融资方式，解决“没有有 形租赁资产”或“无形资产超过租赁资产价值50%”的融 资租赁交易问题，同时，融资租赁公司自身也可以作 为保理服务的相对方增加自身的融资渠道或降低融资 成本，增强市场竞争力。 三、国内保理业未来发展中将面临的主要法律和监管 问题

BEIJING OFFICE A: 20/F Landmark Building Tower 1, 8 Dongsanhuan Beilu, Chaoyang District, Beijing, 100004, P. R. China 北京总部 地址：北京市朝阳区东三环 北路8号亮马河大厦1座20层 电话 T: +8610 6590 6639 传真 F: +8610 6510 7030 邮箱 E: beijing@east-concord. com 邮编 : 100004

1、对混业经营的限制。《商务部关于商业保理试点有 关工作的通知》将混业经营在原则上确定为商业保理 业务的非常态经营模式。上海自贸区是目前唯一明确 允许商业保理混业经营的试点区域，但规定融资租赁 公司仅可申请兼营与主营业务有关的商业保理业务， 不能受让与租赁物或承租人无关的应收账款，其保理

业务的范围明显受到限制。企业是否混业经营应是一 种自主经营行为，从监管角度限制、甚至禁止商业保 理公司混业经营，在一定程度上会对国内商业保理业 的进一步发展构成障碍。 2、对商业保理公司业务范围的限制。（1）以受让 应收账款为开展业务的前提：目前多数试点地区的监 管部门认为，商业保理企业从事保理业务原则上应以 受让应收账款为前提；上海市则要求无论从事应收账 款催收或其他商业保理业务，均必须以受让应收账款 为开展业务的前提。这一规定与国际上目前普遍适用 的有关保理的规定并不一致。商业保理已发展成为一 项集融资、应收账款管理与催收、咨询等内容为一体 的综合性服务，将商业保理公司可以从事的融资以外 的业务限定在与所受让的应收账款有关的前提下，不 符合国际保理业的整体发展趋势。（2）不得受让逾 期应收账款（限上海市浦东新区和上海自贸区）：商 业保理公司选择什么样的业务以及如何经营这些业 务，都应当由企业自主决定，不得受让逾期应收账款 的限制性规定，将使其失去通过自主承担风险赢取更 大利润空间的机会。 3、保理业务的操作中的法律风险。我国目前尚未出 台专门关于商业保理的法律或行政法规，《民法通 则》和《合同法》成为目前商业保理公司处理债权 转让问题时仅有的法律依据。此外，国内还没有建 立针对商业保理的税务、会计及其他配套制度和规 则，使得商业保理公司在业务的实际经营中面临一 系列问题。

四、就改善商业保理业法律和监管制度的建议 （1）尽早出台有关商业保理的专门法律、法规或 部门规章，同时逐步建立和完善包括税务、财务、会 计等制度在内的配套机制。（2）在商业保理行业的 市场准入、企业经营业务和模式等方面进一步放开监 管，减少对企业经营活动的干预。（3）完善国内征 信系统并向商业保理公司提供企业和个人信用信息。 （4）建立应收账款转让登记制度，为商业保理企业 提供公示和信息交换渠道。（5）尽快推进负面清单 制的实施。 结语 融资租赁业务与商业保理业务具备相似的经济、 市场和法律基础，商业保理可以为融资租赁公司拓宽 产品线并增加融资渠道，商业保理市场的放开更为融 资租赁企业打破单一化经营提供了机会。放眼市场的 长远发展，融资租赁和商业保理企业的多元化经营是 市场发展的必然趋势。今天对融资租赁与商业保理的 初级探索，正是对未来租赁和保理行业多元化经营的 一种尝试，也将为这种模式奠定必要的基础。

1 本文节选自陈宝姝、申晓雨共同撰写的《商业保理：融资租赁公司的机会与挑战》，原文曾在2014中国融资租赁年会上获得“2014中国融资租赁优秀论文奖”。

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COVER STORY

ASIAN LEGAL BUSINESS AUGUST 2015

ALB CHINA

FAST 中国

By Ma Yuan

10

佳成长律所

作者：马源

SHOWCASING THE COUNTRY’S FASTEST GROWING LAW FIRMS

我们为您列出在过去一年中成长最快的中国律师事务所 **The Chinese translation of this story was prepared by CLS Communication** ** 此文中文翻译由CLS Communication提供 **

COVER STORY

WWW.LEGALBUSINESSONLINE.COM : ALB_China : Connect with Asian Legal Business

A

s China officially becomes a net capital exporter this year, Chinese law firms are also vigorously expanding their footprint.

Since June, ALB has been compiling data on law firms’ growth over the past 12 months. Several law firms headquartered in local provinces and municipalities have begun expanding nationwide, while Beijing and Shanghai-based law firms are racing to expand globally.

The ALB China Fast 10 Firms 2015 list aims to highlight law firms with the fastest growth in the past year. Law firms are evaluated and ranked based on indicators such as head count growth, new core partner hires, key clients and new offices. Some of the winning law firms are already large in size, while others are not very big but are growing rapidly.

随

着中国今年正式成为资本净出口 国，律师事务所也在大张旗鼓地实 施他们的扩张计划。

今年六月开始，ALB开始统计在过去一年 内律所的成长资料，数据会说话。不少总部位 于地方省市的律所开始了全国的扩张计划，而 总部位于北京和上海的律所也早就在国际扩张 计划中争分夺秒。 ALB2015中国十佳成长律所榜单旨在突出 过去一年内发展速度最迅猛的律师事务所。我 根据人头数增长，新增核心合伙人，重要客户 以及新添加的办公室数量等指标来评选出名列 前茅的律师事务所。获奖律师事务所包含已经 规模很大了的律师事务所，也有本身规模并不 大可却有着客观扩张数据的律师事务所。让我 们祝贺他们。

The names below are in alphabetical order.

以下名单按照获奖律所英文首字母顺序排列 。

China’s fastest - growing firms 中国发展最快的律师事务所 Firm 事务所名称

21

Fee earners growth 收费人员人数增长 (%)

Office opening 新开办公室数量

New practices 新业务领域

Dacheng Law Offices 大成律师事务所

25.8

1

4

Jiangsu Dongheng Law Firm 江苏东恒律师事务所

52.5

2

4

East & Concord Partners 天达共和律师事务所

100

1

3

Hylands Law Firm 浩天信和律师事务所

40

3

2

Jincheng Tongda & Neal 金诚同达律师事务所

21.3

2

2

Tahota Law Firm 泰和泰律师事务所

9.4

1

N/A

Tenet & Partners 天衡联合律师事务所

22.1

2

3

Wan Hui Da Law Firm 万慧达律师事务所

11.9

4

4

Yingke Law Firm 盈科律师事务所

82.1

17

3

Zhong Lun Law Firm 中伦律师事务所

27.6

2

0

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COVER STORY

ASIAN LEGAL BUSINESS AUGUST 2015

1 2

Fast 10 profiles 中国十佳成长律所简介 DACHENG LAW OFFICES

总部：北京

Head office: Beijing Year of establishment: 1992

创立年份：1992年

Number of fee-earners in 2014: 3,264 Number of fee-earners in 2015: 4,107

Wang jun, Executive Committee Director, Senior Partner 王隽, 执行委员会主任, 高级合伙人

大成律师事务所

As a full-service law firm, Beijing Dacheng Law Offices (Dacheng) has been expanding its practice since its inception in 1992. Dacheng has added new areas of practice such as asset securitisation, Internet finance, sports and entertainment, among others in recent years. In early 2015, Dacheng and Dentons, a top 10 global law firm, formally signed an agreement to merge, creating a new leading law firm with international reach. The new firm will have over 6,500 lawyers at 120 offices located in more than 50 countries and regions across the world.

Wang Jun, director of executive committee and senior partner of Dacheng, said the law office would mainly focus on professionalization, optimizing talent structure, perfecting the mechanism of resource sharing, enhancing the depth and width of information application and promoting the merging work based on content and date they set with Dentons.

2014年律所收费执业者人数：3264人 2015年律所收费执业者人数：4107人

作为一家综合性律师事务所，大成律师事 务所自成立起便不断开拓、全面发展各业 务领域。近年来，新增了资产证券化、互 联网金融、体育和娱乐方面的业务。2015 年初，大成律师事务所与全球十大律所之 一的Dentons律师事务所正式签署合并协 议，将共同打造一个全新的、布局全球的 世界领先国际律师事务所。新律所执业律 师人数超过6500人，在遍及五大洲50多个 国家和地区设有120家办公室。大成律师事 务所执行委员会主任、高级合伙人王隽谈 到，未来12个月，律所将将重点围绕加强 专业化建设，优化人才结构，完善资源共 享机制，提高信息化应用的深度和广度等 几个方面来开展工作，并继续按照与Dentons确定的内容和时间推进双方的合并整 合工作。

JIANGSU DONGHENG LAW FIRM

江苏东恒律师事务所

Head office: Nanjing

总部：南京

Year of establishment: 2005

创立年份：2005年

Number of fee-earners in 2014: 61

2014年律所收费执业者人数：61人

Number of fee-earners in 2015: 93 Dongheng enjoyed revenue growth of 50% from 2014 to 2015. It set up two new offices in Suzhou and Xuzhou, and made considerable progress in new practice areas such as intellectual property rights and government legal advisory. In addition, Dongheng took the top spot in Jiangsu in terms of growth in the practice areas of the New Third Board and PPP (public-private partnership). Director and managing partner Zhang Lijun said his firm would stick to a corporate-style management model and aim to become a large and powerful law firm in Jiangsu by pursuing growth in multiple areas, with a focus on legal services for real estate, urbanization and infrastructure construction, and government advisory. In the coming year, Dongheng is set to open an office in Nantong to optimise its presence in the central, southern and northern parts of Jiangsu. It will also step up cooperation with Sino-Global Legal Alliance (SGLA) members to actively explore PPP projects as well as New Third Board practices.

2015年律所收费执业者人数：93人

东恒2014年至2015年度，营业额增长量达 50%，新设立了苏州和徐州两个办公室， 同时东恒在新业务领域取得长足发展，如 知识产权、政府法律顾问领域，此外新三 板和PPP领域在江苏地区的增长排名第 一。东恒律师事务所主任、首席合伙人张 利军表示，东恒将坚持公司化管理模式， 以建筑房地产、城镇化和基础设施建设、 政府法律服务为核心，多领域并进，做江 苏区域的大所强所。同时在未来一年里， 东恒将在现有苏州、徐州分所的基础上， 开办南通分所，完善苏中、苏南、苏北的 全面布局，同时加强与中世律所 联盟成员的合作，积极开拓PPP 项目和新三板业务。

Zhang Lijun, Chief Partner 张利军, 首席合伙人

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COVER STORY

3

EAST & CONCORD PARTNERS

天达共和律师事务所

Head office: Beijing

总部：北京

Year of establishment: 2014

创立年份：2014年

Number of fee-earners in 2014: approximately 150

Number of fee-earners in 2015: approximately 300 Zhou Qi, Managing Partner 周琦, 管理合伙人

Li Dajin, Director 李大进, 主任

East & Concord Partners is a full-service law firm established through the 2014 merger between the previous East Associates Law Firm and previous Concord & Partners. The number of lawyers at East & Concord Partners has a substantial growth since then. It has set up an office in Wuhan based on its initial Shanghai office and Shenzhen offic. East & Concord Partners’ managing partner told ALB that the firm aims to capitalize on the merger to develop itself into a large and powerful law firm with professional expertise, innovative ability and global vision. The firm is also looking to set up a rigorous and standardised management system, a scientific and reasonable allocation system, a clear mechanism for lawyer training and promotion, and a steady and practical safeguard mechanism.

In terms of business, it will create up to two new growth areas by reasonably consolidating existing practices based on internal and external considerations.

4

HYLANDS LAW FIRM Head office: Beijing

ASIAN LEGAL BUSINESS AUGUST 2015

Year of establishment: 2007

Number of fee-earners in 2014: 200 Number of fee-earners in 2015: 280

As a homegrown law firm undertaking international business, Hylands not only has offices in important mainland cities and Hong Kong, but also boasts of over 150 partner law firms in more than 100 countries and regions around the world, thanks to its membership in TerraLex alliance.

Hylands has made breakthroughs in providing legal services for overseas property purchase, investment immigration and wealth inheritance since last year. Liu Hong, a partner, said he hopes that the firm would not only pay attention to both breadth and depth in developing professional expertise but also retain its positive and innovative vitality. He also explained that Hylands will strengthen its development in four major aspects: professional expertise and global vision, talent training and internal promotion, internal management system reform, and brand building and market development.

2014年律所收费执业者人数：约150人 2015年律所收费执业者人数：约300人

天达共和律师事务所系由原天达律师事 务所与原共和律师事务所于2014年合并 而成立的一家大型综合合伙制律师事务 所。自去年合并至今，天达共和的业务 及人员均大幅度增长，在原有的上海、 深圳分所基础上又在武汉新设立分所。 从天达共和的执行合伙人处了解到，该 所的发展战略是藉合并之势，努力将天 达共和打造成为一家有一定规模、有综 合实力、有专业特色、有创新能力、有 国际视野的律师事务所。而对于未来一 年内发展的具体规划，则是在管理上， 建立一套严谨规范的管理制度、科学合 理的分配机制、明确清晰的律师培养和 晋升机制、稳定务实的保障机制；在业 务上，合理整合原有业务，并在结合外 势内情的基础上，开创1-2个业务增长 点。

浩天信和律师事务所 总部：北京

创立年份： 2007年

2014年律所收费执业者人数：200人 2015年律所收费执业者人数：280人

作为一家承接国际业务的本土律所，浩 天信和不仅在大陆重要城市、香港等地 开设有分所，更同时通过加入TerraLex 联盟在全球100多个国家和地区拥有150 多家合作律师事务所。自去年以来，浩 天信和在海外置业与投资移民以及财富 传承领域取得了新的突破。其合伙人刘 鸿称希望未来律所既能在专业发展上兼 顾广度与深度，又能保持积极向上、不 断创新的活力。他还表示，未来将主要 从四个层面重点加强律所的建设：业务 专业化，视野国际化；注重人才培养和 内部晋升机制；探索律所内部管理制度 的革新；加强律所品牌和市场建设。

Liu Hong, Partner 刘鸿, 合伙人

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SPONSORED ARTICLE

25

HYLANDS LAW FIRM 浩天信和律师事务所

Liu Hong, Partner 刘鸿，合伙人

Beijing 北京 A: 12F Fortune Financial Center, No.5 Dongsanhuan Zhong Road, Chaoyang District, Beijing 100020, China 地址：北京市朝阳区东三环中 路5号财富金融中心12层 邮编：100020 T: +86 10 6502 8888 F: +86 10 6502 8866/8877 Shanghai 上海 A: 1805, Xing Ye Tower, No.1028 West Beijing Road, Jing’an District, Shanghai 200041, China 地址：上海市静安区北京西路 1028号兴业大厦1805室 邮编：200041 T: +86 21 5256 9939 F: +86 21 5256 9930 Guangzhou 广州 A: Suite 1803, 28 Hua Xia Road, Tianhe District, Guangzhou 510623, China 地址：广州市天河区华夏路28 号富力盈信大厦1803室 邮编：510623 T: +86 20 3806 1168 F: +86 20 3806 1328 Nanjing | Hangzhou | Wenzhou Shenyang | Hong Kong 南京 | 杭州 | 温州 | 沈阳 | 香港

www.hylandslaw.com

HYLANDS: NEW GROWTH, NEW DREAM

浩天信和： 新成长，新 梦想

In August 2015, Hylands Law Firm was named by ALB as one of the “2015 Fastest 10 Growing Law Firms in China”. This was just one of the many accolades that Hylands has received, other include: “2015 Asia-Pacific’s Top 100 Law Firms” by The Lawyer; “Leading PRC Law Firm” in the areas of International Trade, Technology, Media & Telecom and Intellectual Property

by Chambers & Partners in 2015. The continuous stream of these honours is a recognition of the hard work done at the young full-service law firm.

2015年8月，浩天信和获得ALB中国十佳 成长律所称号。这仅是浩天信和成立后获得 的众多奖项之一。2015年英国《The Lawyer》杂志“亚太区100强律师事务所”，2015 年钱伯斯国际贸易、传媒通讯、知识产权领 域“优秀中国律师事务所”……纷至沓来的荣 誉认可了这家年轻的综合性大律所过往的付 出与汗水。

Headquartered in Beijing, Hylands has offices in Shanghai, Nanjing, Guangzhou, Hangzhou, Wenzhou, Shenyang and Hong Kong. There are more than 60 partners and over 300 lawyers, paralegals and other professionals presently. All of them graduated from prestigious law schools.

浩天信和总部位于北京，同时在上海、南 京、广州、杭州、温州、沈阳及香港设有分 所。律所现有60余名合伙人和300余名执业 律师、律师助理及其他专业法务人员，全部 来自于著名法学院。

As a leading full-service law firm in China, Hylands is committed to meeting its clients’ multi-layered legal services requirements. Its main areas of practice include Dispute Resolution, Intellectual Property, International Trade, Antitrust, Entertainment & Media, Finance & Capital Markets, Corporate & Investment, Real Estate, Energy, Mining & Infrastructure, Labour & Employment, and Wealth Inheritance.

作为国内居于领先地位的综合性律师事务 所，浩天信和力求满足客户全方位多层次的 法律服务需求，主要业务领域包括：争议解 决，知识产权，国际贸易，反垄断，娱乐传 媒，资本市场和金融业务，公司与投资，房 地产，能源、矿业和基础设施，劳动法律事 务和财富传承。

Hylands has been exploring and innovating all while maintaining high professional standards. “Currently, a lawyer’s responsibility is not just being a ‘fire fighter’ who solves problems for clients after problems occur,” Qiu Mei, partner at Hylands, tells ALB. “Instead, lawyers should find out clients’ potential risks and needs in a forward-looking manner and become trusted advisers. They should be members of the think-tank for the clients in management, business and capital operation to help them grow stronger and bigger.” Qiu Mei is also a member of the Banking and Financial Laws Committee of Beijing Lawyers Association.

High-quality lawyers are crucial to the development of a firm. For a firm to achieve new heights, lawyers’ selfdevelopment is especially important. In this respect, Hylands has trained and supported a number of young partners. They have become rising stars in their respective fields. Zhu Zhitong, Xu Yu, Li Zhengning, Tao Shan and Zhang Miao represent such young partners. “A rapidly growing law firm not only depends on the growth of young lawyers and young partners but also depends on the assistance and support from main partners and the cooperation and resource-sharing between partners,” Xu Yu explains to ALB. As for development expectations, Liu Hong, director and partner at Hylands, says: “Hylands aims to become a homegrown law firm undertaking international businesses. We hope we can develop our professional expertise in both breadth and depth while retaining our positive and innovative vitality.”

律所在坚持高度专业水准的同时，开始积 极探索，锐意创新。“目前，律师的职责不 再只是客户出现问题后负责解决问题的‘救火 队员’，而是更加具有前瞻性地发现客户未来 可能出现的潜在风险和需求，为客户做大做 强，管理运作、经营运作、资本运作并举充 当智囊团及‘军师’。”浩天信和律师事务所合 伙人邱梅对ALB表示，她同时还是北京市律 协银行金融法专业委员会委员。 高水平的律师是律所发展的关键。律所要 实现新的成长，律师的自我成长显得尤为重 要。在这方面，浩天信和培养和扶持了一批 年轻合伙人，他们在各自领域成为冉冉升起 的新星，朱志彤、徐羽、李正宁、陶姗、张 淼就是其中的代表。“一个快速成长的律所， 一方面依赖于年轻律师、年轻合伙人的成 长，但另一方面，更依赖于大合伙人的帮扶 传带，以及合伙人之间的平行合作、资源共 享。”徐羽对ALB表示。 “浩天信和定位于一家承接国际业务的本 土律师行。希望未来既能在专业发展上兼顾 广度与深度，又能保持积极向上、不断创新 的活力。”对于未来的发展期许，浩天信和 律师事务所主任&合伙人刘鸿这样对ALB说 到。

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COVER STORY

He Baoyin, Director, Management Committee Director 贺宝银, 主任、 管理委员会主任

5

ASIAN LEGAL BUSINESS AUGUST 2015

JINCHENG TONGDA & NEAL

金诚同达律师事务所

Head office: Beijing Year of establishment: 1992 Number of fee-earners in 2014: 314 Number of fee-earners in 2015: 381

总部：北京 创立年份：1992年 2014年律所收费执业者人数：314人 2015年律所收费执业者人数：381人

Since its establishment in 1992, Jincheng Tongda & Neal has formed a network of offices across China to provide clients with legal services on a wide range of matters, including securities, finance, real estate, project financing, infrastructure, insurance, M&A, tax, intellectual property rights, antitrust, foreign investment, international trade, WTO dispute resolution, commercial arbitration and litigation. Since last year, JT&N has opened two new offices in Jinan and Hefei, and won quite a few important new clients, including Haitong Securities Co Ltd and Jiayou International Logistics (Beijing) Co Ltd, helping it achieve year-on-year revenue growth of 30%. It also carved out new practice areas like Sino-European bilateral investment treaty negotiation and commercial bribery. He Baoyin, director of JT&N, is confident that the firm would narrow the gap between domestic peers in terms of partner and lawyer structure, overall competitiveness and service network presence, and take its share of the Asia-Pacific market through continuous development. In the coming year, the firm has its eyes on the domestic market, while reasonably developing overseas markets.

TAHOTA LAW FIRM

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自1992年成立以来，金诚同达律师事务所 已形成覆盖全国的网络，为客户提供广泛的 法律服务，业务范围涵盖证券、金融、房 地产、项目融资、基础建设、保险、并购、 税务、知识产权、反垄断，到外商投资、国 际贸易、WTO争端解决、商事仲裁诉讼等 多个领域。该律所去年至今新开设了济南和 合肥两个分所，增加了海通证券股份有限公 司、嘉友国际物流（北京）有限公司等重要 客户，营业额同比达30%的增长，同时开辟 了中欧双边投资协定谈判、商业贿赂等新领 域。金诚同达律师事务所主任贺宝银称，在 合伙人和律师结构、业务综合竞争力、服务 网络布局等方面，通过不断发展，律所将同 国内同类大所缩小差距，在亚太市场上占有 一定份额。未来一年里，律所将继续拓展国 内市场，适当发展境外市场。

泰和泰律师事务所

Head office: Chengdu Year of establishment: 2000 Number of fee-earners in 2014: 415 Number of fee-earners in 2015: 454

总部：成都

Managing partner Cheng Shoutai believes that as a law firm headquartered in southwestern China, Tahota is facing pressure to break through regional constraints as well as unprecedented development opportunities. Tahota opened its Jinan office in June 2015, with the number of lawyers increasing from 415 last year to 454 this year. Preparations are being made for the Shanghai office opening, and plans to set up offices in Washington, Hong Kong and other cities overseas are under way.

作为一家总部位于西南地区的律所，泰和泰 律师事务所首席合伙人程守太认为其面临着 区域突围的压力，但同时也有着前所未有 的发展机遇。2015年6月，泰和泰济南办公 室正式开业，律师数量由去年的415人增加 到今年的454人。目前上海、昆明办公室在 如火如荼的筹备设立中，而华盛顿、香港 等海外布点计划也已确定并正在推进当中。 程表示，泰和泰现在正着手实施差异化发展 战略布局，将在西部省会城市积极布点，做 大做强成都、重庆两翼，尽快形成泰和泰西 部省会城市法律服务网络，在沿海地区适 当布点，并进一步走出去开辟海外市场。未 来一年，泰和泰将对内加速知识管理平台建 设和法律服务产品研发；对外将加强与国内 外知名律所合作，旨在建立跨区域、跨国界 的法律服务平台；同时将重点引进互联网、 税务、能源、医疗健康等专业领域的领军人 才，不断实现专业的 转型升级。

Cheng said Tahota has begun implementing a differentiated development strategy as it aims to establish its presence in provincial capitals in western regions by growing and strenghtening its Chengdu and Chongqing offices to form a legal-service network in the area. The firm will also establish reasonable presence in coastal regions and further explore overseas markets. In the next 12 months, Tahota will accelerate the construction of its internal knowledge management platform and the development of its legal-service products, and boost external cooperation with renowned law firms both at home and abroad to set up a legal-service platform across regional and national borders. Additionally, the firm will also bring in leading talents in areas of the Internet, tax, energy and health care to achieve transformation and upgrade its professional expertise.

创立年份：2000年 2014年律所收费执业者人数：415人 2015年律所收费执业者人数：454人

Cheng Shoutai, Chief Partner 程守太, 首席合伙人

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JINCHENG TONGDA & NEAL 金诚同达律师事务所

JT&N: WINNING THE FUTURE WITH SINCERITY AND PROFESSIONALISM “A man’s proper truth is pure sincerity in its highest degree - without this pure sincerity one cannot move others.” – Zhuangzi · Fisherman

A: 10th Floor, China World Tower No.1 Jianguo Menwai Avenue Beijing 100004, China T: (8610) 5706-8585 F: (8610) 8515 – 0267 W: www.jtnfa.com

“Being honest and sincere to achieve joint development” is the philosophy of Jincheng Tongda & Neal Law Firm (“JT&N”). Over the 23 years since its establishment, guided by this philosophy, JT&N has upheld the highest professional standards, and evolved into one of the most important full-service law firms in China.

Last month, the hearing for Japan and the European Union’s (“EU”) lawsuit against China’s anti-dumping measures targeting high-performance seamless stainless-steel pipes imported from Japan and the EU in the appeal stage was held at WTO headquarters in Geneva. Peng Jun, senior partner of JT&N, became the first Chinese lawyer ever to attend court debate in the appeal stage of a WTO case.

This is just one of the many accolades received by JT&N. In 2006, JT&N was named a “Ministry-level Civil Law Firm” by the Ministry of Justice; in 2006, it was among “Top 30 Fastest Growing Law Firm in Asia” ranked by ALB . in 2010, it was the third time recognized as an “Excellent Law Firm in China” by the All China Lawyers Association; JT&N was first founded in late 1992. Today, it is one of the largest and most dynamic law firms in the country, with over 300 professional lawyers.

JT&N has distinguished itself as a leader in multiple areas of practice. The firm’s practice areas include international trade and WTO, intellectual property (“IP”), merger and acquisition (“M&A”) and restructuring, insurance, antitrust, high-tech, company establishment and corporate compliance, private equity, banking and finance, bankruptcy restructuring & liquidation,etc.

JT&N boasts top-notch attorneys in China in each practice area. It seeks to help clients resolve practical legal issues with a rigorous academic-style attitude, and professional and expert services.

“We are in the history. We are making the history.”

This is how attorney Peng Jun felt when attending court debate in the appeal stage of the WTO case. This is also the expectation and wish of all attorneys at JT&N. Peng Jun specializes in JT&N’s private equity/venture capital/ corporate M&A/international trade relief and WTO trade laws.

Founded in 1998, JT&N’s international trade team now consists of 24 attorneys, and has become one of the leading legal teams in international trade in China.

In March 2015, attorney Yang Chen represented, and provided professional legal services for, duty Chinese tire industry in the antidumping and countervailing Investigations initiated by the US, the alleged value of

which is more than $2.3 billions. In July 2015, attorney Peng Jun advised China Communications Construction Company Limited (“CCCC”) in the “CCCC - Gwadar, Pakistan” project. More and more attorneys from JT&N’s international trade team are becoming active players in the arena of international trade.

IP is another main practice area of JT&N. There are 16 attorneys specializing in this area at JT&N, all of whom have accumulated rich experiences by handling IP cases of various types, with quite a few cases being the first in the country. In 2015, the firm has undertaken several exemplary cases, including the trademark administrative lawsuit of Unipharm US (handled by attorney Pang Zhengzhong) in January 2015 and the Chrysler trademark protection case of Chrysler (China) Automobile Sales Co., Ltd. (handled by attorney Zhao Ping) in February 2015, etc.

The legal profession has extremely high requirements on professional expertise and rigorous thinking, especially so in the M&A field. M&A is also a highly acclaimed practice area of JT&N. JT&N specializes in private equity and venture capital.

It has actively participated in a number of Chinese venture capital and private equity deals, with investors including International Data Group, CDH Investments, Intel, Carlyle, International Finance Corporation (IFC), Sequoia Capital, Vertex (Singapore) and OWW (Singapore). Guan Jun, senior partner at JT&N, told ALB that the devil is in the details. The due diligence in the early M&A stage is where lawyers catch “devils”.

Mei Yiqi once said:”A university is a university only when it has good teachers”. Similarly, how to attract and retain top talents is crucial to a law firm’s development. In this respect, JT&N has created a unique management model of appropriate corporatestyle management on the basis of partnership. All of the firm’s major matters are discussed and decided by the senior partner meeting, which is the firm’s supreme governing and decision-making body. The management committee, formed through election, focuses on implementation and adopts a director accountability system. A strategic development committee is set up under the senior partner meeting, and one of its main responsibilities is to evaluate the performance of partners.

This management model, characterized by clearlydefined rights and responsibilities, is conducive to incentivising partners to take part in firm management.

It also helps partners appreciate the importance and difficulty of management, which is in turn good for strengthening the firm’s management work.

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COVER STORY

Sun Weixing, Partner, Director 孙卫星, 合伙人, 主任

ASIAN LEGAL BUSINESS AUGUST 2015

TENET & PARTNERS

天衡联合律师事务所

Head office: Xiamen

总部：厦门

Year of establishment: 1993

创立年份：1993年

Number of fee-earners in 2014: 149

2014年律所收费执业者人数：149人

Number of fee-earners in 2015: 182

2015年律所收费执业者人数：182人

As a commercial law firm based in the west coast of the Taiwan Straits, Tenet & Partners is committed to providing allround legal services for its high-end clients. Its revenue has grown by more than 30% since last year despite its small growth number of its fee-earners. The firm not only holds a leading position in the traditional litigations and nonlitigation fields, but also gains trust in the field of capital market, M&A and Internet finance, etc. Most notably Tenet & Partners holds the largest share in Fujian in terms of the New Third Board market.

Head office: Beijing Year of establishment: 1999 Number of fee-earners in 2014: 253 Number of fee-earners in 2015: 283

Tenet & Partners

WAN HUI DA LAW FIRM

天衡联合律师事务所

The firm aims to move all its offices into 5A-grade office buildings, and标志与标准字体多种组合 achieve office automation to comprehensively improve clients’ on-site experience this year. In the next 12 months, Tenet & Partners plans to improve its brand and reputation in three major practice areas of capital markets, M&A, and family-wealth succession; continue to sharpen professional expertise in traditional litigation and corporate and government legal advisory; practice quality management and control as well as risk prevention and control. Sun Weixing, director of Tenet & Partners and chairman of its partner meeting, said the firm is keen to boost its professional image and leave a lasting legacy.

Wan Hui Da Law Firm has witnessed robust growth for the past years and has added, since last year, new offerings in areas of trade secret litigation, antitrust laws as well as litigating disputes over technology agreements and other technology-related matters in multiple jurisdictions. It has offered legal services to clients including Hershey’s, Armstrong, Suning, among others. Case load grew 9% compared with the same period a year earlier.

The firm is intent on creating the best customer experience and committed to becoming a top-tier intellectual property firm combining the strong credentials of a domestic Chinese firm with the multilingual and interdisciplinary skills of an international firm. Managing partner Bai Gang said that in the coming year, the firm will leverage its IP resources in academic, practical, legislative and technological knowhow to proactively anticipate its clients’ needs, address their concerns and aggressively prosecute and enforce their IPRs in China.

作为一家立足于海西的高端商事律所，天 衡一直以客户为中心致力于为客户提供专 业务实的综合解决方案。2014年在人员 未大量增加的情况下，营业额获得了超过 30%增长的成绩，成为福建唯一业绩破 亿的律所。天衡不仅在传统诉讼与非诉讼 领域的服务水平处于全国领先地位，而且 在资本市场、并购重组、互联网金融等方 面都获得客户信赖，尤为突出的是，天衡 在新三板市场中占据福建省最大的市场份 额。今年，天衡各地分所均已入驻5A级写 字楼并实现办公自动化，全面提升客户来 所体验。在未来12个月里，天衡将强化“ 海西高端商事律所”的定位，尤其在资本 市场、并购、家族财富传承三大业务板块 继续提升品牌美誉度，在公司及政府法律 顾问及传统诉讼业务板块继续加强专业化 建设；推进律所在部门专业化建设、业务 质量管理控制、风险防范控制等领域的发 展。合伙人会议主席、主任孙卫星称天衡 将不断提升专业水准，塑造专业形象，打 造“百年天衡”。

万慧达律师事务所 总部：北京 创立年份：1999 2014年律所收费执业者人数：253人 2015年律所收费执业者人数：283人 去年至今，万慧达律师事务所继续保持良 好的发展态势，并在商业秘密、反垄断和 涉及技术合同的诉讼和涉及多国的诉讼方 面有特别的加强，与前一年度同期相比， 在该阶段的案量增长了9%。管理合伙人白 刚表示，在未来的一年中，万慧达将运用 自身的知识平台、协作平台和沟通平台， 更加细致和主动地了解客户需 求，为他们的知识产权保护做好 计划，定好策略，及时向他们传 递最新的法规及动向，高效、谨 慎地为他们处理每个具体案件。 同时，万慧达始终将立足创造最 佳的客户体验，致力于打造中国 知识产权法律服务行业的领军企 业。

Bai Gang, Partner 白刚, 合伙人

地址：成都市高新区天府大道中段

199号棕榈泉国际中心16楼 邮编：610041

Dedicated in providing onestop legal services for you

致力于为您提供一站式 法律服务

Tahota Law Firm was established on May 25th, 2000, and it is a large law firm in the form of a special general partnership. At present, it has established offices in Beijing, Chengdu, Chongqing, Jinan, Lhasa, Shenzhen, Hong Kong and other cities. Tahota has more than 80 partners and approximately 600 practicing lawyers, assistant lawyers and administrative employees.

As a leading comprehensive law firm, Tahota devotes itself to providing clients with all-around one-stop legal services.

泰和泰律师事务所成立于2000年5月25日， 系大型的特殊普通合伙制律师事务所。目 前，已在北京、成都、重庆、济南、拉萨、深 圳、香港等地设立了分支机构。泰和泰拥有 合伙人80多名，执业律师、律师助理及行 政工作人员逾600人。作为一家实行差异 化经营、居于领先地位的大型综合性律师 事务所，泰和泰致力为客户提供全方位的 一站式法律服务。

总机：86-28-86625656 传真：86-28-85256335 邮箱：taihetai@tahota.com

www.tahota.com

福建天衡联合律师事务所 Tenet & Partners

海西高端商事律所

部级文明所 • 全国优秀律师事务所 中世律所联盟成员所 • 两岸资本市场服务联盟发起机构 房地产与建筑工程•公司商事•并购重组•资本市场与金融•政府法律顾问•海事海商•知识产权 刑事•争议解决•劳动和人力资源•家事与财富传承•贸易救济与竞争法 厦门办公室电话：0592-5883666 泉州办公室电话：0595-22182603 福州办公室电话：0591-83810300 龙岩办公室电话：0597-2297688 上海办公室电话：021-58364666

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COVER STORY

ASIAN LEGAL BUSINESS AUGUST 2015

盈科律师事务所

YINGKE LAW FIRM

总部：北京 创立年份：2001年 2014年律所收费执业者人数：2365人 2015年律所收费执业者人数：4307人

Head office: Beijing Year of establishment: 2001 Number of fee-earners in 2014: 2,365 Number of fee-earners in 2015: 4,307

Mei Xiangrong, Partner, Director 梅向荣, 合伙人，主任

With 29 offices across mainland China and 27 overseas offices, Yingke Law Firm currently employs over 4,300 feeearners. Last year, it set up a number of new offices: five in the mainland and 12 overseas, including Madrid, Lisbon and Moscow. In the past year, Yingke expanded its practices in Internet finance, Japanese laws and cross-strait laws, and won 30 new key clients, including Baoshida International Holding Group Co Ltd, China Railway Tunnel Group Co Ltd, and Midea Group Co Ltd. Going forward, Yingke plans to further improve its domestic office system as well as enhancing its information management and knowledge management systems. The firm is also looking to have 40 offices in the mainland and continue to boost its global presence over the next 12 months by opening branches or forming strategic alliances in important cities and economic hubs, including in France, Germany, Greece and Switzerland. Its overseas legal practices are set to double from 2014 as Yingke aims to become the “choice law firm” for Chinese companies seeking legal services for their overseas investment and trade. Mei Xiangrong, a global partner and director of Yingke, said that the firm would keep on accelerating its internationalisation process while consolidating its foothold in the mainland, and build a more integrated and efficient one-stop business and financial legal service system.

在中国大陆设有29家办公室，27个海外城市 设有办公室，目前拥有超过4300 收费执业者的盈科律师事务所，于去年在中 国大陆新设立了5家办公室，在马德里、里斯 本、莫斯科等12个城市设立了分所。在过去 的一年里，盈科拓展了其在互联网金融、日 本法律、以及海峡两岸法律方面的业务，并 增加了包括宝世达国际控股集团有限公司、 中铁隧道集团有限公司、美的集团股份有限 公司在内的30个主要客户。下一步，盈科 将进一步完善律师事务所国内分所体系的建 设，力争在大陆地区的分所总数达到40家； 未来12个月，盈科继续扩大国际版图，在全 球重要城市和经济中心开设分所或建立战略 联盟，包括法国、德国、希腊、瑞士，海外 法律业务将在2014年的基础上翻一番，努力 成为中国企业海外投资贸易法律服务的“第 一选择”；并进一步完善律所信息管理系统及 知识管理系统。盈科全球合伙人兼主任梅向 荣表示，盈科律师事务所将继续在现有基础 上，立足中国大陆，加快推进国际化建设进 程，构建更加紧密的、高效的一站式商务、 金融法律服务体系。

ZHONG LUN LAW FIRM

中伦律师事务所

Head office: Beijing Year of establishment: 1993 Number of fee-earners in 2014: 900 Number of fee-earners in 2015: 1,148

总部：北京 创立年份：1993年 2014年律所收费执业者人数：900人 2015年律所收费执业者人数：1148人

As a full-service law firm, Zhong Lun counts well-known investment banks, insurance companies and private equity firms both at home and abroad, as well as government agencies, international organisations, foreign consulates and embassies in China, and chambers of commerce as its clients. Last year, it generated revenue worth approximately $225 million, and opened two new offices in Qingdao and Chongqing. Wu Peng, director of Zhong Lun’s management committee, said that while maintaining moderate growth in total revenue, the firm will pay more attention to per capita revenue and develop with a focus on both quality and scale.

作为一家综合性律师事务所，中伦律师事 务所的客户包括国内外著名的投资银行、 保险公司、私募基金等，同时也为政府机 构、国际组织、外国驻华使（领）馆、商 会等提供中国法律服务。去年营业额达 Wu Peng, Management 约2.25亿美元，新设立了青岛、重庆两个 Committee Director 分所。中伦律师事务所管委会主任吴鹏表 吴鹏, 管委会主任 示，未来中伦在维持适度总量增长的同 时，会重视人均收入，向质量和规模并重的 方式迈进；同时根据中国新的经济形势和客 户诉求，进一步推进中伦的国际化、专业化 进程；一如既往、更多更好地履行中伦作为 企业公民的社会责任。吴鹏同时表示中伦将 坚持外部引进、内部培养和晋升双管齐下的 思路强化专业团队建设，推行律师和合伙人 专业化，组织新律师上岗培训、律师专业培 训沙龙、律师实务知识整理等，保证业务质 量，提高效率和抗风险能力，进一步确立中 伦的品牌优势。

Zhong Lun will further push ahead with internationalisation and improvement of professional expertise in light of China’s new economic conditions and clients’ needs. It will do an even better job in performing social responsibility as a corporate citizen. Wu Peng also said that the firm would continue to strengthen professional team building by bringing in outside talents while training and promoting internal talents. To maximise its brand advantages, Zhong Lun will promote specialisation among lawyers and partners, conduct trainings for new lawyers, organise professional-expertise training salons, and compile practical knowledge for lawyers to ensure practice quality, raise efficiency and improve their ability to fend off risks.

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WAN HUI DA LAW FIRM 万慧达律师事务所

WAN HUI DA: A FIRM FOCUSING ON INTELLECTUAL PROPERTY PRACTICES Human’s mind is great, as long as it concentrates on some cause, it will produce surprising results. -- Mark Twain

A: Yiyuan Office Building, Friendship Hotel, 1 Zhongguancun Street South, Haidian District, Beijing, 100873 P.R.C. T: 86-10-6892 1000 F: 86-10-6894 8030 E: whd@wanhuida.com W: www.wanhuida.com

WAN HUI DA, which is rated at the top of its profession by most legal medias such as Chambers & Partners, Legal500 and Managing Intellectual Property on the basis of objective and independent surveys, is recognised as belonging to the 1st tier of intellectual property firms in China. With 15 years’ valuable experience in intellectual property practice, WAN HUI DA features streamlined service structure of “IP Agency + Law Firm” and strong office presence in Beijing, Shanghai, Guangzhou, Ningbo, Suzhou, Taizhou, Tianjin, Chongqing, Shenzhen & Hong Kong.

WAN HUI DA is now home to a team of 300+ staff, including 100+ trademark practitioners, 60+ patent practitioners, 60+ attorney-at-laws, as well as 50+ experienced in-house investigators professionally trained for different industries. The firm is a full intellectual property service provider, covering the whole range of trademark, patent, copyright prosecution as well as all forms of IPR dispute resolutions civil, administrative and criminal.

WAN HUI DA is frequently requested by its clients to represent their interests in their most high-profile cases and often finds itself at the forefront of the IPR law practice in China. Selected statistics indicate that from 2008 throughout 2014, it has 10+ winning cases in China’s Supreme Court (SPC) and 10 litigation cases selected to be reported in the SPC’s Gazette or listed in the SPC’s annual 10/50 exemplary cases.

WAN HUI DA is a leading service provider in patent and technology legal services in China. Over the years, it has litigated hundreds of cases in the area of patents, trade secrets and technology disputes, protecting and defending client’s interests and advancing China’s legal fronts. In this service area, WAN HUI DA has over 90 professionals, attorneys and patent agents, experienced in litigating and prosecuting patents and technology disputes. Its licensed patent agents cover all technical fields, including chemistry, biochemistry, electronic engineering, mechanical engineering, software and telecommunication.

WAN HUI DA welcomed on board, in early 2015, two new senior partners Dr. S. Sam LI and Ms. Tiejun TANG. Both are highly experienced and reputed litigators in patent, trade secrets, and other technology-related matters: Dr. LI has substantial experience practicing law in multiple jurisdictions; Ms. TANG addresses leading edge legal issues in many of her cases. Their arrival has added considerable strength to the firm’s patent force.

WAN HUI DA has made remarkable progress in patent litigation field in recent years. A glimpse of its exemplary cases including: • Representing SEB in obtaining a favorable ruling in a patent infringement suit and in later appeal against a local infringer by having Courts at both instances award damages of RMB 300,000 despite the defendant’s denial of the manufacture and distribution action of the infringing products. The case is selected for “SPC’s 50 Exemplary IPR Cases for 2014 in China”.

• Representing MAPED in a patent infringement lawsuit against the manufacturer and distributor of infringing scissors throughout the first and second instance as well as retrial, and obtained the Supreme Court’s confirmation in the retrial ruling, that “extra design” element has no material impact on the determination of patent infringement. The case is selected in the “SPC’s Annual 50 Exemplary IPR Cases for 2013 in China”.

• Representing Guangzhou New GEP in a re-trial of patent infringement suit, in which the Supreme Court supported the firm’s argument that in construction of a claim, if the parties have different understanding of the wordings of the claim, one may refer to the specification and the drawings to interpret the claim. The case is selected for the SPC’s 2010 Annual IP Report.

WAN HUI DA combines the strong credentials of a domestic Chinese firm with the multilingual and interdisciplinary skills of an international firm.

Its unique blend of resources is based on a deep understanding of the substance and procedure of the IP laws of China. It is also recognized for its dedication to policy and academic researches for the progress of IPR laws in China. Since its inception, the firm has worked with Courts and government bodies as well as industry groups and international organizations for China’s legislative and policy development regarding intellectual property. Its contribution to the initial drafting and subsequent amendments to the major IP laws and their interpretations in Court decisions has given the firm reputations in China’s IPR community. The advocacy work also allows WAN HUI DA professionals gaining unique insight in law and practice.

As WAN HUI DA Managing Partner BAI Gang states in an earlier media interview, WAN HUI DA will stay focus on intellectual property practice in the future under its motto: “expertise makes it possible”.

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SHANGHAI REPORT

ASIAN LEGAL BUSINESS AUGUST 2015

PIONEERING FINANCIAL REFORMS

SHANGHAI HAS ALWAYS BEEN A PIONEER IN FINANCIAL REFORMS. STANDING AT THE FOREFRONT OF BOTH THE CAPITAL AND LEGAL MARKETS, SHANGHAI PLANS TO INAUGURATE THE MUCH-ANTICIPATED STRATEGIC EMERGING ENTERPRISES BOARD. HOW WILL IT FARE, AND WHAT IMPACT DO LAWYERS EXPECT IT TO HAVE? SHANGJING LI FINDS OUT MORE.

上海一直以来都在引领金融改革。站在资本和法律市场的最前沿， 上海今年又在筹划开启战略新兴版为多层次资本市场做贡献。一切 的改革之举功效如何？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 **

WWW.LEGALBUSINESSONLINE.COM : ALB_China : Connect with Asian Legal Business

SHANGHAI REPORT

試水金融改革 “A LOT OF LAWYERS WOULD COME TO SHANGHAI TO PRACTICE LAW, BECAUSE SHANGHAI HAS THE BEST LEGAL ENVIRONMENT IN THE COUNTRY, IN TERMS OF TRANSPARENT COMPETITION, LITIGATIONS, AND CAPABILITY AND FAIRNESS OF LOCAL COURTS.” Lawrence Zhu, AllBright Law Offices

“很多人愿意来上海执业，因为上海是中国司法环境最好的城市， 这基本上是公认的，包括公开竞争、诉讼、法院的审判能力和公平 性。” 朱林海，锦天城律师事务所

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SHANGHAI REPORT

t is not a surprise that lawyers in Shanghai enjoy the highest revenue per capita across the country – more than the capital city of Beijing, and almost twice as much as lawyers in the southern city of Shenzhen.

The government has spent years trying to build Shanghai into an international financial centre. Stroll along the Shanghai Bund or across the central street of Nanjing Road and you might think you’re in a European city, given the many Westerners you’re likely to see walking by.

Shanghai is perhaps the only city in China that so resembles a typical Western metropolis that its underlying culture and influence lies in its capital market and legal market as well.

“A lot of lawyers would come to Shanghai to practice law, because Shanghai has the best legal environment in the country, in terms of transparent competition, litigations, and capability and fairness of courts,” said Lawrence Zhu, the managing partner at Allbright Law Offices.

Data released by Shanghai Bar Association this April revealed that the number of law firms in Shanghai went up from 1,064 in 2010 to 1,321 this year, marking a 24 percent increase. Meanwhile, the number of Shanghaibased lawyers rose from 12,298 to 16,900 during the same period, indicating a 37 percent growth.

In an interview with ALB, Zhu from Allbright emphasised that a fairer and more standard market in Shanghai contributed to current prosperity of its legal market.

“In Beijing, you have to be well-connected with the big SOEs [state-owned enterprises] to win big deals. But such deals have a limited number. The deals in Shanghai, on the other hand, are more diversified and win big in quantity,” he said. “For example, in Beijing you can take one deal in a year that is worth 20 billion yuan. In Shanghai, our deal may be worth only 1 billion, but we can take many such deals.”

ASIAN LEGAL BUSINESS AUGUST 2015

上

海律师享有全国最高的人均创收，这一点 并不令人意外。他们的创收比首都北京 高，几乎是南方城市深圳同行的两倍。 政府费心多年，试图把上海打造成国际金融中心。 漫步上海外滩，或穿行在市中心的南京路，与众多西 方面孔擦肩而过，你可能会觉得身在欧洲城市。 上海或许是中国唯一一座与典型西方大都市如此相 像的城市，以至于其根本的文化和影响力均体现在资 本市场和法律市场中。 “很多人愿意来上海执业，因为上海是中国司法环 境最好的城市，这基本上是公认的，包括公开竞争、 诉讼、法院的审判能力和公平性。”锦天城律师事务所 管理合伙人朱林海表示。 上海市律师协会今年4月公布的数据显示，上海 的律师事务所数量从2010年的1064家增加到今年的 1321家，增长24%。而这一期间在上海工作的律师人 数也从12,298人增加到16,900人，增长了37%。 在接受ALB采访时，锦天城的朱林海律师强调称， 上海目前法律市场的繁荣有赖于上海更加公平和规范 的市场。 “在北京，你得与大型国企打好交道，才能接到大 案子。但这类案子的数量有限。另一方面，上海的 案子更加多元化，数量远远多于北京。”他表示。“比 如，在北京你可以一年就接一个价值200亿元人民币 的案子。在上海，我们的一个案子可能金额只有10亿 元，但能接到许多这种案子。”

SHANGHAI REPORT

WWW.LEGALBUSINESSONLINE.COM : ALB_China : Connect with Asian Legal Business

A MULTI-LEVEL CAPITAL MARKET China has been working to build a multi-level capital market to cater to companies’ different financial needs. And to better fulfill Shanghai’s role as the country’s financial hub, the Shanghai Stock Exchange is scheduled next April to inaugurate a new market called the Strategic Emerging Enterprises Board. The city has already obtained approval from the State Council for the board, which is expected to challenge the wildly successful ChiNext board in Shenzhen.

Chinese President Xi Jinping pledged to let state control take a step back and allow market forces play a more decisive role.

The Shanghai exchange, which mainly hosts large state-run firms, has been planning the new board for several years to win back investors who fled the market during its multi-year slump. The board is designed to hold innovation-driven companies in industries including computer science, information technology, renewable energy and bioscience.

To attract companies to list on the new board, the Shanghai exchange is considering more relaxed criteria, such as waiving certain requirements on revenue, according to people familiar with the matter.

Four companies are being considered the first to be listed, including internet firms Antgroup, Dianping and Iqiyi, as well as the Commercial Aircraft Corp of China.

“Though the Strategic Emerging Industries Board has not been approved yet, we have already started the preparations. Quite a few of my clients have asked to be among the first companies listed on the board, and the demands are especially from the e-commerce companies with big revenue but low profit margins. ” said Shao Chunyang, a partner at JunHe.

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多层次资本市场

中国一直致力于打造多层次资本市场，满足企业的不同金 融需求。为了更好地发挥上海作为全国金融中枢的作用， 上海证券交易所计划于明年4月推出一个全新的市场，称 为战略新兴企业板。上海已获得国务院批准设立该板，预 计将挑战在深圳大获成功的创业板。 中国国家主席习近平承诺减少国家控制，允许市场发挥 更为决定性的作用。 在上海证券交易所挂牌的公司主要都是大型国企，上交 所多年来一直在策划用这个新板赢回在常年股市低迷中逃 离沪市的投资者。战略新兴板旨在汇聚计算机科学、信息 技术、可再生能源和生物科学等行业的创新型公司。 据熟悉这一事项的人士表示，为了吸引企业在新板上 市，上交所正考虑采用更为宽松的标准，如免除对营业额 的特定要求。 目前考虑四家公司首批上市，包括互联网公司蚂蚁金 服、大众点评和爱奇艺，以及中国商用飞机有限责任公 司。 “尽管战略新兴产业板尚未获得批准，但我们已开始着 手准备。已经有不少客户要求第一批进入战略新兴版， 这些公司很多公司都是创收很大但利润较低的电商类公 司。”君合律师事务所合伙人邵春阳表示。 在《上海证券报》组织的一次论坛上，上交所副总经理 刘世安曾表示，新板还将为私募和风险资本的投资者提供 退出渠道。

瀛泰律师事务所 WINTELL & CO

前行中的中国资本市场

夏辉 合伙人 Jason Xia, Partner T: +86 21 68544599 E: jason.xia@wintell.cn

主要执业领域：公司/外商直 接投资,资本市场/证券,收购 兼并 Practice Area: Corporate/ Foreign Direct Investment, Capital Markets/Securities, Mergers & Acquisitions

地址：上海市浦东新区世纪大 道1589号长泰国际金融大厦 1901-1905室 A: Rm. 1901-1905, Chamtime International Financial Center No. 1589 Century Avenue, Pudong, Shanghai 200122, P.R. China W: www.wintell.cn

2015年7月4日，一则“国务院会议决定暂缓IPO 发行”的新闻在业内引起哗然，一时之间市场议论纷 纷，情绪有喜有忧。喜的是，公众寄希望于IPO的暂 缓发行能阻止日益下行的A股市场；忧的是，IPO的 暂缓发行会否会导致资本市场业务的停滞不前，甚 至中断国内资本市场的改革之路。 然而细想来，事态并非想象中的可怕，首先，此 次IPO的暂缓是针对A股市场连续非理性的调整而作 出的临时应对政策；其次，“暂缓”而非“暂停”，一字 之差，反映的是监管层面对此次股市调整的灵活务 实的态度。我们相信，在A股市场企稳后，这样的应 对政策应该不会持续太长时间。在另一层面上，我 们也应关注到有关资本市场的改革也在一直持续之 中。 首先，《证券法》的修改仍在推进之中。2015年 4月下旬，第十二届全国人大代表大会常委委员会 审议了《证券法》的修订草案，在股票发行制度方 面，该修订草案首次从法律层面明确了股票发行注 册的申请条件和注册程序，确立了股票发行注册的 法律制度，而证券法的修改恰是注册制改革跨入实 际操作层面的标志。 其次，上市公司并购重组审批程序已极大简化。

在《证券法》修改审议的同时，监管层一直在推动 上市公司并购重组审批程序的简化工作，特别是证 监会分别于2014年10月、2015年4月对《上市公司 重大资产重组管理办法》及相关条款适用意见的修 改 1，极大减少和简化了上市公司并购重组的审批流 程，提高了配套资金募集的比例，促成了并购重组 市场的持续火热。即使在IPO暂缓的当下，并购重组 的渠道仍然是通畅的。 最后，监管层积极构建多层次、多元化的资本市 场体系。从新三板扩容至全国性交易场所，到上交 所推出战略新兴板“聚焦新兴产业企业和创新型企业” ，甚至意在“引导和规范股权众筹的发展”的《关于促 进互联网金融健康发展的指导意见》的出台，都在 不同程度上体现出监管层对于构建多层次、多元化 的资本市场以满足不同类型企业直接股权融资需求 的顶层设计。 因而我们认为，中国的资本市场发展趋势长期来 看仍然是向好的，而中国资本市场的前行与发展也 不会因IPO的暂缓发行而改变其既有的轨迹。 瀛泰律师事务所公司商事团队长期专注于并购、 私募股权投资、风险投资和外商直接投资等领 域，致力于为诸多国内外客户提供专业而富有成 效的法律服务。

《上市公司重大资产重组管理办法》于2014年7月7日中国证券监督管理委员会第52次主席办公会审议通过，自2014年11月23日起施行。 《<上市公司重大资产重组管理办法>第十四条、第四十四条的适用意见——证券期货法律适用意见第12号》于2015年4月24日公布并施行。 1

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SPONSORED ARTICLE

ASIAN LEGAL BUSINESS AUGUST 2015

中倫律师事务所 ZHONG LUN LAW FIRM

中伦上海：创业精神打造国际化综合法律服务平台 2015年，中伦律师事务所上海所被上海市律师 协会授予2011-2015年度“上海市优秀律师事务所”称 号，并蝉联“上海市十佳律师事务所”殊荣。这是中 伦上海所取得的众多国内外荣誉的一个缩影，而这 背后体现的是中伦人始终以创业精神打造国际化综 合法律服务平台的努力和奋斗。 赵靖，中伦上海办公室主任 Anthony Zhao, the Director of Zhong Lun Shanghai Office

上海办公室 Shanghai Office 地址：上海市浦东新区世纪大道 8号国金中心二期10-11层 邮编：200120 A: 10-11/F, Two IFC, 8 Century Avenue, Pudong New Area, Shanghai 200120, P.R.China T: 86-21-6061 3666 F: 86-21-6061 3555 E: shanghai@zhonglun.com W: www.zhonglun.com

高歌猛进的发展势头 在过去的十几年，中伦上海所从寥寥数人发展到目 前共有55位合伙人、全员逾370人，综合实力在上 海律师界始终名列前茅。近几年来其发展势头尤 为迅速，无论人员和创收均成倍增长，并一直获得 各级政府和行业协会表彰。除了集体荣誉外，乔文 骏、赵靖、李红、张华、孙彬彬、周月萍、周兰萍 等分别荣获了“东方大律师”、“全国优秀律师”、“上 海市优秀女律师”、“上海市优秀青年律师”、“上海市 三八红旗手”、“上海市青年五四奖章”等官方荣誉。 同时，中伦上海所20多位合伙人多年来连续获 得诸多国际权威机构的优秀评级和赞誉；在近年来 《钱伯斯亚太指南》中，赵靖、倪勇军、乔文骏、 李红、杨挽涛和贾明军等获得了多个专业领域的第 一级别排名。中伦上海所近年来主导和参与了一系 列具有里程碑意义的项目，包括上海迪士尼主题乐 园、分众传媒纳斯达克私有化、百度并购91无线、 京东与腾讯战略合作及在纳斯达克上市、文思海辉 纳斯达克私有化、绿地在香港买壳上市及发行债 券、天齐锂业境外并购泰利森锂业、福特汽车金融 证券化等，而这些都被国际权威机构评选为年度最 佳项目。 合伙人队伍的迅速发展一方面得益于内部人才的 培养成长，另一方面也是因为中伦采取开放的态度 广纳英才。“我们在引进合伙人的时候，主要考察他 们的业务能力、专业方向和执业理念是否与中伦相 契合，核心还是打造全方位服务客户的综合性法律 平台，”中伦上海所主任赵靖律师对ALB介绍，“我们 在夯实我们的传统优势领域的基础上，积极拓展新 兴领域”。 夯实传统优势领域 资本市场是中伦的核心业务，涵盖股权基金和证券 市场两大基石领域，构建了境内外全产业链一站式 服务特色，并且在内部形成专业细分。赵靖是享有 国际卓著声望的基金投资和证券市场专家，陈芳在 基金设立募集上有着很高的造诣，孔伟和龚乐凡 在资产管理的衍生性上形成了自己的执业优势。同 时，张坚、葛永彬、顾峰、樊晓娟、张欣路和李在 军等形成了中伦上海资本市场团队的中坚力量；近 年来尚浩东、王丽琼和李俊杰的加盟壮大了队伍， 而今年朱颖的加入更引人注目。 中伦是业界公认的中国最佳房地产律所，在行业 领军人物乔文骏和青年才俊张华的引领下，上海所 形成了包括陈瑶、盛军、纪超、陈屹和徐韬峰等在 内的合伙人梯队，牢牢占据了涵盖房地产开发、交 易和融资的高端服务市场。去年，周月萍和周兰萍 的加盟将业务拓展到建设工程与基础设施领域，而 南锦林又注入了海外工程承包的元素，从而形成立

体化的服务网络。 公司并购是中伦的基石业务，中伦上海所从外 商投资和并购出发，积极拓展中国企业境外投资 业务，代表众多知名的国内外客户参与了一系列复 杂的交易。上海合伙人中既有“业务多面能手”周赟 以及李红和管云翔等实力派驾驭尖端项目，又有城 铭志和何敏智等资深律师提供丰富经验，还有徐 江燕、张明杰和丁恒等将公司法律服务的工作语言 覆盖至日语、法语和韩语，而黄志刚、赵昱东、罗 赟、高婷和周洋等新生代也崭露头角。 银行和金融也是中伦赢得国际声誉的主要业务， 杨挽涛作为中伦上海所在这个领域的开拓者和陆菁 一起长期以来一直为境内外客户提供融资领域优质 的全方位和前沿性服务，而今年何植松和张莉的加 盟使得中伦上海所能够更深入地为各类金融和准金 融机构提供涉及其设立运营和产品的服务。 锐意拓展新兴业务 赵靖对ALB介绍：“对于我们原先相对薄弱的环节， 在需要的时候我们会高起点地打造全新中伦团队” 。以争议解决为例，以知名诉讼专家包伟加盟为标 志，携手梁文煇、李晨飚和牛磊、以及新加盟的孙 彬彬，短短几年间中伦上海所迅速打造出一支涵盖 境内外诉讼和仲裁的精干队伍，改变了原先侧重于 非讼业务的局面。这个势头并且延展至破产重组业 务，今年中伦上海所成功入选上海市高级人民法院 公布的上海市企业破产案件一级管理人名册。 同样，倪勇军在税法领域为中国所树立了行业标 杆的同时，随着贾明军的加盟将税法与财富规划紧 密结合起来，与中伦香港所等其他办公室一起构建 了全球的财富筹划的网络，为中伦其他业务提供很 好的支持。 随着中国市场经济体系的建立和监管力度的加 强，更多的国内外公司客户需要更广泛的法律服 务。为此，高俊、邱靖和张海晓依托不同的执业背 景优势互补，组建了中伦的合规和反腐败业务组； 朱叶萍则开拓了中伦在劳动法领域的全新局面，而 程芳和舒海从专利和商标领域提供知识产权的服 务。 飞速发展背后的力量 中伦上海所近几年的飞速发展，除了外在的国民经 济的持续高位发展态势，中伦自身的功力也是决定 性因素。“中伦全所是一个整体，我们是在统一的制 度和文化中发展，当然上海所在国际型和前沿性业 务中有自己的特长，也有和上海这个城市相结合的 文化氛围。”赵靖对ALB解释说，“但是共通的是我们 中伦的合伙人都是充满着创业者的精神，勇于探索 创新、追求卓越。与此同时，合伙人之间又有明确 的专业化分工，彼此能够充分合作。” 除了坚持合伙人专业化分工，平台的开放性也无 形中增强了中伦的竞争力。英雄不问出处，中伦给 予了合伙人开放、包容的多元化氛围。无论是海外 精英还是国内的业界泰斗，都在中伦找到了自己的 一方天地，事业更上一层楼。

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ZHONG LUN SHANGHAI: TO BE ENTREPRENEURIAL AND BUILD ZHONG LUN INTO AN INTERNATIONAL FULL-SERVICE LEGAL SERVICES PLATFORM In 2015, Zhong Lun Law Firm’s Shanghai Office was named “Shanghai Excellent Law Firm” for 2011-2015 by the Shanghai Bar Association and bagged the “Shanghai Top 10 Law Firms” award as well. These are just some of the many international and domestic accolades Zhong Lun Shanghai has received. Behind the accolades are Zhongluners whose sustained efforts and entrepreneurial spirit helped build Zhong Lun into an international full-service legal services platform.

ROBUST DEVELOPMENT MOMENTUM After more than a decade of development, Zhong Lun Shanghai now employs a total of 55 partners and over 370 staff, leading the Shanghai legal industry in terms of overall strength. It has grown rapidly in recent years and received accolades from all levels of government and industry associations. The positive growth also meant an increase in strength of staff and revenue as well. Its not just the office receiving the accolades, Qiao Wenjun, Zhao Jing, Li Hong, Zhang Hua, Sun Binbin, Zhou Yueping, and Zhou Lanping have won honorary titles of “Shanghai Excellent Lawyer”, “PRC Excellent Lawyer”, “Shanghai Excellent Female Lawyer”, “Shanghai Excellent Young Lawyer”, “Shanghai March 8th Red-Banner Holder” and “Shanghai May 4th Youth Medal” respectively.

Additionally, over 20 partners at Zhong Lun Shanghai Office have received high rankings and accolades from many authoritative international organisations. According to Chambers Asia Pacific Guide, Zhao Jing, Ni Yongjun, Qiao Wenjun, Li Hong, Yang Wantao and Jia Mingjun have won Band 1 ranking in a number of practice areas in recent years. Zhong Lun Shanghai Office has led and participated in a series of landmark projects in recent years, including Shanghai Disneyland Park, privatisation of Nasdaq-listed Focus Media, Baidu’s acquisition of 91 Wireless, JD.com’s strategic cooperation with Tencent and flotation on the Nasdaq, privatisation of Nasdaq-listed Pactera Technology International, Greenland’s backdoor listing and bond issuance in Hong Kong, Sichuan Tianqi Lithium Industries’ overseas acquisition of Talison Lithium, and Ford Automotive Finance’s securitisation project, all of which have been selected as Project of the Year by authoritative international organisations.

A combination of extensive training and Zhong Lun’s open attitude towards recruiting has contributed towards the rapid growth of the partner team. “While bringing in partners, we mainly assess whether they are a good match for Zhong Lun in terms of professional expertise, field and how well they match our practice-philosophy. We aim to build a legal platform that provides a full range of services for clients,” Zhao Jing, director of Zhong Lun Shanghai Office, told ALB. “Our aim is to explore new areas while consolidating presence in areas where we have traditional strengths.”

“Consolidating presence in areas where we have traditional strengths” Capital markets is Zhong Lun’s core practice area, specifically, equity funds and securities markets. Zhong Lun offers one-stop services throughout the entire industrial chain both at home and abroad, with various practice segments. Zhao Jing is a world-renowned expert in fund investment and securities markets; Chen Fang is specialises in fund establishment and fundraisings; Kong Wei and Gong Lefan have expertise in asset management derivatives. Additionally, Zhang Jian, Ge Yongbin, Gu Feng, Fan Xiaojuan, Zhang Xinlu and Li Zaijun have become the backbone of Zhong Lun Shanghai’s capital markets team. In recent years, Shang Haodong, Wang Liqiong and Li Junjie have joined the team and made it even stronger. Zhu Yin’s addition this year is of significance as well.

Zhong Lun has been recognised as one of the best law firm in real estate in China by the legal industry. Led by legal market leader Qiao Wenjun and Zhang Hua, the Shanghai Office formed a partner team including Chen Yao, Sheng Jun, Ji Chao, Chen Yi and Xu Taofeng, and enjoys a strong presence in the high-end service market for property development, transactions and financing. The addition of Zhou Yueping and Zhou Lanping last year helped expand its practice areas to construction engineering and infrastructure. In the same vein, Nan Jinlin’s addition helped the firm become stronger in the field of overseas

engineering contract. An integrated service network was thus formed.

Corporate M&A is the cornerstone business of Zhong Lun. Starting from foreign investment and M&A, the Zhong Lun Shanghai Office has actively explored the area of outbound investment by Chinese enterprises and has represented many prestigious international and domestic clients in various complicated transactions. Shanghai-based partners, Zhou Yun, excels in different practice areas, Li Hong and Guan Yunxiang have handled sophisticated projects; senior lawyers like Cheng Mingzhi and He Minzhi are highly experienced; Xu Jiangyan, Zhang Mingjie and Ding Heng help improve the firm’s ability to provide legal services in Japanese, French and Korean; emerging lawyers like Huang Zhigang, Zhao Yudong, Luo Yun, Gao Ting and Zhou Yang are also starting to stand out.

Banking and finance is also a key practice area in which Zhong Lun has earned international reputation. Zhong Lun Shanghai Office’s Lu Jing and Yang Wantao, trailblazers in this area , have long provided quality all-around services for international and domestic clients especially in the area of financing. This year’s addition of He Zhisong and Zhang Li makes it possible for the Shanghai Office to provide more in-depth services to financial and quasi-financial institutions regarding their establishment, operation and products.

EXPLORING EMERGING BUSINESSES “We strive towards creating a new and strong Zhong Lun team in areas where we are relatively weak,” Zhao Jing told ALB. Take dispute resolution for example. With the addition of famous litigation experts Bao Wei, Liang Wenhui, Li Chenbiao and Niu Lei, and the recent addition of Sun Binbin, the Zhong Lun Shanghai Office has built a highly competent team specializing in international and domestic litigation and arbitration matters in just a few years, making its presence felt in the area of litigation. This momentum has been extended to the areas of bankruptcy and restructuring. This year, Zhong Lun Shanghai Office was selected as one of the tier-1 managers for corporate bankruptcy cases in Shanghai by Shanghai High People’s Court.

While Ni Yongjun continues to set industry standards in tax laws for PRC law firms, the addition of Jia Mingjun helps Zhong Lun Shanghai Office combine tax laws with wealth management and build a global wealth planning network with other offices like Zhong Lun Hong Kong Office, providing support for Zhong Lun’s other practice areas.

With the establishment of a market economy system and strengthened regulation in China, an increasing number of international and domestic corporate clients will need more extensive legal services. In response, Gao Jun, Qiu Jing and Zhang Haixiao have set up the compliance and anticorruption team at Zhong Lun in different practice areas; Zhu Yeping has created a new landscape for Zhong Lun in the field of labour laws, while Cheng Fang and Shu Hai provide intellectual property rights services in the patent and trademark area.

FORCES BEHIND THE BREAKNECK GROWTH Zhong Lun Shanghai Office has grown rapidly in recent years. The strength of Zhong Lun itself is one of the main determinants, alongside the continued fast growth of the national economy. “Zhong Lun is an integral firm. We develop in a uniform system and culture. Of course, the Shanghai office has its own expertise in international and frontier businesses as well as a culture related to the city itself,” Zhao Jing told ALB. “But what we have in common is that Zhong Lun partners are very entrepreneurial and innovative and we pursue excellence. In addition, partners specialise in clearly defined practice areas and can work with each other well.”

In addition to insisting on a sector-focused specialisation approach, Zhong Lun has an open platform, which helps the firm become more competitive. The saying “do not ask a hero where he comes from” is something Zhong Lun believes in and offers an open, tolerant and diversified atmosphere for its partners. Leading experts both in China and abroad can find their own place at Zhong Lun and enjoy an even more successful career.

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SHANGHAI REPORT

ASIAN LEGAL BUSINESS AUGUST 2015

The new board will also provide an exit channel for private equity and venture capital investors, Shanghai Stock Exchange vice-general manager Liu Shi’an was quoted saying at a forum organised by the Shanghai Securities News.

“The strategy of the emerging industries board is to attract emerging and creative businesses, especially those that have crossed the start-up stage, that have grown to a certain size and have a clear strategy,” he said.

Shenzhen’s ChiNext growth board has historically outperformed the Shanghai Composite Index and was particularly strong during the stock boom early this year. And as Beijing seeks to experiment with reforms and liberalise a rigid financial sector, the rivalry between Shenzen and Shanghai has intensified.

In 2010, the southern city carved out a 15-square-kilometer region called Qianhai, which has served as a testing ground for freer currency movement.

In response, Shanghai launched a free-trade zone in 2013 to pioneer financial reforms.

In November 2014, the Shanghai bourse received a major boost when the Shanghai-Hong Kong Connect link kicked off. But Shenzhen is quickly catching up, as it plans to launch a similar Shenzhen-Hong Kong link later this year.

Shanghai’s new board seems dead-set on winning back investors, as it targets U.S.-listed Chinese companies that are seeking to go private and relist in the domestic market. This comes as a huge number of Chinese companies are undergoing privatisation this year.

A DAUNTING FTZ Shanghai seems to be leading the way for financial reforms, but not every experiment it does turns out to be an immediate success.

When Shanghai officially announced its Free Trade Zones plan, it showcased impressive ambitions. Now two years have passed, but progress has been slow on many of the projects.

The Free Trade Zone, which is part of wider financial reforms such as transitioning to a fully convertible yuan currency, is seen as an important step towards developing a more open economy, one that is regulated by policies similar to those in developed markets.

However, the disappointing performance of Shanghai’s much-hyped FTZ – seen as a pet project of Premier Li Keqiang and billed as a reform laboratory – raises questions about China’s commitment to opening up its markets as it wrestles with a slowing economy.

The 29 square kilometre zone on the outskirts of China’s commercial

“THOUGH THE STRATEGIC EMERGING INDUSTRIES BOARD HAS NOT BEEN APPROVED YET, WE HAVE ALREADY STARTED THE PREPARATIONS. QUITE A FEW OF MY CLIENTS HAVE ASKED TO BE AMONG THE FIRST COMPANIES LISTED ON THE BOARD, AND THE DEMANDS ARE ESPECIALLY FROM E-COMMERCE COMPANIES WITH BIG REVENUE BUT LOW PROFIT MARGINS. ” Shao Chunyang, JunHe

“管战略新兴产业板尚未获得批准，但我们已开始着手准备。已经有不少 客户要求第一批进入战略新兴版，这些公司很多公司都是创收很大但利 润较低的电商类公司。” 邵春阳，君合律师事务所

SHANGHAI REPORT

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“新兴产业板的策略是吸引新兴企业和创新企业，尤其 是已经度过初创阶段，成长为有一定规模、有明确战略的 企业。”刘世安称。 深圳的创业板表现一直以来都好过上证综指，今年年 初股市繁荣时尤其抢眼。随着中国政府寻求开展改革试 验，放宽对僵硬的金融行业的限制，深圳与上海之间的竞 争变得加剧。 2010年，深圳划出一块面积为15平方公里的区域，称 为前海，作为放宽货币举措的试验田。作为回应，上海于 2013年推出了自由贸易区，试水金融改革。 2014年11月，沪港通启动，大大提振了上交所。但深 圳正在迅速迎头赶上，该市计划在今年晚些时候推出类似 的深港通。 上海的战略新兴板似乎对重新赢回投资者志在必得， 瞄准目前在美国上市、但寻求私有化并想回国重新上市的 中国公司。以此为目标的原因是今年有大量中国公司进行 私有化。

让人望而却步的自贸区

A woman walks at the Bund in front of the financial district of Pudong in Shanghai. REUTERS/Aly Song

上海似乎正引领着金融改革之路，但并不是每一项试验都 立即取得成功。 上海正式宣布自贸区计划时，显示出的雄心壮志令人 难忘。现在两年过去了，许多项目的进展却很缓慢。 自贸区作为范围更大的金融改革（如人民币完全可自 由兑换等）的一部分，被视为是打造更开放的经济体的重 要一步，这个开放的经济体将由与发达市场类似的政策进 行监管。 但大肆炒作之后，作为李克强总理最看重的项目以及 打着改革试验室的旗号，上海自贸区的表现却令人失望。 鉴于中国与不断放缓的经济角力不止，引来各方对于中国 开放市场的承诺心生疑问。 自贸区面积29平方公里，坐落于上海这一中国商业中 心的郊区，被誉为几十年来中国政府最大胆的改革，目的

作為中國規模最大的綜合性律師事務所之一，國浩始終走在中國法律服務市場的前沿，並確立了在各個法律服務領域裡的市場地位。 攜手國浩，將有助於您取得更大的成功！ 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.

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SHANGHAI REPORT

capital, which was hailed as Beijing’s boldest reform in decades, was meant to test changes such as currency liberalisation, market-determined interest rates and free trade.

“So far, the Free Trade Zone barks more than it could bite. Though it introduced ‘negative list’, overall, it fell short of expections in terms of attracting foreign capital, ” said Jia Ping, the Chief Executive Director and founder of the Health Governance Initiative.

An annual survey released early this year involving more than 370 members of the American Chamber of Commerce in Shanghai found that almost three-quarters of respondents believed the Shanghai Pilot Free Trade Zone had no tangible benefit for their business. Around half said they hadn’t noticed any change for their business since the zone opened in September 2013.

The response from law firms fell short of expectations as well. Last year, the ministry approved a scheme proposed by the Shanghai Judicial Bureau that permitted increased cooperation between foreign and domestic law firms in the FTZ. The scheme proposed two measures for increased collaboration: secondments of lawyers between firms, and formal alliances or setting up joint operation in the Shanghai FTZ. So far only Baker & McKenzie has entered into a ”Joint Operation” under the Shanghai FTZ’s new rules, as it teamed up with Beijing’s FenXun Partners last April.

More than half of the respondents in the annual survey also said they believed China’s regulatory environment favoured Chinese companies. “This high response rate has held steady for the past three years, indicating a persistent issue with little improvement,” according to the report.

Some 63 percent of the companies surveyed said laws and regulations that favor local companies hindered their business, up from 58 percent in 2013.

Around half of the respondents said that China’s anti-monopoly and anti-corruption investigations were more likely to target foreign multinational companies.

“The FTZ should adopt a more open and liberalised approach in the realms of finance, tax-reduction, and innovation fund, small to medium enterprise facilitation, IP protection and internet,” said Jia. “We could consider channeling our zone to Trans-Pacific Partnerships, and learn from that agreement.”

Despite all the ups and downs, Shanghai has given itself the goal of becoming a global financial center on par with Hong Kong and New York by 2020. As the city with the “best legal environment” in China, it definitely faces great expectations.

ASIAN LEGAL BUSINESS AUGUST 2015

是为了测试诸如货币自由化、市场决定利率和自由 贸易等变革。 “目前中国自贸区的发展还是有些‘虚’，名义上是 自贸区，本质上是经济特区。上海自贸区总结了‘负 面清单’等制度，但总体而言，其对国内外资本吸引 程度不如预期地那么高。”非营利民间智库公共卫生 治理项目首席执行官兼创始人贾平表示。 今年年初公布的一份年度调查涉及370多家美国 商会在上海的成员单位，该调查显示，几乎四分之 三的受访者认为上海自由贸易试验区对其业务没有 实质帮助。约半数表示，从2013年9月自贸区开张 以来，他们并未注意到自身业务有任何变化。 律所作出的回应也低于预期。去年，司法部批准 了上海市司法局提议的一项计划，允许加强自贸区 范围内国内外律所之间的合作。 该计划提出加强合作的两项措施：律所之间互 相委派律师，和在上海自贸区内设立正式联盟或联 营。 到目前为止，只有贝克•麦坚时律师事务所按上海 自贸区新规实现“联营”，该所去年4月与北京的奋迅 律师事务所结成业务伙伴。 该年度调查超过半数的受访者还表示，他们认为 中国的监管环境对中国公司有利。“过去三年，这一 回应始终保持较高比率，表明问题持续存在，鲜有 改善。”该报告称。 63%的受调查公司称，对中国公司有利的法律法 规对其业务形成阻碍，高于2013年的58%。 约半数受访者表示，中国的反垄断和反腐败调查 更可能瞄准外资跨国公司。 “在金融、减税和创新基金、促进中小企业发展、 知识产权保护和互联网方面，自贸区应采取更加开 放和自由化的措施。”贾平称。“我们可以考虑把自 贸区向跨太平洋伙伴关系协议引导，并向该协议学 习。” 尽管起起落落，上海还是为自己设定了目标，到 2020年成为与香港和纽约比肩的全球金融中心。上 海拥有中国“最佳的法律环境”，必将肩负深切的期 望。

“SO FAR, THE FREE TRADE ZONE BARKS MORE THAN IT COULD BITE. THOUGH IT INTRODUCED ‘NEGATIVE LIST’, OVERALL, IT FELL SHORT OF EXPECTIONS IN TERMS OF ATTRACTING FOREIGN CAPITALS.” Jia Ping, Founder - the Health Governance Initiative

“前中国自贸区的发展还是有些‘虚’，名义上是自贸区，本质上是经济 特区。上海自贸区总结了‘负面清单’等制度，但总体而言，其对国内 外资本吸引程度不如预期地那么高。” 贾平，公共卫生治理项目创始人

Congratulations! AnJie Law Firm has won ALB Anti-Trust & Competition Law Firm of the Year in 2015 热烈祝贺安杰律师事务所荣获 ALB 2015年度竞争及反垄断律所大奖

A Premier Law Firm Providing Most Efficient & Practical Legal Solutions. 因为专业，所以杰出

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OFFSHORE ADVANTAGES 离岸优势 AS BUSINESS BOOMS ACROSS THE ASIA-PACIFIC REGION, THE NEED FOR OFFSHORE FINANCIAL CENTRES IS ON THE RISE, FINDS CHRISTOPHER HORTON

随着亚太地区商业蓬勃发展，对离岸金融中心的需求日 渐增多，记者Christopher Horton报道。 **The Chinese translation of this story was prepared by CLS Communication**

A sunset view of an offshore floating oil platform along the Tirreno sea coast in front of the city of Civitavecchia. REUTERS/Giampiero Sposito

** 此文中文翻译由CLS Communication提供 **

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W

hile China may be the biggest economy in the region other countries in Asia Pacific are emerging as important economic players. Key economies like Indonesia, which are both large and diversified, are rapidly growing in global significance.

Certainly, much of the future demand for offshore-related legal services will continue to come from China but other economies especially in Southeast Asia are increasingly important sources of demand. A growing number of newly regional or global companies are looking for structures that take advantage of British Virgin Islands (BVI) or Cayman Islands structures.

“Much like in China, Indonesian conglomerates often set up BVI companies, primarily as holding companies in their group corporate structures,” says Jonathan Culshaw, Asia managing partner of Harneys. “They are seen as beneficial as they are neutral structuring vehicles, are not subject to any direct tax in the BVI and there are no exchange controls or financial assistance prohibitions which makes them flexible vehicles. As to ‘who’ is interested in offshore counsel, I would say that we are seeing an uptake in instructions directly from Indonesian counsel, rather than directly from the corporates.”

“We see offshore structures used in a broad range of industries such as financial services, commercial property investment, health care, shipping and resource industries,” says Alan Dickson, director and head of the Conyers Dill & Pearman’s Singapore office.

“All are making use of offshore structures to access international pools of capital and to hold cross-border assets,” Dickson says. “We do not see any particular industry as the front-runner in this activity and believe that such a broad based use of offshore structures indicates the main stream acceptance of the advantages of offshore structures among diverse industries.”

“Indonesia has provided transactions and subsequent restructuring work requiring offshore advice, as well as bondholder disputes,” says Mark Western, joint managing partner of Maples and Calder’s Hong Kong office. “The use of BVI entities as holding vehicles by conglomerates is common in Indonesia as is the use of BVI and Cayman trusts for wealth protection and estate planning.”

As the world’s most-populous Muslim nation, Indonesia also offers unique opportunities in the fast-growing Islamic finance sector. One recent example is Ogier’s closing of a $500 million sukuk (an Islamic bond) for Garuda Indonesia.

尽

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管中国可能是亚太地区 最大的经济体，但该地 区的其他国家正在崛起 为重要的经济参与者。印度尼西亚 等主要经济体，既多元化，规模又 大，其全球重要性正在快速提升。 当然，今后大多数离岸相关的 法律服务需求将继续源自中国，但 其他经济体尤其是东南亚经济体， 正日渐成为重要的需求来源。越 来越多的新晋地区性或全球性公 司正在寻找能利用英属维尔京群岛 （BVI）或开曼群岛结构的交易载 体。 “与中国的情况非常相似，印尼 的企业集团通常会设立BVI公司， 主要作为其集团公司结构中的控 股公司。”衡力斯律师事务所亚洲 区管理合伙人Jonathan Culshaw 称。“BVI公司的好处是它们是中性 的结构工具，无需直接在BVI缴纳 任何税款，也没有外汇管制或财务 援助的禁令，这使得它们非常灵 活。至于对离岸法律顾问感兴趣的‘ 人’，我想说我们看到更多指示直接 来自印尼法律顾问，而非直接来自 公司。” “我们注意到离岸结构在众多行 业中广为使用，如金融服务、商业 地产投资、医疗保健、航运以及资 源行业。”康德明律师事务所新加坡 办事处主任兼负责人Alan Dickson 表示。 “所有这些行业都使用离岸结 构来获得国际资金和持有跨境资 产。”Dickson称。“我们并没有看到 任何特定行业是使用离岸结构的领 跑者，也相信对离岸结构如此广泛 的运用表明了各个不同行业已普遍 接受了离岸结构带来的好处。” “印尼带来了交易、需要进行离 岸咨询的后续重组业务，还有债券 持有人纠纷。”迈普达律师事务所 香港办事处联席管理合伙人Mark Western称。“在印尼，企业集团使 用BVI实体作为控股工具的情况非 常普遍，就和使用BVI和开曼信托 用于财富保护与遗产规划一样。” 作为世界上人口最多的穆斯林 国家，印尼还在快速增长的伊斯兰 金融领域具备独特的机会。最近， 奥杰就为印尼鹰航完成了价值5亿 美元的伊斯兰债券募集。

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“The biggest opportunity we see in Indonesia this year is Islamic financing,” says Anthony Oakes, Ogier’s head of finance in Hong Kong.

“There is an interest amongst Indonesia corporates in tapping the international Islamic capital markets and Cayman companies are the preferred entity to act as the issuer.”

Similar to structured and asset finance, these Cayman companies are “orphan” special purpose vehicles whose shares are held on charitable or purpose trust. This ensures that these issuers are bankruptcy remote, providing investors with certainty that no other creditors will have claims against them.

PROVIDING VALUE The recognition of the value of offshore legal counsel in Asia Pacific’s largest economies has grown alongside the push to adopt efficiencies and benefits from advantages of offshore finance.

Hong Kong and Singapore, once gateways to China and Indonesia, are slowly yielding to the massive economies that were once considered hinterlands filled with potential, leading to the continuing rise of Asia Pacific as a growth region for the offshore industry.

On the whole, Asia Pacific is increasingly dynamic, offering a wide range of opportunities for different firms operating in different offshore finance hubs.

“The prospects for offshore counsel in Asia Pacific are very good,” says Western. “Our primary function is to support ‘onshore’ counsel and advise specifically on the Cayman Islands or BVI aspects of a transaction.”

Maples and Calder’s role in transactions is more akin to that of traditional “onshore” counsel, although they often work alongside other major law firms on transactions where their role is to focus on checking the Irish legal aspects of a deal.

“Given our extensive client base and years of practising, we have found that we have become a trusted advisor to many of our clients,” Western says, “particularly in providing on-going company formation and administration or other fiduciary services.”

M&A transactions in Asia Pacific are now playing a larger role in the region’s offshore profile.

Trends from the first quarter of 2015 show that M&A transactions were of particular significance, says Christopher Bickley, partner and head of Conyers Dill & Pearman’s Hong Kong office.

“M&A activity was unprecedented throughout Asia during the first quarter 2015,” Bickley says. “Deal activity in this sector has increased significantly across China and the wider Asia-Pacific region.”

“The recent drop in mainland China stock indices and in Hong Kong are likely to have a knock-on effect in capital markets work,” he adds. “The recent suspension of IPOs by authorities for the mainland stock markets is likely to benefit the Hong Kong stock market in the medium term.”

Indeed, Asia Pacific deal volume in the first quarter is greater than that of Europe, the Middle East and Africa (EMEA) by 15.5 percent.

During the same period, China’s cross-border activity accrued $28.8 billion, up by 25 percent year on year. The increasing volume of transnational activity creates opportunities for corporations in the region to benefit from the advantages of offshore finance and counsel.

“The popularity of offshore jurisdictions such as BVI and the Cayman Islands are well known and recognized in Asia,” says Kate Hodson, counsel at Ogier’s Hong Kong office. “These two jurisdictions have dominated in Asia for some time and are well-rehearsed at keeping abreast of required regularity changes to meet the demands of sophisticated investors in the region.”

“今年我们在印尼看到的最大机会就是伊斯兰融 资。”奥杰律师事务所香港办事处金融业务主管Anthony Oakes称。“印尼企业对于利用国际伊斯兰资 本市场有兴趣，而开曼公司是首选的发行人实体。” 与结构化和资产融资类似，这些开曼公司都是“ 孤立的”特殊目的工具，其股份由慈善或目的信托持 有。这确保了这些发行人有“破产隔离”的能力，投资 者得以确定没有其他债权人会对其主张权利。

带来价值

亚太地区几个最大的经济体对离岸法律顾问价值的 认可，正值它们愈发推动采纳离岸金融的效率与好 处。 香港与新加坡一度是进入中国内地和印尼的门 户，现在正慢慢让位于这两个曾被人视为是充满潜 力的腹地的庞大经济体，使得亚太地区作为离岸行 业的增长地区持续崛起。 总体而言，亚太地区日益充满活力，为在不同离 岸金融中枢开展业务的不同公司带来各种机会。 “亚太地区离岸法律顾问的前景极好。”Western 表示。“我们的主要职能是支持‘在岸’法律顾问，尤其 是对交易的开曼群岛或BVI事务提供咨询。” 迈普达在交易中的作用更类似于传统的“在岸”法 律顾问，但其律师经常与其他大型律所就交易进行 合作，侧重于审查交易的爱尔兰法律事务。 “鉴于我们庞大的客户群和多年执业经验，我们发 现自己已成为许多客户信赖的顾问。”Western称。“ 尤其是在提供持续的公司组建和管理或其他信托服 务方面。”

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A worker walks at the construction site of the Rasuna Epicentrum superblock in Jakarta.

REUTERS/Beawiharta

Recent examples of this include the revisions made to the Cayman Islands Exempted Limited Partnership law in the Cayman Islands in 2014 responding to industry feedback in the private equity space. This revised legislation is expected to increase the attractiveness of Cayman Islands exempted limited partnerships to managers, investors and creditors alike. Others jurisdictions have followed suit.

The British Virgin Islands has brought in legislation to introduce two new types of investment funds—incubator and approved funds—designed to provide fast and cost effective open-ended funds. And both jurisdictions have introduced laws to allow for direct enforcement of contractual rights by third parties in contracts to which they are not a party, Hodson says. The prevailing message is that both these jurisdictions continue to appeal to sophisticated investors so the prospects for offshore counsel in Asia are promising.

“Most offshore service providers will operate across a number of jurisdictions, no one wants to put all their eggs in one basket,” Hodson says.

Ogier, for example, offers Cayman Islands, British Virgin Islands, Guernsey, Jersey and Luxembourg advice from Hong Kong.

“Each of these jurisdictions provides sufficient flexibility and advantages to be able to operate across the full breadth of service lines offered by the firm including, M&A, investment funds, private equity, capital markets, finance and private wealth,” Hodson says.

CHINESE POTENTIAL China is the big prize for offshore firms looking to take advantage of the world’s second largest economy and its continued focus on overseas M&A. “There is an increasing appetite from Chinese managers to launch offshore funds,” says Maples and Calder’s Western. The firm’s China team has worked with “Chinese-sponsored Cayman Islands domiciled private equity, real estate and hedge funds over the last 12 months.”

目前，亚太地区并购交易在该地区的离岸业务中 分量越来越重。 康德明律师事务所香港办事处合伙人兼负责人白 基诺称，2015年一季度趋势显示，并购交易尤其重 要。 “2015年一季度，整个亚洲的并购活动规模空 前。”白基诺说。“中国全境以及更广泛的亚太地区在 这一领域的交易活动显著增加。” “近期，中国大陆以及香港股票指数出现回落，可 能对资本市场业务产生连锁反应。”他补充道。“近期 有关部门暂停中国大陆股市IPO可能会在中期内利好 香港股市。” 实际上，一季度亚太地区的交易数量超过欧洲、 中东和非洲（EMEA）15.5个百分点。同一时期，中 国跨境活动金额达288亿美元，年同比增长25%。跨 国活动数量日益增多，为该地区的企业创造了可从 离岸金融和法律顾问中受益的各种机会。 “诸如BVI和开曼群岛等离岸司法管辖区在亚洲广 为人知，备受认可。”奥杰律师事务所香港办事处法 律顾问Kate Hodson称。“这两个司法管辖区在亚洲 占据首要地位已经有些时日，对于跟上规则变动以 满足该地区成熟投资者的需求烂熟于心。” 近期这方面的事例有2014年开曼群岛对《开曼群 岛豁免有限合伙法》进行修订，以回应私募股权行 业的反馈。预计修订后的法律将提高开曼群岛豁免 有限合伙对管理人、投资者和债权人的吸引力。其 他司法管辖区纷纷效仿。 BVI则通过立法推出了两种新型投资基金——孵 化器基金和获准基金，旨在提供快速、经济的开放 式基金。Hodson说，这两个司法管辖区均已出台法 律，允许第三方在其不作为当事人的合同中直接执 行合同权利。这些动作传递出来的主要讯息是这两 个司法管辖区继续吸引成熟的投资者，因此亚洲离 岸法律顾问的前景非常光明。 “绝大多数离岸服务提供者都会在多个司法管辖区 开展业务，没人愿意把所有的鸡蛋都放在一个篮子 里。”Hodson称。 以奥杰为例，该律所在香港提供关于开曼群 岛、BVI、根西岛、泽西岛和卢森堡的咨询服务。 “这些司法管辖区中的每一个都能提供充足的灵活 性和优势，从而能全面开展律所提供的全线服务， 包括并购、投资基金、私募股权、资本市场、融资 和私人财富。”Hodson说。

中国潜力

对于那些希望利用世界第二大经济体及其对海外并 购的持续重视的离岸律所而言，中国非常重要。 “越来越多的中国基金管理人有兴趣推出离岸基 金。”迈普达的Western称。该律所的中国业务团队 已“在过去12个月中，与中国主办的以开曼群岛为住 所地的私募股权、房地产和对冲基金”进行合作。迈 普达也注意到来自中国的诉讼业务不断增多，业务 指示直接来自于中国律所或公司，Western补充道。 绝大多数诉讼涉及BVI和开曼群岛公司的股东纠

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Maples and Calder is continuing to see an increase in litigation work from the PRC, with instructions coming directly from PRC law firms or companies, Western adds.

Most litigation is related to shareholder disputes with respect to BVI and Cayman Islands companies, reflecting the fact that both jurisdictions are widely accepted as having effective court systems. Trusts is another area that is growing, particularly IPO-related trusts for employees of Chinese businesses and in private wealth planning trusts for founders. Maples and Calder’s corporate team continues to see Cayman vehicles being used by founders of businesses in China for IPOs in Hong Kong, Taiwan and the U.S., he adds.

“Following the strong expansion of the PRC economy and fuelled in part by the relaxation of PRC regulations in relation to cross-border capital flows, the use of Cayman and BVI entities by PRC companies, funds and individuals has increased strongly in recent years,” says Anthony Oakes, head of finance at Ogier’s Hong Kong office.

The most common uses for these offshore markets include: Offshore fund structures: Cayman companies are typically used as private openended funds like hedge funds and limited partnerships are used as close-ended funds, like private equity funds.

PRC bond deals: BVI companies are typically used as the issuing vehicle for bonds.

IPOs: Cayman companies have long been a popular entity for companies wishing to list on Asian stock exchanges, particularly Hong Kong.

PRC holding structures: The so-called “red chip structure” is used by many PRC company groups. A string of Cayman or BVI companies are set up offshore above the PRC operating companies, which produce the group’s income. The offshore structure creates efficiencies in terms of withholding tax, stamp duty and ability to restructure.

Inbound private equity investment: When private equity investors target PRC companies or joint ventures, they often include BVI and Hong Kong entities as intermediary entities that can provide stamp duty and withholding tax savings.

BEYOND CHINA Close to both the Chinese and Indonesian markets are the offshore centers of Hong Kong and Singapore, which share similarities but are also markedly different.

Hong Kong and Singapore “are similar in that a significant proportion of the demand for offshore legal structures and offshore legal counsel in both markets derives from investment in and from neighbouring countries, rather than being a pure domestic play,” says Dickson of Conyers Dill & Pearman.

In Hong Kong, this principally means China. Singapore casts a wider net with investments from or into member countries of the Association of Southeast Asian Nations (ASEAN), principally Indonesia and Malaysia.

“Demand for offshore structures and legal counsel will in future continue to be driven by levels of business activity in these ‘feeder’ countries,” says Dickson. The Singapore market for offshore is smaller, but growing, whereas Hong Kong is booming but is undiversified and China focused, notes Harneys’ Culshaw.

“Hong Kong is a more important centre for offshore funds and listcos whereas Singapore’s use of offshore is primarily in financing and joint venture vehicles although offshore products are also used by its private wealth sector,” Culshaw says.

There are significant differences between Hong Kong and Singapore owing to policy, Dickson explained.

For example, Chinese policy has not discouraged the use of offshore structures and Chinese businesses have embraced the neutrality, flexibility, certainty and efficiency that offshore holding company structures

ASIAN LEGAL BUSINESS AUGUST 2015

纷，反映出这两个司法管辖区都被广泛认为具备有 效的法院体系。另一个不断发展的领域是信托，尤 其是针对中国企业员工的IPO相关信托以及针对企 业创始人的私人财富规划。迈普达的公司业务团队 注意到，中国的企业创始人继续利用开曼公司在香 港、台湾和美国进行IPO，Western补充说。 “随着中国经济强劲扩张，同时也部分受到中国 放宽跨境资本流动监管的推动，近年来中国公司、 基金和个人对开曼群岛以及BVI实体的利用显著增 加。”奥杰律师事务所香港办事处金融业务主管Anthony Oakes表示。 这些离岸市场最常见的用途包括： 离岸基金结构：开曼公司一般作为私人开放式基 金，比如对冲基金，而有限合伙则作为封闭式基 金，比如私募股权基金。 中国债券交易：BVI公司一般作为债券发行工具。 IPO：对于希望在亚洲证券交易所尤其是在香港上 市的公司而言，开曼公司一直是广受欢迎的实体。 中国控股结构：所谓的“红筹结构”被许多中国公司 集团使用，即在中国营业的公司（该公司产生集团 收益）之上成立一系列开曼或BVI离岸公司。该离 岸结构能有效提高预提税、印花税和重组能力方面 的效率。 对内私募股权投资：当私募股权投资者以中国公司 或合资企业作为目标时，他们通常把BVI和香港实 体作为能节省印花税和预提税的中介机构。

中国以外地区

靠近中国内地和印尼这两个市场的是香港和新加 坡这两个离岸中心，两者存在相似之处但又显著不 同。 香港和新加坡的“相似之处在于，这两个市场对 离岸法律结构和离岸法律顾问的大部分需求都来自 对周边国家的投资以及源自周边国家的投资，而不 是纯粹的本地市场需求。”康德明的Dickson称。 对于香港，这主要就是指中国内地。新加坡则 凭借来自或对东盟（ASEAN）成员国的投资打造 了更大的网络，主要是印尼和马来西亚。 “今后对离岸结构和法律顾问的需求将继续受 到这些‘源头’国家商业活动水平的影响。”Dickson 称。新加坡的离岸市场规模较小，但在不断增长， 而香港的离岸市场发展蓬勃，但并不多元化且以中 国大陆为重心，衡力斯的Culshaw称。 “对离岸基金和上市公司而言，香港是更重要的 中心，而新加坡的离岸作用主要体现在融资和合 资公司工具上，但其私人财富领域也使用离岸产 品。”Culshaw说。 由于政策原因，香港和新加坡之间存在显著差 异，Dickson解释道。 例如，中国的政策并未阻碍对离岸结构的使 用，中国公司已经接受了离岸控股公司结构在获得 国际资本和融资及贸易交易中为其带来的中立性、 灵活性、确定性和高效率。部分东盟国家则限制其 公民和企业对外投资。

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48

OFFSHORE

offer to them in accessing international capital and in financing and trading transactions. Certain ASEAN countries restrict their citizens and businesses from investing externally.

“To this extent, some ASEAN countries do have institutional impediments to efficient capital flows, and these do represent a significant difference from Chinese economic policy,” he says.

So how do those involved see things playing out for the growth markets of China and Indonesia in the short term?

“Offshore vehicles will continue to be used by Chinese clients both for structuring investments into China and for investments outside of China,” says Bickley at Conyers Dill & Pearman. “Chinese outward bound M&A is likely to continue to increase over the next couple of years and it is expected that offshore vehicles will continue to have a part to play in these transactions.”

“In Indonesia, there is continuing demand for inward investment as this giant economy continues to emerge,” Dickson says from Conyers’ Singapore office. “Considering the efficiencies offshore structures bring to aggregation and deployment of foreign capital, we expect Indonesian demand for foreign capital will drive a similar demand for offshore legal counsel to assist in structuring such efficient investment structures.”

“We see the Indonesia market growing naturally as the size of the Indonesia economy grows and as Indonesia corporates increasingly seek to undertake international capital raisings,” says Ogier’s Oakes. “In China, the continued growth will be reliant not only on the growth of the Chinese economy but also on China continuing to develop its regulations toward internationalisation of the RMB, cross-border capital flow and the fostering of investment. We expect that growth in both jurisdictions will be strong and have put significant resources into servicing both markets, including through our office in Shanghai.”

“Although activity in the Indonesian market has stagnated over the past six months, the deals in Indonesia are becoming more sophisticated and, as such, I think we are likely to see more complex structuring involving the use of offshore vehicles in the next two or three years,” says Harneys’ Culshaw. “The mainland China market is a very interesting market for offshore right now with the local PRC firms transitioning into full service international firms capable of managing more complex cross-border work as lead counsel and linking up with other global firms to extend their reach.”

Offshore work is not immune to slowdowns in the general economy but the steady liberalisation of the PRC’s capital markets, more outbound work and more offshore funds being established bode well for the long term.

ASIAN LEGAL BUSINESS AUGUST 2015

“就此而言，一些东盟国家在有效资本流动方面 的确存在体制障碍，这与中国经济政策确有显著差 异。”Dickson说。 那么，业内人士如何看待中国内地和印尼这两个增长 市场短期内的发展？ “中国客户将继续使用离岸工具来构建中国境内外的 投资。”康德明的白基诺称。“未来几年，中国对外并购 有望继续增加，预计离岸工具将继续在这些交易中有所 作为。” “印尼方面，由于这一巨型经济体不断崛起，对内投 资的需求持续存在。”康德明新加坡办事处的Dickson 称。“考虑到离岸结构在聚集和配置外国资本方面的高效 率，我们预计印尼对外国资本的需求将拉动对离岸法律 顾问的类似需求，帮助构建此类高效的投资结构。” “我们认为印尼离岸市场会随着印尼经济的增长以及 越来越多的印尼企业寻求进行国际资本筹集而自然增 长。”奥杰的Oakes表示。“中国方面，（离岸法律业务 的）持续增长将不仅有赖于中国经济增长，也有赖于中 国的监管继续朝人民币国际化、跨境资本流动和培育投 资的方向发展。我们预计这两个司法管辖区的增长都会 很强劲，并已投入大量资源为这两个市场服务，包括通 过我们设在上海的办事处。” “虽然过去六个月间印尼市场上的活动停顿不前，但 印尼的交易正日益变得复杂。因此，我认为今后两三年 我们可能会看到有更多的复杂结构涉及到离岸工具的使 用。”衡力斯的Culshaw称。“中国内地的离岸业务市场目 前非常有意思，中国本土律所正在转型成能作为首席法 律顾问而管理更复杂的跨境工作的综合性国际律所，并 与其他全球律所合作以扩展自身的势力范围。” 离岸业务并不能免受总体经济放缓的影响，但中国资 本市场的稳步放开、海外业务的增多以及更多离岸基金 的成立都预示了业务将长期向好。

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49

湯森路透 THOMSON REUTERS 作者简介： 张茜，汤森路透法律事业 部产品解决方案专家

律所，如何寻找持续有效的发展战略？ 在当前法律服务行业竞争与日俱增及客户全球化的环境之下，国内律师事务所都在 积极寻找自己的发展道路：走出国门，在全球主要城市开设办公室；与国际律师事务 所强强联合，通过合并或合作的方式走向法律服务的国际舞台；甚至通过“上市”融资 寻找新的发展契机…… 无论选择怎样的发展道路，律师事务所最终总是希 望实现利润与规模的同步增长。在律师事务所逐渐发 展扩大的过程中，大中型律所的传统管理模式总是面 临诸多共同的挑战： • 传统人工管理方式无法有效满足当前律所管理需要 • 律师事务所辅助人员工作流程与律师（fee earner） 工作相互分离，导致律所整体运行效率低下 • 无法满足客户的多种付费方式需求 • 传统财务管理方式过于单一，无法满足律所的财务 管理需求 • 急需寻找适合律师事务所长期发展的律师绩效管理 方式 • 难以及时了解律师事务所的真实运营状况 • 缺乏有效的支持数据帮助律师事务所寻找持续有效 的发展战略 在传统管理方式无法有效满足律师事务所发展的情 况下，律师事务所开始意识到自己需要依托现代化技术 来优化管理、寻找发展战略，从而实现利润与规模的同 步增长。越来越多的律所管理者开始进一步思考：律所 需要怎样的管理解决方案？结合多年服务法律行业经 验，汤森路透认为符合律师事务所特点及发展的管理 解决方案需要具备下列特点： 联通业务流程 随着二十几年来中国律师事务所的迅速发展、规模 的扩大，律师事务所中出现了诸多在十几年前很难想 象的律师之外的职能部门，比如案件流程处理部、市 场部、知识管理部、财务部、利益冲突检索部、IT部、首 席运营官等等，这些部门出现的初衷是帮助律师事务所 完善内部管理、快速发展。但是在这些职能部门逐渐建 立的过程中，律所管理者同样发现一些阻碍业务 快速流转的痛点：律师与后台支持部门在不同 平台工作，造成效率低下、风险扩大，试想一 下，作为合伙人或律师的您冲在最前线每 天满负荷投入到办理案件的工作当中， 但是您是否能够及时得到律所后台部 门的适时支持？您承接的案件是 否得到了及时的审批、是否 做到了正确的利益冲突检 索、是否可以及时了解律 师费用的收支情况？ 律师事务所需要统一 的管理平台，让不同部门

在统一平台完成工作，降低辅助部门间、辅助部门与律 师间工作流转的隔阂，将案件从进入律所到结案的整 个过程中的业务相互连通，方便各个部门合作，形成 有序的高效工作流程，以期达到案件立案、利冲检索、 律师计费、日程安排、账单管理、案件收支都通过自动 化处理并流转，而不再需要额外使用文档或者表格手 动填写记录这些资料。 支撑律所变革 当前，国内律师事务所希望在借鉴国际律师事务所发 展经验的同时，寻找到适合自己实际情况的发展战略。 怎样寻找到这一发展战略成为律所管理者所面临的重 大问题。国内律师事务所需要国际律师事务所的管理 经验，同时也需要工具来获取自身经营的各项数据，并 作出准确的数据分析。 针对于此，某国内顶尖律师事务所所曾谈到他们在 做数据分析方面的经验。该所在发展之初就一直利用 数据分析帮助合伙人制定发展战略。初期，该所的人 事数据、财务数据、业务数据都存在各自独立的系统 当中，数据之间无法打通，形成数据孤岛，辅助人员不 得不在多个系统间筛选数据，进行大量的人为干预， 数据的及时性、可靠性、安全性都受到了极大的制约， 难以为制定律所发展战略提供及时、有效的数据分析。 之后，该律所选择了汤森路透律所管理解决方案，通过 该解决方案，借鉴国际律所的先进管理经验与流程，帮 助该所将财务和业务管理理念国际化，同时，利用该解 决方案实现了律所灵活管理。另外，在数据分析方面，消 除了数据割裂与信息孤岛，增强了数据安全性、实时性 及可靠性，并可以从业务领域、部门、团队、分所、律师 个人、客户、案件等多个领域进行多维度分析，从而帮 助律所制定并及时调整经营战略。 支持移动办公 律师是一个需要常年奔波的职业，纵然有豪华办公 室，但是他们却常年奔走在客户谈判、法庭、尽职调查、 市场活动等道路上。特别是律所合伙人，他们常常身兼 律师、市场开拓、客户维护、律所管理等多重角色，如何 在任何时间、任何地点准确了解律所真实经营状况，利 用技术在碎片化时间中完成多重管理职能，成为律所选 择管理解决方案的重要因素。 除此之外，理想的律所管理解决方案不仅可以满足 当前律所管理需求及发展战略，还可以预见到行业未 来发展趋势，满足律所的持续发展需求。汤森路透3E 管理解决方案期待帮助中国律师事务所寻找并实现有 效的发展战略。

50

GC INTERVIEW

ASIAN LEGAL BUSINESS AUGUST 2015

‘WE HAVE BEEN TRYING TO BUILD AN INNOVATIVE COMPANY’

‘ 我们一直 在做 创 造 型 的 公司 ’

Fu Tong, Qihoo 360 Technology’s battle-hardened general counsel, discusses her responsibilities, which go beyond the usual GC tasks, as well as the company’s persistent image of “always having trouble”, as evidenced by its frequent involvement in lawsuits like the much-talked about “3Q war” with fellow major Internet player Tencent. Interview with Shangjing Li. 傅彤是奇虎360的总法律顾问。“身经百战”的她，站在互联网企业的最前沿，职责 早已经超越一个单纯的总法务。她与ALB记者李尚晶探讨了为何她的公司一直以来 给人“官司不断”的印象，以及与腾讯的“3Q大战”。

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GC INTERVIEW

ALB: Can you talk about how you have grown with Qihoo 360?

ALB: 能否谈谈您跟360一起成长的经历？

I joined Qihoo 360 in September 2010, when there were altogether three staff, including me and the then GC. When I first joined the company, I felt it had a very different ethos. Everyone was busy. The lights were always on in the Sihui offices. As an internet start-up, Qihoo 360 had a weak foundation in legal affairs and faced an increasing number of lawsuits. I had handled lawsuits before, but far fewer and much less complicated. I sorted through contracts and licenses, and worked on a large number of lawsuits and complaints. At the same time, I followed legal work in relation to the company’s U.S. listing. It was very difficult to recruit the right people.

我2010年9月加入360，那时360法务加上 我总共是三个人。刚进公司的时候我感觉这个 公司的气质很不一样，大家都很忙碌，四惠办 公区总是灯火通明。作为一个创业期的互联网 公司，360法务方面基础薄弱，而且诉讼一直 持续上升。以前我也处理诉讼，但远没有这么 多、这么复杂。我一边对合同、牌照进行梳理， 一边应对大量的诉讼和投诉，同时跟进360在 美国上市的法务工作。招合适的人也一直非常困 难。

Back then, the company faced a number of problems. I joined the company when the “3Q war” started. The company was also involved in court lawsuits against Kingsoft and Rising. In addition, there was police intervention during the IPO period. At the time, our president asked me to set up communications channels with police departments. For some time, I visited different police departments to report to and communicate with them. Later, I became a visiting professor at the People’s Public Security University of China and gave lectures on Internet security and laws at police officer workshops. Such good communications have helped facilitate mutual understanding and support between the company and the police.

ALB: Of so many lawsuits at Qihoo 360, which impresses you most?

The anti-monopoly case, in which Qihoo 360 sued Tencent, impresses me most. This case left an indelible mark on the Internet history. Laws are rules formulated by some people and executed by others to balance interests between different parties. So is the anti-monopoly law. The final court ruling did not support Qihoo 360’s claim, but over the course of the trial, the Internet industry, economic and legal academics, and even legislative and judiciary departments had different views on the case. The outcome of a case cannot be isolated from its background. The ruling on the case is the outcome of interactions between different interests at a particular historic moment.

I believe this case has far-reaching implications. In the early days of the Internet, creative products could be copied easily. But now, for many small and micro-innovative companies, their products or businesses are increasingly being acquired. In this sense, that lawsuit has helped the competitive landscape in the Chinese internet industry become more regulated.

ALB: What are your standards for selecting lawyers?

当时公司面临很多问题，我一进来就面 临“3Q”大战，与金山、瑞星都有案子在法院。 同时推动公司上市，那期间还有警方的介入。 那个时候公司总裁让我建立和公安部门的交 流渠道，有一段时间我持续拜访不同的公安部 门，汇报、沟通、交流，后来我成为公安大学 的客座教授，给警官培训班上互联网安全和法 律讲座。这种良好的沟通让公司和公安部门相 互了解、相互理解、相互支持。

ALB: 在360经历那么多诉讼案件之后，您对哪

个案件印象最深？ 印象最深的是360起诉腾讯的反垄断案，这 个案件会在互联网史上留下浓墨重彩的一笔。 法律是由这些人制定、那些人执行的平衡国家 社会各方利益的规则，反垄断法亦然。这个案 子在法院的最终判决中，没有支持360的诉讼请 求。但在整个案件审理过程中，互联网行业， 经济法律学术界，乃至立法、司法部门，对这 个案件的观点并不是统一的。一个案件的结果 不能脱离它的时代背景，这个案子的判决也是 在某一个历史时刻各方利益博弈后的一个结果。 我认为本案的影响是深远的，在互联网发展 初期，创意产品是被随便抄袭的。但现在，很 多小微创新企业，他们的产品或公司越来越多 的被收购。从这个意义看，我们这场诉讼也推 动了中国互联网竞争秩序规范化的进程。

ALB: 你们在选择律师的时候是什么标准？

I am very familiar with the legal industry. We have worked with ten law firms, including Zhong Lun, JunHe, King & Wood Mallesons, Fangda, Commerce & Finance, Llinks, Deheng and DHH. Our selection criteria include familiarity with Internet philosophy, professional expertise, understanding of our business model, and communication skills.

Depending on the cases, we assess and hire lawyers based on their overall ability such as court performance and skill in communicating with judges.

During the cooperation process, we continuously optimise and adapt ourselves to meet the changing needs of the company. In many cases, the professional staff of our team attends the trial together with the lawyers.

This can improve team capability and reduce attorney fees.

我非常熟律师这个行业，我们与十家律师 事务所合作，比如中伦、君合、金杜、方达、 通商、通力、德恒、德和衡，选择标准主要是 懂互联网理念，专业水准高、理解我们的业务 模式，具有良好的沟通能力。我们会根据案子 的情况，律师的综合能力如庭上表现、沟通技 巧、与法官交流的能力等，综合考量聘请律 师。 在合作过程中我们也不断优化更新以匹配 公司不断变化的需求。很多案子我们团队专业 人员一起出庭，可以提升团队能力、降低律师 费用。

Due to fierce and vicious competition and frequent frictions, the Internet industry has high demand for good litigation lawyers.

互联网行业恶性竞争激烈，摩擦不断，对优 秀诉讼律师的需求很大。

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52

GC INTERVIEW

ALB: What kind of consensus has been reached among Chinese Internet companies after the 3Q war? What’s the significance?

As far as the 3Q war is concerned, the process is far more important than the outcome. The “3Q war” prompts Chinese Internet companies to reach a consensus on some matters. For example, different Internet platforms are actually similar in terms of business models, i.e. platforms usually offer free services for ordinary users but charge advertisers and other application service providers. Competition in the industry is actually competition between different Internet platforms. To evaluate the competitive behavior of a business, you need to measure the benefits it brings to Internet users as well as whether its improvement on the overall competitive landscape outweighs the losses to its rivals.

The “3Q war” helped improve the ecosystem of the Chinese Internet industry as well as the competitive landscape of the market. It also helped enhance the well-being of consumers.

The 3Q war also played a positive role in promoting the development of the Internet and building up the rule of law. Specifically, the unfair competition case has attracted wide attention on the issue of privacy protection for Internet users and forced Chinese Internet platforms to become more open. The anti-monopoly case has helped promote China’s anti-monopoly law and became a milestone in the country’s anti-monopoly history. As a sword of Damocles hanging over the Internet companies, the anti-monopoly law is set to play a greater role in the future.

ALB: You once said that “monopoly leads to ‘desertification’ in the Chinese Internet industry.” Why? How can it be solved?

I come to the conclusion based on my observation of the competitive ecosystem in China’s Internet industry. After undergoing three booms, the industry has evolved from the stage of free competition to the stage of monopolistic competition. In contrast to the Chinese Internet market, which has long been in an oligopolistic pattern, the U.S. market sees Internet companies like Google, Facebook, Twitter and YouTube emerging every two years on average. According to thirdparty statistics, no new influential website or company has emerged in the Chinese market since 2006, while the US Internet industry produced a bunch of new innovative companies like Facebook during the same period. China’s Internet market has changed from thriving along with the U.S. market to becoming “desertified”.

Only by introducing competition to break monopoly can we promote the healthy development of the Internet industry as an innovative business. Just as Zhou Qiren, a professor at Peking University, said at the inaugural China Competition Policy Forum: “Two monsters dancing together is more interesting than an angel dancing alone.”

ALB: People have different opinions about Qihoo 360, including a persistent view that the company is involved in too many lawsuits. What are your thoughts on this? Do you have any grievances?

It is very normal for an Internet company to be involved in a number of lawsuits. It is a sign of its strong awareness of the rule of law. Litigation helps protect the legitimate interests of companies.

Statistics show that between 2010 and June 2015, Qihoo 360 was involved in a total of 422 lawsuits. Of these cases, Qihoo 360 won 328 and lost 36, with the remaining 58 still pending. Litigation effectively protects our legitimate interests.

ASIAN LEGAL BUSINESS AUGUST 2015

ALB: 3Q大战让中国互联网企业达成了哪样的

共识？有什么样的意义？ 对于3Q大战而言，过程比结果更重要。3Q 大战让中国互联网企业达成了一些共识，比如 不同互联网平台的商业模式实际上有着共同之 处，即“平台通常对普通用户实行免费策略， 而对广告商和其他应用服务提供商实行收费策 略”，互联网的竞争就是不同互联网平台之间 的竞争；在互联网行业，评价经营者的竞争行 为，需要衡量其对互联网用户带来的利益以及 对整体竞争秩序的促进是否大于对竞争者造成 的损失。3Q大战改善了中国互联网的生态环 境，促进了互联网市场的竞争秩序，并有助于 互联网消费者福祉的提升。 可以说， 3Q大战对促进互联网发展、推进 法治进程具有明显的积极意义。其中的反不正 当竞争案件唤起人们对互联网用户隐私权保护 问题的广泛关注，并倒逼中国互联网平台走向 开放。其中的反垄断案是宣传我国反垄断法的 生动教材，成为中国反垄断历史上的里程碑， 反垄断法作为悬在互联网企业头上的达摩克利 斯之剑，未来将通过其威慑力发挥更大作用。

ALB: 您说过“垄断致使中国互联网荒漠化”，

为什么这么说？怎么解决？ 这是对中国互联网竞争生态环境进行考察 后得出的结论。中国互联网行业在经历了三 次热潮后，已从自由竞争发展到垄断竞争阶 段。与中国互联网市场长期陷于寡头垄断格 局相比，在美国平均每两年就会出现类似谷 歌（Google）、脸书（Facebook）、推特 （Twitter）、Youtube等新兴互联网科技企 业。根据第三方数据统计，2006年之后在长 达近9年的时间里，中国互联网没有诞生一家 新的有影响力的网站或公司，而同期美国却诞 生了脸书等一大批创新公司，中国互联网市场 从与美国同步繁荣变成荒漠化。 只有通过引入竞争打破垄断，才能推动互 联网业作为自主创新行业的健康发展。正如北 京大学教授周其仁在首届中国竞争政策论坛上 所言：“即使两个魔鬼一块跳双人舞，也比一 个天使跳独人舞更加起劲。”

ALB: 外界对360有很多看法，其中之一就是

诉讼太多，您有什么评价和委屈？ 互联网企业诉讼较多是正常之事，是企业 法治意识强的表现。诉讼保障了企业合法利 益 。根据统计数据，2010年至2015年6月30 日，360公司共参与诉讼422件，其中，360公 司胜诉328件，未结案58件，败诉进36件，有 效的保护了360公司的合法权益。 要说委屈还真是有的，媒体的力量实在太 强大，尤其是对媒体有控制力的群体实在太强

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We do have grievance. Media is too powerful. In particular, those who control the media are really too powerful. If you don’t looking at these data, you may also feel that Qihoo 360 loses more than it wins. People’s views about Qihoo 360’s litigation are advertised by others. So this is a very strange phenomenon. Our products are highly recognised by users, but some of the views about Qihoo 360 are misleading. I can only say that truth may not be what you’ve heard or seen.

ALB: As far as your department is concerned, what are your plans for Qihoo 360?

Qihoo 360 is diversifying its product lines and exploring new areas such as smart hardware and Internet finance. The company is set to face more legal issues regarding intellectual property rights, compliance and operation, and risk control that are brought about by the new business models in these areas. We have set up a team well-poised to deal with these issues.

Litigations will occur as long as there is competition. The fiercer the competition, the more varied the litigations. How to effectively control and handle disputes will be an important endeavour for us in the future.

As the Chinese public becomes more aware of IP rights, it is increasingly important for the company to protect its IP rights, trademark, patents and copyrights. With the development of the Internet economy, the rule of law and policy construction relating to the Internet are also being pushed forward rapidly. Various regulations, rules and policies are being formulated. Qihoo 360 should be actively involved in this work.

GC INTERVIEW 大。如果你不看这些数据，恐怕你也觉得360 公司的诉讼输的多赢的少吧。外界对360诉讼 的看法是别人宣传出来的，所以这就是一个 很奇怪的现象，用户对360的产品有极高的认 可，而外界有些对360的评价似是而非。我只 能说真相不一定是大家听到、看到的。

ALB: 从您的部门来看，未来对360有什么规

划？如何跟现有的经验结合起来 360正在丰富自己的产品，开拓智能硬 件、互联网金融等新的领域。在这些领域会 涉及到更多的知识产权、合规经营、风险 控制等新商业模式所带来的法律问题。我们 现在已经建立起一支可以应对上述问题的团 队。 只要有竞争存在，就会有诉讼发生，竞争 越激烈，纠纷越多元，有效控制及处理纠纷 是未来重要的工作内容。随着全社会知识产 权意识的整体提高，公司知识产权保护及商 标、专利、著作权的建设越来越重要。随着 互联网经济的发展，互联网的法治、政策建 设也在急速推进，各种法规、规则、政策的 制定已经形成趋势，公司应当积极的参与到 这项工作中。

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INDONESIA FORUM

ASIAN LEGAL BUSINESS AUGUST 2015

Investment Tips & Tricks in Indonesia Forum - Hosted by

印度 尼 西 亚 投 资技 巧

Speakers from Makarim & Taira S. at the Forum

Maria Herminia Sagrado, Partner, Makarim & Taira S.

Rahayu Ningsih Hoed, Partner, Makarim & Taira S.

Lia Alizia, Partner, Makarim & Taira S.

Puji Atma, Senior Associate, Makarim & Taira S.

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INDONESIA FORUM

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印

尼经济稳步增长，为跨境投资取得不错的 回报率创造了环境。为阐明这一蓬勃发 展的市场中存在的法律机会，ALB近日与 Makarim & Taira S.律师事务所合作组织了一场“印 尼投资技巧与诀窍论坛”。该活动于6月24日在上海 威斯汀大饭店举行，多 中国一流的公司法律顾问和多家律所均出席了本 次活动。 随着印尼大力发展基础设施建设所带来的多个 大好机会，投资者应深刻了解印尼的法律框架和程 序。Makarim律所的三名法律专家：合伙人Maria Sagrado、Lia Alizia和Rahayu Hoed均在本次论坛 上发表演讲，讨论了知识产权、雇佣和建筑法等事 项。

ndonesia’s economy is on the rise, creating an environment for rosy returns on cross-border investment. To shed light on the legal opportunities in this booming market, ALB recently organised the Investment Tips and Tricks in Indonesia Forum, in partnership with Makarim & Taira S. The event, which was held on June 24 at The Westin Bund Center Shanghai, gathered together some of China’s leading in-house counsel and law firms.

Sagrado律师的工作重点是外国投资和金融交 易，她概述了影响印尼投资的现有法律结构和程 序。其中，她详细阐述了投资印尼的形式以及印尼 投资协调委员会的作用，后者作为政府机构负责对 投资申请进行监督、管理和评估，也有权批准或拒 绝申请。在讨论按印尼法律要求的担保文件时，她 还担任主要演讲者。

With several promising opportunities in the country’s strong infrastructure growth, investors should have a keen understanding of the Indonesian legal framework and procedures. Three of Makarim’s legal experts – partners Maria Sagrado, Lia Alizia and Rahayu Hoed – were speakers at the event, discussing matters such as intellectual property rights, employment issues, and construction law.

Alizia律师是Makarim律师事务所公司商业与诉 讼部合伙人，她阐述了印尼知识产权的有关问题， 包括商标、版权、外观设计、专利、商业秘密、集 成电路设计、植物新品种权。此外，她还概述了印 尼的劳动法律法规，对工作时间、用工类型、雇员 法定最低权利、外包以及报告与合规进行了解释。

Sagrado, whose work focuses on foreign investment and finance transactions, outlined the existing legal structure and procedures that affect investment in Indonesia. In particular, she detailed the forms of investment available in the country and the role of the Investment Coordinating Board, which supervises, manages and evaluates investment applications. The government agency also has the power to approve or reject applications. She was also the featured speaker for the discussion on security documents under Indonesian law.

Hoed律师在从仲裁到大规模裁员等众多领域都 拥有丰富经验，他阐述了印尼PPP计划的潜力以及 与土地所有权相关的建筑法和法律事务，比如土地 所有权类型和税收问题。Hoed律师还与Makarim律 所的高级律师Puji Atma一道，谈论了针对愿意进入 电力行业市场的独立发电厂（IPP）的电力行业法律 框架。

Alizia, a partner in Makarim’s corporate commercial and litigation department, tackled the scope of intellectual property rights in Indonesia, which encompasses trademark, copyright, industrial designs, patents, trade secrets, integrated circuit designs, plant varieties. In addition, she gave an overview of the country’s manpower laws and regulations, explaining areas such as work hours, types of employment, employees’ statutory minimum rights, outsourcing, and reporting and compliance.

除了了解投资印尼的多种可能性，本次活动的与 会者还获得机会结识今后能进行合作的同僚和潜在 合作伙伴。

I

Hoed, who has extensive experience in a variety of fields ranging from arbitration to mass employment termination, explored the potential of the country’s PPP scheme as well as construction law and legal matters related to land ownership, such as land-title categories and tax concerns. Along with Makarim senior associate Puji Atma, Hoed also talked about the legal framework of the electricity sector for independent power producers (IPPs) who would like to enter this market.

Aside from learning about the rich possibilities of investing in Indonesia, participants at the event were also able to network with colleagues and potential partners in future collaborations.

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ASIAN LEGAL BUSINESS AUGUST 2015

SHANGHAI 2015

IN-HOUSE LEGAL SUMMIT THE WESTIN BUND CENTER SHANGHAI - 25 JUNE

A

s a dedicated legal professional, you must be extremely alert to the following keywords while reading daily news – “One Belt, One Road”, antitrust, compliance, Shanghai-Hong Kong Stock Connect, anti-corruption campaign, FCPA, etc—that was one of the many key takeaways from the ALB Shanghai In-House Legal Summit.

These are the hot topics that attracted over 200 in-house counsels and attorneys from prestigious companies to the just-concluded annual Asian Legal Business (ALB) Shanghai In-House Legal Summit.

The 11th ALB Shanghai In-House Legal Summit was held at the Westin Bund Center Shanghai on June 25. The Summit, held at two separate venues, saw an enthusiastic participation.

The conference began with speeches by three partners, Gao Jun, Zhang Haixiao and Qiu Jing, as well as senior international adviser Cheng Mingzhi, from Zhong Lun Law Firm. The main focus of their topic was “legal compliance – how to deal with issues arising during due diligence investigation.”

The next speaker, Dr. Isabelle I H Wan, senior partner of TransAsia Lawyers, spoke on matters relating to labour disputes involving multinational companies.

The afternoon session’s topics were more

DR. ISABELLE I H WAN, TransAsia Lawyers 万以娴博士，权亚律师事务所

diverse. Zhu Hongwen, director of the department of international business at Sunshine Law Firm, Feng Chao, partner of East & Concord Partners, as well as Debevoise & Plimpton’s Shanghai office legal counsel Philip Rohlik and Hong Kong office attorney Christy Leung respectively gave presentations on “One Belt, One Road”, “cyber tort” and “Shanghai-Hong Kong Stock Connect scheme”.

Topics at Venue B were equally interesting. The morning session started with a talk by five partners from Global Law Office – Yu Lei, Liu Zhan, Weng Mingjiang, Zhu Jianfei and Gui Jia – on the topic “corporate acquisition in China”. Each partner gave their unique perspective on the topic, including the Foreign Investment Law, price adjustments in cross-border mergers and acquisitions (M&A), director responsibilities, risks in acquiring P2P companies, and intellectual property rights in M&As. Their speeches were followed by a talk by Gu Zhengping, partner at Anjie Law Firm, on compliance challenges and the strategies to deal the increasingly fierce “antitrust enforcement storm”.

Post lunch, Qi Jun and Ding Linlin, both partners at the Shanghai representative office of Greenberg Traurig LLP, gave insightful

and practical advice for in-house counsels on US Foreign Corrupt Practices Act and China’s anti-corruption campaign.

Tea break was followed by a discussion between Sun Yu, partner at Chen & Co. Law Firm, and Peng Xin, human capital advisory project manager at EY, on both the opportunities and challenges equity incentive schemes pose to businesses.

The Summit concluded with an in-house counsel discussion during which Victor Shen, chief legal officer of Henkel China, Jia Ping, founder of Health Governance Initiative and Hong Yuwen, General Counsel of China National Aviation Fuel Logistics Co., Ltd., spoke in-depth on the opportunities and problems facing the Shanghai (China) Pilot Free Trade Zone (“FTZ”) and on their role as representatives of foreign companies, private companies and state-owned enterprises. They shared their ideas of the “hopes” and “disappointments” of the FTZ in a humourous manner.

The Summit ended successfully, and was well received by participants. ALB is committed to holding more of such valuable conferences and help provide in-house counsels and law firms with a unique platform for frank exchange of views.

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SHANGHAI IN-HOUSE LEGAL SUMMIT

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上海企业法律顾问峰会圆满落幕 如

果你是敬业的法律工作者，在 每天大量的新闻阅读中一定会 被以下关键词牵动着神经：一 带一路、反垄断、合规、沪港通、反腐 败， FCPA。

在刚刚闭幕的《亚洲法律杂志》 （ALB）一年一度的上海企业法律顾问峰 会上，这些热点议题吸引了200多位知名 公司的法务和律师。 第十一届ALB上海企业法律顾问峰会 于6月25日在上海外滩中心威斯汀大饭店 圆满落幕。会议分为了两个会场，从早上 开始就座无虚席。 A会场由中伦律师事务所三位合伙人 高俊、张海晓、邱靖和高级国际顾问城銘 志开场，探讨了“法律合规—如何处理在 尽职调查中出现的问题”；随后，权亚 律师事务所资深合伙人万以娴博士登 台，探讨了与跨国公司劳动争议有关 事宜。 下午场次话题更加多元：阳光时 代律师事务所国际业务部主任朱宏 文，天达共和律师事务所合伙人冯 超，Debevoise & Plimpton上海办公 室法律顾问PHILIP ROHLIK和香港办 公室律师CHRISTY LEUNG，分别对“ 一带一路”、“网络侵权”和“沪港通”的问 题进行主题演讲。

B会场的话题同样精彩。早晨由环球 律师事务所的五位合伙人律师郁雷、刘 展、翁鸣江、朱健飞、桂佳开场，演讲主 题为“企业收购在中国”。五位合伙人从《 外国投资法》、跨国并购价格调整、董事 责任、收购P2P公司的风险、并购中知识 产权问题，这五个不同的角度给予剖析。 随后安杰律师事务所合伙人顾正平出 台，讲解了日趋严峻的‘反垄断执法风暴’ 下的合规挑战和应对策略。 午饭过后，美国GT国际律师事务所 上海代表处合伙人漆俊 和丁林林从美国 FCPA和中国反腐的角度给予现场公司法 务很多实际的建议。 茶歇过后，瑛明律师事务所合伙人孙 瑜，安永人力资本咨询项目经理彭昕配合

MICHAEL GU, Anjie Law Firm 顾正平，安杰律师事务所

探讨了股权激励给企业带来的机遇和挑 战。 会议最后的法务探讨，ALB邀请来 了汉高中国法律总监沈悦志、公共卫生 治理项目创立者贾平、中国航空油料集 团物流有限公司总法律顾问洪育文，从 外企、民企和国企的角度解读了上海自 贸区所面临的机遇和问题，三位用诙谐 的方式讲述了自贸区所带来的”希望“和” 失望“。 此次会议获得圆满成功，受到参与 者广泛的好评。ALB将致力举办更多有 价值的会议，给公司法务和律所之间构 建一个畅通无阻的平台。

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SHANGHAI IN-HOUSE LEGAL SUMMIT

ASIAN LEGAL BUSINESS AUGUST 2015

JEFFREY ZHU, Global Law Office

FRIDA SUN, Chen & Co. Law Firm

GARY J. GAO, Zhong Lun Law Firm

GEORGE QI, Greenberg Taurig LLP

CHARLES FENG, East & Concord Partners

MEPH JIA GUI, Global Law Office

CATHERINE ZHU, Sunshine Law Firm

STEVEN YU, Global Law Office

PHILIP ROHLIK, Debevoise & Plimpton

朱健飞，环球律师事务所

漆俊，美国GT国际律师事务所

朱宏文，阳光时代律师事务所

孙瑜，瑛明律师事务所

冯超，天达共和律师事务所

郁雷，环球律师事务所

高俊，中伦律师事务所

桂佳，环球律师事务所

WORKSHOP SPONSORS Anjie Law Firm As the Rising Law Firm of the Year in 2013 awarded by Asian Legal Business, AnJie has grown into a reputable full-service law firm with around 100 legal professionals. Our attorneys have rich experience in providing high-quality advice for clients in relation to antitrust/competition, banking & finance, capital markets, dispute resolution, foreign direct investment, insurance, intellectual property, mergers & acquisition, private equity and real estate.

With our profound expertise and outstanding achievements, AnJie has received considerable recognition from reputable international ranking institutions and legal journals such as Chambers & Partners, Who’s Who Legal, Legal 500, Expert Guide, Asian Legal Business, and the China Business Law Journal.

Contact us: 26 F Tower D Central International Trade Center A6 Jianguomenwai Avenue Chaoyang District, Beijing 100022 P.R.China Tel: (86 10) 8567 5988 Fax: (86 10) 8567 5999 Web: http://www.anjielaw.com

Chen & Co. Law Firm An Outstanding Legal Counsel for Your Business Success Chen & Co. Law Firm is a premier PRC law firm specializing in commercial law, experienced in capital market, investment, M&A, anti-trust, banking, trust, fund and compliance legal services. Our Law practitioners work closely with EY Assurance, Tax, Transactions and Advisory professionals to provide integrated, commercially-focused advice that addresses your needs and helps enable your businesses to thrive in different markets, with the aim of reducing legal and other risks.

Contact: Shanghai: +86 21 6881 5499 Beijing: +86 10 5690 7858 Hong Kong: +852 2899 2588

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SHANGHAI IN-HOUSE LEGAL SUMMIT

Debevoise & Plimpton Debevoise & Plimpton is a premier law firm with marketleading practices and a global perspective. Approximately 650 lawyers work in eight offices across three continents, within integrated global practices, serving clients around the world.

The firm is regarded as one of the strongest in Asia for private equity, M&A, and disputes advice.

Its lawyers possess decades’ worth of experience in Asia in these areas.

Hong Kong 21/F AIA Central 1 Connaught Road Central Hong Kong Tel: +852 2160 9800

Shanghai 13/F, Tower 1, Jing’an Kerry Centre 1515 Nanjing Road West Shanghai 200040 Tel: +86 21 5047 1800

Website: debevoise.com East & Concord Partners The merger between the East Associates Law Firm and Concord & Partners in 2014 brought into being East & Concord Partners, one of the largest and the most comprehensive law firm in China, covering over 20 practice areas. Briefly, they were established in 1993 and 1995 respectively, are among the earliest established law firms in China and both have nationwide influence and reputation. We are headquartered in Beijing and have branches in Shanghai, Shenzhen and Wuhan.

Most of our partners and attorneys have gained qualifications and hands-on experience in famous law schools and firms across the three continents. Our working languages include Chinese, English, Japanese and French.

Contact us: Address: 20/F Landmark Building Tower 1, 8 Dongsanhuan Beilu, Chaoyang District, Beijing 100004, P. R. China Tel: +8610 6590 6639 Fax: +8610 6510 7030 Email: beijing@east-concord.com www.east-concord.com Global Law Office The history of Global Law Office dates back to 1984, when it became the first law firm in the People’s Republic of China (the “PRC”) to take an international perspective on its business, fully embracing the outside world.

In today’s global economy, we continue to set the pace as the PRC’s most innovative and progressive law firm. In doing so, we build on the energy and creativity of our highly qualified professionals, most of whom have gained qualifications and hands-on experience in law schools and firms throughout Asia, North America, Europe and Australia.

Our clients are the most important part of our business. We have attracted clients from all parts of the world, working in countless industries and market areas.

Our value is delivered to our international and domestic clients through our deep knowledge and experience across the full range of practice areas and industries affected by Chinese law.

As one of the country’s most well-established and respected firms, we can bring our clients the legal and cultural understanding needed for long-term success in the PRC. Beijing Office 15&20/F, Tower One, China Central Place No. 81 Jianguo Road Beijing 100025, China Tel: (86 10) 6584 6688 Fax: (86 10) 6584 6666/6677

Shanghai Office 30/F, Shanghai Square No.138 Huaihai Middle Road Shanghai 200021, China Tel: (86 21) 6375 6722 Fax: (86 21) 6375 6723

Greenberg Traurig, LLP Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 1750 attorneys serving clients from 38 offices in the United States, Latin America, Europe, the Middle East and Asia. Greenberg Traurig is among the Top 10 law firms on The National Law Journal’s 2013 NLJ 350, an annual ranking of the largest firms in the U.S.

Sunshine Law Firm Sunshine Law Firm was established in 1995, headquartered in Hangzhou and has offices in Beijing and Shanghai. Sunshine focuses on legal service in the areas of energy and environment, providing a full range of high-end legal services to the energy and environmental projects, serving more than 30 provinces, municipalities and over 30 countries worldwide. For this reason, Sunshine is honored as “the most professional law Firm in the field of energy & environment in China” by customers. Sunshine attaches great importance to cooperation with government, enterprises, research institutions, industry associations, and is committee to safeguarding China’s energy and environment course.

Contact us: 11F, Block C, World Trade Center, No.122 Shuguang Road, Hangzhou, 310007 Tel: (86 571) 87635155 Fax: (86 571) 87635188 TransAsia Lawyers TransAsia is a leading Chinese corporate law firm recognized for its employment, technology/media/ telecoms and entertainment practices, as well as its outbound investment work. TransAsia is affiliated with Littler Mendelson, which connects the leading employment law firms of the world’s two largest economies.

Among other accolades, TransAsia has been honored by Chambers & Partners as “PRC Law Firm of the Year for Employment” (2010, 2011, 2013), by China Law & Practice as “PRC Firm of the Year for Labor & Employment” (2011–2013), and by China Business Law Journal as “PRC Firm of the Year for Employment & Industrial Relations” (2013).

TransAsia Lawyers Suite 2218, China World Office1 1 Jianguomenwai Avenue Beijing 100004, China Tel: (86 10) 6505 8188 Fax: (86 10) 6505 8189/98 Website: http://transasialawyers.com Zhong Lun Law Firm Founded in 1993, Zhong Lun Law Firm is a leading full service law firm, with over 200 partners and nearly 1000 professionals strategically located in mainland China in the leading economic centers of Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Chongqing, Qingdao, as well as Hong Kong and internationally in Tokyo, London and New York. Zhong Lun professionals work in dedicated teams committed to their specialized practice areas and are able to tap a wide range of expertise across practice groups through close cooperation and cross-team interaction within the firm. Zhong Lun provides highquality, efficient and practical legal advice on complex business transactions in China, and its outstanding work has achieved broad recognition.

Zhong Lun’s practice groups and lawyers are frequently cited and recommended in their respective markets by distinguished legal media groups such as Chambers & Partners, Asia Law & Practice, Asian Legal Business, International Financial Law Review and others.

For more information, please visit: www.zhonglun.com ASSOCIATE SPONSORS

PRE-EVENT SPONSOR

At GT, we understand our clients’ businesses and offer them a highly entrepreneurial approach to legal counsel. Our multidisciplinary team includes senior lawyers who have served as chief legal officers at major multinational companies and have spent years solving real-world problems in the business, political and legal environments of major commercial centers. We also recognize that clients expect and are entitled to high quality legal work and, equally important, superior client service. Accordingly, we strive to provide our clients with the highest quality legal work and service at a reasonable cost.

ALB SUPPORTS

GT encourages attorneys to organize the cross-practice teams required to meet the needs of our clients. We provide our services with the dedication and responsiveness of a boutique firm and the breadth, depth, resources and operating efficiencies of one of the largest law firms in the United States.

PRESENTED BT

Website: www.gtlaw.com

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SUPPORTING ORGANISATION

A Lionbridge company

Legal tender in any language Specialists at getting the point across all borders.

When it comes to international cases, language barriers could become stumbling blocks if the legal communications are not professionally managed.

Our legal language specialists are well-versed with judiciary requirements, and adept at crafting multi-language solutions to meet the needs of any international case. As your legal language services partner, we ensure accuracy and flawless terminology across all of your international content. Services we provide include: • Legal translations, editing, and writing • Summaries and reviews of legal documents • Interpreting (simultaneous and consecutive) • Language support for e-disclosure • Court reporting • Document certification and legalisation

Find out more at cls-communication.com or email us at info-ap@cls-communication.com.

ALB – JunHe GC Winners Roundtable

ALB君合最佳總法律 顧問圓桌會議

Date: September 17th Venue: Beijing

日期：9月17日

Following the release of the inaugural ALB 2015 China’s Top General Counsel winner list, ALB and JunHe are hosting a GC Winners Roundtable on September 17th in Beijing.

在《亚洲法律杂志》（ALB）首届2015最佳总法

With the ever-rising level of cooperation between inhouse legal teams and law firms, ALB and JunHe would like to take this opportunity to bring the top-tier in-house legal teams together and discuss effective ways for inhouse legal professionals and private practitioners to work together in high efficiency, as well as repositioning in-house legal teams from legal specialists to business partners.

近年来，企业法务团队与律师事务所的合作机

For details about the event, please contact Gillian Cui at xuexin.cui@thomsonreuters.com

地点：北京 律顾问名单发布之际，ALB与君合律师事务所将 于9月17日在北京举办首次最佳总法律顾问圆桌 会议。 会日益增加，合作程度也愈发深入紧密。借此机 会，ALB与君合律师事务所与中国顶级法务团队 齐聚一堂，深入讨论法务团队与外部顾问更加高 效的合作方式，以及法务团队在企业内部重新定 位等话题。 更多会议详细信息请联系崔雪昕 xuexin.cui@thomsonreuters.com