Asian Legal Business China June 2015

JUNHE, CLIFFORD CHANCE, ALIBABA WIN BIG AT CHINA LAW AWARDS 君合，高伟绅和阿里巴巴成为中国法律大奖最大赢家

JUNE 2015 WWW.LEGALBUSINESSONLINE.COM ISSN 2220-2706

亚洲法律杂志 - 中国版 CHINA

9 772220 270006

SPONSORED BY

15

CHINA TOP

GCs 2015

2015年中国最佳总法律顾问 ROCKY ROAD

WESTERN PROMISES

PPP BOOM

INSIDE

Bondholders face fickle courts system

The potential and challenges of West China

Can partnerships cure the debt problem?

n THE BIG STORY

04

重组风波： 公司面临无常的法院系统

西部前景： 中国西部的潜力和挑战

PPP大潮： 政府和社会资本合作是 否能战胜债务问题？

n DEALS SPOTLIGHT

06

n APPOINTMENTS

14

PAGE 04

PAGE 30

PAGE 36

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CONTENTS

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44

1

NEWS THE BIG STORY

04

DEALS

06

NEWS

07

REGIONAL UPDATES

13

APPOINTMENTS

14

COVER STORY ALB 2015 China’s Top General Counsel

16

ALB picks China’s leading general counsel in its inaugural Top General Counsel Rankings 2015. This followed a months-long process of selection, which involved a self-nomination process for general counsel, a survey requesting feedback from law firms, as well as editorial input.

ALB 2015最佳总法律顾问 《亚洲法律杂志》（ALB）在第一届中国最佳总法律顾问 的榜单中为您呈现一批中国最卓越的公司总法务。这个 榜单在经历了一个多月的调研后出炉，我们参考了总法务 自荐文件，律师事务所填写的调查问卷，以及 A LB长期 以来对中国法律市场的观察和洞悉。

FEATURES Western Promises 西部前景

30

West China, a relatively low-key region compared to the more affluent eastern areas, has been in the spotlight in the past 12 months. Internationally, it has greatly strengthened its economic ties with neighbouring countries like India and Pakistan. Domestically, double-digit GDP growth in the region has overshadowed the 6-7 percent growth by the cities on the eastern seaboard. Will the West become the new powerhouse of China’s economy? And how are law firms in West China looking to capitalise on this? Shangjing Li reports. 与更为富裕的东部地区相比，中国的西部一直 以来相对低调，但却在过去一年中成为瞩目的 焦点。国际上，中国西部大大加强了与印度和巴 基斯坦等周边国家的经济纽带。国内，该地区两 位数的GDP增长率令东部沿海地区城市6-7% 的增长率相形见绌。西部会成为中国经济新的 发动机吗？西部地区的律所又将如何抓住这一 机遇呢？李尚晶报道。

PPP Boom PPP大潮

36

China Law Awards 中国法律大奖

44

As China’s local governments grapple with a huge debt hangover, one solution they are now pursuing is public-private partnerships or PPPs. But will it be effective? Shangjing Li finds out more.

JunHe and Clifford Chance were the big winners of the ALB China Law Awards 2015, while Alibaba Group won the most awards in the in- house category.

中国的地方政府面临历史遗留的巨额债务，它们正在寻 求的一种新的解决之道：公私合作制，也称PPP。但这 种方式是否会真正有效？李尚晶报道

君合律师事务所和高伟绅律师事务所成为ALB 2015年中国法律大奖的最大赢家。阿里巴巴集 团则横扫公司法务的各大奖项。

ETFs exposed

40

聚焦ETFs

Hanergy’s stock plunge has put passive investors in an unwelcome spotlight, say Denny Thomas and Muralikumar Anantharaman 汉能的股价暴跌 使被动投资者不情愿地成为关注 焦 点，Denny Thomas 和 Muralikumar Anantharaman 报道

ASIAN LEGAL BUSINESS JUNE 2015

2

PUBLISHER Amantha Chia amantha.chia@thomsonreuters.com

ON THE COVER SPONSORED BY

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

15

TOP

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

GCs 2015

2015年最佳总法律顾问

Henry Cheng Account Manager (Hong Kong) (852) 2847 2016 henry.cheng@thomsonreuters.com Shyanne Chen Advertising Sales Manager (Indonesia and Malaysia) (65) 6870 3253 shyanne.chen@thomsonreuters.com Sardor Yangibayev Sales Executive (Philippines, Thailand, Vietnam) (65) 6870 3190 sardor.yangibayev@thomsonreuters.com CONFERENCE AND MARKETING MANAGER Trang Chu Minh chuminh.trang@thomsonreuters.com SENIOR DESIGNER Samson Pang TRAFFIC MANAGERS Rozidah Jambari Gloria Ng

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EDITORIAL

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3

FRONT AND CENTRE

焦点

Gone are the days when in-house counsel were primarily around to provide legal advice when asked, staying in the background and drafting documents or connecting with external law firms. Today’s inhouse lawyers and legal teams take a much more active role in the business, assisting to shape strategy and adding value as companies look to expand, including into new markets. The increasing demands for regulatory/compliance work also means that the role of in-house lawyers will continue to increase in the immediate future.

在法律意识普遍提升的大背景下，公司法务也告别了那些仅 仅在后台起草文件联络律所的日子。今日的公司法务在商业运 作中扮演着越发积极的作用，他们参与战略制定，大力帮助公 司开发新兴市场。同时，由于中国政府加大合规要求，法务的 作用也越发明显。

ALB’s Top 15 General Counsel list for 2015 celebrates the achievements of 15 excellent GCs who have proved adept at not just providing high-quality legal and strategic advice to their companies, but have also built fine legal teams and accomplished notable achievements in the process. We hope in-house counsel across China will be inspired by these individuals, who are playing a hand in propelling China Inc. forward to unparalleled new heights.

《亚洲法律杂志》2015中国最佳总法律顾问榜单选取了中15 个卓越的总法务，他们不仅为自己的公司提供高质量法律意见 和战略指导，同时他们中的相当一部分也帮助公司组建了自己 的法律团队。我们真诚地希望这些优秀的法务能够引领中国的 法务市场，让中国公司全方位地到达新的高度。

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

FOLLOW US ON TWITTER! @ALB_Magazine With its portfolio of leading titles, online services, Law Awards and In-House Legal Summits, ALB provides authoritative and unbiased insights, and unmatched networking and business development opportunities, to legal professionals throughout Asia Pacific and the Middle East.

4

BRIEFS

06.2015

INSIDE DEALS: YOUR MONTH AT A GLANCE 06 / APPOINTMENTS 14

THE BIG STORY

Restructuring roulette As China slows down, foreign creditors face bankruptcy riddle

By UMESH DESAI and MICHELLE PRICE of Reuters

A

s China’s economy slows and Beijing becomes more relaxed about letting its companies fail, a rising number of foreign bondholders risk being caught up in the country’s unpredictable court system.

In April, solar producer Baoding Tianwei Baobian Electric became China’s first ever state-owned company to default on a bond coupon payment, showing Beijing’s increasing willingness to let companies go bust in a bid to reform its corporate market.

Also in April, Kaisa Group became the first Chinese property developer to fail to pay a coupon on its U.S. dollar bonds and Internet company Cloud Live Tech Group failed to repay nearly $40 million to bondholders.

Although onshore and offshore bondholders have equal standing in China’s bankruptcy law, lawyers and investors who have experienced corporate failures in China, say bankruptcy proceedings are subject to interference from local government officials who rarely prioritize offshore bondholders.

“The courts can and do exercise wide discretion, and it’s not always clear how that discretion is applied,” says Mark Hyde, global head of the insolvency and restructuring practice at law firm Clifford Chance in Hong Kong, who advised creditors in the 2014 bankruptcy of solar producer Chaori, China’s first domestic bond default.

“This is in contrast to other jurisdictions like the U.S., where the key question is whether the legal issues have been satisfied.”

Courts also have wide discretion on

whether to accept bankruptcy filings and must work closely with local government officials, who are generally more concerned about jobs, local tax revenues and social stability than creditors.

Foreign investors who experienced the bankruptcies of Chaori and Suntech, another early Chinese corporate failure, felt they were treated like a nuisance.

“In the case of Suntech there was radio silence from the company for four months and only when we applied sufficient pressure did they start to come up with a solution. Creditors are seen as a nuisance,” says an investor who owned bonds in Suntech but declined to be named due to the sensitivity of the issue.

INCONSISTENCIES Even though overseas investors represent a tiny fraction of China domestic bond ownership, their number is expected to increase as China moves to open up its corporate bond market, which is the largest in the world.

Foreign ownership in China’s onshore bond market is expected to rise to 3-4 percent by the end of 2015, from 2.6 percent, according to Standard Chartered Bank, but the numbers could grow exponentially once China lifts current investment quotas.

China’s Enterprise Bankruptcy Law, which came into effect only in 2007, incorporates elements of both the U.S. and UK insolvency regimes, allowing defaulting companies, or their creditors, to file for bankruptcy in order to restructure the corporate debt or force the company into liquidation.

But the law is still evolving, giving rise to

inconsistencies in its application, says Daniel Anderson, a partner at law firm Ropes & Gray, who was involved in the onshore and offshore insolvency proceedings of Chinese steelmaker FerroChina, which defaulted on its debt in 2008.

The case of FerroChina, the first highprofile insolvency case involving a Chinese company, left offshore creditors divided as some recouped as much as 60 cents to the dollar and others nothing.

As China’s slowdown continues, lawyers expect to see an uptick in bankruptcy filings, but warned that the outcome of these proceedings would continue to be distorted by political factors.

“We expect to see an increase in defaults and selective corporate failures,” says Jonathan Leitch, a restructuring lawyer at DLA Piper in Hong Kong.

“Where purely domestic bankruptcies are concerned, the outcome will continue to be largely pre-arranged at the outset of a bankruptcy filing.”

BRIEFS 破产重组的赌局轮盘 随着中国经济增长放缓，外国债权人面临破产之谜 路透社Umesh Desai 和 Michelle Price报道

随

着中国经济增长放缓，以及政 府对于公司倒闭变得越来越宽 容，越来越多的外国债券持有 人面临被卷入中国不可预知的法律体系的 风险。 今年四月，太阳能生产商保定天威保 变电气股份有限公司成为中国有史以来第 一家拖欠债券付息的国有企业，显示出政 府比起从前更愿意让企业破产，以改革其 企业市场。 同样还是四月，佳兆业集团成为首家 在美元债券上付息违约的中国房地产商， 同时互联网公司中科云网科技集团股份有 限公司未能向债券持有人偿还近4000万

美元。 虽然在岸和离岸债券持有人在中国破产 法中具有平等地位，但是在中国经历过企 业破产的律师和投资者表示，破产程序受 当地政府官员的干涉，而这些政府官员很 少会优先考虑离岸债券持有人的利益。 “法院可以行使而且确实行使了广泛的 自由裁量权，关于这种自由裁量权究竟是 如何行使的并不总是很清楚。”常驻香港的 高伟绅律师事务所破产和重组业务全球主 管穆瀚德表示。穆瀚德曾在中国首起国内 债券违约案例 -- 太阳能生产商超日太阳能 科技股份有限公司2014年的破产案中给债 权人提供法律咨询意见。

REUTERS/Francois Lenoir

5

“这与美国等其他司法管辖区形成鲜明 对照，在那里关键是法律问题是否已经 得到满足。” 法院对于是否接受破产申请也同样享 有广泛的自由裁量权，并且必须与地方 政府官员密切合作。跟债权人相比，地 方政府官员通常更关心就业、地方税收 和社会稳定问题。 经历过超日和无锡尚德（另一个早先 的中国破产企业）破产案的外国投资者 觉得他们被当做一个麻烦一样对待。 “在尚德破产案中，该公司在四个月的 时间里一直保持沉默，直到我们施加了 足够的压力后，公司才开始拿出一个解 决方案。债权人被视为一个麻烦。”一位 持有尚德债券的投资者表示，他由于问 题的敏感性不愿透露姓名。

不一致 尽管海外投资者仅占中国国内债券持有 者中的一小部分，但是随着中国逐渐开 放其全球最大的公司债市场，海外投资 者的人数预计将会进一步增加。 根据渣打银行的数据，中国在岸债券 市场的外资所有权预计到2015年底将从 2.6％上升到3-4％，但一旦中国解除当 前的投资额度限制，这一数字将巨幅增 长。 2007年生效的中国企业破产法结合了 美英两国的破产制度要素，允许违约公 司或者其债权人申请破产，以重组公司 债务或者强制公司进行清算。 但该法仍然在不断发展，从而导致适 用中出现不一致，瑞格律师事务所合伙 人Daniel Anderson说。Daniel Anderson曾参与2008年债务违约的中国钢铁 制造商中国金属的在岸和离岸破产程 序。 作为涉及中国公司的首个重大破产案 例，中国金属案中的部分离岸债权人每 一美元弥补了高达60美分的损失，而另 一部分离岸债权人则什么也没得到。 随着中国经济增长持续放缓，律师预 计将会看到更多的破产申请，但警告说 破产程序的结果将继续受到政治因素的 影响。 “我们预计将会看到更多违约和选择性 的企业破产。”欧华律师事务所香港重组 律师Jonathan Leitch说。 “如果是纯粹的国内破产，结果很大程 度上在破产申请的一开始就预先安排好 了。”

6

DEALS BRIEFS

$500 MILLION EQUITY

TUNIU CORP’S SALE OF NEW SHARES TO A GROUP OF INVESTORS LED BY JD.COM • Tuniu sold $350 million of Class A ordinary shares to JD.com, making the latter the largest shareholder with a 27.5 percent stake in Tuniu.

• As part of the deal, JD.com, which has close to 100 million active customer accounts, will hand over its travel site to be exclusively operated

by Tuniu.

• JD.com will forgo commission on its Tuniu-operated site, but collect fees on flight and hotel bookings made through Tuniu via other JD.com pages.

$2.1 BILLION IPO

CNNPC’S IPO ON SHANGHAI STOCK EXCHANGE • CNNPC is one of China’s top two nuclear companies and has total assets of more than 220 billion yuan.

Jiangsu Hongda, a silicon rubber manufacturer listed on Shenzhen Stock Exclange said it would pay $7.4 billion for Focus Media.

• It is the first company in China’s nuclear energy sector to be listed on the country’s A-share market.

• Its float is the largest IPO on the Shanghai market since Power Construction Corp. of China listed in 2011.

$1.9 BILLION

ASIAN LEGAL BUSINESS JUNE 2015

DEALS: YOUR MONTH AT A GLANCE

DEAL NAME

JURISDICTION

VALUE DEAL TYPE (US$ MLN)

Kirkland & Ellis China Galaxy Securities Co’s share sale

Latham & Watkins Grandall Law Firm

Hong Kong, China

3,100

Equity

China

500

Equity

China, U.S.

690

M&A

China, Hong Kong

4,500

IPO

China

2,100

IPO

China

800

M&A

US, China

400

M&A

China, Hong Kong

171

M&A

China, US

1,900

M&A

Haiwen & Partners Tuniu Corp’s sale of new shares to a group of investors led by JD.com

China Mobile Games and Entertainment Group Ltd’s merger with Pegasus Investment Holdings Ltd

Orrick, Herrington & Sutcliffe Skadden, Arps, Slate, Meagher & Flom Conyers Dill & Pearman (Cayman Islands law) Guantao Law Firm Kirkland & Ellis Clifford Chance

Huatai Securities Co’s IPO on the Hong Kong Stock Exchange

Commerce & Finance Law Offices King & Wood Mallesons

CNNPC’s IPO on Shanghai Stock Exchange Focus Media backdoor listing in Shenzhen Ctrip.com International’s acquisition of a 37.6% equity stake in eLong, Inc from Expedia.

Tian Yuan Law Firm Jingtian & Gongcheng Jingtian & Gongcheng Skadden, Arps, Slate, Meagher & Flom Wachtell, Lipton, Rosen & Katz

Skadden, Arps, Slate, JD.com’s acquisition of 10% Meagher & Flom stake in Kingdee JunHe

M&A

ACQUISITION OF OMNIVISION TECHNOLOGIES INC BY A CONSORTIUM OF CHINESE INVESTORS • The consortium comprises Hua Capital Management Co, CITIC Capital Holdings and GoldStone Investment Co. • OmniVision, whose customers include Apple, is a maker of chips for smartphones and tablet cameras.

The company has a design centre and a testing facility in China and generates nearly 80 percent of its revenue from the country.

FIRM

Cleary Gottlieb Steen & Hamilton Gibson, Dunn & Crutcher Acquisition of OmniVision Technologies Inc by a consortium of Chinese investors

Skadden, Arps, Slate, Meagher & Flom Wilson Sonsini Goodrich & Rosati Grandall Law Firm Zhong Lun Law Firm

BRIEFS

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7

NEWS

First Chinese-owned law firm launched in the UK

T

he first wholly-Chinese owned law firm in the United Kingdom was launched in London in June, aimed solely at catering to China-based clients.

YangTze Law Firm is owned by Steve Ng, a Hong Kong and Beijing-based lawyer, and Winston Gao, Shenzhen-based partner at Jun Yan Law Firm.

The firm has been set up as an Alternative Business Structure, following approval from the Solicitors Regulation Authority that allows foreign ownership, since both Ng and Gao are not qualified to practice law in the UK. The firm will serve the clients of the Yang Tzejiang Legal Network, which includes 3000 lawyers and 40 firms across the Chinese mainland.

Exeter-based law firm Michelmores will provide back-office support and regulatory help to the new law firm. Malcolm Dickinson, managing partner of Michelmores, will be YangTze Law Firm’s chief executive, with And Ng and Gao acting as co-executive directors.

In the past few years, Chinese firms such as Zhong Lun and Yingke have opened offices in London. King & Wood Mallesons and Dacheng Dentons, two international firms with a strong PRC presence, also have London offices.

“There are many Chinese firms looking to invest and do business in the UK and Europe, but for whom cultural and legal differences can be a real barrier.

We are hopeful that YangTze Law will help to unlock the door for a new group of Chinese investors, and we believe that its launch is great news for both the UK economy and Chinese businesses,” Ng said in a statement.

In China, P2P lenders offer some relief to small entrepreneurs

W

hen Chinese flight booking operator Baitour needed cash to grow its business last year, it opted against using Industrial and Commercial Bank of China, its long-term lender and the world’s largest bank, turning instead to Internet finance startup Jimu Box. For Baitour, getting funds via Jimu Box, a peer-to-peer (P2P) online platform that matches lenders and borrowers, was quicker and required no upfront collateral.

Borrowing from banks “was tough, really tough,” Baitour Vice President Tian Xiaoming told Reuters.

“We couldn’t get the funds we needed from the bank,” said Tian. “Peer-topeer turned out to be the best alternative.”

Despite repeated cuts in China’s official interest rates to boost the slowing economy, local banks appear reluctant to lend to potentially high-risk small companies, a trend similar to the credit crunch that plagued Europe during its own slowdown.

Seeking cash, an army of entrepreneurs is increasingly turning to P2P platforms and other forms of Internet financing, posing a dilemma for Chinese regulators, who want to lift growth but are wary of these unregulated credit pools.

P2P credit stands at $53 billion in China, according to P2P001, a widely followed website for Internet lending.

While only a fragment of total bank lending it represents a threat to the traditional banking model since by quickly pooling funds, P2P platforms do away with the need for a bank intermediary between lender and borrower.

Jimu Box, which became a top 10 Chinese P2P player in two years, responded to Baitour’s loan application in one day, compared to ICBC procedures lasting several months, said Tian.

Since June 2014, the ticketing business has borrowed $19.9 million from Jimu Box, sliced in hundreds of short-term micro-loans spread across individual lenders who, like 19-year-old undergraduate Apple Guo, were lured by attractive returns.

“It helps me pay my phone bills,” Guo said.

据英国首家中资律所开业

英

国首家纯中资律所于本周在伦敦开业，仅提供针对中 国客户的服务。 长江律师事务所由可在香港和北京执业的吴少鹏律师和 深圳广东君言律师事务所合伙人高文杰律师创立。 在获得英国律师公会允许外国所有权参与英国律所运营 的批准之后，因吴少鹏和高文杰都不具备英国的律师执业 资格，该律所以所谓的ABS结构（即非英国执业资格的律 师拥有律师事务所）设立。 该律所将为长江律师联网的客户提供服务，该网络包括 中国大陆的3000名律师和40家律所。 英国埃克赛特律所Michelmores将为新律所提供后台支 持和监管帮助。Michelmores的管理合伙人Malcolm Dickinson将担任长江律师事务所首席执行官，吴少鹏和高文杰 将担任联席执行董事。 过去几年间，中伦和盈科等中资律所已在伦敦开设了办 事处。金杜和大成这两家有强烈中国元素的国际性律师事 务所也拥有伦敦办事处。 “有许多中国公司正寻求在英国和欧洲投资经商，但对 它们而言，文化与法律差异是一道实实在在的壁垒。我们 希望长江律师事务所能有助于为新一群中国投资者打开大 门，我们相信该所的开业对英国经济和中国企业都是好消 息。”吴少鹏在一份声明中表示。

点对点借贷为中国小企业带 来一线生机

去

年，当中国的机票预订公司百拓商旅需要现金来发展 公司业务时，该公司并未选择其长期贷款方也是全球 规模最大的银行中国工商银行，而是转投互联网金融创业 公司积木盒子。 积木盒子是一个把贷款方和借款人进行匹配的点对点 （P2P）在线平台。对百拓而言，通过这个平台获得资金 速度更快，也无需任何前期抵押。 百拓副总裁田晓明对路透社表示，从银行借款“很难，实 在很难”。 田晓明称，“我们不能从银行借到我们需要的资金。点对 点就成了最佳的选择。” 尽管中国不断下调官方利率以刺激日渐放缓的经济，但 地方银行仍不愿向潜在风险较高的小公司放贷，这一趋势 与欧洲经济放缓时拖累欧洲的信贷紧缩相似。 为了寻求资金，一大批企业正日渐转向P2P平台和其他 形式的互联网融资，这使得既希望提高经济增长率但又对 这些受监管的信贷池心存疑虑的中国监管部门左右为难。 按广受关注的互联网贷款网站P2P001的说法，P2P信贷 的规模在中国达到530亿美元。 尽管数额只是银行贷款总额的很小一部分，但由于能快 速集中资金，P2P对传统的银行业务模式造成威胁，这一 平台使得贷款方和借款人之间无需银行中介。 积木盒子在2年间成为中国前10大P2P公司。田晓明 称，该公司在一天之内就对百拓的贷款申请作出了回应， 而工行的流程则要数月之久。 自2014年6月以来，该票务公司已从积木盒子借得1990 万美元，这些款项由被诱人的回报率所吸引的众多个人贷 款方提供的数百个短期微型贷款组成。19岁的大学生Apple Guo就是这些人中的一个。 小郭称，“它帮我付我的手机话费。”

8

BRIEFS

BIG DATA While banks use internal rating systems and business plan analysis to assess loan risk, P2P players such as Dianrong.com use computer algorithms to wade through masses of personal data.

Dianrong.com, backed by U.S. fund Tiger Global, asks borrowers to allow it to purchase data from credit card company UnionPay to assess cashflow and can lend using future income as collateral.Dianrong.com also uses public shaming as a tool.

The platform requests access to a borrower’s Weibo account, China’s equivalent of Facebook, to lend. If payment is missed, Dianrong.com posts a request for help with payment, embarrassing the borrower.

“People have parents paying for them, their ex-girlfriend,” said Ling Kong, chief technology officer at Dianrong.com.

But this approach raises data privacy issues and poses questions about the legitimacy of accessing customer data.

While P2P is a global phenomenon, it’s spreading fast in China thanks to the proliferation of low-cost smartphones among the tech-savvy, entrepreneurial younger generation.

The number of P2P lenders in China more than doubled to 1,700 in 2014 from 2013, and credit grew four times, according to the P2P001 website.

Although P2P emerged to fund individuals and small companies, it is also proving attractive to China’s cash-strapped property industry.

Greenland Hong Kong Holdings Ltd, a subsidiary of China’s second-largest developer, the state-backed Greenland Group, said in late March it had set up an online platform that connects property developers and investors with financing and investment opportunities.

Beijing-based Modern Property has raised more than 40 million yuan ($6.45 million) this year from four crowdfunding campaigns, online financing similar to P2P. “It lowers intermediary costs, including refinancing costs and marketing fees and speeds up sales,” Modern Property President Zhang Peng told Reuters.

SAINT OR SINNER? The industry’s rapid growth has presented challenges, with 287 Chinese P2P firms shutting down last year. The 98 closures in December alone exceeded the total for 2013.

Of the closures in 2014, 46 percent were caused by fraud or absconding P2P company owners, according to industry data provider Wangdaizhijia.

“A lot of money is coming in quickly and (the platforms) don’t know how to manage it. Without the right risk management and asset allocation, there’s also a lot of systemic risk,” said Ling from Dianrong.com.

China’s central bank has voiced some concerns and Beijing is expected to introduce regulation for the industry this year, said a source at a government financial services agency, a move industry players predict will force consolidation in the overcrowded sector.

Despite those concerns, Gong Shengpan, deputy governor of the People’s Bank of China, said that more freedom should be granted to non-deposit taking lenders, according to respected magazine Caixin.

“In an online environment, you have to think a bit differently,” said Greg Medcraft, head of the International Organization of Securities Commissions, a body which brings together securities regulators from around the world.

“At the end of the day, if it’s a digital solution that can take the same equation and deliver more value to the customer, then it’s all about harvesting the opportunity and mitigating the risk.”

ASIAN LEGAL BUSINESS JUNE 2015

大数据

银行采用内部评级系统和商业计划分析来评估贷款风险，但 像点融网这样的P2P公司则采用计算机算法在茫茫的个人数 据中发现端倪。 点融网获得美国基金公司老虎全球基金注资。该公司要 求借款人允许它从信用卡公司银联购买数据对借款人现金流 进行评估，并可以用未来收益作为担保放贷。 点融网还把公开曝光作为一种手段。 该平台要求访问借款人的微博（类似中国的Facebook） 账号进行贷款。如果未能按时还款，点融网将发布帮助还款 的请求，令借款人难堪。 点融网首席技术官孔令欣表示，“人们会让父母、甚至前 女友为他们还款。” 但这种做法存在数据隐私问题，并引发对访问客户数据 的合法性的质疑。 尽管P2P是一种全球现象，但由于精通科技、具有创业 精神的年轻一代普遍拥有低成本智能手机，因此P2P在中国 快速蔓延。 按P2P001网站的说法，2014年中国P2P贷款方数量比 2013年翻了一番多，达到1700家，信贷增长了4倍。 尽管P2P的出现一开始是为个人和小公司提供资金，但 它对资金捉襟见肘的中国房地产行业也具有吸引力。 绿地香港控股有限公司是国资背景的中国第二大房地产 开发商绿地集团的子公司，该公司称3月底已设立在线平 台，把房地产开发商和有投融资机会的投资者联结起来。 北京的当代置业今年已通过4次众筹（与P2P类似的在线 融资）活动筹得4000多万元人民币（645万美元）。 当代置业总裁张鹏对路透社表示，“这种方式降低了中间 成本，包括再融资成本和营销费用，又加快了销售。”

圣人还是罪人？

这一行业的快速增长带来了许多挑战，去年中国有287家 P2P公司关门大吉。仅12月就关闭了98家，超过2013年总 和。 根据行业数据提供商网贷之家的数据，2014年关张的公 司中，有46%是因为欺诈或P2P公司所有人卷款潜逃。 “一下子来了很多钱，（平台）不知道如何进行管理。没 有正确的风险管理和资产配置，还存在很多系统性风险。” 点融网的孔令欣说。 一名在政府金融服务机构工作的消息人士称，中国央行 已对此表达某些担忧，预计中国政府今年将对这一行业进行 法律监管，业内预计此举将迫使拥挤不堪的P2P行业进行整 合。 尽管存在这些忧虑，据权威杂志《财新》报道，中国人 民银行副行长潘功胜表示，应给非存款类贷款机构更多自由 度。 国际证券事务监察委员会组织是把全世界证券监管机构 聚集起来的组织，该 组织董事会主席Greg Medcraft指出，“在互联 网环境中，需要从不同 的角度进行思考。” “归根到底，如果一 种数字化解决方案在相 同条件下能为客户带去 更多价值，那么要做的 事情就是抓住机会，降 低风险。”

BRIEFS

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

Foreign investors welcome regulator’s stance on China shareholding rights

F

oreign investors have welcomed assurances by China’s securities watchdog that their shareholding rights are recognised in the country, in a development that should boost trading on a landmark Hong Kong-Shanghai trading link.

The so-called Stock Connect project went live in November, allowing foreign investors to buy and sell Shanghai shares via the Hong Kong Exchanges & Clearing (HKEx) for the first time.

Many European funds have been unable to participate in the scheme, however, due to concerns among their home regulators in Luxembourg and Dublin that foreign investors’ rights may not be enforceable under Chinese law.

In May, the China Securities Regulatory Commission (CSRC) issued a long-awaited statement, in the form of frequently asked questions, clarifying foreign investor rights under Stock Connect.

“The ‘frequently asked questions’ should provide additional comfort to foreign investors because they are coming from the CSRC, the key Chinese regulator for the Stock Connect scheme,” said Eugenie Shen, head of the asset management group at the Asia Securities Industry & Financial Markets Association, an investor trade group based in Hong Kong.

One lawyer who has been working closely on issue said he believed the statement addressed investor concerns, adding there should be “no more lingering doubts after this clarification.”

Under Stock Connect, foreign investors’ Shanghai shares are held by the HKEx’s clearing house on their behalf, in a legal structure known as beneficial ownership.

The HKEx in turn holds the shares onshore in China at the Shanghai Stock Exchange’s clearing house, ChinaClear.

Custodians and European regulators in Luxembourg and Dublin have harboured concerns that investors may not be able to prove and enforce their ownership of the shares under this legal structure should anything go wrong.

However, the CSRC’s statement has helped to reassure overseas shareholders that their interest in the shares is recognised, and that they can take direct legal action in China’s courts if necessary.

The CSRC also said that ownership certificates issued by the HKEx’s clearing house declaring that a shareholder is the underlying beneficial owner of the Shanghai shares would be respected by the CSRC. Brian Ingram, chief investment officer of Ping an Russell Investment Management, said the clarification was a “positive development for Stock Connect” but sounded a note of caution.

“The right of a foreign investor to take legal action against mainland companies is yet to be tested. The momentum of change is positive, however.”

9

外国投资者对监管机构的中 国持股权立场表示欢迎

中

国证券监管机构保证外国投资者在中国的持股权利将 得到承认，此举受到外国投资者欢迎，预计将会提振 具有里程碑意义的沪港通的交易量。 所谓的沪港通项目于去年11月启动，首次允许外国投资者 通过香港联交所（HKEx）买卖上海股市股票。 但因位于卢森堡和都柏林的所在国监管机构担心外国投资 者的权利可能无法按中国法律执行，许多欧洲基金都无法参 与沪港通。 上个月，中国证监会发布了一份众望所归的声明，以常见 问题问答的形式明确了沪港通下的外国投资者权利。 “‘常见问题问答’可以给外国投资者带来更多安慰，因为这 是由沪港通的主要中方监管机构中国证监会发布的。”亚洲证 券业与金融市场协会资产管理部主管Eugenie Shen表示。该 协会是位于香港的一家投资者交易团体。 一位密切从事该问题工作的律师称，他认为该声明消除了 投资者的疑虑，并表示“在这份声明之后，不应该还有什么更 多的疑问了”。 按照沪港通计划，外国投资者的上海股票由香港联交所的 清算公司代为持有，在法律结构上称为受益人所有权。 香港联交所转而在中国境内的上海证券交易所清算公司， 即中国证券登记结算有限公司，持有这些股份。 位于卢森堡和都柏林的托管银行和欧洲监管部门担心，一 旦出现任何差错，投资者可能无法按照这种法律结构证明并 行使自己的股份所有权。 但中国证监会的声明有助于安抚海外股东，声明称他们的 股票利益将得到承认，并且如有需要他们可在中国法院直接 采取法律行动。 中国证监会还表示，证监会将承认香港联交所清算公司下 发的声明股东是上海股票最终受益所有权人的所有权证明。 平安罗素投资管理公司首席投资官Brian Ingram称，该声 明是“沪港通的积极发展”，但也表示投资者仍需谨慎。 “外国投资者对中国大陆公司采取法律行动的权利还有待 验证。不过这种变化的势头还是正向的。”

10

BRIEFS

In China, firms flash green credentials as regulators loom

A

pple Inc is planting trees, Mars may move to ‘zero carbon’ and Foxconn Technology Co Ltd is spending millions of dollars to give its factories a ‘green’ makeover, as companies operating in China face tighter rules on pollution.

Beijing introduced tougher regulations this year to combat pollution, keen to overhaul China’s unwanted image of smog-choked cities, fouled waterways and heavy-metal tainted soil.

This won’t come cheap; the country’s central bank estimates China will need to spend 2 trillion yuan ($322 billion) a year over the next five years on reducing pollution, and government coffers will only cover about a tenth of that - leaving local and international firms to pick up the rest of the tab.

“For companies and factories which need to seriously cut levels of pollutants, it’s going to be extremely costly – we’re talking millions of dollars,” said Philip Cheng, Shanghai-based partner at law firm Hogan Lovells.

Harsher penalties were also introduced this year, and local governments - with tougher targets of their own - have been putting more pressure on businesses making anything from chocolate to clothing, China-based executives said.

A Beijing regulator in April fined a leading supplier of fries to McDonald’s Corp for water pollution, while the cost of meeting pollution targets for China’s mostly state-owned steel firms has jumped 50 percent on average since last year.

“China’s environmental law is becoming one of the strongest in the world,” said Manuel Baigorri, senior director of sustainability at Levi Strauss & Co, which is working on a project to use less water and power at its China mills.

RISING COSTS Apple, which makes the majority of its iPhones in China, said in May it would help plant and protect up to 1 million acres of new forest land in China, and has launched a solar project in southwestern Sichuan province.

U.S. chocolate maker Mars said it was in talks with local governments about sustainability, and planned to replicate something similar to a $345 million U.S. wind power project to help makes its operations “carbon neutral.”

ASIAN LEGAL BUSINESS JUNE 2015

环保法规趋紧，在华外企纷 纷披上“绿色”外衣

由

于在华企业面临越来越严格的污染监管法规，苹果计 划在华植树造林，玛氏中国或许要朝“零碳排放”发展， 而鸿海科技集团正投入数百万美元对其工厂进行“绿色”改 造。 中国政府今年出台了更为严格的污染治理法规，旨在改变 中国不想看到的形象：城市雾霾缭绕，水道污秽，土壤遭受 重金属污染。 这一做法代价高昂；中国央行估算，今后五年中国将需要 每年花费2万亿元人民币（3220亿美元）用于减少污染，而 政府资金只能支持约十分之一的费用，剩下的就要靠中国本 土企业和国际公司买单。 “对于需要大幅降低污染物排放水平的公司和工厂而言， 这将会非常昂贵——动辄数百万美元。”霍金路伟律师事务所 上海合伙人郑浩晖称。 在华企业高管说，中国今年还出台了更加严厉的污染处罚 条例，而地方政府自身有更严苛的标准，已对从巧克力到服 装的制造企业都施加了越来越大的压力。 上月，麦当劳薯条的主要供应商因水污染问题遭北京监管 部门处罚。而对于大多是国企的中国钢铁企业来说，符合污 染排放标准的成本自去年以来已平均大涨50%。 “中国的环境法律正在变成世界上最严的环境法律之一。” 李维斯公司可持续性发展部高级总监Manuel Baigorri称。该 公司正在进行一个项目，以减少其中国工厂的水电用量。

成本不断上涨

苹果的iPhone手机主要在中国生产，该公司本月表示将在中 国种植并保护高达100万英亩新林地，并已在西南地区的四 川省启动了一个太阳能项目。 美国巧克力生产商玛氏也表示正与地方政府就可持续性发 展进行会谈，并计划在中国复制与价值3.45亿美元的美国风 电项目类似的项目，从而帮助该公司运营实现“碳中性”。

SPONSORED ARTICLE

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11

EAST & CONCORD PARTNERS 天达共和律师事务所

滥用知识产权排除限制竞争行为的规制及其完善 知识产权法和反垄断法是当今世界经济生活中两部重 要的法律。2015年4月7日公布的国家工商行政管理总局 《关于禁止滥用知识产权排除、限制竞争行为的规定》（ 下称”《总局规定》“）是我国首部对滥用知识产权的垄断 问题进行专门规定的部门规章。 馮超, 合伙人 Charles FENG, Partner 电话 T: +86-10-65107029 邮箱 E: charles_feng@

east-concord.com

一、 立法宗旨 知识产权领域反垄断是反垄断执法的重要内容。《总 局规定》开宗明义的指出，其目标就是鼓励市场公平竞争 和激励创新，提高经济运行效率，维护消费者利益和社会 公共利益。这正是反垄断法和知识产权法共同的立法目 标。

二、 相关市场的界定 1、相关市场 相关市场是贯穿反垄断法的概念，被称为反垄断法中 发现事实的工具 1。《总局规定》认为相关市场包括商品 市场和地域市场，并规定在界定相关市场时要考虑知识产 权、创新等因素的影响。同时规定在涉及知识产权许可的 反垄断执法中，相关商品市场可以是技术市场或者是含有 知识产权的产品市场；但其没有提出创新市场的概念。

2、技术市场及创新因素 《总局规定》确定了界定商品市场和地域市场的主要 考查要素，其对于技术市场和创新市场（或者创新因素） 的界定和考查方法没有提供具体规定。创新市场是指企业 之间就某一领域中未来新技术或新产品的研究开发进行竞 争所形成的市场。 2因而，在研发直接导向一个完全新的 产品，且市场上不存在这个产品及其产品市场的情形下， 创新市场的评价对于分析快速创新特点的行业具有意义。3 《总局规定》提出在界定相关市场时要考虑知识产 权、创新等因素的影响。并规定相关商品市场可以是技术 市场或者是含有知识产权的产品市场。此等规定为实践中 在界定相关市场问题上引入上述技术市场和创新因素（市 场）提供了空间。

三、 垄断协议 1、垄断协议的豁免 《反垄断法》第十三条、第十四条禁止具有竞争关系 的经营者之间或者经营者与其交易相对人之间达成垄断协 议，除非经营者证明其达成的垄断协议符合该法第十五条 的规定，才可能被被豁免。

2、安全港 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

安全港（或称“安全区”）规则是反垄断的豁免方面的 一项重要制度。根据安全港规则，技术转让协议当事人可 以通过界定市场、评估市场力量和确定市场份额门槛的指

标，确认是否适用安全港规则。 《总局规定》借鉴了美国和欧盟的规定并认为以下情 况可以使用安全港制度:具有竞争关系的经营者在相关市 场的市场份额合计不超过20%，或者在相关市场上存在 至少四个可以以合理成本得到的其他独立控制的替代性技 术；(二)经营者与交易相对人在相关市场上的市场份额均 不超过30%，或者在相关市场上存在至少两个可以以合理 成本得到的其他独立控制的替代性技术。4安全港制度对于 协议当事人评估知识产权协议的市场力量，判断协议是否 可以获得豁免具有重要意义。

四、 滥用市场支配地位 1、知识产权及市场支配地位 《反垄断法》第十八条、第十九条提供了滥用市场支 配地位的推定和认定依据。一般认为，确定市场支配地位 是在界定相关市场的基础上，通过市场份额、市场进入障 碍等因素进行分析加以确定。5由于知识产权具有专有性6 ，一般认为其可以使市场进入变得更加困难，特别是当知 识产权所保护的产品（技术），对于潜在对手进入市场至 关重要而构成必需设施时，尤为如此。7 《总局规定》第六条第二款明确指出，经营者拥有知 识产权可以构成认定其市场支配地位的因素之一，但不能 仅根据经营者拥有知识产权推定其在相关市场上具有市场 支配地位。 也就是说，在市场支配地位的考查中，对于知识产 权，应与其他财产权一样对待，即从市场份额、市场角 度，结合必需设施的构成进行综合分析。

2、滥用市场支配地位行使知识产权的具体行为 （1）拒绝许可行为 一般而言，根据意思自治原则，拒绝交易是当事人的 一种权利。但对于具有市场支配地位的经营者来说，特别 是在拥有必需设施时，其拒绝交易的权利受到限制。对拒 绝交易的分析要素包括拒绝许可对竞争、创新和消费者利 益的影响；拒绝许可对经营者的影响等。 根据《总局规定》，拒绝许可是指具有市场支配地位 的经营者没有正当理由，在其知识产权构成生产经营活动 必需设施的情况下，拒绝许可其他经营者以合理条件使用 该知识产权，排除、限制竞争的行为。认定拒绝许可的要 素有:（一）该知识产权是必需设施：即知识产权在相关市 场上不能被合理替代，为其他经营者参与相关市场竞争所 必需；（二）拒绝许可将导致相关市场上竞争和创新受到 不利影响，损害消费者利益或者公共利益；（三）许可对 该经营者不会造成不合理损害。 (未完待续)

1 《相关市场界定中的利益博弈与基本原则》郑鹏程著: 《反垄断法中相关市场界定》王晓晔 主编 社会科学文献出版社出版 2014年10月出版 第83页 2 《知识产权与反垄断法》王先林著 法律出版社 出版 2008年9月 第2版 第108页 3《专利权行使的反垄断法规制》 吴广海著 知识产权出版社出版 2012年4月第1版 第96-97页 4《知识产权与反垄断法》 王先林著 法律出版社出版 2008年9月 第2版 第110页 5《市场支配地位的认定与反垄断法规制》王磊 著 中国工商出版社出版 2006年版， 第113页 6《知识产权法》 郑成思 著 法律出版社 2003年1月 第二版 第12页 7《专利权行使的反垄断法规制》 吴广海著 知识产权出版社出版 2012年4月第1版 第104页

12

BRIEFS

ASIAN LEGAL BUSINESS JUNE 2015

“There’s a lot of interest and attention in greening the grid and getting more renewables going in China, so it feels like a good time to be working in that direction,” said Mars’ global sustainability director Kevin Rabinovitch.

Wal-Mart Stores Inc said it is using energy efficient equipment in its stores, while McDonald’s is “accelerating” work on sustainability in China in line with “government expectations,” a China spokeswoman said.

Executives in China noted the new regulations were already driving up costs, especially in high polluting sectors such as energy, natural resources, chemicals, metals and apparel.

“We’re definitely seeing the costs related to environmental compliance going up,” said a Shanghai-based executive at a large international chemicals firm.

Others added that costs were rising, but were worth paying to stay on the right side of regulators and local governments, often the gatekeepers to business in the world’s second-largest economy. “This can be a competitive advantage for multinational companies, leading the market where the government has quite firmly said it would like it to go,” said David Frey, Chinabased partner at KPMG.

“很多人都对中国的电网环保化和获得更多可再生能源有 兴趣，这两个领域的关注度很高。现在往那两个方向发展正 是时候。”玛氏公司全球可持续性总监Kevin Rabinovitch称。 沃尔玛公司表示该公司门店正在使用节能设备，而麦当劳 中国的一名女发言人称，麦当劳也在根据“政府预期”“加快”在 华可持续发展。 在华高管指出，监管新规正在抬高成本，尤其是能源、自 然资源、化工、金属和服装等高污染行业。 “我们确实看到与环保合规相关的成本正在上升。”一家大 型国际化工企业驻上海的高管称。 其他高管也表示成本正在不断增加，但为了与监管部门和 地方政府站在同一阵营，这种成本是值得付出的，因为监管 部门和地方政府通常是中国这一全球第二大经济体的商业守 门人。“当政府坚定地表示想要市场往环保方向发展时，这么 做对于跨国企业来说，可能会成为一种竞争优势，”毕马威中 国合伙人方大伟说。

REAL IMPACT

但一个重要的问题是，中国是否具备执行新规的资源，尤其 是地方政府仍在经济增长和环境保护之间纠结。 关注可持续发展的公司高管称，指令是中央政府下发的， 但地方政府往往无力或不愿执行。 “我们注意到中央政府出台政策，强迫工厂减少水和能源 的使用量，但地方监管部门往往不具备正确实施这些政策的 机制。”一家全球消费品公司驻上海的高管表示。 但新规却已为帮助各行各业减少污染的公司创造了商机， 审计事务所的中国环保法律合规团队也已增员扩容以满足需 求。 像苹果公司供应商富士康这样的大型制造企业去年已对环 保项目投资3350万美元左右，并表示该公司正寻求在2015 年进一步提升能源效率。 “政府政策正在很大程度上令企业转向可再生能源。”可 再生能源项目开发商UGE驻北京的商务拓展经理Rosie Pidcock表示，并称自去年更严的污染治理法规出台后，她公司 的新业务已有增长。

A major question, though, is whether China has the resources to enforce the new rules, especially with local governments torn between growth and environmental protection.

Company executives focused on sustainability said directives were coming down from central government, but local authorities often didn’t have the muscle, or the will, to enforce them.

“We’re seeing Beijing issue policies pushing factories to reduce water and energy use, but local regulators often don’t have the systems in place to properly implement them,” said a Shanghai-based executive at a global consumer goods firm.

The new rules have, though, created business opportunities for firms helping industries reduce waste, and auditor firms are bulking up their Chinese environmental compliance teams to meet demand.

Major manufacturing firms such as Apple supplier Foxconn invested around $33.5 million on green projects last year, and said it is looking to improve energy efficiency further in 2015.

“Government policies are highly influencing companies to switch to renewables,” said Rosie Pidcock, a Beijing-based business development manager at renewable energy project developer UGE, noting her firm has seen an increase in new business since the tougher rules were announced last year.

实际影响

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SINGAPORE

外国公司在新加坡开展业务的选择 外国公司希望在新加坡开展业务，可以通过注册 子公司、分公司或代表处来进行。不同注册形式将 涉及不同法律后果、税收等，本文对三种不同注册形 式做简要分析，外国公司可在注册前，根据公司具体 的商业计划和战略目标，选择适当的注册形式。具体 详情可与本地专业机构如律师事务所等进行咨询。 子公司 子公司是本地注册的私人有限责任公司，其股东 可以是另一本地或外国公司。从法律主体资格上来 看，子公司是一个独立的法人，可以独立签署协议、 独立履行义务及承担责任。股东仅就其出资额部分 来承担有限责任。 子公司的名称可以与其外国母公司不同，其业务范 围也可以与母公司不同。 根据新加坡公司法规定，公司须至少一名董事是新加坡居民（公民、 永久居民或工作准证持有者）；公司在新加坡必须有一个注册地址并将 公司的有关注册登记文件保存于该地址以便查询。 税收上，子公司会被当做新加坡居民公司，依法享有免税及其他优 惠政策。 分公司 分公司不具有独立法人资格，被视为外国公司主体的延伸，分公司业 务运营过程中的任何义务及责任须由外国公司（即总公司）来承担。 分公司的名称须与总公司一致并加上“分公司”字样，其业务范围须 与总公司一致。因此，从事有关规管业务的公司，诸如银行、从事资本 市场等业务活动的公司，在新加坡设立分公司须向有关主管机构申请， 并获得相应执照，方能设立分公司，开展有关业务。 新加坡公司法规定，一个新加坡分公司必须聘用两名常住在新加坡 的代表人(agent)，该代表人须经总公司授权，代表总公司在新加坡接 受法庭的诉讼文件。分公司也必须在新加坡有注册办公地址。 从税收角度，分公司不被认为是一个新加坡居民公司，但须就在新 加坡的业务产生的收益进行纳税，且不享有免税和提供给新加坡本 地公司的其他优惠政策。 代表处 若海外公司计划在新加坡先行了解市场，以后再开展业务，则可以 考虑设立代表处。代表处只可以开展市场调查、客户联络、参加展会 等非经营性活动。代表处不具有独立法人资格，不能从事直接的或代 表外国公司的交易，因此，不能有任何营业收益。 代表处必须由外国公司总部派一名代表，其聘用员工不得超过4名。 新加坡国际企业发展局（IE Singapore）对申请设立代表处的海外 公司规定了具体要求（诸如设立时间、年销售收入等）。除银行、金融、 保险、法律等特别行业，须向有关主管机关申请，一般行业，如制造业， 商务服务业，商贸等，可通过新加坡国际企业发展局进行注册登记。 结语 外国公司想在新加坡开展业务进行注册，可根据上述法律主体资 格、责任承担、税收、政府优惠政策等多方面进行考虑，并结合新加 坡企业注册与会计管制局（ACR A）和新加坡国际企业发展局（IE Singapore）的具体要求来综合考量。 MS. YONG CHANG LING, Legal Associate (Corporate Practice) T: +65 6322 2237 F: +65 6534 0833 E: yongchangling@loopartners.com.sg MS. CANDICE YONG PEI SZE, Legal Associate (Corporate Practice) T: +65 6322 2230 F: +65 6534 0833 E: candiceyong@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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解读国家工商行政管理总局 《关于严格落实先照后证改革严格执 行工商登记前置审批事项的通知》 2015年5月21日，国家工商行政管理总局（下称“国家 工商总局”）在其网站上发布了《关于严格落实先照后证 改革严格执行工商登记前置审批事项的通知》（工商企 注字[2015]65号）（下称“通知”），该通知就执行工商登 记前置审批事项做了具体的规定，并同时公布了法律明 确和国务院决定保留的34项工商登记前置审批目录和 企业变更登记､注销登记前置审批指导目录。 通知的主要内容如下： 一、对于法律、行政法规和国务院决定规定的改为登 记后置审批的事项，一律不再作为登记前置，在办理 工商登记时，不再要求申请人提交相关审批部门的许 可文件、证件。 企业申请办理经营范围登记时，要在营业执照 “经营范 围”栏后标注“（依法须经批准的项目，经相关部门批准后方可开展经营 活动）”。企业办理工商登记后取得相关许可文件、证件的，应当在取得 相关许可文件、证件之日起20个工作日内自行在企业信用信息公示系 统上公示。相关许可文件、证件上的经营项目用语与营业执照上表述不 一致，企业申请调整经营范围的，工商和市场监管部门（以下称工商部 门）予以办理变更登记。 二、国家工商总局实施《工商登记前置审批事项目录》动态管理 对通知中附件1：《工商登记前置审批事项目录》内事项，如外商投资 企业设立及变更审批，申请人应当依法报经相关审批部门审批，凭许可 文件、证件向工商部门申请登记。工商部门按照许可文件、证件记载的内 容依法办理企业登记注册。 国家工商总局今后将根据法律、行政法规、国务院决定新增的前置 审批事项、取消的行政审批事项、前置审批改为后置审批的事项，动态 调整《工商登记前置审批事项目录》，并予公布。 三、明确企业变更登记、注销登记前置许可目录管理 企业设立后变更登记事项涉及通知附件2：《企业变更登记、注销登 记前置审批指导目录》内有关事项、终止或解散的，如外国银行代表处 变更及终止审批，应当依照法律、行政法规、国务院决定的规定，经相 关审批部门批准后，凭许可文件、证件向工商部门申请办理变更登记、 注销登记。法律、行政法规、国务院决定没有明确规定变更、注销时应 经审批并凭许可文件、证件办理的，工商部门直接办理变更、注销登记。 具体而言，外商投资企业的设立及变更，在工商登记前，仍然需要先 到商务部、国务院授权部门或者地方人民政府，如各地商务部门审批。而 设立中外合资、合作印刷企业和外商独资包装装潢印刷企业，以及设立 从事出版物印刷经营活动的企业，在工商登记前，需要先到省级人民政 府新闻出版广电行政主管部门审批。 另外，通知也要求各地工商行政管理部门应对照国务院已经公布 改为后置审批的事项、法律规定和国务院决定保留的工商登记前置审批 事项，对本地公布执行的工商登记前置审批改为后置审批事项和保留的 工商登记前置审批事项进行梳理。 农民专业合作社和个体工商户登记参照通知执行。 相信通知的出台将进一步为企业办理登记和审批事务带来便利。 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

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

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BRIEFS APPOINTMENTS

ASIAN LEGAL BUSINESS JUNE 2015

LATERAL HIRES NAME

LEAVING

GOING TO

PRACTICE

LOCATION

Dan Ouyang

Paul Hastings

Wilson Sonsini Goodrich & Rosati

Corporate

Beijing/Hong Kong

Gary Lock

Herbert Smith Freehills

M&A

Hong Kong

William Leung

Eversheds

Shipping, Insurance

Hong Kong

Pradyumna Mysoor

Linklaters

M&A

Hong Kong

David Neuville

Cadwalader, Wickersham & Taft

Capital Markets

Hong Kong

Philip Nunn

Fried, Frank, Harris, Shriver & Jacobson

Dispute Resolution

Hong Kong

Joe Sevack

Troutman Sanders

M&A, Banking and finance

Hong Kong

Samuel G. Williamson

Kirkland & Ellis

Quinn Emanuel Urquhart & Sullivan

White Collar

Shanghai

Alfred Wu

Fried, Frank, Harris, Shriver & Jacobson

Norton Rose Fulbright

Dispute Resolution

Hong Kong

Zhang Libin

Siemens

Broad & Bright

Corporate, Energy, Arbitration

Beijing

King & Wood Mallesons

Howse Williams Bowers

White & Case

Simmons & Simmons Norton Rose Fulbright Dorsey & Whitney

PROMOTIONS NAME

FIRM

PROMOTION

POSITION

LOCATION

Karen Chan

Davis Polk & Wardwell

Counsel

Litigation

Hong Kong

Connie Heng

Clifford Chance

Head of Capital Markets – Asia Pacific

Capital Markets

Hong Kong

Conor Warde

Clyde & Co

Partner

Ship Finance

Hong Kong

Andre Zhu

Skadden, Arps, Slate, Meagher & Flom

Counsel

Corporate

Beijing

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上海原本律师事务所 SHANGHAI YOUNG-BEN LAW FIRM

解读上海自贸区自由贸易账户(FT账户)

孙伟 合伙人 Vincent Sun, Partner

中国执业律师 美国纽约州执业律师 Admitted to practice in PRC Admitted to practice in New York State, USA

高远 律师助理 Rita Gao, Legal Assistant 荷兰鹿特丹伊拉斯姆斯大 学法学硕士 Erasmus University Rotterdam, LL.M.

中国人民银行于2013年12月发布《中国人民银行关于 金融支持中国(上海)自由贸易试验区建设的意见》(下称“ 《意见》”)，提出在中国(上海)自由贸易试验区(下称“自贸 区”)创新有利于风险管理的账户体系，即指创新设立自由 贸易账户(Free Trade Account)(下称“FT账户”)。 为落实和细化《意见》中关于FT账户的相关规 定，2014年5月，中国人民银行印发《中国(上海)自由贸 易区分账核算业务实施细则(试行)》和《中国(上海)自由 贸易试验区分账核算业务风险审慎管理细则(试行)》(下 称“《业务实施细则》”和“《审慎管理细则》”)。随后，中 国人民银行于2015年初发布《中国(上海)自由贸易实验区 分账核算业务境外融资与跨境资金宏观审慎管理实施细则 (试行)》(下称“《境外融资实施细则》”)、《中国人民银行 上海总部关于启动自由贸易账户外币服务功能的通知》， 明确区内机构境外融资管理要求，启动FT账户外币服务功 能。 一、类似“境外账户” FT账户为本外币账户，面向非居民和区内居民，与其 他账户实行分账核算管理，可以实行区别于境内区外的汇 率及存贷款利率，除了银行账户原有的存、贷、汇、信用 证、保函等业务外，为自贸区区内主体(包括区内机构、 区内个人及区内境外个人)提供《意见》第三部分的投融 资汇兑便利服务 1，并按准入前国民待遇原则为境外机构 提供相关金融服务。 在资金监管层面，FT账户很大程度被视为“境外账户” ，体现为两个方面：与其他“境外/离岸”性质账户之间，资 金自由划转；与境内(含区内)的银行结算账户之间资金流 动，视为跨境业务管理。 与FT账户相近的另一种账户是“境内离岸账户”(下 称“OSA账户”)，是境外机构按规定在依法取得离岸银行业 务经营资格的境内银行离岸业务部开立的账户，等同于在 境外银行开立账户，不受国内外汇管制。但不同于FT账 户，OSA账户是服务于非居民的一种金融活动，其币种为 可自由兑换的货币而非人民币。 二、开立主体 可以开立FT账户主体分为个人主体和机构主体，不包 括境内区外的机构和个人。 机构主体包括了区内机构和境外机构，其中区内机构 包括在自贸区内成立的企业(包括法人和非法人)及境外机 构驻自贸区内机构；境外机构指在境外(港澳台地区)注册 成立的法人和其他组织。 个人主体包括区内个人及区内境外个人。区内个人指 在自贸区内工作，并由其区内工作单位向中国税务机关代 扣代缴一年以上所得税的中国公民；区内境外个人：持有 境外身份证件，在自贸区内工作一年以上，持有中国境内 就业许可证的境外(含港澳台地区)自然人。

地址：中国上海市陕西北路 1438号财富时代广场1405 1409室 邮编：200060 A: Room 1405-1409, Fortune Times Plaza, No. 1438, North Shaanxi Road, Shanghai, 200060, PRC. 总机 T: 86-21-61484900 传真 F: 86-21-61484899 邮件 E: info@young-ben.com

三、FT账户的使用 1.资金汇划 居民FT账户与境外账户、境内区外的非居民账户以及 其他FT账户之间资金可以自由划转，金融机构凭收付款指 令，即可办理机构FT账户的前述资金划转。 FT账户与境内(含区内)其他的银行结算账户之间产生的 资金流动，视同为跨境业务进行审核管理。机构FT账户的 前述资金流动所涉划转应以人民币进行。 非金融机构主体的FT账户和境内其他银行同名账户之 间可以有限度地办理资金划转，但仅限于因经常项下业 务、偿还贷款、实业投资以及其他符合规定的跨境交易需 1 2

要，并且划转资金为人民币。“偿还贷款”所指贷款为自身 名下且存续超过6个月(不含)的上海市银行业金融机构发放 的人民币贷款，且所偿还贷款资金必须直接划入开立在贷 款银行的同名账户。开户金融机构对上述境内同名账户的 资金划转进行业务真实性审核。 2.票据业务 机构FT账户可以使用电子商业汇票，银行业金融机构 应对FT账户签发和转让的电子商业汇票进行相应的审核。 3.无现金业务 根据《业务实施细则》规定，FT账户不得办理现金业 务。 四、FT账户的实践优势 1.统一账户 目前，FT账户外币服务功能已经启动，FT账户中本外 币资金按统一规则管理。对企业来说此后的跨境投资交易 均只需发出一个支付指令，即可实现对外支付，相关手续 都会比其他银行结算账户便捷。 2.自由兑换 对包括经常项目和直接投资在内已实现的可兑换业 务，FT账户的资金可以自由兑换；对于《意见》第三部分 的新业务，FT账户内的资金可以根据实际业务需求进行兑 换。区内FT账户结售汇采用的汇率主要是离岸市场上的人 民币交易汇率或近似离岸市场上的人民币交易汇率，优于 境内区外的汇率。 3.个人境外投资 国内个人境外投资一直处于灰色地带，目前区外个人 每年无条件5万美元的换汇额度严重不足。有消息称，自 贸区合格境内个人境外投资试点可能即将启动。一旦启 动，区内就业的合格境内个人投资者(QDII2)可按规定， 利用FT账户开展包括境外金融类投资、境外实业投资及境 外不动产投资在内的各类境外投资。在区内就业并符合条 件的境外个人可按规定在区内金融机构开立非居民个人境 内投资专户，按规定开展包括证券投资在内的各类境内投 资。 4.境外融资 根据经营需要，注册在自贸区的中外资企业、非银行 金融机构以及其他经济组织(下称“非银行区内机构”)可利用 FT账户按规定从境外融入本外币资金，开展分账核算境外 融资业务，在现行外债及境外借款管理模式之外，扩大境 外融资的渠道。2分账核算境外融资的上限不得超过区内机 构资本*境外融资杠杆率*宏观审慎调节参数所得金额。对 于非银行区内机构，其分账核算境外融资金额不超过其实 收资本(或股本)和资本公积的两倍。 5.资本市场 区内金融机构和企业可按规定进入上海地区的证券和 期货交易场所进行投资和交易。区内企业的境外母公司可 按国家有关法规在境内资本市场发行人民币债券，在区内 开展国际金融资产交易。区内机构可以在区内或境外开展 风险对冲管理，允许符合条件的区内企业开展境外证券投 资和境外衍生品投资业务。 五、小结 FT账户是自贸区金融改革的重要的一部分，同时也是 自贸区金融创新的基础。自贸区之后的金融改革很大程 度都会与FT账户关联。基于“成熟一项、推动一项”的原 则，FT账户的优势会伴随着相关规定的颁布实施，逐渐扩 大和明显。

投融资汇兑便利服务涉及包括区内跨境直投、区内个人投资、区内企业投融资及风险对冲在内等业务。 参见《境外融资实施细则》。本文暂不讨论上海地区金融机构的分账核算境外融资。

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TOP 15 GCs

ASIAN LEGAL BUSINESS JUNE 2015

ALB 2015 CHINA’S

TOP GENERAL COUNSEL ALB 2015最佳总法律顾问

ALB PICKS CHINA’S LEADING GENERAL COUNSEL IN ITS TOP GENERAL COUNSEL RANKINGS 2015.

FOLLOWING A MONTHS-LONG PROCESS OF SELECTION, WHICH INVOLVED TAKING INTO ACCOUNT INPUTS FROM IN-HOUSE LAWYERS, LAW FIRMS, AS WELL AS ALB’S OWN EDITORIAL TEAM. THE FINAL LIST BELOW IS IN ALPHABETICAL ORDER. THE GCS HAVE BEEN SELECTED ON THE BASIS OF THE SCOPE AND SIGNIFICANCE OF WORK HANDLED

BY THEM, SIGNIFICANT INITIATIVES LAUNCHED, ACHIEVEMENTS AND ACCOMPLISHMENTS, AWARDS AND ACCOLADES AND OTHER FACTORS. WRITTEN BY MARIAN MA 《亚洲法律杂志》（ALB）在首届中国最佳总法律顾问的榜单中为您呈现一批中国最卓越的公司总 法务。这个榜单在经历了一个多月的调研后出炉，我们参考了总法务自荐文件，律师事务所填写的 调查问卷，以及ALB长期以来对中国法律市场的观察和洞悉。榜单按照获奖者姓氏首字母排序。 我们选取的标准包括总法务工作的难度和重要性，总法律顾问发起的重大项目，获奖经历和其他信 息。 作者 马源

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

** 此文中文翻译由CLS Communication提供 **

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TOP 15 GCs

17

评选方法

METHODOLOGY The three-pronged research involved a self-nomination process for general counsel, a survey requesting feedback on their in-house counterparts, as well as editorial input.

调研过程将采取“三管齐下”的方式，我们会参考公司法 务总监自荐、律所合伙人和律师的推荐以及ALB研究团 队自身对市场的判断。

Some of the key qualities that were taken into consideration were:

我们关注的领域：

1. Scope and significance of work handled by the general counsel

1. 总法律顾问工作的难度和重要性

2. Any significant initiatives launched by the general counsel in his/her current role

2. 由总法律顾问发起的重大项目

3. Years of experience and previous work history

3. 担任总法律顾问的时长和在法律领域的从业经验

4. Awards and accolades

4. 个人获奖经历

5. Other relevant information (including, but not limited to, pro-bono work, charity work, social service, etc.)

5. 其他信息（包括但不局限在法律援助，慈善活动，社 会公益工作等）

Company 公司名称

Top GC’s name 最佳总法律顾问得主

58.com 58同城

Chen Yi 陈怡

Franshion Properties 方兴地产

Gai Jiangao 盖剑高

COSCO Pacific 中远太平洋

Hung Man, Michelle 洪雯

Tencent 腾讯

Brent Irvin 艾文博

China Life Investment 国寿投资

Kang Le 康乐

Henkel 汉高公司

Victor Shen 沈悦志

DSM CHINA 帝斯曼中国

Catherine Wang 王雪珍

Honeywell Asia 霍尼韦尔亚洲

Gerard F. Willis

China Orient Asset Management Corporation 中国东方资产管理公司

Wu Guangyao 吴光垚

China Power International Development Limited 中国电力国际发展有限公司

Xu Wei 徐薇

BP 英国石油

Xu Xiangmin 许向民

Fosun International 复星集团

Xu Yao 许垚

Ping‘An Insurance Group 平安保险集团

Yao Jun 姚军

ICBC 中国工商银行

Zhang Wei 张炜

Schneider Electric 施耐德电气

Allen Zhou 周宇

18

ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs

ALB proudly presents the 2015 China’s Top General Counsel Ranking. The list is in alphabetical order by winner’s last name.

ALB非常荣幸地宣布中国最佳总法务获奖名单，按姓氏首字母排序。

CHEN YI, 58.COM As the general counsel of 58.com, Chen Yi established and developed 58.com’s legal department during her four-year tenure. She successfully helped the company carry out its IPO on the New York Stock Exchange in 2013, and finished a Second Public Offering within a year. Chen played an important role during a series of investment activities, including obtaining $736 million in finance from Tencent, achieving strategic investment in ganji.com, merging Anjuke.com and ChinaHR.com, etc. Furthermore, the team led by her, supported and kept the operation of the wide-ranging online marketing business of 58.com running smoothly 58.com comprises of housing, jobs, used goods, automotive, pet, tickets, yellow pages, finance business and other local services, which involves approximately 10,000 staff. Chen has also established an IPR system for the company, including completing a trademark system, and launching the development of its patent portfolio. She has also coauthored the book “Network Infringement and News Infringement,” published in 2010 by China Legal Publishing House. Before joining 58.com, Chen worked as a legal counsel with Baidu.com and senior legal counsel with Tencent.

58同城 陈怡 陈怡作为58同城的总法律顾问，在任职四 年的时间里，建立和发展了58同城的法 务部门。其作为重要的一员，帮助公司于 2013年成功在美国纽交所挂牌上市，并在 随后不到一年的时间内，完成了公司在资 本市场的增发。陈怡在58同城的一系列投 资活动中扮演了非常重要的角色，包括58 同城获取腾讯7.36亿美元的融资，完成对 赶集网的战略投资，并购安居客及中华英 才网等。除此之外，她的她的团队还支持 着公司近万人的业务体系的法律事务，58 同城的业务广泛而复杂，包括房产、招 聘、二手、汽车、宠物、票务、黄页、 金融等各个生活服务领域。她带领法务团 队建立了公司的知识产权保护体系，完善 了商标体系建设，启动了专利建设。陈怡 还与人合著了《网络侵权与新闻侵权》一 书，于2010年在法制出版社出版。在加入 58同城之前，她曾在百度和腾讯分别担任 法律顾问和高级法律顾问。

CHEN YI 陈怡

CAI JIANGAO, FRANSHION PROPERTIES

CAI JIANGAOI 盖剑高

Graduating from Beijing University with a master’s degree, Gai Jiangao has worked at Sinochem Corporation and Franshion Properties (China) Limited for 15 years, during which he was involved with the integration of its acquisition of Jin Mao Group Co., Ltd, and later spun it off by using a business trust structure that was listed on the Hong Kong Stock Exchange, and hosted the setting up of a private equity fund.

Gai has been general counsel for four years since 2011, and leads a team of 24 members. He was in charge of risk management and art auctions at Rongbaozhai from 1997 to 2000, after which he joined Sinochem Group in 2000, becoming deputy GM of the legal affairs department in 2005, before joining his current company in 2007. In 2008, he became a member of the Hong Kong Institute of Chartered Secretaries. According to Gai, the key to success is being upright and gentle.

方兴地产 盖剑高 盖剑高毕业于北京大学，获硕士学位，在中 国中化集团公司、方兴地产（中国）有限公 司工作了15年。在此期间，他完成了公司对 金茂集团的整合收购，之后对金茂集团酒店 资产包分拆设立商业信托，并于香港联交所 挂牌上市，此外，他还主持设立了私募股权 基金，并投资于自有项目。盖剑高自2011年 获聘公司总法律顾问，他担任总法务顾问一 职4年来，带领一支24人的团队。1997年至 2000年，盖剑高负责荣宝斋的风险控制与艺 术品拍卖工作，2000年他加盟中国中化集团 公司，自2005年担任法律事务部副总经理， 此后于2007年加入公司。2008年，他成为 香港特许秘书公会联席成员。对盖剑高而 言，成功的关键是方正平和。

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19

58同城 58.COM

ALB INTERVIEW WITH CHEN YI, A L B对话最 佳总法律顾问 GENERAL COUNSEL OF 58.COM AND 奖 得主、5 8 同城 总法 律顾 WINNER OF THE TOP GENERAL COUNSEL 问陈怡

陈怡 总法律顾问 Chen Yi, General Counsel

ALB: As the General Counsel of 58.com and with past experiences at Tencent and Baidu, you have ample inhouse counsel experience in the Internet industry. What are the similarities and differences in handling legal affairs in these Internet companies?

Chen: To me, 58.com is more precious. The four years I am with 58.com is when it has been forging ahead and developing rapidly. I was fully involved in 58.com’s IPO and follow-on issue, took part in Tencent’s investment in 58.com as well as 58.com’s strategic investment in ganji.com and acquisition of anjuke.com and chinahr.com. The sense of accomplishment and happiness that 58.com has brought me can be replaced by nothing. I want to work even harder to keep up with its fast development.

The work experience in Baidu and Tencent made me more efficient in dealing with internet legal affairs. I have been keeping in close touch with the former colleagues in Baidu and Tencent until now. In Tencent’s US$736mn investment in 58.com, Tencent’s legal team named the project as “Project Joy”, Joy being my English name when I worked at Tencent. My former colleagues at Tencent told me that they though of me when they learned about the deal.

They are happy for my professional development at 58.com and for 58.com’s own development, and considered naming the project as Project Joy as a gift to me.

ALB: Tell us about your team, and their help to you and contribution to the company.

A: Building E&D, North American International Business Center, No. 108 Yi-Beiyuan Road, Chaoyang District, Beijing, 100012, P. R. China 北京市朝阳区北苑路乙108 号北美国际商务中心E座, 100012 W : www.58.com

ALB：您有足够深的互联网行业法务经 验，之前是腾讯和百度，现在是58同城的 总法务。处理这些互联网公司的法律事宜 有什么相通之处和不同之处？ 陈怡：于我而言，58同城是更珍贵的。因 为，我在58的四年时光里，正是它披荆斩 棘、迅猛发展的四年。我全程参与了58的上 市、增发；参与了腾讯入资58；参与了58战 略投资赶集、并购安居客、中华英才网等一系 列的投资并购项目。58带给我的成就感和幸 福感是任何事都无法替代的。我常常担心自己 不够好，想要更努力一些，紧紧跟随着他风一 样的奔跑速度。 百度和腾讯的经历给了我很多的历练，教会我 很多处理互联网法律事务的方法。到现在我 依然跟百度和腾讯的伙伴保持着紧密的联络。 在腾讯7.36亿美元投资58的项目中，腾讯的 法务部门把项目命名为“Project Joy”，Joy是 我在腾讯工作时的英文名。腾讯的前同事告诉 我，他们知道这个deal的时候，就想起来我， 都为我在58和58的发展感到开心，算是送我 的一份礼物。

ALB：介绍一下您的团队，以及他们对您 的帮助和对公司的贡献？

Chen: 58.com’s legal team is only set up after I joined the company, so it is a very young team. Our legal department has 15 staff members, some from other well-known Internet companies and some from top law firms. This is a team with formidable strength. It supports 58.com’s increasingly complex business empire with more than 10,000 employees. As the company grows rapidly and its business expands after a series of M&As, each department of the company, including the legal department, is taking in new talents. Contact us if you are interested in investment, M&A, intellectual property rights or litigation and compliance.

陈怡：58的法务团队是我加入58以后慢慢组 建的，所以还非常年轻。现在法务部门一共有 15个人，团队的伙伴有的来自其他知名互联 网公司、也有来自知名的律师事务所。这是一 个非常有战斗力的团队，支撑着公司上万人的 日益复杂的业务体系。随着公司快速的成长， 以及并购后业务的扩张，公司的各个体系，包 括法务都在吸收新鲜的血液加入进来。无论想 从事投资并购、知识产权、诉讼合规都欢迎你 联系我们。

ALB: As a corporate legal counsel in the Internet industry, what is the most useful advice you have been given so far?

ALB：作为互联网行业的公司法务，你至 今听到的最有用的建议是什么？

Chen: My son once asked me: “Mom, if the life of the Earth is considered as one day, dinosaurs would have survived 52 minutes.

Do you know how long human beings would have existed? Only 9.2 seconds.” When he asked me this question, I was struggling with some issues of career planning and interpersonal relationships, which made me distracted even when accompany him reading his favorite dinosaur books. But this answer really shocked and enlightened me. Jump out of your small circle and keep your mind open.

陈怡：我儿子问我，妈妈你知道如果把地球的 生命比喻成1天的话，恐龙存活了52分钟呢， 那人类存在了多久吗？只有9.2秒。他问我这 个问题的时候，我正在纠结一些职业规划与人 际方面的事情，陪他看他最爱的恐龙书的时候 也有些心不在焉。但是这个答案却给了我很大 的震撼，让我豁然开朗。跳出你的小圈子、突 破你的小心胸，一切都放在一个更大的、更大 的视角里来观察，那么一切就都不再是问题。

20

ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs

HUNG MAN (MICHELLE), COSCO PACIFIC Hung Man has served as the General Counsel of COSCO Pacific Group and as the Company Secretary of COSCO Pacific since 1996 and 2001, respectively. Hung is a practicing solicitor of the High Court of the Hong Kong Special Administrative Region and is qualified in England and Wales.

She believes in aiming for perfection and has practiced the philosophy in her past 18 years as the General Counsel of COSCO Pacific. Michelle’s achievements include, but are not limited to, the acquisition of the concession rights to develop and operate Piers 2 and 3 of the Piraeus Port in Greece; the acquisition of a 13.7 percent effective interest in Sigma Enterprises Limited to increase the Company’s shareholding in Yantian Terminals after tough negotiations within a tight schedule; and the disposal of 21.8 percent equity interest in China International Marine Containers (Group) Co., Ltd. Hung was named among the top 25 “in-house high flyers” and “the best in Asia” for three consecutive years (2006-08) by Asian Legal Business Magazine, and was granted the “Asian Company Secretary of the Year Recognition Award” for two consecutive years (2013-14) by Corporate Governance Asia.

中远太平洋 洪雯 洪雯自1996年起担任中远太平洋集团总法律 顾问，2001年起兼任中远太平洋的董事会秘 书。洪律师为香港执业律师，同时亦拥有英 国律师资格。她认为精益求精是达成目标的 最佳理念和思维方式，洪律师在担任中远太 平洋总法律顾问的18年中始终践行着这一理 念。在此期间，洪律师取得的成就包括但不 限于协助公司获得开发并运营希腊比雷埃夫 港口二号和三号码头的特许经营权；尽管谈 判过程艰难、时间紧迫，仍成功使公司收购 了Sigma Enterprises Limited的13.7%实际 权益，增持了盐田码头的股份；协助公司成 功出售持有的中集集团21.8%的股权。洪律 师由2006年至2008年连续三年被法律界知 名杂志《Asian Legal Business》评选为「 亚洲25位最杰出的企业法律顾问」之一，并 在2013年及2014年连续两年荣获企业管治 杂志《Corporate Governance Asia》颁发 的「最佳亚洲公司秘书」奖项。

HUNG MAN MICHELLE 洪雯

BRENT IRVIN, TENCENT Before joining Tencent, Brent Irvin worked in Silicon Valley as a lawyer for seven years, first at Shearman & Sterling and then at Wilson Sonsini Goodrich & Rosati. His five-year tenure as general counsel of Tencent has been marked by a series of accomplishments such as growing an in-house legal team of 175 people from a mere two dozen members in five years; leading groundbreaking legal work relating to litigation, M&A, privacy protection and capital markets; establishing a unique public policy function to legal and regulatory trends that impact the company both in China and globally; and using self-developed technology to improve work efficiency in terms of IP enforcement, patent registration, copyright management.

“Bureaucracy is easy; timely and value-add legal advice is what is hard” is is the principle which motivates Irvin to work hard towards what he believes is critical to the modern world.

Tencent is the first internet company that set up a cyberlaw research center in China. His work in the IP protection field has been profiled by the Financial Times, Corporate Counsel etc.

BRENT IRVIN 艾文博

腾讯 艾文博 加盟腾讯之前，艾文博曾在美国硅谷做了7 年律师，先是谢尔曼∙思特灵律师事务所， 之后是威尔逊∙桑西尼∙古奇∙罗沙迪律师事务 所。他在担任腾讯总法务顾问的5年来，取 得了一系列成就，如在5年间把只有二十几 人的公司法务团队壮大到175人；领导了与 诉讼、并购、隐私保护和资本市场有关的法 律工作；为无论是在国内还是国际对公司都 有影响的法律和监管趋势建立了独有的公共 政策职能；以及使用自主开发的技术提升知 识产权执法、专利注册、版权管理等方面的 工作效率。“官僚主义很容易；（提供）及 时、有附加值的法律意见才难”，正是这一 点促使艾文博在他认为对现代世界至关重要 的领域努力工作。腾讯是首家在中国设立了 互联网法律研究中心的互联网公司。《金融 时报》、《公司律师》等刊物曾报道了艾文 博在知识产权保护方面所做出的的努力。

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21

腾讯控股有限公司 TENCENT HOLDINGS LIMITED INTERVIEW WITH BRENT IRVIN, WINNER OF THE TOP GC AND GENERAL COUNSEL OF TENCENT HOLDINGS LIMITED

A: Tencent Building, Kejizhongyi Avenue, Hi-tech Park,Nanshan District,Shenzhen Postcode:518057 深圳市南山区高新科技园中区 一路腾讯大厦 T : +86-755-86013388 F: +86-755-86013399

ALB：你从硅谷给腾讯带来了什么专业特长？你觉 得在这里最有用的是其中的哪个（哪些）？

ALB: What expertise have you taken from Silicon Valley to Tencent? Which one(s) do you find most useful here?

Brent: I think the best lawyers in Silicon Valley are very connected to the environment in which they work, especially with regard to the technology and business practices that make Silicon Valley what it is. It is not enough to be a good technical lawyer, you also need to be able to understand the products that your clients use. This is the type of attitude that I’ve tried to bring to Tencent Legal, which I think is important as it is difficult to give meaningful legal advice on topics such as privacy, data, IP, etc. without a deep knowledge of how digital products work.

艾文博：我觉得硅谷最好的律师都是与他们从事业 务的环境紧密相连的，尤其是那些使得硅谷扬名的 科技和商业实践领域。做一名优秀的技术律师并不 够，你还需要能够理解你的客户所使用的产品。这 种态度正是我尝试带给腾讯法务部的东西。我认为 这很重要，因为如果对数字产品的运作方式缺乏深 入了解，就很难对诸如隐私、数据、知识产权等问 题给出有意义的法律建议。

ALB: In China, law is playing catch-up with the internet. In what ways has Tencent helped in shaping internet laws?

Any particular examples?

Brent: I think our case with Qihoo 360 has had a strong impact, providing strong guidance for what is (and what is not) abuse of dominance in the internet space. Both this case and a related lawsuit in which we sued Qihoo were recently recognised as two of the most important PRC Supreme Court cases since its founding in 1949. I think we’ve also played a leading role in improving IP enforcement in China, including securing the first preliminary injunctions in the digital music space and acting as the lead complainant against Qvod (快 播) for large-scale copyright infringement of video content.

艾文博：我认为我们与奇虎360的案子有很大的影 响力，对什么是（和不是）互联网领域滥用支配地 位的情况提供了有力的指引。最近，这个案子连同 我们起诉奇虎的另一起相关案件被承认为是中国最 高人民法院自1949年成立以来最重要的两起案例 之一。同时，我认为我们在改善中国的知识产权执 法方面也发挥了带头作用，包括取得数字音乐领域 的第一份初步强制令，以及作为快播视频内容大规 模版权侵权的首席申诉人。

ALB: How many lawyers does your team consist and how does the structure work as a whole?

Brent: The entire legal team consists of around 170 lawyers, mostly in China but with growing numbers in the US and Europe to support our international expansion. The legal team is structured into two general groups, (1) product teams that support different products lines (eg, media, platform, etc.) and speciality teams such as IP and transactions.

Tencent Shenzhen Headquarter

最佳法务总顾问奖得主、腾讯控股有 限公司公司法务总顾问艾文博采访

ALB：在中国，法律正在追赶互联网的发展。腾讯 以何种方式帮助塑造了互联网法律？有什么具体事 例吗？

ALB：你的团队有多少名律师？团队整体上是如何 运作的？ 艾文博：整个法务团队约由170名律师组成，大部 分在中国，但美国和欧洲的律师人数正在不断增 加，以支持我们的国际化扩张。法务团队分为两大 部分，一个是产品团队，为不同的产品线提供支持 （比如媒体、平台等），另一个是专门团队，针对 知识产权和交易等。 ALB：你觉得作为腾讯的法务总顾问，最“有趣”的 部分是什么？

ALB: What would you say is the most “fun” part of being Tencent’s General Counsel?

Brent: Playing “We Fire”

艾文博：玩“全民突击” （腾讯的一款游戏）。

ALB: What advice would you give other in-house counsels working in China’s internet companies?

Brent: Not sure if I want to help my competitors … joking aside, I think in general the legal teams at other internet companies in China are quite strong, so wouldn’t want to presume that there is that much to learn from me. I would emphasise the point about the in-house team being close to our products— that is important.

艾文博：不太确定我是不是想帮助竞争对手...当然 是开玩笑的。我认为总体而言，中国其他互联网公 司的法务团队也相当强，因此我不认为他们有那么 多需要从我这里学的东西。我想强调的一点还是公 司法务团队要贴近自己的产品，这很重要。

ALB：你对在中国的互联网公司工作的其他公司法 务顾问有什么建议？

22

ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs

KANG LE, CHINA LIFE INVESTMENT Kang Le, the General Manager of Risk Management, Legal & Compliance Department, China Life Investment Holding Company Limited, is in charge of risk management, legal affairs and internal control and compliance of the company.

She also provides professional legal support to alternative investments by China Life. She applies her professional advantages to innovate risk control system and alternative investment methods, adheres to international vision and commitment for the integration and promotion of legal affairs and investment financing business and sets the industry benchmark to enhance the internal control and compliance levels. China Life Investment Holding Company Limited, as the China Life’s alternative investment platform, is in the forefront of alternative investment companies in terms of its scientific assessment of the risk status, professional legal service level and optimization of the company management system, which has become the leading institution of non-standard investment within China. Kang has received several accolades including the Top Ten Outstanding Youth of China Life in 2009, Exemplary Female Employee of China Life in 2012 and National Financial Youth 4th May Medal in 2014. Kang believes that it is better to be surefooted than to be opportunistic.

国寿投资 康乐 康乐，现任国寿投资控股有限公司风险管 理合规部总经理，全面负责公司的风险管 理、法律事务、内控合规工作，为中国人 寿另类投资提供了全程法律支撑。她发 挥专业优势，创新另类投资风控体系和方 法；坚持国际化视野，致力于法律事务 与投融资业务的融合与提升；树立行业标 杆，着力提升内控与合规水平。国寿投资 公司，作为中国人寿的另类投资平台，凭 借其科学的风险评估方法、专业的法律服 务水准和完善的风险管理体系走在了行业 前列，成为国内非标投资的领军机构。康 乐也多次受到业内肯定，荣获2009年“中国 人寿十大杰出青年”、2012年“中国人寿巾 帼标兵”和2014年“全国金融青年五四奖章” 。她坚信，“至拙胜于至巧”。

KANG LE 康乐

VICTOR SHEN, HENKEL Before joining Henkel, Victor Shen used to work in a leading global retail conglomerate, a leading Japanese FMCG company and a Chinese mobile communication company, which together equipped him with a sharp sense of different industry sectors and business practices. Shen’s philosophy, “quest for excellence,” has led him to what he is today.

He established and ironed his team’s image as a “business partner and enabler” among Henkel Greater China & Korea by closing share deals; advising and implementing four corporate infrastructure investment projects with a total contract value of 800 million yaun He is also instrumental in concluding various asset deals, among which Shen designed, implemented and closed a deal with a transaction value of 220 million yuan involving a plant of 45,000 square meters and 400 employees in 2011, which led him to being recognised by the company’s Asia-Pacific’s regional management.

VICTOR SHEN 沈悦志

汉高公司 沈悦志 加盟汉高之前，沈悦志曾在一家全球一流的 零售集团、领先的日本快消品公司和中国移 动通信公司工作，这些经历让他对不同行业 和商业实践具备了敏锐的触觉。他“追求卓 越”的理念引领他取得了今日的成就。通过 完成股份交易，他在汉高大中华区和韩国建 立并巩固了法务团队“业务合作伙伴和促成 者”的形象；为4个公司基础设施投资项目提 供建议并组织实施，合同总价值8亿元人民 币；此外，沈悦志还领导完成了多项资产交 易，其中在2011年设计、实施并完成了一 笔金额为2.2亿元人民币的资产交易，涉及 45000平方米的厂房和400名员工，这些成 就令他获得公司亚太区管理层的认可。

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23

施耐德电气 SCHNEIDER ELECTRIC

INTERVIEW WITH ALLEN ZHOU, WINNER OF THE TOP GC AND VICE PRESIDENT AND GENERAL COUNSEL OF SCHNEIDER ELECTRIC GREATER CHINA LEGAL DEPARTMENT.

最佳法务总顾问奖得主、施 耐德电气大中华区副总裁兼 法务总顾问周宇采访。

ALB: You were once a partner in Paul Hastings Shanghai office. What motivated you to join Schneider Electric and become an in-house counsel?

ALB：你曾经担任美国普衡律师事务所上海代 表处的合伙人。是什么促使你加入施耐德并成 为公司法律顾问？

Zhou: My direct manager, Peter Wexler who is the global general counsel of Schneider Electric is a great leader in the global legal department. We made a connection during our first interview and he completely trusted me and empowered me to lead the Greater China legal team and support the business.

周宇：我的直属上司Peter Wexler是施耐德电气的 全球法务总顾问，是全球法务部门的杰出领导者。 在第一次会面时，我们就建立了很好的关系，他完 全信任我，并给我足够的权力领导大中华区法务团 队，为业务提供支持。

ALB: What are the most important qualities someone in your role must possess?

ALB：担任你这个职位的人必须具备的最重要 的素质是什么？

Zhou: As a General Counsel, you must not only have solid legal and financial knowledge, but also possess an outstanding business acumen and management skills.

周宇：作为法务总顾问，你必须不仅具备坚实的法 律和财务知识，还必须拥有过人的商业敏锐度和管 理技巧。

ALB: How many lawyers does your team consist and how does the structure work as a whole?

ALB：你的团队有多少名律师？团队整体上是 如何运作的？

Zhou: I recruited and established Schneider Electric Greater China legal team with about 30 professionals, and with over 300+ years of post qualification experience, composed of qualified lawyers from China, U.S., UK, Australia and Hong Kong. I encouraged my team to develop legal knowledge to not only cover general corporate and commercial law as legal generalist, but also serve as subject matter experts in M&A, JV, PE, real estate, labour dispute, commercial litigation and IP protection.

A: 7F, Building A.No. 6 Wangjing East Road, Chaoyang District, Beijing 北京市朝阳区望京东路6号A座 7层 邮编：100102 W : www.schneider-electric.com

周宇：我招聘了大约30名专业人士，建立了施耐德 电气大中华区的法务团队。团队成员合计拥有300 多年的从业经验，是在中国大陆、美国、英国、澳 大利亚和香港有执业资格的律师。我鼓励我的团队 提升法律知识，不仅要成为公司法和商法领域的全 才，还要成为并购、合资、私募股权、房地产、劳 动纠纷、商业诉讼和知识产权保护等方面的专业领 域专家。

ALB: What can in-house counsel do to make themselves an indispensable part of the organisation?

ALB：公司法律顾问应如何，使自己成为公司 不可或缺的一部分？

Zhou: You should not only be a legal advisor, but also a trusted business partner so that you can provide alternative legal solutions to solve business problems.

周宇：你应该不仅仅只是法律顾问，还必须是值得 信赖的业务伙伴，这样你就能提供变通的法律解决 方案来解决商业问题。

ALB: What were the key development of Schneider’s legal team in the past 12 months. What areas will your legal team focus on to suit China’s needs in the coming year?

ALB：施耐德法务团队过去一年的主要进展是 什么？明年你的法务团队将侧重于哪些方面以 满足公司中国发展的需求？

Zhou: I built and developed a very strong legal team for the past two years and won ALB top in-house team awards and ILO Asia Pacific Corporate Counsel awards. I would like my team to focus on government investigation, commercial litigation, labour dispute, compliance and IP protection areas to meet current challenges in coming year.

周宇：过去两年来，我建立并发展了一支非常强大 的法务团队，获得ALB最佳公司法务团队奖和ILO 亚太区公司法律顾问奖。我希望我的团队明年能侧 重于政府调查、商业诉讼、劳动纠纷、合规和知识 产权保护领域，以迎接当前的挑战。

24

ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs CATHERINE WANG, DSM CHINA

CATHERINE WANG 王雪珍

The different roles in Catherine Wang’s career – judge, law lecturer, attorney, legal officer and general counsel – have more than adequately reflected her motto of “keep learning, keep improving.” Catherine joined DSM (China) Limited in 2007 and has served as general counsel and board member since then. In her position, she leads the DSM China legal team to provide solution-oriented legal services, and also successfully led several acquisitions in China as well as quite some CAPEX projects in DSM. In addition to the legal affairs, Catherine also took a leading position to establish the Women Inspiration Network of DSM China focusing on the care and career development of the female colleagues.

GERARD F. WILLIS, HONEYWELL ASIA Inspired by the line “All experience is an arch where through gleams that untraveled world whose margin recedes forever as I move” from the poem Ulysses, Gerard F. Willis has sought to see the “untraveled world” through his roles as corporate associate, chief counsel and senior legal counsel at various companies in cities such as Los Angeles, Hong Kong, Singapore and Seoul. The Honeywell Asia Pacific legal department, under Willis’ leadership, vice president & general counsel Asia Pacific since 2005, consists of 70 attorneys and contract professionals. In 2014, the legal team worked in close coordination with the Honeywell Government Relations team to create and execute a unique contractual arrangement for an electricity auto demand response project in China in collaboration with the U.S. and Tianjin governments. In 2014-15 the legal department also provided leadership in the development of several major production facilities. Willis’ efforts have led business leaders to acknowledge the legal team as a “true business enabler.”

GERARD F. WILLIS

帝斯曼中国 王雪珍 王雪珍女士的职业生涯的不同角色：法官、 法律讲师、律师、法务官和总法律顾问，充 分反映出她的座右铭“不断学习、不断进步” 。王雪珍女士于2007年加入帝斯曼（中国） 有限公司，并担任总法律顾问及董事会成 员至今。作为总法律顾问，她带领帝斯曼中 国法律团队提供以解决问题为目的的法律服 务，并作为业务部门的合作伙伴，同时也成 功主导了多项收购及资本性项目。法律工作 之外，王雪珍女士主导建立了帝斯曼Women Inspiration Network，积极关怀女性员工 及女性员工的职业发展。

霍尼韦尔亚洲 Gerald F. Willis 受到诗歌《尤利西斯》中的诗句“一切经历 都是一道拱门，闪耀着未知世界的光，我从 中走过，那边缘的光亮消退，不复出现”的 影响，Gerard F. Willis通过在洛杉矶、香 港、新加坡和首尔等地多家公司担任公司协 理、首席法务顾问和高级法务顾问等职务， 力求看一看这“未知的世界”。Willis自2005 年起任霍尼韦尔亚太区公司副总裁兼总法务 顾问，该公司亚太区法务部由他领导，共有 70名律师和合同专业人士。该法务团队与霍 尼韦尔政府关系团队密切合作，于2014年 与美国和天津市政府携手，创建并签署了一 份针对中国电动汽车需求响应项目的独特的 合同安排。2014到2015年间，法务部领导 了多个大型生产设施的开发。凭借Willis的 努力，公司的商业领导视他带领的法务团队 为“真正的业务促成者”。

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TOP 15 GCs

WU GUANGYAO, CHINA ORIENT ASSET MANAGEMENT CORPORATION

WU GUANGYAO 吴光垚

“Persistence, calmness, honesty and braveness” have been the motto of Wu Guangyao, the general manager of China Orient Asset Management Corporation (COAMC) legal department. In the last five years, Wu, who has been practicing law since 1998, with his solid legal foundation and rich practical experience, has participated in nearly every strategic project of COAMC, including assisting his company in cases such as the acquisition of China United Insurance Holding Company, effectively cultivating the reputation of China Orient Asset Management Corporation in the market.

Apart from this, Wu had also promoted the administrative innovation and the standardisation of legal documents in his company. He led his team to win three consecutive first prizes as the best department within the company for three fiscal years.

XU WEI, CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED Xu Wei’s success as the general counsel of China Power International Development Limited is a rebuke to people’s tendency to judge a person based on their gender. Before entering China Power, Xu worked as an external advisor for China’s Ministry of Finance, supervising the initiating and editing of documents related to the management and reform of state–owned assets. State-owned Supervision and Administration Commission of the State Council (SASAC) had named her as an Excellent Enterprise Counsel, which laid a solid foundation for her when it came to solving problems in this area. During the past ten years, Xu has led her team in completing a large number of seemingly incredible tasks, including but not limited to a 1.67 billion yuan M&A deal of shares in Shanghai Electric Power in 2006, a bulk purchasing project with Australia worth a market value of more than 10 billion yuan, and issuing $300 million commercial papers in America.

Hard work and business success are the driving forces for Xu, who also manages a harmonious family.

XU WEI 徐薇

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中国东方资产管理公司 吴光垚 “恒、恬、诚、勇” ，系中国东方资产管理公 司法律事务部总经理吴光垚先生的座右铭。 吴光垚先生自1998年起从事法律工作，具备 深厚的法学功底与丰富的实践经验，过去五 年中，吴先生几乎参与了东方资产每一个重 大战略项目，成功协助东方资产完成了包括 收购中华联合财产保险公司等一系列交易， 为东方资产在市场上的地位奠定了良好基 础。除此之外，吴光垚先生在集团内部大力 推进管理型创新及法律文本标准化。他带领 团队在东方资产总部各部门中连续三个财年 获得“优秀部门”称号。

中国电力国际发展有限公司 徐薇 徐薇作为中国电力国际发展有限公司总法务 顾问所取得的成功对那些习惯以性别取人的 人是有力的回击。加入中国电力之前，她 曾作为外部顾问为中国财政部工作，撰稿财 政部国有产权管理改革相关法律工作辅导材 料，并曾被国务院国资委授予“杰出企业法 律顾问”称号，这为她解决这一领域的问题 打下了坚实的基础。过去十年中，徐薇带领 她的团队完成了多起看似不可能的任务，包 括但不限于2006年价值16.7亿元人民币的 上海电力股份并购交易、与澳大利亚合作的 市场价值超过100亿元人民币的大宗贸易， 和在美国成功发行3亿美元商业票据。努力 工作和职业成就只是徐薇丰富人生的一个侧 面，她同时还拥有一个和睦的家庭。

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ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs XU XIANGMIN, BP

XU XIANGMIN 许向民

With “do it well if you do it at all” being his major principle in life, Xu Xiangmin is qualified to practice law in Ontario (Canada), England and Wales and Hong Kong.

With more than 25 years experience in corporate, commercial law and project finance, Xu has spent the last 14 years first as General Counsel, BP China and, since 2010, as General Counsel, BP Global Petrochemicals, leading his team to provide advice to the company’s businesses in China including service stations, LPG, Air BP, Solar, Wind, Lubricants, Upstream and Petrochemicals and its global petrochemicals businesses in China, Taiwan, Korea, Malaysia, Japan, India, Indonesia, the United Kingdom, Belgium and the United States. His recent achievements include leading his team and external counsel in providing legal support to multi-billion petrochemicals M&A projects in the Middle East, India, Indonesia and China. In addition to his dedication to work, Xu has spent a vast amount of private time in sharing his expertise and experience through his publications and public speech.

He has published more than 15 articles in leading legal magazines and journals in the world. He is a co-founder and an active participant in the Shanghai In-house Forum.

XU YAO, FOSUN INTERNATIONAL

XU YAO 许垚

Hard work has always been the priority for Xu Yao as, according to him, “I learn the meaning of hard work by working hard.” Previous working experience in Dewey & LeBoeuf has laid a solid foundation for Xu’s later career as the co-initiator of the legal team in Fosun Group.

Despite the fact that Xu has been appointed the general counsel (international) and the general manager of the international legal department for only one year, he has supervised the recruitment, work assignment and building Fosun Group’s legal tem, and created a young, professional and passionate team with 12 lawyers. And within this one year, Xu and his team closed more than 30 transactions estimated at the value of $14.26 billion.

These cases include buying Fidelidade ($1.4 billion) and One Chase Manhattan Plaza ($725 million). Awards include being named the Best International Team of Fosun and In-House Teams of Distinction-ALM the Asia Legal Award.

英国石油 许向民 许向民的人生信条是“要做就要做到最好” 。他先后取得安大略（加拿大）、英格兰 和威尔士以及香港的律师执业资格。凭借 在公司、商法和项目融资方面25年以上 的工作经验，许向民担任BP中国总法律 顾问14年，并自2010年起，他同时担任 BP全球化工业务总法律顾问。他带领他 的团队，对公司的中国业务（包括加油站 零售、LPG、航油、太阳能、风能、润滑 油、上游及化工业务）和全球化工业务（ 包括中国大陆、台湾、韩国、马来西亚、 日本、印度、印尼、英国、比利时和美 国）建言建策。他最近取得的成就包括带 领内部和外部律师团队对对公司化工并购 项目提供总法律支持，这些项目总投资几 十亿美元，分别位于中东、印度、印尼和 中国。除此之外，许向民把业余时间投入 到通过出版刊物和公开演讲分享自己的理 念和经验上：他已在全球一流法律杂志和 期刊发表了超过15篇文章。此外，他还是 上海市公司法律顾问论坛的联合发起人之 一，并一直积极推进论坛的各项活动。

复星集团 许垚 工作于许垚而言，是生活重要且有趣的一 环。按他所言，“通过奋斗，我了解努力 工作的意义”。在加入复星之前，许垚曾 在杜威路博国际律师事务所工作，这为他 日后的工作奠定了坚实的基础。这是许垚 在复星的第五个年头，也是他担任总法务 顾问（国际）和国际法务部总经理的第二 年。在过去的一年多时间里，他监督了复 星集团国际法务团队的招聘、岗位匹配和 团队建设，打造了一支由12名律师组成的 年轻、专业并充满激情的团队。在这一年 中，许垚和他的团队完成了30多笔交易， 价值估计达142.6亿美元。这些交易包括 收购Fidelidade（14亿美元）和大通曼哈 顿广场一号（7.25亿美元）等。出色的表 现使得这支年轻的法务团队力在国际法律 权威媒体ALM主办的亚洲法律大奖颁奖盛 典上压群雄脱颖而出，被评为“亚洲年度 最佳公司法务团队”。

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TOP 15 GCs

YAO JUN, PING’AN INSURANCE GROUP Before joining Ping’An, Jun Yao served as one of the partners of Commerce & Finance Law Offices, during which he mainly focused on equity, M&A, JV, real estate projects.

Since he joined Ping’An Insurance Group in 2003, he established the legal team. Under his leadership, the legal team has established comprehensive risk management system, thoroughly and scientifically regulated the litigation, nonlitigation, IP, internet finance legal issues, legal training matters, and provided legal support to the successful listing of Ping’An Insurance Group on the SSE and HKSE, the acquisition of Shenzhen Commercial Bank and Shenzhen Development Bank, the reorganization of Ping’An Bank, and the issuing of convertible bonds by Ping’An Insurance Group, which was awarded ALB Top Ten In-House Counsel in 2009 and Chinese Public Company In-House Team of the Year in 2011.

YAO JUN 姚军

王雪珍（Catherine Wang）女士为帝斯曼（中国）有限公司董事及总法 律顾问。荷兰皇家帝斯曼集团（DSM）以科技为立足之本，在全球范围内活 跃于健康、营养和材料领域。 王雪珍女士拥有丰富的法律从业经历，在加入 DSM 之前担任过律师、 法学院老师、并在中国法院及外国政府司法厅工作过，目前已在跨国公司法 律部担任负责人超过 16 年的时间。王雪珍女士目前还担任中国并购公会并 购仲裁委员会仲裁员、上海国际经济贸易仲裁委员会仲裁员及协力巨匠律师 学院教授。 王雪珍女士一直致力于培养年轻一代法务人员、及提高法务人员自身 能力，希望能够与法律界同行们一起提高法务人员的地位和业务水平。为此 经常积极参加各类中、外法律业务会议、参加大学法学院学术交流，同时也 经常与各种类型公司（包括国企、外企和民营企业）的法务人员就各类公司 在日常运营中的各种法律问题、解决方法和途径交流经验。 作为一名女性资深人士，王雪珍女士也一直积极参与帮助女性的职业 发展，作为 DSM 中国 WIN 的主席，多次举办了 WIN 活动，关怀 DSM 女性 员工。

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平安保险集团 姚军 在加入平安之前，姚军是北京通商律师事务 所的合伙人，在此期间他主要从事证券、公 司重组/兼并、合资、房地产等方面的业务。 自2003年加入中国平安以来，姚军创建了集 团法律部。在他的直接领导下，集团建立了 完整的法律风险管控制度体系，全面、科学 地规范了诉讼法律事务、非诉法律事务、知 识产权事务、互联网金融法律事务、法律培 训等各项法律工作，并为平安集团A+H股上 市，收购深圳商业银行和深圳发展银行，重 组平安银行，平安集团发行可转债等重大项 目提供了法律支持。这些杰出的工作令姚军 所带领的集团法律部获得了ALB 2009年“年 度十佳公司法务大奖”和2011年“年度最佳上 市公司法务大奖”。

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ASIAN LEGAL BUSINESS JUNE 2015

TOP 15 GCs ZHANG WEI, ICBC

ZHANG WEI 张炜

As the chief legal executive of the biggest bank in China, Zhang Wei has led a team of about 1,000 full-time legal staff and 600 part-time legal staff for more than ten years, providing legal support to the development of ICBC. The legal team has dealt with more than 234,000 cases in just the past year alone. During the past few years, it has provided legal support to the opening of ICBC branches all over the world, including New York, Germany, France, Italy, Peru and Brazil. Zhang has kept updating the risk management of ICBC in order to effectively avoid major economic losses. Under the leadership of Zhang, the legal team has created an estimated benefit of 143.5 billion yuan by dealing with 60,000 lawsuits. Additionally, Zhang has published award-winning articles and dedicated himself to charity aside from his work. Zhang was also instrumental in ICBC providing constant support to China Legal Foundation, by not only donating money but also providing volunteers for the betterment of 19 provinces that lack in lawyers.

ALLEN ZHOU, SCHNEIDER ELECTRIC

ALLEN ZHOU 周宇

As the General Counsel of Schneider Electric (China) Co., Ltd., Allen Zhou recruited and established SE Greater China legal team of about 30 professionals, composed of qualified lawyers from China, U.S., Australia and HK. He has led the team to develop expertise in M&A, JV, PE, commercial law, corporate law, real estate and IP protection. In the past 6 years, Zhou not only established SE policies and procedures for internal control and risks management, but also led the legal team in providing professional service in the areas of transactions, dispute resolution, IP protection and compliance, which included legal support to over 40 M&A and JV projects in Greater China, including acquisition and integration of Areva Distribution business, acquisition of Leader Harvest, Telvent and Invensys, establishment of new JVs, and restructure of more than 5 JVs. Under the Zhou’s leadership, the GCN legal team as part of the SE Global legal team won the Best European Legal Department 2013 Award by International Legal Alliance Summit & Awards. Aside from his work, Zhou also engages himself in charitable work, such as offering assistance to orphans in Hebei province.

中国工商银行 张炜 作为中国规模最大银行的首席法务官，张 炜十多年来带领一支由1000余名专职法 律人员和600多名兼职法律人员组成的法 律团队，为工行改革发展提供优质法律服 务，维护工行合法权益。法律团队仅去年 一年就完成了超过234000件法律咨询审 查事项。他带领工行总行法律团队为工商 银行在全球开设分行提供法律支持，包括 纽约、德国、法国、意大利、秘鲁和巴西 等多个国家和地区。张炜不断发展健全工 行集团的法律风险管理工作，从而有效避 免了重大经济损失。去年，张炜带领工商 银行法律团队，办理各类诉讼案件6万余 件，收回各类资产120.71亿元。此外， 他还主编多部银行法律专业著作。除了工 作，张炜还积极参与慈善事业。在他的倡 议下，工商银行持续支持中国法律援助基 金会，通过提供资金支持和派遣律师志愿 者方式帮助了包括19个省在内的无律师县 和律师资源严重短缺县。

施耐德电气 周宇 作为施耐德电气（中国）有限公司（“施 耐德电气”）的总法律顾问，周宇先生招 聘并组建了施耐德电气大中华地区的法律 团队，该团队一共有30多位法律专业人 士，团队中有具备中国、美国、澳大利亚 以及香港的律师执照的律师，在周的带领 下致力并发展了并购、合资企业、私募股 权投资、商法、公司法、不动产及知识产 权等法律专长。在过去的六年里，周不仅 制定了施耐德电气有关内部控制和风险管 理的公司政策及流程，还带领法务团队在 并购交易、争议解决、知识产权保护、合 规等领域提供了专业的法律支持。这些成 就包括，但不限于支持了超过40个在大 中华区域的并购及合资项目，包括阿海珐 配电业务的收购及整合，利德华福、泰尔 文特和英维思的收购，数个新合资企业的 设立，以及对超过5个合资企业的重组。 在周的带领下，施耐德电气中国法律团队 作为施耐德电气全球法律团队的一部分， 被国际法律联盟峰会评选为2013年最佳 欧洲法务团队。除了周的日常工作，他还 致力于公益事业，例如为河北省的孤儿提 供生活补助。

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WEST CHINA

ASIAN LEGAL BUSINESS JUNE 2015

WESTERN PROMISES 西部，大前景

WEST CHINA

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WEST CHINA, A RELATIVELY LOW-KEY REGION COMPARED TO THE MORE AFFLUENT EASTERN AREAS, HAS BEEN IN THE SPOTLIGHT IN THE PAST 12 MONTHS. INTERNATIONALLY, IT HAS GREATLY STRENGTHENED ITS ECONOMIC TIES WITH NEIGHBORING COUNTRIES LIKE INDIA AND PAKISTAN. DOMESTICALLY, DOUBLE-DIGIT GDP GROWTH IN THE REGION HAS OVERSHADOWED THE 6-7 PERCENT GROWTH BY THE CITIES ON THE EASTERN SEABOARD. WILL THE WEST BECOME THE NEW POWERHOUSE OF CHINA’S ECONOMY? AND HOW ARE LAW FIRMS IN WEST CHINA LOOKING TO CAPITALIZE ON THIS? SHANGJING LI REPORTS.

与更为富裕的东部地区相比，中国的西部一直以来相 对低调，但却在过去一年中成为瞩目的焦点。国际 上，中国西部大大加强了与印度和巴基斯坦等周边国 家的经济纽带。国内，该地区两位数的GDP增长率令 东部沿海地区城市6-7%的增长率相形见绌。西部会成 为中国经济新的发动机吗？西部地区的律所又将如何 抓住这一机遇呢？记者李尚晶报道。

“I SEE MORE AND MORE FOREIGN COMPANIES COMING TO WEST CHINA, AND MORE COMPANIES IN WEST CHINA GOING ABROAD. WE HAVE TO GO OUT.” Chen Shoutai, Tahota Law Firm

“我看到越来越多的国外企业到西部来，西部企业到 国外去。我们必须走出去。” 程守太, 泰和泰律师事务所

A crowd attends the opening ceremony of the Olympic torch relay in Kashgar, Xinjiang province. REUTERS/Reinhard Krause

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

** 此文中文翻译由CLS Communication提供 **

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WEST CHINA

ASIAN LEGAL BUSINESS JUNE 2015

wo thousand years ago, during the Han Dynasty, the Silk Road came into prominence courtesy the pioneering explorer Zhang Qian, who brought it to the notice of the Imperial Court. Today, the Silk Road is again taking centre stage as the in a way that promises to have a dramatic impact on both economics and geopolitics.

China’s recently introduced One Belt, One Road policy, comprising the Silk Road Economic Belt and the 21st Century Maritime Silk Road, has potentially extended China’s influence to 4.4 billion people in 26 countries and regions.

The initiative includes building high-speed railroads, energy transmission and distribution networks and fiber optic networks, among others. Cities along the route can expect to see an economic development.

The Silk Road Economic Belt, which connects west China with the Middle East and Europe, aims for no less than a revolutionary change to the economic map of the world. This is expected to hugely benefit Xinjiang, Qinghai, Ningxia, Gansu and Shaanxi in the northwest, as well as Sichuan, Chongqing, Yunnan and Guangxi in the southwest.

By linking the economies of Central Asia with western China, the government hopes to bring stability and prosperity to restive and relatively underdeveloped western regions like Xinjiang, amidst abundant economic opportunities to west China in general.

“You can see that provincial governments value the policy, as well as Beijing’s efforts to create the related infrastructure,” says Chen Shoutai, managing partner of Tahota Law Firm. “And more and more lawyers in the west are seeking to benefit from this.”

West China, as officially defined by the country’s strategic Great Western Development programme, occupies some 70 percent of China’s territory and included six provinces, one municipality, and five autonomous regions. However, it contains only a quarter of the nation’s population and produces 20 percent of the economic output.

The Great Western Development Programme was introduced 10 years ago to provide a boost to the impoverished west. And now the One Belt, One Road project has once again galvanized businesses and lawyers in the region, which has so far been badly in need of policy incentives.

两

千年前的中国汉朝，先驱探险家张骞使丝 绸之路得到朝廷的注意，他也因此享誉海 内外。如今，丝绸之路再次成为众人瞩目 的焦点。这一次，中国丝绸之路的重新布局也许在经 济和地缘政治上将会给世界带来前所未有的影响。 中国近期推出的“一带一路”政策由丝绸之路经济带 和21世纪海上丝绸之路组成，该政策可能将中国的影 响力延伸到26个国家及地区的44亿人口。 这一倡议包括修建高速铁路、能源传输和分配网络 以及光纤网络等。预计沿线城市的经济将得到发展。 丝绸之路经济带连接中国西部和中东及欧洲，意在 为全球经济版图带来革命性的变革。此举预计将使西 北地区的新疆、青海、宁夏、甘肃和陕西以及西南地 区的四川、重庆、云南和广西大大受益。 通过把中亚地区和中国西部连接起来，政府希望能 为新疆等不稳定且相对欠发达的西部地区带来稳定和 繁荣，同时总体上为中国西部带来大量的经济机遇。 泰和泰律师事务所首席合伙人程守太表示，“可以看 到省政府很重视这项政策，中央政府为建设相关基础 设施也付出了很多努力。西部地区有越来越多的律师 正试图从中受益。” 按国家在战略性西部大开发中所下的官方定义，西 部地区约占中国国土面积的70%，包括6个省、1个直 辖市和5个自治区。但人口仅占全国的四分之一，经济 产值是全国的20%。 西部大开发于10年前启动，旨在为贫穷的西部地 区注入一剂强心针。现在，“一带一路”再次刺激了这 一地区的企业和律师，到目前为止他们都亟需政策激 励。 重庆索通律师事务所的执行合伙人韩德云表示，在 中国西部和中部的所有省份中，就律所总收入而言， 只有四川和重庆挤进了前十。

A soldier guards a subway during the Olympic torch relay in the deserted city centre of Kashgar, Xinjiang province. REUTERS/Reinhard Krause (CHINA)

WEST CHINA

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“Among all the provinces in west and central China, only Sichuan province and Chongqing made it to the top ten in terms of law firms’ total revenue,” says Han Deyun, the managing partner of Solton & Partners, a Chongqing-based law firm.

The overall revenue of Chongqing’s law firms was around 1.34 billion yuan ($166 million) in 2014, ranking it eighth among all the provinciallevel regions in the country, with Sichuan Province ranking seventh. The first six regions mostly lie in the eastern part of the country, including the traditional leaders Beijing, Shanghai and Guangdong provinces, as well as three provinces on the eastern seaboard: Zhejiang, Jiangsu and Shandong.

Sichuan was the province with the most lawyers in Western China, boasting around 14,000 lawyers in 1040 law firms, followed by Chongqing with around 6700 lawyers across 670 law firms in the year 2014, according to the latest government data.

STRATEGIC DIFFERENCES It would not make sense to challenge law firms based in economic powerhouses like Beijing and Shanghai directly. So for law firms in want their share of the national spotlight, what would be the best way to differentiate themselves?

Chengdu-based Tahota is one law firm targeting more growth and geographical expansion beyond its home base. As a way of doing this, Tahota withdrew from the Sino-Global Legal Alliance (SGLA) network in May, following in the footsteps of the Shanghai-based Allbright Law Offices.

Chen, the managing partner of Tahota, says that Allbright left the SGLA on May 6, and Tahota followed suit 20 days later. “We are seeking a national presence. But SGLA doesn’t allow that,” said he says.

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2014年，重庆的律师事务所总收入约为13.4亿元 人民币，在全国所有省级地区中排第八，四川省排在 第七位。前6名大多位于中国东部，包括一贯领先的 北京、上海和广东，还有东部沿海地区的3个省：浙 江、江苏和山东。 按最新政府统计数据，四川是中国西部律师人数 最多的省，2014年共有律所约1040家，律师14000 名。重庆紧随其后，共有6700名律师，670家律所。

战略差异

直接叫板位于北京和上海等经济引擎之地的律所并不 是一个聪明的选择。那么，对于渴望在全国市场分一 杯羹的西部律所而言，什么是能令其脱颖而出的最佳 方式呢？ 位于成都的泰和泰律师事务所就是一家希望能在大 本营之外获得更多增长并扩张的律所。为了实现这一 目标，泰和泰紧随上海锦天城律师事务所的步伐，于 5月份退出了中世律所联盟。 泰和泰的首席合伙人程律师表示，锦天城于5月6 日退出中世律所联盟，泰和泰在20天后也退出了。“ 我们希望能有一个全国的布局。我们没有办法再适应 中世联盟的要求，”他说。 作为由主要经济地区的内资所组成的法律联盟，中 世律所联盟在每个省份地区（除北京和广东）选择一 家律所作为代表。锦天城和泰和泰分别是代表上海市 和四川省的律所。

— Dedicated in providing one-stop legal services for you Tahota Law Firm, as a nationwide leading law firm of full services, has always been focusing on the concept of differentiation in operation and dedicating in providing comprehensive one-stop legal services.

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• Banking/Finance/Trust

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• Corporate Business/Merger and Acquisition (including Bankruptcy)

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www.tahota.com

• Environment/Energy/Mineral Resource

• Bio-pharmaceuticals • Airline/Metro/Railway Engineering • Dispute Resolution (including Domestic and Foreign-related Arbitration/Litigation)

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WEST CHINA

As a legal alliance consisting of Chinese law firms across major economic regions, SGLA has chosen one law firm to represent each region.

Allbright and Tahota were the firm representing the city of Shanghai and Sichuan Province respectively.

“If members of SGLA want to pursue a national agenda, they are no longer welcome,” says Han, the managing partner of Solton & Partners, who is also the chairman of SGLA. He adds that the SGLA’s strategy is clear in that it chooses major regional law firms to form a national alliance. “If a firm itself is going out and pursuing a national agenda, it is not acceptable to us because there might be conflicts of interest.”

But west China is providing a great starting point for Tahota’s Chen, as more business interactions between west China and its neighboring countries like India and Pakistan, led to more deals being signed in the past 12 months. Now, he and his firm have set the goal of first opening offices in all the provincial capitals in west China, and then overseas offices. “I see more and more foreign companies coming to west China, and more companies in west China going abroad,” Chen says. “We have to go out.”

Indeed, expanding to other cities is one of the most conventional ways for law firms to develop. But is expansion the most appealing strategy for law firms based in the western cities? Han has something different to share.

To him, being based in Chongqing is totally different from being headquartered in first-tier cities like Beijing and Shanghai. “Except Beijing, Shanghai and Guangzhou, other major cities in China don’t radiate influence that extends to other parts of the country,” he says.

He suggests that unlike those major cities, the influence of the economic and legal markets of Chongqing is limited to surrounding areas.

“If you are headquartered in Chongqing, and you aim to make your law firm a national one, it just won’t happen.”

And this explains his firm Solton’s involvement the SGLA. He says the idea of the SGLA is to maximize the advantages of leading law firms in different regions, as they only pick one in each region to avoid conflicts of interest.

“We want to connect the best regional law firms across China and help them exert a national influence,” Han says. “The legal market in most part of China will still remain region-based for quite a long time. And we believe this way is in accordance with the status quo of our overall legal market.”

DEMAND FROM THE WEST The One Belt, One Road initiative will certainly have an impact, but maybe not too soon.

Take Chongqing as an example. The 1.34 billion yuan in revenue earned in 2014 by law firms represented a 34 percent jump compared to one year earlier. And the area that has seen the most growth is litigation.

Han says that an increasing number of disputes in the backdrop of the economic transition has led to a proportional jump in lawyers’ revenue, but there has been a negligible impact of the One Belt, One Road project in comparison.

But the potential is being recognized by foreign law firms too, like the Clyde & Co and Westlink joint law venture, which was the first formally approved joint law venture involving an international law firm in Southwest China. It opened its Chongqing office in the year 2013.

“The economic growth rate for Southwest China is still in double digits as compared to the 6-7 percent growth along the eastern seaboard cities, and GDP in West China is significantly higher than Shanghai,” says Michael Cripps, a partner with Clyde & Co. “There is increasing awareness of legal needs in the west, ranging from contract review to dispute resolution.”

ASIAN LEGAL BUSINESS JUNE 2015

索通律师事务所执行合伙人韩律师是中世律所联盟的主 席，他认为，“如果中世的成员所想要成为能代表全国的律 所，那我们联盟就不再欢迎它了。” 他还表示，中世联盟的策略很明确，就是选择主要的地 区性律所来组成全国联盟。“如果律所自身走出去并寻求全 国发展，那我们联盟就不能再接受它了，因为可能会存在 利益冲突。” 但在泰和泰的程律师看来，中国西部提供了 绝佳的起 点，因为西部与印度和巴基斯坦等周边国家有了更多商业 互动，过去一年中签署了更多交易。现在，他和他的律所 已经制定了在西部所有省会城市设立分所，随后设立海外 分所的目标。程律师表示，“我看到越来越多的国外企业到 西部来，西部企业到国外去。我们必须走出去。” 实际上，扩张进入其他城市是律所发展最为常规的方式 之一。但扩张是否是西部城市律所最佳的策略？韩律师有 不同看法。 对他而言，以重庆为大本营完全不同于以北京和上海等 一线城市为总部。他说，“除了北京、上海和广州有辐射能 力，其他城市并不具备对外辐射的能力。” 他认为，与那些大城市不同，重庆的经济影响力和法律 市场限于周边地区。“如果以重庆为总部，而目标是成为全 国性的大所，其实是做不起来的。” 这也解释了他所在的索通律师事务所为何参与中世律所 联盟。他表示，中世律所联盟的想法是最大限度地利用不 同地域一流律所的优势，因为该联盟只在每个地区选取一 家律所，从而避免利益冲突。 韩律师称，“中国法律服务市场的特点是什么呢？我们认 为在相当一段时间内是区域化的，除了北京上海这样的城 市以外，其他都是以省为单位。中世联盟是比较切合当前 中国的实际情况来做的一个全国性的联合，是采取联盟的 方式，而不是采取全国性的品牌所设分所的方式。”

西部的需求

“一带一路”肯定会产生影响，但可能并不是现在。 以重庆为例。2014年，该市律所收入为13.4亿元人民 币，与一年前相比大幅增加34%。增长最快的领域是诉 讼。 韩律师称，经济转型大背景下诉讼案件数量不断增加使 得律师创收相应大幅提高，但相比之下“一带一路”的影响却 没有那么明显。 但外资律所也认识到了这一潜力。比如其礼律师事务所 和重庆西联律师事务所就成立了联营律所，成为中国西南 首家获批的涉及国际律所的联营律所。该所于2013年在重 庆设立了办事处。 “中国西南地区的经济增长率仍然是两位数，而东部沿海 城市只有6-7%，中国西部的GDP大大高于上海，”其礼律师 事务所合伙人高旭华称，“从合同审查到争议解决，西部地 区对法律需求的意识越来越高。” 但诉讼需求的美好图景有其局限性。鉴于中 国的实际 情况，经济发展以及法律市场始终与政治和政府的法律意 识相互交织，西部地区的公司在这一点上始终弱于东部同 行。 “但是西部大量商业行为是政府产生的。比如政府是法律 为主体，但政府对法律服务需求是较低的。需要律师去参 与从意识上来说是比较差的。而商业公司的意识，相对于

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However, the rosy picture of litigation demand has its limitations, given that fact that in China, the economic development, as well as legal market, has always been closely intertwined with politics and the legal awareness of governments and companies in the west have always been weaker than that of the east.

“A significant amount of the business is produced by the government.

But generally speaking, the government’s legal demands are pretty low.

They are not very aware of their need for lawyers” says Han..

The relatively low demand from the government side doesn’t mean a lower demand for legal services from the west overall. However, Han adds, west China’s need for legal services must be viewed in tandem with its low purchasing power, given the relatively low income on average in the west. To fill the gap, government needs to take the lead by assisting companies and individuals in utilizing lawyers.

And Han predicts the bigger law firms in western China could become bigger, while the small firms become smaller.”

In Chongqing, for example, with 6700 lawyers and 670 law firms, on average, each law firm only has 10 lawyers. This number is lower than 12, which is the national average for law firms.

Some law firms set out to deliberately remain small for tax purposes.

But regardless of whether a firm is big or small, they should look to litigation as an opportunity for growth. ”Larger law firms need to try and increase their presence in both litigation and non-litigation areas. However, for smaller firms, there is very limited space in the non-litigation business, so they should focus on litigation, and be down-to-earth,” Han adds.

WEST CHINA

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东部的企业也比较差，”韩律师称。 政府方面相对较低的需求并不意味着西部地区 整体上对法律服务的需求更低。韩律师还表示， 由于西部平均收入相对较低，对中国西部法律服 务需求的理解必须同时考虑其较低的购买力。 为弥补这一缺口，政府需要来购买更多的公共服 务。 韩律师预计，“中国西部的大型律所将会变得 更大，而小律所将会更小。” 以重庆为例，该市670家律所共有6700名律 师，平均每家律所只有10名律师。这一数字低于 律所律师人数的全国均值12。 一些律所出于税收目的刻意保持较小规模。韩 律师认为，无论律所规模是大是小，都应该把诉 讼业务视为发展机会。 “中高端的所来说，要关注非诉讼和诉讼齐头 并进。对于一般和小 所来说要扎扎实实做好 诉讼，脚踏实地。”韩 律师补充道。

“LARGER LAW FIRMS NEED TO TRY AND INCREASE THEIR PRESENCE IN BOTH LITIGATION AND NON-LITIGATION AREAS. HOWEVER, FOR SMALLER FIRMS, THERE IS VERY LIMITED SPACE IN THE NON-LITIGATION BUSINESS, SO THEY SHOULD FOCUS ON LITIGATION, AND BE DOWN-TO-EARTH.” Han Deyun, Solton & Partners

“对中高端的所来说，要关注非诉讼和诉讼齐头并进。对于一般和小所来说要扎扎实实做好 诉讼，脚踏实地。” 韩德云, 重庆索通律师事务所

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ASIAN LEGAL BUSINESS JUNE 2015

PPP Boom PPP大潮

AS CHINA’S LOCAL GOVERNMENTS GRAPPLE WITH A HUGE DEBT HANGOVER, ONE SOLUTION THEY ARE NOW PURSUING IS PUBLIC-PRIVATE PARTNERSHIPS OR PPPS. BUT WILL IT BE EFFECTIVE? SHANGJING LI FINDS OUT MORE. 为中国的地方政府面临历史遗留的巨额债务，它们正在寻求的一种新的解决之 道：公私合作制，也称PPP。但这种方式是否会真正有效？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 **

REUTERS/Nayef Hashlamoun

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PUBLIC-PRIVATE PARTNERSHIPS

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“PPP PROJECTS ARE USUALLY COMPLICATED. THEY INVOLVE THE PROCESS OF SETUP, PLANNING, CHOOSING SITES, ENVIRONMENTAL PROTECTION, BUDGET MANAGEMENT AND SO ON, ENTAILING THE SUPPORT AND COORDINATION OF MANY GOVERNMENT AGENCIES. DRAFTING AN UNIFORM LEGISLATION IS HARD, AND WILL TAKE A LONG TIME.” Laura Zhou, Zhong Lun Law Firm

“PPP项目是一个复杂的综合体，涉及立项、规划、用地、环 保、财政预算管理等多个方面，也需要多个部门的配合和支 持，目前还没有完备的法律体系，统一立法的难度较高，PPP 基本法的出台客观而言还需要较长的时间过程。” 周兰萍，中伦律师事务所

C

中

hina’s local governments today are grappling with mounting debt, something that has been on a steady upward march since four trillion yuan ($645 billion) was sanctioned in the stimulus plan of 2008. And the panacea that it is pursuing is an unprecedented level of cooperation between government and private sector.

And this cooperation is being attempted through public-private partnerships, or PPPs. In May, China’s state planning agency released a list of more than 1,000 proposed projects totaling 1.97 trillion yuan ($317.75 billion) that are seeking private investors to help fund, build and operate them.

T h e Nati o na l D e ve lo p m e nt a n d Re fo r m Commission has earmarked 1,043 public projects across the country, ranging from transport and water conservancy to environmental protection as PPPs. “There is no doubt that China has the most PPP projects in the world at the moment,” says Li Kaimeng, director of the research center at the China International Engineering Consulting Corporation.

PPPs are long-term partnerships between governments and private companies on projects that are mainly funded and operated by the latter and supervised by the former.

By inviting private investors to participate in government-backed infrastructure projects, the PPP model is in line with Beijing’s vow to increase the power of the market, temper the economic slowdown and alleviate the debt of local governments.

The country has also designated 12 of the 1,043 projects as pilot schemes, which will help in perfecting policies over the next two years.

国地方政府如今正设法解决堆 积如山的债务，自2008年推出 4万亿（6450亿美元）经济刺 激计划后，债务数量就稳步大幅上升。而 它们追求的万灵药则是政府与私营经济之 间前所未有的高水平合作。 地方政府试图通过公私合作制，也就 是PPP来实现这种合作。5月，中国的国 家规划部门发改委公布了1000多个拟允 许私人投资者帮助融资、建造和运营的项 目，总额达1.97万亿元人民币（3177.5亿 美元）。 国家发改委已在全国列出了1043个公 共项目作为PPP项目，涉及交通运输、水 利到环境保护等。 “从数量上，目前中国PPP在全世界最 热，”中国国际工程咨询公司研究中心主 任李开孟说。 PPP是政府与私人公司之间就项目达 成的长期合作，主要由后者提供资金并运 营，前者进行监管。 通过邀请私人投资者参与政府担保的 基础设施项目，PPP模式符合中国政府增 强市场作用、缓解经济减速和减轻地方政 府债务的目标。 中国还在这1043个项目中指定了12个 作为试点计划，这些计划将在今后两年中 帮助完善各项政策。

TWO SETS OF GUIDELINES The PPP model was first used by the Chinese government in the 1980s, but it is only recently that the government is providing a full-scale impetus.

But currently some confusion around PPPs exists, after both the Ministry of Finance, and the National Development and Reform Commission (NDRC)

中国政府首次对PPP模式进行尝试是在20 世纪80年代，然而直到最近才对此全面铺 开。 就在去年十二月，两部委同时发力。 财政部和国家发改委在同一天分别发布了 两套PPP指导意见，两个实权部门在同一

两套指导意见

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ASIAN LEGAL BUSINESS JUNE 2015

released separate (and inconsistent) PPP guidelines on the same day in December. To make matters worse, both entities issued even more guidelines earlier this year, increasing the sense of confusion among participants in PPP projects.

“The Ministry of Finance has the most motivation because PPP projects help resolve the issue of local government debt. But the NDRC is ultimately in charge of approving projects,” says Jason Liu, a partner at JunHe, explaining why there are overlapping guidelines from two of the most powerful government branches. “PPP are still projects.”

The latest official data shows that as of mid-2013, local-government debt stood at 17.9 trillion yuan or $2.89 trillion, up from a negligible amount six years earlier. Much of the debt was racked up by a massive four trilllion yuan ($645 billion) stimulus push in the 2008 financial crisis.

The Ministry of Finance has done more concrete work to tackle the debt issue by advancing PPP projects. Besides founding a PPP center, it has hired UK law firm Pinsent Masons along with PwC as outside consultants, according to industry insiders. Additionally, the guidelines it issued are more detailed, comprising of some 60,000 Chinese characters. In comparison, the NDRC document only has 10,000 characters.

“Last year, it was not clear which government branch would take a dominant role, and so there was a little bit of tension between the ministry and the NDRC. But after these concrete steps taken by the ministry, it has the leading position,” Liu adds.

Despite the separate documents issued by the two government branches, lawyers interviewed by ALB agree that the overall aim from the government side is very consistent. It wants to promote the concept of a cooperative relationship between governments and companies, so they can share risk and returns.

Still, guidelines and provisions are not law. And a law for the PPP sector is not even close to being drafted due to its complexity and the many parties’ interests involved.

“PPP projects are usually complicated. They involve the process of setup, planning, choosing sites, environmental protection, budget management and so on, entailing the support and coordination of many government agencies. Drafting an uniform legislation is hard, and will take a long time,” says Laura Zhou, a partner at Zhong Lun Law Firm.

领域一齐表文件，极为罕见。这两个部门今年还陆续发 布了更多的指导方针，让PPP项目参与者愈发困惑。 “从态度的角度来说，财政部最积极。财政部发挥主 导作用，因为财政部是解决地方债的牵头人”君合律师事 务所合伙人刘世坚说道。 他表示，管的起因是地方债， 可是PPP也是项目，而发改委管的是项目。 最新官方数据显示，截至2013年年中，地方政府债 务达到17.9万亿元，折合2.89万亿美元，6年前地方政 府债务的规模还可忽略不计。许多债务都是由2008年金 融危机时推出的大规模四万亿（6450亿美元）刺激计划 带来的。 通过推进PPP项目，财政部已完成了更多具体工作 来解决债务问题。据业内人士称，除了建立PPP中心之 外，财政部还聘请了英国品诚梅森律师事务所与普华永 道会计师事务所一同担任外部顾问。相比较，财政部下 发的指导意见更为详细，篇幅为6万字，而发改委的文 件只有1万字。 “在14年还没明确谁来主导，发改委和财政部去年有 一些较劲，但在财政部做了很多实际的工作，主导权自 然而然转到财政部，”刘世坚补充道。 尽管这两个政府部门分别下发了文件，但接受ALB 采访的律师均同意政府方面的总体目标是非常一致的。 政府希望推进政府与公司之间的合作关系理念，让它们 共担风险，共享回报。 当然，指导意见和规定并不是法律。由于这一领域 较为复杂且牵涉多方利益，更高层级的立法变得十分艰 难。 “PPP项目是一个复杂的综合体，涉及立项、规划、 用地、环保、财政预算管理等多个方面，也需要多个部 门的配合和支持，目前还没有完备的法律体系，统一立 法的难度较高，PPP基本法的出台客观而言还需要较长 的时间过程。”中伦律师事务所合伙人周兰萍表示。

PPP THE CHINESE WAY The concept of PPP derives from the United Kingdom in the 1980s. The core purpose of PPP, according to Li from the China International Engineering Consulting Corporation, is to maximise public interest through a long-term strategic partnership between the public and private sectors.

“But in China, we don’t care about partnership. All we care about is bringing in capital, and kicking off the project. Nobody really cares about how the partnership should be sustained over the 20 years following the signing of the agreement,” Li adds.

The Chinese government has even redefined the term “private,” ensuring that the definition of PPP here is much broader than that used abroad.

Regulations from the Ministry of Finance say that private investors can actually be state-owned companies as long as they are not controlled by the local government.

“The very concept of PPP includes the “fighting” process between the public and private sectors, thus maximising the efficiency. But does this essential part exist in our country, in our tradition, or in our system? I think even if it exists, it would be in rare cases,” Li adds. “This is PPP with Chinese characteristics.”

Local government financing platforms, which are at the center of Beijing’s plan to reduce debt by moving it around, are becoming active players in the PPP sector in the hopes of accomplishing a business transformation.

Li says redefining the word “private” is fine, as long as the “private” party is independent from the local government. Right now, “private” parties can be private companies, foreign companies, listed companies, and even large

中国特色PPP

PPP这一理念源自20世纪80年代的英国。按中国国际工 程咨询公司李开孟的说法，PPP的核心目的是通过公私 部门之间的长期战略合作，尽可能使公共利益最大化。 李开孟表示，在PPP项目中，参与方并没有关注这 种长期的伙伴关系，他们真正关心的是引进资本，启 动项目。“但引进来之后20年的日子怎么过，大家不关 注，”李开孟补充道。 在PPP的规章制度中，中国政府重新定义了“private” 的含义。财政部的法规将“private”扩展到社会资本，也 就是包含国有企业，只要它们不受地方政府控制。 “真正的PPP包含公共和私人部门合作和博弈的理 念，这是本质。但这种本质在我们国家，在我们的传统 里面，在我们的制度环境里是否存在？我认为如果存在 是个例，”李开孟进一步补充。“现在就变成了中国特色 PPP。” 他指出，底线是至少地方政府融资平台不应该被包 含进“社会资本”，然而目前，根据最新的规定，它们却 能够成为PPP的参与者。他强调，重新定义“私人”这个 词并没有问题，只要“私人”一方与地方政府相独立。这 个词可以是私人公司、外国公司、上市公司甚至是大型

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PUBLIC-PRIVATE PARTNERSHIPS

SOEs, since Beijing-based SOEs usually do not listen to local governments.

But now his concern is that the line is getting blurred by permitting local government financing platforms to act as the “private” party. “If this is the case, I thinking it is the government partnering with the government,” he says.

Documents that have been released on current PPP projects indicate that local government companies and central SOEs are the main players, whereas private investors are playing a negligible role.

While SOEs are showing interest in the model, private investors are still reticent to commit. This is partly because in previous cases, some local governments did not keep their end of the contract, hurting the interests of private investors. Though the new PPP rules have granted equal partnership status to local governments and investors, the trust hasn’t been rebuilt just yet.

“In the first round of PPP projects, it is a very clear that central SOEs are forming alliances with local government. First, it is because local governments trust central SOEs, as it is politically safe given the ongoing corruption crackdown. Second, central SOEs have lower funding costs, since they have a better appetite for risk. Lastly it is because central SOEs are really rich,” says Liu. Besides redefining the word “private,” another Chinese characteristic is the massive number. China has thousands of ongoing PPP projects, whereas in all the other developed countries, including the UK, the country from which the PPP model originates, has only a few dozen, making up at most 10 percent to 20 percent of all public projects.

Even though most local government don’t really understand how PPP projects function, they actively push forward because they are hugely indebted and don’t have a choice.

Li voices his concern that local government officials are very likely to be shortsighted when it comes to PPP projects, since they are only looking to resolve debt issues and improve their political records. He emphasizes that the government should be well aware of the fact that PPPs will increase government expenditures as well, since investors will seek returns.

“A lot of projects are not suitable for the PPP model, so we should not be overdoing it,” Li adds. “Market-oriented reform should be our long-term objective instead of pursing PPPs.”

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央企，因为央企通常不听地方政府摆布。 但他目前的忧虑是，允许地方政府融资平台充当“私 人”一方后，这一底线也都放弃了。“如果情况变成这样， 我们认为这种情况本质上是政府在跟自己合作。”李开孟 称。 针对目前PPP项目发布的文件指出，地方政府公司和 央企是主要参与者，而私人投资者可以忽略不计。 央企对这一模式表现出大量的兴趣，相比而言，私人 投资者却没有那么的兴奋。部分原因是之前某些地方政 府并未遵照合同行事，损害了私人投资者的利益。尽管 PPP新规赋予地方政府和投资者平等的伙伴地位，但双 方尚未重新建立信任。 “第一轮PPP央企跟地方政府结盟的趋势非常明显， 第一是地方政府对央企的政治上的信任，政治上是安全 的，结合当前的反腐形势，更愿意跟央企做项目，第二 个是央企的资金成本更低，他对风险的认知，风控的把 握跟民企和外资是不一样的最后，是因为央企确实很有 钱，” 刘世坚说。 除了对“私人”这个词重新定义外，PPP的另一个中国 特色是数量庞大。中国正在进行的PPP项目数以千计， 而在包括PPP模式起源地英国在内的所有其他发达国 家，PPP项目只有几十个，最多占全部公共项目的10% 至20%。 然而，绝大多数地方政府并不真正了解PPP项目的 运作和目的，它们之所以积极予以推动，是因为负债累 累，别无选择。 李开孟表达了自己的担忧，认为地方政府官员在涉及 PPP项目时极有可能只看到眼前，因为他们只是寻求解 决债务问题以及提升政绩。他强调由于投资者会寻求回 报，政府应充分意识到PPP实际上也会增加政府开支。 “很多项目并不适合PPP模式，因此我们不该过度使 用PPP。”李开孟补充道。“PPP不是方向，市场化才是方 向。”

“IN THE FIRST ROUND OF PPP PROJECTS, IT IS A VERY CLEAR THAT CENTRAL SOES ARE FORMING ALLIANCES WITH LOCAL GOVERNMENT. FIRST, IT IS BECAUSE LOCAL GOVERNMENTS TRUST CENTRAL SOES, AS IT IS POLITICALLY SAFE GIVEN THE ONGOING CORRUPTION CRACKDOWN. SECOND, CENTRAL SOES HAVE LOWER FUNDING COSTS, SINCE THEY HAVE A BETTER APPETITE FOR RISK. LASTLY IT IS BECAUSE CENTRAL SOES ARE REALLY RICH.” Jason Liu, JunHe

“第一轮PPP央企跟地方政府结盟的趋势非常明显，第一是地方政府对央企的 政治上的信任，政治上是安全的，结合当前的反腐形势，更愿意跟央企做项 目，第二个是央企的资金成本更低，他对风险的认知，风控的把握跟民企和 外资是不一样的最后，是因为央企确实很有钱。” 刘世坚，君合律师事务所

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CAPITAL MARKETS

ASIAN LEGAL BUSINESS JUNE 2015

s exposed 问题大暴露

HANERGY’S STOCK PLUNGE HAS PUTS PASSIVE INVESTORS IN AN UNWELCOME SPOTLIGHT, SAY DENNY THOMAS AND MURALIKUMAR ANANTHARAMAN

汉能的股价暴跌使被动投资者不情愿地成为关注焦点，Denny Thomas 和 Muralikumar Anantharaman报道 **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

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T

he blistering sell-off in Chinese solar firm Hanergy Thin Film Power Group last month burnt several index-tracking stock funds, exposing the flaws in some of these investment structures in a volatile market like China’s.

One prominent fund soon announced changes to the index it tracked following Hanergy’s almost 50 percent tumble, suggesting other funds could follow suit and raising more worries for investors who were trapped when trading in the shares was halted.

Guggenheim Investments, which manages about $200 billion, said the MAC Global Solar Energy Index tracked by its solar exchange-traded fund (ETF) was dropping Hanergy as a constituent, meaning the fund will have to sell its holdings of the Chinese firm when shares resume trading.

Critics of ETFs, which mostly track indexes passively, say while these products generally offer more liquidity than traditional funds, they are sometimes prone to illiquidity risks and redemption pressures especially when a big component in their underlying basket of shares faces a trading halt.

That’s especially applicable to the China markets, where ETFs have emerged as a popular investment tool. China-focused equity ETF and index assets under management have grown more than three-fourths to $132 billion over the past five years to end-March, data from fund tracker Lipper showed.

Over the same period, assets of actively-managed China-focused stock funds have shrunk 12 percent to $199 billion.

“While ETFs are great investment tools, competent active managers could be better equipped to deal with some situations. Every ETF is different and investors must be aware of the underlying securities and treat them differently,” says Jackie Choy, ETF strategist for fund tracker Morningstar Asia.

A Hanergy exhibition stand is seen at a Clean Energy Expo in Beijing April 1, 2015. REUTERS/Stringer CHINA OUT

Last month, shares in Hanergy plunged 47 percent in less than an hour, wiping $18 billion off its market worth before being suspended at the company’s request. Its shares had nearly trebled since the start of 2015 until Wednesday.

Some of the world’s biggest passive money managers, including BlackRock Inc and Vanguard, were part of Hanergy’s journey that in two years lifted a little-known small-cap stock to a near $50 billion solar giant before the slide.

BlackRock Institutional Trust Company, for instance, is Hanergy’s sixth-biggest shareholder, owning about $183 million worth of its shares.

CAPITAL MARKETS

41

上

个月，中国太阳能企业汉能薄 膜发电集团股价暴跌使数个指 数型股票基金遭遇重创，这暴 露出这些投资结构在中国这样一个不稳 定的市场中的缺陷。 在汉能近50％的暴跌之后，某知名 基金晚些时候很快宣布改变其跟踪的指 数，这表明其他基金也可能效仿，进一 步加剧当股票被暂停交易时被困其中的 投资者的担忧。 管理约2000亿美元的古根海姆投资 公司表示，其太阳能交易所交易基金 （ETF）跟踪的MAC全球太阳能指数 正在将汉能的股票从成分股中剔除，也 就是说汉能股票恢复交易的时候，该基 金将出售其持有的该中国公司的全部股 份。 ETF主要被动跟踪指数。此类投资 结构的批评人士表示，虽然较之传统 基金，这些产品通常能提供更多的流动 性，但它们有时容易出现流动性风险和 受到赎回压力，特别是当一篮子标的股 票中的某一重要成分股面临停牌时。 这尤其适用于目前ETF已经成为一种 流行投资工具的中国市场。基金跟踪分 析公司理柏的数据显示，截至三月底， 专注于中国市场的股票ETF和其管理的 指数资产在过去五年里增长了超过75% ，达到1320亿美元。 同期，主动管理的专注于中国市场的 股票基金的资产已经缩水12％，至1990 亿美元。 “尽管ETF是很好的投资工具，称职的 主动投资管理人可能会更好地处理一些 情况。每个ETF都是不同的，投资者必 须了解标的证券，区别对待。”基金跟踪 机构晨星公司的ETF策略师蔡俊杰说。 上个月，汉能的股价在不到一个小时 的时间暴跌47％，在公司请求暂停交易 前，市值蒸发逾180亿美元。汉能公司股 价自2015年开始截至周三，已经增长了 近两倍。 一些全球最大的被动投资机构，包括 黑石和先锋集团，都参与了汉能在股票 大跌前从一个名不见经传的小盘股到将 近500亿美元的太阳能巨头的转变。 例如，黑石机构信托公司是汉能的第 六大股东，持有价值约1.83亿美元的股 份。

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CAPITAL MARKETS

ASIAN LEGAL BUSINESS JUNE 2015

BIGGEST HIT

最大的打击

One of the worst hits was taken by the $439 million Guggenheim Solar ETF, which had Hanergy as its single-biggest holding and had been buying into the stock recently, perhaps until end-April, according to Thomson Reuters data. The fund tumbled 7.8 percent in New York trading the same day.

据汤森路透数据显示，其中遭受最严重打击的是4.39亿 美元的古根海姆太阳能ETF，该基金将汉能作为最大的 单一持有股份，可能直到四月底还在一直买入。在同一 天的纽约交易中，该基金下跌了7.8％。

The troubles for passive managers are compounded when stocks are suspended from trading. In Hong Kong and China, stocks can sometimes are halted for months and years.

While a temporary suspension may not hurt ETFs which have the stock in their basket, a prolonged freeze may induce greater tracking error for the ETFs and create liquidity problems for the ETF provider, as they will have to find other proxies to substitute for the stock.

For investors, a fund’s high concentration of holdings in one stock may even force it to suspend redemptions, making it hard to exit the investment, some experts said.

While Guggenheim may have averted an immediate disaster by reducing the selling pressure from active investors in Hanergy using the ETF as a proxy to liquidate their holdings, the more the shares remain suspended the greater the tracking error for the ETF, reducing its attractiveness.

Marco Montanari, head of passive asset management, Asia Pacific at Deutsche Bank, says ETF providers can “take the extreme step” of suspending redemptions, locking investors out of their funds, if dramatic volatility in the ETF’s underlying basket of securities threaten its liquidity.

当股票停牌时，被动投资管理人的麻烦会进一步加 剧。在香港和中国大陆，股票有时会被暂停交易几个月 甚至几年。 虽然一个股票的临时停牌可能不会给将该股票包括在 其一篮子股票中的ETF带来损害，但是长期冻结可能会 导致ETF的跟踪误差加大，并产生ETF提供商的流动性 问题，因为他们将不得不寻找其他的股票来替代被停牌 的股票。 对投资者来说，某一基金若高度集中地持有一支股票 甚至可能迫使其暂停赎回，使投资者难以退出投资，一 些专家说。 虽然古根海姆可能通过使用ETF作为清算其持有股份 的代理，降低了汉能的活跃投资者的出售压力，从而避 免出现立即性的灾难，但是被停牌的股份越多，ETF的 跟踪误差就越大，进而减少其吸引力。 德意志银行亚太区被动型资产管理部门主管Marco Montanari表示，如果ETF的一篮子标的证券剧烈波动， 威胁到其流动性，ETF提供商可以“采取暂停赎回的极端 措施”，锁定投资者的资金。

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Hong Kong regulator ‘probes Hanergy for market manipulation’

香港监管机构调查 汉能是否存在市场 操纵行为

By CLARE JIM

Clare Jim报道

C

hinese green energy firm Hanergy is under investigation by Hong Kong’s market watchdog for alleged market manipulation, a source familiar with the situation told Reuters.

The source said the Securities and Futures Commission (SFC) had been investigating Hanergy Thin Film Power Group for several weeks.

“They’re being investigated over market manipulation,” the source said.

Hanergy officials were not available to comment on repeated calls to their Beijing offices. A spokesman for the SFC declined to comment.

Before the plunge, Hanergy’s market value had soared six-fold in the past year to $37 billion - more than its nearest two dozen rivals combined - even as analysts and market watchers questioned some of its more bullish pronouncements.

More than 170 million Hanergy shares were traded in the first hour of the calamitous trading session, far more than its daily average over the past month, according to Thomson Reuters data.

At the request of the Hong Kong Stock Exchange, the company put out a statement in March saying it did not know why its stock had been rising so strongly.

It has been one of the top traded stocks under the landmark Shanghai-Hong Kong stock connect scheme, which since last November has allowed mainland traders to deal in Hong Kong stocks and vice versa.

中

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国绿色能源公司汉能薄膜因涉嫌市场操纵，正 在接受香港市场监管机构的调查，熟悉情况的 消息人士告诉路透社。 该人士表示，证券及期货事务监察委员会（SFC）对汉 能薄膜发电集团的调查已经进行了数周。“它们正在接受 有关市场操纵的调查。”该人士说。 路透社多次致电其北京办公室，汉能公司均无人员发表 评论。SFC的发言人拒绝置评。 暴跌前，汉能的市值在过去一年时间里飙升了六倍，增 长到370亿美元，远超其它20多个紧随其后的竞争对手的 市值总和，尽管分析人士和市场观察家质疑它的一些较为 乐观的公告。 据汤森路透数据显示，在那灾难性的交易时段的第一个 小时，有超过1.7亿汉能股票被交易，远远超出该股票在 过去一个月的日平均值。 应香港联交所的要求，汉能在三月份发表了一项声明， 表示并不知道为什么它的股票会如此大涨。 汉能一直是具有里程碑意义的沪港通下被交易最多的股 票之一。沪港通自去年十一月开始允许内地和香港投资者 买卖两地特定股票。

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LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

23 RD APRIL PARK HYATT BEIJING

A

sian Legal Business is delighted to announce the official list of winners for the 12th annual ALB China Law Awards, which was held on April 23 at the Park Hyatt, Beijing.

Shilton Sharpe Quarry ALB China Law Awards recognize the best law firms, talent and legal work in China across a total of 40 categories.

The event drew 300 high-profile legal luminaries, including globally renowned law firms, in-house counsel, and investment bankers and CEOs. JunHe and Clifford Chance emerged the top winners among the law firms, while Alibaba Group won the largest number of awards in the inhouse categories. 《亚洲法律杂志》欣然公布于4月23日在北京柏悅酒店举行的第十二届ALB中国法律大奖最终获奖名单。 SSQ ALB中國法律大獎共设40个奖项，以表彰过去一年中国法律界所取得的成就。活动当晚吸引了超过300位来自中国深具影响力的律 师、公司法务、投资银行家和公司总裁。 君合律师事务所和高伟绅律师事务所成为律所中最大赢家，阿里巴巴集团则横扫公司法务的多项大奖。

LAW AWARDS

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45

(L-R) Wiley Cai, Focus Media(presenter); Yeqing Zheng; Sullivan & Cromwell; Greg Knowles, Maples and Calder; Daniel Fertig, Simpson Thacher & Bartlett; Chen Leiming, Simpson Thacher & Bartlett; Tang Yingmao, King & Wood Mallesons; Jeffery Ding, Fangda Partners; Richard Spooner, Maples and Calder

DEBT MARKET DEAL OF THE YEAR 年度最佳债券市场项目大奖 WINNER Alibaba Group’s Overseas Bonds issuing 阿里巴巴集团海外债券发行项目 Firms: Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup Global Markets Inc.; Credit Suisse Securities (USA); Deutsche Bank (Singapore); Goldman Sachs (Asia); JP Morgan; Morgan Stanley

(L-R) Dong Gang, Morgan Stanley(presenter); Jeffery Ding, Fangda Partners; Greg Knowles, Maples and Calder; Richard Spooner, Maples and Calder; Daniel Fertig, Simpson Thacher & Bartlett; Stephanie Zhu, Fangda Partners; Chen Leiming, Simpson Thacher & Bartlett; Tang Yingmao, King & Wood Mallesons; Yeqing Zheng, Sullivan & Cromwell

EQUITY MARKET DEAL OF THE YEAR 年度最佳股票市场项目大奖 WINNER Alibaba Group Holding Limited IPO on NYSE 阿里巴巴集团在纽交所首次公开发行股票项目 Firms: Conyers Dill & Pearman; Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; J.P. Morgan; Morgan Stanley

46

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

M&A DEAL OF THE YEAR 年度最佳并购项目大奖 WINNER Acquisition of the e-commerce business of Tencent by JD.com 京东收购腾讯电商业务 Firms: Davis Polk & Wardwell; Han Kun Law Offices; Maples and Calder; Skadden, Arps, Slate, Meagher & Flom; Zhong Lun Law Firm Banks: Bank of America Merrill Lynch; Barclays Bank; China Renaissance (L-R) Maggie Lo, Clifford Chance; Zhang Ning, Baker & McKenzie; Hong Yuwen, China National Aviation Fuel Logistics Corporation(presenter)

ENERGY & RESOURCES DEAL OF THE YEAR 年度最佳能源和资源项目大奖 WINNER Acquisition of Las Bambas from Glencore Xtstrata by MMG Limited 中国五矿集团收购秘鲁嘉能可拉斯邦巴斯铜矿项目 Firms: Baker & McKenzie; Clifford Chance; Dentons; Linklaters; Rodrigo, Elias & Medrano; Sullivan & Cromwell; White & Case Banks: Bank of America Merrill Lynch; Citigroup; Deutsche Bank AG; Goldman Sachs

TECHNOLOGY, MEDIA & TELECOMS DEAL OF THE YEAR 年度最佳科技、媒体和电信项目大奖

(L-R) Peter Huang, Skadden, Arps, Slate, Meagher & Flom; Chen Jihong, Zhong Lun Law Firm; Zhu Jun, Han Kun Law Offices; Fan Baile, Trends Group (presenter)

CHINA DEAL OF THE YEAR 年度中国最佳交易项目大奖

WINNER

Alibaba Group Holding Limited IPO on NYSE 阿里巴巴集团在纽交所首次公开发行股票项目 Firms: Conyers Dill & Pearman; Fangda Partners; King & Wood Mallesons; Maples and Calder; Simpson Thacher & Bartlett; Sullivan & Cromwell Banks: Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; J.P. Morgan; Morgan Stanley

(L-R) Daniel Fertig, Simpson Thacher & Bartlett; Zheng Yeqing, Simpson Thacher & Bartlett; Tang Yingmao, King & Wood Mallesons; Greg Knowles, Maples and Calder; Jeffery Ding, Fangda Partners; Chen Leiming, Simpson Thacher & Bartlett; Richard Spooner, Maples and Calder; Michael Qi, Fangda Partners; Che Hu, Thomson Reuters (presenter); Li Keshu, FIS China (presenter)

LAW AWARDS

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

47

BANKING & FINANCIAL SERVICES IN-HOUSE TEAM OF THE YEAR 年度最佳银行和金融服务业公司法务 组大奖 WINNER China Development Bank 国家开发银行

(L-R) Yang Bin, AllBright (presenter); Dong Gang; Morgan Stanley

(L-R) Ma Huijun, Zhong Lun Law Firm; Jiang Xiangbin, Credit Suisse Founder (presenter)

INVESTMENT BANK IN-HOUSE TEAM OF THE YEAR

PROJECT FINANCE DEAL OF THE YEAR 年度最佳项目融资项目大奖

年度最佳投资银行法务组大奖

WINNER

WINNER

Zhong Lun Law Firm 中伦律师事务所

(L-R) Du Wei, China Development Bank; Yu Yongqiang, JunHe (presenter)

llBright Law Offices AllBright Law Offices AllBright Law Offices 锦天城律师事务所 锦天城律师事务所 锦天城律师事务所

Established in 1999 • Managing Partner: Wu Mingde

Morgan Stanley 摩根士丹利

Contact Us 联系我们 Shanghai 上海 14th Floor, Citigroup Tower 33 Hua Yuan Shi Qiao Road, Pudong New Area Shanghai 200120, China 上海市浦东新区花园石桥路33号 花旗集团大厦14层 邮编 200120 Tel 电话: +86 21 6105 9000 Fax 传真: +86 21 6105 9100

Awards Firm Overview: We are one of the leading full-service 28th Floor, Hong Kong Plaza No. 283 Mid. Huai Hai Established in 1999 年 We are consistently recognized by various institu- tions and in Chinese law firms始创于 in the1999 People’s Republic of China Road Shanghai 200021, China shed in 1999 Established 始创于 1999 in 年 1999 始创于 1999 年 上海市卢湾区淮海中路283号香港广场28层 major rankings as one of the top PRC law firms: (“PRC”). As the only national law firm headquartered Contact Us 联系我们 邮编 200021 Contact Us 联系我们 • 管理合伙人 : 吴明德 • Managing Partner: Wu Mingdea comprehensive range in Shanghai, we provide of Chambers and Partners has designatedContact us as a leading Chinese Us 联系我们 • • 管理合伙人 : 吴明德 • Managing Partner: Wu Mingde Tel 电话: +86 21 2326 1888 Shanghai 上海 •:and 现有合伙人 : 262 • Number of partners: 262 legal solutions and services to both domestic in• 管理合伙人 吴明德 aging Partner: Wu Mingde law firm for three consecutive years, and has also rated both 传真: +86 21 2326 1999 Fax Shanghai 上海 • 现有合伙人 : 262 • Number of partners: 262 14th Floor, Citigroup Tower • 现有律师 : 937 • Number of associates: 937 上海 ternational clients from our in Shanghai, and Tower • 现有合伙人 : 262 mber of partners: 262 • 现有律师 : 937 • Number of associates: 937offices the firm as a whole and several partners ofShanghai the firmRoad, as “Band 33 Hua Yuan Shi Qiao Pudong New 14th Area Floor, Citigroup Beijing 北京 33 Hua Yuan Shi Qiao Road, Pudong New Area Floor, Citigroup Tower Shanghai 200120, China our937 additional offices in Beijing, Chengdu, Chongqing, • 现有律师 : 937 mber of associates: Tel 电话: +86 10 8523 0688 1”/ “leaders in the field” in many core14th practice areas including Shanghai 200120, China 33 Hua Yuan上海市浦东新区花园石桥路33号 Shi Qiao Road, Pudong New Area Hangzhou, Hong Kong, Nanjing, Qingdao, Shenzhen, corporate and mergers and acquisitions 花旗集团大厦14层 (“M& A”), private equity Chengdu 成都 上海市浦东新区花园石桥路33号 200120 Shanghai 200120,邮编 China Tel 电话: +86邮编 28 8593 9898 Suzhou, Taiyuan and Xiamen. 花旗集团大厦14层 200120 and venture capital, capital markets, international trade, Tel 电话: +86 21 6105 9000 上海市浦东新区花园石桥路33号 21 6105 9000 Fax 传真: +86 21 6105 9100 Tel 电话: +86 Chongqing 重庆 banking and in finance, intellectual property While size is only one indicators of the success 花旗集团大厦14层 邮编 200120 Fax 传真: +86 where we are frequent finalists all majordispute award resolutions, Firm Overview: We are oneof ofmany the leading full-service 9100 Tel 电话:21 +866105 23 6305 1266 where we are frequent finalists in all award21 6105 9000 Firm Overview: We of the full-service and tax. and resourcefulness ofone a law firm,leading since creation categories.

Chinese law firms in theare People’s Republic of Chinathe Telmajor 电话: 28th+86 Floor, Hong Kong Plaza categories.

Chinese law firms in thelawPeople’s Republic of• China Hangzhou Government • and AssociationThe Awards.

AllBright (“PRC”).

As the only national firm headquartered 28th Floor, Hong Kong杭州 Plaza of our firm via a merger of three firms with a common Fax 传真: +86 21 Huai 6105 9100 Legal 500: Guide to Asia’s Commercial Law Firms ranked us No. 283 Mid. Hai Road Association Awards. AllBright the only law firm headquartered verview: We are(“PRC”). one of theAs leading full-service where we are frequent finalists in allthe major award • Government TelMid. 电话:Huai +86 571 5689 0188 has won awards from Alland China Lawyers in Shanghai, we provide anational comprehensive range of No. 283 Hai Road Shanghai China vision we have been leading indomestic this respect among our asseveral one of the top firms in Shanghai Foreign Direct200021, Investment, has won awards from the China Lawyers in Shanghai, we provide a comprehensive of e law firms in the People’s of to China categories.

Association on occasions, such as All for legal solutionsRepublic and services both and in- range Shanghai 200021, China Nanjing 南京 上海市卢湾区淮海中路283号香港广场28层 28th Floor, Hong Kong Plaza Association on several occasions, such as legal solutions and services to both domestic and inpeers in China, andourwe are now ofand the largest in Corporate and Commercial us as the “National Leading Law Firm” awards, “Leading Law, and highlighting ternational clients from offices in Shanghai, ”). As the only national law firm headquartered Government and Association Awards.

AllBright 上海市卢湾区淮海中路283号香港广场28层 • one Tel 电话: +86 25 6851 5000 邮编 200021 No. 283 Mid. Huai Hai Road “National Leading Firm” awards, “Leading ternational clients our offices in Shanghai, andFirm in Shanghai” Law awards, andcommercial theLaw “Leading our additional offices in from Beijing, Chengdu, Chongqing, Asia.

Through cooperation, teamwork, a dedication 邮编 200021 “corporate and firm and otherthe firms aspire to21be.” nghai, we provide aadditional comprehensive range of hasand won awards from the AllFirm China Lawyers Tel 电话: +86 2326 1888 Shenzhen 深圳 Law from inShanghai Shanghai” awards, “Leading our offices in Beijing, Chengdu, Chongqing, Shanghai 200021, China Partnership Award” the Bureau of Hangzhou, Hong Kong, Nanjing, Qingdao, Shenzhen, +86 21 2326 1888 Fax 传真: +86 21 2326 1999 Tel 电话: to excellence, we are committed to Association providing practical olutions and services to bothHong domestic and inon several• Partnership occasions, such asfrom Tel+86 电话: 21 +862326 755 8281 6698 IFLR 1000/AsiaLaw Profile has for manyBureau years rated AllBright Award” the Shanghai of Hangzhou, 上海市卢湾区淮海中路283号香港广场28层 Justice.

Suzhou, Taiyuan and Kong, Xiamen.Nanjing, Qingdao, Shenzhen, Fax 传真: 1999 onal clients fromSuzhou, our offices in Shanghai, and “National Leading Law Firm” awards, “Leading solutions for our clients with respect to both litigation Justice. andofXiamen.

While sizeTaiyuan is only one many indicators of the as “1st Tier” in core practice areas such as corporate and M&A, 邮编Beijing 200021 Suzhou 苏州 北京 ditional offices inWhile Beijing, Chengdu, Chongqing, Law Firm in Shanghai” awards, and the “Leading size is only one of many indicators of the and transactional matters.

We have more success and resourcefulness of a law firm, sincecurrently the Beijing 北京 Tel 电话: +86 512 6936 5188 电话: +86 21 2326 1888 Tel 电话: 10 8523 0688 private equity, capital ） markets, andTel banking and+86 finance. 事务所简介 : 锦天城律师事务所 （“锦天城” resourcefulness of afirms law firm, the from hou, Hong Kong,success Nanjing, Qingdao, Partnership Award” the Shanghai Bureau of 是一 creation ofand our firm viaShenzhen, a merger of three with a since 10 8523 0688 than 930 registered lawyers (including 262 partners Fax 传真:）+86 2326 1999 Tel 电话: +86 Taiyuan 事务所简介 : 锦天城律师事务所 （“锦天城” 是一21 太原 creation of our merger three firms家提供全方位法律服务的、 with a • Asia Legal Business (ALB) has granted us many awards in its 全国领先的中国律师事 common vision wefirm have via beenaleading in of this respect u, Taiyuan and Xiamen.

Justice.

Chengdu 成都 and senior international consultants), many whom Tel 电话: +86 351 5260570 家提供全方位法律服务的、全国领先的中国律师事 common haveand leading in this of respect 务所，是唯一一家总部设在上海的全国性律师事务 Chengdu 成都 among our vision peers inwe China, we are now one of annual China Law Award events, where we frequent finalists Telare 电话: +86 28 8593 9898 size is only one of many indicators of been the Beijing 北京 务所，是唯一一家总部设在上海的全国性律师事务 hold advanced doctoral degrees.

Many our lawyers among our Asia. peers in China, and we areofnow one锦天城在中国大陆十大城市 of Hong Tel 电话: +86 28 Kong 8593香港 9898 the largest Through cooperation, teamwork, 所。 杭州、 in all major（北京、 award深圳、 categories. s and resourcefulness of ainlaw firm, since the cooperation, Tel 电话: +86 10 8523 0688 the in in Asia.

Through 所。锦天城在中国大陆十大城市 Tel 电话: +852 2526 6311 and largest aadmitted dedication tointerexcellence, we are事务所简介 committedteamwork, are national jurisdictions as 成都、 苏州、南京、 重庆、 太原、青岛、 厦门）及香港 （北京、深圳、杭州、 Chongqing 重庆 : such 锦天城律师事务所 （“锦天城” ）是一 n of our firm viaand a merger of three firms with a a dedication to excellence, we are committed • Government and Association Awards.

AllBright has won 苏州、 南京、 成都、 重庆、 太原、 青岛、 厦门） 及香港 Chongqing 重庆 to providing practical solutions for our clients with 电话: +86 23 6305 1266 Tel 开设分所， Qingdao 青岛 various states inthis therespect United States, in England and 并在香港与史蒂文生黄律师事务所联营， 家提供全方位法律服务的、 全国领先的中国律师事 on vision we have been in to providing practical for our clients with Tel 电话: 1266 Chengdu on 成都 respect toleading both litigation andsolutions transactional matters. 开设分所， awards 并在香港与史蒂文生黄律师事务所联营， from the All China several Tel+86 电话:23 +866305 532 5576 9077 史蒂文生黄律师事务所在广州也设有办公室。 锦天 Law yers Association Wales, Australia, in France and in务所， Japan, andmatters. are fluent 是唯一一家总部设在上海的全国性律师事务 respect to we both litigation and transactional our peers in China, and are now one of We have currently more than 930 registered lawyers Hangzhou 杭州 Tel 电话: +86 28 8593 9898 史蒂文生黄律师事务所在广州也设有办公室。 锦天 occasions, such as “National Leading Law Firm” awards, 城致力于在瞬息万变的商业环境中为境内外客户 Xiamen 厦门 We have currently more than 930 registered lawyers in English, Japanese, French, German, Korean and other Hangzhou 杭州 (including 262 partners and senior international gest in Asia. Through cooperation, teamwork, Tel 电话: +86 571 5689 0188 所。锦天城在中国大陆十大城市 （北京、深圳、杭州、 城致力于在瞬息万变的商业环境中为境内外客户 制定法律解决方案并提供法律服务。 “Leading Law Firm in Shanghai” awards, and the “Leading Tel 电话: Tel 电话: +865689 592 2613399 (including 262 and senior international +86 571 0188 consultants), many whom holdand advanced doctoral major languages.

Partners counsels in our partner dedication to excellence, we areofpartners committed 苏州、 南京、 成都、 重庆、太原、 青岛、厦门）及香港 Chongqing 重庆 制定法律解决方案并提供法律服务。 锦天城坚持优质、 高效的服务理念和团队合作的方 consultants), many of whom hold advanced doctoral Partnership Award” from the Shanghai Bureau of Justice. degrees.

Many of our lawyers are admitted in interNanjing 南京 www.allbrightlaw.com viding practical Hong solutions forlaw ourfirm clients with Kong are similarly highly qualified.

Tel 电话: +86 23 6305 1266 锦天城坚持优质、高效的服务理念和团队合作的方 开设分所， 对客户的每一个项目和案件提供细致的法律分 degrees.

Many of such our lawyers admitted in式， interNanjing 南京 Tel 电话: +86 25 6851 5000 national jurisdictions as variousare states in the并在香港与史蒂文生黄律师事务所联营， t to both litigation and transactional matters. as various 式，对客户的每一个项目和案件提供细致的法律分 Tel 电话: +86 25 6851 5000 national jurisdictions states 析和切实可行的法律建议， in the 积极进取地解决法律问 史蒂文生黄律师事务所在广州也设有办公室。 锦天 United States, in Englandsuch and Wales, Australia, ve currently more 930 lawyers 析和切实可行的法律建议，积极进取地解决法律问 Hangzhou 杭州 United States, in England and Shenzhen 深圳 in than France andregistered in Japan, and are fluent inWales, English, Australia, 题。 城致力于在瞬息万变的商业环境中为境内外客户 Shenzhen 深圳 in France and in Japan, andand areother fluent ding 262 partners and senior international 题。930 余位，其中合伙人（含高级 Tel 电话: +86+86 571755 5689 0188 Tel 电话: 8281 6698 Japanese, French, German, Korean majorin English, 锦天城有执业律师

48

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

MNC IN-HOUSE TEAM OF THE YEAR

SOE IN-HOUSE TEAM OF THE YEAR

年度最佳跨国公司法务组大奖

年度最佳国有企业公司法务组大奖

WINNER

WINNER

Intel

COFCO Corporation

英特尔

中粮集团

(L-R) Zhang Yi, Alibaba; Zhu Hongwen, Sunshine Law Firm (presenter); Richard Lin, Alibaba

CHINESE PRIVATE OWNED COMPANY IN-HOUSE TEAM OF THE YEAR

年度最佳中国民营企业公司法务组大奖 WINNER Alibaba Group (L-R) Li Ji, Shilton Sharpe Quarry (presenter); Wang Xin, Intel print copy.pdf

C

M

Y

CM

1

18/5/15

阿里巴巴集团

诚邀你加入阿里法务展开精彩历奇！ Board Ali-Legal for a wonderful adventure!

250多名律师和法律专员，不断扩大并具开创性的商业法律团队，专注于商业法 律事务、立法相关事务、投资并购、争议解决、合规、知识产权、人力资源等

Over 250 team members and growing, path-breaking commercial legal team, specialties in commercial, legislative affairs, investment/M&A, dispute resolution, compliance, IP, HR and more

招聘职位: Openings:

MY

CY

CMY

K

(L-R) Scott Yu, Zhong Lun Law Firm(presenter); Zhou Hong, COFCO

7:00 pm

诉讼风险管理法务总监 Lead dispute resolution counsel

隐私保护及数据安全法律专家 Privacy and data security counsel

商标﹑域名及版权法务总监 Lead trademark, domain name & copyright counsel

国内及跨境电商业务法律专家 PRC & International commercial counsel

投资并购法律专家 Transaction counsel

专利法务专家 Patent counsel

还有更多…

And more positions… 请即联络: Please contact:

中国大陆 http://job.alibaba.com/ [搜索: 法务部] International Sarah Wong, human.resources@hk.alibaba-inc.com

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

SPONSORED ARTICLE

49

阿里巴巴集团 ALIBABA GROUP

CHINA LAW AWARD WINNER INTERVIEW SERIES: TIM STEINERT, ALIBABA’S GENERAL COUNSEL

ALB2015年中国法律大奖赢家 访谈系列 阿里巴巴集团总法务 顾问TIM STEINERT

ALB: Alibaba was a big winner at the ALB awards.

From your perspective why do you think Alibaba won?

ALB: 在得知自己成为ALB大奖的赢家之后，您 的反应是什么？从您的角度看，您认为阿里巴 巴为什么能获此殊荣？

Tim Steinert: Clearly, 2014 was an incredible year for Alibaba Group as a whole, with the IPO and associated activities. The success of the legal department depends in large part on the success of the company’s business.

Completing the largest IPO in history reflects the rapid growth in our business but also, in no small part, that we waited for 15 years from our founding – which is unusual for tech companies in this day and age.

ALB: Alibaba had the world’s biggest IPO, what was the In-House team’s role in it? What were the main difficulties you had to overcome?

Tim Steinert: The in-house corporate team was intricately involved in almost all aspects of the IPO: initial planning on venue, documentation of the innovative management structure, employee sales and lock ups, listed company governance planning, due diligence, drafting, documentation, etc.

ALB: In the past year, what were some of the key improvements in Alibaba’s legal team?

ALB:在过去一年中，阿里巴巴法律团队的一些 主要改进是什么？

ALB: In the fast-changing TMT industry, what is your team’s advice in terms of facilitating the company’s development while staying compliant?

ALB:在快速变化的科技、媒体与电信行业，您 的团队对在促进公司发展的同时保持合规方面 有什么建议？

Tim Steinert: We plan to hire more people and increase expertise in areas like data protection and privacy and dispute resolution.

电话 T : (+852) 2215-5100 传真 F: (+852) 2215-5200

Tim Steinert：公司法务团队密切地参与了IPO几 乎所有环节：上市地的初步规划、创新管理结构文 件的起草、员工股份销售和锁定、上市公司治理规 划、尽职调查、起草、文件准备等。

Tim Steinert：我们的人员规模扩大了约30%，同 时我们变得更加专业化，增加了一个立法事务团 队，上市合规团队和内容许可团队，并扩大了现有 的商务及其他专业团队。

ALB: In the following year, what do you plan to do to strengthen Alibaba’s in-house team?

阿里巴巴集团服务有限公司 香港铜锣湾勿地臣街1号 时代广场1座26楼

ALB: 在阿里巴巴全球最大规模的IPO交易中， 法务团队发挥了怎样的作用？克服了哪些主要 困难？

Tim Steinert: We grew in size by about 30% and at the same time we became more specialized, adding a legislative affairs team, listing compliance team and a content licensing team, and expanding our existing commercial and other specialized teams.

Tim Steinert: Run fast, understand business, be constructive, solve problems.

A: 26/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong

Tim Steinert：显然，2014年对阿里巴巴集团整体 而言是令人难以置信的一年。公司完成了首次公开 发行（IPO）及相关工作。法务部的成功在很大程 度上有赖于公司业务的成功。完成史上最大的IPO 反映出了公司业务的快速增长。但同时，这一交易 也在很大程度上是公司成立15年来一直期待的结 果，这对当今的科技公司而言非同寻常。

Tim Steinert：我认为团队必须快速向前、了解业 务、提供建设性意见、并能解决问题。

ALB:在接下来的一年里，您计划采取哪些措施 强化阿里巴巴的法务团队？ Tim Steinert：我们计划招聘更多人员，增强如数 据保护和隐私及争议解决领域的专长。

50

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

INNOVATIVE IN HOUSE TEAM OF THE YEAR

BANKING LAW FIRM OF THE YEAR

WINNER

WINNER

Alibaba Group

Clifford Chance

阿里巴巴集团

高伟绅律师事务所

年度最具创新力公司法务组大奖

年度最佳银行业律师事务所大奖

(L-R) He Jing, Anjie Law Firm; William Hu, Daimler (presenter)

ANTI-TRUST & COMPETITION LAW FIRM OF THE YEAR

年度最佳反垄断与竞争法律师事务所 大奖 WINNER (L-R) Zhang Yi, Alibaba; Lin Zhiwei, Beijing Arbitration Commission (presenter); Richard Lin, Alibaba

Anjie Law Firm 安杰律师事务所

(L-R) Ni Jiahua, Clifford Chance; Daniel Liu, Standard Chartered (presenter); Maggie Lo, Clifford Chance

TV

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LAW AWARDS

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51

EMPLOYMENT LAW FIRM OF THE YEAR

年度最佳劳动与就业律师事务所大奖 WINNER King & Wood Mallesons 金杜律师事务所

(L-R) Liu Yuwu, King & Wood Mallesons; Sally Zhang, Pfizer (presenter)

(L-R) Julia Zhu, PriceWaterhouse Coopers (presenter); Michael Qi, Fangda Partners

REGULATORY COMPLIANCE LAW FIRM OF THE YEAR

INSOLVENCY & RESTRUCTURING LAW FIRM OF THE YEAR

年度最佳合规律师事务所大奖

年度最佳债务重组律师事务所大奖

WINNER

WINNER

King & Wood Mallesons

Fangda Partners

金杜律师事务所 (L-R) Laura Li, King & Wood Mallesons; Brian Chen, KONE (presenter)

方达律师事务所

52

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

INTERNATIONAL ARBITRATION LAW FIRM OF THE YEAR

LITIGATION LAW FIRM OF THE YEAR 年度最佳诉讼律师事务所大奖

年度最佳国际仲裁律师事务所大奖

WINNER

WINNER

Fangda Partners;

Freshfields Bruckhaus Deringer

方达律师事务所

富而德律师事务所

King & Wood Mallesons 金杜律師事務所 (L-R) Christelle Nicola, Thomson Reuters (presenter); Rieko Michishita, Bird & Bird; David Allison, Bird & Bird

IP LAW FIRM OF THE YEAR 年度最佳知识产权律师事务所大奖 WINNER Bird & Bird 鸿鹄律师事务所 (L-R) Qiao Yang, State Development & Investment Corp (presenter); Alan Wang, Freshfields Bruckhaus Deringer

(L-R) Jeffrey Ding, Fangda Partners; Tan Zhen, Sony China (presenter); Anthony (Yuwu) Liu; King & Wood Mallesons

高伟绅由衷感谢广大新老客户、业界同仁以及《亚洲法 律杂志》读者的厚爱和青睐。正是您长期以来的大力支 持和信赖，我们进入中国法律服务市场30年期间屡创佳 绩，广受业内权威评审机构的认可。

2013及2015年度中国最佳 公司业务国际律师事务所

2012，2013，2014及2015年度中国最佳国际律师事务所 2015年度最佳并购及私募基金国际律师事务所 2015年度最佳银行和金融业务律师事务所 2015年度最佳能源和资源交易 — 中国五矿集团从 Glencore Xstrata收购秘鲁拉斯班巴斯铜矿融资项目

2015年度亚太地区最佳国际 律师事务所 2015年度亚太地区最佳金融 律师团队

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

SPONSORED ARTICLE

53

高伟绅律师事务所 CLIFFORD CHANCE 受访人： 高伟绅律师事务所北京办公室公司业务组合伙人王彦峰律师 (以下简称“王彦峰”) 高伟绅律师事务所北京办公室公司业务组合伙人符国成律师 (以下简称“符国成”) 高伟绅律师事务所北京办公室金融业务组合伙人劳凯欣律师 (以下简称“劳凯欣”) ALB: 首先恭喜高伟绅律师事务所。你们听到得奖之 后是什么反应？ 王彦峰：我们非常荣幸本所连续第四年荣获“最佳国际 律师事务所”大奖。毕竟在中国这样增长迅速的经济 体，表现出色的国际律所为数众多。所以今年会获奖 有些意外。在此，我们由衷感谢广大新老客户、业界 同仁以及《亚洲法律杂志》读者的厚爱和青睐。 符国成：高伟绅律师事务所早在1985年即开始在中国 执业，今年已经是我们进入中国法律服务市场的第30 个年头，此次获奖可谓30周年的最佳献礼。 ALB: 从你们自己的角度来说，你们觉得为什么会得 到了ALB 的“年度最佳国际律师事务所大奖”？ 劳凯欣：我觉得我们对中国业务长期投入和对律师的 精心培养是最主要的因素。我们一直非常重视中国法 律市场，在中国业务上投入了大量资源。“知人善任， 服务中国”始终是我们的长期战略。目前本所有13位 合伙人和超过80 名律师，其中70%在中国接受法律教 育或拥有中国律师执业资格。 王彦峰：我们致力于建立强大的国际网络，在全球 26个国家设有36个代表处，以确保客户在成熟经济 和新兴市场均能够得到支持。优秀、杰出的中国团队 是高伟绅综合的国际网络重要的组成部分。而且我们 各代表处经常紧密合作，通力为当地和国际客户提供 全方位的、无缝式的法律服务，从不会计较这是谁的 项目。我认为高伟绅最成功的地方在于我们能最大的 发挥lock-step的好处并保持适当的空间予以发展，所 以客户永远能在我们这里得到最合适的专家来协助他 们。 ALB: 在过去的几年中，高伟绅律师事务所在中国的 办公室有哪些方面的进步？ 王彦峰：我们的客户随着中国企业的国际化而越来越 多元化。现在我们更多地和众多中国企业建立了长期 合作关系。让我们引以为傲的是，我们有能力为跨国 公司和中国企业在全球范围内提供更为本地化、更加 贴心的法律服务。

Clifford Chance, Beijing A: 33/F China World Office Building 1 No 1 Jianguomenwai Dajie Beijing 100004 北京市朝阳区建国门外大街1号 国贸写字楼1座33层 T : +861065352288 F: +861065059028

符国成：高伟绅一贯重视律师的职业发展规划和法学 院学生的招募培养工作。同时，我们也非常注重实习 律师的招募和培养工作。今年我们在北京和上海的多 所知名大学举行了招聘宣讲会，让攻读法律专业学位 的莘莘学子们有一个直接了解一流国际律所的机会， 让他们能有机会零距离接触一线工作的律师。我们通 过这样的活动招募和储备了十分优秀的法律人才。自 从进入中国法律服务市场，“本土化”也一直是本所发 展的战略措施，是我们获得成功的重要因素。目前我

们中国团队13 位合伙人中近一半拥有中国背景。 ALB: 能否介绍一下高伟绅律师事务所在中国的传统 强项领域和你们打算加强的业务领域？ 符国成：高伟绅在中国的业务可以说是与国家这30年 发展同步进行的。 我们作为中国大陆市场上少数能为私募股权投资提供 从国际基金设立、投资、收购融资到资金退出的整个 过程“一条龙”服务的律所，在加强该领域的法律服务 方面我认为大有可为。同时，我们看到中国基金行 业的规模近年有非常迅速的增长，除了传统的QFII\ RQFII以及QDII，监管机构也推出了其他进一步放开 的政策，比如QDLP和近期推出的QDIE制度，这对国 际资产管理机构和境内基金行业的发展都有非常大的 促进作用。 王彦峰：近年来中国政府大力支持海外投资，未来会 有越来越多的中国企业走出去，我们将继续大力支持 中国企业进行海外并购、合资等跨境交易。这些客户 需要既了解国际商业惯例又熟悉中国国情的律师，以 便应对进行全球投资时需要面对的各种宏观和微观问 题，而高伟绅在这方面已经积累起了深厚经验，有望 继续为更多的新老客户提供这方面的法律服务。 我们在股权资本市场尤其是处理大型复杂上市项目方 面已经建立起声誉。自从2012年以来，香港市场规模 超过10亿美元的上市项目共有17个，我们参与了其中 9个。今年我们还参与了广发证券和华泰证券的上市 项目。随着资本市场的不断活跃，预计这方面的势头 将继续保持下去。我们在债券市场方面也取得了令人 瞩目的业绩。例如我们上海合伙人张珮真参与了大量 中国企业的债券发行项目工作。我们承办了亚太地区 一系列开创性的人民币债券交易，包括外资银行首次 发行符合巴塞尔III 规定的二级点心债（澳新银行中期 票据计划的一部分）、首只登陆伦敦市场的中国准主 权人民币债券（国家开发银行赴伦敦成功发行20 亿元 人民币债券）等等。而我们新近任命能操流利普通话 的香港合伙人王彦琳为整个亚太区资本市场业务的负 责人，足见我们对该领域业务的重视程度。 劳凯欣：我们在基础设施项目和能源项目方面也会有 比较可观的业务增长。自从中央提出了“一带一路”的 蓝图以来，加上最近中国在拉美方面的合作，我们看 到中国企业和金融机构在跨境交易方面变得比以前更 为活跃了。广受关注的亚投行已经很好地说明了这一 战略。事实上，中国工程建造企业不仅在积极参与境 外项目，他们亦同时参与投资项目，具体的实现国家 的“走出去”政策。

54

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

M&A/PRIVATE EQUITY LAW FIRM OF THE YEARCHINA

OFFSHORE LAW FIRM OF THE YEAR 年度最佳离岸服务律师事务所大奖

年度最佳并购/私人股权投资律师事 务所大奖 - 中国组

WINNER Maples and Calder

WINNER

迈普达律师事务所

Fangda Partners 方达律师事务所 (L-R) Terence Foo, Clifford Chance; Maggie Pei, Tesla China (presenter)

M&A/PRIVATE EQUITY LAW FIRM OF THE YEARINTERNATIONAL

年度最佳并购/私人股权投资律师事 务所大奖 - 国际组 WINNER Clifford Chance (L-R) Kang Le, China Life Investment Holding Company Limited (presenter); Michael Qi, Fangda Partners

高伟绅律师事务所

(L-R) Richard Spooner, Greg Knowles, Jenny Nip, Shirley Fu, Maples and Calder; Qiao Yang, State Development & Investment Corp (presenter)

REAL ESTATE LAW FIRM OF THE YEAR-CHINA

LITIGATION LAW FIRM OF THE YEAR

年度最佳房地产律师事务所大奖 中国组

年度最具潜力律师事务所大奖 WINNER

WINNER

Sino-Win Law Firm

Zhong Lun Law Firm

广东胜伦律师事务所

中伦律师事务所

(L-R) Yin Xing, Morrison & Foerster; Tom Wang, Kohler (presenter)

REAL ESTATE LAW FIRM OF THE YEAR-INTERNATIONAL 年度最佳房地产律师事务所大奖 国际组 WINNER (L-R) Li Keshu, FIS China (presenter); Ma Huijun, Zhong Lun Law Firm

Morrison & Foerster 美富律师事务所

(L-R) Fan Baile, Trends Group (presenter); Xiao Shengfang, Sino-Win Law Firm

LAW AWARDS

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55

SHIPPING LAW FIRM OF THE YEAR

WEST CHINA LAW FIRM OF THE YEAR

WINNER

WINNER

Wang Jing & Co.

Tahota Law Firm

敬海律师事务所

泰和泰律师事务所

年度最佳船运业律师事务所大奖

年度最佳中国西部律师事务所大奖

(L-R) Zhang Ning, Baker & McKenzie; Li Shuang, Euroimmun China (presenter)

TAX LAW FIRM OF THE YEAR 年度最佳税务律师事务所大奖 WINNER Baker & McKenzie (L-R) Qi Huan, China University of Political Science and Law (presenter); Wang Jing, Franco Fornari, Wang Jing & Co.

贝克.麦坚时律师事务所

(L-R) Sean Shen, Tahota Law Firm; Sally Zhang, Pfizer (presenter)

全国优秀律师事务所

热烈祝贺广东胜伦律师事务所荣获 Ａ Ｌ Ｂ “年度最具潜力律师事务所”大奖 胜伦长期关注并致力于服务以下业务领域： 劳资纠纷预防与争议解决

并购重组

人力资源管理法律服务

证券与资本市场

国内外商事诉讼纠纷解决及诉讼仲裁

债券市场

商业地产法律服务

私募与风险投资

公司治理与综合法律服务

银行与金融

Add: 广州市东风东路８５０号锦城大厦１１楼 Tel: 020-8333 8555 Fax: 020-8333 7666 E-mail: gdshenglun@gdsl.cn Http: //www.gdshenglun.com

胜伦律师

56

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

NORTH CHINA LAW FIRM OF THE YEAr

SOUTH CHINA LAW FIRM OF THE YEAR

WINNER

WINNER

Liaoning Fada Law Firm

Wang Jing & Co.

辽宁法大律师事务所

敬海律师事务所

年度最佳中国北部律师事务所大奖

年度最佳中国南部律师事务所大奖

(L-R) Pan Weiqun, Zhu Hongwen, Sunshine Law Firm; Brian Chen, KONE (presenter)

EAST AND CENTRAL CHINA LAW FIRM OF THE YEAR 年度最佳中国中东部律师事务所大奖 WINNER (L-R) Julia Zhu, PriceWaterhouse Coopers (presenter); Johnson Zhang, Liaoning Fada Law Firm

Sunshine Law Firm 阳光时代律师事务所

(L-R) Wang Jing, Wang Jing & Co.; Tom Wang, Kohler (presenter); Franco Fornari, Wang Jing & Co.

SHANGHAI LAW FIRM OF THE YEAR

DEALMAKER OF THE YEAR - INTERNATIONAL

WINNER

WINNER

AllBright Law Offices 锦天城律师事务所

Freshfields Bruckhaus Deringer - Alan Wang

Llinks Law Offices

富而德律师事务所 王庆

年度最佳上海律师事务所大奖

年度最佳交易律师大奖 - 国际组

通力律师事务所 (L-R) Xiaojun (Warren) Hua, JunHe; William Hu, Daimler (presenter)

BEIJING LAW FIRM OF THE YEAR 年度最佳北京律师事务所大奖 WINNER (L-R) Sun Rui, Huang Yacheng, Llinks Law Offices; Yang Bin, AllBright Law Offices; Hong Yuwen, China National Aviation Fuel Logistics Corporation (presenter)

JunHe 君合律师事务所

(L-R) Kang Le, China Life Investment Holding Company Limited (presenter); Alan Wang, Freshfields Bruckhaus Deringer

LAW AWARDS

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

DEALMAKER OF THE YEAR - CHINA 年度最佳交易律师大奖 - 中国组 WINNER JunHe - Yu Yongqiang 君合律师事务所 余永强

(L-R) Liu Yuwu(on behalf of Wang Ling), King & Wood Mallesons; Han Dayuan, Renmin University (presenter)

MANAGING PARTNER OF THE YEAR 年度最佳管理合伙人大奖 WINNER King & Wood Mallesons - WANG Ling (L-R) Yu Yongqiang, JunHe; Che Hu, Thomson Reuters (presenter)

金杜律师事务所 王玲

Wang Jing & Co. Law Firm 敬 海 律 师 事 务 所 Dispute Resolution Shipping & Admiralty Insurance & Reinsurance Foreign Investment Energy / Infrastructure Labor & Criminal Securities / M & A

Rooted in the Past Seizing the Present Pioneering the Future.

Guangzhou · Nansha · Tianjin · Qingdao · Shanghai · Xiamen · Shenzhen · Beijing · Fuzhou · Haikou · Hong Kong

www.wjnco.com

info@wjnco.com

Tel: (8620) 8393 0333

57

58

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

INTERNATIONAL LAW FIRM OF THE YEAR 年度最佳国际律师事务所大奖 WINNER Clifford Chance 高伟绅律师事务所

(L-R) David Liu, Thomson Reuters(presenter); Jenny Cheung, Ning Liu, Jiahua Ni, Terence Foo, Maggie Lo, Tim Wang, Xiaorui Liu, Cherry Zhou, Hong Zhang, Kimi Liu, Clifford Chance

Nick Shilton, Chief Executive, Shilton Sharpe Quarry

HAN Dayuan, Dean & Professor of Constitutional Law, Renmin University of China Law School

60

LAW AWARDS

ASIAN LEGAL BUSINESS JUNE 2015

SHILTON SHARPE QUARRY AWARD CHINA LAW FIRM OF THE YEAR SSQ年度最佳中国律师事务所大奖 WINNER JunHe 君合律师事务所

(L-R) Flora Huang, Xiaojun (Warren) Hua, JunHe; Shawn Chen, Shilton Sharpe Quarry (presenter); Yu Yongqiang, Debbie Song, JunHe

EVENT PARTNER

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

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

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

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

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

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

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

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LIMITED SPACE 数量有限 • COMPLIMENTARY PASSES* AVAILABLE 免费门票* • RESERVE NOW 即刻预订 ALB is returning to Shanghai with the 11th edition of the successful Shanghai In-House Legal Summit series. Featuring a record number of topics and the most experienced industry experts, the ALB Shanghai In-House Legal Summit will present the local legal community with an in-depth analysis of China’s regulatory environment and practical tips on how to deal with ensuing compliance challenges. 《亚洲法律杂志》一年一度的企业法律顾问峰会第11次来到上海。本次峰 会议题深入、话题广泛、演讲嘉宾皆为行业资深专家。上海及周边地区的 法律人将在本次峰会上获得最新最深入的中国法律法规解读以及法律实 操经验分享。 Joined by 200+ senior-level corporate counsel, business leaders and private practitioners from Shanghai and its surrounding areas, the Shanghai In-House Legal Summit will enable you to – Master the ins and outs of conducting M&A transactions in China – Explore effective methods to avoid legal risks that stem from antitrust investigations – Discover how to develop a well-round stock option incentive strategy to drive your business and stock value – Gain insight into the implications of FCPA for your company and learn how to avoid the anti-corruption risks when doing business across borders – Listen to detailed case studies of how to eliminate third-party liabilities 本次峰会的参会嘉宾将有200+来自上海及周边地区的企业法律顾问、商 业经营及资深律师组成。参加峰会您将 – 掌握在中国进行企业并购的详细实操方法 – 探索规避反垄断法律风险的最有效方法 – 发现如何奖励全面的股权激励机制以增加企业市值 – 深入解析FCPA对企业的影响并学习在跨国商业活动中如何规避腐败 行为产生的法律风险 – 聆听详细深入的解除第三方风险案例解析 Makarim & Taira S, one of Indonesia’s leading law firm is hosting a seminar on “Investment Tips in Indonesia” on 24 June in Shanghai.

Complimentary passes are available to all law firms and in-house counsels in China.

Makarim & Taira S律师事务所为印度尼西亚最具实力的律师事务所之 一。该所将于6月24日在上海举行“印度尼西亚投资详析”主题研讨会。 欢迎中国地区的律师事务所及企业法律顾问免费莅临参会。 Limited seats available for this exciting summit! Secure your free pass via www.regonline.com/SHIHLS2015! For more details about the summit please visit the official event website at http://www. legalbusinessonline.com/ihs/shanghai-ihs-2015 or contact Gillian Cui at xuexin.cui@thomsonreuters.com or +86 10 5980 3735. *Free passes are not applicable to law firms, related legal service providers and vendor companies. Terms & conditions apply. 有限参会资格先到先得！点击www.regonline.com/SHIHLS2015 即刻注 册!更多峰会详细信息请关注官方网页http://www.legalbusinessonline. com/ihs/shanghai-ihs-2015或联系崔雪昕（xuexin.cui@thomsonreuters. com/+86 10 5980 3735）！ *免费参会资格对律师事务所、法律提供商及其他相关服务提供商不适 用。 WORKSHOP SPONSORS

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EXPERT SPEAKERS 演讲嘉宾

MICHAEL GU Partner, Anjie Law Firm 顾正平 – 合伙人 – 安杰律师事务所

FRIDA SUN Executive Director, Chen & Co. Law Firm 孙瑜 – 合伙人 – 瑛 明律师事务所

CHARLES FENG Partner, Attorneyat-Law, East & Concord Partners 冯超 – 合伙人 – 天 达共和律师事务所

PHILIP ROHLIK International Counsel, Debevoise & Plimpton, Shanghai Office

MEPH GUI Partner, Global Law Office, Beijing 桂佳 – 合伙人 – 环 球律师事务所（ 北京）

JEFFREY ZHU Partner, Global Law Office, Shanghai 朱健飞 – 合伙人 – 环球律师事务所（ 上海）

GEORGE QI Shanghai Co-Managing Shareholder, Greenberg Taurig LLP 漆俊 – 上海代表处 管理合伙人 – 美国 GT国际律师事务所

DAWN ZHANG Shanghai Co-Managing Shareholder, Greenberg Taurig LLP 张丹 – 管理合伙 人 – 美国GT国际律 师事务所

CATHERINE ZHU Head of International Project and Business Department, Sunshine Law Firm 朱宏文 – 国际业务 部主任、国际业务总 监 – 阳光时代律师 事务所

DR. ISABELLE I H WAN Senior Partner & Leader, Employment Law Practice, TransAsia Lawyers 万以娴博士 – 资深合 伙人、劳动法业务部 门负责人 – 权亚律师 事务所

HELEN ZHANG Partner, Zhong Lun Law Firm 张海晓 – 合伙人 – 中伦律师事务所

GARY J. GAO Partner, Head of Compliance Team, Zhong Lun Law Firm 高俊 – 合伙人、合规 部负责人 – 中伦律师 事务所

• CHRISTY LEUNG Associate, Debevoise & Plimpton, Hong Kong Office • STEVEN YU Partner, Global Law Office, Shanghai 郁雷 – 合伙人 – 环球律 师事务所（上海）

• CALVIN DING Shareholder, Greenberg Traurig LLP 丁林林 – 合伙人 – 美国 GT国际律师事务所

• JING QIU Partner, Zhong Lun Law Firm 邱靖 – 合伙人 – 中伦律 师事务所

• CARL CHENG Senior International Counsel, Zhong Lun Law Firm 城铭志 – 高级国际顾问 – 中伦律师事务所

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