Asian Legal Business China May 2015 by Asian Legal Business

LANDMARK TIE-UP: WILL OTHER FIRMS FOLLOW BAKERS-FENXUN? 里程碑式的结合：会有更多的律所跟随贝克•麦坚时和奋迅的联营吗？

MAY 2015 WWW.LEGALBUSINESSONLINE.COM ISSN 2220-2706

亚洲法律杂志 - 中国版 CHINA

9 772220 270006

2015

China IP Rankings 知识产权律所排名

FADING STAR

CAYMANS VS BVI

ZHONG LUN Q&A

INSIDE

Why VIE is on its way out in China

Two key offshore centres compared

Partner Wu Peng on Qualcomm and more

n THE BIG STORY

为何越来越多的公司在拆除VIE架构

开曼群岛 v s 英属维尔京群岛：两个离岸中心的对比

中伦问答：吴鹏律师谈论高通案始末

n DEALS SPOTLIGHT

n APPOINTMENTS

PAGE 26

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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, Devevoise & 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, Devevoise & 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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CONTENTS

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NEWS THE BIG STORY

DEALS

APPOINTMENTS

45 COVER STORY ALB China IP Rankings 2015

In our annual IP Rankings, ALB has researched and identified the leading firms for intellectual property in China. Written by Maricel Estavillo

ALB 2015知识产权排名 A L B 年度的知识产权排名中，我们通过大量调查研究找出了这个领域的领先律所。作者：M a r i c e l Estavillo

FEATURES Fading star 星光暗淡

Few can doubt the vital role that the Variable Interest Entity structure, or VIE, has played in the development of China’s technology, media and telecom (TMT) space, turning the country’s tech companies into worldbeaters. But recently, the structure appears to be losing its charm as an increasing number of Chinese TMT companies look to move away from it and instead list back in China. Shangjing Li finds out more. 很少有人会怀疑VIE结构，即可变利益实体结构在中国科技、媒体和电信（TMT）行业发展中起到的重要作用，它使得中国科技公司成为世界一流公司。但是最近，随着越来越多的中国T M T公司寻求拆除这种结构，回到中国上市，VIE似乎正在失去它的魅力。李尚晶为您报道。

Spoilt for choice 选择渐欲迷人眼

The Cayman Islands and the BVI, competing for the offshore Asian market, have their individual charms. Which one you choose depends on your specific requirements, says Sergio Held 为离岸亚洲市场而角逐斗力的开曼群岛和英属维尔京群岛（BVI）各有魅力。该选择哪一个则取决于客户的特定需求，Sergio Held如是说

“We will make a big move this year”

“今年我们有一个大动作。”

Wu Peng, partner and director of the Management Committee at Zhong Lun Law Firm, shared with ALB’s Shangjing Li about Zhong Lun’s representation of Qualcomm, and his experience of managing a law firm with over 1,000 lawyers 中伦律师事务所管理委员会主任吴鹏律师向ALB记者李尚晶讲述了中伦代理高通案件的始末，同时也分享了他管理一个拥有1000多名律师的律所的经验

ALB Guangzhou In-house Legal Summit 2015

2015年ALB广州企业法律顾问峰会 Asian Legal Business (ALB) held the 2015 edition of its annual Guangzhou In-house Legal Summit on Mar. 17 at the Grand Hyatt. Over 200 in-house legal counsel from companies such as People’s Bank of China, Vanke, Tencent, Huawei Technologies, Watson Group and other large State-owned enterprises, private enterprises and foreigninvested enterprises attended the summit. 《亚洲法律杂志》广州企业法律顾问峰会于三月十七日在广州富力君悦大酒店成功举办，包括来自中国人民银行、万科集团、腾讯、华为、屈臣氏等大型国企、民企、外企的超过200名法律顾问参与了峰会。

ASIAN LEGAL BUSINESS MAY 2015

PUBLISHER Amantha Chia amantha.chia@thomsonreuters.com

ON THE COVER

MANAGING EDITOR Ranajit Dam ranajit.dam@thomsonreuters.com DEPUTY EDITOR Kanishk Verghese kanishk.verghese@thomsonreuters.com CHINA JOURNALIST Shangjing Li shangjing.li@thomsonreuters.com CONTRIBUTORS Raghavendra Verma Sergio Held COPY EDITOR Karuna Jainpalli karuna.jainpalli@thomsonreuters.com ACCOUNT MANAGERS Yvonne Cheung Account Director (China) (852) 2847 2003 yvonne.cheung@thomsonreuters.com Henry Cheng Account Manager (Hong Kong) (852) 2847 2016 henry.cheng@thomsonreuters.com Shyanne Chen Advertising Sales Manager (Indonesia and Malaysia) (65) 6870 3253 shyanne.chen@thomsonreuters.com Sardor Yangibayev Sales Executive (Philippines, Thailand, Vietnam) (65) 6870 3190 sardor.yangibayev@thomsonreuters.com DIRECTOR, EVENTS Colin Carter colin.carter@thomsonreuters.com CONFERENCE AND MARKETING MANAGER Trang Chu Minh chuminh.trang@thomsonreuters.com DESIGNER Samson Pang TRAFFIC MANAGERS Rozidah Jambari Gloria Ng

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2015

China IP Rankings 知识产权律所排名

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EDITORIAL

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

CHINA AND IP

中国和知识产权

China is at the vanguard of the rise of intellectual property right now. Led by the country, the entire Asian region was a driving force for another record-breaking year in global IP applications, receiving a whopping 58.4 percent of the patent applications and 48.2 percent of the trademark applications. Similarly, the number of litigation cases in the region also increased, as did the complexity of disputes. In a technology-driven jurisdiction like China, patent-related disputes are prominent; the country has also seen an increase in the number of cross-border litigation cases.

随着知识产权意识在世界各个领域的增强，中国扮演着先锋的角色。由于中国的助推，整个亚洲区域的专利申请在过去的一年里占世界的58%，商标申请占48.2%。亚洲的诉讼案件量也大幅增加，复杂性直线上升。中国作为一个靠科技助推的司法管辖区，跟专利相关的诉讼案件变得越发重要，跨国诉讼案件也呈批量增长。

All this means that China’s IP lawyers have their hands full today. And they are only likely to get busier as the protection of IP and the enforcement of its rights become increasingly important. The ALB China IP Rankings 2015, as it does every year, picks the best law firms in this practice area in the Greater China region. These are the law firms that are taking China’s IP scene from strength to strength and establishing the country’s reputation around the world. We salute them!

这些都让知识产权律师忙得不可开交，相信他们会随着知识产权保护的加强而变得更加忙碌。《亚洲法律杂志》的2015 年度知识产权排名跟往年一样，在大中国区域挑选出了该领域最优秀的律所。这些律所推动了中国在知识产权领域的发展，也让这个国家逐渐在世界建立了声誉。让我们祝贺这些律所。

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.

BRIEFS

05.2015

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

THE BIG STORY

Legal milestone Bakers recently acquired a landmark licence to operate in China. Will other firms follow suit? By RAGHAVENDRA VERMA

aker & McKenzie’s achievement of becoming the first foreign law firm to undertake joint operations with a Chinese firm in the Shanghai Free Trade Zone is expected to boost its business profile and client confidence. However the success of the pilot scheme, announced by Shanghai Bureau of Justice in November last year, is not assured. The joint operations by Baker & McKenzie and Chinese law firm FenXun Partners will enable both the firms to develop their new clients together and improve their efficiency and quality assurance, said Milton Cheng, managing partner of Baker & McKenzie in Hong Kong and China. According to Cheng, the development provides the firm a unique platform to service the legal needs of its clients in China and across the globe. “When one of Baker & McKenzie’s multinational clients comes to us with a legal problem that requires an international and Chinese legal solution, we are able to provide that with Baker & McKenzie and FenXun lawyers working together in the joint operation.” Alternatively, says Cheng, when one of FenXun’s clients is looking for legal advice in China, and also perhaps in the U.S., or another jurisdiction, their lawyers are able to work directly with Baker & McKenzie lawyers to jointly execute that matter. “Both our firms have many clients who will immediately benefit from the seamless service that the joint operation can provide,” he says. The quality of the legal advice from the jointly operating firms would certainly be enhanced substantially, said Peter Zeughauser, a U.S. based consultant to the legal industry. Furthermore, according to Zeughauser, being the first jointly operating firms, Baker & McKenzie and its Chinese partner will also have an advantage in generating more busi-

ness. “Extra layers under common brand will make them better known to Chinese and American clients,” he says “They are likely to be on the shortlist [of clients].” Availability of legal advice from international law firms within China is also likely to boost the overall business confidence in the country, thereby pushing its economic growth. The scheme is in fact a part of a larger programme by the Chinese authorities to stimulate their economy, said Zeughauser. “It will help in making the Chinese business environment friendlier for foreign direct investment,” he added. “The foreign investors often complain about not been allowed to use their own law firms while working in China.” Indeed, a press release by the Shanghai Bureau of Justice said that the new scheme will help in bringing into China world-class legal practitioners with management experience from foreign firms. This, it said will improve “the provision of high-quality, efficient legal services to enterprises entering the Chinese market and those venturing abroad.” According to Zeughauser, the effect of the decision will be felt on sectors across the economy including technology, energy, health care, consumer goods and infrastructure. Already the legal business in China is improving and according to Cheng, no law firm can realistically have a global strategy without a China component. “Both foreign and domestic firms are aligning themselves with China’s ‘Go Global’ strategy, and this continues to make for an intensely competitive market,” he said. Calling the joint operations scheme an important milestone in the evolution of China’s legal market, Cheng said that, “we expect to continue to see growth in the legal

market in China - more and better local and international players.” Wang Xie, deputy director of the Shanghai Justice Bureau called the new pilot schemes “the boldest liberalisation of the legal services industry in China.” However, Zeughauser said he did not expect a big rush for such joint operations as the uncertain prospects of future referral work from foreign law firms could make Chinese firms reluctant partners. “Once a Chinese firm enters into such an arrangement with one foreign firm, it is possible that the other foreign firms would not send it the work,” he said. Furthermore, under the scheme only three lawyers from each of the jointly operating firms are allowed to practice in the other firm’s jurisdiction. The names and finances for the two firms remain separate and they bear civil liability independently. As for the qualification required for the scheme, foreign firms must be structured as a partnership business with at least three years of presence in China, existence of an office in Shanghai FTZ and more than 20 professional China-licensed lawyers on staff. Baker & McKenzie had exceptional credentials to get the first approval from the Chinese authorities as, according to Cheng, the firm had been operating in China for decades and was the first international law firm to receive a license to practice law in China. “We opened our Beijing office in 1993 and Shanghai office in 2003,” he says, “We will continue to invest in our business in China to meet the evolving needs of our clients.”

BRIEFS

法律界里程碑贝克·麦坚时律师事务所最近在中国取得了一项具有重大意义的执业许可。其他律所是否会跟进作者 Raghavendra Verma

贝

克·麦坚时律师事务所是上海自贸区内首家与中国律所进行联营的外资所，预计这项成就将提振该律所的业务地位和客户信心。但上海市司法局去年11月宣布的这一试点计划却并不一定能取得成功。贝克·麦坚时律师事务所香港及中国主管合伙人郑维明表示，贝克·麦坚时与中国奋迅律师事务所进行联营，将令这两家律所共同开拓新客户，提高效率及质量保证。郑律师表示，这一联营发展为律所带来了独一无二的平台，能为中国及全球各地的客户提供服务，满足它们的法律需求。“当贝克•麦坚时的某家跨国客户带着需要国际及中国法律解决方案的法律问题求助于我们的时候，凭借贝克•麦坚时和奋迅的各位律师在业务联营中携手工作，我们就能为客户提供那样的解决方案。” 此外，郑律师也表示，当奋迅的某家客户在中国以及也许同时在美国或其他司法管辖区征求法律意见时，它们的律师能直接与贝克•麦坚时的律师合作，共同解决这一问题。他认为，“我们两家律所都

有许多能从业务联营带来的无缝对接服务中直接受益的客户。” 长驻美国的法律行业咨询师Peter Zeughauser认为，联营律所提供的法律咨询的质量肯定能大大增强。此外，按照Zeughauser的观点，作为首家联营律所，贝克•麦坚时及其中国合作方也在拉到更多业务方面具备优势。他认为，“共同品牌之下的附加层将令中国和美国的客户更加了解它们，使得它们有望进入[客户]的最佳律所候选名单。” 能在中国境内获得国际律所提供的法律咨询也有望提振各界对中国的整体商业信心，从而推动经济增长。 Zeughauser称，这一试点计划实际上是中国有关部门为刺激经济而制定的一项规模更大的计划中的一部分。他还表示，“ 这将有助于使中国的商业环境对外国直接投资更加友好。外国投资者常常抱怨在中国开展业务时不能使用自己的律所。” 事实上，上海市司法局发布的一份新闻稿表示，新试点计划将有助于把具备管理经验的世界一流的外国律所法律从业者引入中国。该新闻稿还说，此举将增强“为进

入中国市场以及拓展海外的企业提供优质、高效的法律服务。” 在Zeughauser看来，包括科技、能源、医疗保健、消费品和基础设施在内的国内经济的各行各业都将感受到这一决定带来的影响。中国的法律行业已经在不断改善。同时，按照郑律师的观点，缺少中国这一块，任何一家律所都不可能真正拥有全球战略。他认为，“国外与国内的律所都正在进行调整以适应中国的‘走出去’战略，这将不断形成竞争激烈的市场。” 郑律师把业务联营计划称为中国法律市场发展的重大里程碑，他说“预计我们将不断看到中国法律市场的成长壮大出现更多、更好的本土及全球律所。” 上海市司法局副局长王协将这一试点新计划称为“中国法律服务行业最大胆的开放措施。” 但Zeughauser表示，由于来自外国律所的转介绍业务今后前景不明，可能令中国律所不愿进行合作，预计此类业务联营不会大量涌现。他认为，“一旦一家中国律所与某家外国律所达成此类安排，有可能其他外国律所就不会给它介绍业务了。” 此外，按照这一计划，联营律所中的每家律所只允许有三名律师在另一家律所的司法管辖区执业。两家律所的名称和财务仍保持独立，独立承担民事责任。至于参加这一计划所要求的资格，外国律所必须是合伙制律所，在中国开业至少三年，在上海自贸区设立办事处，至少雇佣20名持中国律师资格的专业律师。按郑律师所言，贝克•麦坚时能获得中国有关部门的首份批文得益于得天独厚的资本。该所在中国开展业务已达数十年，也是首家获得中国境内执业资格的国际律所。他表示，“我们的北京分所成立于1993年，2003年成立了上海分所。我们将继续对在华业务进行投资，以满足客户不断演变的需求。”

DEALS BRIEFS

$412.2 MILLION M&A

58.COM INC’S ACQUISITION OF A 43.2 PERCENT STAKE IN ITS PRIVATELY-HELD COMPETITOR GANJI.COM • 58.com, akin to US-based Craiglist Inc., agreed to purchase a $1.6 billion stake in unlisted rival Ganji.com using a combination of cash and shares. • Chinese internet giant Tencent Holdings, which owns more than 25 percent of 58.com, will make an additional $400 million investment to the company to limit the dilution of current holdings. • The deal was the latest step toward a consolidation of Chinese Internet properties.

ASIAN LEGAL BUSINESS MAY 2015

DEALS: YOUR MONTH AT A GLANCE

DEAL NAME

FIRM

JURISDICTION

VALUE DEAL TYPE (US$ MLN)

Skadden, Arps, Slate, Meagher & Flom 58.com Inc’s acquisition of a 43.2 percent stake in its privately-held competitor Ganji.com

Kirkland & Ellis Han Kun Law Offices

China, U.S.

412.2

M&A

China, U.S.

1,000

Privatisation

China, U.S.

1,800

M&A

China, Hong Kong

670

Debt

China, U.S.

300

Debt

China, Hong Kong

3,000

Debt

China, Hong Kong

2,500

M&A

US, Canada, China

1,500

M&A

Weil, Gotshal & Manges Davis Polk & Wardwell Skadden, Arps, Slate, Meagher & Flom Paul Hastings

Privatisation of Perfect World

Orrick, Herrington & Sutcliffe Davis Polk & Wardwell Akin Gump Strauss Hauer & Feld Conyers Dill & Pearman

$1.84 BILLION M&A

FOSUN INTERNATIONAL’S OFFER TO ACQUIRE REMAINING STAKE IN IRONSHORE INC. • Fosun International will acquire the 80 percent of U.S insurer Ironshore Inc. it doesn’t already own, as the Chinese conglomerate furthers its bet on the global insurance industry. • The Shanghai-based Fosun Group has accelerated its deal making in recent years by acquiring everything from French resort operator Club Med to New York’s One Chase Manhattan Plaza office building.

$1.5 BILLION

Maples and Calder Fosun International’s offer to acquire remaining stake in Ironshore Inc Haitong International Finance Holdings 2015 Limited’s guaranteed bonds issuance

DLA Piper Kirkland & Ellis Clifford Chance Paul Hastings Davis Polk & Wardwell

Shimao Property’s issuance of 8.375 percent senior highyield notes

Sidley Austin Commerce & Finance Law Offices Harneys Davis Polk & Wardwell

Establishment of China Cinda Asset Management’s Medium Term Note Programme

M&A

SALE OF CIRQUE DU SOLEIL TO A CONSORTIUM OF INVESTORS LED BY TPG CAPITAL • TPG will own 60 percent of Cirque Du Soleil after the deal, while a unit of Chinese conglomerate Fosun International will have a 20 percent stake. Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec, will hold a 10 percent stake, while the family trust of Guy Laliberte, the founder of Cirque du Soleil, will keep the remaining 10 percent.

Cahill Gordon & Reindel

Linklaters Mayer Brown JSM Haiwen & Partners King & Wood Mallesons Walkers

Alibaba Group’s integration of its Tmall online pharmacy operations

Freshfields Bruckhaus Deringer Simpson Thacher & Bartlett Cleary Gottlieb Steen & Hamilton

Sale of Cirque Du Soleil to a consortium of investors led by TPG Capital

Norton Rose Fulbright Paul Hastings Ropes & Gray McCarthy Tétrault Osler, Hoskin & Harcourt

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NEWS

KWM hires ex-JPM exec as co-chair 金杜聘前摩根大通高管担任 of China management committee 中国区管理委员会联合主席

ing & Wood Mallesons has hired Zili Shao, a former China chairman and chief executive of JPMorgan Chase and a former Asia managing partner of Linklaters, as co-chairman of its China management committee.

According to a press release from the firm, Shao is expected to play “a key role in the globalization of the firm.” As a lawyer, he specialized in Chinarelated mergers and acquisitions, corporate restructuring and foreign direct investment. At Linklaters, he headed the firm’s China practice from 1998 to 2003, and served as managing partner for Greater China between 2003 and 2009. He was Asia managing partner of Linklater for about a year before joining JPMorgan Chase.

Charity law set to boost public trust in charities

hina has prepared a draft law for charities to register directly with the government, making it easier for them to raise funds and gain tax exemptions, while allaying public concern over the way they are run, following some highprofile scandals. The draft law underscores official concern about anemic charity donations in the world’s second-largest economy, which ranked 133 among 135 countries rated by the World Giving Index, largely because of public mistrust of charities. The law would give charities more means to raise funds from the public, for example, setting up donation boxes or through charity events, according to a translated excerpt of the draft viewed by Reuters. Before the law, charities mostly raised money by going house-to-house or through the Internet. The law would allow foreign charities to be registered, though it can only do so “in cooperation with Chinese charities,” according to the draft, which did not elaborate. Aside from the difficulties raising donations, charities have also been handicapped by a requirement for them to have an official sponsor as governmentbacked bodies were often reluctant to take on the risk. If it is passed, the law would allow organisations to register directly with the Ministry of Civil Affairs, according to a scholar and a charity executive involved in the drafting process. “What they are doing is bypassing the need to write national regulations for direct registration because this will be enacted in law,” said Karla Simon, a legal scholar and author of “Civil Society in China,” who was consulted during the drafting process. Li Meng, a representative from Beijing Huiling Community Services for People with Learning Disabilities, said her group has tried to register unsuccessfully in Beijing since 2000 as the Beijing Disabled Person’s Federation had declined to sponsor it. “Because we aren’t registered, we have encountered a lot of difficulties in fundraising and in our financial operations,” Li said. The draft law would exempt charities from taxes and waive taxes for donors, according to Liu Youping, deputy Secretary-General of the governmentlinked China Charity Federation, who has seen the draft. It is unclear when the law will be passed. The draft has not been made public yet, but has been circulated among scholars and charitable foundations. The Ministry of Civil Affairs did not respond to a request for comment. In 2011, donations plunged after two major scandals, one involving a 20-year-old woman who had falsely described herself as the general manager Red Cross Society of China and then caused national outrage by flaunting her wealth on the Internet. In a second incident, the Henan branch of the China Soong Ching Ling Foundation used donor funds to invest in real estate, according to local media reports

金

杜律师事务所把摩根大通前任中国区主席兼首席执行官、年利达律师事务所前任亚洲区管理合伙人邵子力招致麾下，担任其中国区管理委员会联合主席。据该律所发布的一份新闻稿称，邵子力预计将在“金杜的国际化发展进程中发挥重要作用”。作为一名律师，他擅长处理与中国相关的并购、企业重组以及外国直接投资。在年利达任职期间，他于1998至2003年领导该律所的中国业务，并于2003至2009年担任大中华区管理合伙人。加盟摩根大通之前，他担任年利达亚洲区管理合伙人约一年时间。

慈善法料将提高慈善机构公信力

中

国已针对慈善机构直接在政府进行登记制定了一项法律草案，令慈善机构更容易获得融资和税收减免，并且在某些令人瞩目的丑闻发生之后，减轻公众对其运作方式的疑虑。该法律草案突显了官方对国内慈善捐款紧缺的忧虑。中国作为全球第二大经济体，在全球慈善指数的135个国家中排名第133位，主要原因是公众对慈善机构缺乏信任。据路透社看到的法律草案摘要译文显示，慈善法将允许慈善机构以更多方式进行公开筹款，例如设立捐款箱或通过慈善活动。在慈善法之前，慈善机构基本上通过挨家挨户走访或通过互联网筹款。草案规定，慈善法将允许外国慈善机构进行登记，但只能与“中国的慈善机构合作”才能进行此类登记。不过，具体情况并未说明。除了筹款困难之外，慈善机构也受制于必须有官方主办单位的要求，原因在于有政府背景的机构往往不愿承担风险。据参与起草流程的一名学者和一名慈善机构干事表示，如果该法获得通过，将允许各类组织机构在国家民政部直接登记。全程担任本法案的起草顾问的卡拉·西蒙（Karla Simon）认为：“他们正在做的就是避开制定关于直接登记的全国法规的必要，因为这方面内容将通过法律颁布。”卡拉·西蒙是一名法律学者，也是《中国公民社会》（Civil Society in China）一书的作者。北京慧灵智障人士社区服务机构的代表李萌表示，她所在的团队自2000年以来已尝试登记但并未成功，原因是北京市残疾人联合会拒绝出任主办单位。李萌表示：“因为没有登记，所以我们在筹款和财务运营方面遇到了许多问题。” 中华慈善总会是一家与政府有关联的慈善机构，该机构副秘书长刘佑平已看过这份草案。他表示，该法律草案对慈善机构和捐款人将实行免税。目前尚不明确慈善法何时将获得通过。草案尚未公布，但已在众多学者和慈善基金会之间传阅。国家民政部没有回应记者对此事的置评请求。 2011年，在两起重大丑闻发生之后，捐款数量大幅减少。其中一起丑闻涉及一名20岁的年轻女性，她谎称自己是中国红十字会的总经理，随后由于她的网络炫富行为而在全国引起众怒。在第二起丑闻中，据当地媒体报道，中国宋庆龄基金会河南分会利用捐款投资房地产。

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China to loosen capital controls for foreign firms

中国将放宽对外国公司的资金管制

hina will loosen capital controls for foreign-funded firms, allowing them to convert all foreign-currency capital into yuan to help them hedge currency risks and cut costs, the foreign exchange regulator said. Foreign firms in China will be allowed to convert up to 100 percent of their registered foreign-currency capital into yuan based on their business needs, according to new regulations issued by the State Administration of Foreign Exchange (SAFE). The regulator will adjust the capital conversion ratio based on the country’s balance of payments situation, it said without elaborating. The change is effective from June 1. The latest step, an expansion of experiments in some areas, will “give firms the autonomy in settling their foreign exchange capital and help firms hedge currency risks and reduce costs”, the SAFE said. Foreign firms will be barred from “directly or indirectly” investing such yuan funds in stocks, making entrusted loans or repaying loans to other firms, the regulator said. But it added that some foreign firms will be allowed to buy stakes in domestic firms by converting their foreign exchange capital into yuan. China has allowed some foreign firms to use their registered capital to buy stakes in Chinese firms as part of an experiment to further loosen capital controls. Previously, the amount of registered capital that firms could convert into yuan was limited by the size of their actual transactions. The use of the funds was also strictly controlled by authorities. China, which aims to boost the yuan’s global clout, has been steadily loosening its capital controls to make the yuan fully convertible. Chinese officials have not given a firm timetable for making the yuan freely tradeable, although the central bank has outlined the task of making it “basically” convertible by 2015.

国外汇监管机构表示，中国将放宽对外商投资企业的资金管制，允许其将外汇资本金全额转为人民币（结汇），以帮助它们规避汇率波动风险和降低成本。国家外汇管理局（外管局）新发布的规定显示，中国境内的外资公司将获准按实际经营需要对注册外汇资本金办理结汇，意愿结汇比例最高为100%。该监管部门表示将按国际收支形势来调整这一比例，但未透露细节。此次变动从6月1日起生效。外管局认为，作为某些领域内试验的扩大版，这一最新举措将“赋予公司外汇资本金结汇的自主权，帮助公司规避汇率波动风险和降低成本”。该监管部门表示，将禁止外资公司“直接或间接”把此类人民币资金投资股票、发放委托贷款或偿还企业间借贷。但外管局还表示，将允许部分外资公司通过把外汇资本金结汇来购买国内公司股权。作为进一步放宽资本管制的试行措施，中国已允许部分外资公司利用注册资本购买中国公司股权。此前，公司能结汇的注册资本金额受制于实际交易规模。资金的使用也受政府当局严格管制。中国立志提高人民币的全球影响力，一直在稳步放宽资本管制，从而实现人民币的完全自由兑换。中国官员并未给出人民币实现自由兑换的确定时间表，但央行已把到2015年底实现人民币“基本”可兑换纳入任务大纲。

Cloud Live marks country’s second corporate bond default

中科云网成为中国第二家债券违约企业

hinese Internet technology company Cloud Live Tech Group became the second listed company in China to default on a corporate bond payment, failing to repay some 240 million yuan ($38.8 million) to investors. The default will throw a spotlight once more on the efficacy of China’s corporate bankruptcy law, and the government’s willingness to let investors incur losses when companies go under. China’s government has a track record of being reluctant in letting investors take losses when companies fail, partly out of concern of stoking public discontent, especially at a time when a cooling Chinese economy has heightened financial stresses. In a statement to the stock exchange Cloud Live said it faced a cash shortfall of 240.6 million yuan despite fund-raising efforts. “On this default, the company extends its most sincere apology to all bondholders of the ST Xiange bond,” it said.

国互联网科技公司中科云网科技集团股份有限公司（简称：中科云网）因无法向投资者偿还2.4 亿元人民币（约3880万美元），成为中国境内第二家公司债券违约的公司。此次违约再次令中国的公司破产法效力和公司破产时政府是否愿意令投资者蒙受损失成为焦点。公司破产时，中国政府历来不愿让投资者蒙受损失，部分原因是担心引发公众不满情绪，尤其是在中国经济不断降温已加剧财务压力的时期。在一份向证券交易所提交的声明中，中科云网表示，尽管努力进行融资，该公司仍面临2.406亿元人民币的资金缺口。该公司称，“对于此次违约，公司向‘ST湘鄂债’的全体债券持有人致以最诚挚歉意”。

China to punish Internet firm Sina over series of complaints

hina will punish web portal and social media firm Sina Corp after it was identified as operating the most complained about major website in the country, the Internet regulator said, the latest blow in an ongoing online crackdown. Representatives from Sina, which also operates China’s most popular microblog Weibo Corp, discussed “the issues of breaking the law and the recent large

中

中国就一系列举报对互联网公司新浪予以处罚

互

联网监管部门在最近进行的一次网上整顿行动中表示，由于新浪被确认为是国内遭到举报最多的主要网站，中国将对网络门户和社交媒体公司新浪进行处罚。新浪同时也运营中国最受欢迎的微博——新浪微

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quantity of Internet user complaints” with officials from the Cyberspace Administration of China (CAC) and its Beijing branch, the regulator said in a statement on its website. User complaints about Sina concerned “spreading rumors, terror, obscenity and pornography, fraud, publicizing cults... distorting facts, violating social morality and promoting vulgarity,” said the CAC. Since President Xi Jinping came to power in early 2013, he has overseen a broad campaign to bring China’s Internet under the government’s control. This includes clamping down on content seen as destabilizing for the ruling Communist Party, using what cybersecurity experts say is the world’s most sophisticated censorship mechanism. CAC will punish Sina to strengthen supervision and management of news web sites and promote the healthy and orderly development of the Internet news services, the statement said, citing a CAC official. The regulator did not specify the punishment. If Sina fails to reform properly or illegal activity continues on its platforms, Sina will be severely punished or even have to halt its online news services, the CAC said. According to the statement, the Sina representative told the regulator the company would target the problems, strengthen its internal oversight and carry out its services in strict accordance with the law.

Qatari banks, Southwest Securities plan Islamic finance venture in China Two Qatari banks and Chinese brokerage Southwest Securities signed a memorandum of understanding to establish a company handling Islamic finance deals in China, Qatar’s central bank governor Sheikh Abdullah bin Saud al-Thani said. The banks are Qatar National Bank and Qatar International Islamic Bank. No further details of the venture were immediately available.

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博。监管部门在其官网的一份声明中表示，新浪的多名代表与国家互联网信息办公室（国家网信办）及北京市互联网信息办公室的官员就“违法和近期大量网民举报的问题” 进行了讨论。国家网信办表示，用户对新浪的举报涉及“散布谣言、暴恐、淫秽、色情、诈骗、宣扬邪教...歪曲事实，违背社会公德，炒作低俗恶俗信息”。自2013年初国家主席习近平上任以来，已督促进行了一场大规模运动，使中国的互联网回到政府控制之下。此举包括采取网络安全专家认为是全球最复杂的审查机制，取缔危害中国共产党执政稳定性的内容。该声明援引国家网信办一名官员的说法称，国家网信办将处罚新浪，以加强对新闻网站的监督管理，促进互联网新闻服务健康、有序发展。监管部门并未具体说明处罚措施。国家网信办称，如果新浪的整改不符合要求，或者整改期间继续出现违法违规行为，将依法严肃查处，直至依法停止其互联网新闻信息服务。该声明表示，新浪代表告知监管部门，该公司将针对问题做好整改，强化内部审核管理，严格依法开展服务。

卡塔尔银行与西南证券计划在华成立伊斯兰金融公司卡塔尔央行行长阿勒萨尼（Sheikh Abdullah bin Saud alThani）表示，两家卡塔尔银行已与中国券商西南证券签订了一项谅解备忘录，双方将共同在中国境内成立一家公司处理在华伊斯兰金融交易。这两家银行分别是卡塔尔国民银行（Qatar National Bank）和卡塔尔国际伊斯兰银行（Qatar International Islamic Bank）。关于新公司的进一步详细情况并未立即公布。

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Dubai’s financial court system seeking ties with China

he court system in Dubai’s financial free zone is seeking an agreement with Chinese courts on enforcing its judgements as trading ties between the two economies expand, a senior Dubai court official said. DIFC Courts, which covers the Dubai International Financial Centre, the Middle East’s main banking hub, has sought to strengthen its global clout since last year by signing several deals with foreign courts on mutual enforcement of decisions. Deals were reached with Australia and Kenya in 2014, and this year with Singapore’s Supreme Court and the U.S. Federal District Court for the Southern District of New York. A Chinese agreement could position Dubai as a centre for handling legal issues surrounding the Middle East’s China business. The emirate’s trade with China, its biggest trading partner, jumped 29 percent in 2014 to 175 billion dirhams ($47.7 billion), according to Dubai official statistics. “We need to connect as a court with countries that are most important to our country, and most important to Dubai,” DIFC Courts’ registrar Mark Beer told a news conference. He said discussions had begun with court officials in Shanghai but declined to predict when an agreement might be reached. It would flesh out and cover the mechanics of a broad ministry-to-ministry agreement that already exists, he said. In 2011, Dubai moved to attract more legal business by letting parties around the world agree to refer commercial disputes to the DIFC Courts, even if the cases had nothing to do with the DIFC. To make this option attractive, however, Dubai must show it can have judgements enforced abroad. Cases totalling 1.76 billion dirhams in value were filed with the DIFC Courts last year, up 81 percent from 2013, the system said in its annual report. To spur business at its Small Claims Tribunal, the DIFC Courts plans to raise the maximum size of the cases it normally handles, to 1 million dirhams from 200,000 for employment issues and to 1 million dirhams from 500,000 for other issues.

China overhauling IPO process, mulls foreign firms listing

hina will switch to a “registration system” for initial public offerings (IPO), ending the current approval process, the official China Securities Journal reported, a day after parliament began reviewing draft changes to the Securities Law. A registration system - used in mature markets such as the United States, where the market decides who gets to list, when, and for how much - will obviate the China Securities Regulatory Commission’s (CSRC) role as the approval agency, industry sources say, and leave companies to register with stock exchanges to float shares. “The promulgation of the share issue registration system will focus on in-

ASIAN LEGAL BUSINESS MAY 2015

迪拜国际金融中心法院寻求与中国的联系

一

名资深的迪拜法官表示，由于两国之间的贸易联系增多，迪拜金融自由区的法院系统正寻求与中国法院就判决执行达成协议。迪拜国际金融中心法院管辖中东的主要银行业枢纽即迪拜国际金融中心，去年以来已通过与多个外国法院就共同执行判决签订了多项协议，寻求加强其全球影响力。迪拜国际金融中心法院于2014年与澳大利亚和肯尼亚签订协议，并于今年与新加坡最高法院和纽约南区的美国联邦地区法院签订协议。与中国签订的协议将令迪拜作为处理涉及中东地区中国业务的法律事务中心。中国是阿联酋最大的贸易伙伴国。据迪拜官方统计数据显示，2014年双方贸易总量增长29%，达1750亿迪拉姆（约合477亿美元）。迪拜国际金融中心法院司法管理局局长Mark Beer在一次新闻发布会上称：“作为法院，我们需要与对阿联酋和迪拜最重要的各个国家建立联系。” 他表示已开始与上海的法官进行讨论，但拒绝预测何时可能会达成协议。他表示此举将充实和覆盖已有的大范围政府部门对政府部门的协议机制。 2011年，通过允许全球各地的当事人同意把商业纠纷移交给迪拜国际金融中心法院，迪拜吸引了更多的法律业务，即使案件与迪拜国际金融中心法院没有任何关系。但为使这一措施具有吸引力，迪拜必须证明其判决在海外有执行力。该法院系统在其年报中称，去年在迪拜国际金融中心法院的涉案总额为17.6亿迪拉姆，较 2013年增长81%。为促进小额诉讼法庭的业务，迪拜国际金融中心法院计划提高一般处理的案件金额上限，劳动纠纷从20万迪拉姆提高到100万迪拉姆，其他案件从50万迪拉姆提高到100万迪拉姆。

中国对IPO流程作出重大修改，斟酌外资公司上市事宜

在

全国人民代表大会（全国人大）开始审议证券法修改草案一天之后，官方报纸《中国证券报》报道称，中国将停止目前针对首次公开发行（IPO）的审核流程，并转变为“注册制”。注册制是美国等成熟市场所采用的方式，由市场决定谁能上市、什么时候上市以及融资金额。据业内消息人士称，这一制度将削弱中国证券监督管理委员会（证监会）作为审核机构的作用，令公司可在证券交易所登记流通股。该报援引全国人大立法者吴晓灵的说法称，“股票发行注册制的本质是以信息披露为中心，由市场参与各方对发行

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formation disclosure and thus enable market participants themselves to judge the issuers’ quality of assets and investment value,” the newspaper quoted Wu Xiaoling, a lawmaker at the National People’s Congress (NPC), China’s parliament, as saying. “It will move toward allowing the market to play a decisive role in asset allocation.” Investors hope the changes will address multiple problems, notably the possibilities for corruption in a system that requires official sign-off, share price spikes on launch days, and companies queuing for years to list. Chinese regulators have historically closely managed the pace of IPO issuances, given their tendency to drag down the market if they come too close together, draining net liquidity. As a result, the CSRC has often seen fit to freeze IPOs during market slides; in late 2012 it froze IPOs for over a year. Now that markets are rallying strongly, however, there is more liquidity available in the market than new issuers and secondary issuers can tap.

FOREIGN FIRMS The draft also stipulated requirements for share issuance by foreign companies in China, the newspaper said, without going into details. The move would be a step toward creating an “international board,” which China has said it would launch eventually. Other proposed changes included allowing professionals in the securities industry to trade stocks themselves for the first time, the report said. Requirements for companies to show profit and earnings sustainability would be dropped, but corporate executives would need clean criminal records for the previous three years, and companies’ financial reports should not have been rejected by qualified accounting firms during that time, the newspaper said. The amendments will also add provisions enforcing compulsory corporate cash dividend distribution as part of official efforts to protect the interest of ordinary investors, it said.

人的资产质量、投资价值作出判断”。 “这将发挥市场在资源配置中的决定性作用。” 投资者希望这些变化能解决多个问题，尤其是在一个需要官员签字的制度中可能存在的腐败、发行当天股价飙升以及公司排队数年等待上市的问题。鉴于IPO如果过于密集，其趋势可能会拖垮市场、耗尽净流动性，中国的监管部门历来对IPO发行节奏实行严密管理。因此，在市场下滑时，中国证监会一般认为适合暂定IPO活动；在2012年末，中国证监会暂停IPO审批长达一年多时间。但既然目前市场强劲反弹，市场上可获得的流动性大于新股发行公司和老股配售公司可利用的数量。

外资公司

该报纸称，该草案还规定了外资公司在华发行证券的要求，但细节并未透露。此举将是朝着创造“国际板”所迈出的一步，中国已表示最终将推出国际板。该报道称，其他拟议的修改包括首次允许证券行业的专业人员自行交易股票。《中国证券报》称，要求公司证明其利润和盈利可持续性的做法将停止，但此前三年内公司高管需保持无犯罪记录，在此期间公司财务报告不得遭到合格会计师事务所否决。据该报表示，修订案还将新增强制执行公司现金分红的规定，作为官方为保护普通投资者利益所作努力的一部分。

观韬律师事务所 GUANTAO LAW FIRM

POSSIBILITY OF ENFORCING INTERIM RELIEF FOR FOREIGN ARBITRATION PROCEEDINGS IN MAINLAND CHINA

杨伟国合伙人 Yang Weiguo Partner Email: yangwg@guantao.com

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

In foreign arbitration proceedings, the arbitral tribunal may issue interim awards or interim measures/orders in favor of an interested party. Foreign courts may also grant interim relief in aid of those arbitral cases. Nevertheless, whether such interim relief granted by a foreign tribunal or a foreign court may be recognized and enforced in mainland China is still an issue under debate. Although China has acceded to the New York Convention on Recognition and Enforcement of International Arbitration Awards (“New York Convention”), pursuant to which arbitral awards in commercial disputes in any contracting state are generally enforceable in China, it is, nevertheless, quite difficult, to have interim relief for foreign arbitration proceedings recognized and enforced in China. As far as we know, there is no record of even one single successful attempt by an interested party seeking to enforce an interim award issued by a foreign arbitral tribunal in China. It is most likely that interim awards would not be recognized and enforced due to its provisional, procedural and non-final nature. The New York Convention does not distinguish between “final” and “interim” awards when specifying which awards are recognizable and enforceable, neither do PRC legal authorities. However, in practice, PRC courts are generally

reluctant to recognize or enforce foreign interim awards due to their non-final nature, and potential revocation or amendment. As to an interim relief granted by a foreign court in aid of a foreign seated arbitration, it would also be difficult to have them recognized and enforced in China. When PRC court considers whether a foreign court order is enforceable on the basis of bilateral treaty or reciprocal enforcement, a “final judgement” would generally be a pre-condition. Interim relief issued by a foreign court in aid of an arbitral dispute is not a ‘final judgement’, and hence, is unlikely to be recognized and enforced by PRC court. In conclusion, under current PRC legal system, it would be considerably difficult for interim relief granted in relation to foreign arbitrations to be recognized and enforced in mainland China. Based on our past practical experience, for a party in a foreign arbitration to attach the properties of its opponent within the territory of China, and to ensure the enforceability of the final foreign arbitral award in China in the future, as part of an overall strategy, that party may consider initiating a concurrent non-contract action in a competent PRC court, such as fraud, tort or bad faith actions etc., and apply to the same court or another competent PRC court for an asset preservation order.

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外商投资企业外汇资本金意愿结汇制度推广至全国

新加坡金融管理局（“金管局”）于2015年4月24日发布了新修订的反洗钱和打击恐怖主义融资的通知（“AML/CFT通知”），以更好地打击洗钱和恐怖主义融资活动。这次的修订是以全球最佳做法和金融行动特别工作组的建议作为基础的（金融行动特别工作组：Financial Action Task Force，简称FATF，是一家国际反洗钱机构，会针对反洗钱方面的行动制定国际标准，新加坡自1992年起便是该组织的成员）。新加坡作为全球主要金融中心之一，一直积极配合FATF所制定的国际准则，加强监管水平。 AML/CFT通知由金管局发出，面向在新加坡设立的各金融机构。金管局曾于2014年7月针对该次 AML/CFT通知的修订发表过意见征询书，征求业界及公众的意见，并作出了进一步的评估和调整。新修订的AML/CFT通知的主要修改包括以下几点： 1. 要求金融机构进行更为深入、全面的企业级的行业反洗钱／打击恐怖融资风险评估，来作为个人客户风险评估的补充； 2. 详细阐述了金融机构识别和查明公司、合伙和信托的背后收益持有人身份的必要步骤； 3. 增设了“政治公众人物”(Politically Exposed Persons)类别； 4. 要求金融机构对超过1500新币的跨境电汇采取额外的防范措施。本项修订还要求金融机构对客户进行尽职调查，保留相关纪录；也要求金管局对金融机构进行“反洗钱和打击恐怖主义融资”的检查，及批准其他国家监管机构进行检查的权力；阐明了“反洗钱和打击恐怖主义融资”的监管范畴，包括金融控股公司和非银行信用卡或签帐卡 (charge card)的发行者；同时，金管局也要在遵守防范措施的情况下，向国内监管机构和海外监管机构提供相应信息。在最近的新加坡FATF互评中，FATF指出： 1. 金管局发布的AML/CFT通知包含了金融机构反洗钱和打击恐怖主义融资的义务，也覆盖了FATF所建议的所有措施。特别是新加坡金融机构广泛而有效地实施了客户尽职调查的要求。 2. 金管局采用了基于风险的方法来进行金融监管，并且拥有较为广泛的权利来监督和确保金融机构遵守AML/CFT通知中的措施，这些权力包括非现场监管权力、审计权力和进行现场考察和检查的权力。 3. 违反AML/CFT通知规定将受到刑事和行政处罚，除此之外，FATF 还总结道，新加坡的反洗钱和打击恐怖主义融资的制裁措施是有效的、适度的和劝诫性的。关于AML/CFT通知的指南，可登陆金管局网站(www.mas.gov. sg)获取更多详情。

继去年8月国家外汇局出台36号文在部分地区开展外商投资企业外汇资本金结汇管理方式改革试点之后，2015年4月8日，国汇局又发布了《国家外汇管理局关于改革外商投资企业外汇资本金结汇管理方式的通知》（下称“19号文”），将外汇资本金意愿结汇制度推广到全国范围。新规19号文将于今年6月1日起实施，同时废止现行的《国家外汇管理局综合司关于完善外商投资企业外汇资本金支付结汇管理有关业务操作问题的通知》（下称“142号文”）及此前的36号文。 19号文在条款结构和内容上与36号文基本相同，并在制度创新上延续了36号文对142号文的有关意愿结汇制以及允许一般性外商投资企业将资本金结汇用于股权投资的突破，19号文的主要内容包括：一、外商投资企业外汇资本金实行意愿结汇管理，允许外商投资企业资本金账户中经所在地外汇局办理货币出资权益确认或经银行办理货币出资入账登记的外汇资本金根据企业的实际经营需要在银行办理结汇。外商投资企业外汇资本金意愿结汇比例暂定为100%。企业可自由选择资本金结汇时机。二、明确外商投资企业资本金及其结汇资金的使用应符合外汇管理相关规定，对资本金使用实施负面清单管理，包括：1.不得直接或间接用于企业经营范围之外或国家法律法规禁止的支出；2.除法律法规另有规定外，不得直接或间接用于证券投资；3.不得直接或间接用于发放人民币委托贷款（经营范围许可的除外）、偿还企业间借贷（含第三方垫款）以及偿还已转贷予第三方的银行人民币贷款；4.除外商投资房地产企业外，不得用于支付购买非自用房地产的相关费用。三、便利外商投资企业以结汇所得人民币资金开展境内股权投资。允许以投资为主要业务的外商投资企业（包括外商投资性公司、外商投资创业投资企业和外商投资股权投资企业），在其境内所投资项目真实、合规的前提下，按实际投资规模将外汇资本金直接结汇或将结汇待支付账户中的人民币资金划入被投资企业账户。针对一般性外商投资企业拟以结汇资金开展境内股权投资的，被投资企业应先到注册地外汇局或银行办理境内再投资登记并开立结汇待支付账户，再由开展投资的企业按实际投资规模将结汇所得人民币资金划入被投资企业的结汇待支付账户。如被投资企业继续开展境内股权投资的，按上述原则办理。四、进一步规范结汇资金的支付管理，明确银行按照“了解客户”、“ 了解业务”、“尽职审查”等展业原则承担真实性审核义务。五、明确和简化其他直接投资项下外汇账户资金结汇及使用管理。六、外汇局加强事中事后管理，进一步强化事后监管与违规查处。 19号文的实施，旨在将外汇资本金结汇的自主权和选择权完全赋予企业，为企业提供规避汇率波动风险的政策空间，降低社会成本，促进贸易投资便利化，切实服务实体经济发展。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

MR. MARKUS POH, Legal Associate (Corporate Practice) T: +65 6322 2217 F: +65 6534 0833 E: markuspoh@loopartners.com.sg MS. SARAH LIM, Legal Associate (Corporate Practice) T: +65 6322 2254 F: +65 6534 0833 E: sarahlim@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

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

COVER STORY EMPLOYER OF CHOICE

ASIAN LEGAL BUSINESS JUNE MAY 2015 2013

China IP Rankings 知识产权律所排名 Written by Maricel Estavillo

2015

作者 Maricel Estavillo

**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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ntellectual property filings continued to grow at a fast pace in 2014. Led by China, the Asian region was a driving force for another record-breaking year in global IP applications. The number of litigation cases in the region also increased, as did the complexity of disputes. According to the World Intellectual Property Organisation (WIPO), there were about 2.6 million patent applications and 7 million trademark applications worldwide in 2013. Led by China, the IP offices in Asia received a whopping 58.4 percent of the patent applications and 48.2 percent of the trademark applications. In 2013, about 9.45 million patents, 2.29 million utility models, 26.3 million trademarks, and 2.98 million industrial designs were in force. China held a substantial share of the IP rights in force in that year with more than a million patents, 1.9 million utility models, 7.2 million trademarks and 1.2 million industrial designs. Patent filings via the Patent Cooperation Treaty (PCT) grew by 4.5 percent to 215,000 in 2014. Trademark filings under the Madrid Protocol system grew by 2.3 percent to 47,885, while design filings under the Hague system increased by 9.6 percent to 14,441 in 2015. China stood out as a formidable IP powerhouse in 2014. In patents, for instance, China was at par with the United States. Combined, the two countries accounted for 87 percent of the growth in filings via the PCT last year. China’s Huawei Technologies filed the most patent applications (3,442) via the PCT. On the trademark front, China was the most designated country under the Madrid system. India, which only became a party to the Madrid Protocol in 2013, witnessed astounding growth of 273 percent last year. More countries in Asia are set to accede to the Madrid Protocol, with Indonesia, Malaysia, Thailand and China’s special administrative region of Hong Kong, all making preparations. Hong Kong too is banking on IP to confirm its status as a multi-faceted trading hub in the region. The city’s bid to become Asia’s IP trading hub fits with its history of being the “super-connector between mainland China and the rest of the world,” said Gregory So, the chairman of the working group on IP trading, in a statement in March. The IP working group was created in 2013. “With our sound financial and legal systems, a low-tax regime and world-class service industries, Hong Kong is well poised to embrace the immense opportunities brought about by the IP age,” said So. Hong Kong annnounced in March that it would set aside $23 million in the next three years for various programmes aligned with the trading hub bid. The city already has an online IP listings portal, Asia IP Exchange, that claims to feature over 25,000 IPRs. The rise in IP filings and the launch of various policies and regulatory reforms conducive to IP development underscore the increasing role of IP in Asia’s economy. The emergence of IP in Asia has also increased the volume of IP disputes. In the technology-driven jurisdictions of Korea, Japan and China, patentrelated disputes are prominent. The region has also seen high-profile outof-court settlements in an attempt to fast-track the resolution of critical disputes. China in particular has seen a number of big-ticket technology, telecommunications, pharmaceutical and domain name disputes. In addition, China continues to remain a concern for foreign IP rightsholders due to the large numbers of patent and trademark infringements, and to an increasing extent, patent troll cases.

014年，知识产权申请数量继续快速增长。以中国为首，亚洲地区成为推动全球知识产权申请数量再创新高的一大力量。该地区的诉讼案件数量也不断增加，纠纷也日益复杂。按世界知识产权组织（WIPO）的统计，2013年全球约有260万件专利申请和700万件商标申请。以中国为首，亚洲地区的知识产权局共收到了其中58.4%的专利申请和48.2%的商标申请，数量惊人。2013年，约有945万件专利、229万件实用新型、2630万件商标和 298万件外观设计处于有效状态。中国占2013年有效知识产权的相当一部分，其中专利超过100万件，实用新型190万件，商标720万件，外观设计120万件。 2014年，经由《专利合作条约》（PCT）提交的专利申请数量增长4.5%，达到215,000件。2015年，马德里议定书系统下的商标申请数量增长2.3%，至47,885 件，而海牙系统下的外观设计申请增加9.6%，达到 14,441件。2014年，中国作为知识产权大国和强国一枝独秀。例如专利方面，中国就与美国持平。去年，在通过PCT进行的申请中，中美两国合计共占申请增长量的87%。中国的华为技术有限公司通过PCT提交的专利申请数量最多（3,442件）。商标方面，中国是马德里系统下指定最多的国家。印度于2013年刚刚加入马德里议定书，但去年就实现了令人震惊的273%的增长。还有更多的亚洲国家将加入马德里议定书，包括印度尼西亚、马来西亚、泰国和中国香港特别行政区等国家和地区都在着手准备。香港也寄希望于知识产权，以巩固其亚洲全方位贸易枢纽的地位。（香港）知识产权贸易工作小组主席苏锦梁在3月份的一份声明中表示，香港立志成为亚洲的知识产权贸易中心与其作为“中国大陆与世界其他地区之间的超级连接器”的历史情况相契合。知识产权贸易工作小组创建于2013年。苏先生表示，“凭借我们可靠的金融和法律系统、低税制以及世界一流的服务业，香港已做好充分准备，迎接知识产权时代带来的无穷机会。”香港于3月份宣布今后三年将留出2300万美元用于与贸易枢纽大业相关的各项计划。香港已拥有一个在线知识产权列表门户网站，即亚洲知识产权交易平台（Asia IP Exchange），号称罗列了超过25,000件知识产权。知识产权申请数量的增加以及有助于知识产权发展的各项政策与监管改革的出台，都凸显了知识产权在亚洲经济中日益增强的作用。亚洲地区知识产权的进一步发展也使得知识产权纠纷数量增加。在韩国、日本和中国这种技术导向型的司法管辖区，与专利相关的纠纷极为突出。亚洲也出现过引人关注的庭外和解先例，以求快速解决重大纠纷。尤其在中国，已发生多起大额技术、电信、制药和域名纠纷。此外，由于专利和商标侵权数量众多以及专利钓鱼案件日益增多，中国仍是外国知识产权持有者的心头大患。

COVER STORY

CHINA

ASIAN LEGAL BUSINESS MAY 2015

中国 REUTERS/CClaro Cortes

elped by generous government subsidies and the rise of China as a global trade hub, Chinese IP filings continued to grow in 2014. However, the ascent of China as a top IP destination brought new challenges such as concerns over weak IP protection and slow and inefficient litigation. The government has tried to address these problems with regulatory reforms, most recently enacting amendments to the Trademark Law on 1 May 2014. Key changes include a new and higher compensation ceiling for trademark infringement of 3 million yuan ($500,000), the introduction of sound mark registration, and increased protection for wellknown trademarks. In 2014, China also established dedicated IP courts in Beijing, Shanghai and Guangzhou. China saw a mix of IP disputes in 2015. The pool of cases, which also include several patent invalidation, trademark cancellation disputes and trade secret charges against former employees, indicate that China’s IP market is becoming more sophisticated. While many disputes involve a foreign party, a number of cases feature only Chinese companies, such as the litigation between Guangzhou Pharmaceutical Holdings and Jiaduobao over a famous herbal tea. The damages awarded in the first instance – 150 million yuan ($24 million) – is said to be the highest amount awarded in IP litigation in China to date. In another important case, the Beijing Higher People’s Court upheld an appeal by Apple in April this year, clearing the U.S. company in a patent infringement suit filed by Shanghai-based Zhizhen Network Technology. This marks the latest turn in the closely watched telecommunications case involving Apple’s virtual personal assistant Siri. CCPIT Patent and Trademark Law Office, China Patent Agent (HK), Fangda Partners, King & Wood Mallesons and Liu Shen & Associates dominate the Chinese domestic rankings. CCPIT has worked on a number of patent infringement cases for several blue-chip clients. The firm is representing a prominent U.S. electronics maker in a string of patent infringement cases in China. It also helped BMW win a patent infringement suit against an individual, and is advising Abbott Laboratories on a series of patent infringement cases. Meanwhile, King & Wood Mallesons, which is representing Guangzhou Pharmaceutical in the herbal tea case against Jiaduobao, recently brought on board a new partner, Ou Xiuping, a former judge and deputy chief judge of the High People’s Court of Guangdong Province. The firm has handled an infringement case for Deere & Company against two Chinese companies, in what is said to be the first case involving colour-combination marks in China. It has also defended Ericsson in

得

益于丰厚的政府补贴和中国作为全球贸易枢纽的崛起，2014年中国的知识产权申请数量继续增长。但中国作为头号知识产权目的国的崛起也带来了新的挑战，诸如人们对知识产权保护力度不够以及诉讼缓慢、效率低下的担忧。中国政府已试图通过监管改革解决这些问题，最近于2014年5月1日实施了新修改的《商标法》。重大修订包括对商标侵权制定了新的较高赔偿上限，即300万元人民币（约合50万美元），推出声音商标注册，以及加大对知名商标的保护力度。2014年，中国还在北京、上海和广州成立了专门的知识产权法庭。 2015年，中国的知识产权纠纷呈现多样化。这些案件包括多起专利权无效宣告、商标撤销纠纷和针对前雇员的侵犯商业秘密指控，表明中国的知识产权市场正变得日益复杂。尽管许多纠纷涉及外方当事人，但有一些案件只涉及中国公司，比如广药集团与加多宝集团之间就一款知名凉茶饮料进行的诉讼。一审判决的损害赔偿金为1.5亿元人民币（约合2400万美元），据称是中国迄今为止知识产权诉讼案件判决的最高金额。在另一起重要案件中，北京市高级人民法院支持了苹果公司今年4月提起的上诉，不予支持上海智臻网络科技有限公司对这家美国公司提起的专利侵权诉讼。这一结果成为这起备受关注的涉及苹果公司虚拟个人助理Siri功能的电信案件的最新转折。中国国际贸易促进委员会专利商标事务所、中国专利代理（香港）有限公司、方达律师事务所、金杜律师事务所和柳沈律师事务所称霸中国国内所排名。中国国际贸易促进委员会专利商标事务所为多家蓝筹公司客户代理了多起专利侵权案。该事务所目前担任一家知名美国电子产品制造商在华一系列专利侵权案的代理人。该所还帮助宝马公司打赢了针对个人的一宗专利侵权案，并就一系列专利侵权案为美国雅培公司提供咨询。与此同时，代理广药集团在凉茶案中与加多宝进行对决的金杜律师事务所最近招募了一位新的合伙人欧修平，他曾是一名法官，任广东省高级人民法院副庭长。该所为约翰迪尔公司处理了针对两家中国公司的侵权案件，据称是中国涉及色彩组合标记的首起案件。该所还在华为公司提起的标准关键专利（SEP）无效宣告诉讼案中为爱立信公司进行辩护，并为一家制药

COVER STORY

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standard-essential patents (SEPs) invalidation cases filed by Huawei and for a pharmaceutical client over a critical drug. Fangda moves up to Tier 1 in domestic patents this year, on the back of a strong caseload and client portfolio, which includes GE, Tesla and Sony. The firm represented GE in the eventual settlement of a trade secret infringement case against former employees. The IP team also worked with Knowles in a number of acoustic-related patent infringement cases against GoerTek, and defended Power Integrations in a series of patent infringement lawsuits brought by Fairchild and its affiliates worth around 100 million yuan ($16 million). Out of the international firms, Allen & Overy, which has won four preliminary injunctions for its pharmaceutical clients in the last 12 months, climbs to Tier 1 for patents this year. One of the injunctions issued involves the offlabel use of a generic manufacturer, said to be the first of its kind in China. The firm is also handling a trade secret infringement case for RF Micro Devices in what is believed to be the first parallel enforcement in the U.S. and China for trade secret violations. Jones Day has a niche in pharmaceutical and life sciences patent work, and features in Tier 1 for patents in China. The firm has worked with a major biotechnology company on infringement and enforcement cases, and has successfully completed a China technology licence arbitration case for engineering equipment firm Weir Minerals. Orrick, Herrington & Sutcliffe, which is ranked in Tier 1 for patents, and Hogan Lovells, in Tier 2 for patents, both have ongoing cases against patent trolls. Orrick is advising a Japanese white goods maker while Hogan Lovells is working with Daimler’s China Mercedes-Benz entities over patents relating to vehicle door lock and wheel assemblies. Hogan Lovells also recently bolstered its IP team with the recruitment of partners Alan Chiu and Eugene Low and consultant Kenny Wong from Mayer Brown JSM. The firm, which sits in Tier 1 for trademarks/copyright, is representing Blizzard Entertainment Inc. and its business partner in China, NetEase, in a high-profile copyright infringement and unfair competition dispute against Shanghai Unico Interactive. The case has attracted a great deal of attention, which prompted the Shanghai No. 1 Intermediate People’s Court to hold an open trial on 21 April 2014 and air the proceedings on the Internet.

公司客户针对一款重要药物进行辩护。在强劲的案件数量以及包括通用电气、特斯拉和索尼在内的客户群的支持下，方达律师事务所今年在国内专利方面上升为一类律所。该所在诉前雇员商业秘密侵权案中担任通用电气的代理人，该案最终和解。该所的知识产权团队还在诉歌尔声学的多起声学相关专利侵权案中与Knowles公司进行合作，并在Fairchild及其关联公司提起的一系列专利侵权诉讼案中担任Power Integrations公司的辩护方，案件约价值1亿元人民币（约合 1600万美元）。国际律所方面，安理律师事务所登上今年专利律师事务所的第一梯队，过去12个月中该所已为其制药公司客户赢得了4项初步禁令。发布的其中一项禁令涉及一家仿制药生产商的标示外使用，首开中国内地此类禁令的先河。该所还为威讯联合半导体处理了一宗商业秘密侵权案，该案被视为针对侵犯商业秘密首次在美国和中国平行执法。众达律师事务所拥有制药和生命科学领域的专利尼基市场，跻身中国一类专利律师事务所。该所已与一家大型生物科技公司就侵权与执行案进行合作，并已为工程设备公司伟尔矿业成功完成了一宗中国技术许可仲裁案。位列专利律师事务所第一梯队的奥睿律师事务所和跻身第二梯队的霍金路伟律师事务所均正在处理专利钓鱼案件。奥睿目前担任一家日本白色家电制造商的顾问，而霍金路伟正与戴姆勒公司的中国梅赛德斯奔驰公司就车辆门锁和车轮组件相关专利进行合作。霍金路伟最近还从孖士打律师行挖走了赵之威和刘耀慈两位合伙人以及资深顾问律师黄锦山。该所是商标/版权方面的一类律所，目前在针对上海游易网络科技有限公司的一宗高规格版权侵权和不正当竞争纠纷中担任美国暴雪娱乐公司及其在华业务合作伙伴网易公司的代理人。此案颇为引人关注，促使上海市第一中级人民法院于2014年4月21日进行公开审理，并通过互联网直播庭审实况。

HONG KONG T

he Hong Kong IP trading working group’ latest report that was released last March features 28 recommendations for the government. The recommendations focus on four strategic areas: enhancing the IP protection regime; supporting IP creation and exploitation; fostering IP intermediary services and manpower capacity; and pursuing promotion, education and external collaboration efforts. The proposed changes also include amendments to Hong Kong’s copyright and patent laws. In patents, the adoption of the “Original Grant” is proposed, a move that would require Hong Kong to move away from its current patent re-registration system, and to instead invest in an independent substantive examination system.

香

香港

港知识产权贸易工作组去年3月份发布的最新报告为政府提出了28项建议。这些建议关注4大战略领域：加强知识产权保护制度；支持知识产权创造及利用；培育知识产权中介服务和人力资本；致力于宣传、教育和外部协作。提出的变动建议也包括对香港版权和专利法律进行修订。专利方面，提出采用“原授专利”，这一举措将要求香港摆脱目前的专利重新登记制度，取而代之的是一个独立的实质审查系统。

COVER STORY

In most of the work done in Hong Kong – whether prosecution or litigation – China plays a major role - from clearing the mainland market for eventual filings from Hong Kong to litigating infringements originating from or reaching the mainland. A reflection of Hong Kong’s trade hub status, most of the law firms in the city deliver regional and international IP prosecution work for both local and overseas clients. They are handling more IP litigations with a cross-border nature, and particularly advising on cases with connections to China. Some of the top e-filers of trademarks, patents and designs received by the Hong Kong IP Department in 2014 include Deacons, Wilkinson & Grist, Marks & Clerk, Baker & McKenzie and Ella Cheong. With an IP team strengthened by the key hires from Mayer Brown JSM, coupled with a strong contentious caseload, Hogan Lovells moves up to Tier 1 in patents this year, alongside Baker & McKenzie, Bird & Bird and Deacons, while retaining its top tier status for trademarks/copyright. Wilkinson & Grist, which is handling several industrial patent disputes and conducting prosecution work, climbs to Tier 2 for patents. On the trademark front, Hogan Lovells and fellow Tier 1 firm Deacons are advising on a trademark dispute case between luxury tea brand TWG Tea Company and Tsit Wing (Hong Kong) Company. Quinn Emanuel Urquhart & Sullivan and Robin Bridge & John Liu also feature in Tier 2 for trademarks/ copyright this year. The two firms are working on several infringement cases in Hong Kong which have strong ties to China. In addition to patents, Baker & McKenzie solidifies its Tier 1 status for its trademarks/copyright work in Hong Kong with an impressive list of bluechip clients. The firm is working with Jas Hennessy & Co. on a trademark infringement and passing off action against the auction house Acker Merrall & Condit in Hong Kong for offering auctioning a counterfeit bottle of 1947 Krug champagne.

IP Rankings Methodology

ASIAN LEGAL BUSINESS MAY 2015

在香港所完成的绝大多数工作中，无论是起诉还是诉讼，从为在香港提交最终申请而扫清内地市场障碍，到提起源于内地或涉及内地的侵权诉讼，中国内地都占有重要地位。作为香港贸易中枢地位的一种体现，香港的绝大多数律师事务所都为本地及海外客户提供地区及国际性的知识产权诉讼服务。它们目前处理数量更多的跨境性质的知识产权诉讼，尤其是为涉及中国内地的案件提供咨询。2014年香港知识产权署收到的商标、专利和设计方面电子申请提交量最高的事务所包括的近律师行、高露云律师事务所、麦仕奇、贝克•麦坚时律师事务所以及张淑姬律师事务所。由于来自孖士打的重要人员引进加强了其知识产权团队，外加大量诉讼案件，霍金路伟今年上升进入专利方面的第一梯队，与贝克•麦坚时、鸿鹄律师事务所和的近律师行比肩，同时保持了该所在商标/版权方面的一类地位。高露云律师事务所目前正在处理多宗外观专利纠纷以及起诉工作，在专利方面升至二类。商标方面，霍金路伟以及同为一类律所的的近律师行目前正为顶级茶叶品牌TWG Tea Company和捷荣（香港）有限公司之间的商标争议案担任顾问。昆毅律师事务所和乔立本廖依敏律师行今年也跻身商标/版权方面的第二梯队。这两家律所目前都在香港处理多宗与中国内地有紧密联系的侵权案件。除了专利业务之外，贝克•麦坚时凭借一长串令人瞩目的蓝筹公司客户名单巩固了其在香港的商标/版权方面的一类地位。该所目前正与法国轩尼诗公司在香港就向 Acker Merrall & Condit拍卖行提起的一宗商标侵权和假冒诉讼进行合作，称其拍卖了一瓶伪造的1947年库克香槟。

知识产权律师事务所排名方法

Our Research

我们的研究

• ALB drew information from firm submissions, interviews, editorial resources and market suggestions to identify and rank the top firms for Intellectual Property in Greater China.

• ALB从律所提交的资料、采访、编辑部资源和市场建议中提取信息，从而确定和排列大中华地区知识产权领域的顶级律所。

• The IP rankings are separated into two tables: “Patent” and “Trademark/ Copyright”. The rankings are also divided into tiers, with the first tier identifying the strongest IP firms in each jurisdiction.

• 知识产权排名分为两个表格：“专利”和“商标/版权”。排名还分为不同梯队，其中第一类表示各个司法管辖区中实力最强的知识产权律所。

• The rankings cover the following jurisdictions: China and Hong Kong • The rankings for Hong Kong feature both domestic and international firms. China, meanwhile has separate tables for domestic firms and international firms

• 本排名包括中国大陆律所和香港律所。

Our Rankings Our rankings were based on the following metrics: • Firm’s visibility and profile in the region

• 香港的榜单涵盖本地所和国际所，中国大陆的排名用两个分开的表格排出了内资所和外资律所。我们的排名我们按照下列标准进行排名： • 律所在该地区的知名度和地位

• The volume, complexity and size of work undertaken

• 所完成工作的工作量、复杂程度和规模

• Key personnel hires and growth of the practice group

• 关键人员招聘以及业务组的增长

• Key clients and new client wins

• 主要客户和新赢得的客户

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CHINA DOMESTIC

中国大陆中资

Patents:

专利：

Tier 1 • CCPIT Patent and Trademark Law Office • China Patent Agent (HK) • Fangda Partners • King & Wood Mallesons • Liu Shen & Associates

一类 • 中国国际贸易促进委员会专利商标事务所 • 中国专利代理（香港） • 方达 • 金杜 • 柳沈

Tier 2 • An, Tian, Zhang & Partners • AnJie Law Firm • China Sinda • JunHe • Zhongzi Law Office

二类 • 安伦 • 安杰 • 中原信达 • 君合 • 中咨

Tier 3 • Boss & Young • Dacheng Law Offices • HFG Law Firm & IP Practice • Hylands Law Firm • Unitalen Attorneys at Law • Zhong Lun Law Firm • ZY Partners

三类 • 邦信阳中建中汇 • 大成 • 上海衡方知识产权代理有限公司 • 浩天信和 • 集佳知识产权代理有限公司 • 中伦 • 正见永申

Tier 4 • CN-KnowHow IP Group • Guantao Law Firm • Hengdu Law Offices • Tahota Law Firm

四类 • 路浩知识产权联盟 • 观韬 • 恒都 • 泰和泰

Trademarks/Copyright:

商标/版权：

Tier 1 • CCPIT Patent and Trademark Law Office • China Patent Agent (HK) • King & Wood Mallesons • Liu Shen & Associates

一类 • 中国国际贸易促进委员会专利商标事务所 • 中国专利代理（香港） • 金杜 • 柳沈

Tier 2 • AnJie Law Firm • An, Tian, Zhang & Partners • China Sinda • Dacheng Law Offices • Fangda Partners • Hylands Law Firm • JunHe • Unitalen Attorneys at Law • Wintell & Co

二类 • 安杰 • 安伦 • 中原信达 • 大成 • 方达 • 浩天信和 • 君合 • 集佳知识产权代理有限公司 • 瀛泰

COVER STORY

ASIAN LEGAL BUSINESS MAY 2015

• Yingke Law Firm • Zhong Lun Law Firm • Zhongzi Law Office

• 盈科 • 中伦 • 中咨

Tier 3 • Boss & Young • CN-KnowHow IP Group • Guangdong Guangda Law Firm • Guantao Law Firm • Hengdu Law Offices • HFG Law Firm & IP Practice • Tahota Law Firm • ZY Partners

三类 • 邦信阳中建中汇 • 路浩知识产权联盟 • 广东广大 • 观韬 • 恒都 • 恒方知识产权咨询有限公司 • 泰和泰 • 正见永申

CHINA INTERNATIONAL

中国大陆外资

Patents:

专利：

Tier 1 • Allen & Overy • Baker & McKenzie • Bird & Bird • Jones Day • Orrick, Herrington & Sutcliffe • Rouse

一类 • 安理 • 贝克·麦坚时 • 鸿鹄 • 众达 • 奥睿 • 罗思

Tier 2 • Deacons • Hogan Lovells • Mayer Brown JSM

二类 • 的近 • 霍金路伟 • 孖士打

Tier 3 • Clifford Chance • DLA Piper • Ella Cheong • Finnegan, Henderson, Farabow, Garrett & Dunner • Freshfields Bruckhaus Deringer • Morrison & Foerster • Norton Rose Fulbright • Perkins Coie • Ropes & Gray • Simmons & Simmons • Squire Patton Boggs • Vivien Chan & Co • Wilkinson & Grist

三类 • 高伟绅 • 欧华 • 张淑姬 • 飞翰 • 富而德 • 美富 • 诺顿罗氏 • 博钦 • 瑞格 • 西盟斯 • 翰宇 • 陈韵云 • 高露云

Trademarks/Copyright:

一类 • 贝克·麦坚时 • 鸿鹄 • 霍金路伟

Tier 1 • Baker & McKenzie • Bird & Bird

商标/版权：

Congratulations! Hengdu Law Offices has been voted as one of Top leading firms in ALB China IP Rankings (Patents/Trademarks/Copyrights) 2015.

热烈庆祝恒都律师事务所荣登ALB 2015年知识产权排名！

Hengdu Focuses on China’s High-end Intellectual Property Litigation.

恒都，专注于中国高端知识产权诉讼

Hengdu Law Offices

Tel：86-10-57600588 Fax : 86-10-57600599

7th Floor, Macau Center No.8 Wangfujing East Street Dongcheng District, 100006, Beijing, P.R.China

Email：hengdulaw@hengdulaw.com Web : www.hengdulaw.com

COVER STORY

• Hogan Lovells • Mayer Brown JSM • Rouse Tier 2 • Deacons • Jones Day • Norton Rose Fulbright • Simmons & Simmons • Wilkinson & Grist Tier 3 • Allen & Overy • Clifford Chance • CMS, China • DLA Piper • Ella Cheong • Freshfields Bruckhaus Deringer • Squire Patton Boggs • Vivien Chan & Co

ASIAN LEGAL BUSINESS MAY 2015

• 孖士打 • 罗思二类 • 的近 • 众达 • 诺顿罗氏 • 西盟斯 • 高露云三类 • 安理 • 高伟绅 • 德和信 • 欧华 • 张淑姬 • 富而德 • 翰宇 • 陈韵云

HONG KONG

香港

Patents:

专利：

Tier 1 • Baker & McKenzie • Bird & Bird • Deacons • Hogan Lovells

一类 • 贝克·麦坚时 • 鸿鹄 • 的近 • 霍金路伟

Tier 2 • Barron & Young • Ella Cheong • Jones Day • Marks & Clerk • Morrison & Foerster • Quinn Emanuel Urquhart & Sullivan • Wilkinson & Grist Tier 3 • Eagle IP • Freshfields Bruckhaus Deringer • Mayer Brown JSM • Robin Bridge & John Liu • Squire Patton Boggs • Vivien Chan & Co

二类 • 百睿知识产权有限公司 • 张淑姬 • 众达 • 麦仕奇 • 美富 • 昆毅 • 高露云三类 • 鹰翅知产有限公司 • 富而德 • 孖士打 • 乔立本廖依敏 • 翰宇 • 陈韵云

Trademarks/Copyright:

商标/版权：

Tier 1 • Baker & McKenzie

一类 • 贝克·麦坚时

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• Deacons • Hogan Lovells • Mayer Brown JSM

• 的近 • 霍金路伟 • 孖士打

Tier 2 • Bird & Bird • Norton Rose Fulbright • Quinn Emanuel Urquhart & Sullivan • Robin Bridge & John Liu • Simmons & Simmons • Wilkinson & Grist

二类 • 鸿鹄 • 诺顿罗氏 • 昆毅 • 乔立本廖依敏 • 西盟斯 • 高露云

Tier 3 • Barron & Young • Clifford Chance • Eagle IP • Ella Cheong Freshfields Bruckhaus Deringer Jones Day Morrison & Foerster Squire Patton Boggs

三类 • 百睿知识产权有限公司 • 高伟绅 • 鹰翅知产有限公司 • 张淑姬 • 富而德 • 众达 • 美富 • 翰宇

COVER STORY

TMT

ASIAN LEGAL BUSINESS MAY 2015

Fading star FEW CAN DOUBT THE VITAL ROLE THAT THE VARIABLE INTEREST ENTITY STRUCTURE, OR VIE, HAS PLAYED IN THE DEVELOPMENT OF CHINA’S TECHNOLOGY, MEDIA AND TELECOM (TMT) SPACE, TURNING THE COUNTRY’S TECH COMPANIES INTO WORLDBEATERS. BUT RECENTLY, THE STRUCTURE APPEARS TO BE LOSING ITS CHARM AS AN INCREASING NUMBER OF CHINESE TMT COMPANIES LOOK TO MOVE AWAY FROM IT AND INSTEAD LIST BACK IN CHINA. SHANGJING LI FINDS OUT MORE.

很少有人会怀疑VIE结构，即可变利益实体机构在中国科技、媒体和电信（TMT）行业发展中起到的重要作用，它使得中国科技公司成为世界一流公司。但是最近，随着越来越多的中国TMT公司寻求拆除这种结构，回到中国上市，VIE似乎正在失去它的魅力。李尚晶为您报道。

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

** 此文中文翻译由CLS Communication提供 **

TMT

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星光暗淡

A Chinese cyclist passes a poster advertising a local web site in Beijing.

TMT

ASIAN LEGAL BUSINESS MAY 2015

“AT THE BEGINNING, THE GOVERNMENT DIDN’T REALISE HOW IMPORTANT EMERGING INDUSTRIES SUCH AS TMT WERE. BUT NOW THAT IT SEES THE ‘DEMOGRAPHIC DIVIDEND’ OF INTERNET COMPANIES, IT DOESN’T WANT TO LET GO OF THE BENEFITS, SO IT WANTS THEM BACK.” Steven Yu, Global Law Office

“开始的时候，政府并没有意识到TMT等新兴产业有多重要。但是现在，政府看到了互联网企业的‘人口红利’，它就不想放手了，希望这些企业能回来。”

郁雷，环球律师事务所

midst China’s ongoing stock-market boom, a new company has seemingly come out of nowhere to take the investing public by storm. Baofeng Technology, a streaming and online video game company, might be little known in the West, but its stock has skyrocketed since its listing on the Shenzhen Stock Exchange in March. Baofeng has truly lived up to its name, which literally translates to English as “storm.” From its offer price of 7.14 yuan (US$1.2) in March, the stock has surged more than 2000 percent to 190 yuan. For 29 consecutive days, the share price rose by the 10 percent daily limit. And the rapid rise of Baofeng’s stock has been representative of China’s stock markets, with the country’s main stock index more than doubling since last November. It is now the best–performing index in the world. But the significance of Baofeng’s listing goes beyond its frenetic debut. It has become the first Internet company to successfully move away from the hitherto extremely popular Variable Interest Entity (VIE) structure, phasing out foreign capital altogether as it listed in China. “As the first Internet company to come back to China’s A-share markets, Baofeng’s return is widely representative,” says Chengwei (Alex) Liu, the partner at Global Law office who led the Baofeng deal. “Given Baofeng’s typical VIE structure before, and its impressive performance after getting listed, the case is a good reference for many companies in the TMT industry which are now seeking finance.” An increasing number of Chinese Internet companies that either listed or prepared to list abroad under the VIE structure are seeking to come back to China’s lucrative stock markets. Zhang Yin, the founder and managing partner of Matrix Partners China, an affiliate of the U.S. venture capital firm Matrix Partners, revealed in an Internet conference in May that among the 110 companies the company has invested in using U.S dollars, more than 40 are now tearing down the VIE structure and seeking to list back in China’s stock markets. “There is no doubt that a stream of the best Chinese Internet companies will be listing in China’s A-share markets in the coming three to five years,” Zhang says. He predicts that the trend is irresistible. And the number of Internet companies already listed on the A-share markets will increase by 10 times to 30 times in the coming years. And for Internet companies, not to mention TMT companies overall, the first step to listing back in China is taking down the VIE structure and ensuring the company is wholly owned by Chinese investors.

在

中国股市的持续繁荣中，一家公司正如风暴一样席卷着投资大众。北京暴风科技股份有限公司，这个也许在西方还鲜为人知的流媒体和在线视频游戏公司，其股票自从三月份在深圳证券交易所上市以来一飞冲天。暴风科技的名称翻译成英文是“storm”，而其股票的涨势也确如风暴一般。公司三月份的发行价为7.14 元人民币（1.2美元）,而之后股价涨幅超过2000%，达到190元。暴风科技股价连续29天以10%涨停。暴风科技股票的大涨也是中国股市的代表。中国的主要股指自去年11月以来上涨了一倍多，目前是全球表现最好的指数。然而暴风科技回国上市的意义远远超越了它在股票市场上的强劲表现。它是目前成功拆除VIE结构回

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VIE DILEMMA The structure known as Variable Interest Entity or VIE, has been in a grey area since it was first introduced 15 years ago. Under the current rules, foreign investors can’t invest directly in Chinese companies operating in sensitive industries like Internet, telecommunications and education. To circumvent government restrictions, many companies set up an operating company based in China and a holding company based abroad, and created such VIE structures by signing a series of agreements that allowed foreign investors control over the operating part that they did not actually own. The structure was first introduced in 2000 when SINA had its initial public offering on the NASDAQ. And it soon became the most popular way for Chinese Internet companies to list in the U.S. Alibaba, Baidu and Renren, for example were among the Chinese giants that follow suit by using the VIE structure to get listed in the States. The significance of it is easy to see: Without a VIE structure, Alibaba’s $25 billion initial public offering on the New York Stock Exchange would have been impossible. “VIE is a very smart invention. Without the VIE, China’s Internet giants which are now widely embraced overseas would not have gone so far,” says Steven Yu, another partner at Global Law Office. With more Chinese TMT companies listing in the U.S. under such a structure, the VIE structure became a hotly debated topic in recent years. Many foreign analysts claimed that such structure was fundamentally risky, since the Chinese government could outlaw it someday. In the past decade, there has been no law banning the VIE structure though the government has clearly been aware of its existence. Its tremendous benefits to China’s booming TMT industry in the past decade have prevented the government back from issuing a straightforward ban. “I think the government is in a love-and-hate relationship with the

A Chinese investor uses a monocular to monitor share prices on anelectronic board in Shanghai. REUTERS/Claro Cortes IV

29 国上市的第一家互联网公司。 “但作为第一家回归A股的真正意义上的互联网公司，暴风科技的A股回归具有广泛的代表性，” 暴风科技交易首席律师的环球律师事务所合伙人刘成伟律师对ALB表示。 “尤其是其历史上存在的典型的VIE架构，以及结合其IPO之后的市场表现等因素来看，暴风科技的案例对于其他正在寻求融资以及选择拟上市地的众多TMT行业，具有很强的示范效应和借鉴意义。” 越来越多的中国互联网企业，无论是在VIE结构下已经在海外上市的还是准备到海外上市的，都在寻求回归中国利润丰厚的股票市场。美国风险投资公司经纬创投的子公司经纬中国的创始人和管理合伙人张颖在5月份的一次互联网会议上说，在经纬中国以美元投资的110多家企业中，有超过40家正在拆除VIE结构，寻求回归中国股市。 “毫无疑问，一系列最好的中国互联网公司在未来的三到五年将会在中国A股市场上市。”张颖说。他预计这一趋势不可阻挡。在中国A股市场上市的互联网企业数量在未来几年将增加10倍至 30倍。对于互联网公司，更不用说整体TMT行业的公司，回归中国上市的第一步就是拆除VIE结构，确保公司完全由中国投资者持有。

VIE困境

可变利益实体或者VIE结构，自其15年前首次推出以来，就一直处于灰色地带。根据现行规定，外国投资者不能直接投资互联网、电信和教育等敏感行业的中国企业。为了规避政府的限制，许多公司会建立一家设在中国的运营公司和一家国外的控股公司，并通过签署一系列协议来创建这样的VIE结构，允许外国投资者控制他们实际上并不享有所有权的运营部分。新浪2000年在纳斯达克首次公开募股时，首次推出了VIE结构。这种结构很快就成为中国互联网公司在美国上市的最受欢迎的模式。阿里巴巴、百度和人人网等中国大型企业纷纷效仿，采用VIE结构在美国上市。该结构的重要性是显而易见的：如果没有VIE结构，阿里巴巴就不可能实现在纽约证交所规模250亿美元的首次公开募股。 “VIE是一项非常聪明的发明。没有它，目前在海外广受欢迎的中国互联网巨头很难这么受欢迎。”环球律师事务所的另一名合伙人郁雷对ALB 说道。随着更多的中国TMT公司用这种结构在美国上市，VIE成为近年来一个备受争议的话题。许多外国分析家称，这种结构在根本上是有风险的，因为中国政府可能有一天会宣布它是不合法的。在过去十年中，虽然政府显然已经意识到VIE 结构的存在，却一直没有法律禁止它。这个结构给TMT行业带来的巨大效益有目共睹，这或多或少阻止了政府直接颁布禁令。

TMT

structure.” Yu says. It was only early this year that China’s Ministry of Commerce unveiled a draft of the new foreign investment rules and addressed VIEs for the first time. The draft focused on the nationality of the controller of the company rather than the origins of the shareholders. If foreign nationals are in control, the company will be regarded as foreigninvested companies — making them subject to the same foreign ownership restrictions as any other. This draft has made the prospects of the VIE structure even murkier at the moment. “From a short-term perspective, the draft of the new foreign investment rules will increase the cost of compliance for those companies working on building up the VIE structure. In the long run, the rules will encourage companies to come back to the domestic capital markets.” Yu adds. MARKET CALLS In the past decade, because the difficulties of getting listed in China, many Internet giants have been forced to venture overseas using the VIE structure. “At the beginning, the government didn’t realise how important emerging industries such as TMT were. But now that it sees the ‘demographic dividend’ of Internet companies, it doesn’t want to let go of the benefits, so it wants them back,” says Yu. The murkier prospects of the VIE structure could be a reason prompting a number of Chinese companies to come back to seek a legal sanction listing. But for many, the lucrative market, along with policy incentives for listing domestically are the more crucial reasons. Last month Beijing started the countdown to the establishment of a more relaxed initial public offering (IPO) registration system to replace the current time-consuming approval process. A registration system - used in mature markets such as the United States, where the market decides who gets to list, when, and for how much - will make redundant the China Securities Regulatory Commission’s role as the approval agency, industry sources say, and leave companies to register with stock exchanges to float shares. In addition to the easier process and lower threshold for IPOs, the high valuation of the technology companies listed on China’s New Third board and main board is another motivation. It was roughly estimated that by the end of April, China’s Growth Enterprise Market is trading at 104.4 times earnings, overshadowing that of most Chinese TMT companies listed in the U.S., which on average is traded at 40 times earnings. Baofeng is trading at almost 650 times earnings, while giants like Alibaba, Thunderbolt and Qihoo 360 are all trading at below 50 times earnings. With such motivations, the urgency of Chinese companies to list back on China’s strong markets is escalating. Liu says that many foreign investors are shorting overseas listed Chinese companies, and many are even facing class-action lawsuits for failing to comply in a unfamiliar environment. These factors are beginning to discourage Chinese TMT companies from pursing listings abroad. “The sharp contrast between the domestic market and the overseas market is certainly facilitating the trend of removing red chips and the VIE structure, thus encouraging Chinese companies to come back,” he added. The essence of tearing down the VIE structure and getting listed back in China involving phasing out the foreign investment. TMT

ASIAN LEGAL BUSINESS MAY 2015

“政府对于这种结构又爱又恨。”郁雷说。今年年初，中国商务部公布了新的外商投资法草案，首次提到了VIE问题。草案强调公司控制人的国籍，而不是股东的国籍。如果外国公民是公司的控制人，则公司将被视为外商投资企业，会受到同样的外资所有权限制。该草案目前使得VIE结构的前景更加不明朗。 “从短期来看，新外商投资法草案对于那些致力于建立VIE结构的公司来说会增加合规成本。从长远来看，该草案将鼓励企业重回国内资本市场。”郁雷补充说。

市场的呼唤

过去十年中，由于在中国上市非常困难，许多互联网巨头被迫采用VIE结构在海外上市。 “开始的时候，政府并没有意识到TMT等新兴产业有多重要。但是现在，政府看到了互联网企业的‘人口红利’，它就不想放手了，而且希望这些企业能回来。”郁雷说。 VIE不明朗的前景促使许多中国公司回国寻求“ 光明正大的”上市。但对于许多公司来说，利润丰厚的市场，以及国内上市的优惠政策是更重要的原因。从上个月开始，IPO注册制日益接近实现。注册制将更加宽松，并取代目前费时的核准制。注册制是在美国等成熟市场采用的一种制度。根据这种制度，将由市场来决定哪些公司可以上市，何时上市，以及上市的价格。业内人士称，注册制将会使中国证券监督管理委员会无须再扮演审批机关的角色，允许公司向证券交易所登记来发行股票。除了首次公开募股更简易的程序和更低的门槛以外，在中国新三板和主板上市的科技公司的高估值是另一大动力。据粗略估计，截至4月底，中国创业板的市盈率已经飙升到104.4倍，而在赴美上市的中国 TMT公司中，市盈率均值仅在40倍左右。暴风科技的市盈率接近650倍，而阿里巴巴、迅雷和奇虎360等巨头的市盈率均低于50倍。有了这样的动力，中国企业回归中国强劲市场上市的迫切性正在不断升级。刘成伟说，很多外商投资者正在做空海外上市的中国企业，不少中国公司因为在陌生环境未能合规甚至面临集体诉讼。这些因素已经开始阻止中国TMT公司去海外上市。 “内外部市场环境的明显反差，无疑都推动了国内企业拆红筹去VIE架构回归国内市场，”他补充说。拆除VIE结构和回归中国上市的本质涉及淘汰外商资本。分众传媒，世纪佳缘（Jiayuan. com）和盛大游戏等TMT公司都在计划回归国内市场。政策层面上，今年政府已经颁布了将会深远影响资本市场的各项重要法律的草案，包括新的外商投资法和证券法。这些法律的修订并不是孤立的。它们之间相互

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companies including Focus Media, Perfect World Jiayuan.com and Shanda Games, are all planning a comeback to the domestic market. The government has promulgated the drafts of various important laws to influence the capital markets this year, including new foreign investment rules and the securities law. But the overhaul of those laws won’t work independently. They are consistent and coordinated with one and another with a clear underlying message from the central government: it wants to use domestic capital markets to encourage an innovative economy. “With the successfully listing of Baofeng, a number of TMT companies have started the planning to come back to domestic A-share markets and the New Third board,” Liu concludes. “The necessity of the VIE structure has been greatly weakened. And it has come at the right time for the government to clearly address the structure. Let’s wait and see. ”

一致、彼此协调，共同传递出中央政府的一个明确的基本信息：政府希望利用国内资本市场鼓励创新型经济的发展。 “自暴风科技成功上市以来，已有诸多TMT 企业在启动回归国内市场的动作，包括考虑回归A股或进入新三板挂牌。”刘成伟总结道。“VIE架构的存在必要性也大不如前。因此，国家有关部门考虑对VIE架构的监管政策进行一定的明朗化及区别对待的时机似乎已成熟。对此，我们有必要予以密切关注。”

“AS THE FIRST INTERNET COMPANY TO COME BACK TO CHINA’S A-SHARE MARKETS, BAOFENG’S RETURN IS WIDELY REPRESENTATIVE. GIVEN BAOFENG‘S TYPICAL VIE STRUCTURE BEFORE, AND ITS IMPRESSIVE PERFORMANCE AFTER GETTING LISTED, THE CASE IS A GOOD REFERENCE FOR MANY COMPANIES IN THE TMT INDUSTRY WHICH ARE NOW SEEKING FINANCE.” Chengwei (Alex) Liu, Global Law Office

“作为第一家回归A股的真正意义上的互联网公司，暴风科技的A股回归具有广泛的代表性。尤其是其历史上存在的典型的VIE架构，以及结合其IPO之后的市场表现等因素来看，暴风科技的案例对于其他正在寻求融资以及选择拟上市地的众多TMT行业，具有很强的示范效应和借鉴意义。” 刘成伟，环球律师事务所

OFFSHORE

ASIAN LEGAL BUSINESS MAY 2015

SPOILT FOR CHOICE 选择渐欲迷人眼

THE CAYMAN ISLANDS AND THE BVI, COMPETING FOR THE OFFSHORE ASIAN MARKET, HAVE THEIR INDIVIDUAL CHARMS. WHICH ONE YOU CHOOSE DEPENDS ON YOUR SPECIFIC REQUIREMENTS, SAYS SERGIO HELD 为离岸亚洲市场而角逐斗力的开曼群岛和英属维尔京群岛（BVI）各有魅力。该选择哪一个则取决于客户的特定需求，SERGIO HELD如是说 **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

OFFSHORE

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“2014 SAW 2,687 DEALS WITH AN AGGREGATE DEAL VALUE OF $277 BILLION, MAKING IT BY FAR THE BEST YEAR FOR OFFSHORE-TARGETED M&A FOR THE PAST DECADE. THE YEAR WAS UP MORE THAN 60 PERCENT IN VALUE TERMS OVER THE PREVIOUS YEAR DESPITE BEING BROADLY FLAT IN TERMS OF VOLUME.” Cameron Adderley, Appleby

“2014 年共有2,687项交易，总交易金额为2,770亿美元，是过去十年中离岸并购交易最好的年份。这一年，交易价值同比增长超过60%，尽管交易数量变化不大。” Cameron Adderley，毅柏律师事务所

REUTERS/Juan Carlos Ulate

he Cayman Islands remains the top destination for offshore transactions, including mergers and acquisitions and IPOs, edging out other popular destinations such as the British Virgin Islands (BVI). The latest Offshore-i report from law firm Appleby, which is headquartered in Hamilton, Bermuda, and with offices in a range of offshore centers as well as London, Shanghai and Hong Kong, showed that Cayman Islands has positioned itself as the number one destination for offshore legal operations. “The Cayman Islands dominated deal volumes as a top target, accounting for a quarter of all deals done offshore,” said Appleby in its report. “Bermuda, the BVI and Hong Kong were largely level-pegging behind.” Cayman’s position in the offshore world is particularly significant given that 2014 was a peak year in terms of the total value of transactions, which at $277 billion topped the previous peak set in 2007. “The year was up more than 60 percent in value terms over the previous year despite being broadly flat in terms of volume,” says Cameron Adderley, partner and Appleby’s global head of corporate, in the report. Stability along with legal and political certainty helped the Caymans take the top spot. “There are many and varied and well known reasons for this popularity but investor familiarity and comfort with the laws and regulations and the political regime in Caymans and Bermuda is perhaps paramount,” says David Lamb, a Hong Kong-based partner and co-chairman at Conyers Dill & Pearman, an offshore specialist law firm. Lamb says that the choice of offshore destinations should be based on the type of transaction in question and the stakeholders involved. “The Cayman Islands is the leading jurisdiction in the Far East, at least for public company deals,

就

离岸交易而言，包括并购和新股上市（IPO），开曼群岛仍是首选目的地，险胜BVI等其他人气目的地。毅柏律师事务所的总部位于百慕大的汉密尔顿，并在一系列离岸中心以及伦敦、上海和香港都设有办事处。该事务所的最新一期 Offshore-i 报告显示，开曼群岛已经将自身定位为离岸法律运作的头号目的地。 “作为头号目的地，开曼群岛在交易数量方面独占鳌头，占到了所有离岸交易的四分之一”，毅柏在其报告中表示。“百慕大、BVI和香港则跟随其后，彼此不相上下。” 2014年是总交易价值的峰值年份，2,770亿美元的金额超过了此前2007 年创下的高点。有鉴于此，开曼在离岸交易中的地位显得愈发突出。 “这一年，交易价值同比增长超过60% ，尽管交易数量变化不大，”毅柏的合伙人兼公司业务全球主管Cameron Adderley在报告中表示。稳定性、以及法律和政治的确定性，帮助开曼坐上了头把交椅。 “开曼如此受欢迎有众所周知的多个原因，但投资者熟悉度、对法律法规的舒适度、以及开曼和百慕大的政治体制可能是最主要的原因，”专门的离岸业务律师事务所康德明律师事务所的合伙人兼联席主席林大维表示。林律师常驻香港。林大维称，应该根据相关交易的类型以及涉及的利益相关者，来选择离岸目的地。 “至少在公众公司交易方面，开曼群岛是远东领先的司法管辖区，但也并不是独一无二的，”他说。“长期以来，百慕大在

OFFSHORE

but it is not alone,” he said. “Bermuda has for many, many years traditionally been at the forefront of transactional activity in the Far East and the two jurisdictions are neck and neck, for example in IPOs on the Main Board of the Hong Kong Stock Exchange,” he says. STABILITY COUNTS Cayman Islands do offer a number of advantages when compared to other jurisdictions, not the least of which is political stability. “The Cayman Islands are a politically stable democracy with rule of law,” says Greg Knowles, partner and head of corporate at Maples and Calder, an international law firm that advises clients on the laws of the Cayman Islands, Ireland and the British Virgin Islands. Asian companies, particularly Chinese ones, often find the relative simplicity of the Cayman Islands attractive along with plenty of legal teams on the ground with a clear China focus. “Cayman Islands legal advice is available, increasingly, in the Chinese language from lawyers with broad and deep experience of significant corporate transactions during the business day in Asia,” says Knowles. “Cayman Islands company law is relatively simple and straightforward, it does not get in the way of the deal. It is flexible. For example, Cayman companies can pay dividends and redeem and repurchase shares out of capital provided solvency is maintained. “There is no requirement to hold an annual shareholders’ meeting or to conduct an annual audit,” Denton adds. This simplicity, which makes it relatively easy for stakeholders and their lawyers to manage Caymans-based companies, combined with a constant interest by the country itself to adapt its legislation to international requirements without affecting companies doing business there. “Cayman has demonstrated an ability to work with onshore regulators to accommodate their requirements in a timely and effective manner and there has been no material loss of business either in Asia or globally,” says Jonathan Culshaw, Asia managing partner at Harneys. “Last year also saw the introduction of a revised and much improved limited partnership law which demonstrates how Cayman continues to refine its products to better meet the requirements of international capital.” Culshaw highlights that a number of regulatory changes abroad are having an impact on business in the Cayman Islands. Not the least of these are the Foreign Account Tax Compliance Act (FATCA) in the United States and the European Union’s Alternative Investment Fund Manager Directive (AIFMD). He believes that the Cayman Islands and the BVI are the only two real choices of offshore jurisdictions for Asian companies. “Both are popular vehicles for the establishment of material debt issuing

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传统上一直处于远东交易活动的前沿，因为开曼和百慕大是并驾齐驱的，例如在香港证交所的主板IPO 方面，”他表示。

稳定性至关重要

与其他司法管辖区相比，开曼群岛确实有多项优势，政治稳定性是其中不可小视的一项。 “开曼群岛是民主政体，法治健全，政治稳定，” 迈普达律师事务所合伙人兼公司业务主管Greg Knowles表示。迈普达是一家国际律师事务所，向客户提供开曼群岛、爱尔兰和BVI的法律顾问服务。亚洲公司，尤其是中国公司，通常觉得开曼群岛相对简单，这点很有吸引力，此外当地还有很多以中国业务为重点的法律团队。 “客户越来越多地可以获得律师们以中文提供的开曼群岛法律顾问服务，这些律师通过在亚洲的工作积累了广泛和深厚的重大公司交易的经验，”Knowles表示。“开曼群岛的公司法相对简单明了，颇为灵活，不会阻碍交易。例如，只要保证偿债能力，开曼群岛的公司就可以用资本支付股利、赎回和回购股份。 “公司不需要召开年度股东大会或者进行年度审计，”Denton补充道。这样的简单性使得利益相关者和他们的律师可以相对容易地管理位于开曼群岛的公司，于此同时，该国本身也有意愿持续使其立法适应国际性的要求，又不影响在那里开展业务的公司。 “开曼显示出了与在岸监管机构协作，及时有效地适应其要求的能力，因此在亚洲和全球都没有重大的生意损失，”衡力斯律师事务所亚洲管理合伙人 Jonathan Culshaw表示。“去年开曼的有限合伙制法律还经过修订，有了显著改进，这显示出开曼一直在不断打磨其产品，以更好地满足国际资本的要求。” Culshaw 强调，国外的多项监管变化正在对开曼群岛的交易产生影响，其中就包括美国的《境外账户税务合规法案》 (FATCA) 以及欧盟的《另类投资基金管理人指令》。他相信，对于亚洲公司来说，仅有开曼群岛和 BVI是真正可选择的离岸司法管辖区。

“CAYMAN ISLANDS COMPANY LAW IS RELATIVELY SIMPLE AND STRAIGHTFORWARD, IT DOES NOT GET IN THE WAY OF THE DEAL. IT IS FLEXIBLE. FOR EXAMPLE, CAYMAN COMPANIES CAN PAY DIVIDENDS AND REDEEM AND REPURCHASE SHARES OUT OF CAPITAL PROVIDED SOLVENCY IS MAINTAINED.” Greg Knowles, Maples and Calder

“开曼群岛的公司法相对简单明了，颇为灵活，不会阻碍交易。例如，只要保证偿债能力，开曼群岛的公司就可以用资本支付股利、赎回和回购股份。” Greg Knowles，迈普达律师事务所

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Ugland House (R), which houses the office of the Cayman Islands’ largest law firm Maples and Calder and is the registered office of some 18,000 companies, on Grand Cayman Island. REUTERS/Alan Markoff

vehicles, outbound and inbound investment structures and joint ventures,” Culshaw says. “Both Cayman and BVI can be used as a listing vehicle for the Hong Kong Stock Exchange but Cayman is dominant in this space and is also a much more popular jurisdiction for the establishment of closed and open ended offshore funds.” In constantly and quickly adapting its domestic rules to regulatory changes around the world, the Cayman Islands displays a nimbleness that serves it well. “The Cayman Islands have always sought to maintain their position as the offshore jurisdiction of choice by making improvements to their laws,” says says Mark Western, joint managing partner and head of Finance at Maples and Calder in Hong Kong. “Cayman Islands was one of the first offshore jurisdictions to sign up to an intergovernmental agreement with the United States in relation to FATCA and the first reporting by Cayman financial institutions will take place later this year.” “In addition, the Cayman Islands have signed up to the OECD’s common reporting standards for automatic exchange of information,” he says. “That constant review and updating continues.” A series of legal amendments in the last few years have helped the Cayman Islands maintain close links with Asia, says Nathan Powell, corporate and commercial specialist partner at Ogier, a Jersey-headquartered firm with eight offices around the world including Hong Kong, Shanghai and Tokyo. “Although it was already a leading jurisdiction for listings in Asia, the amendments to the Cayman companies law in 2011 were specifically designed to enhance Cayman’s flexibility and attractiveness for corporate transactions in the Asian market, including the ability to have an English and Chinese name,” Powell says. “These changes have helped to consolidate Cayman’s market leading position.”

“对于建立重大的债务发行载体、对外和对内投资结构以及合资企业来说，两者都是受到青睐的选择，”Culshaw 表示。“开曼群岛和BVI都可以被用作香港证交所的上市载体，但开曼群岛在此领域具有统治地位，而且在设立封闭式和开放式离岸基金的领域也更加受到欢迎。” 通过不断快速地调整其内部规则，以适应全球监管变化，开曼群岛显示出的灵敏性让其获益良多。 “通过改进其法律，开曼群岛一直在寻求保持作为首选离岸司法管辖区的地位，”迈普达在香港的联合管理合伙人兼金融部主管Mark Western表示。“开曼群岛是最先与美国就FATCA签订了政府间协议的离岸司法管辖区之一，开曼的金融机构将在今年较晚时作出第一次报告。” “此外，开曼群岛还签署了信息自动交换的经合组织通用报告准则，”他表示。“这种不断的审视和更新一直在持续着。” 在过去几年中，一系列的法律修订帮助开曼群岛与亚洲保持着密切联系，奥杰律师事务所的公司和商业专门合伙人Nathan Powell说，该事务所总部位于泽西，在香港、上海、东京等世界各地设有八个办事处。 “尽管开曼群岛已经是在亚洲上市方面的领先司法管辖区，但开曼公司法2011年的修订专门针对强化开曼的灵活性以及对亚洲市场中公司交易的吸引力，包括让公司可以拥有一个英文名称和中文名称。”Powell 表示。“ 这些变化帮助巩固了开曼的市场领先地位。” 开曼群岛的受欢迎程度在香港股市表露无遗。

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“BOTH CAYMAN AND BVI CAN BE USED AS A LISTING VEHICLE FOR THE HONG KONG STOCK EXCHANGE BUT CAYMAN IS DOMINANT IN THIS SPACE AND IS ALSO A MUCH MORE POPULAR JURISDICTION FOR THE ESTABLISHMENT OF CLOSED AND OPEN ENDED OFFSHORE FUNDS.” Jonathan Culshaw, Harneys

“开曼群岛和BVI都可以被用作香港证交所的上市载体，但开曼群岛在此领域具有统治地位，而且在设立封闭式和开放式离岸基金的领域也更加受到欢迎。” Jonathan Culshaw, 衡力斯律师事务所 Traders work on the floor of the Hong Kong Stock Exchange. REUTERS/Victor Fraile

The popularity of the Cayman Islands is on ample display in the Hong Kong stock market. “Around 70 percent of all Hong Kong IPOs now use a Cayman listing vehicle,” Powell said. “Cayman is also commonly used for Taiwan listings and for Asian companies listing on stock exchanges in both London and New York.” The Cayman Islands (and its close competitor BVI) are also benefitting from developments in Asia. A case in point is the Shanghai Hong Kong Stock Connect Scheme that was launched in November 2014 and allows investors to invest in both cities. A similar scheme is in the works to link Hong Kong and Shenzhen. “The Shanghai-HK Stock Connect is good for the markets and an injection for the IPO market, as would a Shenzhen-HK Stock Connect,” says Lamb of Conyers Dill & Pearman. “IPOs are up; dispute resolution is also doing well.” BVI APPEAL While Cayman Islands remain the top offshore destination for Asian deals and M&A, the BVI also stands as an important offshore destination and close competitor for market share in the offshore legal business. “[BVI] have many of the advantages of the Cayman Islands and are increasingly highly regarded as a domicile for, in particular, holding companies, joint venture entities and trusts for use in commercial transactions,” says Knowles. “BVI companies have been listed on all the major international stock exchanges, including the (Hong Kong Stock Exchange).” For Lamb of Conyers Dill & Pearman, private companies are the ones that benefit the most from BVI´s regulatory scheme. And the BVI offers some other advantages, says Culshaw of Harneys. “BVI is a more cost-effective place to do business and its companies law is in some respects clearer and more flexible than that of Cayman,” he said. “It continues to be the preferred domicile for the establishment of debt issuing vehicles and investment holding companies and is also a popular jurisdiction for the establishment of joint ventures.”

“70%左右的香港IPO现在都采用开曼上市载体，”Powell说。“开曼也被普遍用于台湾上市，以及亚洲公司在伦敦和纽约的证交所上市。” 开曼群岛（及其主要竞争者BVI）也都受益于亚洲的发展。一个恰当的例子就是2014年11月启动的，允许投资者投资两地股市的沪港通项目。一个联接香港和深圳股市的类似项目也在筹备中。 “沪港通对市场利好，也是IPO市场的强心剂，深港通也将如此，”康德明的林大维表示。“IPO增多了，争议解决业务也表现不俗。”

BVI的吸引力

尽管开曼群岛仍是亚洲交易和并购的头号离岸目的地，但BVI也是一个重要的离岸目的地，在离岸法律业务中猛烈地争夺着市场份额。 “[BVI] 拥有开曼群岛的很多优势，并且越来越被视为尤其是控股公司、合资企业、用于商业交易的信托等的理想之地，”Knowles表示。“BVI公司在所有主要的国际证交所上市，包括（香港证交所）。” 康德明的林大维认为，私人公司是BVI监管体制的最大受益者。而且BVI还有一些其他优势，衡力斯的Culshaw 说。 “在BVI开展业务有更高的成本效益，而且其公司法在某些方面比开曼的更为清晰和灵活，”他说。“BVI继续是设立债务发行载体和投资控股公司的首选地，也是设立合资企业的一个受欢迎的司法管辖区。” Culshaw还提及了《维尔京群岛特别信托法案》，该法案允许创立被称为 VISTA的特别信托。

与您合作无间尽显奥杰天赋我们具备专业素质，可以为客户提供他们所需要的法律服务。我们与众多全球知名律师事务所、国际金融机构、专业顾问、各大主要投资公司和高净值家庭有着悠久稳固的关系。我们通过覆盖所有时区和主要金融市场的办公室网络提供英属维尔京群岛、开曼群岛、耿西岛、泽西岛和卢森堡的法律意见，也是唯一一家同时提供这五个区域法律咨询业务的律师事务所。

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英属维尔京群岛 | 开曼群岛 | 耿西岛 | 香港泽西岛 | 卢森堡 | 上海 | 东京

如想获得更多有关奥杰律师事务所的资料或其管辖区的详情，请浏览我们的网站 www.ogier.com

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A man walks out of the Shanghai Stock Exchange building at the Pudong financial district in Shanghai. REUTERS/Carlos Barria

“THE SHANGHAI-HK STOCK CONNECT IS GOOD FOR THE MARKETS AND AN INJECTION FOR THE IPO MARKET, AS WOULD A SHENZHEN-HK STOCK CONNECT. IPOS ARE UP; DISPUTE RESOLUTION IS ALSO DOING WELL.” David Lamb, Conyers, Dill & Pearman

“沪港通对市场利好，也是IPO市场的强心剂，深港通也将如此。IPO增多了，争议解决业务也表现不俗。” 林大维，康德明律师事务所 Culshaw also points to the Virgin Islands Special Trusts Act, which allows for the creation of special trusts known as VISTA. “Its unique VISTA trust product is also a popular product in Asia allowing first generation wealth to effectively structure for the future whilst retaining control of the running of the family business.” That’s not to say that the Cayman Islands lags far behind in this area. “The continuing attractiveness of the Cayman Islands as a jurisdiction for deals has also resulted in an increase in Cayman Islands trust structures,” said Denton. “Such trust structures are used as estate planning and succession vehicles for wealthy individuals (often founders of businesses) and also as vehicles to retain, reward and incentivise employees and senior management.” BOOM RIPPLES Culshaw highlighted other advantages of both Cayman Islands and BVI. “Jurisdictions other than BVI and the Cayman Islands struggle to win material work in Asia as they can offer only minor cost savings in terms of establishment costs which are outweighed by the lack of legal and corporate services support in the same time zone,” he said. The boom in offshore business in both Cayman Islands and the BVI is causing some ripples. The rise in business has led to a rise in business disputes. The rising number of disputes is straining the efforts of law firms to deal with the increasing demand for services.

“其独特的VISTA信托也是在亚洲颇受欢迎的产品，它使得第一代财富创造者能面向未来进行有效的结构化，同时保持他们对家族生意的运作控制权。” 但这并不是说开曼群岛在此领域被远远甩在后面了。 “对开展交易来说，开曼群岛作为司法管辖区具有持续的吸引力，这也导致了开曼群岛信托结构的增多，”Denton表示。“富人（通常是公司创立人）用这些信托结构进行遗产和继承规划，也用来留住、奖励和激励雇员及高级管理层。”

繁荣的涟漪

Culshaw还强调了开曼群岛和BVI的其他优势。 “BVI和开曼群岛之外的司法管辖区难以赢得亚洲的重大业务，因为它们仅能为客户节省一点设立成本，但由于欠缺在同一时区提供法律和公司服务支持的能力，这点好处是微不足道的，”他说。开曼群岛和BVI离岸业务的繁荣也引起了一些涟漪。交易的增加导致了商业争议的增多。争议的数量上升，使律师事务所忙于应付不断增长的服务需求。

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“Commercial disputes in the region are on the rise, typically leading to shareholder led litigation,” said Powell. “We established a litigation team in Hong Kong led by Mandarin speaking partner Ray Ng, previously the head of our litigation practice in BVI.” Maples and Calder also sees the rise of opportunities for offshore law firms to take on more litigation-related mandates that go beyond commercial disputes. Solid legal systems make these destinations appealing to resolve disputes. “Litigation is another growth area, reflecting the fact that the Cayman court system is now widely accepted as being an efficient place to litigate claims,” Powell said. Moving from strength to strength, the Cayman Islands remains popular well beyond Asia. IPOs from the U.S. have been strong, some with ties to Asia but listing in the U.S. nonetheless. The biggest recent example is the $25 billion listing of Chinese e-commerce provider Alibaba. The fact that Chinese companies remain keen to list in Hong Kong or further abroad is good news for these destinations. At the same time, other types of deals continue to flow. “There is a steady stream of private equity investment transactions utilising Cayman vehicles,” says Western. “Funds has been an especially active practice area with Cayman Islands companies, limited partnerships and unit trusts being used for hedge and private equity funds.” One sector that has seen a spike in business is aviation. “On the finance side, we have increasingly seen Cayman companies being used for aircraft financing transactions, in particular, as well as for more general capital markets deals,” adds Knowles. For Appleby, the law firm that generated the Offshore-i report, the financial and insurance sectors are key drivers of the offshore universe. “The financial and insurance activities sector was once again on top, thanks to two deals worth north of US$5 billion each. Deal value remains widely dispersed with 17 subsectors showing cumulative deal activity worth more than US$1 billion each,” the report says. Meanwhile, in the fourth quarter of 2014, the most popular deal by type in the offshore region, was capital increases. “[This] is a new definition to represent minority stake transactions that do not involve third-party acquirers,” Appleby says. “There were 225 of these deals, 211 acquisitions, and 135 minority stake deals in the quarter.”

OFFSHORE

“该地区的商务争议在增多，常常会导致股东主导的诉讼，” Powell说。“我们在香港设立了一个诉讼团队，由讲普通话的合伙人吴建兴领导，他此前是我们在BVI的诉讼实务主管。” 迈普达也看到了离岸律师事务所有更多的机会，接受更多不只是商业争议范围内的、与诉讼相关的委托。开曼群岛和BVI等坚实的法律体系，使它们对解决争议颇具吸引力。 “诉讼是另一个业务增长点，反映出开曼的法律体系现在被广泛承认为是提起诉讼主张权利的高效地点，”Powell表示。强者恒强，开曼群岛远远不只在亚洲受欢迎。来自美国的IPO业务强劲，其中一些与亚洲有联系，但选择在美国上市。近期最大规模的例子是中国电子商务提供商阿里巴巴的250亿美元上市案。中国公司热衷于在香港或者进一步在国外上市，对于这些离岸目的地来说是好消息。同时，其他类型的交易也在继续产生。 “利用开曼载体进行的私募股权投资交易量相当稳定，”Western表示。“基金一直是特别活跃的实务领域，开曼群岛的公司、有限合伙企业和单位信托都被用于对冲和私募股权基金。” 航空是业务量有较大增长的一个行业。 “在金融方面，除了被用于一般性的资本市场交易以外，我们尤其注意到开曼公司被越来越多地用于飞机融资交易，”Knowles补充道。制作了Offshore-i 报告的毅柏律师事务所则认为，金融和保险行业是离岸生意的关键驱动因素。 “由于两笔均超过了50亿美元的交易，金融和保险行业再次抢得头名。交易金额保持广泛分布，有17个子行业的交易活动累计价值均超过了10亿美元，”报告指出。同时，在2014年四季度，离岸地区中最常见的交易类型是增资。 “[这] 是一个新定义，代表不涉及第三方收购者的少数股权交易，”毅柏表示。 “该季度中有225项此类交易、211项收购、以及135项少数股权交易。”

“ALTHOUGH IT WAS ALREADY A LEADING JURISDICTION FOR LISTINGS IN ASIA, THE AMENDMENTS TO THE CAYMAN COMPANIES LAW IN 2011 WERE SPECIFICALLY DESIGNED TO ENHANCE CAYMAN’S FLEXIBILITY AND ATTRACTIVENESS FOR CORPORATE TRANSACTIONS IN THE ASIAN MARKET, INCLUDING THE ABILITY TO HAVE AN ENGLISH AND CHINESE NAME. THESE CHANGES HAVE HELPED TO CONSOLIDATE CAYMAN’S MARKET LEADING POSITION.” Nathan Powell, Ogier “尽管开曼群岛已经是在亚洲上市方面的领先司法管辖区，但开曼公司法 2011年的修订专门针对强化开曼的灵活性以及对亚洲市场中公司交易的吸引力，包括让公司可以拥有一个英文名称和中文名称。这些变化帮助巩固了开曼的市场领先地位。” Nathan Powell，奥杰律师事务所

Q&A

ASIAN LEGAL BUSINESS MAY 2015

‘WE WILL MAKE A BIG MOVE THIS YEAR’ “今年我们有一个大动作。”

WU PENG, PARTNER AND DIRECTOR OF THE MANAGEMENT COMMITTEE AT ZHONG LUN LAW FIRM, SHARED WITH ALB’S SHANGJING LI ABOUT ZHONG LUN’S REPRESENTATION OF QUALCOMM, AND HIS EXPERIENCE OF MANAGING A LAW FIRM WITH OVER 1,000 LAWYERS.

中伦律师事务所管理委员会主任吴鹏律师向ALB记者李尚晶讲述了中伦代理高通案件的始末，同时也分享了他管理一个拥有1000多名律师的律所的经验。

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ALB: When did Zhong Lun become involved in the Qualcomm case, and what kind of difficulties did it encounter?

Wu: It was around July or August 2013 when Qualcomm first came to us for anti-monopoly advice. We assisted them between November 2013, when the investigation officially began, and February 2015 when the final decision was reached. We advised Qualcomm on China’s Anti-Monopoly Law, helped them communicate and negotiate with the National Development and Reform Commission (NDRC), drafted and translated all the files submitted to the NDRC as well as internal decisions, and provided on-site advisory and witness services for Qualcomm during NDRC’s field investigations. I have read many reports on the Qualcomm case, most of which are far from the truth. Zhong Lun is the only law firm that has been acting for Qualcomm all the way through and has been involved in the dozens of rounds of talks and negotiations with the NDRC. I am also the only Chinese lawyer involved in the whole process. I think it was a very difficult process for the NDRC, as the investigator and regulator, and Qualcomm, as the company under investigation, to get to understand each other. Though mutual understanding is not equivalent to acceptance or consent, it is the precondition for mutual acceptance. In the beginning, the two sides could hardly understand each other and were oceans apart. As the discussions went on, consensus was reached in many aspects. By gaining a comprehensive understanding of both Qualcomm’s and NDRC’s positions, Zhong Lun served as an important bridge between the two parties. Given the complexity and sensitivity of this case, we have kept a low profile and never revealed any details. Now that the case has concluded, we can say at this point that the Qualcomm case was a landmark in China’s history of antimonopoly investigations, whether in terms of the penalty amount or complexity.

ALB: Are all the parties satisfied with the final penalty decision on Qualcomm?

Wu: Though decisions on the Qualcomm case have been made, follow-up work is still underway. We have a 20-lawyer team providing comprehensive services for Qualcomm. I am proud to say that our services are highly regarded by our client Qualcomm, as well as highly recognised and praised by NDRC leaders.

ALB: There are claims that the Chinese Government mainly targets foreign

companies in antitrust investigations. What do you think about this charge? Wu: Antitrust investigations do not always target foreign companies. Since foreign companies are more influential, and major cases are usually associated with foreign businesses, people may feel that antitrust investigations are mainly targeted at foreign companies. This perception is not true based on what I have heard. Some say this is selective law enforcement. But it is never that simple. Foreign companies and State-owned enterprises (SOEs) are ultimately treated equally. However, as both human and financial resources for law enforcement are limited, it is impossible to enforce laws promptly against each and every wrongdoer. Take speeding while driving for example. Why are not all the drivers speeding caught? The crux of this issue is not whether all the people speeding are caught, but whether we ourselves are speeding and how to avoid speeding. So far, there are already precedents of NDRC punishing SOEs and private enterprises. The NDRC is not just targeting foreign businesses.

ALB: What are your recommendations to SOEs and foreign companies in terms of antitrust compliance?

Wu: I think I will give the same advice to them. As the Anti-Monopoly Law is one of the most important laws in China, I think compliance is a must. Foreign companies have a stronger awareness of compliance than domestic enterprises. SOEs usually feel that domestic issues can be settled through top-level

Q&A

ALB: 中伦什么时候开始介入高通的案子，经历了哪

些困难？吴鹏律师：高通找我们寻求反垄断服务第一次应该是 2013年的7，8月。这个案子从正式被调查的2013年 11月到今年2月裁决结果出来，我们一路提供全程的服务，包括对中国反垄断法的咨询、一起跟发改委沟通和交涉、起草、翻译所有的文件提交发改委、内部决定方案，以及发改委来公司调查的时候我们在现场提供咨询和见证服务。我看了很多对高通案件的报道，其实他们大多并不了解真相。中伦是唯一一家全程代表高通的律所，参与了跟发改委几十轮的沟通和交涉。作为中国律师，我也是唯一一个全程参加的。发改委作为调查机关和执法机关，高通作为被调查的企业，双方的互相理解我觉得是个很艰难的过程。尽管这个理解不代表互相接受和同意，但是一定是互相接受的前提。一开始其实双方完全谈不到一起，差异很大，后来形成了很多共识，中伦通过全方面了解高通和发改委的想法，在这个过程中起到一个很好的桥梁作用。这个案子比较复杂和敏感，所以我们一直以来都比较低调，从从未向外界披露详情。随着案子的结案，今天这个时点，我们可以说高通案无论是罚款额还是其复杂程度，在中国反垄断调查历史上都是里程碑式的。

ALB: 最后对高通的惩罚决定各方都满意吗？吴鹏律师：现在高通这个案子决定出来了，后续工作还在做。我们一直以来有一个将近20人的律师团队提供了全方位的服务，最后我可以很自豪的讲，我们的服务得到了客户高通公司的好评，也得到了发改委领导的认可和高度评价。

ALB: 有人说中国政府的反垄断调查是主要针对外企

的，您怎么看？吴鹏律师：反垄断调查不是完全针对外企。因为外企的影响力比较大，比较重要的案子经常跟外企有关，好像感觉是以外企为主，可我所听到的消息并不完全是这样。有人说是选择性执法，可这不是那么简单的，外企跟国企最终是一视同仁。但是执法的人力和财力有限，不可能对每一个违法者及时进行执法。就像开车超速，为什么超速的人没有全抓？这个问题的重点不是有没有全抓，而是自己有没有超速，如何避免超速。国家发改委至少从目前看对国企，民企也有处罚的先例，并不是只针对外企。

ALB: 在反垄断方面，您对国企和外企分别有什么建

议？吴鹏律师：我认为我会给一样的建议，作为中国最重要的一项法律，我认为还是要合规的。外国企业的合规意识比国内企业要强。国企主要觉得一些国内的事情可以通过上层的沟通来解决，而不是用法律，但目前看来显然不是这样了。现在领导班子更注重依法治国。我觉得国企应该提高合规合法的意识，意识到靠关系和上层协调的作

Q&A

communications rather than legal means. But it no longer appears to be the case now. The leadership is putting more emphasis on governing the country by law. I think SOEs need to raise their awareness of compliance with laws and regulations, and realise that contacts and top-level coordination will play an increasingly limited role. I also have SOE clients, and I think they should strengthen training on antitrust compliance.

ALB: China’s antitrust regulators have been gradually enhancing their

competency. What bumps have they met in recent years and what progress have they made? Wu: Based on my own experience, China’s antitrust regulators have made great progress overall. China has accumulated a lot of law enforcement experience in recent years. Our law enforcement officers have greatly improved their overall competence and broadened their horizons by attending training sessions both at home and abroad. As far as I know, China’s regulators have frequent exchanges with their counterparts in the U.S., the European Union, South Korea and other countries. From this perspective, China’s regulators are becoming increasingly aligned with international standards. Besides experience, there has also been a sharp rise in the number of law enforcement officers. With growing international exchanges, many international practices have been learned and adopted by domestic law enforcement agencies.

ALB: What problems need to be addressed in antitrust law enforcement? Wu: Speaking of antitrust, both the State Administration of Industry and Commerce (SAIC) and the NDRC are regulators. The former focuses on price issues, while the latter’s investigations do not involve prices. However, many problems concern both price and non-price factors. Who should be in charge of coordination, and who should have jurisdiction over such problems remain critical issues to be addressed. In fact, it is hard to say whether a monopolistic act has or doesn’t have price factors. In most cases, price factors are involved. I think the artificial separation of price and non-price factors itself is something that needs to be looked into. The second problem involves administrative monopoly. This problem is relatively complicated as it is closely related to our institutional reforms. We have made great progress in both horizontal and vertical antitrust. But so far, I have seen no step forward in administrative monopoly. Administrative monopoly includes government-led mergers of SOEs as well as industry associations’ guidance of industries and regulation of industries pegged to administrative power. Noticeable action remains to be seen in this aspect.

ALB: Can you comment on China’s antitrust development in recent years? Wu: China is a rising star in antitrust enforcement, though it is relatively late in antitrust legislation. It has been only six years since the Anti-Monopoly Law took effect in 2008, while in South Korea, it has been several decades. However, we have dealt with cases of international influence due to China’s economic importance. Besides the US and the EU, China may be the country with the greatest clout in antitrust. In the past, antitrust was hardly heard in China. But now, it has become one of the most keenly-watched antitrust jurisdictions in the world.

ALB: Quite a few big law firms in China have gone global by “marrying” foreign law firms. What is Zhong Lun’s plan in this respect?

Wu: We will make a big move this year. We have hired a top-notch consulting firm in the international legal community, the one that has worked on the merger between King & Wood and Mallesons, to provide suggestions and advisory solutions from an outsider’s point of view. Meanwhile, we have held a number of internal meetings and are preparing to pursue a major direction in global development as early as September 2015 and as late as March next year.

ASIAN LEGAL BUSINESS MAY 2015

用越来越有限。我也有国企的客户，我觉得他们应该加强反垄断的合规培训。

ALB: 中国反垄断执法机构逐渐积累实力，这几年

经历了哪些“坎坷”，取得了哪些进步？吴鹏律师：整体来讲有了突飞猛进的进步，所谓突飞猛进，我这个更多是根据经验。经过这些年，中国已经积累了很多执法经验。我们的执法人员，通过培训包括去国外，综合素质已经得到大幅度的提升，眼界也得到了大幅度提高。中国的执法机构据我所知跟美国、欧盟、韩国等有着非常密切的国际交流，从这角度来说，中国的执法机构已经越来越多地跟国际接轨。除了经验，人员也比以前有了较大幅度的增加。随着国际交流的增多，国际上通用做法也越来越多被国内执法机构了解和采纳。

ALB: 目前反垄断执法方面还有什么问题需要解

决？吴鹏律师：涉及到反垄断，国家工商总局和发改委都是执法机构。它们一个侧重价格一个不涉及价格，可是很多问题涉及到价格和非价格因素，这方面的协调问题以及到底应该归谁管是一个课题。其实很难说一个垄断行为没有价格因素，或者有价格因素，往往是包含价格因素，我觉得把这两块人为地分开本来就是一块有待改善的地方。第二块涉及到行政垄断。这一块比较复杂，这跟我们体制改革都有密切的关系。目前在横向和纵向反垄断我们都有很大的进步，但是我现在看不到在行政垄断方面的进展。行政垄断包括政府主导的国企的合并和行业协会对行业的引导和跟行政权力挂钩的行业的监管，目前这方面我没有看到有任何明显的举动。

ALB: 能否评价一下中国在反垄断领域这几年的发

展？吴鹏律师：中国是个后起之秀，立法比较晚，就是 2008年到现在，六年短暂的时间。在韩国都有好几十年了。但因为中国的经济地位，我们办理了在全球方面有影响力的案子。除了美国和欧盟，影响力最大的很可能就是中国了。以前中国在反垄断领域是空白，现在中国已经成为国际上最引人注目的司法管辖区域之一。

ALB: 中国有不少大型律所都选择了跟外国所“联姻”

的方式来开始国际化进程。对于中伦来说，接下来会怎么发展？吴鹏律师：今年我们有一个大动作。经过筛选，我们聘请了一个国际律师界顶级的咨询公司。我们希望他们能从局外人的角度提供建议和咨询方案。同时我们内部已经开了多次会议，准备最早在今年九月份，最晚明年三月份形成一个大的国际化发展方向。目前有四种方式，第一条是金杜路线，主导一个国际联盟。但是根据我对中伦现状的了解，中伦走这一条路的可能性不是很大。

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There are now four options. The first is the road King & Wood has taken, i.e. dominating an international merger. But based on my understanding of Zhong Lun’s status quo, this is not a likely choice. The second is taking part in an international law firm merger of equals, just as Dacheng did. Many international law firms are willing to partner with Zhong Lun, but we have not decided whether or not to merge. We are still considering that option. The third is the “best friend” model, i.e. becoming partners or signing strategic cooperation agreements with top-tier global law firms to prioritise working with them. Such partnership is neither unique nor exclusive. The law firms we choose to work with are all top five law firms in each jurisdiction because we ourselves are among that rank in China. We can provide best services for clients by teaming up with local law firms. The fourth is the model currently adopted by Zhong Lun. We stress that we aim to be China’s local law firm, with our overseas offices mainly serving as windows to provide supporting services for Chinese offices. Additionally, we have joined two loose international law firm alliances. One is Terralex, which has over 150 law firm members, and the other is WLG (World Law Group). WLG only allows one member in each country. After its Chinese member King & Wood quit, WLG picked us to be its Chinese member, and we joined after careful consideration. Since both the alliances are loose and non-exclusive, joining them is in line with our current strategies of nonalignment, focusing on the domestic market, setting up small offices in foreign countries, and joining loose international alliances. Of the four options, I personally believe the latter two stand more of a chance. So far, those who want to merge with us either are not good enough for us or just want to “take over” us. Given our development so far, Zhong Lun can never agree to lose itself. We can go for merger but we cannot be acquired or merged.

ALB: What kind of culture defines Zhong Lun today? Wu: Diversity is a vital characteristic of Zhong Lun. Zhong Lun is very open and democratic. At Zhong Lun, everyone can have his own platform to develop. We encourage our partners to focus on areas they specialise in. We classify lawyers into 19 specialties. All of our partners have one major specialty and two minor specialties. For example, I used to work in many areas that I am no longer engaged in now. Currently, my major specialty is antitrust, with mergers and acquisitions, and arbitration as my two minor specialties, because a person only has limited energy. At Zhong Lun, we have no such concept of promoting people based on seniority. We have more than 200 partners, and all the new hires have very good development opportunities. Among the 200-plus partners, old Zhong Luners, i.e. partners who have been with Zhong Lun for more than 15 years, account for less than a quarter. Three-quarters of our partners have joined recently. We have long maintained high per capita revenue, which is quite a feat in the legal profession. All the staff has kept excellent work conditions so far. Our managing partners are all working hard on the frontlines. To set an example for others, I attend each important partner negotiation in person, and revise documents myself. Zhong Lun has a very good “ecosystem”. Everyone has good development opportunities. In the beginning, some partners’ income is only one-tenth of that of founding partners like me, but now their income is equal to or even higher than ours. Unlike some law firms that set a ceiling on remuneration so that no one will have an income exceeding that of the founding partners, we set no income ceiling. At Zhong Lun, the more you work, the more you earn. People do what they are capable of doing. On the other hand, it is also ok if you want to have another lifestyle that is less demanding. We have arrangements for employees to retire as consultants or for partners to downgrade.

Q&A

第二个是像大成一样，加入一个国际律所联盟。目前看来愿意接纳中伦的国际律所很多，但我们目前尚未决定是否要加入一个联盟，这一块还在考量之中。第三种叫“best friend”, 就是跟国际上一流律所成为合作伙伴或者签一个战略合作协议，跟这些律所优先合作。这种关系不是唯一的也不是排他的。我们目前选的都是各个司法区域前五名律所，因为我们自己在中国也是这个排名。我们通过与当地律所合作方式，为客户提供最好的服务。第四种就是目前中伦模式，我们强调要成为中国本土的律师事务所，国际上的办公室都主要是窗口，为中国本土的办公室提供支持服务，同时我们会加入松散的国际律师联盟。目前中伦加入了两个联盟，都是比较松散的，一个叫Terralex，它的成员有150多家律所，还有一个叫WLG （World Law Group），这个组织一个国家只能有一个成员，以前金杜是成员，但现在金杜退出了，他们现在在选member的时候就选择了我们，我们经过考虑之后加入。因为这两个联盟都是松散的，不是排他性的，符合我们目前的战略：不结盟，以本土为主，其他国家建立小分所，加入松散国家联盟。这四种方式，我个人觉得后两种可能性更大，因为到目前为止想要跟我们组建联盟的要不就是我们嫌人家不够，要不就是人家想“吃掉”我们。中伦走到今天不可能失去自我，我们可以合并，但不能被吸收合并或被兼并。

ALB: 什么样的文化造就了中伦今天的“生态”？吴鹏律师：中伦非常重要的特点是他的多元性，非常开放，很民主。任何人在中伦都能找到自己的发展空间。我们提倡合伙人专业化，有所为有所不为，我们把律师分为19各专业，现在合伙人都是一个主业，两个辅业。比如我自己以前做很多专业现在都不能做了。目前我的主业是反垄断，辅业我选择了并购和争议仲裁。因为人的精力是有限的。在中伦我们没有论资排辈的概念，200个合伙人，每个新人来都会有很好的锻炼。我那天统计了一下，在200多个合伙人里面，老中伦人，也就是来中伦超过十五年年的四分之一都不到，四分之三都是新加入我们的。我们一直保持较高的人均创收，这在律师业非常不容易，直到今天，大家都能保持很高的状态。目前我们的管理合伙人都亲力亲为在一线做业务，我自己以身作则，每个合伙人重要谈判都要亲自参加，文件亲自修改。中伦的“生态”很好，每个人都能得到很好的发展。一开始一些合伙人收入跟我们创始合伙人相差十倍，现在他们都跟我们一样了甚至超过我们。我们的创收没有ceiling，不像有些律所的架构在薪酬方面设置封顶，永远不会有人超过创始合伙人的收入。我们基本上是多劳多得，量力而行，但如果你

Q&A

ALB: Zhong Lun now has more than 200 partners and over 1,000 lawyers worldwide. In your opinion, what is the most effective way to manage a big law firm?

Wu: Zhong Lun operates as a company while encouraging people to work more and earn more, thus striking a good balance. We have a democratic system, and elect management committee members and director by secret ballot. We also have a mechanism under which the director of the management committee can only serve two terms at most and can be removed for poor performance, though there has been no such precedent so far. In terms of management, there are seven members in our management committee, with each member in charge of one area. I am the head of that committee. I think it is important to fully mobilise the initiative of each committee member. In this respect, I am more like a coordinator as I am good at coordination and communication. I do not issue orders directly but respect the self-discipline of our partners. Second, I believe technology should also be employed while managing a law firm. We started to apply technology in firm management quite early. For example, we use advanced database and Internet software for data retrieval. We have invested heavily in this area. Last year, Zhong Lun invested 10 million yuan in IT applications alone, which is a large amount among domestic law firms. Moreover, law firm partners need to adapt to a rapidly changing legal landscape. For example, China’s Anti-Monopoly Law was not promulgated until 2008. No such law existed ten years ago, but our law firm was already founded in 1993. Partners need to be forward-looking, and should not just look at domestic affairs, but also watch international developments. When there was no anti-monopoly law in China, I already sensed that China would have such a law in the future. At that time, I believed it was necessary to learn and accumulate knowledge in this aspect so as to stay ahead of others.

ASIAN LEGAL BUSINESS MAY 2015

想换一种生活方式不想太累，那也可以，我们有退休成为顾问和合伙人降级的制度安排。

ALB: 现在中伦全球有200多名合伙人和1000多名律

师。管理如此庞大的律所，您觉得什么管理方式最有效？吴鹏律师：目前中伦既有公司化的成分，又鼓励多劳多得，是良好的平衡。我们是民主体制，通过无记名投票选举产生管理会成员和管委会主任。我们有一个机制，管委会主任最多连续两任，选上来不好我们也可以罢免，虽然目前没有这样的先例。在管理方面，我们管委会有七个人，每人分管一块，我是总负责。我觉得要充分发挥每个管委会成员的主观能动性，要把大家的干劲发挥出来。在这方面，我更像一个协调人，因为我的优势是协调能力，沟通能力，而不是直接下命令，尊重合伙人的自律性。其次我觉得高科技的技术手段也要应用到律所的管理中来。我们比较早就开始就在律所管理中加入科技技术，运用先进的数据库和互联网软件来进行数据检索等。这一块我们投入很大，去年在IT中伦就投入有1000万，这个金额在国内律所里应该是大手笔。还有一点，律所合伙人来说一定要与时俱进。比如反垄断法是2008才颁布的，10年前还没有这个法律，而我们93年就有这个律师事务所了。所谓前瞻性就是不要做井底之蛙光看国内，要盯住国际上事态的发展。中国还没有反垄断法的时候，我就感觉中国将来一定会立法，那个时候我就觉得要积累一下这方面的知识，得比别人先走一步。

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GUANGZHOU IN-HOUSE LEGAL SUMMIT

GUANGZHOU 2015

IN-HOUSE LEGAL SUMMIT GRAND HYATT GUANGZHOU - 19 MARCH

Delegates listening to keynote speech on the future of legal community in Southeast China.

sian Legal Business (ALB) held the 2015 edition of its annual Guangzhou In-house Legal Summit on Mar. 17 at the Grand Hyatt. Over 200 in-house legal counsel from companies such as People’s Bank of China, Vanke, Tencent, Huawei Technologies, Watson Group and other large State-owned enterprises, private enterprises and foreign-invested enterprises attended the summit during which hot topics like the draft Foreign Investment Law, financing risks faced by Chinese enterprises in overseas operations, and strategic adjustments by enterprises while ensuring compliance were discussed. Following a welcome speech by ALB China journalist Li Shangjing, David Buxbaum, head of the Intellectual Property Rights Committee of the American Chamber of Commerce in South China, made a keynote speech. Buxbaum, the first American lawyer invited to China on behalf of the US business community, is widely recognised as an expert in international justice and Chinese law. As an American who has witnessed the progress of China’s legal system over nearly three decades, he shared with participants his unique insight into China’s judicial reform. After Buxbaum’s speech, three partners from Broad & Bright, Dong Hui, Yuan Kai and Zhu Taotao delivered a presentation titled “How Enterprises Should Make Strategic Adjustments in Light of Economic Situations from Legal Perspectives.” They spoke about the advantages and disadvantages of listing on Hong Kong’s capital market as well as

how to avoid legal risks, how to effectively recover debts, and how to seize the right time for liquidation. The discussions after the tea break focused on the most closely-watched topic at the moment: mergers and acquisitions (M&A) in China. Partners Yu Lei and Xu Xiaolu and consultant Wang Lai presented on this. The speech by Yu was titled “Perspectives and Prospects on Foreign Investment Law (Draft for Comments)” where he, starting with China’s legislative process on foreign investment, made an in-depth analysis of the current status and characteristics of legislation related to foreign investment. The speech by Xu touched on the litigation and arbitration related to M&A. Wang talked about compliance review and controlling risk in M&A, and offered suggestions on risk control from the perspectives of anti-bribery and white-collar crime. After lunch, Liu Jun, senior partner and head of the civil and commercial litigation department of Guangdong Grand & Holders Law Firm, delivered a speech with detailed analysis of some cases on corporate equity disputes. Corporate equity disputes have drawn much attention in recent years. It was once said that equity would replace real estate, which is the most important property for the Chinese at present, in ten years. Liu analyzed the patterns of the occurrence of equity disputes, the rules and effective methods for resolving such disputes, and the means that could be taken to enhance professional competence in the field of cor-

porate equity disputes. Guangdong Grand & Holders Law Firm was on ALB’s list of top ten fastest growing law firms in China in 2014 and its director, Huang Shan, was among the top fifteen rising lawyers as awarded by ALB in 2014. After the afternoon tea break, Peter S.K. Koh, visiting professor of the China University of Political Science and Law and the Renmin University of China, and Tony Qiang, general manager of the Corporate Loan Department of the Bank of East Asia (China), discussed about how to avoid legal risks in overseas business financing of Chinese enterprises. Koh is qualified to practice in England, the British Columbia of Canada and Singapore, and is the author of the third edition of Major Issues in Company Law (with PRC Chinese and English Comparative Notes). The summit concluded by a panel discussion on in-house legal practices. Koh, Gao Huandong, general counsel of Yihaodian, and Chen Peijin, President of Sino-Singapore Guangzhou Knowledge City Investment and Development Co., Ltd. discussed corporate compliance issues. The three speakers, in their respective capacities, talked about, among other things, career planning and responsibilities of in-house counsels, and compliance with anti-commercial bribery laws, and provided the in-house counsel present at the summit with many kinds of practical and professional advice from strategic perspectives.

GUANGZHOU IN-HOUSE LEGAL SUMMIT

ASIAN LEGAL BUSINESS MAY 2015

2015年

广州企业法律顾问峰会《亚洲法律杂志》(ALB)广州企业法律顾问峰会于三月十七日在广州富力君悦大酒店成功举办，包括来自中国人民银行、万科集团、腾讯、华为、屈臣氏等大型国企、民企、外企的超过200名法律顾问参与了峰会，讨论了《外国投资法》征求意见稿、中国企业海外业务融资风险、企业如何在合规同时进行战略调整等热点话题。 ALB中国区记者李尚晶致欢迎词之后，华南美国商会知识产权委员会会长David Buxbaum进行了主旨演讲。Buxbaum是首位代表美国商界受邀来到中国的美国律师，被公认为是国际司法和中国法律领域的专家。作为一个见证近30年来中国法制进步的美国人，他跟在场听众分享了他对中国司法改革独到的见解。随后来自世泽律师事务所的三位合伙人董辉、袁凯、诸韬韬上台发表演讲，主题为“从法律角度看企业如何根据经济

诸韬韬律师讲解如何有效进行债务回收

黄山律师与刘浚律师认真听取讲座

形势实施战略调整”。他们分别从企业于香港资本市场上市的优劣势以及如何规避法律风险、如何有效回收债务、如何抓住适当时机进行企业清算这三个方面来阐述企业的战略问题。茶歇过后，进入了当下备受关注的话题：企业并购在中国。来自环球律师事务所(上海)的合伙人郁雷, 环球律师事务所(深圳)的合伙人徐晓路, 环球律师事务所(北京)的顾问王铼依次发表了演讲。郁雷律师演讲话题为“《外国投资法(征求意见稿)》的透视与前瞻”，他以我国外资立法进程为切入点，深度剖析了外资法的立法现状和特点。徐晓路律师则从诉讼仲裁角度探讨了企业并购的争议；王铼顾问讲述了了企业并购中的合规审查与风险控制，她以颇受关注的反贿赂及刑事风控为视角，在风险控制方面给予了建议。午餐之后，广东广悦鸿鼎律师事务所的高级合伙人、民商事诉讼事业发展部

郁雷律师对《外国投资法》进行深入解析

参会嘉宾进行会前交流

部长刘浚登台演讲，他分享了一些公司股权纠纷的案例，并给予详尽的分析。公司股权纠纷是近几年来颇受重视的一个话题，有人曾表示，现在中国人最主要的财产是房地产，十年后，中国人最主要的财产将是公司股权。刘浚律师从股权纠纷的发生规律、纠纷的解决规则、化解股权纠纷的有效办法、提升在公司股权纠纷领域的专业能力这四方面进行讲解。广东广悦鸿鼎律师事务所在2014年被评选为“ALB中国十佳成长律所”，主任黄山律师也登上了“ALB 2014年度中国十五佳律师新星” 的榜单。下午短暂的茶歇之后，中国政法大学、人民大学客座教授许顺光和东亚银行(中国)有限公司企业贷款部总经理 Tony Qiang，共同讨论了如何避免中国企业海外业务融资的法律风险。许顺光在是英格兰、加拿大英属哥伦比亚省及新加坡的执业律师，也是《英国公司法主要问题(第三版)》(中英比较注释)的作者。峰会的最后部分是法务专题讨论会，由许顺光、1号店总法律顾问高唤栋、中新广州知识城投资开发有限公司总裁陈培进，共同探讨了企业合规的话题。三位法律界精英分别从各自的身份出发，探讨了公司法务的职业规划、职责以及如何遵守反商业贿赂法等方面的内容，从战略层次上给予现场法务较多实用且专业的建议。

刘浚律师详细回答听众问题

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

GUANGZHOU IN-HOUSE LEGAL SUMMIT

WORKSHOP SPONSORS Guangdong Grand& Holders Law Firm

Global Law Office

Guangdong Grand& Holders Law Firm is a fast rising cutting-edge law firm, carries out corporation management and adheres to teamwork, professional and brand development.

We are the first Chinese law firm. Our history dates back to 1979, when we became the first law firm in the PRC.

Grand & Holders provides the clients with legal services in architectural engineering and real estate, corporate governance, commercial trade, banking and finance, intellectual property, dispute resolution, etc. The Law Firm particularly specializes in urban renewal and renovation, investment merger, financing risk control, middle and high-end civil and commercial cases, etc.

We are a leading Chinese law firm. We have long been recognized by both international and domestic league tables and legal institutions as an elite Chinese law firm, including Legal 500, Chambers and Partners, The Lawyer, Asian Legal Business, etc.

Grand & Holders follows the concept “provide the clients with professional and accurate legal services”, centers on the clients, considers social environment, legal environment and commercial culture in China, offers legal service solutions with the most commercial feasibility, and pursues ultimate customer experience.

广东广悦鸿鼎律师事务所广东广悦鸿鼎律师事务所是一家迅速崛起的新锐律师事务所,实行公司化管理,坚持团队化,专业化和品牌化的发展道路。广悦鸿鼎为客户提供建筑工程与房地产,公司治理,商事交易,银行与金融,知识产权和争议解决等领域的多方位法律服务。尤其专注于城市更新改造,投资并购,融资风险防控和中高端民商事诉讼等专业法律服务领域。广悦鸿鼎秉持 “为客户提供专业,精准的法律服务” 的理念,以客户为中心,结合中国的社会环境,法治环境和商业文化,为客户提供最具商业可行性的法律服务方案,追求极致的客户体验。

We are one of the largest Chinese law firms. We have more than 240 lawyers practicing in Beijing, Shanghai and Shenzhen offices, most of whom have gained qualifications and hands-on experience in law schools and firms throughout Asia, North America, Europe and Australia. We provide premium and one-stop services. We are proud of our ability to deliver exceptionally high-quality, ‘one-stop’ services across a diverse set of practice areas for a comprehensive range of industries and sectors. We are creative. Our record of legal innovation is unique in the PRC. Our expertise has helped set the agenda for change through precedents involving many of the country’s ‘firsts’. We provide solutions. We bring our clients the legal and cultural understanding and insight needed for long-term success in the PRC, and legal viable, commercially amicable and acceptable solutions to clients’ each matter. Contact details Beijing Office 15&20/F, Tower One, China Central Place No. 81 Jianguo Road Beijing 100025, China Tel: +86 10 6584 6688 Fax: +86 10 6584 6666

Contact details 10th Floor,Vanburgh Office,West Huangpu Avenue,Tianhe District,Guangzhou 广州市天河区黄埔大道西云来斯堡写字楼10楼 Tel: 22099908 Fax: +86 (10)38683900 www.grandholders.com

Broad & Bright Broad & Bright is a full-service Chinese law firm providing a broad range of specialized legal services in multiple practice areas for domestic and international clients, with particular expertise and outstanding achievements in cross-border business transactions.

Shanghai Office 30/F, Shanghai Square, No.138 Huaihai Middle Road Shanghai 200021, China Tel: +86 21 2310 8288 Fax: +86 21 2310 8299

世泽律师事务所

Shenzhen Office 15/F, Tower One, Excellence Century Center Fuhua Third Road, Futian District Shenzhen 518048, China Tel: +86 755 8388 5988 Fax: +86 755 8388 5987

世泽律师事务所是一家综合性中国律师事务所，为国内外客户提供全方位、多领域、专业化法律服务，尤其在跨境业务交易中具备雄厚的专业实力和突出的工作业绩。

E-mail: global@glo.com.cn

Areas of practice: Corporate, Mergers and Acquisitions, International Trade, Antitrust and Competition, Dispute Resolution, Private Equity and Venture Capital, Banking and Trust, Capital Markets and Securities, Intellectual Property, Employment, Anti-fraud and Compliance, Real Estate and Construction.

Website: www.glo.com.cn

业务范围: 公司，并购，国际贸易，反垄断与竞争法，争端解决，私募风投，银行信托，资本市场和证券，知识产权，劳动，反腐败与合规，房地产与工程建设。 Contact details Offices: Beijing (Headquarter), Shanghai, Guangzhou, Hong Kong and Tokyo office. 办公室: 北京（总部），上海，广州，香港和东京 Tel: +86 (10) 85131818 Fax: +86 (10) 85131919 www.broadright.com

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