Clb sep 2014 rev2 by Claris Tam

EXPOSED: FOREIGN PARTNERS VULNERABLE TO SHADOW BANKING PERILS 曝光：外国合作伙伴面临影子银行风险

SEPTEMBER 2014 WWW.LEGALBUSINESSONLINE.COM ISSN 2220-2706

亚洲法律杂志 - 中国版 CHINA

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CHANGING MIX

KOREAN LESSONS

Shale gas outlook brightens

A new FDI enters China

China seeks help on antitrust

钻头开动：页岩气前景变亮

变动中的组合：新外商直接投资进入中国

韩国经验：中国向外寻求反垄断帮助

PAGE 28

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INSIDE n DEALS SPOTLIGHT

n GC INTERVIEW

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CONTENTS

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NEWS THE BIG STORY

DEALS

GC INTERVIEW

FINANCIAL GRAPHIC

APPOINTMENTS

A motorist fills a car with fuel at a petrol station.

COVER STORY ALB 2014 M&A Rankings

This year’s China M&A rankings is a mixture of the usual suspects and surprising new entrants. Fangda Partners, Haiwen & Partners, Han Kun Law Offices, Jun He Law Offices, King & Wood Mallesons and Zhong Lun Law Firm make the top tier among domestic firms, while Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, Skadden, Arps, Slate, Meagher & Flom and Weil, Gotshal & Manges are the best of the international firms.

ALB 2014 并购排名今年的中国并购排名是一场常规候选者和令人惊讶的新入场者的混合。方达律师事务所、海问律师事务所、汉坤律师事务所、君合律师事务所、金杜律师事务所和中伦律师事务所构成了国内所的顶层队列，而高伟绅、富而德、年利达、世达、威嘉是国际所中的翘楚。

FEATURES Drilling furiously

疯狂钻井 China’s energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country’s shale gas industry and turned upbeat on shale gas, citing steadily declining costs, but stopped short of predicting a near-term boom. Charlie Zhu finds out more 中国能源巨头中石化和中石油上调中国页岩气产业发展前景。因开采成本稳步下降，两家公司转向看好页岩气，但并不认为短期内行业发展会出现热潮。朱球为您带来更多故事。

‘A lot more discriminatory’

“更有针对性” China’s foreign investment mix is changing, with portfolio investors buying more stocks but FDI falling to a two-year low on a slowing economy, rising business costs and antimonopoly probes and crackdowns on foreign firms. Pete Sweeney reports 中国的外商投资格局正发生改变。证券投资者在买入更多的股票，但外商直接投资（FDI）却由于经济

增速放缓、企业成本上升，以及针对外国公司的反垄断调查和制裁等原因跌至两年来的最低点。Pete Sweeney报道。

Learn from thy neighbour

以邻为师 Chinese antitrust officials have met with their South Korean counterparts to discuss violations by U.S. chipmaker Qualcomm Inc, with Beijing reaching out to regulators overseas to complete a case that could result in record fines at home. Michael Martina and Se Young Lee report 为调查一起可能创下中国罚款纪录的案件，中国有关部门正在与境外监管机构联系取经。据悉，中国的反垄断官员已经同韩国方面见面，讨论美国芯片制造商高通公司的违法问题。Michael Martina和 Se Young Lee报道。

Constitutional Court of Korea to host WCCJ’s 3rd Congress 42 韩国宪法法院即将主办第三届世界宪法裁判会议大会 The world’s top leaders of Constitutional Courts are to assemble in Seoul to attend

the 3rd Congress of the World Conference on Constitutional Justice (WCCJ) scheduled for Sep. 28 to Oct. 1, 2014. The topic of the Congress will be “Constitutional Justice and Social Integration.” 全球宪法法院高层领导人将齐聚首尔，参加 9月 28日至10月1日召开的第三届世界宪法裁判大会（WCCJ）。本届大会的主题为“宪法裁判与社会融合”。

TPP fallout 46 TPP或使越南服装业力压“中国制造” “Made in China” will be a less frequent sight in U.S. clothing stores if the United States has its way in a new trade pact negotiated among 12 Pacific Rim nations, says Krista Hughes 如果美国能在跨太平洋战略经济伙伴关系协定（TPP）谈判中如愿以偿，那么“中国制造”在美国服装店里将会不再那么常见了。Krista Hughes在报道中写到。

ASIAN LEGAL BUSINESS SEPTEMBER 2014

PUBLISHER Amantha Chia amantha.chia@thomsonreuters.com

ON THE COVER

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EDITORIAL

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BUYING SPREE

并购狂欢

China is having a banner year in M&A so far. According to Reuters, much of the buying spree comes from China’s private tech companies and reform of the state sector. Notable among them has been the massive $36 billion purchase of assets by China’s CITIC Pacific Ltd from its state-owned parent, a deal that forms part of the broader theme of China’s state-owned enterprises beginning to restructure amid slowing growth at home and the government’s desire for consolidation in key sectors. Meanwhile, in the tech sector, top deals include Alibaba Group Holding Ltd’s $1.2 billion investment in the merged video platform Youku Tudou, and JD.com Inc’s almost $2 billion investment in Alibaba rival Tencent Holdings.

中国的并购市场正在经历迄今为止标志性的一年。据路透社报道，大量的购买风潮来自中国的民营科技公司和国有单位改革。其中，引人注目的案例如中信泰富有限公司以360亿美元反向收购其国有母公司资产。在国内经济增速放缓之际，这项交易既蕴含于中国国有企业启动重组的广泛主题之中，也反应了政府对关键部门进行整合的渴望。同时，科技领域的顶级案例包括阿里巴巴集团12亿美元投资已合并的视频平台优酷土豆，以及京东商城公司近20亿美元“牵手”阿里巴巴的对手腾讯控股。

With the work increasing at this pace, law firms excelling in M&A are very much in demand. Keeping this in mind, ALB has selected the best M&A law firms of China in its annual M&A rankings. The rankings throw up an interest mix of players: national heavyweights come up against regional contenders, and firms with hundreds of lawyers come up against much smaller outfits. But they all have one thing in common: the quality is high and thus the competition is more intense. With China being the world’s engine of growth, the country is finally getting the law firms it deserves.

随着工作量以这样的速度增长，擅长于并购业务的律所倍受欢迎。牢记这一点， ALB 已经在年度并购排名中选出了中国最佳并购律师事务所。排名抛出了一个有趣的玩家组合：国家重量级选手遭遇区域竞争者，拥有数百位律师的律所碰上体量小得多的机构。但是它们都有一个共同点：高品质以及因此而更加激烈的竞争。当中国成为世界经济增长的引擎，这个国家终于在 RANAJIT DAM 获得它应有的律师事务所。 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

09.2014

INSIDE DEALS: YOUR MONTH AT A GLANCE 06 / FINANCIAL GRAPHIC 08 / APPOINTMENTS 10

THE BIG STORY

Unholy alliances China fund defaults expose foreign partners to the perils of shadow banking By PETE SWEENEY and MICHELLE PRICE

oreign joint venture partners of Chinese mutual fund companies fear they will have to bail out investors in one of the shadiest patches of China’s shadow banking system, following two defaults by lightly regulated subsidiaries peddling complex investment products. While defaults of wealth management products (WMPs) issued by Chinese banks and trust companies have ended in some form of government rescue, there is no precedent for how problems with fund management company (FMC) subsidiaries will be resolved. In many cases, the arms-length nature of the relationship between parent firm and subsidiary means the former may be unaware of how much risk the latter has taken on. Analysts warn that they may not enjoy the implicit state guarantee extended to other parts of the sector. “This can lead to a capital call on the parent, and that’s the doomsday scenario for a lot of these joint ventures, that and the reputation risk,” said an executive at a major FMC joint venture, who spoke on condition of anonymity. Industry insiders who spoke to Reuters saw that scenario as a likely outcome, given that the agency regulating the subsidiaries is the China Securities Regulatory Commission (CSRC), which has jurisdiction over their mutual fund parents - but none over banks - and so could force them to cover losses. The same sources said many foreign players were already nervous about their Chinese partners’ push into shadow banking - in particular into opaque and complex structured products - suggesting liability concerns could trigger the joint ventures’ unraveling.

LEGAL DISPUTE The two recent cases that have rattled foreign companies involve investment products that have been unable to pay investors interest due at maturity. The latest involves a default by a fund marketed by a group of subsidiaries and partners of Noah Holdings, a Chinese wealth management product (WMP) company listed in New York.

Domestic media reported that the fund had experienced repayment problems with a 1 billion yuan ($162.5 million) WMP that was due to mature earlier last month. A legal dispute between the participants has frozen 600 million yuan, with Noah alleging that the funds meant to pay off investors were dishonestly redirected by one of the marketing partners to invest in another project. The dispute risks pulling in Hong Kongbased fund management company Value Partners Group, which is indirectly involved because it also owns a 49 percent stake in a firm that in turn, holds a stake in one of the subsidiaries concerned. Value Partners said in a statement that it was not a party to the alleged misappropriation, and it did not expect the dispute to have “a material impact” on its business. Noah Holdings did not respond to requests for further comment. In a second recent case, Mirae Asset Huachen Fund Management Co, a joint venture (JV) between South Korea’s Mirae Asset Financial Group Co and two Chinese FMCs, announced on Aug. 11 it had failed to pay more than 32 million yuan worth of interest due on trust loans in July due to project difficulties.

DESPERATE FOR PROFITS There are around 68 fund management companies in China operating subsidiaries dabbling in structured products - usually a package of assets such as loans divided into tranches and resold at different rates of return - and other WMPs, nearly half of which are operated by joint ventures with foreign firms. They include such big names as CITIC Prudential, UBS SDIC, State Street Global Advisors (SSGA), Invesco Great Wall and Bank of Communications Schroders, according to consultancy Z-Ben Advisors, although not all are necessarily dealing in high-risk products. Invesco confirmed it had such a subsidiary, but said it was not selling structured products. SSGA, which is in the process of exiting

its JV, according to press reports, declined to comment. The other JVs did not respond to requests for comment. Most of the FMC subsidiaries were created to exploit opportunities in China’s burgeoning high-yield wealth management sector. They have issued more than 2 trillion yuan (196 billion pounds) worth of structured investment products since they were allowed to enter the market in 2012, according to estimates from Shanghai-based fund researchers Z-Ben Advisors. Many of those products are backed by loans given to some of the shakiest borrowers in China, analysts say, because the prime assets had already been repackaged into WMPs by earlier, better-funded market entrants such as state-owned banks. “By the time the FMCs were cleared to enter this business in 2012, all the pretty girls were taken,” said Michael McCormack, executive director at Z-Ben. He said the FMCs in many cases had become de facto loan underwriters, arranging bank loans for desperate companies - in particular, overextended real estate developers which were then sliced into tranches, repackaged and resold to get them off the bank’s books. Official data says that the majority of the more than 12 trillion yuan currently invested in Chinese WMPs is safely held in bonds or time deposits, but around a third are put into credit products, which includes the sort of high-risk, high-yield loans currently being carved up and repackaged. The report said that of the 31 products issued in the first half of 2014 that lost money for investors, the “overwhelming majority” were structured credit products and offshore WMPs. To be sure, it is not certain that foreign JVs will end up on the hook - regulators could let the investors who purchased the products take the full hit if funds blow up. But that would risk setting off a panic among domestic investors and by extension, risk a wave of bankruptcies among desperate corporate borrowers who have few funding alternatives to stay afloat. Because the subsidiaries are technically middle-men, not lenders, analysts say they have generally skipped executing due diligence on the assets they packaged, and were only required to maintain a negligible 20 million yuan in cash reserves. “What’s about to begin is a chain of passing the hat,” said Z-Ben’s McCormack. “These subsidiaries weren’t doing anything different from anyone else in the business. They don’t do any due diligence either.”

BRIEFS

REUTERS//Petar Kujundzic

邪恶联盟

基金违约使外国合作伙伴面临影子银行风险 Pete Sweeney 和 Michelle Price报道

随

着其仅受宽松监管的子公司所兜售的结构复杂的投资产品出现两次违约，中国多家共同基金公司的外方合资伙伴担心，它们将不得不在中国影子银行体系中最混乱的一角帮投资者托底。虽然中国的银行和信托公司所发行的理财产品出现的违约最终都获得了某种形式上的政府援助，但基金管理公司子公司的相关问题将如何解决尚无先例。在许多情况下，母公司与子公司之间关系的独立性意味着前者可能根本不知道后者承担了多大的风险。分析师警告称，它们可能不会享受该行业其他领域享有的隐性政府担保。 “这可能会导致母公司收到追加资金的请求，而这对于很多此类合资公司来说可谓世界末日，当然还有信誉风险。”，一位不愿透露姓名的某主要合资基金管理公司的高管说。业内人士向路透社表示，上述设想确实有可能发生。监管基金管理公司子公司的机构是对其共同基金母公司有管辖权的中国证券监督管理委员会，因此证监会可能迫使母公司来弥补亏损。证监会对银行没有管辖权。上述业内人士还说,许多外国投资者已经开始对其中国合作伙伴进军影子银行业务表示担心,尤其是不透明且复杂的结构性产品, 他们暗示，责任承担问题可能导致合资公司“土崩瓦解”。

法律纠纷

最近两起使外资惊慌失措的案例都涉及到

无法在到期日向投资人支付到期利息的投资产品。最新的一起违约涉及由在纽约上市的中国理财产品公司诺亚财富旗下的一群子公司和合作伙伴共同销售的一只基金。国内媒体上周报道，该基金面临于本月初到期的10亿元人民币（1.625亿美元）理财产品的还款问题。产品参与者之间的法律纠纷已经冻结了 6亿元人民币。诺亚声称，原本应用来偿还投资者的资金被一个营销伙伴挪用去投资在了其他项目上。该纠纷也危及到香港基金管理公司惠理集团。惠理集团被间接卷入其中，因为它持有某公司49%的股份，而该公司又持有某涉案子公司的股份。惠理在一份声明中表示，它不是涉嫌挪用的当事人，也不认为纠纷会对其业务产生“重大影响”。诺亚财富未能答复进一步置评的请求。在最近的第二起案例中,华宸未来基金管理有限公司于8月11日宣布，由于项目困难,它无法支付七月到期的超过 3200万元人民币的信托贷款利息。华宸未来基金是韩国未来资产环球投资集团和两家中国基金管理公司创建的合资公司。路透社联系到华宸时，华宸拒绝对此发表评论。

渴求利润

中国大约有68家基金管理公司的子公司涉足结构性产品 – 通常是打包资产，如被分为不同等级后按照不同的回报率转售的贷

款，以及其他理财产品，其中近一半由外商合资经营公司操作。咨奔商务咨询公司称，这其中包括耳熟能详的公司，如信诚人寿、国投瑞银、道富环球投资管理、景顺长城和交银施罗德，但不是所有这些公司都必然经营高风险产品。景顺长城证实它确实有这样的子公司, 但称该子公司不销售结构性产品。目前被媒体报道正在退出其合资公司的道富环球拒绝置评。其他合资公司未能回应记者要求置评的请求。大多数基金管理公司建立子公司是为了开拓中国发展蓬勃且高收益的财富管理行业中的机会。根据上海的基金研究机构咨奔商务咨询公司预计，自这些企业2012年被允许进入市场以来，它们已经发行了超过2万亿元人民币（1960亿英镑）的结构性投资产品。分析人士称，许多此类产品是由发放给中国最脆弱的借款人的贷款来支持的，因为优质资产已经被资金更充足的早期市场进入者，如国有银行，重新包装成了理财产品。 “等基金管理公司在2012年被允许进入这个行业的时候，所有的好机会都已经被抢光了。”，咨奔商务的执行董事Michael McCormack 说。他说，在许多情况下，基金管理公司已成为了事实上的贷款审批承销商，它们为急需资金的公司，尤其是借款过度的房地产开发商，安排银行贷款。这些贷款随后被切分为不同等级、重新包装和转售，然后从银行的资产负债表上移出。官方数据称，目前有超过12万亿元人民币资金投资于中国的理财产品，其中绝大部分投资于债券或定期存款，但有约三分之一投入信贷产品，包括目前正在被划分和重新打包的那类高风险、高收益贷款。该报告称，在2014年上半年发行的投资亏损的31个产品中，“绝大多数”是结构性信贷产品和离岸理财产品。当然，现在还不能确定外国合资公司将最终被套牢。如果出现资金崩盘，监管机构也可能让购买产品的投资者承担全部损失。但这么做将有可能在国内投资者中掀起恐慌，同时导致没有其他替代融资渠道来维持运转的绝望的企业借款人发生破产潮。由于子公司在法律上属于中间人,而非贷款人,分析人士称,它们通常会跳过就其打包的资产所做的尽职调查,并且只需要保留微不足道的2000万元人民币现金储备。 “即将发生的是连锁性的追债行动。”咨奔商务的McCormack说。“这些子公司的做法与业内其他公司没有任何不同。它们也没有做过任何尽职调查。”

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

DEALS BRIEFS

$6.9 BILLION M&A

CITIC’S SHARE PLACEMENT TO FUND $36.5 BILLION ASSETS ACQUISITION FROM CITIC GROUP • Chinese conglomerate Citic Ltd has raised $6.9 billion by selling shares to 27 Chinese and international investors in order to fund its $36.5 billion acquisition of assets from parent Citic Group. • The acquisition, which closed last month, involved Citic Group transferring business worth $36.8 billion, mainly in the banking, construction and energy sectors, to Citic Pacific, its Hong Kong-listed subsidiary. • Citic Pacific has been renamed Citic Ltd on Sep. 1 and now serves as the headquarters of the group.

$2.4 BILLION M&A

CONSORTIUM’S INVESTMENT IN HUARONG ASSET MANAGEMENT • CITIC Securities International and Goldman Sachs (U.S.) have invested in and acquired 21 percent stake in China’s largest distressed-loan manager, Huarong Asset Management. • Other members of the investing consortium include China Life Insurance (Group) Co, Warburg Pincus, Khazanah Nasional Berhad, CICC, Fosun International and COFCO Corp. • The investment by the consortium comes as Huarong prepares to go public, following in the steps of China Cinda Asset Management, which listed on the HKEX in December.

ASIAN LEGAL BUSINESS SEPTEMBER 2014 DEALS: YOUR MONTH AT A GLANCE

DEAL NAME Chinese consortium’s bid to take OmniVision Technologies private Brightoil Petroleum’s purchase of the China unit of Anadarko Petroleum Corp Citic’s share placement to fund its $36.5 billion acquisition of assets from parent Citic Group

Orchid Asia Group Management’s closure of its sixth private equity fund, Orchid Asia VI Placement of 650,000,000 shares in CSPC Pharmaceutical Group

WH GROUP’S HK IPO • The offering, which debuted on Aug. 5, came after WH Group’s first attempt at an IPO in April where the firm tried to raise $5.3 billion, but scared off investors with high valuations, overly generous executive compensation and mismanaged marketing that saw 29 banks involved in the deal. • Proceeds from the IPO will help WH Group manage its debt after it acquired Virginia-based Smithfield Foods Inc in 2013 for $4.9 billion, the largest acquisition of a U.S. company by a Chinese firm.

Gibson, Dunn & Crutcher Wilson Sonsini Goodrich & Rosati Herbert Smith Freehills Vinson & Elkins Jia Yuan Law Firm Freshfields Bruckhaus Deringer

Kirkland & Ellis Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell

JURISDICTION

VALUE DEAL TYPE (US$ MLN)

China

1,700

M&A

Hong Kong, China

1,050

M&A

China, Hong Kong

6,900

M&A

Hong Kong

920

Hong Kong

530 (HK$4.076 billion)

Equity

China, Hong Kong, U.S.

2,400 (14.5 billion yuan)

M&A

Bermuda, Hong Kong, U.S.

464

M&A

Hong Kong, Taiwan

950

Debt

Korea, U.S.

1,000

Debt

Taiwan

N/A

M&A

China, Hong Kong, Cayman Islands

500

Debt

China, Hong Kong, U.S., UK Cayman Islands

400

Debt

China, Hong Kong, U.S., Cayman Islands

500

M&A

China, Hong Kong, U.S., Cayman Islands

2,050

IPO

King & Wood Mallesons Consortium’s investment in Huarong Asset Management

Kirkland & Ellis Paul Hastings Sullivan & Cromwell

Fosun International’s acquisition of 20 percent stake in Ironshore Morgan Stanley’s SEC-registered offering of fixed-rate redeemable senior notes due 2044

Cahill Gordon & Reindel DLA Piper Davis Polk & Wardwell Sidley Austin Lee and Li, Attorneys-at-Law Cleary Gottlieb Steen & Hamilton

Export-Import Bank of Korea’s (KEXIM) bond issue

Davis Polk & Wardwell Lee & Ko

EQT’s stake sale in Gala TV to Yung Tsai Investment Co

Baker & McKenzie Lee and Li AllBright Law Offices

Greenland Hong Kong Holdings’ notes issue

Conyers Dill & Pearman Davis Polk & Wardwell Linklaters

$2.05 BILLION IPO

FIRM

Commerce & Finance Law Offices Conyers Dill & Pearman KWG Property Holding’s bonds issue

Davis Polk & Wardwell Jingtian & Gongcheng Sidley Austin Maples and Calder

Priceline Group’s investment in Ctrip. com

Skadden, Arps, Slate, Meagher & Flom Sullivan & Cromwell Cleary Gottlieb Steen & Hamilton Commerce & Finance Law Offices

WH Group’s Hong Kong IPO

Haiwen & Partners Jingtian & Gongcheng Maples and Calder Paul Hastings

GC INTERVIEW BRIEFS

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

GC INTERVIEW

‘Understand, analyse the facts’

RASHMI KATHPALIA Position: Chief Legal Adviser (India) and Senior Counsel Organisation: Bechtel Location: New Delhi, India

Tell us about your career so far and your current role. I began my career in litigation as an associate with senior lawyer Kapil Sibal. During that period, I dealt with high-stakes litigation and matters related to complicated questions of law. My practice was mainly in the Supreme Court of India and various High Courts and Tribunals. I was also Counsel for the Official Liquidator attached to the Company Court in the High Court of Delhi and the-then Electricity Supply Undertaking. After about a decade of litigation work, I had the opportunity to gain international law firm experience while I was seconded to Ashurst in London. Thereafter, I joined the Bechtel legal department as the sole in-house counsel in India as part of its global legal department, comprising of more than 80 lawyers, for all Bechtel entities and projects in India. I am a member of its leadership group in India (consisting of all the department chiefs and senior officers) and its Business Proposal Screening Committee. Additionally, I act as the compliance officer for enforcement of business ethics, as an instructor for Bechtel University courses on business ethics, as chairperson of the Internal Committee on Sexual Harassment and Disciplinary Committee and as an investigating officer for its Global Internal Audit Department. Apart from working closely with all the internal departments here in India, I also function closely with other members of the global legal departments in other locations and with global business verticals (i.e. telecom, aviation, power, oil and gas, pipelines, construction, mining and metals, IT and corporate) for Indian and overseas projects.

Does the work experience of an in-house counsel in one industry restrict them from working in other industries? I work for a company which not only has diverse business verticals, but also has large internal functions for support such as finance, procurement, tax, facilities, HR, IS&T, and so on. I also deal with laws which are applicable to U.S. subsidiaries working outside U.S. with regard to U.S. export sanction laws, FCPA etc. As a result, I believe that providing legal services on a wide range of issues encompassing several statutes and industries helps enhance one’s skill set which then can be easily applied to other industries too. What are some of the major trends in your industry? India has continually exhibited a high rate of growth in engineering, procurement and construction (EPC) as it seeks to attract FDI. Many multinationals are vying for a piece of large infrastructure projects. Within the infrastructure sector, another segment that has emerged is that of outsourced engineering services of which India is rapidly becoming a leading provider. In what ways have you seen this affect the role you are performing? Due to close competition among Indian and global participants, project bids are no longer based on technical expertise or pricing; there is immense pressure from the business line to be allowed to take on more project liabilities and risks to entice the owner. One has to strike that critical balance while reviewing project terms so that even if the service provider has to take on more risks, it continues to retain a protective

net of risk-mitigating safety provisions. With the changing scenario, the in-house lawyers’ role in this industry has become even wider and crucial as one who has to defend these boundaries and keep up the wicket-keeping momentum at the same time. How would you describe your strategy for the legal team? The strategy for having a topclass legal team is to instill in them the value of knowing the company’s business inside and out so as to astutely apply relevant laws. The more a lawyer knows about the business or project, the easier it is to unravel legal issues, draft or review and negotiate related contracts. What would you say have been your proudest moments as an in-house counsel? As an in-house counsel, the closure of each set of project documentation is a proud moment as also when the same project reaches completion. An example was when we achieved the final resolution of the Dabhol Power project settlement saga, in which I was managing counsel, of the entire litigation and arbitration process with a team of more than 30 in-house and external counsel which spanned four continents. Upon the resolution of this matter, I was promoted to the designation of senior counsel in the Bechtel legal department. What is the best advice you have ever received? First, understand and analyse the facts; therein lies your whole case. Second, each contract is only just a story and the provisions are the dialogue. For drafting, maintain continuity of dialogue; for reviewing, read between the lines.

BRIEFS FINANCIAL GRAPHIC

ASIAN LEGAL BUSINESS SEPTEMBER 2014

FINANCIAL GRAPHIC

As China flexes maritime muscle, SE Asia builds homegrown defence industry

purred by tensions with China, Southeast Asian nations are building up their own defence industries, channeling fast-growing military budgets to develop local expertise and lower their dependence on big U.S. and European arms suppliers. While countries such as Indonesia, Thailand and Malaysia won’t do away with bigticket imports from giants like Airbus Group NV or Lockheed Martin Corp, they are increasingly encouraging domestic defence firms to manufacture hardware locally. With regional defence spending seen rising to $40 billion in 2016, 10 percent higher than last year, some countries are already developing their own exports. A domestic defence industry is a longterm economic as well as security goal of varying degree for the 10 countries in the Association of Southeast Asian Nations (ASEAN), spending more on modernising ageing equipment partly to retain the region’s military balance. The goal has been given urgency by China’s moves in recent months to press disputed claims in oil- and gas-rich waters of the South China Sea, security analysts say. ASEAN members have stopped short of explicitly citing Beijing as a reason for beefing up military capability. At a meeting in Myanmar last month, ASEAN foreign ministers again appealed for “self-restraint” in the face of heightened tensions, with no mention of China in a formal communique. “This drive to ensure sovereignty is now at the foremost of all governments’ minds in the region,” said Jon Grevatt, Asia-Pacific defence industry analyst with IHS Jane’s. “Obviously, the activity of China has raised the issue of protecting, securing territory.” China, whose military spending topped $145 billion last year according to U.S. estimates, claims about nine-tenths of the South China Sea. It has alarmed Southeast Asian diplomats this year with assertive moves like planting a giant, $1 billion oil rig in waters claimed by Vietnam. A buildup in China’s coastguard fleet has also allowed Beijing to beef up its maritime presence without deploying warships. Some in the region have sought to counter that like-for-like: Vietnam has set aside 11.5 tril-

MILITARY BALANCE IN ASIA

5.00

PERSONNEL

4.50

Active and reserve, in millions

Active 2.33

1.49

1.19 Reserve 0.51

0.60

0.65

0.84 0.48 0.06

EQUIPMENT Personnel Main battle tank Light tank/Recce AIFV APC Artillery Air defence (missile) Personnel NAVY Aircraft carrier Cruiser Destroyer Frigate Submarine PCC Aircraft* AIR FORCE Personnel Aircraft*

ARMY

China 1,600,000 6,840 750 3,450 4,350 13,014 278 235,000 1 n.a. 15 54 70 216 332 398,000 2193

N. Korea 1,020,000 3,500 560 n.a. 2,500 21,100 n.a. 60,000 n.a. n.a. n.a. 3 72 382 na 110,000 603

S. Korea 522,000 2,414 n.a. 290 2,790 11,038 780 68,000 n.a. 3 6 13 23 110 16 65,000 568

Vietnam 412,000 1,270 620 300 1,380 3,070 n.a. 40,000 n.a. n.a. n.a. 2 2 68 na 30,000 97

0.25

Japan 151,050 777 n.a. 68 803 1,773 700 45,500 4 4 32 11 18 6 78 47,100 552

0.13 0.13

Philippines 86,000 n.a. 7 36 299 254 n.a. 24,000 n.a. n.a. n.a. 1 n.a. 62 na 15,000 22

U.S. 586,700 2,338 1,928 4,559 25,209 5,899 1,296 327,700 10 22 62 13 72 55 1,089 337,250 1,438

AIFV - Armoured infantry fighting vehicle APC - Armoured personnel carrier PCC - Patrol and coastal combatant * Fighters, bombers and anti-submarine warfare vehicles excluding helicopters. U.S. figures exclude special operation forces and reserve organisations.

Source: The Military Balance 2014 F. Chan; C. Inton, 19/08/2014

lion dong ($543 million) to be used to buy 32 coastguard and surveillance ships. Southeast Asia’s defence spending grew 5 percent to $35.9 billion in 2013, data from the Stockholm International Peace Research Institute (SIPRI) showed, and is expected to rise to $40 billion by 2016. The region’s defence spending has more than doubled since 1992, according to SIPRI. LOCAL OBLIGATION Defence procurement in Southeast Asia is still dominated by government purchases of big-ticket items like jets or submarines from Western defence suppliers such as Lockheed Martin of the United States, France-based Airbus or Germany’s ThyssenKrupp AG. The region is now the world’s second-largest im-

porter of military equipment and technology after India. Now, though, from Indonesia radar to Singapore submarines, governments are tilting such purchases to help them develop their own defence expertise. While breaking no records in size or scope, recent deals show a growing trend towards embedding local manufacturing in procurement contracts. In one example, Malaysia’s shipbuildingto-weaponry group Boustead Heavy Industries Corp is working with French state-controlled naval contractor DCNS on a 9 billion ringgit ($2.8 billion) contract for six coastal combat ships for Malaysia’s navy - to be built locally. “We expect to achieve well over 60 percent in terms of local content and value, and

SPONSORED ARTICLE

天同律师事务所 TIANTONG & PARTNERS

放弃违约金调整请求权的约定是否有效？【探讨与争鸣】某房地产项目转让合同约定当事人不得对违约金数额提出异议，不得申请法院减少违约金。杨骏啸，出庭律师

【问题】《中华人民共和国合同法》第一百一十四条第二款赋予了违约方请求法院或者仲裁机构对违约金数额进行调整的权利。当事人是否可以约定放弃该权利？对这种约定的效力，实践中主要有以下两种观点：。

 认为该约定有效，主要理由是：第一、合同法属于私法的范畴，根据《合同法》一百一十四条第一款，约定违约金数额是当事人意思自治的范畴，因此该条第二款关于当事人可以请求降低违约金的规定，本质仍属民事权利。根据私法自治的基本原则，当事人预先放弃该种权利并无不可；第二、合同法及有关司法解释虽然规定违约方有权请求法院减少违约金，但是没有禁止当事人预先放弃请求调整权，因此这样的约定不能认定是违反法律规定的；第三、商事合同中当事人均从事经营活动，应当有相应的判断力和抗风险能力，对违约金条款和弃权约定带来的责任都应当有明确的认知。当事人同意违约金数额并承诺弃权后，如果允许诉讼中再反悔，反而违背了诚信原则。  认为该约定无效。主要理由是：

地址：中国北京东城区南河沿大街南湾子10号邮编：100006 电话 T: 86-10-51669666 传真 F: 86-10-65279996 网址 W: www.tiantonglaw.com

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《中华人民共和国合同法》第一百一十四条第二款规定的减少违约金请求权不是私法上的权利，而是公法性质的当事人请求司法保护的权利，因此不能任意放弃。违约方申请减少违约金不是请求守约方减少违约金，而是请求法院或者仲裁机构对违约金的数额作出调整，该权利属于诉权的范畴，不能由当事人事先约定放弃。如果守约方确实因违约行为造成了高额的损失，可以通过举证证明损失存在，以对抗违约方减少违约金的请求。司法实务中，上述两种观点均有司法判决的支持，也有一种折中的处理方式，即回避约定的效力

问题，直接根据违约方的申请对双方约定的违约金数额进行审查。我们认为，出现这种约定的主要原因，是目前司法实践中对当事人已经约定明确数额的违约金或者损失有一种过度干预的倾向。无论是民事合同还是商事合同，即只要违约方提出调整请求，法院就要审查守约方的实际损失是否存在及具体金额，并以守约方的举证情况判断是否调低违约金。我们认为司法实践当中的这种做法难以实现违约金制度的本意。商事主体约定违约金是当事人对自身权利义务的安排，在商业活动中有些违约造成的损失可能是难以量化的，守约方遭受的实际损害可能难以证明，这种情况下双方事先确定损失金额体现了利益平衡。况且商事主体应当具备基本的风险意识，对于约定违约金所带来的法律后果应当是明确知晓的。如果法院动辄以公平或者利益衡量为理由，在当事人已经约定违约金的情况下，仍一味要求守约方举证损失存在，表面上是平衡了双方的利益，实际上损害了守约方根据合同应得的利益。这样的做法会造成恶意当事人利用约定违约金方式表明履约诚意，取得大量缔约机会，发生违约后又利用守约方举证上的劣势，要求法院降低甚至取消违约金的现象，对整个社会诚信体系的建立也是不利的。针对目前的司法实践，我们建议商事合同的当事人在约定具体违约金数额或者违约金计算方式时，避免单纯约定具体数字或公式，而是将该违约金数额或者计算方式的理由或者背景写入合同，表明该约定是当事人基于商业考虑自愿作出的，是合理的。同时，如果当事人拟约定放弃违约金数额调整权的，可以选择仲裁作为争议解决方式。因为从实践的情况来看，仲裁庭对于当事人的类似约定的态度远比法院要宽容，也不会强势主动地审查当事人商业安排是否公平合理，从而更容易实现当事人订约时的目的。此外，我国法院应当明确民事审判和商事审判的区别，修改2000年大民事审判格局下司法裁判理念中的民商事一体的思维。逐步在商事审判中贯彻效率优先，高度自治的原则，避免以传统民事思维处理专业化、国际化的商事案件。

COVER STORY

ASIAN LEGAL BUSINESS SEPTEMBER 2014

中

國

併

購

排

名

RANKINGS BY ALB, WRITING BY AVIEL TAN AND XIAOYUE ZHAO

ALB排名，作者：Aviel Tan和Xiaoyue Zhao

我们的排名

OUR RANKINGS Our rankings are based on the following metrics: • Volume, complexity and size of work • Firm’s visibility and profile in the marketplace • Presence across China and overseas • Key clients and new client wins

我们的排名基于以下指标：

ALB drew results from firm submissions, Thomson Reuters M&A data, editorial resources and market suggestions to identify and rank the top firms for M&A in China.

ALB 通过律所提交的材料、汤森路透并购数据、编辑资源以及市场建议，对中国顶尖的并购律所进行了认定和排名。

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

• 工作量/业务复杂程度/项目大小 • 律师事务所在市场中的知名度和情况 • 在中国和海外的业务布局 • 主要现有客户和新赢得客户

** 此文中文翻译由CLS Communication提供 **

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sia-Pacific M&A activity has picked up over the last 12 months, with the number and value of deals expected to increase further as the year progresses. In the first half of 2014, announced M&A volume in the Asia-Pacific region in the first half rose 67 percent from a year ago to $378 billion, the highest volume on record for the equivalent period, according to Thomson Reuters data. The record comes amid a boom in global M&A as improving CEO confidence, strong cash positions held by corporations, and an increase in risk appetite drive a broader mix of megadeals across regions and industry sectors. However, in China, growth is slowing. If the country is to meet its GDP growth target of 7.5 percent in 2014, it will have to take some steps to speed up its economy in the second half of the year. Despite these numbers, lawyers note that outbound M&A, especially in the energy and resources sectors, remains strong. Additionally, China’s Internet giants have been on a buying spree in recent months. Top deals include Alibaba Group’s $1.5 billion acquisition of digital mapping and navigation firm AutoNavi Holdings and its $1.2 billion investment in the merged video platform Youku Tudou, as well as Tencent Holdings’ $736 million investment in 58.com Inc.

中國

亚

太地区并购业务在过去12个月中有所升温,预计随着时间的推移,交易数量和价值都将进一步上升。根据汤森路透的数据显示,2014年上半年亚太地区已宣布的并购交易量同比增长67%,至3780亿美元,创同期新高。创记录的并购量正值全球并购热潮之际,得益于受首席执行官信心增强、企业现金头寸强劲和风险偏好上升所带动的跨地区和跨领域的更广泛的大型交易组合。另一方面,中国的经济增速放缓。如果中国想要在 2014年实现约7.5%的GDP增长目标,就必须在今年下半年采取部分措施以加快经济发展步伐。但是,律师们注意到,境外并购依然强劲,能源和资源行业尤其如此。此外,中国的互联网巨头在最近几个月掀起了一轮收购狂潮。几宗最大的交易包括阿里巴巴集团以15亿美元收购数字地图和导航公司高德软件和以12亿美元投资合并后的视频平台优酷土豆,以及腾讯控股以7.36亿美元投资58同城公司。

CHINA DOMESTIC

中国国内所

TIER 1 • Fangda Partners • Haiwen & Partners • Han Kun Law Offices • Jun He Law Offices • King & Wood Mallesons • Zhong Lun Law Firm

一类 • 方达 • 海问 • 汉坤 • 君合 • 金杜 • 中伦

TIER 2 • AllBright Law Offices • Commerce & Finance Law Offices • Global Law Office • Jingtian & Gongcheng • Tian Yuan Law Offices

二类 • 锦天城 • 通商 • 环球 • 竞天公诚 • 天元

TIER 3 • Dacheng Law Offices • DaHui Lawyers • Grandall Law Firm • Grandway Law Offices • Guantao Law Firm • Jincheng Tongda & Neal • Llinks Law Offices

三类 • 大成 • 达辉 • 国浩 • 国枫凯文 • 观韬 • 金诚同达 • 通力

FIRMS TO WATCH • AnJie Law Firm • Duan & Duan Law Firm • Liu He Law • Shimin Law Offices

值得关注的律所 • 安杰 • 段和段 • 六和 • 世民

COVER STORY

香港

ASIAN LEGAL BUSINESS SEPTEMBER 2014

HONG KONG

香港

Tier 1 • Clifford Chance • Freshfields Bruckhaus Deringer • Linklaters • Simpson Thacher & Bartlett • Skadden, Arps, Slate, Meagher & Flom • Slaughter and May • Weil, Gotshal & Manges

一类 • 高伟绅 • 富而德 • 年利达 • 盛信 • 世达 • 司力达 • 威嘉

Tier 2 • Allen & Overy • Baker & McKenzie • Cleary Gottlieb Steen & Hamilton • Davis Polk & Wardwell • Deacons • Fried, Frank, Harris, Shriver & Jacobson • Herbert Smith Freehills • Hogan Lovells • Kirkland & Ellis • Latham & Watkins • Mayer Brown JSM • Morrison & Foerster • Norton Rose Fulbright • O’Melveny & Myers • Shearman & Sterling • Sullivan & Cromwell • Paul Hastings • Paul, Weiss, Rifkind, Wharton & Garrison

二类 • 安理 • 贝克•麦坚时 • 佳利 • 达维 • 的近 • 法朗克 • 史密夫•斐尔 • 霍金路伟 • 凯易 • 瑞生 • 孖士打 • 美富 • 诺顿罗氏 • 美迈斯 • 谢尔曼·思特灵 • 苏利文•克伦威尔 • 普衡 • 宝维斯

Tier 3 • Ashurst • Bingham McCutchen • Debevoise & Plimpton • DLA Piper • King & Wood Mallesons • Milbank, Tweed, Hadley & McCloy • Orrick, Herrington & Sutcliffe • Reed Smith Richards Butler • Ropes & Gray • Sidley Austin • White & Case Firms to watch • Akin, Gump, Strauss, Hauer & Feld • Berwin Leighton Paisner • Bird & Bird • Eversheds • K&L Gates • Stephenson Harwood • Vinson & Elkins • Vivien Chan & Co

三类 • 亚司特 • 斌瀚 • 德普 • 欧华 • 金杜 • 美邦 • 奥睿 • 礼德齐伯礼 • 瑞格 • 盛德 • 伟凯值得关注的律所 • 艾金•岗波 • 博问 • 鸿鹄 • 安睿 • 高盖茨 • 罗夏信 • 文森•艾尔斯 • 陈韵云

COVER STORY

ASIAN LEGAL BUSINESS SEPTEMBER 2014

CHINA INTERNATIONAL

中国国际所

Tier 1 • Clifford Chance • Freshfields Bruckhaus Deringer • Linklaters • Skadden, Arps, Slate, Meagher & Flom • Weil, Gotshal & Manges

一类 • 高伟绅 • 富而德 • 年利达 • 世达 • 威嘉

Tier 2 • Allen & Overy • Baker & McKenzie • Cleary Gottlieb Steen & Hamilton • Davis Polk & Wardwell • Herbert Smith Freehills • Hogan Lovells • Kirkland & Ellis • Latham & Watkins • O’Melveny & Myers • Shearman & Sterling • Slaughter and May • Sullivan & Cromwell • Paul Hastings • Paul, Weiss, Rifkind, Wharton & Garrison Tier 3 • Ashurst • Bingham McCutchen • Deacons • Debevoise & Plimpton • Dentons • DLA Piper • Mayer Brown JSM • Milbank, Tweed, Hadley & McCloy • Morrison & Foerster • Norton Rose Fulbright • Orrick, Herrington & Sutcliffe • Reed Smith Richards Butler • Ropes & Gray • Sidley Austin • White & Case Firms to watch • Akin, Gump, Strauss, Hauer & Feld • Berwin Leighton Paisner • Bird & Bird • CMS, China • Eversheds • K&L Gates • Squire Patton Boggs • Stephenson Harwood • Vinson & Elkins • Vivien Chan & Co

二类 • 安理 • 贝克•麦坚时 • 佳利 • 达维 • 史密夫•斐尔 • 霍金路伟 • 凯易 • 瑞生 • 美迈斯 • 谢尔曼·思特灵 • 司力达 • 苏利文•克伦威尔 • 普衡 • 宝维斯三类 • 亚司特 • 斌瀚 • 的近 • 德普 • 丹敦浩 • 欧华 • 孖士打 • 美邦 • 美富 • 诺顿罗氏 • 奥睿 • 礼德齐伯礼 • 瑞格 • 盛德 • 伟凯值得关注的律所 • 艾金•岗波 • 博问 • 鸿鹄 • CMS，中国 • 安睿 • 高盖茨 • 巴顿•博格斯 • 罗夏信 • 文森•艾尔斯 • 陈韵云

中國

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Tier

1 Fangda Partners

方达

Fangda’s M&A practice counts global financial institutions, heavyweight Chinese firms, and international and domestic private equity funds among its clients. The practice has, in the past year, advised e-commerce giant Alibaba on its $1.22 billion investment into online-video provider Youku Tudou, a purchase that was made in alliance with private equity firm Yunfeng Capital. Fangda also acted for Alibaba on its $1.5 billion investment into Chinese digital mapping and navigation firm AutoNavi Holdings, advised Baring Private Equity Asia and Hony Capital on a $3 billion privatisation of online game developer Giant Interactive Group, and acted for initial purchasers J.P. Morgan Securities, Citigroup Global Markets, and Credit Suisse Securities (U.S.) on a $350 million convertible senior notes offering by popular Internet real estate portal, SouFun. Fangda has offices in three mainland cities - Beijing, Shanghai, and Shenzhen - apart from having an office in Hong Kong.

方达并购业务部的客户为全球金融机构、权重中国企业及国际和国内私募股权基金等。该部门过去一年在电子商务巨头阿里巴巴对在线视频提供商优酷土豆12.2亿美元的投资交易中担任前者的顾问,此次收购由阿里巴巴与私募股权机构云峰基金共同完成。方达也为阿里巴巴对中国数字地图和导航公司高德软件的15亿美元投资提供了顾问服务,在霸菱亚洲投资基金和弘毅投资对在线游戏开发商巨人网络集团30亿美元的私有化交易中担任霸菱和弘毅的顾问,同时担任热门互联网房地产门户网站搜房网3.5亿美元可转换高级债券发行的初始买方摩根大通证券、花旗环球市场及瑞信证券(美国)的代表。方达在中国内地的北京、上海和深圳有三个办事处,在香港也有办事处。

Haiwen & Partners

海问

Haiwen & Partners’ M&A practice serves global financial institutions, some of the most prominent Chinese companies, and regional financial heavyweights. The practice headed by Jiping Zhang, has in the past year, advised Singapore’s OCBC Bank on its $4.9 billion acquisition of Hong Kong’s Wing Hang Bank, acted for Tsinghua Unigroup on its $1.7 billion acquisition and privatisation of Shanghai-based Spreadtrum Communications, advised China’s third-largest search engine Sohu’s Sougou.com on a 37 percent stake sale to Tencent for $488 million, and acted for Taiwan Fubon Financial Holding on its $920 million acquisition of First Sino Bank. Haiwen & Partners has 20 partners and a total of 60 lawyers in its offices in Beijing and Shanghai.

海问的并购业务部服务全球金融机构、一些中国最知名的企业和地区金融巨头。在张继平的领导下，该部门过去一年在新加坡华侨银行49 亿美元收购香港永亨银行的交易中担任前者的顾问，代表清华紫光集团以17亿美元收购及私有化上海展讯通信，在中国第三大搜索引擎搜狐搜狗以4.88亿美元出售37%股权给腾讯的交易中担任前者的顾问，并代表台湾富邦金融控股以9.2亿美元收购华一银行。海问共有20位合伙人和60位律师，分布在北京和上海的两个办事处。

Jonathan Zhou

Jiping Zhang

COVER STORY

Gloria Xu

Lixin Cui

ASIAN LEGAL BUSINESS SEPTEMBER 2014

Han Kun Law Offices

汉坤

Han Kun’s M&A practice represents key Internet, media and entertainment, technology, and energy firms in the region. Highlights of the past year include advising Baidu, China’s version of Google, on its $1.9 billion acquisition of 91 Wireless from online multiplayer game and mobile application developer Netdragon Websoft. 91 Wireless is one of China’s largest app stores for the Android operating system. Han Kun also acted for Chinese grains trader COFCO Corp on its $1.5 billion investment into Noble Group’s agribusiness arm, and advised China’s online TV service PPTV on its $420 million sale to Suning Commerce Group and Hony Capital. Han Kun also counseled AsiaInfo-Linkage Inc on a $890 million bid led by CITIC Capital Partners to take the telecommunications software and service provider private. The firm has offices in Beijing, Shanghai, and Shenzhen, and is also looking to open in Hong Kong.

汉坤的并购业务部服务亚洲主要的互联网、媒体和娱乐、技术及能源企业。过去一年中的重点业务包括担任“中国版谷歌”百度的顾问，代表后者以19亿美元从在线多人游戏和移动应用开发商网龙网络手中，收购中国最大的安卓操作系统应用商店之一91无线。汉坤也代表中国粮食交易商中粮集团对来宝集团农业部门进行15 亿美元的投资,在中国在线电视服务公司PPTV以 4.2亿美元出售给苏宁商贸集团和弘毅投资的交易中担任PPTV的顾问。此外,汉坤也在由中信资本控股牵头对电信软件和服务提供商亚信联创进行的8.9亿美元私有化投标中担任后者的法律顾问。汉坤在北京、上海和深圳设有办事处,也计划在香港设立办事处。

Jun He Law Offices

君合

Jun He’s M&A practice serves large domestic clients that include financial institutions and real estate developers in China and Hong Kong, and foreign firms with a global presence. Deal highlights of the past year include advising Peugeot SA on Dongfeng Motor Group’s$3 billion euro ($3.94 billion) investment into the French firm, acting for Carlsberg on its $477 million investment into Chongqing Brewery Co, representing HSBC Corporate Finance (Hong Kong) which was the sole sponsor for COFCOs Corp’s $1.8 billion acquisition of Hong Kong’s Parkview Group, and acting for China Resources Snow Breweries on its $896 million acquisition of Kingway Brewery Holding’s beer making assets and seven breweries. The firm had four notable hires this year, which has brought its number of partners to 108. Jun He has offices in seven Chinese cities including Beijing, Shanghai, Guangzhou and Dalian. It also has an office in Hong Kong, also in addition to having a presence in the U.S. with offices in New York and the Silicon Valley.

Tiejun Shi

Hongli Ma

Yingling Wei

君合的并购业务部服务大型国内客户，包括中国内地和香港的金融机构和房地产开发商，以及拥有全球业务的外国公司。去年的主要交易包括在东风汽车集团对法国标致股份有限公司 30亿欧元（39.4亿美元）的投资中担任标致的顾问，代表嘉士伯对重庆啤酒进行4.77亿美元投资，代表汇丰银行企业融资（香港）担任中粮集团18亿美元收购香港侨福集团的独家保荐人，代表华润雪花啤酒以8.96亿美元收购金威啤酒控股的啤酒生产资产和七个啤酒厂。君合今年有4位重要的新成员加入，合伙人数量达到 108。该所在内地七个城市设有办事处，包括北京、上海、广州和大连。君合在香港也有办事处，其在纽约和硅谷的办事处使得该所也将业务延伸到了美国。

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King & Wood Mallesons

金杜

King & Wood Mallesons’ M&A practice in China counts large domestic firms and global automotive and retail companies among its clients. The practice, which is led by partners Ping Xu, Harry Du, Mark Schaub, and Rong Kang Wang has, in the past year, advised automobile component maker Huayu Automotive Systems on its $1.5 billion investment into Yanfeng Visteon Automotive Trim Systems, in addition to guiding Chinese home appliances maker Qingdao Haier on a 10 percent stake sale to American private equity firm KKR & Co for $560 million. The firm also acted for Daimler AG on its $844 million investment into BAIC and advised Nissan Motor on its $1.9 billion purchase of Dongfeng Motor’s medium- and heavy-duty commercial vehicle business. King & Wood Mallesons’ M&A practice in Beijing has 57 partners and more than 200 lawyers spread over two offices. The firm also has offices in 11 other Chinese cities, apart from offices in Hong Kong and Tokyo.

金杜在中国的并购业务客户有大型国内企业和全球汽车及零售企业等。在合伙人徐萍、杜慧力、肖马克和王荣康的带领下,去年该部门在汽车零部件生产商华域汽车系统对延峰伟世通汽车饰件系统15亿美元的投资中担任华域的顾问, 在中国家电生产商青岛海尔以5.6亿美元将10% 股权出售给美国私募股权公司KKR & Co的交易中担任海尔的顾问。金杜也在戴姆勒公司对北汽8.44亿美元的投资中担任戴姆勒的代表,并在日产汽车以19亿美元收购东风汽车中型和重型商用车业务的交易中担任日产的顾问。金杜北京的并购业务部有两处办公场所,57位合伙人和总计逾200位律师。该所也在中国内地其他11个城市及香港和东京设有办事处。

Zhong Lun Law Firm

中伦

Zhong Lun Law Firm has extensive experience in M&A, and particular strengths in cross-border transactions, including deals involving listed companies. Remarkable deals accomplished in the past year include advising JD.com on the $2.3 billion Strategic Partnership with Tencent, acting for Mengniu on its RMB 12.5 billion acquisition of Yashili followed by its RMB 376 million alliance with WhiteWave Foods Company, as well as representing Vertex on its $1.9 billion sale of equity in 91 Wireless to Baidu. Additionally, two other deals in the pharmaceuticals and energy sectors are in their final stage. The firm has 74 partners in the corporate/ M&A department, with Wu Peng, Zhou Yun, Li Hong and Guan Yunxiang acting as the head. Zhong Lun is headquartered in Beijing and has offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Hong Kong, Tokyo, London and New York, with an integrated management mechanism between the offices.

中伦在并购方面经验丰富，跨境交易实力尤其雄厚，包括涉及上市公司的交易。去年完成的重大交易包括在京东与腾讯23亿美元的战略合作中担任京东的顾问，代表蒙牛以125亿元人民币收购雅士利及之后以3.76亿元人民币与WhiteWave Foods Company结成联盟，并代表Vertex将所持的91无线股权以19亿美元出售给百度。此外，制药业和能源业的两宗交易也分别进入了收尾阶段。中伦的企业/并购部有74位合伙人，负责人是吴鹏、周赟、李弘和管云翔。该所总部位于北京，在上海、深圳、广州、武汉、成都、香港、东京、伦敦和纽约设有办事处，办事处之间采用一体化的管理制度。

Xu Ping

Zhou Yun

COVER STORY

Tier

ASIAN LEGAL BUSINESS SEPTEMBER 2014

2 AllBright Law Offices

锦天城

Clients of AllBright’s M&A practice include domestic property developers, energy firms, and medical equipment manufacturers. The practice has, in the past year, advised Greenland Global Investment on its $1 billion dual-tranche note offering, acted for China Pacific Insurance on its health insurance joint venture with Allianz SE, acted for surgical equipment manufacturer Changzhou Kangdi Medical Stapler Co on its sale to U.S.-listed healthcare product manufacturer Covidien, and advised China’s solar panel industry on a landmark price undertaking deal in response to anti-dumping investigations by the European Union, the world’s largest market for solar panels. AllBright is present in 11 Chinese cities and also has an office in Hong Kong in association with Stevenson Wong & Co.

锦天城并购业务部的客户包括国内房地产开发商、能源企业和医疗设备生产商。过去一年，该部门担任绿地全球投资公司10亿美元两批债发行的顾问，代表中国太平洋保险与安联建立医疗保险合资公司，代表手术设备生产商常州康迪医用吻合器有限公司将自身出售给美国上市的医疗产品生产商Covi dien，并在全球最大的太阳能电池板市场欧盟对中国太阳能电池板行业进行的反倾销调查中担任后者重大价格承诺协议的顾问。锦天城在中国内地的11个城市设有办事处，也在香港与史蒂文生黄律师事务所联合设立了一个办事处。

Commerce & Finance Law Offices Clients of Commerce & Finance’s M&A practice include domestic and regional firms, as well as foreign multinationals. Commerce & Finance’s M&A practice has, in the past year, acted for the initial purchasers of a $3.5 billion notes issue by the State Grid Corporation of China, advised the joint lead managers of a $550 million notes issue by Shui On Development (Holding), acted for Central China Real Estate on its $160 million notes issue, and advised China’s Shuanghui International Holdings on its $957 million purchase of Spain’s Campofrio Food Group, which was a purchase in alliance with Mexico’s Sigma Alimentos. The firm also advised Chinese jobs site Zhaopin on its $76 million listing on the NYSE. The firm has 57 partners and 132 associates at its Shanghai and Shenzhen offices.

通商通商并购业务部的客户包括国内和地区企业及外国跨国公司。该部门在过去一年中担任中国国家电网公司35亿美元债券发行初始买方的代表，担任瑞安发展（控股）5.5亿美元债券发行联席牵头经办人的顾问，代表建业地产发行1.6亿美元债券，并在中国双汇国际控股以9.57亿美元收购西班牙Campofrio Food Group的交易中担任双汇的顾问，这是与墨西哥的Sigma Alimentos联手进行的一笔收购。通商也担任了中国招聘网站智联招聘以7600万美元在纽约证交所上市的顾问。该所在上海和深圳设有办事处，共有57位合伙人和132名律师。

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Hai Huang

Zhao Yang

Global Law Office

环球

Clients of Global Law Office’s M&A practice include international private equity and investment banking firms, regional oil and energy corporates, and large Chinese property developers. The practice, which is headed by Hai Huang and David Fu has, in the past year, acted for UK venture capital firm Apax Partners on its $2.5 billion sale of Israel’s Tnuva to China’s Brightfood, advised Blackstone on its $500 million investment into Chinese shopping mall developer Szitic Commercial Property, and advised the state-owned Assets Supervision and Administration Commission of the Xiamen government on a $1.14 billion merger of four terminal operation companies to form the Xiamen Container Terminal Group. Global Law Office had nine notable hires and one departure last year, and now has 43 partners and a total of 129 lawyers across its Beijing, Shanghai and Shenzhen offices.

环球并购业务部的客户包括国际私募股权和投资银行公司、地区石油和能源公司以及大型中国房地产开发商。在黄海和傅志耕的领导下，该部门过去一年代表英国风投公司安佰深将以色列Tnuva公司以25亿美元出售给中国光明食品，在黑石对中国购物中心开发商深国投商业地产5亿美元的投资中担任黑石的顾问，在厦门国有资产监督管理委员会以11.4亿美元将四家码头运营公司合并组建为厦门集装箱码头集团的交易中担任该政府部门的顾问。环球去年有9 位重要的新成员加入，1人离职，现有43位合伙人和总计129位律师遍布北京、上海和深圳办事处。

Jingtian & Gongcheng

竞天公诚

Clients for Jingtian & Gongcheng’s M&A practice include domestic Chinese firms and foreign firms with a global presence. The practice has, in the past year, advised Chinese facial mask maker Magic Holdings International on its $844 million acquisition by L’Oreal SA, acted for Prestolite Electric (Beijing) on its $130 million acquisition by China’s Zhongshan Broad-Ocean Motor Co, advised software developer Tianjin Shell Wood Software Co on its $198 million acquisition by IT solutions provider Beijing Ultrapower Software Co, and acted for online-multiplayer game and mobile application developer Netdragon Websoft on its sale of 91 Wireless to Baidu for $1.9 billion. Jingtian & Gongcheng has nine partners and 16 lawyers at its Beijing office. It also has offices in Shanghai, Shenzhen, and Chengdu.

竞天公诚并购业务部的客户包括中国国内企业和拥有全球业务的外国企业。去年,该部门在欧莱雅以8.44亿美元收购中国面膜生产商美即控股国际的交易中担任美即的顾问,在中国中山大洋电机股份有限公司1.3亿美元收购佩特来电器 (北京)的交易中担任后者的代表,在信息技术解决方案提供商北京神州泰岳软件股份有限公司 1.98亿美元收购软件开发商天津壳木软件公司的交易中担任后者的顾问,并代表在线多人游戏和移动应用开发商网龙网络将91无线以19亿美元出售给百度。竞天公诚的北京办事处有9位合伙人和16位律师,该所也在上海、深圳和成都设有办事处。

COVER STORY Tianyuan Law Firm

Xiaohui Zhu

Tier

Peng Xuefeng

ASIAN LEGAL BUSINESS SEPTEMBER 2014

天元

Tianyuan’s M&A practice counts domestic Chinese firms and investor groups among its clients. The practice has, in the past year, advised sports shoe sole manufacturer Taiya Shoes Co on its $442 million acquisition of Century Pictures Co from an investor group led by Junyuan Zhong, advised waste incinerator and energy producer Dynagreen Environmental Protection Group on its $133 million IPO in Hong Kong, acted for Chinese agriculture processor Hubei Wuchangyu Co on its $343 million acquisition of nickel and molybdenum miner Guizhou Qianjin Mining Co, and advised consumer goods retailer Beijing Cuiwei Tower Co on its acquisition of shopping centre operators Beijing Ganjiakou Tower Co and Beijing Modern Plaza Co. Tianyuan Law Firm has 48 partners across its offices in Beijing, Shanghai and Shenzhen.

天元并购业务部的客户有中国国内企业和投资集团等。去年,该部门担任运动鞋鞋底生产商泰亚鞋业股份有限公司的顾问，帮助后者从由 Zhong Junyuan牵头的投资团体手中以4.42亿美元收购世纪影业，担任垃圾焚烧炉和能源生产商绿色动力环保集团1.33亿美元香港首次公开发行新股(IPO)的顾问,代表中国农业加工商湖北武昌鱼股份有限公司以3.43亿美元收购镍钼采矿企业贵州前进矿业公司,在消费品零售商北京翠微大厦有限公司收购购物中心运营商北京甘家口大厦有限公司和北京当代商城有限公司的交易中担任翠微的顾问。天元共有48位合伙人,分布在其北京、上海和深圳的办事处。

Dacheng Law Offices

大成

Dacheng’s M&A practice serves a mix of domestic manufacturing, pharmaceutical, media, and energy firms, as well as international uranium and coal producers. The practice, which is headed by Xuefeng Peng, has in the past year advised Gloucester Coal on its $2 billion merger with Yancoal Australia, acted for Shandong Hongjitang Pharmaceutical Group on its sale of 70 percent of Shangdong Shangyao Pharmaceutical Group to Shanghai Pharmaceutical Co, and advised Guangdong Guangzhou Daily Media Co on its $73 million restructuring effort. Dacheng has 41 offices in China, with international offices in Chicago, Los Angeles, Moscow, New York, Singapore, Paris and Taipei. Dacheng has 889 partners and a total of 2865 lawyers.

大成并购业务部服务的客户既有国内制造、制药、媒体和能源企业，也有国际铀和煤炭生产商。在彭雪峰的带领下，该部门去年在格罗斯特煤炭公司与兖煤澳大利亚20亿美元的合并中担任前者的顾问，代表山东宏济堂药业集团将其持有的山东上尧医药集团70%股权出售给上海医药集团，并担任广东广州日报传媒集团 7300万美元重组计划的顾问。大成在中国设有 41个办事处，并在芝加哥、洛杉矶、莫斯科、纽约、新加坡、巴黎和台北设有国际办事处。该所共有889位合伙人和总计2865位律师。

COVER STORY

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Richard Ma

DaHui Lawyers

达辉

DaHui’s M&A practice serves large domestic oil and gas corporations, international trade fair organisers, multinational media firms, global information and research companies, Asian infrastructure network providers, and international and regional private equity funds. The practice, which is headed by Richard Ma, has in the past year, advised U.S. online video company Freewheel Media on its $375 million acquisition by broadcast and cable behemoth Comcast Corp, and also acted for legal and business research firm LexisNexis on its acquisition of PRC legal research company Legal Studio. DaHui’s M&A practice had three notable hires and nil departures the past year, and now has seven partners and a total of 18 lawyers at its offices in Beijing and Shanghai.

达辉的并购业务部服务国内大型油气企业、国际贸易展会组织者、跨国媒体企业、全球信息和研究公司、亚洲基础设施网络提供商、以及国际和地区私募股权基金。在马勇的领导下，该部门去年在广播和有线电视巨头康卡斯特公司3.75亿美元收购美国在线视频公司Freewheel Media的交易中担任后者的顾问，并代表法律和商业研究公司LexisNexis收购中国法律研究公司 Legal Studio。达辉的并购业务部去年有三位重要的新成员加入，无人离职，该所在北京和上海的办事处共有7位合伙人和总计18位律师。

Grandall Law Firm

国浩

Grandall’s M&A practice counts heavyweight Chinese firms among its clients. The practice has, in the past year, advised Qingdao Port International Co on its $321.6 million IPO on the Hong Kong Stock Exchange, acted for Chinese online game developer Giant Interactive Group on its $3 billion privatisation, and also acted for China’s largest pharmaceutical company Sinopharm Group on its $515 million placement of new shares. Grandall Law Firm has 200 partners across 15 offices, 13 of which are in mainland cities including Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Ningbo, and Fuzhou, and two in Hong Kong and Paris.

国浩并购业务部的客户中不乏中国的重量级企业。去年,该部门担任青岛港国际有限公司3.216 亿美元香港证交所IPO的顾问,代表中国在线游戏开发商巨人网络集团进行30亿美元的私有化, 代表中国最大的制药公司国药集团进行5.15亿美元的新股配售。国浩有200位合伙人和15个办事处,其中13个办事处设在北京、上海、深圳、广州、天津、宁波和福州等中国内地城市,另外两个分别在香港和巴黎。

COVER STORY

Zhang Liguo

Yan Pengpeng

ASIAN LEGAL BUSINESS SEPTEMBER 2014

Grandway Law Offices

国枫凯文

Legal services on mergers, acquisitions and restructurings make up the core services offered by Grandway. In the past few years, Grandway has represented various domestic and foreign well-known clients and completed a series of complex transactions. The firm acted on the RMB 6.855 billion backdoor listing of JumpCan Pharmaceutical Co Ltd (Jichuan Yaoye) by asset replacement of Hubei Hongcheng General Machinery Co Ltd. It also advised Guiyang Xinbang Pharmacy on its issue of shares to buy assets and raise RMB 1.3 billion, in addition to having represented Xinjiang Tianhong Paper Co. Ltd on its RMB 237 million shares issue. Grandway had 15 significant arrivals and three departures in the last year, and so the firm now has 57 partners. Headquartered in Beijing, Grandway also has offices in Shanghai, Shenzhen, Guangzhou, Chongqing, Chengdu and Xi’an.

并购及重组相关法律服务是国枫凯文的核心业务之一。过去几年，该所连续代表各类国内和国外知名客户完成了一系列复杂的交易。凭借在法律领域的数宗重大并购，去年国枫凯文继续保持了这种优势。其代表济川制药有限公司（济川药业）通过与湖北洪城通用机械股份有限公司进行资产重置的方式借壳上市，交易额达68.55亿元人民币。国枫凯文也担任贵阳信邦制药发行股票购买资产及募集13亿元人民币资金的顾问，并代表新疆天宏纸业股份有限公司进行2.37亿元人民币的股票发行，该交易实质为借壳上市。该所去年有15位重要的新成员加入，3人离职，合伙人数量达57位。该所总部位于北京，在上海、深圳、广州、重庆、成都和西安设有办事处。

Guantao Law Firm

观韬

Guantao’s M&A practice in China counts large- to midsized Chinese corporates among its clients. The practice has, in the past year, advised the underwriters of Sinopec Engineering’s $2.24 billion IPO on the Hong Kong Stock Exchange, advised semiconductor and electronic component manufacturer China Electronics Corporation Holdings on its $98 million acquisition of China Electronics Technology Development Company, advised mobile game developer China Mobile Games and Entertainment Group on its $79 million listing on the Nasdaq, and acted for China Electronics Corporation Holdings on its $447 million bond issue in Hong Kong. Guantao has offices in 10 Chinese cities including Beijing, Shanghai, Xi’an, Chengdu, Dalian, Ji’nan, and Tianjin. It also has an office in Hong Kong.

观韬中国并购业务部的客户涵盖了中国的大型到中型企业。去年,该部门担任中国石化工程建设公司22.4亿美元香港证交所IPO承销商的顾问,在半导体和电子元器件生产商中国电子集团控股公司9800万美元收购中国电子科技开发公司的交易中担任前者的顾问,担任移动游戏开发商中国手游娱乐集团7900万美元纳斯达克上市的顾问,并代表中国电子集团控股公司进行4.47 亿美元香港债券发行。观韬在中国内地10个城市设有办事处,包括北京、上海、西安、成都、大连、济南和天津,在香港也有办事处。

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Jincheng Tongda & Neal

金诚同达

Jincheng Tongda & Neal’s M&A practice serves large publiclisted China companies. The practice has, in the past year, advised newspaper and magazine publisher Huawen Media Investment Group Corp, which is also a wholesaler of energy products and a distributor of fuel gas, on a $488 million restructuring of its assets. The firm also acted for touch panel manufacturer Beijing Irtouch Systems Co on its $174 million acquisition of electronic appliance casing manufacturer Shenzhen Wangxin Precision Industry Co, and advised Beijing Dinghan Technology, a firm that develops electrical equipment for rail transit electricity systems, on its $143 million acquisition of locomotive cable manufacturer Anhui Haixing Cable Group. Jincheng Tongda & Neal has 11 partners and a total of 31 lawyers at its Beijing office. The firm has offices in five other Chinese cities, namely Shanghai, Shenyang, Shenzhen, Chengdu and Xi’an.

金诚同达的并购业务部服务中国大型上市公司。去年，该部门担任报纸和杂志出版商华闻传媒投资集团股份有限公司4.88亿美元资产重组的顾问，该公司也是能源产品批发商及燃气经销商。金诚同达也代表触摸面板生产商北京汇冠系统有限公司1.74亿美元收购电子电器外壳生产商深圳旺鑫精密工业有限公司，并在轨道交通供电系统电气设备开发商北京鼎汉技术股份有限公司1.43亿美元收购机车电缆生产商安徽海兴电缆集团的交易中担任鼎汉的顾问。该所的北京办事处有11位合伙人和总计31位律师。该所在中国内地其他五个城市，即上海、沈阳、深圳、成都和西安，也有办事处。

Senior partners

David Yu

Llinks Law Offices

通力

Clients of Llinks’ M&A practice include domestic Chinese firms, American multinational conglomerates, and multinational manufacturing companies. The practice, which is headed by David Yu, has in the past year, advised U.S. household appliance maker Whirlpool on its $553 million acquisition of Chinese home appliance maker Heifei Sanyo, and acted for Anhui Jianghuai Automobile (Group) on a $163 million sale to Jiantou Investment Co. Llinks also advised Alpha Investment Partners, the property fund management arm of Keppel Land Partners, on its acquisition of Lifehub@Jinqiao, an integrated entertainment and shopping hub in Shanghai. Llinks M&A practice has seven partners and a total of 25 lawyers at its offices in Shanghai and Beijing.

通力并购业务部的客户包括中国国内企业、美国跨国企业集团和跨国制造企业。在俞卫锋的带领下，该部门去年在美国家电生产商惠而浦中国5.53亿美元收购中国家电生产商合肥三洋的交易中担任前者的顾问，并代表安徽江淮汽车（集团）以1.63亿美元出售给建投投资有限公司。通力也在吉宝置业下属房地产基金管理部门首峰投资收购上海综合娱乐购物中心金桥国际商业广场的交易中担任前者的顾问。该所在上海和北京的办事处共有7位合伙人和总计25 律师。

ENERGY

ASIAN LEGAL BUSINESS SEPTEMBER 2014

DRILLING FURIOUSLY

瘋狂鑽井 CHINESE ENERGY GIANTS SINOPEC CORP AND PETROCHINA HAVE TURNED UPBEAT ON SHALE GAS, SAYS CHARLIE ZHU

中国能源巨头中石化和中石油上调页岩气行业前景，朱球报道。 **The Chinese translation of this story was prepared by CLS Communication**

hina’s energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country’s shale gas industry, citing steadily declining costs, but stopped short of predicting a near-term

boom. China, estimated to hold the world’s largest technically recoverable shale resources, is hoping to replicate the shale boom that has transformed the energy landscape of the United States. Industry experts caution that it would be much more difficult for China to monetise its shale gas reserves than the U.S. as it faces serious challenges from water shortages to complicated geological structure and a lack of infrastructure. But top executives at China’s two biggest energy companies conveyed a bullish assessment of the country’s shale gas potential last month, citing rapidly falling drilling costs and rising domestic gas prices. That’s a far cry from two years ago when they overwhelmingly focused on the hurdles faced by China. “It took the U.S. nearly four decades to achieve large-scale production. We are at the early stage, but we don’t need to spend three decades. Cost will come down sharply,” Sinopec Chairman Fu Chengyu told reporters at the firm’s interim results briefing in Hong Kong.

** 此文中文翻译由CLS Communication提供 **

中

国能源巨头中石化和中石油上调中国页岩气产业发展前景，理由是开采成本稳步下降，但并不认为短期内行业发展会出现热潮。据估计中国拥有世界上最多的技术上可开采的页岩资源，因此中国希望能复制改变了美国能源格局的页岩热潮。业内专家警告说，中国想要套现页岩气储量资源比美国要困难得多，因为中国面临着水资源短缺、地质结构复杂、基础设施匮乏等严峻挑战。但本周，中国最大的两家能源公司的高管却对中国的页岩气潜能给出了乐观的评估，他们的理由是迅速下降的钻井成本和不断上涨的国内天然气价格。这与两年前截然相反，当时行业的关注点都集中在中国页岩气发展所面临的困难上。 “美国花了近四十年才实现规模化生产。我们

ENERGY

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“We have found that there is big room for cost reduction ... Also, domestic gas prices are being raised, so these two factors will lead to greater investment,” he said. The cost of shale gas drilling at Sinopec’s Fuling field in southwestern China - the country’s largest shale gas project - has been falling steadily to about 60 million yuan ($9.8 million) per well, Fu said. That is still double the average shale gas drilling cost in the U.S. but represents a significant fall from 100 million yuan in China just several years ago, analysts say. Fu said he expected costs to decline to 50 million yuan per well within three to five years. “It is dropping fast. Because of better expertise and experience, there is a lot of room for further cost decreases,” he said. But some shale gas experts say the Fuling success is hard to repeat due to its unique geological structure. NEW OPTIMISM Fu’s optimism was echoed by PetroChina’s Vice-Chairman and President Wang Dongjin, who told reporters that China’s dominant oil and gas producer had decided to kick off shale gas development this year with a 7 billion yuan budget. PetroChina is keeping its drilling cost at 55 million yuan per well and will strive to keep it under 50 million yuan, he said. He said the average time PetroChina spends on shale gas drilling - a process known as hydraulic fracturing - had fallen to 45 days per well from more than 80 days. A worker welds next to a gas pipeline at But Fu and Wang ruled out the posa construction site of West-to-East Gas sibility of a shale gas boom in the near Transportation Project in Suizhou, Hubei province. REUTERS/Stringer future, saying costs must come down much more and gas prices must rise further to justify a substantial step-up in investment. Indeed, China early last month halved its 2020 shale gas production target after early exploration efforts to unlock the unconventional fuel proved challenging, according to an industry website and a government source. Citing Wu Xinxiong, the head of China’s National Energy Administration, industry website www.cpnn.com.cn reported that China aims to pump 30 billion cubic metres (bcm) of shale gas by 2020, versus an earlier goal of 60bcm to 80 bcm mapped out in 2012. At Fuling, where Sinopec is building the first phase of the project, the company aims to put in an annual production capacity of 5 bcm by end-2015, Fu said. By end-2017, Sinopec will double it to 10 bcm. PetroChina’s Wang said his company will have an annual shale capacity of 2.6 bcm by end-2015 and overtake Sinopec in terms of shale gas output in the next few years. “We are confident we will have a breakthrough in shale gas development in China,” he said.

还处在早期阶段，但我们不需要花三十年，因为成本会大幅下降。”，中石化董事长傅成玉在周一该公司在香港的中期业绩发布会上告诉记者。 “我们发现在降低成本方面还有很大的空间…….并且国内的天然气价格正在上调，这两个因素将会带来更大的投入。”他说。傅成玉表示，中石化在中国西南地区涪陵的页岩气项目的钻井成本已经稳步下降到了单井约6000万元人民币（980美元）。涪陵页岩气项目是全国最大的页岩气项目。虽然这一数字仍然是美国页岩气钻井成本平均值的两倍，但较之中国几年前的一亿元成本已经有了大幅下降，分析人士表示。傅成玉预计成本将在未来三到五年内下降到单井5000万元人民币。“成本正在快速下降。凭借更丰富的专业知识和经验，还有很大的空间来进一步降低成本。”他说。但一些页岩气专家表示，涪陵的成功很难复制，因为涪陵有着独特的地质结构。

新乐观主义

中石油副董事长兼总裁汪东进同傅成玉一样，也对中国的页岩气开发持乐观态度。他在周四告诉记者，中石油作为中国最主要的油气生产商，已决定今年将以70亿元人民币的预算揭开页岩气开发的序幕。汪东进说,目前中石油的页岩气单井成本约为5500万元人民币,力争将其控制在单井5000 万元以下。他表示,中石油花在页岩气钻井上的平均时间,即水力压裂的过程, 已经从过去的 80多天缩短至45天。但傅成玉和汪东进均排除了在不久的将来出现页岩气热潮的可能性,认为只有当成本进一步大幅下降而天然气价格继续上涨时,才有理由大规模加大投入。行业网站和政府信息人士渠道表示，事实上，由于前期对页岩气这种非常规燃料的勘探遭遇多重挑战，中国已在本月初将2020年页岩气的产量目标减半。行业网站中国电力新闻网（www.cpnn. com.cn）报道称，中国国家能源局局长吴新雄表示，中国的目标是到2020年能开采300亿立方米的页岩气，而此前在2012年制定的目标是能够开采600到800亿立方米页岩气。傅成玉介绍说中石化正在建设涪陵页岩气项目的一期工程，其目标是到2015年底达到年产能50亿立方米，且在2017年底翻番至 100亿立方米。中石油的汪东进则表示，中石油到2015年底页岩气年产能将达到26亿立方米，预计在未来几年内能在页岩气产量上赶超中石化。 “我们有信心在中国的页岩气开发上取得突破性进展。”他说。

ENERGY

ASIAN LEGAL BUSINESS SEPTEMBER 2014

COULD SHALE REVIVE CHINA’S FLAGGING OIL FIELDS? By John Kemp

页岩气能重振中国低迷的油田吗？ John Kemp报道

REUTERS/Michaela Rehle

ENERGY

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“I believe and will prove that our country is not deficient in oil reserves. If I can use my 20-year lifetime in exchange for a large oil field, I will.” Those comments, recorded in an illustrated history of the Songliao Basin published by China National Petroleum Corp (CNPC), are attributed to Wang Jinxi, an oil field worker who became a hero of Communist China during the 1960s and 1970s. Wang’s Drill Team No. 1205 was credited with doing more than any other team to develop the super-giant Daqing oil field amid the frozen swamps of northeast China. “Despite the harsh and extremely cold environment, he and his [team] members transported and installed rigs by pulling and piggybacking, and supplied water in basins and buckets for spud-in. In fact, they finished the first oil well of the ‘battle’ in only five days and four hours, a record at the time,” according to CNPC. “To suppress a blowout from the second well they were drilling, Wang, with an injured leg, mixed mud with his body in a waist-deep mud pond. His energy to work day and night and capacity to fulfill even the most challenging task gained him the reputation of Iron Man.” Wang, originally a poor peasant from Gansu province, ended up being elected to the Communist Party’s Central Committee in 1969. It is hard to separate the myth-making from the reality, but there is no doubting the immense achievement that the Daqing oil fields represented. They were the first fields developed entirely with Chinese expertise, rather than with help from the Soviet Union. The battle for Daqing, which is how it was described at the time, liberated China from its “longstanding slavish dependence” on foreign oil, according to Premier Zhou Enlai (Oil in China: From self-reliance to internationalisation, 2010). Daqing is central to the history of modern China. No place played a more important role in the second half of the 20th century, except Shenzhen, the special economic zone next to Hong Kong, associated with reform and opening and the economic policies of Deng Xiaoping. SELF-RELIANCE The first successful Daqing well was drilled in 1959, when China barely had any domestic oil production and relied almost entirely on imports. By 1973, production from Daqing had grown so much that China became a net oil exporter, a status it would retain for the next 20 years. Daqing became a symbol of energy independence. “Because of the discovery and construction of the Daqing oil field, our country’s economic construction, the oil needs of defence and civilian applications, which had depended on foreign imports in the past, are now basically self-reliant,” Premier Zhou proudly told the National People’s Congress in 1963. Daqing also became a metaphor for modernisation. Zhou, Deng, and even Jiang Qing, the wife of Chairman Mao Zedong, all visited Daqing and employed it as a model for the development of the economy. In 1963, Mao himself pronounced that the rest of China’s industry should “learn from Daqing” and thereby launched an industrial and political philosophy that became known as “Daqing-ism,” a blend of technocracy, heroism and ideology. But Daqing was more than just a symbol. The field was the single most important contributor to the state budget from the 1960s through the early 1980s and a vital source of foreign exchange earnings as China began the long, slow modernisation of its economy. Daqing’s petroleum engineers and managers became known as the “petroleum faction” - an elite and one of the most influential and respected groups in the party and the state.

“我相信并将证明我们国家不缺乏石油储量。如果我可以用我20年的生命来换取一个大油田，我会这么做。” 石油工人王进喜的这段话被记录在中国石油天然气集团公司（CNPC）的图说松辽盆地历史中，王进喜是上世纪六七十年代中国的民族英雄。王进喜的1205钻井队被认为对开发地处中国东北地区冰冻沼泽地的巨型油田,即大庆油田,做出了最多的贡献。根据CNPC的记载，“尽管面临着非常严峻和极端寒冷的环境，他和他的（团队）成员通过牵拉和肩扛来运输和安装钻机，并用盆和桶为开钻供水。事实上，他们仅用了五天四小时就完成了开钻第一口油井的‘战斗’，创下当时的记录。” “为了抑制第二口在钻的井发生井喷，王进喜拖着伤腿在齐腰深的泥浆池里用身体搅拌泥浆。他夜以继日的工作精神，和能够完成最具挑战性的任务的能力，为他赢得了铁人的美誉。” 王进喜出生于甘肃省的一个贫苦农民家庭，最终在 1969年当选为中国共产党中央委员会委员。我们很难将事实和夸张在上述的记录中分离开来，但大庆油田所代表的巨大成就是毋庸置疑的。这是首批没有借助苏联帮助，完全运用中国技术开发的油田。据2010的《中国石油：从自力更生到国际出口》（Oil in China: from self-reliance to internationalisation）一书描述，周恩来总理说，大庆石油会战（当时是这么描述的）将中国从对外国石油的“长期奴性依赖” 中解放了出来。大庆在中国现代史中占有中心地位。除了深圳以外，没有任何地方比大庆在20世纪下半叶发挥了更重要的作用。深圳是毗邻香港的经济特区，与邓小平的改革开放和其他经济政策紧密关联。

自力更生

大庆在1959年成功钻出第一口井，当时中国几乎没有任何国产石油，差不多完全依靠进口。到1973年，大庆的石油产量已经增加到使得中国成为了石油净输出国，并且在未来20年一直保持这一地位。大庆是能源独立的象征。“由于大庆油田的发现和建设，我们国家的经济建设、国防和民用石油需求，这些在过去都依靠外国进口，现在都基本实现了自力更生。”周总理1963在全国人民代表大会上自豪地宣布。大庆也象征着现代化。周恩来、邓小平，甚至是毛泽东的夫人江青，都访问过大庆，并将其作为一种经济发展的模式。 1963年，毛泽东本人宣称，中国工业的其他领域应当“学习大庆”，从而启动了后来被称为“大庆精神”的工业和政治哲学。“大庆精神”是技术统治论、英雄主义和意识形态的结合。但大庆远不只是一个象征。该油田从20世纪的60年代到80年代早期一直是中国财政预算最大的贡献者，并且是中国长期、缓慢的经济现代化进程中重要的外汇收入来源。大庆的石油工程师和管理人员后来被称为“石油派” ，是党和政府中最有影响力和最受尊敬的精英群体之一。

ENERGY

ASIAN LEGAL BUSINESS SEPTEMBER 2014

AGEING SUPERGIANT Everything about Daqing is on a superlative scale. It is one of the largest oil fields in the world. In 1976, production hit 1 million barrels per day, and it was sustained at that level for another 27 years before being slowed by 20 percent in 2004. By 1985, China was the world’s sixth-largest petroleum producer after the Soviet Union, the United States, Saudi Arabia, Mexico and the United Kingdom. Daqing alone accounted for about half of its total output. In 2009, China National Petroleum Corp announced cumulative production had reached 2 billion tonnes (around 14.6 billion barrels). That ranks Daqing in a tiny elite group of “supergiant” fields along with Saudi Arabia’s Ghawar, Mexico’s Cantarell, Russia’s Samotlor and the East Texas Field in the United States. But Daqing is getting old. Field pressure, the reservoir’s natural energy, has dropped, making the oil harder to produce. So CNPC has resorted to a variety of methods to maintain production rates and try to scrape more oil from the reservoir. “Nearly every sort of enhanced recovery method has been tried at Daqing,” according to Stephen Rassenfoss at the Journal of Petroleum Exploration and Production Technology. The reservoir has been injected with water, carbon dioxide, surfactants and polymers to drive more of the remaining oil towards the wells. The discovery of oil at Daqing brought China self-sufficiency for more than a quarter of a century and made it a net exporter from 1973 to 1993. But China’s production has levelled off at best, while its oil demand has boomed. China has overtaken the United States and Japan to become the biggest oil importer in the world. Once more, the country is threatened by its dependence on foreign oil.

衰老的“超级巨人”

SHALE FORMATIONS Out of necessity, CNPC has become a world leader in enhanced oil recovery at Daqing. But the shale revolution has opened up yet another intriguing possibility. Perhaps China could produce oil direct from the thick shales that are the source of much of the petroleum found in Daqing’s conventional oil and gas fields and thereby, extend the life of the field for many more decades. Shale oil and gas tends to be found in much of the same locations as conventional oil and gas fields. In fact, shale formations are normally the source of the petroleum trapped in conventional fields. Bakken in North Dakota and the Eagle Ford and Permian shales in Texas were the source of the oil and gas extracted from conventional fields in both states for decades before the shale boom. But horizontal drilling and hydraulic fracturing have enabled producers to target the source directly rather than having to hunt for accumulations of oil and gas, which have been expelled from the source rocks and then become trapped in a more permeable reservoir rock. China has at least six large onshore sedimentary basins that are highly prospective for oil and gas, including the Songliao Basin that is home to Daqing. Most of the attention has been focused on gas, but these basins also contain large quantities of oil. The U.S. Geological Survey describes the area around Daqing as “a nearly featureless landscape having less than 50 metres of relief and numerous lakes, swamps and rivers.” It is very hot in summer and bitterly cold in winter. The Daqing oil fields cover an area of just 10,000 square kilometres or so located in the centre of the basin, stretching 138 kilometres north-south and 73 kilometres east-west. But the source of much of the oil in the Daqing is the enormous Qingshankou shale formation, which extends across a much bigger area of 87,000 square kilometres. The most promising part of the Qingshankou shale is 200 to 400

出于必须,CNPC在大庆成为了油田石油采收率提升的方面世界专家。但页岩革命则提供了另一种耐人寻味的可能性。大庆常规油气田中发现的大部分石油都来自厚厚的页岩储层,如果中国可以直接从这些储层中生产石油,那么就能将大庆的寿命再延长数十年。页岩油气往往在常规油气田的相同区域被发现。事实上,页岩地层通常是常规油气田石油的来源。美国北达科他州的巴肯以及得克萨斯州的鹰滩和二叠纪页岩资源就是这两个州在页岩热潮之前数十年间从常规油气田中开采油气的来源。水平钻井和水力压裂使得作业者可以直接将这类源岩锁定为目标,而无须寻找已经从源岩中排出却被密封在渗透性更强的储集岩中的油气藏。中国有至少六个油气前景非常可观的大型陆上沉积盆地,包括大庆所在的松辽盆地。人们大多关注天然气,但这些盆地其实也蕴含着大量原油。美国地质调查局将大庆的周边地区形容为“几乎毫无特征,只有不到50米的起伏地势和众多湖泊、沼泽和河流。”那里夏季酷暑,冬季极寒。大庆油田占地仅1万平方公里左右,位于松辽盆地的中心,南北绵延138公里,东西73公里。但大庆油田的大部分石油来自青山口页岩地层,分布在8.7万平方公里的一个更大的区域。青山口页岩最有前景的部分有200到400米厚,埋藏深度达2500 米。美国能源信息署(EIA)估计,青山口页岩原油资源量可能达到2290亿桶，技术可开采量115亿桶，而天然气资源量则为155万亿立方英尺，技术可开采量16万亿立方英尺。

大庆油田的一切都是最高级的规模。它是世界上最大的油田之一。1976年,产量达到每天100万桶,这一水平此后持续了27年,直到2004年产量才下降了 20%。 1985年,中国是继苏联、美国、沙特阿拉伯、墨西哥和英国之后的世界第六大石油生产国。大庆油田就占了中国总产量的大约一半。 2009年,CNPC宣布大庆的累计产量已达到20亿吨 (约146亿桶)。这使大庆跻身于由沙特阿拉伯的加瓦尔、墨西哥的坎塔雷尔、俄罗斯的萨莫特洛尔和美国的东得克萨斯组成的少数精英“超级巨人”油田的行业。但是,大庆油田正在逐渐老化。油田压力（即油藏的自然能量）的下滑,使油田开采更加困难。为此,CNPC采用了各种方法来保持产量,从油藏中开采出更多的原油。 “几乎每一种强化开采方法都在大庆试过了。”《石油技术杂志》(Journal of Petroleum Technology)的 Stephen Rassenfoss说。油藏已经被注入水、二氧化碳、表面活性剂和聚合物,来促使剩余的油流向油井。大庆的发现使中国在超过四分之一个世纪的时间里实现了石油自给自足,并在1973年至1993年间成为石油净出口国。但是,中国的石油产量最乐观来看也已经趋于平稳,而其石油需求却迅速增长。中国已经超越美国和日本成为全球最大的石油进口国,不得不再一次受到对外国石油依赖的威胁。

页岩地层

ENERGY

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metres thick and buried up to 2,500 metres below the surface. The U.S. Energy Information Administration (EIA) estimates that Qingshankou could contain around 229 billion barrels of oil, of which 11.5 billion might be technically recoverable, as well as 155 trillion cubic feet of gas, of which 16 trillion cubic feet might be technically recoverable. THE PRIZE If the EIA’s estimates are even roughly correct, fracking could double the amount of oil recoverable from Songliao. Qingshankou could produce as much in future as Daqing has produced over the last 50 years. The potential has not gone unnoticed. In 2010, Hess Corp and CNPC conducted a joint study of the shale/tight oil potential at the Daqing oil field. Hess and CNPC are still working on unconventional exploration, but now in the Santanghu Basin in northwest China. There is a lot of uncertainty about whether the Qingshankou can be fractured successfully. The major oil and gas producing shale in North America that are currently in production, such as the Bakken and Eagle Ford, were all deposited on the floor of ancient seas. But Qingshankou was deposited on the floor of an ancient lake. “The Songliao Basin lacks a suitable commercial North American shale analog as it is structurally complex and of lacustrine sedimentary origin,” according the EIA. The silt deposited in ancient lakes is much more fine-grained than marine sediments, more like clay, and harder to fracture. It is not clear whether oil could be produced using the same techniques. But the potential prize is enormous. In October 2013, CNPC and Shell agreed to set up a joint Shale Oil Research Centre to be based in the United States and China. The research programme will focus on theoretical aspects of shale geology for three years before shifting to engineering research and development. In the announcement, CNPC focused on the potential for research on shale oil, rather than gas, including continental (i.e lacustrine) shales in China, suggesting that CNPC is alive to the potential for onshore shale oil production. The need to find and develop more oil reserves is again urgent for China, and hunting for more oil around the Daqing oil fields is one of its most promising options.

奖赏

如果EIA的估算是大致正确的话，那么水力压裂技术就能让松辽石油的可采量翻倍。青山口在未来的产量可能相当于大庆在过去五十年的产量。这种发展潜力已经引起了关注。2010年，赫世公司和CNPC在大庆油田联合开展了页岩/致密油潜力研究。赫世和CNPC仍致力于非常规勘探，但目前是在中国西北的三塘湖盆地进行。水力压裂在青山口能否成功还有很多不确定性。目前北美投产的主要页岩油气田，如巴肯和鹰滩，都沉积于古代海洋底部，但青山口的页岩沉积在古代湖泊底部。 EIA认为“松辽盆地地质结构复杂、属于湖泊沉积，与北美进行商业生产的页岩类型不具有可比性”。沉积在古代湖泊的淤泥比海底沉积物颗粒更细，更像粘土，也更难压裂。目前尚不清楚使用相同的技术能否成功开采原油，但潜在的奖赏无疑是巨大的。 2013年10月，CNPC与壳牌公司同意在美国和中国设立一个联合页岩油研究中心。该中心将侧重于对页岩地质进行为期三年的理论研究，随后转向工程研究和开发。在相关公告中，CNPC将重点放在了页岩油，而非天然气，的研究潜力上，包括中国的大陆（即胡泊）页岩，这表明CNPC已经意识到了陆上页岩油生产的潜力。中国再次迫切需要寻找和开发更多的石油储量，而围绕大庆油田寻找更多的石油是最有希望的选择之一。

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ASIAN LEGAL BUSINESS SEPTEMBER 2014

‘A LOT MORE DISCRIMINATORY’ “更有针对性”

China foreign investment pattern changes as challenges grow By Pete Sweeney

伴随挑战的增加，中国的外商投资格局悄然改变 Pete Sweeney报道

hina’s foreign investment mix is changing, with portfolio investors buying more stocks but foreign direct investment falling to a two-year low on a slowing economy, rising business costs and anti-monopoly probes and crackdowns on foreign firms. Foreign direct investment (FDI) in China fell in over the first seven months of 2014 compared with a year earlier, while the offshore funds flowing into mainland stocks hit their highest mark in more than two years in July A plateau in foreign investment could be a challenge for China, as it offers manufacturers an alternative source of capital to the banking system. Any shortfall is unlikely to be made up by portfolio flows, which favour more liquid stocks and are limited by quotas. “Foreign capital coming here needs to get a lot more discriminatory,” says Gary Reischel, founder of venture capital firm Qiming Venture Partners in Shanghai, referring to overall investment. The stock market rose continuously for six weeks last month, its longest streak since March 2012, after being among the worst performers

中

国的外商投资形势正在发生变化。证券投资者正在买入更多股票，但外商直接投资（FDI）却由于经济增速放缓、企业成本上升，以及针对外国公司的反垄断调查和制裁等原因跌至两年来的最低点。与去年同期相比，中国的FDI在2014年的前七个月出现下跌。相反,上月流入内地股市的离岸资金达到两年多来的最高水平。外商投资出现瓶颈对中国来说可能是个挑战，因为它是制造业在银行体系外的另一替代性资本来源。外商投资的减少不太可能由流向投资组合的资金弥补，后者偏爱流动性更强的股票，且受到配额的限制。 “外国资本进入中国必须更有针对性。”，位于上海的风险投资公司启明创投的创始人Gary Reischel在谈及整体投资情况时说。中国股市在上半年是全球表现最差的股市之一，但最近已经连着上涨了六周，是自2012年3月以来最长

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in the first half of the year. Investors are drawn to Chinese shares by low valuations for large-cap shares after a four-year slump, a rallying yuan, and the prospect of a pilot project to allow foreigners to buy yuan-denominated stocks on mainland exchanges.

FDI FALLS

的连涨纪录。由于四年低迷的股市使得大盘股的估值较低，再加上人民币升值，以及可能允许外国人在内地交易所购买以人民币计价的股票的试点计划等原因，中国股市对投资者颇具吸引力。

Non-financial foreign direct investment was $7.81 billion (4.72 billion pounds) in July, the lowest in two years, and fell an annual 0.4 percent in the first seven months of the year. Chinese regulators have warned against reading too much into a single monthly FDI figure, and many economists agree. Still, in the context of July data that included softness in manufacturing, lending, housing prices and fixed-asset investment, the numbers have prompted some debate. The FDI slowdown was led by a sharp decline in investment from Japan, which plunged 45 percent in the first seven months of 2014; Europe, down 17.5 percent; and the United States, off 17.4 percent. “There are other geographies in Asia that are definitely more attractive for manufacturing,” says Matt Koon, consulting manager at Tractus Asia in Shanghai. At the same time, there has been an increase in funds flowing into stocks via exchange-traded funds (ETF) in Hong Kong from foreign investors, who cannot yet invest directly in mainland equities. ETFs under the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme had net inflows of 8.2 billion yuan (785 million pounds) in July, the highest since December 2012 and nearly doubling from June, according to Morningstar data. Launched in 2011, RQFII enables institutions to use offshore yuan to invest in the mainland’s securities markets. The net inflow in July was the equivalent to 14.5 percent of assets under management. A year earlier, there were outflows equivalent to 9.9 percent of assets under management.

FDI下降非金融领域的FDI在七月为78.1亿人民币（47.2亿英镑），创两年来最低。今年前七个月的FDI较去年同期下降0.4%。中国监管部门认为不要过度解读单月的 FDI 数据,许多经济学家对此表示赞同。不过,由于7月的数据显示制造业、信贷、房价和固定资产投资均走软,这一数据还是引起了一些争论。 FDI增速放缓的首要原因是来自日本的投资在2014年前七个月大跌45%,而欧洲和美国分别下跌了17.5%和17.4%。 “亚洲肯定有其他对制造业更具吸引力的地区”,拓达投资咨询(上海)有限公司的咨询经理Matt Koon说。与此同时,通过香港上市交易所交易基金 (ETF)流入内地股市的外资资金出现了上涨, 外国投资者目前还不能直接投资内地股票。据晨星数据,上月人民币合格境外机构投资者(RQFII)计划下的ETF资金净流入额为 82亿元人民币(7.85亿英镑),这是2012年12 月以来的最高纪录,较之今年六月增加了近一倍。自2011年推出以来,RQFII允许机构投资者用离岸人民币投资内地证券市场。七月份的资金净流入额相当于资产管理额的14.5%。而一年前的资金净流出额则相当于资产管理额的9.9%。

HOSTILE ENVIRONMENT

不友好的环境

FDI has risen each year since China joined the World Trade Organization in 2001, hitting a record $118 billion last year, with manufacturing a main destination. But Beijing’s plans to make the economy more reliant on domestic consumption could not only temper the inflows, but change the composition. Indeed, FDI in manufacturing fell in the first seven months of 2014 while it rose in services. Many economists argue that China is losing attractiveness due to reasons such as persistently increasing costs for labour, relatively higher prices for energy, and expensive industrial property. Coincidentally or not, the slowdown in FDI this year follows a campaign pillorying foreign firms for crimes including bribery, discriminatory pricing, monopolistic behaviour, and poor quality control – these have led to massive fines and detentions by police. “The more aggressive stance of Chinese regulators is doubtlessly galling to foreign executives, but it is unlikely to eliminate their interest,” Arthur Kroeber, economist at Dragonomics, wrote in a research note, adding some firms had made so much profit that they can “easily afford to pay the fine and go on its merry way minting money in the Middle Kingdom.”

自中国2001年加入世界贸易组织以来,FDI逐年攀升,去年达到创纪录的1180亿美元,其中制造业是外资的主要目的地。但是中国要让经济更多依赖国内消费的计划不仅会减缓资本流入,还会改变资本构成。事实上,投向制造业的FDI在2014年前七个月出现下降,而服务业的投资却有所增长。许多经济学家认为,由于持续上涨的劳动力成本,相对较高的能源价格,以及昂贵的工业地产价格等原因,中国正在失去吸引力。不论巧合与否,在今年FDI放缓前,中国对外国公司的违法行为开展了一轮整治,包括贿赂、歧视性定价、垄断行为以及不到位的质量管控。有关部门对此开出了巨额罚单, 公安机关也拘留了涉事人员。 “中国监管部门更强硬的姿态无疑会令外国高管感到头疼,但不太可能打消他们投资中国的热情”,龙洲经讯的经济学家Arthur Kroeber在一份研究报告中写道。他补充说, 一些公司已经获得了巨大的利润,因此它们可以“轻松地支付罚款,并继续快乐地在中国大发其财”。

**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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CHINA FURTHER LOOSENS FOREIGN OWNERSHIP OF HOSPITALS By Adam Jourdan and Koh Gui Qing

hina will allow foreign investors to wholly own hospitals in seven cities and provinces, further opening up the country’s fast-growing private hospital sector. The cities of Beijing, Tianjin and Shanghai and the provinces of Jiangsu, Fujian, Guangdong and Hainan will take part in the pilot test that was launched in July, the Ministry of Commerce said in a statement. The private healthcare sector is a magnet for investors with the number of private hospitals shooting up in the last decade as Beijing looks to take the pressure off its hard-hit state-run system. “There is so much interest and a lot of money just waiting to have the opportunity to invest. It’s not only a huge and growing market, but also the level of care is not that high, meaning there’s a huge unmet need,” says Simon Li, Shanghai-based managing director at Kantar Health. China’s healthcare spending is set to hit $1 trillion by 2020, according to McKinsey & Co, a major draw for hospital operators such as Singapore-based Raffles Medical Group Ltd, Malaysia’s IHH Healthcare Bhd and U.S.-listed Chindex International Inc. Beijing has been slowly opening the door to overseas money, previously allowing foreign investors to own 70 percent stakes in hospital joint ventures. Hong Kong and Macau, autonomous regions of China, and Taiwan all permit foreign investors to fully own hospitals. Beijing has also made moves to allow doctors to work more freely in the private sector, part of a drive to enable overseas providers to take on a broader role. Currently, foreign players focus more on specialist areas such as maternity care. “With more investment allowed by foreign players and greater freedom for doctors, this will enable foreign operators to get more into primary care and the mainstream market,” says Li.

PRIVATISATION DRIVE The attraction is clear. There were 11,300 private hospitals in China last year, a massive rise from just 3,200 in 2005, according to a Deutsche Bank report in June. It added that a further 8,000 public hospitals were likely to be privatised over the next five to 10 years. Approvals for foreign-owned hospitals will be overseen by provincial governments, the Ministry of Commerce said, adding that only investors from Macau, Taiwan and Hong Kong can practise traditional Chinese medicine (TCM). The Ministry of Commerce announcement did not include any requirements for a minimum size of foreign investment. Chinese hospitals suffer from a lack of funding and a steep gap between urban and rural care, often leading to high rates of bribery and simmering tension between patients and doctors. Widespread graft has made it harder for China’s poor to get access to healthcare, despite Beijing ordering hospitals to not turn away patients who need emergency treatment. The move is also part of sweeping plans to reform the world’s secondlargest economy to give private and foreign investors greater access to enhance efficiency, technological know-how and coverage for basic services such as healthcare.

ASIAN LEGAL BUSINESS SEPTEMBER 2014

China had promised earlier this year to relax limits on foreign investment in hospitals on the mainland in a healthcare reform plan for 2014. In May, the government also eased restrictions on foreign investment in joint venture hospitals.

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中国进一步放宽外商投资医院的限制 Adam Jourdan和许贵卿报道

国

将允许外国投资者在七个省市经营外资独资医院,进一步开放其快速增长的私营医院行业。商务部在周三的通知中表示,北京、天津、上海、江苏、福建、广东和海南等省市将参与这项七月推出的试点工作。私营医疗保健业一直对投资者极具吸引力。由于中国政府想要减轻其不堪重负的国有医疗系统的压力,私立医院的数量在过去十年里迅速增长。 “投资者对医疗行业兴趣浓厚,且持有大量资金,就等着有机会能进行投资。这不仅是一个巨大的、不断增长的市场,而且由于护理水平并不是很高,市场上仍然有尚未得到满足的庞大需求。” Kantar Health驻上海的董事总经理Simon Li说。根据麦肯锡公司的数据,中国的医疗支出到 2020年将达到1万亿美元,这对新加坡莱佛士医疗集团,马来西亚综合保健控股和美国上市的美中互利等医院运营商来说吸引力极大。中国已经逐渐在向海外资金开放医疗行业,此前允许外国投资者在合资医院中持有70%的股份。中国的特区香港和澳门,以及台湾地区都允许外国投资者独资经营医院。中国也开始允许医生在私人领域更自由地执业,这也是推动海外医疗服务提供商发挥更广泛作用的举措之一。目前,外商医疗服务提供者更专注于孕产妇保健等专业领域。 “外国投资者获准进行更多的投资,而医生也获得更大的执业自由,这些将使外国运营商获得更多进入基层医疗和主流市场的机会。”Simon Li说。

私有化进程行业的吸引力无须赘言。根据德意志银行六月份的报告,去年中国有11,300家私立医院,较2005年的 3,200家大幅提升。该报告补充说,还有8,000家公立医院在未来5到10年可能会被私有化。商务部表示,外资独资医院的审批将由省级政府负责,只有来自澳门、台湾和香港的投资者能够经营中医业务。商务部公告没有任何对最低外商投资额的要求。中国的医院面临资金缺乏、城乡医疗差距大等问题,往往导致贿赂高发,医患关系紧张。常见的医疗贿赂使中国的穷人更难获得医疗保健服务,尽管政府已经下令医院不得拒收需要急救的患者。此举也是对世界第二大经济体进行全面改革的一部分,以便为私营资本和外国投资者提供更多的市场进入机会,从而提高效率、技术秘密,以及医疗保健等基本服务的覆盖。今年早些时候,中国在一份2014年医改计划中承诺将放宽对外商投资内地医院的限制。5月,政府还放宽了外商投资合资医院的限制。

ANTITRUST

ASIAN LEGAL BUSINESS SEPTEMBER 2014

LEARN FROM THY NEIGHBOUR

以鄰為師 CHINA IS TAPPING SOUTH KOREA FOR IDEAS IN THE QUALCOMM ANTITRUST CASE, REPORT MICHAEL MARTINA AND SE YOUNG LEE

高通反垄断案深入，中国向韩国取经 Michael Martina和Se Young Lee报道 **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

A man walks past a Qualcomm advertising logo at the Mobile World Congress at Barcelona. REUTERS/Albert Gea

hinese antitrust officials have met with their South Korean counterparts to discuss violations by U.S. chipmaker Qualcomm Inc, sources say, as Beijing reaches out to regulators overseas to complete a case that could result in record fines at home. Qualcomm is one of at least 30 foreign firms to come under scrutiny as China seeks to enforce a 2008 anti-monopoly law - efforts some critics say have unfairly targeted overseas businesses, raising protectionism concerns. The Korea Fair Trade Commission (KFTC) fined San Diego-based Qualcomm more than $200 million in 2009 for abusing its dominant market position, but the stakes are bigger in China, where an investigation by the National Development and Reform Commission (NDRC) could trigger changes to Qualcomm’s licensing deals and fines of as much as a tenth of a company’s annual revenue. Qualcomm had total revenues of almost $25 billion in the year to Sep. 29, 2013 - about half of it in China. “The Chinese authorities were very interested in how South Korea handled such issues and asked a lot of questions about South Korea’s experiences,” says a person who was present at meetings in May and June between the KFTC and the NDRC’s price supervision and anti-monopoly bureau. It’s unlikely the NDRC could use exactly the same rationale as South Korea

为

调查一起可能创下中国罚款纪录的案件，中国有关部门已与境外监管机构联系取经。消息人士称，中国的反垄断官员已经同韩国方面见面，讨论美国芯片制造商高通公司的违法问题。高通只是因中国对2008年生效的反垄断法进行执法活动而受到调查的三十多家外资公司之一—— 有部分批评人士称这种调查不公平，因为它针对外资企业，加剧了对保护主义的担忧。 2009年,韩国公平交易委员会(KFTC)以滥用市场支配地位为由,对总部位于美国圣地亚哥的高通公司罚款2亿多美元。但高通这次在中国面临的问题更大,国家发展和改革委员会(发改委)的调查可能迫使其修改许可协议,并遭受达年收入一成的巨额罚款。 2013年截至9月29日,高通的总收入接近250亿美元,其中大约一半来自中国。 “中国有关部门非常感兴趣韩国是如何处理这些问题的，提出了许多有关韩国经验的问题。”一位在五月和六月出席了KFTC和发改委价格监督检查与

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against Qualcomm, added the person, who didn’t want to be named because of the sensitivity of the case. “What China takes most exception to is that royalties on intellectual properties are comparatively higher in China. But high price itself shouldn’t be an antitrust matter. It’s only a problem when there are elements like discriminatory practices,” the person says. Qualcomm has been under investigation by the NDRC, one of China’s three antitrust regulators, since November last year over how it licenses its patents and prices its chipsets. Exchanges between regulators are not uncommon, but some experts say the NDRC has relied on pressure tactics instead of detailed economic analysis to drive its cases. That the NDRC went to the KFTC months after the case was announced, they say, could indicate the bureau is looking for a legal justification for a case it had already launched. There are concerns that a central aim of the meetings between China and South Korea was to “solicit advice in an economic argument against Qualcomm,” a person in the U.S. business community familiar with the case says. “It’s putting the cart before the horse. They have reached a conclusion and attempted to get the facts later.” ‘THOROUGH EXCHANGES’ In a statement about the meeting that took place in South Korea, the KFTC said: “China’s NDRC, seeking to advance its regulatory enforcement, requested that the Fair Trade Commission share economic analysis techniques used to deal with actual cases.” The NDRC antitrust bureau, its delegation led by Director General Xu Kunlin, said in statements issued after the meetings that the two sides held “thorough exchanges.” Xu, an outspoken advocate of expanding the use of China’s anti-monopoly law, has publicly stated that his bureau is hamstrung by understaffing. That, lawyers say, is one likely element behind the bureau’s reputation of employing less rigorous analysis in its investigations. At a conference in May, Xu said that because he had only around 40 staff - compared to hundreds at U.S. and European agencies - he had to rely on tip-offs of violations when pursuing cases. “If you increased my staff by 100 workers, perhaps then I could actively investigate,” he said. “I think everybody would agree they are understaffed - they don’t have enough people - and they are very new at this,” says Peter Wang, an antitrust expert and Shanghai-based partner at law firm Jones Day. “It’s often easy to find theories for possible antitrust problems, but it takes an extensive amount of experience to be in a position to make good decisions about when something is likely to be a real problem and, just as important, when it’s not.” Nonetheless, a slew of recent high-profile probes into overseas firms has rekindled concerns that Beijing may be using the investigations to support domestic industry. Last month, the NDRC fined Japanese auto parts makers a record 1.235 billion yuan ($201 million) for manipulating prices in China. The agency has also said it would punish Audi and Fiat SpA’s Chrysler for monopoly practices, and last year hit foreign milk powder makers with hefty fines. The U.S. Chamber of Commerce in April sent a private letter to Secretary of State John Kerry and Treasury Secretary Jacob Lew urging Washington to get tough with Beijing on its use of the Anti-Monopoly Law to pursue “China’s industrial policy goals.” The issue was raised at high-level strategic talks between Washington and Beijing in July.

反垄断局会议的人士表示。这位人士同时表示，发改委对高通不太可能照搬韩方的理由。他因案件敏感性而不愿透露姓名。 “中国最不同意的一点是，在中国收取的知识产权使用费相对更高。但高费用本身不应成为反垄断对象，只有当出现歧视性定价等行为时才会引发反垄断问题。”该人士指出。自去年11月以来，高通一直接受中国三大反垄断机构之一的发改委调查，调查涉及高通的专利许可和芯片定价方式。监管部门之间的交流并不罕见，但部分专家表示发改委在案件处理上依赖压力战术，而非详细的经济分析。这些人士指出，发改委在案件公布几个月后才与KFTC接触，也许说明该委希望为这起已经宣布的案件找到法律依据。一位熟悉该案的美国商界人士则称,坊间担心中韩会议的中心目的是“寻求针对高通案的经济争论建议。这完全是本末倒置,他们已经得出了结论,然后才试图寻找事实。”

“深入的交流”

在一份有关在韩国举行的会议的声明中,KFTC 称:“中国发改委希望推进监管执法,因此请求公平交易委员会分享处理实际案件的经济分析技术。” 发改委价格监督检查与反垄断局局长许昆林在会后发布的声明中表示,中韩双方进行了“深入的交流”。许昆林力主扩大中国反垄断法的适用范围,他曾公开表示反垄断局受到人员不足的困扰。律师指出, 这可能是导致该局在调查中分析不太严谨的一个原因。在五月的一次会议上,许昆林表示由于他只有约 40人的队伍,而不像美国和欧洲的反垄断机构那样动辄几百人,他在调查案件时不得不依赖举报。“如果你多给我100个人,也许那时我就可以主动调查。”他说。反垄断专家、众达国际法律事务所上海分所合伙人王智平称:“我认为大家都同意反垄断局的确人手不足,在这方面也缺少经验。为可能的反垄断问题找到相关理论依据并不难,但要正确判断反垄断问题是否确实存在,则需要大量丰富的经验。” 尽管如此,最近一系列引人注目的外企调查, 已经再次引发人们对中国政府可能利用调查来支持国内产业的担忧。上月,发改委以在中国操纵价格为由,对日本汽车零部件生产商处以创纪录的12.35亿元人民币(2.01亿美元)罚款。发改委还表示将处罚奥迪和菲亚特克莱斯勒的垄断行为,去年对外资奶粉企业也处以了高额罚款。今年四月,美国商会以私人信件的方式致函美国国务卿约翰·克里和美国财政部长雅各布·卢, 敦促美国针对中国利用反垄断法来达到“中国的产业政策目标”的行为采取强硬对策。这一问题在七月举行的中美高层战略对话中被提及。

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‘VAGUE OR UNSPECIFIED PROVISIONS’ Foreign companies are increasingly concerned they are being targeted by Chinese regulators, finds Michael Martina

oreign companies are increasingly concerned they are being targeted by Chinese regulators, a U.S. business lobby said last month, as a Chinese antitrust agency defended probes into firms such as U.S. chipmaker Qualcomm Inc. The American Chamber of Commerce in China is the latest business lobby to air its grievances over a series of investigations scrutinising at least 30 foreign firms, as China seeks to enforce a 2008 anti-monopoly law. There are growing perceptions that multinational firms are under “selective and subjective enforcement” using “legal and extralegal approaches,” the Chamber said in a report. A survey of 164 members showed 49 percent respondents felt foreign companies were being singled out in recent pricing and anti-corruption campaigns, compared to 40 percent in a late 2013 survey of 365 members. Twenty five percent said they were uncertain, or did not know, and 26 percent said no. Chamber Vice-Chairman Lester Ross told reporters the major expansion of enforcement was welcome in principle, but regulators were using “extralegal” means to conduct investigations. “They have taken what are, in many instances, vague or unspecified provisions in the law and moved to enforce them, and sought to enforce those means through processes that do not respect the notion of due process or fairness,” Ross said. Sixty percent respondents in the survey also reported they felt foreign business was becoming less welcome in China. ‘TRANSPARENT AND JUST’ In an April letter to Secretary of State John Kerry and Treasury Secretary Jacob Lew, the U.S. Chamber of Commerce urged Washington to get tough with Beijing on its use of anti-competition rules, which it said had been seized by China to advance industrial policies that nurture domestic companies. T h e Eur o p e a n Un i o n Cha m b e r of Commerce in China in August expressed its concern over the antitrust investigations,

saying China was using strong-arm tactics and appeared to be unfairly targeting foreign firms. Xu Kunlin, director general of price supervision and the anti-monopoly bureau at the National Development Reform Commission (NDRC), reiterated that local and foreign companies were being treated equally by the agency. “Such accusations are groundless and baseless,” Xu told the official China Daily newspaper. “Some of the NDRC monopoly investigations involve overseas multinationals, but that does not mean that we are targeting them,” Xu said in an interview with the paper. “Some business operators in China have failed to adjust their practices in accordance with the anti-monopoly law,” he added. “Others have a clear understanding of the laws, but they take the chance that they may escape punishment.” Xu said the NDRC, one of China’s three antitrust regulators, was also handling cases involving state-owned firms and Chinese private sector companies. The automotive industry has been in focus for the last two or three years, Xu said. The NDRC in August slapped a record fine of $201 million on 12 Japanese auto makers it said had engaged in price manipulation. The NDRC is investigating Qualcomm’s local subsidiary after it said in February that the company was suspected of overcharging and abusing its market position in wireless communication standards - accusations that could lead to record fines of more than $1 billion. Another antitrust regulator, the State Administration for Industry and Commerce, said last month it had given Microsoft Corp 20 days to reply to queries on the compatibility of its Windows operating system and Office software suite amid its probe into the world’s largest software company. China’s Foreign Ministry spokesman Qin Gang responded to a question on the chamber’s paper at a regular press briefing, saying

he hoped foreign companies “will abide by Chinese law.” “Anti-monopoly is to protect consumers’ rights and to create a more open, fair and impartial market environment,” Qin said. “It is transparent and just.”

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“模糊、不明确的规定” 外企日益担心成为监管部门的靶子，Michael Martina报道。

中

国的反垄断机构为其调查美国芯片制造商高通公司等企业的行为辩护，而一家美国商业游说团体则在上月表示，外资公司日益担心它们成为中国监管部门的靶子。中国执行2008年生效的反垄断法，导致至少30家外资公司受到一系列的调查。对此，外国商业游说团体纷纷表达忧虑，中国美国商会也于最近发声。该商会在一份报告中称，越来越多企业感觉跨国公司成为利用“法律和非法律方法”进行的“选择性和主观性执法”的对象。

对商会164家成员的问卷显示，49%的受访者感觉最近的价格和反腐败整顿针对外企，而2013年对365家成员的问卷中只有40%的受访者这样认为。25%的受访者表示不太确定或不知道，26%的受访者作出否定回答。美国商会副会长Lester Ross对记者表示，加大执法力度在原则上是受欢迎的，但监管部门在调查中使用了“非法律”手段。 “在许多时候，它们利用法律中模糊或者不明确的规定进行执法，并试图通过不符合正当性或公正性原则的程序来执行这

REUTERS/Toru Hanai

些手段。”Ross表示。该问卷中60%的受访者还指出他们感觉外企在中国越来越不受欢迎了。

“透明且公正”

在四月致美国国务卿约翰·克里和美国财政部长雅各布·卢的一封信中，中国美国商会敦促美国就中国执行反垄断法的问题采取强硬态度，该商会称中国利用反垄断法来推进培育本土公司的产业政策目标。中国欧盟商会在八月份表达了对反垄断调查的担忧，声称中国正利用强制手段，且似乎公平地针对外资企业。中国国家发展和改革委员会价格监督检查与反垄断局局长许昆林重申，发改委对中外企业一视同仁。许昆林对官方的《中国日报》表示，“ 相关指责毫无根据”。 “发改委调查处理的部分反垄断案件确实涉及到了外资企业，但不能据此认为反垄断执法针对外资企业。”许昆林在接受该报采访时说。 “部分在中国的经营者未能根据反垄断法调整自己的商业行为。”他补充说。“另外一些显然了解法律，但怀着可以逃脱法律制裁的侥幸心理。” 许昆林称，发改委作为中国三大反垄断机构之一，也在处理涉及国企和私企的案件。他表示，汽车行业在过去至少两三年的时间里都是调查重点。发改委指控12家日本汽车企业操纵价格，在八月份对它们处以创纪录的2.01亿美元罚款。发改委在今年二月份宣布怀疑美国高通公司超高收费和滥用在无线通讯标准方面的市场地位，目前正在调查其中国子公司，这些指控可能导致超过10亿美元的破纪录罚款。另一反垄断机构国家工商总局在上月表示，在对全球最大的软件公司微软的调查中，它已要求微软就有关Windows操纵系统和Office办公软件兼容性问题，在20 天内作出答复。在例行记者招待会上，中国外交部发言人秦刚回答有关商会报告的提问时说，他希望外资公司“遵守中国法律”。 “反垄断是为了保护消费者的权益,营造更加公开、公正和公平的市场环境”, 秦刚说，“它是透明且公正的。”

CONSTITUTIONAL COURT OF KOREA

ASIAN LEGAL BUSINESS SEPTEMBER 2014

THE 3rd CONGRESS OF THE WCCJ: A PLATFORM OF COOPERATION TO RESOLVE SOCIAL CONFLICTS 第三届世界宪法裁判会议大会：化解社会矛盾的合作平台 **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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CONSTITUTIONAL COURT OF KOREA

THE LEADERS OF CONSTITUTIONAL COURTS FROM ALMOST 100 COUNTRIES GATHER IN SEOUL The Constitutional Court of Korea will host the 3 rd Congress of the World Conference on Constitutional Justice (WCCJ), a four-day event that brings together the leaders of constitutional justice from around the world, in Seoul from Sep. 28 to Oct. 1, 2014. The Congress, on the topic of “Constitutional Justice and Social Integration,” will be the largest event ever attended by the heads of constitutional courts, supreme courts and constitutional councils, as well as representatives of international organisations from nearly 100 countries around the world. This is unprecedented in the history of constitutional justice. So what is the secret behind this? What made it possible for constitutional justice to assemble the leaders of constitutional courts from all over the world despite its not-so-long history compared to other judicial jurisdictions? Maybe it is because countries around the world share the common ultimate goal of pursuing constitutional justice, namely to enhance the development of democracy, rule of law, and human rights protection through more active constitutional adjudication, despite their varying histories and different political, economic, and cultural environments. The participants of the Congress are the highest-level officials of great influence over decision making in their own countries. Among them are President Andreas Voßkuhle of the German Federal Constitutional Court, who has played All nine Justices sitting in the grand courtroom of the Constitutional Court of Korea a leading role in the development 坐在韩国宪法法院大法庭的所有九名法官 of the world’s constitutional justice, Chief Justice Mogoeng Mogoeng of the South African Constitutional Court who hosted the 1st Congress, President Ricardo Lewandowski of the Supreme Federal Court of Brazil who hosted the 2nd Congress, and Chief Justice Hamdan Zoelva of the Indonesian Constitutional Court who will host the 3rd Congress of the Association of Asian Constitutional Courts and Equivalent Institutions in 2016. Additionally, Chief Justice Robert French of the High Court of Australia will also take part in the Congress for the first time. Most participants come from Europe, followed by Africa, Asia, and America. Under the main topic of “Constitutional Justice and Social Integration,” participants from across the globe will share each other’s experiences and put together their wisdom to propose solutions to the intensifying social conflicts faced by not just Asia, but the entire world. The topic, proposed by the Korean Constitutional Court and adopted by the Bureau of the World Conference on Constitutional Justice, will be discussed in five plenary sessions on five sub-topics, each of which will have a session chair, a keynote speaker, and a rapporteur. The role of session chairs will be to moderate the discussions; the keynote speakers will be invited to make introductory statements based on the members’ replies to the questionnaire to serve as the basis for discussions to follow; and the rapporteurs will be invited to report on the results of the discussions at the final plenary session.

来自近100个国家的宪法法院高级领导人齐聚首尔

韩国宪法法院将于今年9月28日至10月1日主办第三届世界宪法裁判会议大会（WCCJ），这场为期4天的国际会议将使得全球各地的宪法司法高层领导人齐聚首尔。此次以“宪法裁判与社会融合”为主题的大会将汇聚来自全球近100个国家的宪法法院、最高法院和宪法委员会的领导人，以及国际组织代表，规模为史上最大。这在宪法司法史上是前所未有的。那么，这背后究竟隐藏着什么样的秘诀呢？与其他司法管辖领域相比，宪法司法的历史并不算悠久，那又是什么使世界各地的宪法法院领导人能为了宪法司法集聚一堂呢？也许这正是因为，世界各国所追求的宪法正义的终极目标是一致的，即通过更积极的宪法裁判来加强民主、法治和人权保障的发展，尽管各国的历史，以及政治、经济和文化环境不同。与会者是在各自国家享有很大决策影响力的最高级别官员。其中包括在全球宪法司法发展中发挥了主导作用的德国联邦宪法法院院长Andreas Voßkuhle，主持了第一界WCCJ的南非宪法法院首席大法官Mogoeng Mogoeng，主持了第二界 WCCJ的巴西联邦最高法院院长Ricardo Lewandowski，以及将要在2016年主持第三界亚洲宪法法院和等效机构协会代表大会的印度尼西亚宪法法院首席大法官Hamdan Zoelva。此外，澳大利亚高等法院首席大法官Robert French也将首次参加WCCJ大会。与会者人数最多的地区是欧洲，其次是非洲、亚洲和美洲。第三界WCCJ的主题是“宪法裁判与社会融合” ，来自世界各国的与会者将分享彼此的经验、集思广益，就不只是亚洲，而且是全世界所面临的日益加剧的社会矛盾提出解决方案。由韩国宪法法院提出、在世界大会理事局会议上被采纳的本次会议主题将被细分成五个分主题在召开的五次全会上进行讨论，每次全会都会有一位会议主席、发言人和报告人。全会主席将主持讨论；发言人将应邀根据成员完成的调查问卷进行介绍性发言，作为后续讨论的基础；而报告人将受邀在最后一次全会上就讨论的结果做报告。第一次全会将讨论“全球化世界中的社会融合挑战”。会议主席将由西班牙宪法法院院长担任，阿尔及利亚宪法委员会主席担任发言人，而俄罗斯宪法法院院长是报告人。第二次全会将讨论“ 社会融合的国际标准”。摩洛哥宪法委员会主席将担任会议主席，韩国宪法法院院长将发表主题演讲，而加蓬宪法法院院长则担任报告人。第三次全会将由南非宪法法院的首席大法官主持，议题是“宪法手段增强/处理/支持社会融合”。土耳其宪法法院的法官将发表主题演讲，安哥拉宪法法院的法官将担任报告人。巴林宪法法院的助理秘书长将主持第四次全会，会议将讨论“宪法司法在社会融合中的作用”。巴西联邦最高法院首席大法官将担任发言人，而韩国宪法法院的法官是报告人。最后一次全会将围绕“宪法法院的独立性--盘点”展开讨论，将由奥地利宪法法院副院长主持。匈牙利宪法法院院长将发表主题演讲，多米尼加共和国宪法法院院长则担任报告人。

CONSTITUTIONAL COURT OF KOREA

ASIAN LEGAL BUSINESS SEPTEMBER 2014

The 2nd Congress of the WCCJ in Rio de Janeiro, Brazil, in January 2011 2011年1月在巴西里约热内卢召开的第二届WCCJ大会

The first session will address the sub-topic on “Challenges of Social Integration in a Globalised World.” The session chair will be assigned to the president of the Spanish Constitutional Court, the president of the Algerian Constitutional Council will be the keynote speaker, and the president of the Russian Constitutional Court will be the rapporteur. In the second session, the participants will discuss the topic of “International Standards for Social Integration.” The president of the Constitutional Council of Morocco will be the session chair, the president of the Korean Constitutional Court will deliver the keynote speech, and the president of the Gabonese Constitutional Court will act as the rapporteur. The third session is about “Constitutional Instruments Enhancing/Dealing with/for Social Integration,” which will be moderated by the chief justice of the South African Constitutional Court. A justice of the Turkish Constitutional Court will make the keynote speech, and a justice of the Angolan Constitutional Court will take part as the rapporteur. Moderated by the Assistant Secretary General of the Constitutional Court of Bahrain, the fourth session will cover “The Role of Constitutional Justice in Social Integration.” The Chief Justice of the Supreme Federal Court of Brazil will be the keynote speaker of this session, and a Justice of the Korean Constitutional Court will serve as the rapporteur. The last session will focus on the topic of “Independence of Constitutional Courts-Stocktaking,” which will be moderated by the vice-president of the Austrian Constitutional Court. The president of the Hungarian Constitutional Court will present the keynote speech, and the president of the Constitutional Court of Dominican Republic has agreed to be the rapporteur. During the four-day Congress, the participants will be able to see and experience the diverse aspects of Korea, such as its beautiful art and culture, long history and tradition, economic and social developments, etc. The welcome reception will be held at The Shilla Seoul, Korea’s most prestigious and representative hotel that is also the venue for the Congress. The farewell dinner will be held at the National Museum of Korea, a national repository of cultural heritage that houses more than 300,000 national treasures. There are also cultural programmes for the participants and their spouses, which include tours to the Demilitarised Zone, Changdeokgung Palace and Suwon Hwaseong Fortress, and a non-verbal cooking performance NANTA. Justice Kang Ilwon of the Korean Constitutional Court, who serves as the Chairperson of the Preparatory Committee for the 3rd Congress of the WCCJ, said: “The upcoming 3rd Congress is the third of its kind following the first Congress in South Africa in 2009 and the second Congress in Brazil in 2011. But it is also called the ‘inaugural’ Congress, being the first gathering since the World Conference officially became a permanent body. In particular, it is very meaningful that such an important Congress is being held in Asia instead of Europe that has a long history in constitutional justice. I hope that this Congress will be an opportunity to further advance democracy and the rule of law, as well as promote human rights across the Asian region.” The World Conference, a permanent forum uniting constitutional courts, supreme

在在为期四天的大会中,与会者将观察并体验韩国的各个方面,例如其美丽的艺术和文化、悠久的历史和传统、经济和社会发展等。欢迎宴将在韩国最负盛名和最具代表性的首尔新罗酒店举行,这里也是大会的会场。送别宴将在韩国国家博物馆举行,这里是容纳着30多万件国宝的国家文化遗产资料库。同时还有为与会者及其配偶准备的文化活动,包括参观韩朝非军事区、昌德宫和水原华城,以及观看非语言类的烹饪表演乱打秀Nanta。担任第三届WCCJ筹备委员会主席的韩国宪法法院法官Kang Ilwon说:“在第一、二届 WCCJ分别于2009年和2011年在南非和巴西举行后,第三届会议也即将召开。由于这是 WCCJ 正式成为常设机构之后召开的首次大会,本次会议也被称为‘成立’大会。在亚洲,而非宪法司法历史悠久的欧洲,举行这次重要会议意义特别非凡。我希望本次大会将是进一步促进民主和法治,推动整个亚洲地区人权发展的重要契机”。 WCCJ是将全球宪法法院、最高法院和宪法委员会团结在一起的常设机构,旨在推动宪法司法作为保障人权、民主和法治的关键元素。全球各地具有宪法管辖权的法院本着分享经验和知识的目的,在各自地区共同努力组建了一些基于地区或语言的机构,如亚洲宪法法院和等效机构协会、法语国家宪法法院协会和欧洲宪法法院联盟。而威尼斯委员会,作为欧洲委员会的宪法事务咨询机构,长期为这些活动提供支持。在此背景下,威尼斯委员会注意到这些基于地区或语言的组织应该扩大到全球范围,让世界各地行使宪法管辖权的所有法院都参与其中。终于在2009年1月,委员会与南非宪法法院一起主办了第一届WCCJ大会,标志着WCCJ 迈出了第一步。委员会在2011年1月与巴西联邦最高法院联合主办了第二届WCCJ大会，而大会的章程草案得以在该次会议上进一步具体化。章程草案在2011年5月的世界大会理事局

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CONSTITUTIONAL COURT OF KOREA

courts, and constitutional councils across the world, was organised to promote constitutional justice as the key element of human rights protection, democracy and the rule of law. The courts of constitutional jurisdiction across the globe have been forming regional or language-based groups in their respective regions, such as the Association of Asian Constitutional Courts and Equivalent Institutions, the Association of Constitutional Courts using the French Language, and the Conference of European Constitutional Courts, in their concerted efforts to share experience and knowledge. And the Venice Commission, which acts as the Council of Europe’s advisory body on constitutional matters, has been providing support in these activities. In this context, it has come to the attention of the Commission that these regional, linguistic groups should be expanded to a global scale by involving all courts exercising constitutional jurisdiction around the world. In January 2009, the Commission held the first Congress jointly with the Constitutional Court of South Africa, which signalled the first step in the history of the World Conference. The Commission also held the second Congress in cooperation with the Supreme Federal Court of Brazil in January 2011, and the draft statute of the World Conference was made more specific on that occasion. This draft statute was adopted at a meeting of the Bureau of the World Conference in May 2011 and came into force in September the same year, finally taking shape as a permanent body. In its initial stage in 2011, the World Conference had only 30 constitutional courts/ councils and supreme courts as members. But within three years, the membership increased dramatically to 91 countries (as of August 2014) and the members have engaged in active exchange and cooperation since, which has developed the World Conference into the world’s highest-level forum on constitutional justice in the true sense of the word. DEVELOPMENT OF CONSTITUTIONAL JUSTICE IN ASIA AND THE KOREAN CONSTITUTIONAL COURT Since its establishment in September 1988, the Constitutional Court of Korea has constantly worked to share its achievements with other countries over the past 26 years. The Court has transferred its experience and knowledge to many Asian countries through partnerships and exchanges, including Cambodia, Indonesia, Mongolia, Thailand, and Turkey. Recently, the Court also played a leading role in creating a regional forum for constitutional justice in Asia, namely the “Association of Asian Constitutional Courts and Equivalent Institutions,” and hosted the Association’s Inaugural Congress in 2012. As of July 2010, the Association started with seven member countries: Indonesia, Korea, Malaysia, Mongolia, the Philippines, Thailand, and Uzbekistan. However, the number of member countries increased to 14 with Afghanistan, Azerbaijan, Kazakhstan, Pakistan, Tajikistan, Turkey, and Russia joining within only a few years, and thus the Association has grown into a regional group of constitutional courts representing Asia. Moving forward, the Association is expected to further promote constitutional justice in the Asian region.

会议上被采纳，并于同年9月生效，WCCJ 得以最终成为常设机构。在2011年的初期阶段，仅有30个宪法法院/委员会和最高法院是大会成员。但在此后的三年内，成员国数量急剧增加到91个（截至2014年8月），且成员们积极参与交流与合作，使得WCCJ在真正意义上成为全球最高级别的宪法司法论坛。

亚洲宪法司法和韩国宪法法院的发展

韩国宪法法院自1988年9月成立以来，在过去的26年间一直致力于与其他国家分享其成果。法院通过合作与交流，将其经验和知识传授到许多国家，包括柬埔寨、印度尼西亚、蒙古、泰国和土耳其等，且最近在建立亚洲地区宪法司法论坛，即“亚洲宪法法院和等效机构协会”，方面起到了带头作用，并于2012年主持了该协会的成立大会。2010 年7月，协会仅有7家初始成员国：印度尼西亚、韩国、马来西亚、蒙古，菲律宾、泰国和乌兹别克斯坦。然而，此后几年内，成员国数量增加至14个，包括新成员阿富汗、阿塞拜疆、哈萨克斯坦、巴基斯坦、塔吉克斯坦、土耳其和俄罗斯，这使得该协会成为代表亚洲的区域性宪法法院组织。展望未来，该协会料将进一步推动亚洲地区的宪法司法发展。

All nine Justices standing in front of the Korean Constitutional Court building 站在韩国宪法法院大楼前的所有九名法官

TRADE

ASIAN LEGAL BUSINESS SEPTEMBER 2014

‘MADE IN CHINA’ CLOTHING SALES MAY SHRINK UNDER PACIFIC TRADE PACT By Krista Hughes

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Made in China” will be a less frequent sight in U.S. clothing stores if the United States has its way in a new trade pact negotiated among 12 Pacific Rim nations. Washington aims to engineer a deal where Vietnam, set to be one of the big winners among the members of the Trans-Pacific Partnership (TPP), would win apparel market share from China and other non-members, rather than Mexico and Central America. Today, thanks to regional trade deals, half of U.S. yarn and textile exports head south of the border, where cheap labour transforms them into clothes that mostly make it back to American shoppers, duty-free. Many in the $57 billion (34.63 billion pound) U.S. yarn and textile industry fear the new pact, billed as the world’s most ambitious trade agreement, will destroy that business model which has helped the sector rebound from a decade-long slump and sustains more than 1.5 million regional jobs. A U.S. official who spoke on condition of anonymity said tools such as rules of origin, which say how much local content is required to win duty-free status, and different timetables for tariff cuts could protect regional interests while also providing value for Vietnam. People in the United States familiar with the negotiations are confident Vietnam could take considerable market share from China and other countries without trade preferences. “If damage is done to Central America by the TPP, that has a devastating effect on the industry here,” says Bill Jasper, chief executive of synthetic yarn maker Unifi. “If structured properly and intelligently negotiated, I think the majority of the impact is going to be on China and not on this region.” Clothing is a priority for Vietnam, which hosted a round of negotiations on the pact earlier this month, but is just one of the many issues for other countries, which may seek concessions in other areas in return for siding with Washington on textiles. The other TPP countries are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Singapore.

In practice, different treatment of sectors depending on their U.S. economic impact could mean longer wait for tariff cuts on cotton garments like underwear and men’s knit shirts, where Central America has greater market share. Tariffs on products where China dominates, such as down-filled jackets and synthetic dresses, could be cut quickly, giving Vietnam an edge. Fabrics like silk and herringbone tweed, not mass produced by TPP nations, could bypass rules of origin demanding all clothing inputs from yarn be sourced within the TPP, the U.S. official said, although Vietnam and many U.S. retailers would prefer a much longer list of exemptions. Vietnam has already boosted its U.S.bound exports by 38 percent since 2010 even with tariffs adding as much as a third to costs. Peterson Institute for International Economics modeling forecasts a further 46 percent rise in total exports by 2025, with exports from Mexico, China and India set to fall. Based on labour costs alone, U.S. and Central American textile firms are no match for their Asian rivals, although higher labour and environmental standards sought by the new pact are expected to push up costs for Vietnam. Dan Nation, who heads the biggest U.S. yarn spinner, Parkdale Mills, says a living wage, benefits and respect for the environment were built into the cost structure of firms in the Americas, unlike in Vietnam, which the U.S. Department of Labour says is using child and forced labour. “We have to do things they don’t have to do, and we pay a lot more than 72 cents an hour,” Nation says.

HOME ADVANTAGE Still, the Americas have the advantage of proximity: to the consumer, increasingly important for “fast fashion” chains such as Zara, H&M and Forever 21, and to cheap, high-quality U.S. cotton. The benefits are substantial enough to keep investment pouring into the U.S. cotton industry.

Canada’s Gildan Activewear, which makes cotton wear in Honduras, Nicaragua and the Dominican Republic using U.S. yarn, is spending $340 million on U.S. spinning while Chinese textile manufacturer Keer Group plans a $218 million yarn spinning plant in South Carolina. “Apart from labour, all other manufacturing elements are cheaper in the States than in China,” says Wally Wang, deputy general manager at Keer America. Many industry insiders and experts contend the pact, which Washington hopes will reach broad agreement by November, will spark further changes in global textile and apparel trade. China’s share of the U.S. apparel market fell below 37 percent in mid-2014 from more than39 percent in 2010, while Vietnam’s has grown to more than 10 percent. “Vietnam is already less expensive than China, but then with the duty-free preference you might get a 12 percent to 32 percent duty break that’s going to make a huge difference,” says Julia Hughes, president of the U.S. Fashion Industry Association. But knitwear firm Shenzhou International Group, which is planning to build fabric and garment factories in Vietnam, said in an interim report published earlier this month that unfavourable trade policies in major importing nations and rising manufacturing costs were crimping market share. Other Chinese companies, such as fabric makers Texhong Textile Group and Pacific Textiles Holdings, also look to use Vietnam as a base. Rules of origin will force Vietnam to replace China as the main external supplier of yarn and textiles while it develops its own industry - possibly looking at Malaysia, or maybe even the United States. Still, many experts warn that even with such constraints, the Americas’ market share may also shrink after the TPP is implemented. “It will have an effect, and it could be a large one,” says Patrick Conway, chair of economics at the University of North Carolina at Chapel Hill.

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TRADE

TPP或使越南服装业力压“中国制造” 记者 Krista Hughes

如

果美国能在跨太平洋战略经济伙伴关系协定（TPP）谈判中如愿以偿，那么“中国制造”在美国服装店里将会不再那么常见了。美国旨在达成一项让越南成为TPP成员国大赢家之一的协议,这样越南就可以从中国和其他非TPP成员国手中赢得服装市场的份额,而非从墨西哥和中美地区争抢市场。眼下，得益于地区贸易协定，美国一半的纱线和纺织出口流向边境以南，然后利用那里廉价的劳动力生产成衣，其中的大多数服装最终销往美国市场，而且没有关税。美国纱线和纺织行业的许多企业担心，TPP会破坏这种商业模式。美国棉纱和纺织行业规模达570亿美元，这种商业模式曾帮助该行业走出长达十年的低迷期，支撑了逾150万个地区就业岗位。一位要求匿名的美国官员称，像原产地规则、关税削减的差别化时间表等工具，

不仅可保护地区利益，同时也是对越南的重视。了解TPP谈判的美国人士确信，越南能从没有贸易优惠的中国和其他国家抢夺到可观的市场份额。 “如果TPP对中美地区造成伤害，那会对当地的行业带来破坏性影响，”合成纤维纱线制造商Unifi的执行长贾斯珀（Bill Jasper）说。 “如果能合理地组织、明智地谈判，我觉得遭受大部分影响的将是中国，而不是该地区。” 服装产业是越南的优先问题，但这对其他国家而言只是众多问题中的一个，他们可能在其它领域寻求让步，以换取美国对纺织业的支持。越南本周正在主持进行又一轮TPP谈判。其他参与TPP的国家包括澳大利亚、文莱、加拿大、智利、日本、马来西亚、墨西哥、新西兰、秘鲁和新加坡。许多业内人行和专家认为，TPP会刺

激全球纺织和服装贸易发生进一步的变化。中国2010年在美国服装市场所占份额为39%，在2014年中期时已经跌破37% ，而越南在美国服装市场的份额已经攀升至10%以上。 “越南（的制造成本）本就比中国低，而届时的免税优惠可能提供12-32%减税待遇，这会产生巨大的影响，”美国时装业协会主席Julia Hughes说。路透就此向中国商务部和中国纺织品进出口商会寻求置评，前者没有回复，后者不愿置评。中国针织服装产品制造商申洲国际上周在一份中期报告中称，主要进口国的贸易政策苛刻，制造成本攀升，这些正在压缩市场份额。该公司计划在越南设立面料和服装工厂。其它一些中资企业也打算将越南作为基地，譬如天虹纺织、互太纺织等。

Vietnamese youths display the national flag during a parade to celebrate the 30th anniversary of the end of the war in Ho Chi Minh City. REUTERS/Desmond Boylan