CLP Annual Review 2014

A dedicated jurisdictional REVIEW

Review 中國法律商務2014年回顧

2014

Annual

目錄

Contents | 目錄 Editor Katherine Jo (katherine.jo@chinalawandpractice.com) +852 2842 6964

Banking & Finance | 銀行及融資

Chinese editor Susan Mok (susan.mok@euromoneyasia.com) +852 2842 6924

Interview: Carmen Kan, general counsel at Bank of China (Hong Kong) Limited

Staff writer Stephy Tang (stephy.tang@euromoneyasia.com) +852 2842 6916

探討: 監管之下 上海原本律師事務所 徐宇舟

Production Andy Alcock Addison Gong Associate publisher Matthew Siu (matthew.siu@euromoneyasia.com) +852 2842 6937 Publisher Peter Ollier (peter.ollier@euromoneyasia.com) +852 2842 6944 Published by Asia Law & Practice Euromoney Institutional Investor (Jersey) Ltd 27/F, 248 Queen’s Road East Wanchai, Hong Kong © EUROMONEY INSTITUTIONAL INVESTOR (JERSEY) LTD 2014

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How Basel III impacts ECA-backed project finance 《巴塞爾協議 III》如何影響出口信貸機構支持項目融資 專訪: 中國銀行（香港）有限公司法律總顧問簡慧敏

Insights: Under the lens by Denning Xu of Shanghai Young-Ben Law Firm

Capital Markets | 資本市場

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HKSE-SHSE link to improve A-share market 港交所和上交所攜手完善A股市場

Interview: Yong Kai Wong, general counsel of CITIC Capital Holdings 專訪: 中信資本控股有限公司法律顧問黃榮凱

Insights: Slow progress by Kejun Guo and Chen Jia of Zhong Lun Law Firm 探討: 進度緩慢 中倫律師事務所 郭克軍和賈琛

Competition | 競爭法

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MOFCOM’s Maersk block reveals the rules of the game 商務部禁止馬士基申請揭示了行業規則

Interview: Sherman Chu, general counsel for Cisco 專訪: 思科系統公司法律總顧問朱雪明

Insights: Making the right plans by Susan Ning of King & Wood Mallesons 探討: 周詳的計劃 金杜律師事務所 寧宣鳳

Disclaimer The material in this periodical does not constitute advice and no liability is assumed in relation to it. The materials referred to in this publication are publicly available.

Corporate Governance | 公司治理

All rights reserved

Interview: Michael Cheng, research director of the Asian Corporate Governance Association

Directors, Euromoney Institutional Investor (Jersey) Ltd: Peter Richard Ensor, Tony Shale, Anita Rye

Data Protection | 信息保護

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How to deal with the corruption crackdown 如何應對反腐行動？ 專訪: 亞洲公司治理協會研究主管鄭孟揚

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Divisional director, Legal Media Group Greg Kilminster

SAIC’s consumer protection comes at a price

Head of marketing, Asia Tom Berry

Insights: Adapting to change by Ken Dai and Jet Deng of Dacheng Law Offices

CEO, Euromoney Institutional Investor, Asia Tony Shale

Dispute Resolution | 爭議解決

This publication is a supplement to China Law & Practice magazine ISSN 1012-6724 Consultant Donald J. Lewis Associate Professor of Law, University of Hong Kong Translation services provided by Jiangsu Sunyu Information Technology Co Ltd

國家工商總局的消費者權益保護並非毫無代價 探討: 適應改變 大成律師事務所 戴健民和鄧志松

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Companies look to arbitration to solve enforcement woes 公司尋求仲裁以解決執行困境

Insights: Enhancing enforcement by Vincent Mu and Blake Yang of Martin Hu & Partners 探討: 加強執法力度 胡光律師事務所 牟笛和楊奕

Intellectual Property & TMT | 知識產權和電信、傳媒及科技 65 Why China’s trademark enforcement still needs reform 中國的商標執法為何仍需改革

Interview: Stan Abrams head of the Asia legal team at Bentley Systems 專訪: 奔特力工程軟件亞洲法律團隊主管Stan Abrams Insights: Wield the right weapon by Qiang Ma and Jessica Chumeng Xu of Jun He 探討: 武器要選用恰當 君合律師事務所 馬強和徐初萌

中國法律商務2014年回顧

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Contents

Contents | 目錄 Labour & Employment | 勞動及人力資源

83

Why workers’ insurance matters 勞工保險為何重要

Insights: A changing landscape by Jay Chen and John Dong of Baohua Law Firm 探討: 時移勢易 保華律師事務所 陳杰和董潤青

Mergers & Acquisitions | 兼並收購

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MOFCOM tackles merger remedy problems 處理並購救濟問題

Interview: Philip Gu, general counsel China for Danone 專訪: 達能中國法律總顧問顧培基

Insights: Removing roadblocks by Yuhua Yang of Alliance J&S Law Firm 探討: 清除路障 頤合中鴻律師事務所 楊玉華

Projects, Energy & Infrastructure | 項目、能源及基礎設施 107 How China’s businesses can secure project bids 中國企業如何贏得項目投標

Insights: The challenges of private capital by Jihong Wang and Zejun Lin of Zhong Lun Law Firm 探討: 私募資金的挑戰 中倫律師事務所 王霽虹和林澤軍

Real Estate & Construction | 房地產及建築

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E-commerce surge boosts logistics deals 電子商務浪潮促進物流交易發展

Insights: Change and transformation by Huijun Ma and Jiong Zhang of Zhong Lun Law Firm 探討: 調整與轉型 中倫律師事務所 馬會軍和張炯

Tax | 稅務

126

Insights: Rolling out reforms by Cheng (Ron) Ma of Jingtian & Gongcheng 探討: 改革出台 競天公誠律師事務所 馬騁

Outbound | 境外

133

Taiwan: 台灣

Interview: C Y Huang, Chairman of the Taiwan Mergers & Acquisitions and Private Equity Council

專訪: 台灣並購與私募股權協會 (MAPE) 主席黃齊元

Insights: Bridging the gap by Daniel Lee of Jingtian & Gongcheng

探討: 銜接兩岸法律 競天公誠律師事務所 李卓儒

LUXEMBOURG: Insights: Europe’s foremost renminbi hub by Laurent Lazard and Helen Haijing 盧森堡 Liu of Bonn Steichen & Partners

探討: 歐洲首席人民幣樞紐 Bonn Steichen & Partners律師事務所 Laurent Lazard和劉海婧

Annual Awards | 年度獎項

147

The full list of nominations for deals, teams and firms of the year for the China Law & Practice annual awards ceremony 今年《中國法律商務》年度獎項完整的入圍名單，包括了年度傑出交易，傑出 團隊及律所

Firm profiles | 律所簡介

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China Law & Practice Annual Review 2014

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Banking & Finance

News analysis

How Basel III impacts ECA-backed project finance | 《巴塞爾協議 III》如何影響 出口信貸機構支持項目融資 Export credit agencies (ECAs) and multilateral banks are considered the future of international project finance because of commercial banks’ lending restrictions under Basel III. But regulations affect the attractiveness of their guaranteed funding | 由於《巴塞爾協議 III》對商業銀行的貸款限制，出口信貸機構和多邊銀行被視為國際項目融資 的未來。但是它們的保證資金的吸引力受到了相關法規的影響

C

ommercial banks’ activity in project finance has hit hurdles under Basel III. Longer-term capital is now more expensive for banks, and products to take financings off balance sheets – such as project bonds – have been slow to take off in some emerging markets.

ECAs and multilateral banks were expected to make up some of the shortfalls.

But demand for their services, which involves guaranteeing commercial banks’ loans, might change following new Basel regulations.

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China Law & Practice Annual Review 2014

“My sense is that the leverage ratio and liquidity standards of Basel III have had the most impact on the project finance market,” said Azad Ali, counsel at Shearman & Sterling.

Net stable funding ratio The net stable funding ratio (NSFR) has not yet received a lot of attention because it will not be implemented until January 1 2018.

However, Ali predicted that it will be crucial for project finance.

The NSFR requires that banks hold a minimum amount of stable funding that matches up with the liquidity characteristics of their assets and activities to reduce funding risk.

That’s difficult for project financings, which are of longer duration and would require backing by costly and longer-dated funding.

“Instead of raising capital to strengthen the capital base, we’ve instead seen disposals of project finance portfolios,” Ali added.

ECA-backed debt is not exempt. Sources

銀行及融資 INDIA

新聞分析

Interview | 專訪

Keys to success | 成功的秘訣 Carmen Kan, general counsel at Bank of China (Hong Kong) Limited, spoke to China Law & Practice on relaxing foreign exchange and Hong Kong’s role as the global hub for offshore renminbi |《中國法律商 務》就外匯的放寬以及香港的離岸人民幣全球樞紐 角色，採訪了中國銀行（香港）有限公司的法律總顧問簡慧敏

agreed that ECAs and multilaterals will come under closer scrutiny under the NSFR. “Not all ECAs are equal under the new normal,” said Gabriel Mpubani, senior associate at Freshfields Bruckhaus Deringer.

Under the Basel II regime, the major ECAs were generally assumed to have the same risk profile as their sovereigns, so their products were perceived to have no risk. But, he added, the assessment is now more sophisticated. “If an ECA doesn’t have a full legal backstop, its products are independently risk-weighted – usually above zero – making them less attractive to the market,” he said.

Those with full backstops may benefit; claims on sovereigns and multinational development banks can count as high-quality liquid assets. If they receive a zero percent risk rating, they can form part of a liquid assets buffer – assuming that they have a sovereign backstop.

Leverage ratio While Basel II largely focused on riskweighted capital allocation, Basel III’s new leverage ratio doesn’t take into account risk-weighting, said Mpubani. This has a

What is the general structure of Bank of China (Hong Kong)’s in-house legal team?

There are 20 of us in the legal services centre at Bank of China (Hong Kong) Limited (BOCHK). 13 of us are Hong Kong, PRC or England qualified and seven of us are paralegals and administrative staff.

I believe our 100% tri-lingual team is a very diverse and professional legal unit, serving over 14,000 employees within the Group. Even though most of the subsidiaries have their own legal staff, my in-house legal team has been working wholeheartedly providing guidance and support to them on issues at the Group level. We have weekly internal meetings and adopt an open-door policy in the office so that everyone is welcome to knock on our door with questions or issues.

What were some of the legislative changes this year?

It has so far been a year of breakthrough. In March, company law reforms took place in both the PRC and Hong Kong. In Hong Kong, the new Companies Ordinance introduced significant changes to Hong Kong’s corporate governance landscape; while in the PRC, the amended Company Law has completely revamped the concept of “registered capital” and removed its minimum requirement. A “one-yuan” company can now exist in the PRC. The State Administration of Foreign Exchange (SAFE) has once again relaxed China’s exchange control by announcing in May the long-awaited Provisions on Foreign Exchange Control in Connection with the Cross-Border Provision of Security and its implementing rules. Their biggest highlight is the streamlined administration and the removal of the old regime, which required SAFE approval and/or registration as pre-conditions to validity and effectiveness of cross-border security. As of June 1 2014, the validity of any cross-border security has no longer been subject to SAFE approval, registration, filing and any other administrative requirements. This represents a huge step forward

by SAFE in terms of administrative efficiency and capital account liberalisation.

What is a typical day like for you working in the legal team of BOCHK? My typical day begins well before 9:00am. Equipped with a very capable team, I concentrate more on the managerial side of legal services. I manage six senior legal counsels and six legal counsels covering many areas of the law, such as banking and finance, capital markets, private banking, funds and asset management, cash management and custody, labour and dispute resolution. PRC law is definitely a key area given the significant growth of cross-border transactions. I am accountable for the overall performance of the legal function within the bank so I spend a huge amount of time with my team, offering mentorship, guidance and supervision.

What are some of the qualities you look for when working with outside counsel?

A sound and solid knowledge of the law is of course a must, but being consistently excellent is also very important. And because BOCHK is often a pioneer in new banking products, we work very closely with external counsel to make sure that all legal issues are accounted for. The firms we work closely with are well-informed on regulatory trends in Hong Kong and the PRC, as well as global market practice. As our team serves the whole Group, the engagement of capable and efficient external counsel with good commercial acumen is key.

What are some of the efforts you have seen in the past year that aid in the internationalisation of the renminbi?

We have witnessed multiple initiatives of the PRC authorities in bringing renminbi to wider international use, including renminbi outbound direct investments, renminbi foreign direct investments, RQFII, renminbi bonds, provision of renminbi services to non-Hong Kong residents and the crossborder renminbi loan trial scheme in Qianhai.

This year, the People’s Bank of China (PBOC) announced several policies regarding offshore renminbi loans, renminbi cash pooling, and renminbi Free-Trade Accounts in the China (Shanghai) Pilot

中國法律商務2014年回顧

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News analysis

Banking & Finance

Free Trade Zone (SFTZ). Policies surrounding the SFTZ are seen as innovative schemes which would likely form the basis of future nation-wide policies.

The recent joint statement of the China Securities Regulatory Commission and the Securities and Futures Commission on the Shanghai-Hong Kong Stock Connect pilot programme for establishing mutual stock market access between the Mainland and Hong Kong has sparked further hopes for the internationalisation of the renminbi.

The Hong Kong government has also shown tremendous support to renminbi internationalisation – officials of the Financial Services and the Treasury Bureau, including the Secretary himself, have on numerous occasions affirmed the government’s efforts to strengthen Hong Kong’s status as an offshore renminbi centre.

The PBOC has set up various clearing channels for offshore renminbi in Hong Kong, Taiwan, Macau and Singapore. Clearing banks will also soon be appointed in London and Frankfurt. In 2003, BOCHK was authorised as the sole renminbi clearing bank in Hong Kong and was designated to provide clearing and settlement services to renminbi-participating banks as well as a seamless interface for the securities clearing and settlement systems in Hong Kong.

In the past year, the Hong Kong Monetary Authority has been very supportive of the development and management of Hong Kong’s renminbi business from a regulatory perspective.

In the PRC, the amended “Company Law has completely

revamped the concept of “registered capital” | 中國大陸 政府最新修訂的《公司法》則 全面更新了“註冊資本”

”

中國銀行（香港）的內部法律團隊總體結構 是怎樣的？ 中國銀行（香港）有限公司的法律服務中心 共有 20 位成員。其中 13 人是經過香港、中 國或英國認證的合格執業人員，另外 7 人是 律師助理和行政人員。我認為我們整個三語 言團隊是一個非常多元化的專業法律部門， 為集團內 14,000 多位員工提供服務。儘管 大部分子公司都有自己的法律人員，但我的 內部法律團隊一直在全心全意地針對集團層 面的問題為他們提供指導和支持。我們每周 都會開內部會議，並且辦公室內採用門戶開 放政策，歡迎每個有問題或疑問的人來敲我 們的門。 可以介紹下今年的一些立法改革嗎？ 這是突破的一年。3 月份時，內地和香港都進 行了公司法改革。香港的新《公司條例》對香 港的企業管治全景做了重大改動；中國大陸政

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China Law & Practice Annual Review 2014

府最新修訂的《公司法》則全面更新了“註冊 資本”的概念，並取消了最低註冊資本限制。 如今在中國允許存在“一元”公司。 國家外匯管理局於 5 月發表了令人期待 已久的《跨境擔保外匯管理規定》及其操作 指引，再次放寬了中國的外匯管制。其最大 的亮點是簡化了管理並廢除了舊的體制，該 體制規定跨境擔保必須經過外匯局核准、登 記才合法並有效。2014 年 6 月 1 日起，跨 境擔保的有效性將不再與外匯局的核准、登 記、備案以及其他任何管理要求掛钩。這代 表了外匯局在管理效率和資本賬戶開放方面 的巨大進步。 您在中銀香港法律團隊工作的一天通常是怎 麼過的？ 我的一天通常是在早上 9:00 前就開始了。由 於有一個非常有能力的團隊，我的精力主要 放在法律服務的管理方面。我管理六名高級 法律顧問和六名法律顧問，他們擅長的範圍 涵蓋眾多法律領域，包括銀行業務與金融、 資本市場、私人銀行業務、基金和資產管 理、現金管理及托管、勞工和爭議解決。由 於跨境交易的顯著增長，中國法律肯定是重 點關注領域。我負責銀行內法律職能的整體 表現，因此我花很多時間和我的團隊成員們 在一起，為他們提供輔導、指導和監督。 在與外聘法律顧問共事時，您注重哪些素質？ 健全扎實的法律知識肯定是必須的，但一貫 的出色表現也非常重要。此外，由於中銀香 港經常是新銀行產品的開拓者，因此我們要 與外聘法律顧問緊密合作，以確保考慮到了 所有法律問題。我們會及時將香港和內地的 監管趨勢以及全球市場慣例通知給與我們合 作緊密的事務所。由於我們的團隊為整個集 團提供服務，因此精干高效且具備良好商業 頭腦的外聘律師的參與是非常重要的。 過去一年中，您見證了哪些協助人民幣國際 化的舉措？ 我們見證了中華人民共和國各政府部門在擴 大人民幣國際使用範圍方面的多項舉措，包 括人民幣對外直接投資、人民幣外國直接投 資、人民幣合格境外机构投資者、人民幣債 券、向非香港居民提供人民幣服務以及前海 的跨境人民幣貸款試行計劃。 今年，中國人民銀行宣佈了關於中國（上 海）試點自由貿易區中的離岸人民幣貸款、 人民幣現金池和人民幣自由貿易賬戶的幾項 政策。圍繞上海自貿區的政策被視為可能形 成未來全國性政策基礎的創新計劃。 中國證券監督管理委員會和證券及期貨事 務監察委員會最近就滬港股票市場交易互聯 互通機制試點計劃（在內地和香港之間建立 互聯互通的股票市場）的聯合聲明為人民幣 國際化帶來了進一步的希望。 香港政府也表示出了對人民幣國際化的巨 大支持 – 財經事務及庫務局的官員（包括局 長自己）在多個場合重申了政府在鞏固香港 離岸人民幣中心地位上的努力。 人民銀行為香港、台灣、澳門和新加坡設 立了多種離岸人民幣結算渠道。很快還將指 定倫敦和法蘭克福的結算銀行。2003 年， 中銀香港被授權為香港唯一的人民幣結算銀 行，並被指定為涉及人民幣業務的銀行提供 結算及交收服務，同時為香港的證券結算及 交收系統提供無縫接口。從監管角度來看， 在過去一年里，香港金融管理局一直非常支 持香港人民幣業務的開發與管理。

potentially detrimental effect on the capital cost attractiveness of ECA-backed projects.

“The leverage ratio quite consciously ignores the de-risking effect of ECA guarantees and insurance products, and that ECA-covered debt has a better risk profile than similarly-situated but uncovered debt,” he added. As a part of the leverage ratio, there’s no consideration that the risk of default may be very low.

But Ali noted that Basel III doesn’t really change the credit conversion factor applied to determine credit-equivalent exposures of off-balance sheet assets – such as guarantee commitments. “These conversion factors are largely unchanged when measuring exposure values for the purposes of the leverage ratio,” he said.

He believed that there shouldn’t be much impact in terms of risk-weightings because the standardised approach to credit risk hasn’t changed from Basel II to Basel III. He expected regulatory arbitrage from individual jurisdictions in determining the leverage ratio. Some jurisdictions have more lenient constraints in terms of the leverage ratio, and as a result their banks have been more active in the space left by those who are reducing the size of their project finance portfolios.

“It wouldn’t surprise me that the multinationals are riding the crest of that wave by filling the gaps created in the market,” he said.

What’s next Project bonds are increasingly popular because they can remove long-dated project finance assets from banks’ books. While greenfield project bonds remain innovative – especially in Asia – they’re now used to refinance projects, which avoids issues such as construction risk.

“Instead of going back to the bank market, borrowers are moving to the bond markets,” said Etienne Gelencser, partner in Shearman & Sterling’s Tokyo office.

If some of those project bond tranches receive high ratings, they are able to count for liquidity buffers – an advantage of bonds over longer-dated financings.

新聞分析

Asian ECAs, however, will remain an important part of the financing landscape.

Mpubani said: “I would suggest that Asian ECAs are, overall, in a better position than those European ECAs that can only provide cover but still need commercial banks to intermediate with that cover.”

This is because those banks still have to count the cost of Basel III on their capital costs and the wider attractiveness of any ECA cover, particularly when lending over longer tenors, he added. On the other hand, direct lending Asian ECAs can deploy their capital directly and more comfortably take a broader view on the capital regime.

is that the leverage “ratioMyandsense liquidity standards of Basel III have had the most impact on the project finance market | 我認為《巴塞爾協議 III》的槓桿率和流動性標準對 項目融資市場的影響最大

”

Azad Ali, Shearman & Sterling 謝爾曼•思特靈律師事務所 Azad Ali

商

業銀行的項目融資活動由於《巴 塞爾協議 III》而受到了阻礙。較 長期的資本如今對銀行來說更加昂貴， 資產負債表外融資產品（例如項目債 券）在一些新興市場中的開展速度也較 為緩慢。 因此，人們希望出口信貸機構和多邊 銀行能彌補一些不足之處。但是對出口 信貸機構和多邊銀行服務（其中包括擔 保商業銀行的貸款）的需求可能會改變 接下來新的巴塞爾協議的規定。 謝爾曼•思特靈律師事務所的法律顧 問 Azad Ali 表示：“我認為《巴塞爾協 議 III》的槓桿率和流動性標準對項目融 資市場的影響最大。” 淨穩定資金比率 淨穩定資金比率受到的關注還不是很 多，因為這方面的規定要到 2018 年 1 月 1 日才開始實施。不過 Ali 預計這將會是 項目融資的關鍵。 淨穩定資金比率要求銀行持有的穩定 資金至少能與資產和活動的流動性特徵 相匹配，以降低資金風險。 這對項目融資而言較為困難，因為 項目融資持續的時間較長，並且需要長 期、大量的資金支持。Ali 補充說：“我 們看到的並不是籌集資金以鞏固資本基 礎，而是轉讓項目融資組合。” 出口信貸機構支持的債務也不例外。 多方消息表明，出口信貸機構和多邊銀 行將接受更為嚴密的淨穩定資金比率審 查。

富而德律師事務所的高級律師 Gabriel Mpubani 認為：“新標準下，並非所有 出口信貸機構都是平等的。” 在 《 巴 塞 爾協 議 II 》的 框 架下 ，大 型出口信貸機構一般被視為擁有與其主 權國相同的風險狀況，因此它們的產品 被視為沒有風險。但他補充說，現在 的評估已經變得更加成熟：“如果出口 信貸機構沒有充足的法律後盾，那麼它 的各項產品都會經過風險加權（通常大 於零），使得產品對市場的吸引力下 降。” 擁有充足後盾的出口信貸機構可能會 受益；對主權國和跨國發展銀行的債權 可作為優質流動性資產。如果獲得 0% 的風險評級，它們就可以形成部分的流 動性資產預備金（假設它們有主權國作 為後盾）。 槓桿率 Mpubani 說：雖然《巴塞爾協議 II》的重 點在於風險加權資本分配，但《巴塞爾 協議 III》新規定的槓桿率並未考慮風險 加權。這對出口信貸機構支持項目的資 金成本吸引力有着潛在的不利影響。 他補充說：“槓桿率有意識地忽視了 出口信貸機構擔保和保險產品的去風險 化效果，也忽視了出口信貸機構擔保債 務比類似情況下無擔保債務的風險狀況 要更加有利。”作為槓桿率的一部分， 並沒有考慮違約風險可能會很低。

銀行及融資 INDIA

但 Ali 指出，《巴塞爾協議 III》並不 會真的改變用於確定信貸等值表外資產 風險的信貸換算因子，例如擔保承諾。 他說：“在確定槓桿率而計算風險值 時，這些換算因子基本不變。 他認為風險加權方面應該不會有太大 影響，因為《巴塞爾協議 II》與《巴塞 爾協議 III》針對信用風險的標準化計算 方法並沒有差別。 他預計在確定槓桿率時會出現各個司 法管轄區的監管套利行為。有些司法管 轄區在槓桿率方面的限制較為寬松，因 此這些區域的銀行在縮減項目融資組合 規模的銀行留下的空間中會有更加積極 的表現。 他表示：“如果跨國銀行借此良機 去填補市場創造的缺口，也是意料之中 的。” 未來發展 項目債券越來越受歡迎，因為它們可以 將遠期項目融資資產從銀行的賬面上刪 除。未開發地區的項目債券在保持創新 （尤其是在亞洲）的同時，如今也被用 於項目的再融資，從而避免了施工風險 等問題。 謝爾曼•思特靈律師事務所東京辦事 處的合伙人 Etienne Gelencser 說：“借 款人正轉向債券市場，而不是返回銀行 市場。” 如果這些項目債券批次中有一些評級 較高，就能算作流動性預備金，這也是 債券相對於較長期融資的一項優勢。 不過，亞洲出口信貸機構仍然會是融 資界的重要組成部分。Mpubani 說：“ 在我看來，亞洲出口信貸機構在整體上 佔據了比歐洲出口信貸機構更有利的地 位，因為歐洲出口信貸機構只能提供擔 保，而且還需要商業銀行作為媒介來提 供此類擔保。” 他補充說，這是因為這些銀行仍然需 要考慮《巴塞爾協議 III》對其資本成本 的影響以及任何出口信貸機構擔保更廣 泛的吸引力，尤其是在貸款期限較長的 情況下。另一方面是直接借貸，亞洲出 口信貸機構能直接部署自己的資本，並 能更加從容地對資本機制有更廣泛的瞭 解。”

This article has been provided by International Financial Law Review | 文章轉載自《International Financial Law Review》

中國法律商務2014年回顧

7

News analysis

Banking & Finance

Chen Bin (陳斌)

Leading Banking & Finance Lawyers Partner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: chenbin@anjielaw.com Web: www.anjielaw.com

Banking Fred Chang, FenXun Partners Chen Bin, AnJie Law Firm David Chen, DeHeng Law Firm Lawrence Chen, Wintell & Co Stanley Chen, Fangda Partners* Chen Yun, King & Wood Mallesons

Mr Chen Bin is a founding partner of AnJie Law Firm. He was awarded a leading lawyer in 2014 in the areas of Banking and Project Financing by China Law & Practice (CLP).

James Guo, AllBright Law Offices

With extensive practice experience of over 20 years, Mr Chen is a veteran in litigation, arbitration, banking, project finance, energy and real estate.

He has advised numerous large and medium-sized domestic companies and multinational enterprises on many complicated cases regarding commercial litigations and non-litigation which were heard in China, and obtained satisfying results.

John Jiang, Chen & Co

One case tried by the Supreme People’s Court concerning non-performing asset proposal that Mr Chen represented has carried forward the issuance of a judicial interpretation on similar cases by the Supreme People’s Court. In 2014, Mr Chen was ranked one of the China Top 15 Litigators by Asian Law Business (ALB).

Huang Danhan, Sinobridge PRC Lawyers William Huang, Fangda Partners David Liu, Jun He Liu Haili, Zhongzi Law Office Liu Yi, Run Ming Law Office Shirley Lu, Zhong Lun Law Firm Lv Liqiu, Guantao Law Firm Michael Mei, Llinks Law Offices James Miao, AllBright Law Offices Charles Qin, Llinks Law Offices Jeffrey Shen, Fangda Partners Wang Shu, Han Kun Law Offices

安傑律師事務所 合伙人 中國北京市朝陽區建國門外大街甲6號中環世貿中心D座26層 郵編：100022 電話：(+86 10) 8567 5988 傳真：(+86 10) 8567 5999 郵箱：chenbin@anjielaw.com 網址：www.anjielaw.com

Gavin Wang, Jun He

陳斌律師是安傑律師事務所的創始合伙人之一，被《中國法律商務》 雜誌（CLP）評選為2014年度銀行和項目融資領域的領先律師。

Debbie Zhang, Fangda Partners*

Wang Jian, Jun He Wang Ling, King & Wood Mallesons Xie Zheng, Fangda Partners Patrick Xu, Wintell & Co Yang Xusheng, FenXun Partners Roy Zhang, King & Wood Mallesons Zhang Hongjiu, Jingtian & Gongcheng

陳斌律師具有20余年執業經歷，擅長訴訟、仲裁、銀行與金融、基 礎設施與項目融資、能源與礦產資源、房地產與建築工程領域。他曾 成功代理大中型中國企業和跨國公司在中國進行複雜的商業訴訟和仲 裁，取得了客戶滿意的結果。

Zhang Xin, Global Law Office Zhong Xin, King & Wood Mallesons Zhou Jie, King & Wood Mallesons* Nelson Zhou , Jun He

陳斌律師代理的銀行不良資產處置糾紛案件曾推動最高人民法院作出 對類似案件審理的司法解釋。2014年，陳斌律師榮膺《亞洲法律雜 誌》（ALB）“年度中國十五佳訴訟律師”稱號。

Project Finance Chen Bin, AnJie Law Firm David Chen, DeHeng Law Firm Yi Fang, Jun He John Jiang, Chen & Co Shaun Lee, King & Wood Mallesons Michael Mei, Llinks Law Offices Wang Jiangang, Jun He Wang Ling, King & Wood Mallesons Financial Services Regulatory John Z L Huang, MWE China Law Offices

Source: Asialaw Leading Lawyers 2014 * Rising Star

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China Law & Practice Annual Review 2014

探討

銀行及融資

Under the lens Denning Xu of Shanghai Young-Ben Law Firm explores the regulatory status of China’s asset management industry and compares the policies issued in the past 12 months by the banking, securities and insurance commissions 1. What is the asset management situation in China like at the moment?

How do the various types of institutions carry on their asset management business?

A comprehensive asset management regime, including commercial banks and trust companies subject to the regulation of the China Banking Regulatory Commission (CBRC), securities companies, fund management companies (both public and private) and futures companies subject to the regulation of the China Securities Regulatory Commission (CSRC), insurance companies subject to the regulation of the China Insurance Regulatory Commission (CIRC) as well as the various third party wealth management institutions, private asset management companies and wealth management companies, which have not been incorporated into the above-mentioned regulation systems, has now taken shape in China. Of course, this also includes the four large financial asset management companies subject to the regulation of the People’s Bank of China, which have slowly been moving from their original mission of disposing the non-performing assets of banks to participating and engaging in various types of asset management businesses.

The various types of asset management institutions provide a wide range of asset management services, including the wealth management products and certain asset management plans of commercial banks, trust plans of trust companies, asset management plans of securities companies, dedicated asset management plans of fund companies, asset management plans of futures companies and debt investment plans of insurance companies. As for the various types of third party wealth management institutions and wealth management companies, many provide other asset management services through the sale of various wealth management plans, trust products, limited partnership units and others on an agency basis.

2. What important asset management policies were issued in China in the first half of 2014? What is their significance?

The Circular on Issues Relevant to Strengthening the Regulation of Shadow Banking issued by the General Office of the State Council intensifies the regulation of those whose pan-asset management business falls within the scope of shadow banking and that do not have a financial institution licence, such as third party wealth management institutions, money market funds, asset securitisation and certain asset management business. The document

From the issuance of Document 107 one can see that the Chinese regulators, while wishing to further promote the orderly development of the various types of asset management business, are increasing the control and regulation over shadow banking services 中國法律商務2014年回顧

9

Banking & Finance

Insights

additionally places restrictions on and regulates the following businesses: regulates the development of the wealth management business of financial institutions, strictly prohibits the non-standard wealth management fund pool business of trust companies, expressly distinguishes, by way of contract, the responsible entity and functional entity in the cooperative business of financial institutions and strictly prohibits the debt-type financing business of private equity funds.

One can see from the issuance of Document 107 that the Chinese regulators, while wishing to further promote the orderly development of the various types of asset management businesses, are increasing the control and regulation over shadow banking services and, with respect to asset management businesses that pose relatively large risks or for which there currently exists a policy vacuum, they propose clear requirements regarding the regulators and the formulation of business codes.

With respect to the requirements of the Document, the General Office of the CBRC subsequently issued the Guiding Opinions on Regulating Trust Company Risks, reiterating that trust companies may not engage in non-standard wealth management fund pool businesses, regulating the channelling business of trust companies and proposing that trust companies develop and innovate in new businesses such as debt-type direct financing instruments, equity investment, M&A, asset securitisation and family wealth management. From this it can be seen that the regulators are not satisfied with the trust company business model in which the channelling business is the core business, and that developing and innovating in new business areas will be the emphasis for trusts in future.

The Several Opinions on Further Promoting the Healthy Development of Capital Markets recently issued by the State Council contain policies that will be favourable to the asset management business. The Opinions set forth guidance for China’s stock market, bond market, futures market and private offering market as well as for further relaxing the capital markets. These guiding opinions, with direct

Author biography Denning Xu Director, Partner Denning Xu specialises in banking, trust, asset management, and state-owned asset operation.

Denning has been providing legal services to a number of clients in the asset management sector, including CINDA Asset Management, Great Wall Asset Management, Pingan Trust, Zhongrong Trust, Pingan Asset Management, Private Bank of ICBC, Haier New York Life Insurance, Anbang Insurance and so forth. He has successfully provided legal services with respect to fundraising, establishment, investment and management for a variety of trust plans, creditor’s right investment scheme, asset management plan of security companies and asset management plan of funds.

Denning has an EMBA degree from China Europe International Business School and an LL.B from the Shanghai University of Finance and Economics.

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China Law & Practice Annual Review 2014

and positive significance, show that China’s securities regulators are currently putting their efforts in pushing forward the administrative philosophy of moving from prior approval to during-the-event and after-the-event regulation.

These guiding opinions with direct and positive significance show that China’s securities regulators are currently putting their efforts in pushing forward the administrative philosophy of moving from prior approval to during-the-event and after-the-event regulation

3. What policy adjustments made recently by the CSRC with respect to the asset management and fund business of securities brokerages are worthy of note?

(1) Public funds: the Measures for the Administration of the Operation of Publicly Offered Securities Investment Funds make the review of publicly offered products subject to the registration system rather than the check and approval system, specify the criteria for distinguishing, and the requirements regarding the investment in, different types of funds and specify for the first time the requirements regarding investment in FOF. (2) Private funds: the Measures for the Registration of Private Investment Fund Managers and Record Filing of the Funds (Trial Implementation) specify that the regulation of private funds is effected through the registration and record filing system, and that funds are subject to after-the-fact record filing.

(3) Asset management by securities brokerages: the Supplementary Circular on Matters Relevant to Further Regulating the Asset Management Business of Securities Companies sets forth specific requirements with respect to banks involved in bank-securities company cooperation, further regulates requirements regarding graded pooled asset management plans, specifies that pooled asset management plans may not engage in the channelling business, etc. The Opinions on Further Promoting the Innovation and Development of Securities Business Firms permit the investment in equity, debt and other property rights that have not been transferred on a stock exchange and propose the trying out of research on the REIT system.

(4) Fund subsidiaries: the Circular on Further Strengthening the Management of the Risks Posed by the Specific Customer Asset Management Business Engaged in by Fund Management Companies and Their Subsidiaries strictly prohibits the fund pool business and “one to many” channelling business, and subjects products to the record filing system.

探討

4. What does the revision by the CIRC of the Tentative Measures for the Administration of the Application of Insurance Capital signify?

In contrast to the CSRC’s hard and soft approach to regulatory policy for the various types of asset management businesses it regulates, the CIRC has a greater tendency to issue supportive and encouraging policies that are beneficial to the continuously growing insurance asset management business.

The issuance of the Circular on Issues Relevant to the Investment of Insurance Capital in Stocks of Companies Listed on Growth Enterprise Market and Other Stocks and the Circular on Matters Relevant to the Investment of Insurance Capital in Pooled Fund Trust Plans indicates that the regulator is further expanding the scope of investment of insurance capital in various sectors.

The recently revised Tentative Measures for the Administration of the Application of Insurance Capital abolish the original restrictions on the investment percentages for insurance capital, replacing them with the methods of regulation of categories of assets specified in the Circular on Strengthening and Improving the Oversight of the Percentages for the Application of Insurance Proceeds issued earlier. They humanise operation and change the original regulation solely exercised by the external authority to a model that combines external regulation and internal monitoring, reflecting the regulator’s philosophy of simplifying governance and delegating authority.

銀行及融資

The CIRC has a greater tendency to issue supportive and encouraging policies that are beneficial to the continuously growing insurance asset management business 5. From your experience in the industry, which sector of the asset management industry requires greater regulation?

The various online finance platforms, the various “** Treasure” and P2P platforms and other such new sector financial institutions on the market do not have a clear regulator or industry code. The various private wealth management companies also pose a large market risk, which mainly includes the lack of clarity on the status of entities, the absence of qualified buyers’ distinguishing criteria, product reviews and follow-up regulation control as well as the inadequacy of risk warnings. The Tentative Measures for the Regulation of Private Investment Funds, currently at the stage of solicitation of comments, set forth relevant provisions with respect to the method of distinguishing qualified investors, risk warnings, etc. of firms acting as agents, and once the Measures are promulgated, they will serve as a good guide for similar institutions and similar business.

中國法律商務2014年回顧

11

Banking & Finance

Insights

監管之下 上海原本律師事務所的徐宇舟律師探索了中國資產管理業的監管情況，並比較了 過去12個月銀行業、證券業和保險業監管機構所發佈的政策

1.中國目前形成的資產管理格局是怎樣的？各類機構都是通過什麼形式進行資管 業務？ 中國目前已經形成了包括由銀監會監管的商業銀行、信託公司；由證監會監管 的證券公司、基金管理公司（包括公募和私募）、期貨公司；由保監會監管的 保險公司以及尚未進入規範監管體系的各類第三方理財機構，各種民間資產管 理公司、財富管理公司等在內的綜合資產管理體系，當然還包括由人民銀行監 督管理的四大金融資產管理公司目前也漸漸從原來專職處置銀行不良資產到參 與從事各類資產管理業務。 各類資管機構提供的資管業務種類繁多，包括商業銀行的理財產品和部分銀 行資管計劃；信託公司的信託計劃；證券公司的資管計劃；基金公司的專項資 管計劃；期貨公司的資產管理計劃；保險子公司的債權投資計劃等。各類第三 方理財機構以及財富管理公司等更多的是通過代理銷售各類理財計劃、信託產 品、有限合伙份額等方式提供其他資產管理業務。 2. 2014年上半年度，中國又有哪些關於資管的重要政策出台？有何意義？ 國務院辦公廳發佈的《關於加強影子銀行監管有關問題的通知》將無金融牌照的 第三方理財機構、貨幣市場基金、資產證券化、部分理財業務等泛資管業務歸為 影子銀行，對該類業務加大監管力度。文件同時對如下業務做出了限制和規範： 規範發展金融機構理財業務，嚴禁信託公司非標理財資金池業務，以合同方式明 確區分金融機構的合作類業務中的責任主體和功能主體，嚴格禁止私募股權基金 的債權類融資業務等。107號的出台可以看出中國的監管部門在希望進一步推動各 類資管業務的有序發展同時，加大對影子銀行類業務的控制和監管，對於各類風 險較大或存在政策空白的資管業務提出了明確監管部門、制定業務規範的要求。 針對文件的要求，銀監會辦公廳隨後發佈《關於信託公司風險監管的指導意 見》，重申信託公司不得開展非標準化理財資金池業務，並對信託公司從事通道 類業務進行規範，同時提出信託公司應對債權型直接融資工具，股權投資，並購 業務，資產證券化業務、家族財富管理等新型業務進行發展和創興。可見監管部 門並不滿意和滿足信託公司以通道業務為主的經營模式，發展和創新新的業務領 域將是今後信託的重點。 國務院近期出台的《國務院關於進一步促進資本市場健康發展的若干意見》對 資管類業務是一個利好政策。《若干意見》分別對中國的股票市場、債券市場、 期貨市場、私募市場以及擴大資本市場開放等方面做出指導，這些具有正面和積 極意義的指導意見，反映出中國的證券監管部門正在着力推行由事前審批轉向事 中事後監管的行政理念。

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China Law & Practice Annual Review 2014

107號的出台可以看出 中國的監管部門在希望 進一步推動各類資管業 務的有序發展同時，加 大對影子銀行類業務的 控制和監管

探討

3. 近期證監會對於券商資管和基金類業務，有哪些值得關注 的政策調整?

(1) 公募基金：《公開募集證券投資基金運作管理辦法》，將 公募產品的審核由核准制改為註冊制，明確了不同類型基 金的區分標準及投資要求，首次明確了FOF的投資要求。 (2) 私募基金：《私募投資基金管理人登記和基金備案辦法 （試行）》，明確私募基金的監管為登記備案制，而且是 事後備案。 (3) 券商資管： 《關於進一步規範證券公司資產管理業務有關 事項的補充通知》，對進行銀證合作的銀行提出了具體要 求，進一步規範了分級集合資產管理計劃的要求，明確集 合資管計劃不能開展通道業務等。《關於進一步推進證券 經營機構創新發展的意見》，允許投資於未通過證交所轉 讓的股權、債權及其他財產權利，提出嘗試REITs的制度 研究等。 (4) 基金子公司：《關於進一步加強基金管理公司及其子公司 從事特定客戶資產管理業務風險管理的通知》，嚴禁資金 池業務和“一對多”通道業務，對產品實施備案制。

作者簡歷 徐宇舟 主任、合伙人 徐宇舟律師的專業領域為銀行、信託、資產 管理及國資運營。 徐宇舟律師的資管類客戶包括信達資產管 理、長城資產管理、平安信託、愛建信託、 中融信託、平安資管、工行私人銀行、海爾 紐約保險、安邦保險等。徐宇舟律師成功的 為他們提供了各類信託計劃、險資債權計 劃、券商資管計劃、基金資管計劃的募集、 設立、投資、管理類服務。 徐宇舟律師擁有上海財經大學法學學士學位和中歐國際工商 學院工商管理碩士學位。

銀行及融資

日益壯大的保險資管則更多的出台了 一些支持和鼓勵性的利好性政策 4. 保監會對於《保險資金運用管理暫行辦法》的修改說明什 麼？ 相對於證監會對於其監管的各類資管業務“軟硬兼施”的監 管政策，日益壯大的保險資管則更多的出台了一些支持和鼓 勵性的利好性政策。 《關於保險資金投資創業板上市公司股票等有關問題的通 知》和《關於保險資金投資集合資金信託計劃有關事項的通 知》的頒布，表明監管機構進一步加大了保險資金對於各類 領域的投資範圍。 近期修訂的《保險資金運用管理暫行辦法》取消了原來對 於保險資金投資比例的限制，以之前發佈的《關於加強和改 進保險資金運用比例監管的通知》中規定的大類別資產監管 方式取而代之，操作更為人性化，同時將原來單一的外部監 管調整為外部監管和內部監控相結合的方式，也體現了監管 部門簡政放權的理念。 5. 從您的行業經驗來看，哪類資產管理的板塊還需要更多的 規範？ 市場上的各類網絡金融平台，各類“**寶”、P2P平台等新 領域金融機構都還沒有明確的監管機構和行業規範。各類民 間的財富管理公司也存在很大的市場風險，主要包括：主體 地位不明確，不甄別合格購買人，對於產品不做審查，後續 監督管理失控，風險告知不夠完備等。目前尚在徵求意見階 段的《私募投資基金監督管理暫行辦法》對於代銷機構在合 格投資者的甄別方式、風險提示要求等方面做出了相應的規 定，如果一旦出台，將會很好的對類似機構和類似業務做出 指導。

中國法律商務2014年回顧

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Capital Markets

News analysis

HKSE-SHSE link to improve A-share market 港交所和上交所攜手完善A股市場 A new link between the Hong Kong Stock Exchange (HKSE) and Shanghai Stock Exchange (SHSE) is expected to further internationalise China’s domestic capital markets | 香港交易所和上海證券交易所之間的新聯合有望 使中國的國內資本市場進一步國際化

P

revious partnerships between the HKSE and Chinese stock exchanges have been criticised as superficial. But while full details of this new initiative have not yet emerged, sources are confident the Shanghai–Hong Kong Stock Connect will represent meaningful development.

When the link opens in around six months, HKSE and SHSE investors will – subject to limited quotas – enjoy mutual market access.

“I think that this should be a very significant step for the internationalisation of China’s domestic capital markets,” said a Shanghaibased lawyer.

How will it work?

All Hong Kong and overseas individual investors will be able to trade from the HKSE northbound to the SHSE. All mainland institutional investors, as well as qualified individual investors with minimum securities and cash assets of Rmb500,000 (US$79,888), will be able to trade on the link from SHSE to HKSE.

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China Law & Practice Annual Review 2014

90% of the SHSE’s market capitalisation, being 568 stocks, will be eligible for the programme. On HKSE, 266 stocks have been selected for the programme, accounting for 82% of its market capitalisation.

Trades will be routed in a closed loop through ChinaClear and the Hong Kong Securities Clearing Company (HKSCC).

Revenues will be evenly split between the two exchanges.

The link will follow each market’s own rules and regulations. For example, a Hong Kong investor trading on the SHSE will be subject to Chinese rules and SHSE procedures.

There will be a maximum aggregate quota of Rmb300 billion northbound (HKSE to SHSE) and Rmb250 billion southbound.

There is also a daily quota of Rmb13 billion northbound and Rmb10.5 million southbound. Both will be determined on a first-come, first-served basis, so there will be no allocation for specific brokerage firms.

Both will be calculated on a net-buy basis, so if the quota is reached, no new buy orders

will be accepted. There are no restrictions on sell orders.

This latest link follows the expansion of the Qualified Foreign Institutional Investor (QFII) and Qualified Domestic Institutional Investor (QDII) schemes. QFIIs were given a quota to invest in A-shares and certain bonds, while the QDII programme allowed domestic institutional investors to invest in offshore markets via asset management companies approved by the China Securities Regulatory Commission.

But the linkage does not render either scheme obsolete. Speaking at a media briefing on Monday, Hong Kong Exchange (HKEx) CEO Charles Li said that many potential investors will want to invest through a programme where they are able to rely on existing rules, existing settlement and existing clearing systems rather than moving their money back and forth.

The lawyer believes the two programmes are complementary. This helps institutional investors who have not obtained a QFII

新聞分析

quota, he said. Those investors must borrow quotas from other institutional investors, which makes their investments more expensive because they must pay interest to those with quotas.

He said that once the link opens, those investors can make their investments themselves, adding: “Of course, that’s subject to both the total and the daily quota, but it at least opens another channel.”

Index inclusion The most decisive impact of the SHSE– HKSE link might be through index inclusion.

“It’s very likely that certain important international indexes will consider China’s weighting in these indexes very differently with this programme vis-à-vis other arrangements,” HKEx’s Li said.

It’s been reported that MSCI is considering the inclusion of more A-shares on its emerging markets index. The lawyer noted that this would result in enormous investment from foreign institutional investors such as pension funds, insurance companies and large mutual funds – basically all investors that have tracking investments rather than actively changing their portfolios.

“The RQFII and QFII limitations cannot effectively allow tracking stocks, so the linkage will provide a channel for the future inclusion of A-shares on the MSCI index,” he added.

And if this SHSE–HKSE link is successful, more connections might follow. “After a period of trial, I think they will link the Shenzhen Stock Exchange as well,” said the lawyer.

香

港交易所之前與中國內地證券交 易所之間的合作被批判為表面 化。不過，雖然這一新舉措的詳細情況 尚未公佈，但消息人士相信，上海、香 港的聯合將代表着充滿意義的發展。 此次聯合將在 6 個月左右後正式實 施，屆時港交所和上交所的投資者將可 以享受雙向的市場准入，但會受到一定 的配額限制。 一位上海律師說：“我認為這應該會 是中國國內資本市場走向國際化時非常 重要的一步。”

資本市場

Interview | 專訪

Challenges in opening up | 對外開放的挑戰 Yong Kai Wong, general counsel of CITIC Capital Holdings, explains how the Chinese government faces challenges in striking a balance between developing the domestic capital markets and responding to the country’s evolving economic model

|

在發展本地資本市場與應對國家新興經濟模式之間如何取得平衡， 中信資本控股有限公司法律顧問黃榮凱說明中國政府面對的挑戰 How did you start your legal career?

Quite fortuitously, as I started shortly after September 11. Asia’s economic conditions were not spectacular back then and I started my first position in, understandably, insolvency and restructuring in Singapore. As the market picked up, I cut my teeth on the Chinese capital markets, by doing the first few listings of Chinese companies on the Singapore Stock Exchange. Subsequently, I obtained my LLM at Cambridge and my MBA from the University of Chicago. Prior to joining CITIC Capital, I was at APG Asset Management Asia, one of the largest institutional investors globally and I am very grateful to have found my current position at CITIC Capital.

What is your role at CITIC Capital?

I am the head of legal and compliance as well as the company secretary for CITIC Capital, where I am responsible for covering the legal, compliance and execution functions of the company’s various business lines. These range from private equity transactions, real estate, venture capital, natural resources and other types of structured financing transactions. One of the more unique aspects of CITIC Capital is its mixed culture where we have a very local Chinese background that is coupled with the internal mind-set. Our Chinese background allows us to better understand and coordinate with the workings of the Chinese regulatory and economic backdrop. Our global experience allows us to better grasp the requirements of international investors for corporate governance and other market-standard best practices. This combination adds to the level of complexity of my work in terms of regulatory understanding as well as the need for cultural sensitivity.

These past few years have been very fortunate for us – we have been involved in some of the

most exciting and landmark PRC deals such as the privatisations of AsiaInfo, FocusMedia and Alibaba, as well as the investment into SF Express.

What is driving China’s capital markets? What are the latest trends?

I would say that the Chinese capital markets are slowly but surely evolving. For sure, the domestic stock markets have been always been choppy and there is still the issue of the so-called “IPO queue” where primary domestic listings are still hard to achieve. While there has been talk of market liberalisation, one can best say that, as with all things in China, the reform is an on-going process but it is a step in the right direction. It is clear the China Securities and Regulatory Commission (CSRC) is focused on achieving reform and developing longterm institutional investors for the Chinese markets.

Although such efforts are evident in the relaxation of certain requirements in a bid to attract more institutional investors to the domestic markets, many practitioners still lament that reform is not sufficient or happening quickly enough. It is our impression that the Chinese regulators are typically cautious in making reforms.

This year, the CSRC helped to liberalise the Chinese domestic asset management industry with the budding growth of the Asset Management Association of China (AMAC). AMAC has more recently pursued proper development of the local asset management industry through diversification.

Another trend that we have observed is the relaxation of capital controls, beginning with the promulgation of the various free trade zones throughout China, such as in Shanghai. The government recognises the need to better deploy capital other than through the usual channels of investment and has permitted more liberalisation in outbound

中國法律商務2014年回顧

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Capital Markets

The regulators are gradually “deepening the investor pool in order to achieve a profound and functioning capital markets and serve the needs of the Chinese economy | 監管者逐步加強 投資者群，使資本市場擴張 並有效運作，切合中國經濟 的需要

”

capital flows. We expect this trend to continue for years to come.

Requirements have been lowered for offshore financings, where it has become relatively easier to source and pledge collateral. This facilitates the outbound flow of capital where Chinese institutions seek to acquire targets overseas.

What more needs to be done for China’s capital market?

It is clear the regulators recognise that the Chinese capital markets need further reform – specifically, expanding the avenues of financing beyond just equity and into other areas like debt financing.

There is also the need to institutionalise other areas of the financial markets, such as the trust and alternative investment industry, and to bring them in line so as to ensure macro-economic stability and investor protection. The regulators are gradually deepening the investor pool in order to achieve a profound and functioning capital markets and serve the needs of the Chinese economy.

Given these various goals, it takes time and patience for the reforms to be implemented, and, more importantly, to take effect. It is important to bear in mind that the Chinese capital markets, in their current form, are still very nascent and credit must be given to the Chinese regulators for taking the steps in the right direction to allow the markets to grow. 你如何開始從事法律工作？ 幸好我在美國911事件發生後不久從事法律 工作，當時亞洲經濟情況並不理想，很自然 地我首份工作是在新加坡從事破產及重組的 工作。隨着市場情況改善，我初次涉足中國 資本市場，參與首批中國公司在新加坡交易 所上市的工作。其後，我取得劍橋大學的法 學碩士學位和芝加哥大學的工商管理碩士學 位。加入中信資本前，我在全球最大的機

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China Law & Practice Annual Review 2014

News analysis

構投資者之一荷蘭匯盈投資亞洲有限公司工 作，然後加入中信資本擔任現職。 你在中信資本負責什麼工作？ 我是中信資本法律及合規部的主管兼公司秘 書，負責公司各項業務的法律、合規及執行 事項，包括私募股權交易、房地產、風險投 資、自然資源和其他類別的結構融資交易。 中信資本的獨特之處，是在中資背景的內 部思維煣合多種文化。我們的中資背景，還 我們更深入了解及協調中國的規管和經濟理 念。我們的國際視野，讓我們更能掌握國際 投資者在企業管治及其他符合市場標準的最 佳實踐的要求。這樣的組合在規管事務的理 解及文化敏感度方面，增加了我工作的複雜 程度。 過去數年對我們來說是幸運的—我們涉足 很多令人興奮及具代表性的中國交易，例如 亞信、分眾傳媒和阿里巴巴的私有化，以及 順豐速運的投資。 什麼在推動中國資本市場？最新的趨勢為 何？ 中國資本市場在緩緩地但肯定是在發展。本 地股票市場一直動盪，仍然存在“IPO隊列” ，即國內首發仍然不易。雖然有開放市場之 說，但最多只能說改革仍在進行中，正如其 他許多中國的事情一樣，但方向是正確的。 顯然而見的是，中國證券監督管理委員會致 力進行改革，為中國市場培育長期機構投資 者。為吸引更多機構投資者進入本地市場而 放寬一些規定的做法明顯，很多參與者仍感 嘆改革不足，或改革不夠迅速。我們普遍認 為中國監管者一貫地對改革持謹慎態度。 今年，中國證監會協助開放中國境內資產 管理業，令中國證券投資基金業協會萌芽發 展。該會近來通過多元化方式，令本地證券 投資基金業有序發展。 據觀察所得，另一個走勢是放寬資本限 制，先是在中國各地如上海推行自由貿易 區。政府明白更好運用資本的方法，有別於 一般投資渠道，容許對外資本流動更加開 放。我們預期這走勢在未來會持續。 境外融資的規定已降低，較易尋找和質押 抵押品，當中資機構收購境外公司時，有助 資本向境外流動。 中國資本市場還需要什麼？ 監管者明白中國資本市場需要進一步改革 ──特別是擴大融資的渠道，不只集中於股 權，而是擴大至債務融資。金融市場的其他 方面也有需要機構化，例如信託及替代性投 資業，使之符合規定，確保宏觀經濟穩定及 保障投資者。監管者逐步加強投資者群，使 資本市場擴張並有效運作，切合中國經濟的 需要。 為了達致這些目標，改革實施需時，也需 要耐心，更重要的是改革生效。緊記中國資 本市場目前仍在初發展階段，中國監管者按 正確方向行事讓市場發展，應獲肯定。

具體如何運作？ 所有香港和海外個人投資者都將可以通 過港交所向北與上交所交易。內地的所 有投資機構以及滿足 500,000 元人民幣 (79,888美元)的證券和現金資產下限的合 格個人投資者都將能夠借此聯合通過上 交所與港交所進行交易。 佔上交所股票市值 90%的 568 隻股票 將有資格參與該計劃。港交所則挑選了 266 隻股票參與該計劃，相當於其股票市 值的 82%。 交易將通過中國證券登記結算公司和 香港中央結算有限公司閉環進行。收入 將在兩個交易所之間平均分配。 此互聯互通機制將遵循兩個市場各自 的規章制度。例如，與上交所交易的香 港投資者將要遵循中國內地的規定以及 上交所的相關程序。 北向交易(港交所向上交所)的最大總 配額為3 千億元人民幣，南向交易為 2.5 千億元人民幣。北向交易的每日配額為 130億元人民幣，南向為 1050 萬元人民 幣。兩者均基於先到先受理的原則，因 此不會為特定的經紀公司分配配額。 兩者都是在淨買入的基礎上進行計 算，因此，如果已達到配額上限，交易所 將不再接受新的買盤。賣盤不受限制。 這項最新的互聯互通機制遵循合格境 外機構投資者(QFII)機制和合格境內機構 投資者(QDII)機制的延伸。QFII 獲得投資 A 股和特定債券的配額，QDII 機制則允 許境內機構投資者通過中國證券監督管

It’s very likely that certain “important international indexes will consider China’s weighting in these indexes very differently with this programme vis-à-vis other arrangements | 相比其他 機制，某些重要的國際指標會 因此機制而對中國的權重有大 為不同的考慮

”

Charles Li, Hong Kong Exchange 港交所 李小加

新聞分析

理委員會核準的資產管理公司投資離岸 市場。 但是該互聯互通機制不會廢棄的這 兩個機制。港交所總裁李小加在週一的 媒體發佈會上表示，許多潛在投資者希 望通過可以讓他們依靠現有規則、現有 結算系統和現有清算系統的機制進行投 資，而不是來回移動他們的資金。 該上海律師認為這兩個機制是互相補 足的。他說，這將幫助尚未取得 QFII 配 額的機構投資者。這些投資者必須向其 他機構投資者借用配額，這使得他們的 投資成本更高，因為他們必須向那些擁 有配額的機構投資者支付利息。

他表示，一旦互聯互通機制正式落 地，這些投資者就可以自行投資，並補 充說：“當然，這需要在總配額限制和 日配額限制內，但至少開放了另一個渠 道。” 指數納入 上交所–港交所互聯互通最具決定性的 影響可能是通過指數納入。 港交所的李小加表示：“相比其他機 制，某些重要的國際指標會因此機制而 對中國的權重有大為不同的考慮。” 有報道稱，MSCI 正考慮在其新興市 場指數中納入更多 A 股。該上海律師

資本市場

指出，這將導致境外機構投資者大量投 資，例如養老基金、保險公司和大型共 同基金，基本上是所有有投資軌跡（而 不是經常改變自己的投資組合）的投資 者。 他補充說：“RQFII 和 QFII 限制不 能有效地允許追蹤股，因此互聯互通機 制將為將來 MSCI 指數納入 A 股提供渠 道。” 如果上交所–港交所互聯互通取得 成功，那麼將來可能會有更多聯合。這 位律師表示：“我認為，經過一段時間 的試行後，他們還會聯合深圳證券交易 所。”

This article has been provided by International Financial Law Review | 文章轉載自《International Financial Law Review》

RMB depreciation may spark derivatives disputes | 人民幣的貶值可能引發衍生 工具糾紛 Unexpected depreciation of the renminbi this year could unfavourably affect derivatives used to hedge exposures to the currency. A further currency fall could lead to disputes | 今年人民幣令人意想不到的貶值可能對用來對衝 人民幣風險的衍生工具造成不利影響。進一步的貨幣貶值可能會導致糾紛

C

urrency derivatives were extremely problematic for emerging markets in the global financial crisis. According to a 2009 IMF paper, non-financial firms in developing markets lost over US$530 billion, with China’s state-owned CITIC Pacific alone losing US$2.4 billion.

Nevertheless, the business has taken off in China. A February Morgan Stanley report notes that US$350 billion in target redemption forwards (TRFs) had been sold – largely to Chinese corporates – during the first two months of the year. It’s estimated that US$150 billion of these contracts are still in effect.

Companies that believed the renminbi would appreciate as it has done historically thought they would hedge their exposure, said Jonathan Cary, partner at RPC. “If we

see any further depreciation of the yuan, that could reveal exposure to these products over different pockets of the Chinese economy, and accelerate other issues in the economy as well,” he said.

The products he is referring to are known as TRFs, knock-in knock-outs (kikos) or target redemption notes (TARNS) – and they are largely similar. They are sold to large corporates as a protectionist measure to hedge a company’s exposure to currency volatility.

They generally provide a long position on a currency, and potential gains on the transactions are limited. The contracts are knocked out once they reach a certain point – the target amount. But the downside is unlimited; these products are often geared once they reach a given rate.

These instruments are appealing because they offer what seem like very attractive exchange rates that are below spot, and are seen as a cheap way of managing currency exposure, Cary said.

But very small currency movements in the other direction can cause significant losses for the investor, he warned. “From what I’ve seen, many buying those products do not fully understand that,” Cary added.

Future disputes It’s surprising that these hedging products have made a return so soon after the global financial crisis. Cary is often disappointed by the apparent failure of the banks – and also corporates – to learn lessons from even recent events.

中國法律商務2014年回顧

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Capital Markets

News analysis

Leading Capital Markets lawyers Bai Wei, Jingtian & Gongcheng

Qiu Jianxin, Dacheng Law Offices

Fred Chang, FenXun Partners

Shen Guoquan , AllBright Law Offices

Frank Chen, Chen & Co

Shi Tiejun, Jun He

Wayne Chen, Llinks Law Offices

Sun Dongfeng, Guantao Law Firm

Chen Limin, Zhong Lun Law Firm

Tao Xudong, Jun He

Cui Liguo, Guantao Law Firm

Kirk Tong, Jun He

Jeremy Dai, AnJie Law Firm

Wang Jianzhao, FenXun Partners

Jeffrey Ding, Fangda Partners

Wang Ting, FenXun Partners*

Charles Duan, Duan & Duan

Jason Wang, Han Kun Law Offices

Fu Siqi, Jingtian & Gongcheng

Wei Yingling, Jun He

Liu Gang, Commerce & Finance Law Offices

Wu Yongtao, Dacheng Law Offices

Jing Gang, King & Wood Mallesons

Xiao Wei, Jun He

Gao Mingfei, Dacheng Law Offices

Xu Wei, Tian Yuan Law Firm

Gong Mulong, King & Wood Mallesons

Gao Yang, Fangda Partners

Charles Guan, Grandall Law Firm

Yang Xusheng, FenXun Partners

Han Xiaojing, Commerce & Finance Law Offices

Zhao Yang, Jingtian and Gongcheng

Christophe Han, Llinks Law Offices

Yang Xiaolei, King & Wood Mallesons

William Huang, Fangda Partners

David Yu, Llinks Law Offices

Huang Hailin, Shenda Partners

Xiaohong Zhang, AllBright Law Offices

Jiang Xueyan, Haiwen & Partners

Zhang Lei, Dacheng Law Offices

Lin Zhong, Chen & Co

Zhang Jiping, Haiwen & Partners

Liu Wei, Grandall Law Firm

Zhang Xusheng, Jingtian & Gongcheng

Liu Su, Haiwen & Partners

Zhang Yi, King & Wood Mallesons

Liu Zhihai, Jincheng Tongda & Neal

Zhang Yongliang, King & Wood Mallesons

Cindy Lu, TransAsia Lawyers*

Zheng Xiaodong, Jincheng Tongda & Neal

Lv Hongbing, Grandall Law Firm

Julia Zhu, AllBright Law Offices

George Niu, Global Law Office

Lawrence Zhu, AllBright Law Offices

Stephen Jun Peng, Jincheng Tongda & Neal Peng Guangya, Jingtian & Gongcheng

“After the massive losses arising from these types of products in 2008 and 2009, many thought they would no longer be bought and sold, save only in very exceptional circumstances,” he said.

The causes of litigation are likely to be similar to that seen in the global financial crisis. After the renminbi depreciates below a certain point, financial institutions will have a claim to call collateral from the corporates that purchased this product. The corporate will then file a counterclaim, saying that the products were mis-sold.

But Cary predicts that these disputes will not give rise to US class action litigation – especially the type that arose out of the 2008 crisis. That’s because these transactions are unlikely to have a US nexus.

Source: Asialaw Leading Lawyers 2014 * Rising Star

Instead, he expects arbitration proceedings in Hong Kong, Singapore or potentially London. That will become more common as more International Swaps and Derivatives Association contracts now contain arbitration clauses – especially where there is a Chinese counterparty.

在

全球金融危機時，貨幣衍生工具 對新興市場來說是很嚴重的問 題。根據 2009 年《國際貨幣基金組織工 作論文》，發展中市場的非金融機構損 失超過 5300 億美元，其中僅中國國有的 中信泰富就損失了 24 億美元。 儘管如此，這項業務還是在中國開展 了。2 月份的摩根士丹利報告指出，今年 頭兩個月目標可贖回遠期合約 (TRF) 的 銷售額已達 3500 億美元，大部分買家是

This article has been provided by International Financial Law Review | 文章轉載自《International Financial Law Review》

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China Law & Practice Annual Review 2014

中國企業。據估計，這些合約仍有 1500 億美元有效。 RPC 合伙人 Jonathan Cary 表示，相信 人民幣會像往常一樣升值的公司原本認 為他們會對衝風險。他說：“如果人民 幣進一步貶值，就可能在多個不同的中 國經濟口袋中暴露出這些產品的風險， 同時還會催發經濟中的其他問題。” 他所指的產品被稱為 TRF、敲入敲出 障礙貨幣期權 (kiko) 或目標可贖回票據 (TARNS)，這些產品大同小異。這些產 品被出售給大型企業，作為對衝相關公 司貨幣波動風險的保護措施。 它們通常會提供相關貨幣的多頭頭 寸，交易的潛在收益是有限的。一旦收益 達到某個點（即目標金額），相關合約就 會失效。但是下跌風險並不受限制；一旦 達到指定匯率，這些產品通常會調整。 Cary 認為，這些工具之所以吸引人， 是因為它們提供低於即期價格的匯率， 看起來非常有吸引力，並且被視為是管 理貨幣風險的一種廉價方式。 但他警告說，貨幣的反方向小幅移動 也可能導致投資者的巨大損失。Cary 補 充說：“據我瞭解，許多買家並不完全 瞭解這些產品。” 未來糾紛 這些對衝產品在全球金融危機後如此迅 速地回歸市場實在令人驚訝。Cary 經常 因為銀行（和公司）明顯地未能從最近 發生的事件中汲取教訓而感到失望。 他說：“在 2008 年和 2009 年這些類 型的產品造成巨額損失後，許多人認為 這些產品將不再交易，只會在極其特殊 的情況下保留。” 訴訟的原因可能會與全球金融危機時 表現的相似。在人民幣貶值到低於某一 點後，金融機構將有權提出從購買了相 關產品的企業處收回抵押品。然後該企 業會提出反訴，稱相關產品屬於誤售。 但 Cary 預計這些糾紛不會引起美國集 體訴訟，尤其是在 2008 年金融危機時出 現的訴訟類型。這是因為這些交易不太 可能有美國訴訟群體。 不過，他預計會有香港、新加坡或 （潛在的）倫敦仲裁程序。這個程序將 變得更加普遍，因為如今越來越多的國 際掉期與衍生工具協會合約包含仲裁條 款，尤其是在有中國交易方的情況下。

新聞分析

Jeremy Dai

資本市場

Weidong Wang PArtner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: jeremydai@anjielaw.com Web: www.anjielaw.com

Mr Dai is a founding and executive partner of AnJie Law Firm. He has focused his practice on foreign direct investment, merger & acquisition, private equity & venture capital, and capital market. He has been recognized

by Asialaw as a leading lawyer in IT, Media and Telecom, Real Estate & Construction, and Capital Market. He also received outstanding recognitions from Legal 500, China Law & Practice, Chambers Asia and Legal Media Group as leading private equity and corporate lawyer. Mr Dai is a frequent legal adviser to various multinationals in their business in China.

Mr Dai received his LL.B. degree from Peking University Law School, LL.M. from University of Virginia, and LL.M. in Taxation from New York University.

Mr Dai is qualified to practice in China and the State of New York and is a member of Corporate Law Committee, Beijing Bar Association.

Prior to co-founding AnJie, Mr Dai practiced at Shell, Baker & McKenzie, Morrison & Foerster, and two major PRC firms in Beijing, Shanghai, Hong Kong and Silicon Valley.

Grandall Law Firm 9/F Taikang Financial Tower No.38 North Road East Third Ring Chaoyang District Beijing 100026 China Tel: (+86 10) 6589 0600 Fax: (+86 10) 6517 6800 Email: wangweidong@grandall.com.cn Web: www.grandall.com.cn Mr Wang is the executive partner of Grandall Law Firm, and managing partner of Grandall’s Beijing office. Mr Wang graduated from Chinese People’s Public Security University in 1991 with an LL.B; he obtained an LL.M. degree from the University of Minnesota in 2000. Additionally, he obtained the Training Certificate for BOT Projects awarded by the Asian Development Bank.

Mr Wang started his career as a transactional lawyer since 1993. He has over 20 years rich experience in legal practice and specialises in power, energy, infrastructure and public utilities projects, including ore resources, renewable energy, waste disposal, water supply and treatment. He is one of pioneers in PRC project finance practice and has been involved in most project finance projects in China in the past decades. Having been advised for clients in hundred remarkable projects, Mr Wang has been recognized as leading lawyer in M&A, cross-border investment, securities and capital markets. Based on his solid foundation in practicing law, intensive professional knowledge and excellent negotiation skill, he becomes the expert in above area.

Mr Wang is the Council member of the Beijing Lawyers Association (“BLA”), and chair the Foreign Affairs Committee and Infrastructure Committee of BLA. He is also the arbitrator at the China International Economic and Trade Arbitration Committee (“CIETAC”) and Kuala Lumpur Regional Center for Arbitration (“KLRCA”) respectively; Conciliator at the Conciliation Center of ICC China. Meanwhile, Mr Wang was appointed as legal consultant expert by Beijing Municipal People’s Congress and Hainan Province People’s Government. In the academic area, Mr Wang is the editorial board member of China Business Law Journal and member of Corporation Law Practice Guidelines Committee of Experts for LexisNexis.

Mr Wang has been independently endorsed as a “Leading Commercial Lawyer” by Asialaw in the fields of Project Finance, Mergers & Acquisitions, Corporate Restructuring, Corporate Finance and Chinese Law in the years 2003, 2004, 2005 and 2008. He was awarded the “Outstanding Lawyer in China” by All China Lawyers Association in 2009. Mr Wang was selected as “China Best Dealmaker” by ALB in 2009 and as “50 Best Lawyers in China”

by Corporate INTL in 2012. Chambers Asia Pacific recommends him as “Eminent Practitioner” in the field of Competition and Anti-monopoly Law, as well as “Band 1” Lawyers in Energy and Natural field in year 2014.

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News analysis

Capital Markets

Julia Ying Zhu (朱穎) AllBright Law Offices 14th Floor, Citigroup Tower 33 Hua Yuan Shi Qiao Road, Pudong New Area Shanghai 200120 P. R. China Tel: (+86 21) 6105 9098 Fax: (+86 21) 6105 9100 Email: juliazhu@allbrightlaw.com Web: www.allbrightlaw.com Julia Ying Zhu is a senior partner of AllBright Law Offices. Ms Zhu specialises in corporate, M&A, foreign investment, capital markets and securities (covering PE investment, IPO and listing, and bond issuance).

Ms Zhu has been providing legal services for Hong Kong listed companies in quantities cross-border M&A transactions in real estate, infrastructure, energy, environmental protection areas. The consideration of several influential deals were billions of HK dollars, and some transactions are selected by legal appraisal institutions as symbolic cases. The acquisition of Neo-China Land (0563.HK) by Shanghai Industrial Holdings (0363.HK) was listed in M&A 2010 by ALB China. In 2011, the reverse takeover of Shanghai Urban Development by Shanghai Industrial Urban Development Group Limited (0563.HK) was ranked as a significant RTO case of the year.

Ms Zhu also has rich experience in legal services for PE investment funds.

She has been engaged by several domestic and overseas PE institutions for professional legal services relating to the establishment, placement, investment and exit stage of PE fund.

In 2012, Ms Zhu was listed in the rankings of leading lawyers in corporate and M&A by the Chambers Asia-Pacific.

錦天城律師事務所 上海市浦東新區花園石橋路33號花旗集團大廈14樓 郵編： 200120 電話：(+86 21) 6105 9098 傳真：(+86 21) 6105 9100 郵箱：juliazhu@allbrightlaw.com 網址：www.allbrightlaw.com 朱穎律師是錦天城律師事務所高級合伙人，執業領域為公司、並 購、外商投資、資本市場與證券（私募股權投資、企業首次公開發 行與上市、債券發行）。 朱律師近年經辦了大量涉及香港上市公司的跨境並購業務，數起具 有影響力的交易金額超過十億港幣。朱律師亦具有豐富的私募基金 法律服務經驗，為多家私募機構提供了基金設立、募集、投資、退 出各階段的法律服務。

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探討

資本市場

Slow progress Kejun Guo and Chen Jia of Zhong Lun Law Firm look at the latest developments in capital markets, including the reforms to the share offering system

1. What have been some of the key legislative changes affecting China’s capital markets over the past 12 months? How did these developments clarify issues with current legislation?

In addition to the amendments to the Company Law at the end of 2013, what has perhaps had the greatest direct impact on China’s capital markets has been the reform of the new share offering system initiated at the end of 2013, which has been continuously intensified and made more extensive since then, with the revision of the Tentative Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof on the Growth Enterprise Market and the promulgation of the Tentative Measures for the Administration of the Offering of Securities by Companies Listed on the Growth Enterprise Market in May this year being one of the specific manifestations of this.

The reform of the new share offering system places information disclosure at the heart of the offering review system, further improves the pricing mechanism for new share offers and intensifies law enforcement. It narrows the distance for converting between the different offering review systems, the road that must be taken to move from the check and approval system to the registration system, and the reform of the new share offering system additionally provides practical support for the next step in the revision of the Securities Law.

2. Have this year’s Measures for Strengthening the Regulation of Offerings of New Shares succeeded in increasing transparency in the IPO process?

The Measures for Strengthening the Regulation of Offerings of New Shares (the Measures) emphasise that the prospectus should serve as the sole standard for information disclosure, strengthen the risk warnings for pricing at higher than the industry average price-earnings ratio and raise the bar on the requirements in respect of the qualifications of investors participating in price inquiries.

With respect to the fairness, transparency and impartiality of the process for pricing offers, the Measures further provide safeguards that will be conducive to enhancing the transparency of the pricing of new share offerings, enhancing offering efficiency and ensuring the success of offerings.

3. What are the big Chinese IT companies looking for in a stock exchange?

The main factors that large Chinese IT companies consider when selecting an exchange can be summarised as follows:

The reform of the new share offering system places information disclosure at the heart of the offering review system, further improves the pricing mechanism for new share offers and intensifies law enforcement 中國法律商務2014年回顧

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capital markets

Insights

n

a vast securities market and abundant sources of funds: the stability of the securities market where the exchange is located and the abundant sources of funds that it represents are the primary reasons why big Chinese IT companies list and seek financing on a specific exchange, as a stable securities market and abundant fund sources provide the greatest opening for corporate financing; n a legal and policy environment that facilitates refinancing: whether the legal and policy environment of the country or region where the exchange is located encourages or facilitates refinancing for listed companies is another factor that Chinese IT companies will consider when selecting an exchange to list on; n strengthening of corporate M&A ability: many Chinese IT companies have post-listing continuing strategic investment and acquisition arrangements. This means that whether the stocks listed on a certain exchange are recognised, whether the legal and policy environment of the country or region where the exchange is located encourages the carrying out of acquisitions, etc. are factors to which Chinese IT companies give great weight when selecting an exchange on which to list; and n maximisation of the personal benefits of management: whether maximisation of the benefits of management can be accomplished also commonly features as one of the important factors considered when a Chinese internet company selects an exchange.

In addition to the foregoing, other factors that are considered include whether the securities regulatory laws of the place where the exchange is located are conducive to promoting internal reform of Chinese companies and enhance their corporate governance level, and whether listing on a specific exchange will assist in enhancing the company’s degree of recognition and good reputation globally.

4. What are some of your experiences and strategies for the IPOs that you are working on?

Firstly, an issuer should select, for financing and listing, a securities market that is compatible with its own enterprise’s and the industry’s growth, while taking into consideration its own level of development and philosophy and the characteristics of the market (e.g. domestic markets and foreign markets each have their particularities, advantages and disadvantages). It needs to make its selection and determination based on the enterprise’s own circumstances.

An issuer should select, for financing and listing, a securities market that is compatible with its own enterprise’s and the industry’s growth while taking into consideration its own level of development 22

China Law & Practice Annual Review 2014

Secondly, the level of the intermediary firms plays an extremely important role in determining the success of an issuer’s offering and listing. Accordingly, when selecting an intermediary firm, an issuer should be cautious, and not simply just consider the price factor. The track record of the main firms, the experience and expertise of the handling personnel, etc. are also important factors requiring consideration.

Thirdly, the issuer should strictly observe the laws of the place where it will list and the listing requirements of the exchange, disclose all of the information it is required to disclose, entrust specific issues to the judgment of professional intermediary firms and avoid the series of potential risks that could arise if its information disclosures fail to satisfy the requirements of truthfulness, accuracy and completeness.

5. What are the most common challenges you encounter during IPOs in general?

The frequently interrupted review schedule of the CSRC. This causes a large backlog of enterprises stuck in the review procedure, making it impossible for issuers to satisfy their financing needs, causing funding pressures in their normal business operations and making it impossible for their production and business plans to match their anticipated funding schedules. The normal operations of such enterprises have been significantly affected.

The CSRC’s criteria for IPO reviews is not completely public and transparent. It contains a certain degree of arbitrariness and subjectivity, with the issuers and the various intermediary firms exhausted from responding to the various questions, often as the Chinese say “cutting the foot to fit the shoe” but achieving the opposite of what was expected.

Under the current review regime, the odd issuer may withhold certain important facts with an eye to smoothly sailing through the offering review, posing grave professional risks for the intermediary firms, including the law firms, involved.

6. What are the major problems and concerns issuers might have with both onshore and offshore listings and how do you address them?

The first problem is the regulatory environment and policies: regardless of whether a listing is to be made in China or abroad, whether, in the place of listing, regulation is rigorous and whether the listing environment is accommodating are some of the primary factors considered by issuers.

The second is the degree of market recognition. Although the listing of an issuer is a capital operation, the publicity angle should not be underestimated. There is no need to dwell at length on the China market, but the degree of recognition and understanding of Chinese enterprises in offshore markets is vastly different. Accordingly, the market’s degree of recognition of the industry in question and the enterprise in question is an issue that an issuer must think over when considering listing onshore or offshore.

探討

7. How is the connection between the Hong Kong and Shanghai stock exchanges beneficial to both markets?

Shanghai-Hong Kong Stock Connect is an important aspect of the opening of domestic capital markets to foreign investment, which is conducive to strengthening the association between the two capital markets, driving the bi-directional opening of the capital markets and has a positive significance for many aspects of the development of the two capital markets.

Firstly, the connection will diversify investment entities and improve the price discovery mechanism. After the initiation of Shanghai-Hong Kong Stock Connect, the competing environment in China’s capital markets will undergo a fundamental change. Investors will not only be competing against the various types of investment entities in China, but also against the various types of investment entities in foreign markets; not only against a virtual economic environment, but even more against the real economic environment. This is a process of investment diversification, profit model diversification and arbitrage mechanism diversification for the various types of investment entities. This will lead to the gradual disappearance of the phenomenon of investors flocking and converging on a certain

Author biographies Kejun Guo Partner Kejun Guo is a senior partner in Zhong Lun’s Capital Markets Practice Group. He graduated from Renmin University of China in 1997 with a BA in economics, from Peking University Law School in 2002 with an LLM and from Southern Methodist University in 2003 with an LLM. He has served in succession with Deheng Law Offices, King & Wood Mallesons and a certain central government authority, has been admitted to the bar in the PRC and in New York State and has been practising for 12 years.

Main practice areas: corporate restructuring and domestic and foreign listing, restructurings and acquisitions, industry funds, privately offered equity funds, offering and listing of bonds.

Chen Jia Partner Chen Jia is a partner in Zhong Lun’s Capital Markets Practice Group. He graduated with an undergraduate degree from Inner Mongolia University and with a graduate degree in Civil and Commercial Law from Renmin University of China. Before joining Zhong Lun, he practised with Zhongzi Law Office and Deheng Law Offices. He has been practising for 11 years.

Main practice areas: corporate and securities law, mainly engaging in legal practice involving enterprise reorganisation and restructuring, domestic and foreign offerings and listings, investment, M&A, offering and listing of bonds, establishment of financial institutions, and is particularly experienced in the reorganisation, restructuring and listing of stateowned enterprises.

資本市場

This will lead to the gradual disappearance of the phenomenon of investors flocking and converging on a certain subject for investment subject for investment, allowing the securities markets to genuinely recover their function of resource allocation and price discovery and fostering and realising a “transparent, fair and impartial” securities market environment characterised by good faith.

It also provides a golden opportunity for market regulatory cooperation and the promotion for the development of listed companies.

After the initiation of Shanghai-Hong Kong Stock Connect, domestically listed companies will utilise the Shanghai-Hong Kong Stock Connect investment targets as benchmarks to strengthen their corporate image building, strengthen management of market value, standardise the mechanism for valuation of the companies and promote the transformation and upgrading of the companies. This will not only satisfy the development needs of the domestic economy, but also give rise to a business environment that favours long-term investment and value investment, drive the pace of business innovation of domestically listed companies, and investor returns will rise to a new level, thereby, to an extent, creating an opening for domestically listed companies to rise to international levels.

This also makes a step toward greater internationalisation and expanding the influence of the two capital markets. On the one hand, Shanghai-Hong Kong Stock Connect will be conducive to consolidating Shanghai’s and Hong Kong’s statuses as financial centres and, on the other hand, for companies listed domestically, it will make acquisitions and restructurings that take aim at international markets possible. After the initiation of Shanghai-Hong Kong Stock Connect, the feelers of domestically listed companies may extend toward international markets. Through strengthening and expanding their capital domains, listed companies with relatively robust capital strengths and growth prospects will be able to use their own distinctive market value, management means and core business competitive advantages to take control of pricing rights in international markets, thereby assisting A shares in creating a globalised capital market image.

8. What do Chinese regulators need to do in order for the stock market to pick up and restore investors’ confidence?

The liquidity of a market is an indicator of its degree of activity and is the foundation for a market to play its role of allocating resources.

The liquidity of a market is reflected in the number of entities participating in trading, the speed with which participating entities enter and leave the market and the speed with which information is exchanged in the market, and capital markets are no exception. Based on the foregoing understanding, it is our belief that the activity of capital markets can be strengthened and the confidence of investors

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Insights

restored correspondingly from two aspects: (1)  steadily moving forward with the revision of the Securities Law, implementing the registration system for securities offerings, strengthening information disclosure, encouraging newly listed companies and allowing investors to make use of their value determination advantages on the basis of information symmetry; and (2)  further implementing the delisting system on the basis of protecting small and medium investors and encouraging restructurings and acquisitions in the capital markets so as to allow investors to vote with their feet and retain the strong while eliminating the weak.

Leveraging the advantages of the market mechanism, suppressing its disadvantages and preventing market failure is one of the theoretical cornerstones of regulation by government authorities, with the regulators becoming the guardian angels of the capital markets.

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9. What is your outlook for the market over the next 12 months? What are some of the major trends you see emerging?

During the next 12 months, the revision of the Securities Law has been placed on the agenda and has entered the busy preparatory work stage. After that, the revision of the Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof and the corresponding information disclosure provisions will also be on the agenda. In the future it is entirely possible that we will enter an intense period of capital market legislation, and the registration system for securities offerings will be established with the revision of the Securities Law and will be continuously improved after that.

探討

資本市場

進度緩慢 中倫律師事務所的郭克軍律師和賈琛律師探討了資本市場的最新發展，包括股票 發行制度改革

1. 過去12個月，中國資本市場方面出台了什麼主要法規？這些新法規如何明確 了現行法規的問題？ 除2013年底《公司法》的修改外，過去一年對中國資本市場更加具有直接影響的 或許是自2013年底 動並至今不斷深化和豐富的新股發行體制改革，今年5月份 《首次公開發行股票並在創業板上市管理暫行辦法》的修訂及《創業板上市公 司證券發行管理暫行辦法》的出台也是其具體表現之一。 新股發行體制改革突出了發行審核制度以信息披露為中心，進一步完善新股 發行定價機制，強化了執法力度。它縮小了不同發行審核制度的轉換距離，是 從核准制向註冊制邁進的必經之路，新股發行體制改革同時也為下一步《證券 法》的修改提供實踐支持。 2. 今年所出台的《關於加強新股發行監管的措施》在提高IPO過程的透明度方 面是否成功？ 《關於加強新股發行監管的措施》（《措施》）強調以招股書作為唯一的信息 披露標準，加強對高於行業平均市盈率定價的風險提示，同時對參與詢價的投 資者資格提高了要求。 《措施》對於發行定價過程的公平、公開、公正進一步提供了措施保障，有 利於提高新股發行定價的透明度，提高發行效率，確保發行的成功。 3. 中國的大型互聯網公司希望從證券交易所那裡得到什麼？ 境內大型互聯網企業選擇交易所時考慮的因素主要可以歸結為： 龐大的證券市場和雄厚的資金來源。交易所所在的證券市場的穩定性以及其代 表的雄厚的資金來源是境內大型互聯網公司在特定的交易所上市融資的首要目 的，因為穩定的證券市場和雄厚的資金來源可為企業融資提供最大的空間。 n 便利再融資的法律、政策環境。交易所所在的國家、地區的法律、政策環境 是否鼓勵或者便利上市公司的再融資，也是中國互聯網公司選擇交易所上市 時必須考慮的因素。 n 強化公司並購的手段。國內許多互聯網公司均有上市後持續的戰略投資、收 購安排，因此，在特定交易所上市的股票是否被認可、交易所所處國家、地 區的法律和政策環境是否鼓勵並購的實施等均為國內互聯網公司在選擇上市 的交易所時着重考量的因素。 n 管理層個人利益最大化。是否能實現管理層利益最大化往往也成為國內互聯 網公司選擇交易所的重要考慮因素。 n

新股發行體制改革突出 了發行審核制度以信息 披露為中心，進一步完 善新股發行定價機制， 強化了執法力度

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capital markets

Insights

除此之外還有其他的考慮因素，例如：交易所當地的證券監 管法律是否有利於促進中國公司的內部改革和提高公司治理 的水平；在特定的交易所上市是否有助於提高公司的全球知 名度和良好聲譽等。 4. 在您所處理的IPO委託中，有什麼經驗和策略可以和我們 分享？ 首先，發行人應該選擇一個適合自己企業和行業發展的證券 市場去融資上市，結合其自身的發展程度和理念，以及市場 的特性（如境內市場與境外市場各有特點及優劣），需要根 據企業自身情況做出選擇和判斷。 其次，中介機構的水平對發行人成功發行上市有非常重要 的作用，因此在選擇中介機構時發行人應慎重，不應簡單考 慮價格因素，主要機構過往業績、主辦人員的經歷經驗等都 應作為重要的考量因素。 此外，發行人應嚴格遵守上市地的法律以及交易所關於上 市的要求，披露一切需要披露的信息，將具體問題交由專業 中介機構來判斷，避免信息披露不符合真實、準確、完整的 要求而帶來一系列潛在風險。 5. 在IPO的過程中，您一般都遇到什麼挑戰？ 由於中國證監會IPO審核進程的時斷時續，造成大量在審企業 積壓在審核流程中，無法滿足發行人融資的需求，給發行人的 正常經營運作造成了資金壓力，發行人的生產經營計劃無法與 資金到位的預期相結合，對其正常經營產生了相當的影響。 中國證監會對於IPO的審核標準並不是完全公開透明，具有 一定的隨意性及主觀性，發行人與各中介機構長期疲於應付 各類問題的答復，往往削足適履，事得其反。 在目前的審核體制下，個別發行人可能會隱瞞一些重要事 實以達到順利通過發行審核的目的，給包括律師事務所在內 的中介機構帶來很大的執業風險。 6. 發行人在在岸和離岸上市中主要關心關注什麼問題? 第一個問題是監管環境和政策。無論境內還是境外上市，上 市地的監管是否嚴苛、上市環境是否寬松是發行人的首要考 慮因素。 另外，市場認可程度也是一個問題。發行人上市雖屬資本運 作，但其中的宣傳效應亦不容小覷。境內市場自毋須多言，境 外市場中對境內企業的認可和瞭解程度則大相徑庭。因此市場 對本行業、本企業的認可程度也成為發行人境內外上市的關心 問題。

發行人應該選擇一個適合自己企業和 行業發展的證券市場去融資上市，結 合其自身的發展程度

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China Law & Practice Annual Review 2014

作者簡歷 郭克軍 合伙人 中倫資本市場部資深合伙人，1997年畢業 於中國人民大學，獲經濟學學士學位2002 年畢業北京大學法學院，獲法學碩士學位 2003年畢業於美國南部衛理公會大學，獲 法學碩士學位(LL.M)。曾先後在德恆律師事 務所、金杜律師事務所及某中央國家機關工 作，目前持有中國與美國紐約州執業律師資 格，執業年限為12年。 主要業務領域：企業改制及境內外上市、重組並購、產業基 金、私募股權基金、債券發行上市等。 賈琛 合伙人 中倫資本市場部合伙人，本科畢業於內蒙古 大學，研究生畢業於中國人民大學民商法 學。加入中倫之前，曾在北京市中咨律師事 務所和北京市德恆律師事務所執業。執業年 限為11年。 主要業務領域：公司和證券法律業務，主 要從事企業重組、改制、境內外發行上市、 投資、並購、債券發行上市、金融機構設立 等方面法律業務，尤其擅長國有企業重組、改制及上市業務。

7. 滬港通對兩地市場有什麼好處？ 滬港通是我國資本市場對外開放的重要內容，有利於加強兩 地資本市場聯繫，推動資本市場雙向開放，對兩地資本市場 的發展均具有多方面的積極意義： 首先，滬港通令投資主體多元化，并完善價格發現機制。 滬港通開通後，國內資本市場的博弈環境將發生根本改變。 投資者不僅與國內各類投資主體博弈，還會與國際市場的各 類投資主體博弈；不僅與虛擬經濟環境博弈，更會與實體經 濟環境博弈。這是一個各類投資主體投資多元化、盈利模式 多元化、套利機制多元化的過程。這將導致投資者集中扎堆 某一投資主題的現象逐漸消失，真正恢復證券市場應有的資 源配置和價格發現功能，培育和形成“公開、公平和公正” 及誠信的證券市場環境。 此外，這是市場監管合作的契機，可促進上市公司發展。 滬港通開通後，國內上市公司會以滬港通的投資標的為標 桿，加強上市公司的公司形象培育，增強市值管理，規範公 司的估值體系，推動公司轉型升級。不但滿足了國內經濟的 發展需求，而且將形成長期投資和價值投資的經營氛圍，推 動國內上市公司經營創新步伐，投資者回報也將上一個新台 階，從一定程度上打開國內上市公司與國際接軌的空間。 這也是走向國際化的一步，并擴大兩地資本市場的影響 力。一方面，滬港通有利於鞏固上海和香港兩個金融中心的 地位。另一方面，對於國內的上市公司而言，滬港通使得面 向國際市場的並購重組成為可能。滬港通開通後，國內上市 公司並購重組的觸角將可伸向國際市場。具有較強資本實力 及發展前景的上市公司，將可以自身獨特的市值管理手段和

探討

主業競爭優勢，通過做大做強資本版圖，掌握國際市場的定 價權，幫助A股樹立起全球化資本市場的形象。 8. 中國監管機構要怎樣做才能令其股票市場振作起來並恢復 投資者的信心？ 一個市場的流動性是體現市場活躍程度的指標，也是市場發 揮資源配置作用的基礎。而市場的流動性可以從參與交易的 主體數量、參與主體進出該市場的速度，以及信息在該市場 的交換速度體現出來，資本市場也不例外。基於前述理解， 我們認為可以相應從兩方面增強資本市場活躍程度，提振投 資者信心：一是穩步推進《證券法》的修改，落實證券發行 的“註冊制”，強化信息披露，鼓勵新進上市公司，讓投資 者在信息對稱的基礎上發揮價值判斷的優勢；二是進一步落

資本市場

實保護中小投資者基礎上的退市制度，並鼓勵資本市場中的 重組並購行為，讓投資者“用腳投票”，留強汰弱。 發揮市場機制的優點，抑制市場機制的缺點，防止“市場 失靈”是政府部門實施監管的理論基石之一，監管部門要成 為資本市場的守護神。 9. 未來12個月, 您對於市場有什麼看法？您有沒有看到有什 麼主要的趨勢正在醞釀？ 未來十二個月，《證券法》的修改已提上日程並進入緊鑼密 鼓地準備工作。隨即，於2006年頒布的《首次公開發行股票並 上市管理辦法》及相應信息披露規定的修改亦會漸行漸近。 未來很可能會進入一個資本市場立法的密集期，證券發行的 註冊制會隨着《證券法》的修改而建立並不斷完善。

中國法律商務2014年回顧

27

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新聞分析

競爭法

MOFCOM’s Maersk block reveals the rules of the game | 商務部禁止馬士基申請 揭示了行業規則 MOFCOM’s decision to block the P3 alliance has confirmed the complex nature of merger control in China. Parties need to prepare more for filing in China than in other jurisdictions and have a Plan B in place | 商務部禁止P3網絡中心的 決策確定了中國國內並購控管的複雜性質。 與其他司法管轄區相比，相關各方在中國提交申請前需做好 更充足的準備，另外還應安排好備選方案

T

he Ministry of Commerce (MOFCOM)’s decision to block the P3 alliance sparked global interest, especially as EU and US competition authorities had already approved the deal. But the ruling just underlines policy consistency and shows that PRC antitrust approval will continue to be a hurdle for M&A. “MOFCOM’s rationale for blocking this

deal is aligned with all its current practices,” said François Renard of Allen & Overy.

“The ministry has been justifying its position increasingly clearly since its prohibition of the Coca-Cola-Huiyuan deal in 2009,” he added.

The marine container companies Maersk Line, Mediterranean Shipping Company and CMA CGM of the P3 alliance withdrew their application on June 17 as they considered

the remedies MOFCOM had imposed too intrusive.

For deals involving multijurisdictional clearances, PRC approval is almost always granted last. In most cases, parties wait over a year to first hear back from MOFCOM. While MOFCOM has been relatively open in its negotiations, its remedies have become increasingly invasive, especially over

中國法律商務2014年回顧

29

Competition

News analysis

Interview | 專訪

Adopting the right mindset

|

採取正確的觀念 Sherman Chu, general counsel for Cisco, shares with China Law & Practice his thoughts on the developing competition regime in China and where the AML is headed | 思科系統公司法律總顧問朱雪 明與《中國法律商務》分享了他對中國發展中的競爭制度以及反壟 斷方向的看法 What is your role within Cisco and what is the size and structure of your legal team?

I have been with the company for about 16 years and during the six years I have been in China for Cisco I have built up the country’s legal team. I oversee the legal issues for Cisco in China. We currently have about eight people distributed among Beijing, Shanghai and Hong Kong.

What are some daily challenges faced by your legal team?

One daily challenge is that China is a complex pit place for a company to operate. We abide by several compliance requirements as we are a US company, but conducting business is very different in China, from FCPA matters to daily practice. Deals are less documented; the perception of documenting deals is different here than in the US. The US mindset is spelling out every aspect of the deal in the contract, whereas the local practice is different.

I do some work for the American Chamber of Commerce in Shanghai as vice chair. My observation is that challenges very much depend on the industry you’re in. It is particularly challenging for industries the government is interested in promoting for local companies. Foreign companies are subject to many requirements from a regulatory perspective, though they aren’t always clear. But even from a non-regulatory perspective, there are challenges to how we sell that may not be so obvious, so it is important to understand what the constraints are.

How do you deal with the scrutiny of antitrust authorities and what do you recommend to large companies in China with similar experiences?

There have been a number of industries under specific attention of the antitrust authorities, like infant formula. At this point, the telecommunications and life space hasn’t been subject to that, but there could obviously be potential. The way we analyse the Anti-monopoly Law (AML) is, since it

30

China Law & Practice Annual Review 2014

is still developing, to look to EU antitrust laws as the most likely direction the Chinese antitrust laws will head.

One thing that makes our lives easier is that there are very big Chinese competitors in our market so we are less burdened from an antitrust perspective. Regardless, we view our marketing programmes from an antitrust perspective and have lawyers sit in on the meetings. We remain mindful to do the right things.

What developments in antitrust regulations over the past year have affected your work?

Like many companies, we have been paying a lot of attention to merger control. You have to file a lot of transactions for merger control review and the challenge has been that the process has been slower than what companies would like. So the Ministry of Commerce (MOFCOM) has introduced an expedited set of rules for deals with minimal competitive impact in China. But companies still have two main questions: how quickly will merger control be done and what will the standards used for review be?

What are some competition trends you are witnessing?

The most obvious trend is increasing sophistication and attention. The increasingly grave enforcement by the State Administration for Industry and Commerce and the National Development and Reform Commission is reflected by their rising activity and resources allocated to them. The same applies to MOFCOM, which is also gaining expertise. It has a greater degree of expertise in merger control than the other two agencies have and it is continuing to become more sophisticated in handling issues.

How do you feel about the AML in China relative to other jurisdictions?

One thing different about the AML is that China has explicitly said MOFCOM should consider

the last three years. A number of companies have chosen to scrap their deals completely rather than abiding by directives that they believe are disproportionate to what they want to achieve.

“The only surprise was that MOFCOM blocked another transaction, because based on our experience, it generally prefers not to,” said Janet Hui of Jun He. She agreed that the reasons MOFCOM provided were consistent with its practices, but said she had not expected the move because no deals have been blocked since Coca-Cola-Huiyuan.

“If, by the end of Phase 3, when the parties were informed of the remedies, they were willing to refile and MOFCOM blocked the decision afterwards, that would have been a surprise to me,” she said. Instead, the parties were reluctant to refile and arranged another form of cooperation that will not trigger filing.

Plan B Maersk and MSC formed a new alliance (2M) on July 10 with a lower combined market share and scale of cooperation, structured to underpass MOFCOM’s reporting threshold.

The two companies have also abandoned the idea of establishing a jointly-owned independent network centre similar to the one in the P3 proposal, and instead have chosen to set up a more traditional coordination committee.

Although alliances such as P3 may threaten domestic industry, Hui said that MOFCOM will have to leave 2M alone if turns out to be below the threshold. She has never heard of the ministry involving itself in transactions that fall beyond its jurisdiction: “The threshold in China is already seen by MNCs as too low, and MOFCOM will not intervene if no filing is required.”

However, arguments have surfaced over the deviation of MOFCOM’s decisions from the original purpose of protecting competition and consumers to shielding state-owned competitors, and the ministry is unlikely to soften its stance. The 2M companies will need to be careful because the new alliance may attract MOFCOM’s attention – and remedies – as well.

新聞分析

Still vague “The problem is that China’s scope of merger control has remained and continues to remain vague,” said Renard. “With a transaction of this size, the parties may be advised to get legal certainty and make sure it will not risk any legal challenges by MOFCOM later on.”

While experts can’t pin down any motives

by MOFCOM to lower filing requirements, some developments have been made in terms of simplifying and expediting processes. PRC antitrust approval is notorious for its lengthy procedure and this has cost Chinese companies opportunities abroad. Overseas sellers do not wait on them since they want their deals executed as quickly as possible with the lowest degree of complexity. This has led Chinese companies to bid the highest prices and pay premiums for their investments.

The Tentative Provisions on the Criteria Applicable to Simple Cases of Concentrations of Business Operators (關於經營者集中簡易 案件適用標準的暫行規定) promulgated on February 11 have introduced a streamlined procedure for simple cases. “This has been highly encouraging,” said Hui. “We have handled three of the eight simple cases published on MOFCOM’s website and each took eight to nine weeks from the day of submission to clearance,” she added.

The Guiding Opinion on Reporting of Concentrations of Business Operators (關於經 營者集中申報的指導意見), published on June 6 has also helped clarify merger control notification rules by elaborating on the definition of “control” and on pre-notification consultation meetings. But the guidelines are short on detail when compared with those of the EU or the US. “This is helpful to external counsel, but not so much to companies because what determines control is still widely open to interpretation,” said Hui.

商

務部禁止P3網絡中心的決策激發 了全球的廣泛關注，尤其是在歐 盟和美國的競爭監管機構都已批准本次 交易的背景下，此舉更是一石激起千層 浪。然而，裁決公告中只是強調了政策 一致性，並顯示了中國的反壟斷批准將 繼續成為並購路上的一大阻力。

external factors other than a straightforward antitrust analysis. The AML provisions indicate economic security and national security as such factors of the review process. Also, the law is written to provide for consultation with other ministries or agencies in China. Putting the two together gives you certain decisions with components that get factored in which wouldn’t in other jurisdictions.

What qualities do you look for when working with external counsel?

We tend to engage them for two reasons. Firstly, when we need additional resources, and, secondly, when they bring specific expertise. What I look for is someone who is business savvy, in other words, someone who can give me business recommendations on how we proceed - the risks and solutions.

I also look for China-specific guidance. What we need is a law firm that understands both Chinese and international practice. If you only understand half, it is difficult to give savvy advice. You have to understand the local practice and norms and at the same time international standards as you’re dealing with companies’ headquarters and so on. They have to be competent lawyers and good drafters as well.

we need is a law firm “thatWhat understands both Chinese and international practice. If you only understand half, it is difficult to give savvy advice |

我們需要的是同時瞭解中國 和國際慣例的律師事務所。 如果你只瞭解一半，那就很 難給出精明的意見

”

您在思科系統扮演着怎樣的角色？您的法律 團隊有着怎樣的規模和結構？ 我已經在這家公司任職 16 年左右，最近 6 年我一直在中國並為思科系統組建了在中國 的法律團隊。我負責監管思科系統公司在中 國的法律問題。我們目前共有 8 人左右，分 散在北京、上海和香港。 您的法律團隊日常面臨的挑戰有哪些？ 對於企業營運而言，中國是一個複雜的競爭 場地。作為一家美國公司，我們恪守一些合 乎規性要求，但是從《反海外腐敗法》事宜 到日常實踐，在中國開展各項業務都是極其 不同的。交易牽涉的文件較少；這裡對於交 易文件的觀念與美國不同。美國的觀念是在 合同中闡明交易的方方面面，而這裡的做法 卻不是這樣。

競爭法

作為上海美國商會的副主席，我也有為 商會辦事。據我看來，挑戰很大程度上取決 於你所在的行業。如果所在的行業是政府有 意推動本地公司發展的行業，那麼就尤其充 滿挑戰。外國公司需要遵循許多監管方面的 要求，雖然這些要求有時候並不清楚。但即 便是從非監管角度來看，我們在如何銷售方 面也有一些可能不太明顯的挑戰，因此瞭解 制約因素是非常重要的。 您如何應對反壟斷機構的審查？對於在中國 有相似經驗的大型公司，您有什麼建議？ 有許多行業特別受到反壟斷機構的關注，例 如嬰幼兒配方奶粉行業。通信行業目前還不 在其中，但很明顯是有這個可能的。根據我 們對反壟斷法的分析，鑒於中國反壟斷法仍 處於發展階段，其最有可能的發展方向是效 仿歐盟的反壟斷法。 慶幸我們的市場中有非常大的中國競爭 對手，這為我們減輕了反壟斷方面的負擔。 儘管如此，我們還是從反壟斷的角度看待我 們的營銷方案，並且會有律師出席會議。我 們仍然小心注意做正確的事。 過去一年中反壟斷規定方面有什麼發展影響 到了您的工作？ 和很多公司一樣，我們非常關注並購控管。 你必須提交大量交易記錄以供並購控管審 查，而這帶來的挑戰是這個流程比公司想要 的速度慢。因此商務部針對在中國產生的競 爭影響較小的交易推出了一套加速規則。但 是公司仍然有兩個主要問題：並購控管能多 快完成？審查時將使用什麼標準？ 您看到了哪些競爭趨勢？ 最明顯的趨勢是成熟度和關注度的上升。國 家工商行政管理總局以及國家發展和改革委 員會更加頻繁的活動以及分配給它們的資 源，都體現了它們日益加大的執法力度。商 務部也同樣如此，它的專業水準也在提升。 它在並購控管方面比其他兩個機構更加專 業，並且在處理問題方面也依然在變得更 加老練。 相對於其他司法管轄區而言，您如何看待中 國的反壟斷法？ 其中一個關於反壟斷法的不同點是，中國已 明確表示商務部應該考慮外部因素，而不僅 僅是進行簡單的反壟斷分析。反壟斷法規定 中表明審查過程需要考慮經濟安全和國家安 全等因素。此外，該法律的規定表達了需要 與中國其他部門或機構商討。結合這兩點可 以讓你做出明確決定，將不會在其他司法管 轄區考慮的因素納入考慮範圍內。 在與外聘法律顧問共事時，您注重哪些素 質？ 我們往往會因為兩個原因雇傭外聘法律顧 問。第一點是，我們需要更多資源；第二 點是，他們具備具體的專業知識。我要找的 是有商業頭腦的人，換句話說，是可以針 對如何進行給我商業上的建議（風險和解決 方案）的人。我還希望有具體針對中國的指 導。我們需要的是同時瞭解中國和國際慣例 的律師事務所。如果你只瞭解一半，那就很 難給出精明的意見。你必須瞭解當地的慣例 和規範，同時也要像在為公司總部之類處理 事務一樣瞭解國際標準。外聘律師顧問還必 須是足以勝任的律師和不錯的起草者。

中國法律商務2014年回顧

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安理國際律師事務所的 François Renard 律師說：“商務部駁回本次交易的理 由方針符合其國內的所有現行實踐做 法。”他又補充道：“從 2009 年禁止可 口可樂與匯源公司間的交易起，商務部 越來越清楚地表明瞭立場。” P3網絡中心中的三家海運集裝箱公司 馬士基航運公司、地中海航運公司和法 國達飛海運集團於 6 月 17 日撤回了申 請，因為它們認為商務部附加的救濟方 案具有太強的干預性。 在涉及多個司法管轄區審核的交易 中，中國政府的批准幾乎總是最後一個 下達的。在大多數情況下，相關方都要 等待一年以上時間才能首次收到商務部 的回復意見。 雖然商務部在其談判進程中已然相 對開放，但採取的救濟方案變得越來越 具有侵入性，過去三年內的表現尤為明 顯。許多公司都選擇完全取消交易而非

Leading Competition & Antitrust Lawyers Fred Chang, FenXun Partners Cherry Cai, Sinobridge PRC Lawyers Feng Yao, Broad & Bright Frank Fine, DeHeng Law Firm Gang Zhong, Sinobridge PRC Lawyers Michael Gu , AnJie Law Firm Huang Danhan, Sinobridge PRC Lawyers Martyn Huckerby, King & Wood Mallesons Jiang Peng, Hylands Law Firm John Jiang, Zhong Lun Law Firm Joyce Li, Han Kun Law Offices Li Xiaoyang, Jun He Lin Zhong, Chen & Co Liu Cheng, King & Wood Mallesons Ma Chen, Fangda Partners Meng Qingxin, Hylands Law Firm Susan Ning, King & Wood Mallesons John Ren, T&D Associates Sun Shaosong, Guantao Law Firm Tao Jie, Haiwen & Partners Ying Yang, Broad & Bright* Zhan Hao, AnJie Law Firm Dixon Zhang, Fangda Partners Tracy Zhou, Han Kun Law Offices

Source: Asialaw Leading Lawyers 2014 * Rising Star

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China Law & Practice Annual Review 2014

News analysis

problem is that China’s scope of merger control “has The remained and continues to remain vague | 問題在

於中國的並購控管範圍過去一直模糊不明，現在 仍然沒有改善

”

遵守指令，因為他們認為這些指令與自 己想要實現的目標不成正比。 君合律師事務所的許蓉蓉律師說： “唯一令我們感到驚訝的是商務部又禁 止了另一宗交易，因為根據我們的經 驗，商務部通常傾向於不會禁止。”她 同意商務部提供的理由與其本身的實踐 做法相一致的說法，但同時也說自己並 沒有想到商務部會做出此舉，因為自從 可口可樂與匯源公司間的交易之後，還 未發生過任何交易被禁止的情況。 她說：“如果相關方是在第 3 階段結 束之前收到通知要提交救濟方案，它們 願意重新申請，而商務部在之後推翻了 它們的決策，那我會感到很驚訝。”相 反，相關各方並不願意重新申請，而是 會準備其他不需要申請的合作形式。 備選方案 7 月 10 日，馬士基和地中海航運組成了 一個新網絡中心(2M)；新網絡中心的總 市場份額更低，合作規模也有所縮小， 就是為了避開商務部的報告門檻。這兩 家公司還放棄了與當初 P3 提案中相類似 的建立聯營獨立網絡中心的構想，轉而 選擇了組建更為傳統的協調委員會。 許律師說，儘管像 P3 這樣的網絡中 心可能會對國內產業造成威脅，但如果 最後2M真的低於門檻，那商務部也拿它 們沒辦法。她從未聽過商務部會干預任 何超出其司法管轄權範圍的交易：“許 多跨國公司都認為中國的門檻很低，只 要不需要申報，商務部都不會干預。” 但是，有爭論稱商務部的決策偏離了 保護競爭和消費者的初衷，變為了保護 國有競爭對手，而且商務部不太可能軟 化立場。2M公司需小心，因為新網絡中

François Renard, Allen & Overy 安理國際律師事務所 François Renard

心可能會引起商務部的注意，還可能需 要採取救濟方案。 仍然模糊不明 Renard律師說：“問題在於中國的並購 控管範圍過去一直模糊不明，現在仍然 沒有改善。”“在這種規模的交易中， 建議相關方尋求法律確定性並確保日後 不會受到商務部的任何法律挑戰。” 專家們無法解讀商務部放低申報要求 的任何動機，但在簡化和推進流程方面 已取得了一些進展。中國反壟斷批准因 其漫長的過程而反響不佳，這也導致中 國公司丟失了一部分的國外發展機遇。 海外賣方可不會耐心等待，因為它們希 望自己的交易盡快完成，同時保持複雜 程度最低。這導致了中國公司在投資中 總是出價最高且需支付額外費用。 2 月 11 日發佈的《關於經營者集中簡 易案件適用標準的暫行規定》中引入了 簡易案件的簡化程序。許律師說：“這 非常鼓舞人心。”她補充道：“在商務 部網站上公佈的八起簡單案件中，有三 起案件是由我們處理的，從提交之日起 到最終獲得許可，每起案件的處理時間 約為 8-9 周。” 6 月 6 日發佈的《關於經營者集中申 報的指導意見》中詳細闡述了“控制” 的定義以及預先通知的磋商會議，明確 了並購集中的申報規範。但是，這些指 導意見在細節上仍不如歐盟或美國的指 導意見。 許律師說：“這對外部法律顧問有 一定幫助，但對公司而言作用不大，因 為有關決定控管的因素仍然是眾說紛 紜。”

探討

競爭法

Making the right plans Susan Ning of King & Wood Mallesons outlines the key developments in competition law in the last year, such as the Merck-AZ and Microsoft-Nokia deals as well as the Interdigital and Qualcomm investigations. She predicts compliance and enforcement will be key themes for next year 1. What have been the key changes in legislation affecting competition over the past 12 months and how did they affect the competition regime?

During the past year, the most important legislation in terms of regulating business operator concentrations has been the Tentative Provisions on the Criteria Applicable to Simple Cases of Concentrations of Business Operators and the complementary regulations, the Guiding Opinions on the Filing for Simple Cases of Concentrations of Business Operators, as well as the amended Guiding Opinions on the Filing for Concentrations of Business Operators.

In terms of administrative law enforcement, the State Administration for Industry and Commerce (SAIC) has recently issued the Provisions for the Prohibition of the Abuse of Intellectual Property to Eliminate or Restrict Competition by Administrations for Industry and Commerce (Draft for Comments) so as to specify acts of abusing intellectual property to eliminate or restrict competition, better guide anti-monopoly administrative law enforcement and enhance the predictability of business operators’ own business activities.

(1) Issuance of provisions relating to filings for simple cases of business operator concentrations Since the implementation of the Anti-monopoly Law in 2008, the number of business operator concentration cases reviewed by the Ministry of Commerce (MOFCOM) has seen a large increase from year to year. According to its figures, as at the end of 2013, MOFCOM had received a total of 866 business operator concentration filings, opening 797 cases and concluding 740 cases. The contradictory relationship between the limited human resources of the anti-monopoly department and the rapidly growing number of filing cases has grown ever more acute. Furthermore, among the close to 800 cases mentioned above, “the great majority do not harm competition, and those that are genuinely problematic only account for a small number.” Against such a background, MOFCOM, from 2012, began to study and prepare to issue provisions for filings for simple business operator concentration cases so as to enhance law enforcement efficiency and reduce the burden on enterprises. To date, there have already been several cases for which the simple case filing has been announced.

(2) Amendment of the guiding opinions on business operator concentration filings On June 6 2014, MOFCOM issued the most recently amended Guiding Opinions on the Filing for Concentrations of Business Operators. These summarise law enforcement

The contradictory relationship between the limited human resources of the anti-monopoly department and the rapidly growing number of filing cases has grown ever more acute 中國法律商務2014年回顧

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Competition

Insights

experience in the five or so years since the implementation of the Anti-monopoly Law, give an explanation concerning the determination of control, clarify whether newly established joint ventures are required to make a filing, specify the means of dealing with certain special matters when calculating turnover and address numerous other issues that are currently not expressly provided for in law, thereby providing greater guidance to filing parties on the filing procedure.

(3) Administration for industry and commerce issues draft for comment of regulations prohibiting the abuse of intellectual property to eliminate or restrict competition On June 11, the SAIC issued an announcement seeking public comments on the Provisions for the Prohibition of the Abuse of Intellectual Property to Eliminate or Restrict Competition by Administrations for Industry and Commerce (Draft for Comments).

Firstly, the Draft clarifies the relationship between anti-monopoly law and the protection of intellectual property and expressly sets forth several instances of abuse of intellectual property to eliminate or restrict competition, including such specific abuses commonly seen in practice as refusing to license intellectual property that serves as necessary facilities, placing restrictions on trading, tie-in sales, setting of unreasonable trading conditions, discriminatory treatment, etc. Furthermore, they specify whether four specific ways of exercising intellectual property rights constitute relevant monopolistic acts, e.g. patent pools, the exercise of patent rights in the formulation and implementation of standards, collective copyright management organisations and the indiscriminate issuance of letters of warning of intellectual property infringement.

Lastly, the Draft sets forth the analysis principles and framework for anti-monopoly law enforcement in the field of intellectual property by administrations for industry and commerce. The foregoing provisions clarify the methods of law enforcement of administrations for industry and commerce, and while increasing the practicability of law enforcement, they are also conducive to increasing the transparency of law enforcement, provide reference to business operators for self assessments and are conducive to encouraging business operators to promote and spread technology.

2. In particular, how do the Simple Cases Provisions published by MOFCOM on February 11 contribute to progress of the regime?

The appearance of the simple filing procedure for business operator concentrations has simplified to a certain extent the materials that need to be submitted for the filing for a business operator concentration, e.g. the filing party is not required to provide supply and demand information on the relevant products or submit the business licences and foreign investment approval certificates of all of its affiliates in China. To this extent, the burden of document collection on the filing party is reduced as is the number of documents that MOFCOM is required to review, thereby increasing

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China Law & Practice Annual Review 2014

the efficiency of the filing for business operator concentrations.

However, it should also be noted that there is a certain degree of uncertainty attached to the filing for simple cases of business operator concentrations. Firstly, the Guiding Opinions do not place a time limit on the review of transactions by MOFCOM. Secondly, the Guiding Opinions set forth a system of refiling for cases that ought not to have been deemed simple cases, which could result in the time spent in some cases filed in accordance with the simple procedure exceeding that for cases directly filed in accordance with the regular procedure.

3. What developments do you expect to see in the next 12 months and how will any of these developments change the competition landscape?

Firstly, we anticipate that in the coming 12 months, the simple procedure will be opted for by a greater number of business operator concentration transactions. This will mean greater efficiency in the reviewing of business operator concentrations.

Furthermore, the activity level in anti-monopoly administrative law enforcement will remain unchanged, with vertical monopolistic agreements, cartels and acts relating to the abuse of intellectual property probably remaining the focus of law enforcement. With respect to MOFCOM, it may intensify its investigation and handling of cases where a filing should have been carried out but wasn’t.

The simple procedure will be opted for by a greater number of business operator concentration transactions. This will mean greater efficiency in the reviewing of business operator concentrations

4. Over the past 12 months, do you believe the Antimonopoly Law has been applied fairly to both domestic and foreign businesses?

Objectively speaking, the implementation of China’s Anti-monopoly Law continues in the style of last year, essentially achieving “equality of domestic and foreign.” For example, the Anti-monopoly Bureau of MOFCOM recently rendered a decision to impose penalties on China’s famous dairy enterprise, Mengniu Group, for its failure to carry out a filing, in accordance with the law, concerning its acquisition of Yashili. In August 2013, the Shanghai Municipal Pricing Bureau rendered a decision imposing penalties regarding the pricing monopoly involving the Shanghai Gold & Jewellery Trade Association and certain gold jewellery and ornament stores.

In December 2013, the SAIC authorised the Guangdong Provincial

探討

Administration for Industry and Commerce to investigate and impose penalties on Huizhou Dayabay Yiyuan Purified Water Limited for abusing its dominant market position.

5. What are some of the highlights of the year in regard to AML cases? How do these help in understanding how the AML applies and develops?

From some of the key cases investigated and handled by the major anti-monopoly law enforcement agencies in the past year it can be seen that the various law enforcement agencies are placing greater importance on instances of abusing intellectual property to eliminate or restrict competition. If it can be said that, in the first few years after the issuance of the Anti-monopoly Law, China’s anti-monopoly law enforcement agencies were in a learning phase, particularly in clarifying the complex relationship between the protection of intellectual property and anti-monopoly law enforcement, China’s anti-monopoly law enforcement agencies have, in recent years, through continuous judicial practice and the exchange of expertise with foreign law enforcement agencies, progressively gained the confidence that they can duly handle cases involving the abuse of intellectual property to eliminate or restrict competition. The intellectual property and anti-monopoly cases in the past year that are relatively significant and drew the attention of the industry include the following: (1) MOFCOM’s conditional approval of Merck’s acquisition of AZ Electronic Materials, requiring that when Merck licenses liquid

Author biography Susan Ning Senior partner Susan joined King & Wood Mallesons in 1995. She is a senior partner and the head of the Antitrust & International Trade Group. She is one of the first legal practitioners in China to set up an Antitrust and Competition specialist division.

Susan’s current practice focuses on securing MOFCOM merger clearance for clients, advising on AML compliance issues and antitrust litigation. Since the enactment of the AML, she has undertaken more than 150 antitrust merger control filings on behalf of blue-chip clients, which consist mostly of multinational companies.

Susan took a very active role in terms of assisting and counselling with the Chinese Government on the enactment of the AML and on drafting regulations and guidelines accompanying the AML. Through these consultations (and through her prior work with the Chinese Government on WTO issues), Susan has built and maintained a close working relationship with the antitrust authorities in China.

She currently serves as the deputy Chairman of the Antitrust Committee of the China Lawyers Association and actively participates in the American Bar Association’s antitrust forum.

Susan holds a Bachelor of Laws from Peking University and a Masters in Law from McGill University. Susan was admitted as a Chinese lawyer in 1988.

競爭法

crystal patents, it does so on the basis of non-exclusive and non-sublicensing terms. All terms will adhere to commercially reasonable and non-discriminatory principles.

(2) MOFCOM’s conditional approval of Microsoft’s acquisition of the Nokia Devices and Services business, requiring Microsoft, in respect of its standard-essential patents, to continue to observe its commitments given to standard setting organisations in licensing its standard-essential patents on a fair, reasonable and non-discriminatory basis, not to seek injunctions or exclusion orders against the smart handsets manufactured by smart handset makers in China and not require licensees to license back their patents to Microsoft.

(3) With respect to the NDRC, based on tips provided by the relevant industry associations and enterprises, it conducted anti-monopoly investigations of Qualcomm and InterDigital (IDC), the two companies being accused of charging overly high patent royalties to Chinese enterprises, discriminatory pricing when charging patent royalties and setting unreasonable trading conditions. Now, as IDC has given the NDRC a series of undertakings concerning its intellectual property licensing, the NDRC has suspended the investigation procedure; but it is continuing its investigation of Qualcomm.

(4) The SAIC also recently disclosed that it is currently investigating its first ever Anti-monopoly Law enforcement related intellectual property case.

In addition to the various law enforcement agencies paying increasingly greater attention to intellectual property related cases in the last year, from MOFCOM’s conditional approval of ThermoFisher Scientific’s acquisition of Life Technologies it can be seen that the cooperation between the Chinese and anti-monopoly enforcement agencies and foreign anti-monopoly law enforcement agencies is growing closer. In the above mentioned case, MOFCOM cooperated with the European Commission and the anti-monopoly law enforcement agencies of other jurisdictions in jointly considering and formulating relevant remedy schemes, being regarded as a milestone on the road to law enforcement cooperation between international anti-monopoly law enforcement agencies.

6. What is being done so that the AML enforcement authorities can keep up with their rapidly-increasing workload?

As mentioned above, MOFCOM, in an effort to prevent limited human and physical resources from being poured into business operator concentration cases that have a minimal or insignificant effect on the domestic market, issued the Tentative Provisions on the Criteria Applicable to Simple Cases of Concentrations of Business Operators and the complementary regulations, the Guiding Opinions on the Filing for Simple Cases of Concentrations of Business Operators, so as to enhance work efficiency.

Due to the difference in the nature of its work, the NDRC has

中國法律商務2014年回顧

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Insights

sought to resolve this problem by increasing the number of law enforcement officers and mobilising the coordination and cooperation of the provincial-level pricing bureau.

As for the SAIC, it has gone for the approach of authorising provincial-level administrations for industry and commerce to conduct anti-monopoly investigations while the central authorities are responsible for coordination and arrangement.

7. What practical advice would you give to foreign companies about to engage in an acquisition that would trigger an AML review?

Do not ignore the impact that a China review of a business operator concentration could have on the transaction.

As in the great majority of jurisdictions, business operator concentration reviews in China take the form of advance filing. That is to say, that transactions that require a filing may not be carried out until a review approval decision has been secured. As the time required for regular case reviews in China is relatively long, and there are numerous uncertainties involved in simple case reviews, we have repeatedly seen transactions being postponed due to the business operator concentration failing to pass the China review, causing a certain degree of impact on the companies. At the stage of carrying out the feasibility assessment of an acquisition transaction, it is recommended that an enterprise consider the review requirements for business operator concentrations in the various jurisdictions, including China.

8. MOFCOM closely scrutinises M&A transactions, especially those that threaten competition. What does it focus on during merger review and how do its practices compare with other competition regulators?

MOFCOM will first pay particular attention to mergers between enterprises that have a relatively large market share. When considering the impact on market competition, it will, like the competition law enforcement agencies of other countries, consider the horizontal and vertical overlaps between enterprises in the relevant product market and the impact on other enterprises wishing to enter the relevant market, while additionally considering the special circumstances of the China market. Last year, in certain cases where unconditional approvals were secured in other jurisdictions, MOFCOM imposed restrictive conditions in China, e.g. Merck’s acquisition of AZ

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China Law & Practice Annual Review 2014

From MOFCOM’s conditional approval of ThermoFisher Scientific’s acquisition of Life Technologies, it can be seen that the cooperation between the Chinese and foreign anti-monopoly law enforcement agencies is growing closer

Electronic Materials and Microsoft’s acquisition of the Nokia Devices and Services business.

Accordingly, with respect to those transactions that require global filings, despite the fact that the anti-monopoly legal frameworks of various jurisdictions have a certain degree of uniformity, the special character of the China market may lead MOFCOM to render decisions that differ from those of the law enforcement agencies of other jurisdictions. It is therefore necessary, on the basis of the overall global plan, to prepare a dedicated plan for the filing in China.

9. What has been the highlight of your competition cases over the past 12 months and why was it challenging? Why was it unique and does it set any precedents?

During the past year, both the number and depth of reviews of the anti-price monopoly administrative investigations of the NDRC and the other anti-monopoly administrative investigations of the SAIC have seen unprecedented increases. We acted for many clients in responding to and cooperating with the investigations of the competent authorities.

Although anti-monopoly administrative investigations in China got their start relatively late, China’s anti-monopoly law enforcement agencies do not fall behind the competent authorities of other jurisdictions in terms of investigative expertise or investigative means. Accordingly, companies should attach greater importance to anti-monopoly law compliance in China. Companies should establish sound compliance policies and timely formulate rational investigation response plans in order to control their non-compliance risks and reduce the losses arising from violations of the law.

探討

競爭法

周詳的計劃 金杜律師事務所的寧宣鳳律師回顧了過去一年重大的競爭法案件，包括默克與安 智電子案、微軟與諾基亞案及高通與交互數字的調查。她預測合規和執法將會是 來年的重點題目 1. 過去12個月，競爭法方面出台了什麼主要法規？這些法規對競爭法制度有什 麼影響？ 過去一年里，在經營者集中規制方面，最重要的立法為《關於經營者集中簡易 案件適用標準的暫行規定》及其配套法規《關於經營者集中簡易案件申報的指 導意見（試行）》的發佈，以及《關於經營者集中申報的指導意見》新修訂版 的發佈。在行政執法方面，國家工商總局近日發佈了《工商行政管理機關禁止 濫用知識產權排除、限制競爭行為的規定（徵求意見稿）》，以明確濫用知識 產權排除、限制競爭的行為，更好的指導反壟斷行政執法，增強經營者對自身 經營活動的預期性。 (1) 關於經營者集中簡易案件申報相關規定的出台 自2008年《反壟斷法》實行以來，商務部審查的經營者集中案件逐年大幅上 升。據商務部統計，截至2013年底，商務部共收到經營者集中申報866件，其 中立案797件，審結740件。反壟斷部門有限的人力資源與快速增長的申報案 件數量之間的矛盾關係越來越劇烈。而在上述近八百個案件中，“絕大多數 案件對競爭沒有損害，真正有問題的只是少數案件”。在這種背景情況下， 為提高執法效率，減輕企業負擔，商務部從2012年開始，便研究並準備出台 經營者集中簡易案件申報的規定。目前，已經有多起案件進行了簡易案件申 報公示。 (2) 關於經營者集中申報的指導意見的修訂 2014年6月6日，商務部發佈了最新修訂的《關於經營者集中申報的指導意 見》。該意見總結《反壟斷法》實施五年多來的執法經驗，對控制權的認定 作出瞭解釋，明確了新設合營企業是否需要申報，規定了在營業額計算中一 些特殊情況的處理方式，還對於許多其他目前無法律明文規定的問題作出了 規定，在申報程序上給申報方帶來了更多指引。 (3) 工商機關發佈禁止濫用知識產權排除、限制競爭行為規定的征求意見稿 國家工商總局於6月11日發佈公告，就《工商行政管理機關禁止濫用知識產權 排除、限制競爭行為的規定（徵求意見稿）》向社會公開徵求意見。該徵求 意見稿首先明確了反壟斷法與知識產權保護之間的關係，明確規定了幾種濫 用知識產權排除、限制競爭的行為，其中包括拒絕許可作為必要設施的知識 產權、限定交易行為、搭售、附加不合理交易條件、實行差別待遇等實踐中 較為常見的幾種具體濫用行為。另外，還規定了四種特定類型的行使知識產

反壟斷部門有限的人力 資源與快速增長的申報 案件數量之間的矛盾關 係越來越劇烈 中國法律商務2014年回顧

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Competition

Insights

權行為是否構成相關壟斷行為，如專利聯營、標準制定和 實施中的行使專利權行為、著作權集體管理組織以及濫發 知識產權侵權警告函等。最後，徵求意見稿中，還規定了 工商機關在知識產權領域反壟斷執法的分析原則和框架。 以上規定，明確了工商機關的執法方法，增加了執法的可 操作性的同時，也有利於提高執法透明度，為經營者自我 評估提供參考，有利於鼓勵經營者進行技術推廣和傳播。 2. 商務部於2月8日發佈的簡易案件規定本身對競爭法制度的 發展有什麼貢獻？ 經營者集中申報簡易程序的出台在一定程度上簡化了經營者 集中申報所要提交材料，如申報方無需提交相關產品的供需 情況，也無需提交其在中國的所有關聯公司的營業執照和外 商投資批准證書等。這在一定程度上，減輕了申報方資料收 集的負擔，也減少了商務部所需審閱的文件數量，提高經營 者集中申報效率。但是，我們也應該注意到，在經營者集中 簡易案件申報存在一定的不確定性。首先，該指導意見並沒 有對商務部對交易的審查過程做出時間上的限制。其次，該 指導意見規定了不應認定為簡易案件的案件重新申報制度， 可能會導致某些按照簡易程序申報的案件在程序上要比直接 按非簡易案件花費更多的時間。 3.在未來12個月內，您預計將有什麼新發展？這些新發展如 何影響競爭環境？ 首先，在未來的十二個月里，我們預計會有更多的經營者集 中交易選擇適用簡易案件申報程序。經營者集中審查工作能 夠更有效率地進行。 另外，反壟斷行政執法工作會保持目前的活躍狀態，縱向 壟斷協議、卡特爾和與知識產權濫用相關的行為很可能仍將

作者簡歷 寧宣鳳 高級合伙人 寧宣鳳律師於1995年加入金杜律師事務所， 現任金杜律師事務所反壟斷與國際貿易業務 部負責人。 寧律師擅長辦理經營者集中反壟斷申報、 反壟斷及反不正當競爭合規、和反壟斷訴訟 相關的法律事務。自2008年反壟斷法立法 伊始，寧律師已代理超過150家大型企業 （大部分為跨國公司）向中國反壟斷主管部 門進行並購中的反壟斷審查申報。 在《反壟斷法》生效以前，寧律師就積極參與中國反壟斷立 法活動。在2008年《反壟斷法》生效以後，寧律師參與了眾 多《反壟斷法》配套規章的制定。通過參與反壟斷立法活動， 以及之前在有關WTO事項上與政府機關的合作，寧律師與中 國的反壟斷執法機構建立並保持了良好的工作關係。 寧律師現擔任全國律協反壟斷委員會副主任，並積極參加美 國律師協會反壟斷論壇的各項活動。 寧宣鳳律師畢業於北京大學，獲法學學士學位；後就讀於加 拿大McGill大學，獲法學碩士學位。寧宣鳳律師於1988年獲得 律師資格。寧宣鳳律師的工作語言是中文和英文。

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是執法的重點。商務部方面，可能會對於經營者集中應報未 報的情況加大查處力度。 4. 從過去12個月來看，您認為《反壟斷法》是否對中國和外 資企業同等看待？ 客觀來講，中國《反壟斷法》的執行延續去年的作風，基本 做到了“中外平等”。比如，近日，由於中國著名乳企蒙牛 集團未對其收購雅士利的交易依法進行申報，商務部反壟斷 局對蒙牛集團做出了處罰決定。2013年8月，上海市物價局對 上海黃金飾品行業協會及部分金店的價格壟斷行為做出了處 罰決定；2013年12月，國家工商行政管理總局授權廣東省工商 行政管理局調查並處罰的惠州大亞灣溢源淨水有限公司濫用 市場支配地位案等。 5. 今年有什麼重大反壟斷案件？這些案件如何協助瞭解《反 壟斷法》的適用和發展？ 在過去一年里，從《反壟斷法》各大執法機關所查處的幾個 重要案子中可以看出，各執法機關對濫用知識產權排除、限 制競爭的情形越來越重視。如果說在《反壟斷法》剛剛出台 的幾年里，中國反壟斷法執法機關還處於一個學習的階段， 尤其是對於知識產權保護和反壟斷法執法的複雜關係的釐 清，那麼近年來，通過不斷地司法實踐以及與國外執法機構 經驗交流，中國反壟斷法執法機構越來越有信心能夠處理好 濫用知識產權排除、限制競爭的案件。過去一年里，比較重 要的、引起業界關注的知識產權與反壟斷案件有： (1) 商務部附條件批准默克公司收購安智電子材料公司，要求當 默克許可液晶專利時，基於非排他性的、不得轉許可的條款 實施。所有條款均將遵守商業上合理的、非歧視性的原則。 (2) 商務部附加限制性條件批准微軟收購諾基亞設備和服務業 務，要求微軟對其持有的標準必要專利，持續遵守其向標 準制定組織作出的承諾，在公平、合理和無歧視條件下許 可其標準必要專利；不尋求針對中國境內智能手機製造企 業所製造的智能手機的禁令或排除令；不得要求被許可人 回授其專利等。 (3) 發改委方面，根據有關行業協會和企業的舉報，其對美國 高通公司和美國交互數字公司（即InterDigital，下稱IDC） 進行了反壟斷調查，兩家公司被指控對中國企業收取過高 的專利許可費、在收取專利許可費時歧視性定價以及附加 不合理交易條件。目前，由於IDC向發改委做出了一系列有 關其知識產權許可的承諾，對其的調查程序已經中止；而 發改委針對高通的調查仍在繼續當中。 (4) 工商總局也於近日透露工商總局《反壟斷法》執法史上第 一起與知識產權有關的案子正在調查當中。 近一年來，各執法機關除了對上述與知識產權有關的案子 的關注度越來越高，從商務部附加限制性條件批准賽默飛世 爾科技公司收購立菲技術公司案中也可以看出，中國反壟斷 執法機構與國外反壟斷執法機構的合作也越來越密切。在該 案中商務部與歐盟委員會等其他司法轄區的反壟斷法執法機 構合作，共同研究並制定相關救濟方案，被認為是國際反壟 斷法執法機構合作執法道路上的一座里程碑。

探討

6. 目前，反壟斷執法機關做出了什麼措施，使其能應對劇增 的工作量？ 如上所述，商務部為了避免將有限的人力、物力投入在對國 內市場幾乎沒有影響或影響不大的經營集中案件上，而先後 出台了《關於經營者集中簡易案件適用標準的暫行規定》及 其配套法規《關於經營者集中簡易案件申報的指導意見（試 行）》，以提高工作效率。 發改委，由於工作性質的不同，而意圖通過增加執法人員 數量、調動省級物價局協調配合的方式來解決這一難題。 而工商總局則選擇更多地通過授權省級工商局進行反壟斷 調查、中央統籌安排的方式。 7. 對於擬進行引致反壟斷審查的並購交易的外國企業，您有 什麼具體建議？ 不要忽略中國經營者集中審查對於交易的影響。 如大多數司法轄區一樣，中國的經營者集中審查採取事先 申報的形式。也就是說，需要進行申報的交易在取得審查批 准決定以前，是不得實施的。由於中國非簡易案件審查的時 間比較長，而簡易案件審查有存在諸多不確定性，因此我們 看到有許多交易由於中國經營者集中審查沒有通過而屢屢延 期，對於公司造成了一定程度的影響。企業在進行並購交易 可行性評價的階段，最好就能夠將包括中國在內的各司法轄 區經營者集中審查要求考慮在內。 8. 商務部嚴格監管並購交易，尤其是那些對競爭帶來威脅 的。商務部在並購審查的過程中集中審查什麼事宜？做法與 其他競爭監管機構相比如何？ 商務部首先會尤其關注市場份額較高的企業之間的合併情 況。在考慮對市場競爭的影響的時候，除了會與其他國家競 爭執法機構一樣，考慮在相關產品市場上，企業之間的橫向 重疊與縱向重疊，以及對其他企業進入相關市場的影響等情 況，商務部還會考慮中國市場的特殊情況。去年部分在其他

競爭法

從商務部附加限制性條件批准賽默飛 世爾科技公司收購立菲技術公司案中 也可以看出，中國反壟斷執法機構與 國外反壟斷執法機構的合作也越來越 密切 司法轄區獲得了無條件批准的案件被商務部附加了限制性條 件，例如默克公司收購安智電子材料公司案，微軟收購諾基 亞的設備與服務部門案等。 因此，對於那些需要進行全球申報的交易，儘管各司法轄 區的反壟斷法規框架有一定的一致性，但是中國市場的特殊 性可能會導致商務部作出與其他司法轄區執法機構不同的決 定。因此，在進行全球整體規劃的基礎上，仍然應當對於中 國的申報做出有針對性的規劃。 9. 過去12個月，您處理了什麼重大競爭案件？為何案件具挑 戰性？案件有什麼獨特、有否締造先例？ 在過去的一年里，不論是發改委的反價格壟斷行政調查，還 是工商總局的其他反壟斷行政調查在數量和審查深度上都有 了前所未有的提升。我們代理多家客戶應對和配合主管機關 的調查。 中國反壟斷行政調查雖然起步較晚，但是中國反壟斷執法 機構在調查經驗和調查手段方面並不落後於其他司法轄區的 主管機關。因此公司應當提高對於中國的反壟斷法合規的重 視程度。為了控制公司的違規風險，降低違法導致的損失， 公司應當建立完善的合規政策，並應當及時制定合理的調查 應對方案。

中國法律商務2014年回顧

39

Corporate Governance

News analysis

How to deal with the corruption crackdown 如何應對反腐行動？ Speakers at the asialaw In-house Counsel Summit this year advised in-house counsel to get serious about implementing internal compliance controls and conducting thorough due diligence in their investments | 今年asialaw內部法律顧 問峰會上的發言人們建議內部法律顧問認真實施內部合規控制並在投資時進行全面的盡職調查

T

he Chinese government has put pressure on corporations – especially foreign-invested enterprises – to improve compliance. Risks, fines and criminal liabilities for non-compliance have been increased, prompting businesses to construct internal training programmes and guidelines for staff against illicit behaviour as well to be more careful when targeting investments and pursuing transactions.

This peaked with the recent GlaxoSmithKline scandal. While speaking at the panel on Anti-corruption at the asialaw In-house Counsel Summit on May 28, Sasha Kalb, senior compliance counsel of 3M, and Stanley

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China Law & Practice Annual Review 2014

Lui, general counsel of Nobel Biocare Asia, shared their experiences on how to implement the necessary controls, programmes and strategies to limit corruption risks.

The two companies are involved in the healthcare industry. 3M, having a highly diverse product base ranging from consumer products and electronics/energy to healthcare and industrial safety and graphics, implemented a compliance program to encompass all bases when working with business partners. “Our policy provides that any third party undergoes due diligence, but the level of necessity and applicability varies so we take a risk-based approach,” said Kalb.

“We created an algorithm to determine the level of scrutiny we should afford to each partner and to determine whether we need outside support to conduct due diligence.

The result is we offer lower level review to, for instance, a retail provider of sponges than to a government tender for traffic infrastructure,” she explained.

3M also placed compliance staff strategically in higher risk markets, as well as in higher risk business groups. Andy Soh, an international counsel at Debevoise & Plimpton who used to be at GE, agreed with Kalb: “We similarly had a core set of principles across the board but had to tailor specific principles and

公司治理 INDIA

新聞分析

programmes according to the specific business and line of business.” “The onus is on our part as legal professionals to educate, since risk is always carried,” he added.

Lui, who has dealt with the blurred line between gift-giving and bribing in the dental industry, explained the importance of educating staff that, in order to build and maintain relationships they must learn how to show gratitude while also obeying the limits set by local authorities.

He highlighted the Sunshine Act in the US, where money spent on medical professionals is put online for everyone to see which companies have given what to doctors and hospitals. This transparency in sponsorship and gift-giving allows clients to see the potential incentives behind professionals selling a particular product to patients. Such a provision in China would be useful, though enforcement could be difficult.

Philip Rohlik, also an international counsel at Debevoise & Plimpton, advised clients to set strict limits and centralise gift purchases as nobody knows what the right amount or the right gift is in China: “If you document your reasoning on why a gift is legitimate then it’s hard for investigators to say you’re corrupt or that this is wrong. Documenting the process well is important.”

“There is a tension between the needs to discipline and encourage employees to comply, in other words, maintaining relationships without bribing. It’s a difficult issue that’s only getting more difficult,” added Rohlik.

The bigger picture Due diligence goes beyond compliance and day-to-day functioning. The issues regarding corruption have grown to affect businesses’ expansion opportunities; the recent charges have also raised stakes in M&A, since correctly addressing historical liabilities uncovered during the due diligence process is critical.

Buyers of existing assets or companies will have to take on the financial and compliance liabilities of the target, and regulators are no longer allowing lack of awareness as an excuse.

“Under the FCPA analysis, a successful buyer has limited room to excuse himself for the target company’s liabilities prior to acquisi-

Interview | 專訪

Changing the game | 改變遊戲規則 Michael Cheng of the Asian Corporate Governance Association discusses the developments in corporate governance in China and shares his experiences talking to companies and regulators | 亞洲公司治理 協會的鄭孟揚詳述了中國在公司治理方面的發展， 並分享了自己與公司和監管機構交流的經驗 What is your role at the Asian Corporate Governance Association (ACGA)?

I am the research director for Hong Kong and China.

I joined ACGA last April. Prior to that, I was the head of listing policy at Hong Kong Exchanges and Clearing, and before that I was in-house counsel at one of China’s leading investment banks, China International Capital Corporation.

What have you found in your latest research?

We’re currently conducting a survey with CLSA on corporate governance across 11 markets in Asia called CG Watch. We took a delegation of our global investor members – around 100 corporate members which consist of major sustainability and pension funds – to China last year and also visited Beijing and Shanghai this summer to meet with regulators, listed companies and market intermediaries. Results will go public later this year, but we have an updated sense of where corporate governance is heading in China.

What corporate governance developments have you seen in China in terms of new laws and regulations? Are they clear enough to guide better practice?

ACGA held a joint roundtable with Haiwen & Partners as part of its Beijing trip. It was the first of its kind, where a non-profit organisation teamed up with a mainland law firm to discuss regulatory development. One topic discussed at length was the reform of state-owned enterprises (SOEs). Since the Third Plenum, the leadership has declared its commitment to the development of SOEs, which comprise most of China’s listed companies. The market has seen some progress towards mixed ownership. For instance, Sinopec is opening up 30% of its sales unit to private and social capital.

There are drives to make the board structures more Western and similar efforts are also evident in other sectors like telecommunications. The State-owned Assets Supervision and Administration Commission has also announced how it can further SOE reform.

Corporate governance has improved in the PRC by

means of reducing the administrative control or influence in commercial enterprises. It’s a progressive opening up.

What are the latest developments for the regulatory environments of the financial and stock markets?

Another important development is the resumption of the domestic IPO market. The China Securities Regulatory Commission chairman Xiao Gang has said that 100 IPOs will take place by the end of the year. But we have seen various trials and tribulations with the reopening of the IPO market – a deal got pulled at the last minute due to concerns of an oversignificant shareholder sell-off and another deal featured curiously low issue prices. There are 90 to 100 million retail investors in the mainland so the challenges weigh heavily on the securities regulator.

But introducing regulatory control is easier said than done.

Has the recent crackdown on corruption led to a significant or noticeable change in Chinese companies’ corporate governance structures and practices?

Our views are mixed. During our China trip we had an appointment with a company whose senior management was being investigated for corruption.

Surprisingly, the company proceeded to confirm the meeting and actually invited us to ask about the investigation. Overall, we do see the mainland becoming more alert. The disciplinary unit in charge of corruption investigations is also stepping up. But we see competing dynamics; while we see the state leadership’s commitment to cleaning up corruption, we do see corruption-related matters and challenges still popping up among Chinese companies.

Our 2012 survey ranked China 9th out of the 11 Asian markets. It’s a relatively low score compared with the leading markets like Singapore and Hong Kong. This is mainly due to corporate governance culture. China actually has good rules on corporate governance, but the challenge lies in implementation and operation in companies and their commitment

中國法律商務2014年回顧

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Corporate Governance

to it as far as their senior management and board are concerned.

What is your advice for companies undergoing investigations?

Ultimately it’s a question of ethics and genuine corporate governance. There is pressure to stay competitive and therefore use the euphemism of flexibility. This is where the risk of corruption lies.

The corruption crackdown and investigations are a stark but timely and poignant reminder that if you do not adhere to the genuine substance of corporate governance, the downside of non-compliance will wipe out any potential upside of commercial benefits.

How do you feel about regulatory scrutiny on corporate governance in China relative to other jurisdictions in Asia?

Regulators are definitely increasing their efforts in areas such as listing and insider trading. They have also increased their manpower and personnel on enforcement, but how much manpower is needed to address the 100 million retail investors in China?

Elsewhere, the China Banking Regulatory Commission released a corporate governance guideline for commercial banks last July and the Ministry of Finance is also taking charge on audit reforms. All in all, it is fair to say that the central leadership is committed to changing the game and improving corporate governance culture. Nonetheless, we’re talking about a market and culture that has been fraught with challenges for years, so things will progress slowly but surely. 您在亞洲公司治理協會 (ACGA) 中擔任什 麼職務？ 我是負責香港和中國的研究主管，於去年 4 月加入 ACGA。在此之前，我是香港交易及 結算所上市政策的負責人，而更早之前，我 在中國頂尖的投資銀行中國國際金融有限公 司擔任內部法律顧問。 在最近的調查研究中，您有什麼發現？ 目前我們與里昂證券合作進行一個名為CG Watch（公司治理觀察）的調研項目，對 11 個亞洲市場進行公司治理調查。去年，我們 攜同一百名左右企業成員（包括一些主要的 可持續發展和撫卹基金管理機構）組成的全 球投資代表團來到中國，並在今年夏天訪問 了北京和上海，與監管部門、上市公司和市 場中介機構會面。調查結果將在今年晚些時 候公佈，但我們對於中國公司治理的方向已 有了新的認識。 從新的法律法規角度來看，您認為中國的公 司治理有了哪些發展？它們是否足夠清晰來 引導更好的實踐？ 作為北京之行的一部分，ACGA 與海問律師 事務所聯合召開了圓桌會議。這是首次非營 利組織聯手中國律師事務所共同討論監管發 展，其中一個詳細討論的主題是國有企業的 改革。三中全會以後，中國領導人承諾發展 國有企業，而中國大多數上市公司都是國有

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China Law & Practice Annual Review 2014

News analysis

企業。市場中已表現出發展混合所有制經濟 的一些進展。例如，中石化正在向民營資本 和社會資本開放 30% 零售股權。這樣就有 使董事會結構更加西方化的驅動因素，類似 的努力在電信等其他行業也有所體現。國務 院國有資產監督管理委員會還宣佈了如何進 一步進行國有企業改革。通過減少商業企業 中的行政控制或影響，中國的公司治理情況 已經有所改善。中國公司治理的開放是漸進 式的。 金融市場和股票市場的監管環境有哪些最新 進展？ 另一項重要發展是國內 IPO 市場的恢復。中 國證券監督管理委員會主席肖鋼曾經表示， 截至年底，將有100 家公司首次公開募股。 但是 IPO 市場的重新開放也經歷了各種考驗 和磨難。一家公司的上市在最後關頭因為過 度明顯的股東拋售而遭到擱淺，而另一家公 司的上市股票發行價格出奇地低。中國有 9 千萬到 1 億的散戶投資者，因此這些挑戰對 於證券監管機構而言事關重大。但是，引入 監管控制談何容易。 最近的反腐行動有沒有給中國公司的公司治 理結構和實踐帶來顯著或明顯的變化？ 我們對此沒有統一的意見。在我們的中國之 行中，我們曾與一家高層管理人員正被調查 腐敗問題的公司有約。出人意料的是，這家 公司依舊確認了這次會議，並且還邀請我們 就該調查提問與討論。總體上，我們確實 發現中國公司正在變得更加警惕，負責腐敗 調查的懲戒單位也在快速發展，但我們也感 受到了負面的動態。我們看到了國家領導人 做出清除腐敗的承諾，但我們也看到了中國 公司的一些與腐敗有關的事件和挑戰從未停 止。 在 2012 年的調查中，我們將中國大陸 排在了 11 個亞洲市場中的第 9 位。與新加 坡和香港等領先市場相比，這個排名相對較 低。這主要是由於當地的公司治理文化。中 國其實已經有很好的公司治理規則，但挑戰 在於這些規則在公司中的實施和運作，以及 高級管理層和董事會對此有多大關注，以致 影響公司對這些規則的重視程度。 您對正在接受調查的公司有什麼建議？ 這歸根結底是關於道德和真正的公司治理的 問題。保持競爭力是有壓力的，因此婉轉地 採用了靈活的手段。這就是腐敗的風險所 在。腐敗打擊和調查是一個嚴峻而又及時尖 銳的提醒：如果你不遵守公司治理的真正具 體規範，那麼違規行為的反效果就會抹掉任 何潛在的商業利益。 相對於亞洲其他司法管轄區而言，您如何看 待中國對公司治理的監管力度？ 監管部門在上市和內幕交易等方面必然加大 了力度。他們還加大了執行人力，但是要應 對中國 1 億散戶投資者究竟需要多少人力？ 此外，中國銀行業監督管理委員會在去年 7 月針對商業銀行發佈了公司治理指南，財政 部也在負責審計改革。總之，中央領導正致 力於改變遊戲規則並完善公司治理文化。不 過，我們畢竟是在談論幾年來一直充滿挑戰 的市場和文化，因此雖然進展緩慢但會平穩 前進。

tion,” explained Lawrence Guo of Global Law Office to China Law & Practice in a separate interview. “In China, compliance liabilities for investigations are becoming much more real, and investigations in China will become much more likely, to an extent similar to those of US authorities.”

The increased evidence of and regulatory crackdown on corruption have shifted priorities in due diligence. Assessing the target company’s compliance situation used to be only one component of the due diligence process, but now this requires much more time, care and effort.

“A Chinese company may have given bribes to local government officials for whatever reason, and this was either not disclosed during pre-acquisition due diligence, or, if it were discovered, the buyer probably let it go and didn’t seriously consider the historical liabilities associated with such past practices,” said Guo. He advised buyers to be more serious about these liabilities and conduct careful reviews on the amount given and the period of time over which these acts were committed in order to properly assess the severity of illegal behaviour, as well as pay close attention to recent government investigations.

Such illegal practices are most prominent

In China, “compliance liabilities for investigations are becoming much more real, and investigations in China will become much more likely | 在中國，調查中考慮 合規負債已經受到重視，而中 國的調查力度將逐漸接近美國 當局的力度

”

Lawrence Guo, Global Law Office 環球律師事務所 郭林軍

新聞分析

in the pharmaceutical industry, where companies’ key clients are state-owned enterprises (SOEs), government-affiliated entities or even the government itself. It is not uncommon for them to receive a kickback for completing a transaction; the difficulty in securing a contract with SOEs and the government prompts businesses to get “creative”.

However, the new government’s reforms allowing strategic and private investors to engage with SOEs may open up stable and long-term investment opportunities, as thirdparty investors can diversify the corporate governance of SOEs and provide incentives for improved management.

中

國政府已經向企業（尤其是外商 投資企業）施加壓力，要求其提 高合規性。不合規行為承擔的風險、罰 款及刑事責任已有所提升，促使企業制 定內部培訓計劃和指導方針，以防止員 工的違法行為，同時在瞄准投資目標和 爭取交易時更加小心。 這一點在最近的葛蘭素史克醜聞中 達到了頂峰。5 月 28 日在asialaw內部 法律顧問峰會的反腐敗討論小組中發言 時，3M 的高級合規顧問 Sasha Kalb 以及 Nobel Biocare Asia 的法律總顧問雷宏熙 分享了他們在實施必要的控制、方案以 及策略以控制腐敗風險方面的經驗。 這兩家公司都涉足醫療保健行業。3M 擁有高度多樣化的產品群，包括消費 產品、電子/能源、醫療保健、工業安 全和圖像等。在與業務合作伙伴合作 時，3M 會執行涵蓋所有產品種類的合規 程序。Kalb 說：“根據我們的政策，所 有第三方都要經過盡職調查，但必要性 和適應性的級別各不相同，因此我們採 用的是基於風險的方法。” 她解釋說：“我們創造了一種算法來 確定針對各個合作伙伴的審查級別並確 定是否需要外部支持來進行盡職調查。 例如，對於海綿零售供應商，我們的審 查級別會比針對交通基礎設施的政府投 標要低。” 3M 還將合規員戰略性地安排在風險 較高的市場及商業群體。Andy Soh是德 普律師事務所的國際顧問，曾任職於通 用電氣，他也同意 Kalb 的做法：“我們 同樣擁有一套全面的核心原則，但必鬚 根據具體業務和業務線量身打造具體的

公司治理 INDIA

Sasha Kalb of 3M and Stanley Lui of Nobel Biocare Asia speak at the asialaw In-house Counsel Summit

原則和方案。”他補充說：“作為法律 專業人士，我們有責任提供教育，因為 風險總是存在的。” 雷律師長期處理牙科行業中送禮和行 賄之間模糊界限的案例，他解釋了教育 員工以下內容的重要性：在建立和維持 關係中，員工必須學會如何在遵守當地 有關部門設置的限制的同時表達自己的 感激之情。 他重點介紹了美國的《陽光法案》， 根據該法案，在醫療專業人員身上的花 費需要於網上公佈，所有人都可以看哪 家公司向醫生和醫院提供了什麼。這種 贊助與送禮的透明化讓客戶可以看到醫 療專業人員向患者銷售特定產品的潛在 激勵。這種規定在中國應該會適用，只 是執行起來可能會有困難。 Philip Rohlik 也是德普律師事務所的國 際顧問，他建議客戶設定嚴格的限制並 集中購買禮物，因為沒有人知道在中國 什麼樣的禮物或禮物數量是合適的：“ 如果你記錄下贈送禮物合法的理由，那 麼調查人員就很難認定這是腐敗或不正 確的。妥善記錄過程非常重要。” Rohlik補充說：“在選擇嚴令還是鼓 勵員工遵守紀律的兩種方式上常有衝 突，換句話說，這也是如何在不進行賄 賂的同時維繫好人際關係的問題。這是 個只會變得更加困難的難題。” 整體情況 盡職調查超出了合規和日常運作的範 圍。關於腐敗的問題已經發展到影響企 業的擴張機會；最近的指控也增加了並 購方面的風險，因為正確解決在盡職調 查期間發現的往期負債至關重要。 現有資產或公司的買家將不得不承擔

所購目標的財務和合規負債，監管機構 將不再接受缺乏認識這樣的藉口。 “根據《海外反腐敗法》分析，成 功購買後，買家幾乎不可能將自己從目 標公司在收購前的負債中脫離出去，” 環球律師事務所的郭林軍律師在單獨採 訪時這樣告訴《中國法律商務》，“在 中國，調查中考慮合規負債已經受到重 視，而中國的調查力度將逐漸接近美國 當局的力度。” 反腐跡象的增加和反腐監管力度的加 大已經改變了現今盡職調查的重點。以 前，評估目標公司的合規狀況只是盡職 調查過程中的一個因素，但現在卻需要 投入更多的時間、關注和努力。 郭律師說：“一家中國公司可能出於 某種原因向當地政府官員行賄，這要麼 沒有在收購前的盡職調查中被披露，要 麼即使在盡職調查中發現了，買家也可 能不予理會，忽視過去此類行為的相關 負債情況。” 他建議買家更加認真對待這些負債情 況，並仔細調查行賄金額以及發生這些 行為的時期，以便正確評估非法行為的 嚴重程度，同時密切關注最近的政府調 查情況。 這種違法行為在制藥行業是最突出 的，因為公司的主要客戶是國有企業、 政府下屬機構甚至政府本身。對於他們 來說，完成交易而收取回扣並不少見， 因此與國有企業和政府締結合約的困難 促使企業學會“變通”。 新的政府改革允許戰略投資者和私人 投資者參與國有企業，這有望迎來穩定 且長期的投資機會，因為第三方投資者 可使國有企業進行更多元化的企業管治 並為改善管理提供激勵。

中國法律商務2014年回顧

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Data Protection

News analysis

SAIC’s consumer protection comes at a price | 國家工商總局的消費者權益保 護並非毫無代價 The new e-commerce law protects consumers’ rights by clamping down on online goods and services providers. But some are sceptical of the SAIC’s intentions as the new Measures enhance its power over the rapidly-evolving industry | 新的電子商務法通過打壓在線商品和服務提供商來保護消費者的權益。但有些人對國家工商總局的意圖 表示懷疑，因為新的《管理辦法》加大了國家工商總局在這一快速發展的行業的權力

T

he Measures for the Administration of Online Transactions (網絡交易管理辦 法), issued by the State Administration for Industry and Commerce (SAIC), came into effect on March 15 this year. Although aimed at enhancing security and compliance, they are also suspected of being an attempt by the SAIC to increase its authority.

“While the SAIC stands to protect consumers, it also wants to get more power over the process,” said Michael Tan, a partner at Taylor Wessing.

The Measures are based on the amendments to the PRC Law on the Protection of the Rights and Interests of Customers which came into effect on the same day. They also build on the old tentative measures promulgated in 2010 by strengthening personal data protection in light of the rapidly-developing online commerce industry.

Online providers are now required to take any technical or necessary steps to keep consumers’ information safe, as well as provide remedies if the information is leaked or lost.

Stricter penalties for violation and noncompliance were also introduced.

“The highly innovative industry in itself creates new business models and companies, and clarity on how to regulate them is necessary,” said Tan.

Ulterior motives Regulators benefit from stricter regulations and compliance. From a government perspective, any law issued empowers the legal authorities.

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China Law & Practice Annual Review 2014

Tan highlighted that some articles in the Measures state that operators must report certain statistics to the SAIC and questioned whether such data collection is really necessary from an administrative point of view.

This is not the first time the SAIC has this move. A decade ago the Beijing SAIC tried to regulate internet operators and activities.

This raised concerns as it was promoted by a local authority, and web activities are neither governed by a proprietary board nor limited to a specific jurisdiction or boundary. Local authorities were unable to enforce their rules against operators in other parts of the country.

“But this received the attention of the national AIC, and this law we’re talking about now seems to be the very preliminary version of that initiative. The SAIC is naturally moving towards that to control e-commerce activity,” Tan said.

Grace Chen of Bird & Bird noted that on December 27 last year the SAIC announced that it would start drafting a fully-fledged e-commerce law. Although such a unified law is unlikely to be issued or enforced in the immediate future, it is a sign that China is looking towards legislating and consolidating the sector’s regulations.

新聞分析

Given the speed at which the online commerce industry is evolving, one law may not be feasible in practice. “We can hope that one umbrella law can capture all of e-commerce, but there are always going to be small issues here and there that must be addressed in other ways,” Chen said.

Tan agreed that regulators should look after specific categories of business. “It is indeed necessary to cover all aspects of e-commerce law, but it is impossible to address them all on one paper,” he said.

Consumer protection The SAIC’s move to augment its power can be justified by public outcry for more security.

Constant media reports of a lack of protection, especially in online platforms, have added up to the demand for a new set of rules.

The Measures contain many provisions stating online retailers must provide consumers with sufficient information, such as contact, product and operations information.

They also entitle the consumer to return goods purchased online within seven days of receipt with no questions asked.

The Measures also give extensive guidance on third party platforms in an attempt to deal with the problem of platform providers trying to dodge liability when something goes wrong.

They add penalties and increase the risk for foreign companies doing business online, especially those that are dealing directly with customers.

Consistently under the media spotlight, the international internet companies that act as online goods or services providers will also be required to abide by the increasingly stringent provisions. “Though there are no special rules for international providers, the companies should look into their own method of business to confirm that it follows the Measures and the modified Consumer Protection Law,” said David Yu of Llinks Law Offices.

國

家工商行政管理總局發佈的網絡 交易管理辦法在今年 3 月 15 日開 始生效。雖然該管理辦法旨在加強安全 性和合規性，但也有人認為是國家工商 總局試圖提升自己的權威。 泰樂信律師事務所合伙人陳振福律師

the SAIC “standsWhileto protect consumers, it also wants to get more power over the process

| 雖然國家工商總局

表示為了保護消費者，但它 也希望在這個過程中獲得更 多權力

”

Michael Tan, Taylor Wessing 泰樂信律師事務所 陳振福

認為：“雖然國家工商總局表示為了保 護消費者，但它也希望在這個過程中獲 得更多權力。” 《管理辦法》是依據同一天生效的 《中華人民共和國消費者權益保護法》 的修訂而制定的。此外，還以 2010 年頒 布的舊暫行辦法為基礎，在考慮到在線 電子商務行業迅速發展的情況下加強了 個人信息保護。 在線提供商現在必須採取技術措施 或其他必要措施來保障消費者的信息安 全，並在信息洩露或丟失的情況下提供 補救。此外，違法違規行為的懲罰也更 加嚴格。 陳律師說：“高度創新的行業本身就 創造出了新的商業模式和公司，清楚如 何對它們進行規範是非常必要的。” 別有用心 監管機構可以從更加嚴格的規定和法規 遵從中獲益。從政府角度來看，任何法 律的頒發都會賦予法律部門權力。 陳律師着 重指出，《管理辦法》中 的一些條款表明經營者必須向國家工商 總局彙報特定的統計數據，並且質疑收 集這些數據從行政角度來看是否真有必 要。 這並不是國家工商總局第一次有這樣 的舉動。10 年前，北京市工商管理局曾 試圖監管互聯網運營商及其活動。這引 發了人們的關注和擔憂，因為這是由一

信息保護 INDIA

個地方當局提倡的，而網絡活動既不歸 某個專門的委員會管，也不受限於具體 的司法管轄區或地理範圍。地方當局無 法強制國內其他地區的運營商執行自己 的規則。 陳律師說：“但是這引起了國家工商 總局的關注，而我們現在談論的法律似 乎就是那項倡議的初步版本。國家工商 總局自然地將其轉移到控制電子商務活 動。” 上海鴻鵠律師事務所的 Grace Chen 指 出，去年 12 月 27 日，國家工商總局宣佈 將開始起草全面的電子商務法。雖然這 樣一部統一的法律不太會在短時間內發 佈或執行，但這卻是中國着眼於為該行 業確立並整合法規的信號。 考慮到在線商務行業的發展速度，一 部法律可能並不可行。陳律師說：“雖 然我們希望一部傘狀結構法律就能涵蓋 所有電子商務，但總會有這樣那樣的小 問題是必須通過其他方式解決的。” 陳律師同意監管部門應該監管特定的 業務類型。他說：“保證電子商務法的 全面確實有必要，但要通過一個文件解 決所有問題是不可能的。” 消費者權益保護 鑒於民眾希望更加安全的呼聲，國家工 商總局加強自身權力的舉動便變得理所 當然。媒體對缺乏保護（尤其是在線平 台上）的不斷報道也促進了對一套新規 則的需求。 《管理辦法》中包含許多要求在線零 售商向消費者提供足夠信息的規定，這 些信息包括聯繫方式、產品和操作信息 等。這些規定還允許消費者在收貨 7 天內 無條件退回在線購買的商品。 《管理辦法》中還針對第三方平台提 供者試圖在出現問題後規避責任的情況 提供了廣泛的指導。對於進行網上貿易 的外國公司，尤其是直接與客戶交易的 外國公司，《管理辦法》也加大了違規 懲罰和承受的風險。 作為在線商品或服務提供商的國際互 聯網公司一直是媒體焦點，它們也將需 要遵守日益嚴格的規定。通力律師事務 所的俞衛鋒律師表示：“雖然沒有針對 國際提供商的具體規則，但各家公司還 是應該審視自己的業務方式以確保其遵 守《管理辦法》和修訂後的《消費者權 益保護法》。”

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Insights

Adapting to change Ken Dai and Jet Deng of Dacheng Law Offices assess the impact for businesses of the increasing focus of the authorities on data protection

1. What have been the key legislative developments affecting data protection over the past 12 months?

The most recent piece of legislation on data protection has come from the Ministry of Industry and Information Technology, which formulated and promulgated the Provisions for the Protection of the Personal Data of Telecommunications and Internet Users. These were implemented on September 1 2013. The Provisions mainly regulate the protection of personal data by the telecommunications and internet industries. Previously, only a portion of the provisions in the relevant laws governing those industries touched upon data protection, e.g. the Telecommunications Regulations, which are far from comprehensive. Furthermore, the Standing Committee of the National People’s Congress, Decision on Strengthening the Protection of Online Information promulgated on December 28 2012 provides the legal basis for the protection of online information. However, that document only sets forth statements of principle and does not provide specific guidance.

It is only with the implementation of the Provisions for the Protection of the Personal Data of Telecommunications and Internet Users, setting forth specific provisions for the protection of personal data in telecommunications and on the internet in terms of the collection and use of such data and security of such data that China’s rapidly developing information and communications technology (ICT) industries have been placed on a relatively sound legal footing in terms of data protection.

2. How has the e-commerce industry adapted to these changes? Do they affect other industries?

Given the regulation that the Provisions for the Protection of the Personal Data of Telecommunications and Internet Users bring to telecommunications and internet services, the e-commerce industry has definitely been affected. As expressly specified in the Provisions, telecommunications service providers and internet information service providers are required to formulate rules on the collection and use of the personal data of users and to post these rules in their places of business, service outlets and websites, something that has already become common practice among e-commerce websites. Furthermore, the

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At the moment there is no centralised authority responsible for the enforcement of data protection laws on a nationwide scale, rather, it is each industry itself carrying out administration and regulation

探討

Provisions set forth comprehensive and specific requirements in respect of the measures for the protection of personal data, an area in which e-commerce must further strengthen its rules.

In addition to the e-commerce industry, the industries mainly affected are the telecommunications industry and other internet service industries.

3. What are the specific national laws that regulate the collection and use of personal data? What data are regulated?

With the exception of the provisions of the above mentioned Standing Committee of the National People’s Congress, Decision on Strengthening the Protection of Online Information and the Provisions for the Protection of the Personal Data of Telecommunications and Internet Users on the protection of personal data in telecommunications and on the internet, there is as yet no uniform legal document on the protection of personal data in China. Instead, these provisions are found scattered among certain provisions of other laws, for example, the Tort Liability Law and Criminal Law. Worth mentioning is the Information Security Technical Guidelines for the Protection of Personal Information in Public and Commercial Service Information Systems implemented on February 1 2013, which is the first national standard for the protection of personal data in China. Although that document does not have legally binding force, it may have significance as a reference for regulators overseeing the protection of personal data.

From these laws, regulations and documents, it can be seen that the personal data that are currently being regulated are data that, alone or in combination with other data, can serve to identify individuals or that involves personal privacy.

4. What are the enforcement powers of the national regulator(s)?

At the moment there is no centralised authority responsible for the enforcement of data protection laws on a nationwide scale, rather, it is each industry itself carrying out administration and regulation. For example, the Ministry of Industry and Information Technology and the communication administrations of the provinces, autonomous regions and municipalities directly under the central government exercise regulation over the facilities for the protection of the personal data of telecommunications and internet users.

5. What information should be provided to subjects/ individuals at the point of personal data collection?

When collecting personal data, the person whose information is involved needs to be informed of the objectives for, and the method and scope of, collecting and using the data, the means for accessing and correcting the data, the consequences of refusing to provide the data, the risks involved in providing the data and the measures used to protect the data, as well as the channels available for lodging complaints.

信息保護

Author biographies Ken Dai Partner Ken Dai is a partner of Dacheng Law Offices. He earned his LLB and LLM respectively from the China University of Political Science and Law and the University of Bristol in the UK. Currently, Ken is a member of the Antitrust Committee of IBA, the Competition Committee of IPBA, the Outbound Investment and Antitrust Committee at the Shanghai Bar Association and Asian Competition Forum.

He is also a columnist at Forbes China.

Ken is one of the first lawyers in China to practise in the data protection field.

He has advised numerous companies on the application of data protection related laws and enforcement policies. He has assisted a multinational company in tailoring a data-collecting project to Chinese privacy compliance regulations and has also advised on the data protection of various software, including mobile applications.

He has much experience in handling employees’ privacy on behalf of companies.

In addition, Ken also specialises in antitrust, including competition law compliance, merger control filing and private antitrust litigation. He stands at the cutting edge of Chinese antitrust, with significant experience and insight.

Ken’s working languages include Chinese, English and Cantonese.

Jet Deng Partner Jet Deng is a partner of Dacheng Law Offices. Jet has 14 years professional experience, including ten years practising as a lawyer, and four years serving in the commercial sector. His major practice areas cover antimonopoly law/anti-unfair competition law, international trade, litigation and arbitration. He specialises in handling complex projects and cases. He received his JM degree in 2005 and his PhD degree in International Economic Law in 2012 at the University of International Business and Economics. Jet has been a part-time researcher at the Competition Law Centre of the University of International Business and Economics since 2005. He enjoys interacting with the media circle, as he has frequently interviewed on mainstream Chinese media such as CCTV, China National Radio and various newspapers.

As an experienced antitrust lawyer, Jet’s practice also covers the emerging field of data protection in China. He has been following and monitoring the legislation process of data protection for years. He has provided legal advice on privacy compliance for many business transactions and has helped enterprises on developing data protection policy under Chinese laws. He also assisted clients in dealing with data collection and processing of customers and employees. Jet is familiar with enforcement practices and specialises in designing response strategies.

Jet’s working languages include Mandarin and English.

6. What security requirements are imposed with respect to personal data? In case of a personal data security breach, is there a requirement to notify the subjects/ individuals or the regulators?

Generally speaking, a business operator that actually possesses and uses personal data is required to take appropriate management measures

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Insights

Violation of personal data laws can give rise to civil, administrative or criminal liability. Civil liability generally arises due to breach of a person’s right to privacy and technical means consistent with the potential and seriousness of the harm that could be suffered in connection with the personal data in order to protect the security of this data. For telecommunications and internet information service providers, security measures specifically include: (1) determining the responsibility of each department, position and branch for management of the security of the personal data of users; (2) establishing work procedures and a security management system for the collection and use of the personal data of users and related activities; (3) implementing authorisation management for working personnel and agents, review of mass export, duplication and destruction of data and taking measures to prevent the leakage of secrets; (4) properly safekeeping paper media, optical media, electromagnetic media and other such media on which the personal data of users are recorded, and taking the appropriate safe storage measures; (5) carrying out access reviews for information systems that store the personal data of users and taking measures to prevent intrusion and prevent viruses; (6) recording such information as the personnel who manipulate the personal data of users, the times and places of doing so and the matters involved; and (7) carrying out communication network security work in accordance with the provisions of the telecommunications authority.

If a security incident involving the leakage, loss or alteration of personal data occurs, the people whose personal data was involved should be promptly informed; and if the incident is significant, the competent authority is to be promptly notified. Once an incident has occurred, the telecommunications or internet information service provider should immediately take remedial measures; and if serious consequences have arisen or could arise, it should immediately report the same to the telecommunications authority that granted it its permit or record filing, and cooperate in the investigation by the relevant authority.

7. What rules and requirements apply when a third party processes the personal data on behalf of the data collector or holder?

Firstly, when a third party is engaged to process or handle personal data, the consent of the persons whose personal data are involved needs to be secured after they have been informed of the objectives and scope.

Secondly, in the course of transferring the personal data, the scope and objectives that were stated to the relevant persons need to be strictly complied with, whether the third party can likewise comply with the

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regulations concerning data protection needs to be assessed, and the data protection responsibilities of the parties need to be clarified by way of a contract. Once the objectives of processing or handling the personal data have been achieved, the data should be promptly deleted.

8. What rules regulate the transfer of data outside the Chinese jurisdiction?

The transfer of personal data abroad is addressed only in the Information Security Technical Guidelines for the Protection of Personal Information in Public and Commercial Service Information Systems. In addition to compliance with the general provisions on data transfer, the Guidelines require that the express permission of the persons whose data are involved be secured for such a transfer, that laws or regulations expressly provide for the transfer or that the consent of the competent authority be secured.

9. What are the sanctions and penalties for non-compliance with data protection laws?

Violation of personal data laws can give rise to civil, administrative or criminal liability. Civil liability generally arises due to breach of a person’s right to privacy. Not long ago, there was a case in China where a hotel was sued due to a leakage of check-in information, but a judgment has yet to be rendered. Administrative liability is dealt with and decided on by the regulator of the relevant industry. In the case of the telecommunications and internet industries, the maximum fine is Rmb30,000. In extreme cases, where personal data are sold or illegally provided to others or stolen, and the circumstances are serious, criminal liability will arise. The maximum sentence is three years.

10. Where do you see the data protection laws heading? What is your advice to companies on ensuring compliance?

It is my belief that the trend in data protection laws is for them to become more stringent and specific. At present, the telecommunications and internet industries are the most heavily regulated in this respect, and this is because the transmission of data in these sectors is more convenient and rapid, making the threat to data security more serious. This means that continuing strict regulation of the information and communication industries is necessary.

Furthermore, data protection laws will match those internationally and, in fact, relevant EU provisions were consulted for the above mentioned Information Security Technical Guidelines for the Protection of Personal Information in Public and Commercial Service Information Systems.

For enterprises, the top priority is establishing a relevant protection procedure, and setting regulations for each of the stages of collecting, processing, transferring and deleting personal data. Given that relevant law enforcement in China is not yet mature, the establishment of a preliminary data protection system can mitigate risks.

探討

信息保護

適應改變 大成律師事務所的戴健民律師和鄧志松律師評估了監管機構對信息保護日益顯著 的重視會對企業帶來的影響

1. 過去12個月，在信息保護方面，出台了什麼主要法規？ 關於信息保護最新的立法是2013年9月1日起施行的《電信和互聯網用戶個人信息 保護規定》，由工業和信息化部制定並頒布。該規章主要規範電信行業和互聯 網行業的個人信息保護。此前僅有該行業相關法律中的部分條款涉及了信息保 護，如《電信條例》，規範十分不全面。此外，2012年12月28日頒布的《全國人 民代表大會常務委員會關於加強網絡信息保護的決定》對網絡信息的保護提供 了法律依據，然而該文件只進行原則上的規範，並沒能提供具體的指導。直至 《電信和互聯網用戶個人信息保護規定》的施行，從信息收集和使用、信息安 全保障等方面對電信和互聯網的個人信息保護進行了具體的規定，這才使得中 國快速發展的信息通信技術行業(ICT)在信息保護方面有了較完善的法律基礎。 2. 電子商務行業如何應對這些法規帶來的改變？這些改變有否影響其他行業？ 鑒於《電信和互聯網用戶個人信息保護規定》對電信和互聯網服務的規制，電子 商務行業必然受到了影響。如該規定明確，電信業務經營者、互聯網信息服務提 供者應當制定用戶個人信息收集、使用規則，並在其經營或者服務場所、網站等 予以公佈，目前這已經成為了電子商務網站的普遍做法。此外，該規定對個人信 息的保護措施提出了全面而具體的要求，這也成為電子商務須加強的一方面。 除電子商務行業之外，受影響的主要還有電信行業及互聯網的其他服務行業。 3. 有哪些國家法規是專門規範個人信息收集和使用的？有哪些信息是受規範的？ 除已經提及的《全國人民代表大會常務委員會關於加強網絡信息保護的決定》 和《電信和互聯網用戶個人信息保護規定》對電信和網絡上個人信息的保護規 定外，國內尚未有統一的關於個人信息保護的法律性文件，而是散見於其他法 律中的部分條款，如《侵權責任法》及《刑法》。值得一提的是2013年2月1日起 實施的《信息安全技術公共及商用服務信息系統個人信息保護指南》是國內首 個個人信息保護國家標準，該文件不具有法律約束力，但對於個人信息保護的 監管機構來說很可能具有借鑒意義。 從這些法律法規和文件來看，目前受規制的個人信息通常是指單獨或與其他 信息結合能夠識別個人身份或涉及個人隱私的信息。 4. 國家監管機構有哪些執法權？ 目前全國範圍內並未有統一的信息保護執法機構，而是各個行業自行進行管理 規範。如對電信和互聯網用戶個人信息保護設施監督管理的是工業和信息化部 和各省、自治區、直轄市通信管理局。

目前全國範圍內並未有 統一的信息保護執法機 構，而是各個行業自行 進行管理規範

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Insights

5. 在收集個人信息時，有哪些事項是需要告知信息收集主體/ 個人的呢？ 收集個人信息，需要告知個人信息主體收集、使用信息的目 的、方式和範圍，查詢、更正信息的渠道，拒絕提供信息的 後果，提供信息可能存在的風險及信息的保護措施，以及個 人信息主體的投訴渠道。 6. 對於信息保護，有什麼安全保障要求？若發生了個人信息 安全保障失效，有沒有規定需要通知有關主體/個人以及監管 機構？ 一般而言，對於實際掌握並使用個人信息的經營者來說，應 採取適當的、與個人信息遭受損害的可能性和嚴重性相適應 的管理措施和技術手段，保護個人信息安全。對於電信和互

作者簡歷 戴健民 合伙人 戴健民律師是大成律師事務所的合伙人。他 分別在中國政法大學和英國布里斯托爾大學 獲得了法學學士和法學碩士學位。目前，戴 律師分別是國際律師協會反壟斷委員會委 員、環太平洋律師協會競爭委員會成員、上 海律師協會的國際投資與反壟斷業務研究委 員會委員，以及亞洲競爭法論壇的成員，同 時也是福布斯中國的專欄作家。 戴律師是第一批在中國數據保護領域進行實踐的律師之一， 已經就數據保護相關法律的適用和執法政策為不少公司提供法 律意見。他曾協助跨國公司專門根據中國的隱私保護法律來設 計制定某個有關信息收集的項目，也曾就各種電子軟件的數據 保護出具意見，其中包括移動應用。而且，在為企業處理員工 個人信息方面，他也有着豐富的經驗。 此外，戴律師還專門處理反壟斷、競爭法合規、合併控制申 報和私人反壟斷訴訟。作為站在中國反壟斷法前沿的律師，他 具有豐富的實踐經驗和深刻的理論見解。 戴律師的工作語言為：普通話、英文和粵語。 鄧志松 合伙人 鄧志松律師是大成律師事務所的合伙人。鄧 律師工作14年，其中10年投身律師業務，4 年服務於商業領域。主要從事競爭法/反壟 斷、國際貿易、訴訟與仲裁法律業務，經常 處理複雜案件和疑難項目。他在對外經濟貿 易大學接受法學教育，於2005年獲得碩士 學位，2012年獲得博士學位。他自2005年 起一直在對外經濟貿易大學競爭法中心從事 兼職研究員工作。此外，他與媒體關係良好，曾就相關法律問 題多次接受包括中央電視台、中央人民廣播電台和多家報紙在 內的有關媒體訪問。 作為實務經驗豐富的反壟斷律師，他在數據保護這一中國的 新興領域也有廣泛涉足。他長期關注中國有關數據保護的立法 進程並積極提供建設性意見。他曾為許多商業交易就隱私保護 提供專業法律意見，並協助多家企業根據中國法律建立數據保 護合規政策。他還曾協助客戶處理其用戶和員工的信息收集及 加工。鄧律師熟知相關的執法實踐並擅長設計應對策略。 鄧律師的工作語言為普通話和英文。

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China Law & Practice Annual Review 2014

違反個人信息的相關法律可能產生民 事責任、行政責任和刑事責任。民事 責任一般是由於侵犯信息主體的隱私 權而產生

聯網信息服務提供者來說，安全措施具體包括：(1) 確定各部 門、崗位和分支機構的用戶個人信息安全管理責任；(2) 建 立用戶個人信息收集、使用及其相關活動的工作流程和安全 管理制度；(3) 對工作人員及代理人實行權限管理，對批量導 出、複製、銷毀信息實行審查，並採取防洩密措施；(4) 妥 善保管記錄用戶個人信息的紙介質、光介質、電磁介質等 載體，並採取相應的安全儲存措施；(5) 對儲存用戶個人信 息的信息系統實行接入審查，並採取防入侵、防病毒等措 施；(6) 記錄對用戶個人信息進行操作的人員、時間、地點、 事項等信息；(7) 按照電信管理機構的規定開展通信網絡安全 防護工作。 如果發生個人信息洩露、丟失、篡改等安全事故，應當及 時告知受影響的個人信息主體；若事件重大，應當及時向管 理部門通報。對於電信和互聯網信息服務提供者來說，發生 事故後應當立即採取補救措施；造成或者可能造成嚴重後果 的，應當立即向准予其許可或者備案的電信管理機構報告， 配合相關部門進行的調查處理。 7. 第三方代表信息收集人/保存人處理個人信息時需遵守哪些 規則和要求呢？ 首先，委託第三方加工或處理個人信息需要在告知個人信息 主體其目的和範圍之後徵得個人信息主體的同意。其次，在 轉移個人信息的過程中要嚴格遵守事先告知的範圍和目的， 並評估該第三方是否能同樣遵守關係信息保護的規定，並通 過合同明確雙方的信息保護責任。在加工或處理個人信息的 目的完成後，應當及時刪除個人信息。 8. 有什麼規定是規範信息傳送至境外的？ 關於個人信息向境外轉移，僅在《信息安全技術公共及商用服 務信息系統個人信息保護指南》中提及了這一內容，除遵守關 於信息轉移的一般性規定之外，還要求該轉移得到個人信息主 體的明示許可，或法律法規明確規定，或主管部門的同意。 9. 有什麼罰則和處罰是針對未能遵守信息保護法規的行為的？ 違反個人信息的相關法律可能產生民事責任、行政責任和刑 事責任。民事責任一般是由於侵犯信息主體的隱私權而產 生，國內不久前有因酒店開房信息洩露而遭受起訴的案例， 但尚未產生判決。行政責任由各個行業的監管機構進行處理 決定，以電信和互聯網行業為例，罰款額最高為三萬元。在 極端情況下，將個人信息出售或者非法提供給他人或竊取個 人信息，且情節嚴重，會產生刑事責任，最高刑期為三年。

探討

10. 您認為信息保護法規會朝哪個方向走？為確保合規，您對 企業有什麼建議？ 我認為關於個人信息保護的法律越來越嚴密和具體是必然的 趨勢。目前電信行業和互聯網行業是這方面規制的重中之 重，這是由於在這一領域信息的傳播更為便捷，因而信息的 安全威脅也更嚴重，所以對信息通信技術行業(ICT)持續的高 度監管也是必須的。此外，信息保護法律也將與國際接軌，

信息保護

事實上此前的《信息安全技術公共及商用服務信息系統個人 信息保護指南》已經參考了歐盟的相關規定。 對於企業來說，當務之急是建立相關的保護流程，對個人 信息的收集、加工、轉移以至刪除各個階段都進行規範，鑒 於國內的相關執法尚未成熟，建立初步的信息保護體系能夠 減小風險。

中國法律商務2014年回顧

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News analysis

Companies look to arbitration to solve enforcement woes | 公司尋求仲裁以解 決執行困境 The majority of the world’s cross-border disputes involve China, but lawyers say that Chinese courts still do not meet global standards for enforcement. Arbitration is recommended, but more improvement is needed | 全球大部分跨境糾紛都涉 及中國，但律師都認為中國法院仍不符合全球執行標準。仲裁是值得推薦的做法，但仍然需要改進

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global survey conducted this year by Hogan Lovells found China to be the most common jurisdiction for cross-border disputes, but also the most challenging.

The results aren’t surprising; China invests all over the world and Chinese parties increasingly realise that litigation can be used both offensively and defensively. However, the Chinese court system has a poor reputation when it comes to enforcement, professionalism, education and independence.

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“There’s no way to completely avoid the court system in China,” said Eugene Chen, a Hogan Lovells partner. “One big solution is international arbitration, but the difficulty here is that even an arbitral judgment needs to be enforced by the local courts.”

China’s court system problems “Enforcement is a major problem, especially enforcement of an international court judgment in China, which is almost unheard

of,” Chen noted. “We have a client asserting such papers in China right now, and we’re telling them to be aware that any foreign judgment they get will most likely not get recognised there.”

The difficulty in enforcement is not just specific to foreign entities. Chinese parties also face the same problem, explained Benjamin Miao of Fangda Partners. “There are many differences in the practices and levels of practice among provinces, and judges in remote

新聞分析

provinces are simply inexperienced in crossborder matters.”

The judicial system’s lack of independence adds to the challenge. Although China is increasingly adopting a market-oriented economy, the court system is not entirely independent from political interference and thus subject to many external influences that can interfere with judgments.

“Unlike many western jurisdictions where judiciaries are independent, lawyers are well-trained, and in many cases judges have received additional schooling, Chinese courts often have judges with no legal experience, and whose decisions are influenced by political favours,” said Chen.

Local protectionism, for instance, prevents courts from enforcing rigorous judgments that can have potentially calamitous effects to local society or the economy. Miao emphasised the difficulty in pushing for bankruptcy proceedings for these reasons: “We represented a solar energy company that suffered a loss due to a

market downturn and many companies went bankrupt. The entire proceeding was tightly controlled. The choice of liquidator, new investor, everything was controlled for.”

Arbitration offers a smoother and fairer alternative, but faces similar limitations.

“Progress is blocked, especially when the issue is politically sensitive,” Chen explained.

“We’ve had cases where the judge refused to enforce an arbitral award even when the contract contained an arbitration clause.”

However, such instances “should be more the exception than the rule”, he said. In principle, international arbitration judgments should be enforced in China pursuant to China’s status as a signatory to the New York Convention, provided the arbitration clause is legal and valid.

Strategy is critical Miao advised foreign clients to be sensitive to particularities in China’s legal system: “Finding a local partner is very important for

爭議解決

strategic investors. [You need] someone that you can trust and work with in the long run, because many disputes arise from contracts, M&A and relationships between foreign investors and local management.”

Chen added, “We’ve had clients who fully rely on US or EU counsel for these deals. They put in dispute resolution clauses favourable to the western party without considering what the enforceability will really be in China.”

A specific dispute resolution clause is a big part of a well-defined exit strategy.

“Typically, we recommend an arbitration clause because an international arbitration judgment is easier to enforce than a foreign court judgment, and arbitration can be more predictable than Chinese court litigation,” he explained.

Arbitration has always been popular for cross-border disputes. “Chinese parties are increasingly amenable to accepting arbitral proceedings outside China. Before, they would only want CIETAC [China Inter-

中國法律商務2014年回顧

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national Economic and Trade Arbitration Commission] or local official rulings, but now they have become open to arbitration centres like Hong Kong,” said Miao.

Matthew Townsend of the China Britain Law Institute also recommended arbitration and said that despite some problems, companies can for the most part expect their foreign arbitration awards will be enforced. In fact, he said that China has a pro-enforcement culture for foreign arbitral awards: “Foreign awards are subject to a special reporting mechanism.

The court can’t refuse enforcement until it has checked with a superior court, and ultimately the refusal has to be cleared by the Supreme People’s Court.”

However, fundamental issues with enforcement continue to shroud the seemingly inconsistent treatment of international arbitration awards. “The courts just need more education at the local level,” Townsend stated.

“If a court wishes to refuse enforcement and its reasons are not based in good law, the Supreme People’s Court has to overturn that judgment, which is based on the quality of judges in Beijing. Wrong decisions made at the initial stage at the lower level can lead to a delay in enforcing awards,” he said.

News analysis

方達律師事務所的繆斌解釋說，執行 的困難並不僅針對外國實體。中國各方 也面臨同樣的問題。“不同省份之間的 執行和執行程度有很多差異，偏遠省份 的法官根本就是缺乏跨境事務方面的經 驗。” 司法系統缺乏獨立性也增加了執行難 度。雖然中國正在逐漸採用以市場為導 向的經濟模式，但法院系統並沒有完全

One big solution “is international

arbitration, but the difficulty here is that even an arbitral judgment needs to be enforced by the local courts | 國際仲裁是 一大解決方案，但難題在於， 即使是仲裁裁決也需要由當地 法院執行

”

Eugene Chen, Hogan Lovells 霍金路偉律師事務所 陳道

霍

金路偉律師事務所今年進行的一 項全球調查顯示，中國是跨境糾 紛中最常見的司法管轄區，但也是最具 挑戰性的司法管轄區。 調查結果並不令人驚訝；中國在世界 各地都有投資，並且中國訴訟方越來越 認識到，訴訟既可攻也可守。然而，中 國法院系統在執行能力、專業程度、教 育和獨立性方面口碑不佳。 霍金路偉律師事務所合伙人陳道正 說：“在中國是沒有辦法完全避開法院 系統的，國際仲裁是一大解決方案，但 難題在於，即使是仲裁裁決也需要由當 地法院執行。” 中國的法院系統問題 陳律師指出：“執行是個大問題，尤其 是國際法院裁決在中國的執行幾乎前所 未聞。我們有個客戶在中國主張這類裁 決的執行，我們告訴他們，他們獲得的 任何境外裁決極有可能不會在中國得到 承認。”

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China Law & Practice Annual Review 2014

從政治干預中獨立出來，因此會受到許 多可能幹擾裁決的外部影響。 陳律師說：“在很多西方司法管轄 區，司法體系是獨立的，律師訓練有 素，並且在很多案件中法官會受到額外 培訓；然而，中國的法院經常會有毫無 法律經驗的法官，他們的裁決受政治偏 袒影響。” 例如，地方保護主義阻止法院執行 可能會對當地社會或經濟造成潛在的災 難性影響的嚴苛裁決。繆律師強調了由 於這些原因而導致的推動破產程序的艱 難：“我們代表的是因為市場低迷而遭 受損失的一家太陽能公司，當時有很多 公司都走向破產。整個破產過程受到了 嚴格控制。清盤人、新投資者的選擇以 及其他各種事項都受到了控制。” 仲裁是更平穩公平的選擇，但也面 臨着相似的限制。陳律師解釋說：“進 度受阻，尤其是當相關問題在政治上較

為敏感時。我們遇到過法官拒絕執行仲 裁裁決的情況，即使合約中包含仲裁條 款。” 但他認為，這種情況“應該是例外， 而不是常規”。原則上，只要仲裁條款 合法有效，那麼作為《紐約公約》的簽 署國，中國應該執行國際仲裁裁決。 戰略非常重要 繆律師建議外國客戶關注中國法律體系 的特殊性：“對於戰略投資者來說，尋 找當地合作伙伴是非常重要的。[你需要] 自己可以信賴並長期合作的人，因為很 多糾紛源於外國投資者和當地管理機構 之間的合約、並購和關係。” 陳律師補充說：“我們有些客戶完全 依賴美國或歐盟律師來處理這些交易。 他們添加對西方當事方有利的糾紛解決 條款，而沒有考慮在中國的實際可執行 性。” 具體的糾紛解決條款是明確的撤出戰 略的重要組成部分。 他解釋說：“通常情況下，我們建議 包含仲裁條款，因為國際仲裁裁決比外 國法院裁決更容易執行，而且仲裁比中 國法院訴訟更容易預測。” 仲裁在跨境糾紛中一直廣為使用。繆 律師說：“中國仲裁方越來越願意接受 中國境外的仲裁程序。以前，他們只願 意接受中國國際經濟貿易仲裁委員會或 地方官員的裁決，但現在他們已經樂於 接受香港等仲裁中心。” 中英律師交流協會的 Matthew Townsend 也推薦仲裁，並表示，儘管存 在一些問題，但公司在大多數情況下都 可以期盼外國仲裁裁決能夠得到執行。 事實上，他認為中國對於外國仲裁裁決 是傾向於執行的：“外國裁決需要遵循 特定的報告機制。在與上級法院確認並 最終獲得最高人民法院批准之前，法院 不能拒絕執行仲裁。” 然而，在似乎不一致的國際仲裁裁 決處理中，仍然存在着 根本的執行問 題。Townsend 認為：“地方級法院就是 需要進行更多培訓。” 他說：“如果某個法院要拒絕執行仲 裁裁決，但其理由並不具備良好的法律 基礎，那麼最高人民法院必須推翻該法 院的判決——這是由北京法官的素質決 定的。初期較低級法院的錯誤決定可能 會導致裁決的延遲執行。”

新聞分析

Seeking transparency on interim injunctions | 尋求 臨時禁令的透明化 The new Civil Procedure Law has broadened the scope of interim injunctions. But IP rights owners are waiting for clarity about how this important tool will be applied in practice | 新的《民事訴訟法》拓寬了 臨時禁令的適用範圍。但知識產權所有者在等待關於這一重要工具 將如何在實踐中應用的清晰解釋

I

t is not yet clear how the Supreme People’s Court (SPC) will apply interim injunctions to areas where damages can’t be measured, such as defamation and the enforcement of trade secrets and non-disclosure agreements.

Practitioners say the situation is unresolved; while the SPC needs to provide more clarity, it also wants to let the law develop on its own. How this plays out will affect the development of a litigation tactic that benefits all rights owners.

“The courts will have to determine the future of interim injunctions in types of harm where information can’t be undisclosed,” said Elliot Papageorgiou, a partner at Rouse. “This is the new area of focus for interim injunctions. It depends on whether the SPC will grant them more easily or not,” he added.

The Supreme People’s Court introduced the concept of interim injunctions in 2001.

They were legally exclusive to patent, copyright and trademark infringements until the third amendment of the PRC Civil Procedure Law (中華人民共和國民事訴訟法) on January 1 2013 broadened their scope.

Injunctions are a valuable and widelyused tool in IP disputes and their expanded applicability to trade secret theft and unfair competition is a positive development for preventing disclosure of information. “The question is whether China will take a more formulaic approach or let it unfold naturally,” Papageorgiou said.

Trends have been unclear. In 2013, the courts accepted only 11 cases involving application for interim injunctions related to IP disputes while they claimed to have granted 77.78% of applications – an inflated grant rate as the courts’ Case Filing Division actually rejected to even consider many cases during pre-screening.

Nonetheless, the Shanghai courts granted injunctions in the recent high-profile trade secret cases of Eli Lilly and Novartis, a sign that the new law provides a clearer basis for interim injunctions and raises the level of protection give to trade secrets.

In the Eli Lilly case last year, the Shanghai No 1 People’s Court granted interim injunctions prohibiting the defendant Huang from disclosing, using or allowing others to use the alleged trade secret that was contained in the 21 confidential documents he downloaded from the company’s system and refused to delete. An interim injunction was also awarded to Novartis against a former employee who stole 879 documents on drug/clinical trial ingredients.

“Before the Civil Procedure Law came into effect, the legal standard was pretty murky and there was disagreement on whether you could ask for injunctions,” said Fang Qi of Fangda Partners. “But the new law made it clear all litigants can ask for them and gave the court more freedom and power in ruling on injunctions,” he added. Qi agreed that while more

爭議解決 INDIA

litigants are expected to apply for interim injunctions, the issue was whether the court will be flexible in granting them, let alone accepting the cases in the first place.

Although interim injunctions have been considered a harsh solution, their benefit is that plaintiffs get an effective remedy at the early stages of a case, as opposed to a regular permanent injunction granted at the end of a case, which can take over a year and possibly be prevented by the infringer.

“What’s interesting and what we’re hoping from the courts is a more progressive approach in imposing these injunctions where infringement is very obvious, or where a lack of interim injunctions will cause a lot of damage to the plaintiff,” said Jing He of AnJie Law Firm.

The low level of financial compensation has been a key issue in China as litigants claim that it is not a sufficient remedy. There is no adequate remedy for defamation or trade secret disclosure as the plaintiff ’s reputation or potentially valuable information is lost, regardless of damages or even injunction rulings against the defendant.

The Nanjing court has been in debate over how interim injunctions will be granted and effective in trade secret cases – judges at a seminar last month announced that they would look at the issue more closely.

is the new “areaThisof focus for interim injunctions.

It depends on whether the SPC will grant them more easily or not | 這是臨時禁令的重點新 領域，取決於最高人民法院是 否會更輕易地發出此禁令

”

Elliot Papageorgiou, Rouse 羅思律師事務所 Elliot Papageorgiou

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“The court doesn’t grant enough interim injunctions right to such cases right now, which is why we’re so excited to see cases like Eli Lilly and Novartis,” He continued.

Qi noted there were signs that the SPC is leaning towards granting more: “The courts are not hesitant to grant injunctions if all legal requirements are satisfied, and apparently they’ve even asked the lower courts to lower the legal standards.”

“From litigators’ perspectives, we are going in the right direction,” he said.

目

前尚不清楚最高人民法院會如 何在無法衡量損害賠償的領域 （例如誹謗以及商業秘密和保密協議的 實施）應用臨時禁令。執業者都認為狀 況並未得到解決；雖然最高人民法院需 要提高透明度，但它也希望能讓法律自 由發展。對發展一項有利於所有權利所 有者的訴訟戰略，其結果會產生影響。 羅思律師事務所合伙人 Elliot Papageorgiou 認為：“對於信息不能公開的 受損害領域，法院不得不確定臨時禁令 的未來發展。”他補充說：“這是臨時 禁令的重點新領域，取決於最高人民法 院是否會更輕易地發出此禁令。” 最高人民法院於 2001 年引入了臨時禁 令的概念。這些臨時禁令在法律上原本 只適用於專利、著作權和商標的侵權， 直到 2013 年 1 月 1 日第三次修訂的《中 華人民共和國民事訴訟法》擴大了臨時 禁令的適用範圍。 禁令是在知識產權糾紛中廣泛使用的 寶貴工具，在範圍拓展後，禁令也適用 於竊取商業秘密和不正當競爭的情況， 這在防止信息披露方面是個積極正面的 發展。Papageorgiou 說：“問題是，中 國是會採取更公式化的方法，還是由其 自然發展。” 趨勢目前尚不明朗。2013 年，法院只 受理了 11 起與知識產權糾紛有關的涉 及臨時禁令申請的案件，並聲稱批准了 77.78% 的申請。這個批准率有些言過其 實，因為法院的立案部門實際上在預先 審查過程中拒絕了對眾多案件的考慮。 不過，上海的法院在禮來和諾華最近 備受矚目的商業秘密案中批准了禁令， 這表明新的法律為臨時禁令提供了更加 清晰的依據，並提升了對商業秘密的保 護級別。

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China Law & Practice Annual Review 2014

News analysis

在去年的禮來案中，上海市第一中級 人民法院發出了臨時禁令，禁止被告黃 某披露、使用或允許他人使用黃某從公 司系統中下載並拒絕刪除的 21 個機密文 件中包含的原告主張的商業秘密。諾華 公司也獲得了針對竊取與藥物/臨床試驗 配方相關的 879 個文件的離職員工的臨 時禁令。 方達律師事務所的祁放說：“在 《民事訴訟法》正式生效之前，法律 規範相當模糊，並且在是否能申請 禁令上也有分歧。”他補充說：“ 不過，新法律明確表明所有訴訟人 都可以申請禁令，並且賦予了法院更 多權力和自由來對禁令做出裁決。” 祁放也認為，雖然預計會有更多訴 訟人申請臨時禁令，但法院是否會 靈活地授予這些禁令還是個問題， 更別說一開始時案件是否會得到受 理了。 雖然臨時禁令被認為是苛刻的解決方 案，但其好處在於，原告可以在案件的 早期階段進行有效補救，而不是在案件 結束時獲得常規的永久性禁令。後者可 能需要耗費一年多的時間，並且可能會 被侵權人阻止。 安傑律師事務所的何菁說：“更有意 義的、也是我希望見到的是，法院以更 為漸進的方式推進在侵權非常明顯、或 者不發臨時禁令會對原告造成很大損害 的情況下實施禁令。” 經濟補償水平低在中國一直是個重要 問題，因為訴訟人認為沒有得到足夠的 救濟。誹謗或商業秘密披露是不會有充 分的救濟的，因為不管是否要求被告賠 償或對被告發出禁令，原告的聲譽或潛 在的寶貴信息都會受損。 南京法院已經在討論如何在商業秘密 案件中發出有效的臨時禁令，在上個月 的一次研討會上，法官們表示將會更加 關注這個問題。 他繼續說：“法院目前並沒有向此類 案件授予足夠的臨時禁令權利，所以禮 來案和諾華案才會如此令我們興奮。” 祁放指出，有跡象表明，最高人民法 院是傾向於發放更多禁令的：“如果滿 足所有法律要求，法院會毫不猶豫地發 出禁令，而且明顯地他們甚至要求下級 法院降低法律標準。” 他說：“從訴訟人角度來看，我們正 朝着正確的方向發展。”

Leading Dispute resolution Lawyers Bai Tao, Jun He Cao Lijun, Zhong Lun Law Firm Jesse Chang, TransAsia Lawyers Cheng Bing, AnJie Law Firm Dong Chunggang, Jingtian & Gongcheng Fei Ning, Hui Zhong Law Firm George Fu, Watson & Band Gang Zhong, Sinobridge PRC Lawyers Gao Ping , AnJie Law Firm Steven Gong, Duan & Duan He Fan, Haiwen & Partners Daniel Huang, Fangda Partners Jason Ju, Duan & Duan Jia Jun, Zhongzi Law Office Kang Ming, Fangda Partners Frank Liu, Chang Tsi & Partners Eric Liu, Han Kun Law Offices Tony Lu, R&P China Lawyers Lv Hongbing, Grandall Law Firm Qin Wen, Run Ming Law Office John Ren, T&D Associates Maarten Roos, R&P China Lawyers Helen H Shi, Fangda Partners Sheng Su, Zhongzi Law Office Johnson Tan, Run Ming Law Office Tao Wuping, Shenda Partners Tao Jie, Haiwen & Partners Simon Tsi, Chang Tsi & Partners Wang Jianping, DeHeng Law Firm Wang Yadong, Run Ming Law Office Xu Guojian, Boss & Young Yang Peiming, Llinks Law Offices Ariel Ye,King & Wood Mallesons Chen Yun, R&P China Lawyers* Zhan Hao, AnJie Law Firm Yan Zhang, HaoLiWen Partners Zhao Yulin, Zhongzi Law Office Zhu Youbin, Jincheng Tongda & Neal

Source: Asialaw Leading Lawyers 2014 * Rising Star

爭議解決 INDIA

新聞分析

Cheng Bing (程冰) Partner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: chengbing@anjielaw.com Web: www.anjielaw.com Ms Cheng Bing is a founding partner of AnJie Law Firm. She has extensive experience in a broad range of practice areas on an international basis including intellectual property, international arbitration and litigation, and general corporate affairs. She regularly represents client before courts and arbitration tribunals, and provides legal services on various types of cases, including but not limited to, patent and trademark infringement, misappropriation of trade secrets, commercial defamation, securities litigation, and product liability claims.

Gao Ping (高蘋) Partner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: gaoping@anjielaw.com Web: www.anjielaw.com Ms Gao is one of the founding partners of AnJie Law Firm. She focuses on the areas of stock rights, finance, and real estate, especially has abundant experience in major commercial dispute resolutions in the aforesaid areas. She provides a number of banks, AMCs, lease finance companies, trust companies, and real estate enterprises with legal service, and has completely won in several group litigations by representing them. Several cases she has dealt with have been included by authoritative publications such as Key Trail Cases of China. Ms Gao Ping was ranked as one of China’s Top 10 Litigators of the Year by Asian Legal Business in 2013.

Prior to joining AnJie, Ms Cheng worked at leading Chinese and international firms, both in their Beijing and overseas offices, as well as a Japanese multinational corporation with extensive business in China. Ms Cheng has studies in Japan and United States, and she is admitted to P.R. China and State Bar of New York, and England and Wales (non-practicing).

Before joining AnJie, Ms Gao was a senior judge in Beijing No. 2 Intermediate People’s Court for decades. Currently, she is a listed arbitrator of CIETAC and a commissioner of Civil Proceeding Committee of Beijing Lawyers’ Association.

安傑律師事務所 合伙人 中國北京市朝陽區建國門外大街甲6號中環世貿中心D座26層 郵編：100022 電話：(+86 10) 8567 5988 傳真：(+86 10) 8567 5999 郵箱：chengbing@anjielaw.com 網址：www.anjielaw.com

安傑律師事務所 合伙人 中國北京市朝陽區建國門外大街甲6號中環世貿中心D座26層 郵編：100022 電話：(+86 10) 8567 5988 傳真：(+86 10) 8567 5999 郵箱：gaoping@anjielaw.com 網址：www.anjielaw.com

程冰律師是安傑律師事務所的創始合伙人之一。她專注於知識產權、 國際訴訟與仲裁、公司事務等領域的廣泛業務，曾在國內法院和中外 仲裁中心代理多起訴訟請求，包括但不限於專利和商標侵權、不當使 用商業機密、商業誹謗、證券訴訟、產品責任賠償等。

高蘋律師是安傑律師事務所的創始合伙人。她專注於公司股權、金 融和房地產領域重大商事案件的爭議解決業務，為多家大型銀行、 資產管理公司、融資租賃公司、信託公司、房地產開發企業等提供 法律服務，並代表它們在眾多重大訴訟中贏得勝訴。她承辦的多起 案件被《中國審判案例要覽》等權威出版物收錄為經典案例。高蘋 律師被《亞洲法律雜誌》（ALB）評為“2013年度中國十佳訴訟律 師”之一。

程冰律師曾在國內外頂尖律所的北京和海外的辦公室工作，並曾在一 家日本跨國公司工作。程冰律師曾在日本和美國求學，並獲得中國、 美國紐約州及英國的律師執業資格。

高蘋律師是前北京市第二中級人民法院資深法官，現擔任中國國際 經濟貿易仲裁委員會仲裁員、北京市律師協會民事訴訟委員會委 員。

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Insights

Enhancing enforcement Vincent Mu and Blake Yang of Martin Hu & Partners highlight the most important legal developments of the last 12 months, the latest CIETAC enforcement issues and the importance of mediation

1. What have been the key legislative updates or changes affecting litigation and arbitration over the past 12 months?

There have been many significant and comprehensive legislative developments this year that affect litigation and arbitration in China: n n n n n n n n n

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PRC Environmental Protection Law (Revised) (promulgated on April 24 2014) PRC Company Law (2013 Revision) (promulgated on December 28 2013) PRC Law on the Protection of the Rights and Interests of Consumers (2nd Revision) (promulgated on October 25 2013) PRC Trademark Law (3rd Revision) (promulgated on August 30 2013) PRC Tourism Law (promulgated on April 25 2013) Implementing Regulations for the PRC Trademark Law (Revised) (promulgated on April 29 2014) State Council, Decision on Abolishing and Revising Certain Administrative Regulations (promulgated on February 19 2014) Supreme People’s Court, Several Provisions on the Trial of Relevant Civil Cases Involving Notarial Activities (promulgated on May 16 2014) Supreme People’s Court, Interpretations on Issues of Jurisdiction over and Application of the Law in Trademark Cases after Implementation of the Decision to Amend Trademark Law (promulgated March 25 2014) Supreme People’s Court, Interpretations on Issues Relevant to the Application of the Law in the Trial of Disputes over Lease Financing Contract (promulgated on February 24 2014) Supreme People’s Court, Decision on Amending the Provisions on Several Issues Concerning the Application of the <PRC Company Law> (promulgated on February 20 2014) Supreme People’s Court, Guiding Opinions on Tariffs for Sentencing for Common Crimes (promulgated on December 23 2013) Supreme People’s Court, Provisions on Several Issues Concerning the Application of the Law in the Trial of Food and Drug Disputes (promulgated on December 23 2013) Supreme People’s Court, Official Reply on Issues Relevant to the Application of Article 64 of the Criminal Law (promulgated on October 21 2013) Supreme People’s Court, Provisions on Several Issues Concerning the Application of the <PRC Enterprise Bankruptcy Law> (2) (promulgated on September 5 2013)

China Law & Practice Annual Review 2014

There have been many significant and comprehensive legislative developments this year that affect litigation and arbitration in China

探討

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Supreme People’s Court, Circular on Issues Relevant to Correctly Trying Cases of Judicial Review of Arbitration (promulgated on September 4 2013) Supreme People’s Court, Several Provisions for Publication of Lists of, and Information on, Untrustworthy Persons Subjected to Enforcement (promulgated on July 16 2013) Supreme People’s Court, Interpretations on Several Issues Concerning the Application of the <PRC Insurance Law> (2) (promulgated on May 31 2013) Supreme People’s Court, Circular on the Issuance of the Implementing Rules for the Provisions for the Handling of Requests for Judicial Assistance in Civil and Commercial Cases in the Service of Judicial Documents and Investigation and Taking of Evidence Pursuant to International Conventions and Bilateral Treaties on Judicial Assistance (Trial Implementation) (promulgated on April 7 2013) Supreme People’s Court, Provisions for the Handling of Requests for Judicial Assistance in Civil and Commercial Cases in the Service of Judicial Documents and Investigation and Taking of Evidence Pursuant to International Conventions and Bilateral Treaties on Judicial Assistance (promulgated on April 7 2013) Rules for the Monitoring of Civil Procedures by People’s Procuratorates (Trial Implementation) (promulgated on November 18 2013)

2. From your experience, what types of disputes have been most common in the past year? Are there specific reasons for the growing emergence of these types of disputes?

During the past year, the flaws in the regulation of banking industry loans gradually came to light, prominently displayed in the stillfermenting steel trade cases and in the recently exposed Qingdao Port financing fraudulent loan case.

Firstly, the creation of multiple pledges over the same assets is an important means used by the traders in these cases to fraudulently secure loans. The traders and warehousing companies conspire to create repeated pledges over the same batch of goods to secure loans from multiple banks. In this cooperation, the trader leverages a small quantity of goods to obtain a large amount in loans, and the warehousing company earns significant custodial charges. The number of cases in which the person in charge of the warehousing company has been able to squeeze out kickbacks is also not insignificant.

Secondly, banks lack the means to effectively oversee such multiple pledges. Since banks do not share pledge information among themselves, they cannot effectively communicate or promptly discover instances of fraudulent warehouse receipts or multiple pledges. Furthermore, banks’ gatekeeping at the risk control stage is insufficiently stringent, they blindly trust state-owned warehousing companies and they are negligent in the verification of goods, presenting certain warehousing companies an opportunity that they can take advantage of.

Lastly, an economic downturn is often the detonator that triggers such types of cases. A break in the funding chain makes it impossible

爭議解決

Since banks do not share pledge information among themselves, they cannot effectively communicate or promptly discover instances of fraudulent warehouse receipts or multiple pledges for the trader to repay a loan and interest that has fallen due, naturally exposing the fraudulently secured loans.

3. What are the latest CIETAC updates? What changes are the most important and practical for both domestic and foreign parties?

In our look back over the year 2013, we advised readers to pay attention to a ruling rendered by the Suzhou City Intermediate People’s Court to deny enforcement of an award of the former Shanghai Sub-commission of the China International Economic and Trade Arbitration Commission (Shanghai CIETAC). After the ruling was rendered, Shanghai CIETAC reported the relevant matters to the Jiangsu Provincial Higher People’s Court stating that the ruling infringed its lawful rights and interests. On September 27 2013, the Jiangsu Provincial Higher People’s Court issued Circular (2013) Su Zhi Jian Zi No.0071 informing Shanghai CIETAC that it had requested the Suzhou City Intermediate People’s Court to quash the ruling in accordance with the law and conduct a new examination and render a new ruling. To date, we have been unsuccessful in obtaining through public channels the most recent information on the rendering of a new ruling by the Suzhou City Intermediate People’s Court, but one can be sure that the dispute over the status of Shanghai CIETAC in the case will never again serve as the basis on which the Suzhou City Intermediate People’s Court renders a ruling.

Likewise, a similar enforcement supervision case arose in the Ningbo City Intermediate People’s Court in 2013. In a case of an application for enforcement of an award rendered by Shanghai CIETAC, the person subjected to the enforcement applied for denial of enforcement on the grounds that Shanghai CIETAC’s authority to arbitrate had been cancelled by the China International Economic and Trade Arbitration Commission. On May 22 2013, the Ningbo City Intermediate People’s Court rendered a ruling denying enforcement. On July 17 2013, the Zhejiang Provincial Higher People’s Court issued an instruction requesting that the Ningbo City Intermediate People’s Court rectify the matter, whereupon the Ningbo City Intermediate People’s Court rendered Ruling (2013) Zhe Yong Zhi Jian Du No.1 on July 25 quashing the original ruling and continuing to enforce the award of Shanghai CIETAC. In another commercial dispute also in Zhejiang, a party applied to the Taizhou City Intermediate People’s Court for the enforcement of

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Unless the Supreme People’s Court takes an express negative stance, the long-term parallel existence of the three former major institutions of the China International Economic and Trade Arbitration Commission will continue to drag on an award rendered by Shanghai CIETAC, and the person subjected to the enforcement applied for denial of enforcement on the grounds of the institutional nature, etc. of Shanghai CIETAC. On July 29 2013, the Taizhou City Intermediate People’s Court rendered Ruling (2013) Zhe Tai Zhi Cai Zi No.2 holding that the parties to the case expressly selected in their arbitration clause Shanghai CIETAC as the arbitration institution for the resolution of contract disputes and the arbitration award was rendered in the name of Shanghai CIETAC. Furthermore, the defence grounds of the person subjected to the enforcement for denial of enforcement, namely that Shanghai CIETAC did not have jurisdiction in the arbitration case due to the change in its nature and, on this basis, the award was rendered by an arbitration institution that did not have the authority to arbitrate,

Author biographies Vincent Mu Senior associate Vincent Mu is a senior associate with Martin Hu & Partners and an “Outstanding Young Lawyer of Shanghai Municipality”. The matters he handles include shareholdermanagement disputes, commercial contract disputes, labour disputes, and corporate and M&A matters.

Vincent graduated from Wuhan University and holds an LL.D. He is a member of the Company Law Affairs Research Committee of the Shanghai Lawyers Association. His working languages are Chinese and English.

Blake Yang Associate Blake Yang is an associate with Martin Hu & Partners.

He handles foreign-related litigation and arbitration, including equity, joint venture, long-term supply contract, construction project and other commercial disputes. He also assists multinational corporations in cross-border mergers and acquisitions and offshore listings, and provides Company Law and Anti-monopoly Law advice to multinationals in connection with their investment projects in China.

Blake received his LL.B. from KoGuan Law School, Shanghai Jiao Tong University and his LL.M. from the University of Southern California Gould School of Law. He has been admitted to the bar in China and in the State of New York. His working languages are Chinese and English.

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were untenable, for which reason it rejected the person subjected to the enforcement’s application for denial of enforcement.

As people’s courts around the country successively accepted arbitration judicial review cases triggered by the dispute over the status of the above mentioned arbitration institution in 2013, on September 4 2013, the Supreme People’s Court issued the Circular on Issues Relevant to Correctly Trying Cases of Judicial Review of Arbitration, expressly requesting that, with respect to cases where parties apply for recognition of the validity of arbitration agreements and ones in which parties apply for the vacation or denial of enforcement of awards rendered by CIETAC, Shanghai CIETAC or South China CIETAC arising in connection with the above mentioned disputes, people’s courts report the same way up the hierarchy to the Supreme People’s Court and wait until the Supreme People’s Court replies before rendering a ruling. The first Suzhou case mentioned above arose after the issuance of the circular by the Supreme People’s Court, and we have reason to believe that the stance taken by the Jiangsu Provincial Higher People’s Court in the case reflects the leanings of the Supreme People’s Court. Accordingly, the dust has essentially settled at the level of local courts in the dispute over the status of Shanghai CIETAC. Unless the Supreme People’s Court takes an express negative stance, the long-term parallel existence of the three former major institutions of the China International Economic and Trade Arbitration Commission will continue to drag on.

4. What is the status of mediation as an effective method of solving disputes in China?

Mediation, as the “oriental experience”, runs through the entire dispute resolution process in China, giving it an unusually important position. This feature is particularly reflected in litigation procedures.

In a legal action, the parties participate in the mediation procedure presided over by the court from the moment the case is placed on the docket. Depending on practice in different regions, the pre-trial mediation procedure may endure for one to two months, only after which will the court accept the case. During the course of a trial, experienced judges will also often actively seek to reach a settlement between the plaintiff and defendant through skillful discourse.

To understand why such great weight is placed on mediation in legal actions in China, it is necessary to not only understand the traditional culture of “harmony as golden” in Chinese society and the government’s policy direction of “promoting harmony”, but also to understand the crushing burden borne by basic-level courts due to the “litigation explosion”. In many relatively economically developed regions, people’s mentality of resolving disputes through litigation is relatively strong, with judges in basic-level courts originally working under full loads. In recent years, due to the economic downturn, certain industries and certain types of cases have flooded the courts in waves, overwhelming the judges. Based on the publicity materials that we have seen in certain basic-level courts, outstanding judges will often be hearing more than 300 cases a year, and if one subtracts holidays, they are concluding one case per day on average. Their

探討

work pressure can be imagined. That the time required for pre-trial mediation is not counted toward the time limit for concluding a trial makes it possible for judges to gain time. Since its formal recognition in the 2009 Supreme People’s Court, Several Opinions on Establishing and Improving a Conflict and Dispute Resolution Mechanism That Dovetails Litigation and Non-Litigation, this practice has become an important measure for slowing down the flood of cases.

However, the widespread application of mediation has also given

爭議解決

rise to new issues, such as cases mired in mediation without being placed on the docket, the mediation procedure taking on an air of being mandatory. With a view to resolving these issues, the Supreme People’s Court issued the Circular on Extensively Rectifying the “Six Difficulties and Three Cases” Problem to Strengthen a Judiciary for the People and Judicial Fairness in June 2014 to rectify the deficiencies at the different stages (placing on the docket, trial and enforcement) of a litigation procedure.

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Dispute Resolution

Insights

加強執法力度 胡光律師事務所的牟笛律師和楊奕律師重點分享了過去十二個月最重要的法規出 台和修訂、貿仲會最近的執法爭議及調解的重要

1. 在過去12個月，訴訟及仲裁方面出台和修改了什麼主要法規？ 今年在法規方面有很多重大和全面的革新，對國內的訴訟和仲裁都帶來影響。 n n n n n n n n n n n n n n n n n n n

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中華人民共和國環境保護法 (修訂)（2014年4月24日發佈） 中華人民共和國公司法 (2013年修正)（2013年12月28日發佈） 中華人民共和國消費者權益保護法 (第二次修正)（2013年10月25日發佈） 中華人民共和國商標法 (第三次修正)（2013年8月30日發佈） 中華人民共和國旅遊法（2013年4月25日發佈） 中華人民共和國商標法實施條例 (修訂)（2014年4月29日發佈） 國務院關於廢止和修改部分行政法規的決定（2014年2月19日發佈） 最高人民法院關於審理涉及公證活動相關民事案件的若干規定（2014年5月16 日發佈） 最高人民法院關於商標法修改決定施行後商標案件管轄和法律適用問題的解 釋（2014年3月25日發佈） 最高人民法院關於審理融資租賃合同糾紛案件適用法律問題的解釋（2014年2 月24日發佈） 最高人民法院關於修改關於適用《中華人民共和國公司法》若干問題的規定 的決定（2014年2月20日發佈） 最高人民法院關於常見犯罪的量刑指導意見（2013年12月23日發佈） 最高人民法院關於審理食品藥品糾紛案件適用法律若干問題的規定（2013年 12月23日發佈） 最高人民法院關於適用刑法第六十四條有關問題的批復（2013年10月21日發 佈） 最高人民法院關於適用《中華人民共和國企業破產法》若干問題的規定 （二）（2013年9月5日發佈） 最高人民法院關於正確審理仲裁司法審查案件有關問題的通知（2013年9月4 日發佈） 最高人民法院關於公佈失信被執行人名單信息的若干規定（2013年7月16日發 佈） 最高人民法院關於適用《中華人民共和國保險法》若干問題的解釋（二） （2013年5月31日發佈） 最高人民法院印發《關於依據國際公約和雙邊司法協助條約辦理民商事案件 司法文書送達和調查取證司法協助請求的規定實施細則(試行)》的通知（2013 年4月7日發佈）

China Law & Practice Annual Review 2014

今年在法規方面有很多 重大和全面的革新，對 國內的訴訟和仲裁都帶 來影響

探討

最高人民法院關於依據國際公約和雙邊司法協助條約辦理 民商事案件司法文書送達和調查取證司法協助請求的規定 （2013年4月7日發佈） n 人民檢察院民事訴訟監督規則（試行）（2013年11月18日 發佈）

爭議解決

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2. 根據您的經驗，過去一年什麼類型的爭議最普遍？有沒有 什麼特別原因導致這類爭議的數目上升？ 過去一年，銀行業的貸款監管漏洞逐漸暴露，突出表現為仍 在持續發酵的鋼貿案件和最近曝光的青島港融資騙貸案。 首先，重復質押是這些案件中貿易商騙取銀行貸款的重 要手段。貿易商與倉儲公司合謀，對同一批貨物進行反復質 押，向多家銀行重復貸款。在這樣的合作中，貿易商以少量 貨物為槓桿獲得巨額貸款，倉儲公司則賺取不菲的監管費 用，倉儲公司負責人抽取回扣的情況也不在少數。 其次，銀行對重復質押缺乏有效的監管手段。各家銀行 之間質押信息互不相通，無法有效交流，不能及時發現虛假 倉單、重復質押等情況。此外，銀行在風險控制環節把關不 嚴，盲目相信國資倉儲公司，對貨物監管情況疏於查驗，導 致一些倉儲公司有機可乘。 最後，經濟形勢惡化往往成為類型化案件爆發的導火索， 資金鍊斷裂令貿易商無法償還到期貸款和利息，騙取貸款的 情況自然敗露。 3. 貿仲會有什麼最新的動向？有什麼改變對境內和境外企業 都是最重要和最實用的呢？ 在2013年的回顧中，我們曾提示讀者留意蘇州市中級人民法 院對原中國國際經濟貿易仲裁委員會上海分會（“上海貿 仲”）的一項裁決作出不予執行的裁定。該裁定作出後，上

作者簡歷 牟笛 資深律師 牟笛律師是胡光律師事務所的資深律師， “上海市優秀青年律師”。他處理的業務包 括股東與管理層爭議、商業合同糾紛、勞動 爭議、企業、並購業務。 牟笛律師畢業於武漢大學，具有法學博士 學位。他是上海市律協公司法業務研究委員 會委員。他的工作語言為中文及英文。 楊奕 律師 楊奕律師是胡光律師事務所律師。他處理涉 外訴訟與仲裁，涉及股權糾紛，合資糾紛， 長期供應合同、建設工程以及其他商業爭 議，他同時協助跨國公司跨境並購交易和海 外上市，為跨國公司在中國的投資項目提供 公司法與反壟斷法咨詢意見。 楊奕律師先後於上海交通大學凱原法學院 獲法學學士學位、南加州大學古爾德法學院 獲法學碩士學位。他在中國和美國紐約州均有執業資格。他的 工作語言為中文及英文。

各家銀行之間質押信息互不相通，無 法有效交流，不能及時發現虛假倉 單、重復質押等情況 海貿仲向江蘇省高級人民法院反映了有關情況，表示該裁定 侵害其合法權益。2013年9月27日，江蘇省高級人民法院發出 （2013）蘇執監字第0071號通知書函告上海貿仲，稱已要求蘇 州中院依法自行撤銷該裁定並重新審查作出裁定。目前我們 無法從公開渠道瞭解蘇州中院重新作出裁定的最新情況，但 可以肯定該案中關於上海貿仲的身份爭議不會再成為蘇州中 院作出裁定的依據。 同樣是2013年，在寧波市中級人民法院亦出現一起情況類 似的執行監督案件。在一起申請執行上海貿仲作出的裁決的 案件中，被執行人以上海貿仲被中國國際經濟貿易仲裁委員 會取消仲裁授權為由申請不予執行。寧波中院於2013年5月 22日作出不予執行的裁定。2013年7月17日，浙江省高級人民 法院作出指令要求寧波中院糾正，寧波中院於7月25日作出 （2013）浙甬執監督第1號裁定書，撤銷原裁定，繼續執行上 海貿仲的裁決。 在另一起同樣發生在浙江的商事糾紛中，一方當事人向台 州市中級人民法院申請執行上海貿仲作出的裁決，被執行人 以上海貿仲的機構性質等理由申請不予執行。2013年7月29 日，台州中院作出（2013）浙台執裁字第2號裁定書，認為該 案雙方當事人在仲裁條款中明確選擇中國國際經濟貿易仲裁 委員會上海分會作為解決合同爭議的仲裁機構，仲裁裁決也 是以中國國際經濟貿易仲裁委員會上海分會的名義作出，被 執行人提出中國國際經濟貿易仲裁委員會上海分會因性質改 變而對案涉仲裁案件沒有管轄權，並據此認為仲裁裁決存在 仲裁機構無權仲裁情形的不予執行抗辯理由不能成立，因此 駁回了被執行人的不予執行申請。 由於2013年各地人民法院陸續受理了因上述仲裁機構身份 爭議而引發的仲裁司法審查案件，最高人民法院於2013年9月 4日發佈《關於正確審理仲裁司法審查案件有關問題的通知》 ，明確要求對於因上述爭議產生的當事人申請確認仲裁協議 效力的案件以及當事人申請撤銷或者不予執行中國貿仲或者 上海貿仲、華南貿仲作出的仲裁裁決的案件，人民法院須逐 級上報至最高人民法院，待最高人民法院答復後，方可作出 裁定。上文提及的第一起蘇州案件即發生在最高人民法院通 知發佈之後，我們有理由相信江蘇省高級人民法院在該案中 的立場體現了最高人民法院的傾向。據此，關於上海貿仲的 身份爭議在地方法院層面已基本塵埃落定。除非最高人民法 院作出否定性的明確表態，原中國國際經濟貿易仲裁委員會 三大機構長期並存的局面將持續下去。 4. 對作為中國一個解決爭議的有效方法，調解處於什麼的狀 況呢？ 調解作為“東方經驗”，在中國貫穿爭議解決過程的始終，

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Dispute Resolution

Insights

具有異常重要的地位。這一特點尤其體現在訴訟程序之中。 訴訟中，當事人自立案開始就參與到法院主持的調解程序 中。根據各地實踐的不同，訴前調解程序可能持續一到二個 月，然後法院才會受理案件。在案件審理過程中，有經驗 的法官往往也會通過技巧性的談話積極促成原、被告雙方和 解。 要理解調解在中國訴訟中為何如此受到重視，除了瞭解 中國社會“以和為貴”的傳統文化以及政府“促進和諧”的 政策導向外，還應當明白基層法院由於“訴訟爆炸”已不堪 重負的現狀。在很多經濟較發達的地方，人們通過訴訟解決 糾紛的意識較強，基層法院的法官本來就在滿負荷工作。近 年來，由於經濟不振，特定行業、特定類型的案件成批次大

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China Law & Practice Annual Review 2014

量湧入法院，導致法官難以應對。根據我們在一些基層法院 看到的宣傳材料，優秀的法官一年審理的案件往往在300件 以上，扣除節假日，平均每天審結一起案件，其工作壓力可 想而知。而訴前調解的時間不計入審限，能夠為法官爭取時 間。這種做法在2009年經最高人民法院《關於建立健全訴訟 與非訴訟相銜接的矛盾糾紛解決機制的若干意見》正式認可 後，成為法院延緩案件湧入的重要措施。 但調解的普遍應用也帶來了新的問題，例如案件久調不 立、調解程序帶有強制性等。為瞭解決這些問題，最高人民 法院在2014年6月發佈《關於深入整治“六難三案”問題加強 司法為民公正司法的通知》，對訴訟程序各個環節（立案、 審理、執行）中的不足之處予以改進。

新聞分析

知識產權和電信、傳媒及科技 INDIA

Why China’s trademark enforcement still needs reform | 中國的商標執法為何仍 需改革 Despite the rapid progress China has made in IP protection, two issues stood out at the INTA Annual Meeting this year – the weaknesses in the latest amendments to the Trademark Law and the challenges of enforcing against counterfeiters | 儘管中國在知識產權保護方面進步神速，但在今年的 INTA 年度會議上仍有兩個突出問 題：《商標法》最新修訂中的不足以及在打擊造假者上的挑戰

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hina Law & Practice attended the 136th annual meeting of the International Trademark Association, which took place in Hong Kong from May 10 to 14 and was attended by over 8,500 trademark professionals. This was the first time the event took place in Asia and the event included a number of sessions looking at trademark protection in China.

These included a Regional Update on China (where the new Trademark Law was discussed in depth), a government perspective panel on Trademark and IP Issues in China, an IP Attachés Update, Social Media in China and, finally, a session on Criminal Action against Counterfeiters in China.

The Trademark Law anticlimax The PRC Trademark Law was enacted in 1982, first amended in 1993 and again in 2001 before this year’s third amendment.

With the influx of foreign brands and rapid emergence of domestic businesses over the past decade, the importance of brand name and recognition is greater than ever.

The amendments that came into force on May 1 were important for all investors and practitioners, but they failed to please everybody.

Speaking at the Trademark Law and regional update session, Hui Huang of Wan Hui Da Intellectual Property Agency highlighted the subtle interplay between trademark registration and use, as well as the exceptions

to the law’s first-to-file principle that protects the rights of the registrant. These are that the owner’s trademark must firstly be well known, and, secondly, the infringer must be proven as an agent or representative of bad faith – the owner can then not only oppose or invalidate the registered trademark but also stop the infringer’s use.

But the difficulty of defining bad faith leaves the owner unable to stop the infringer’s use of the trademark in some cases. The concept of “well-known” trademarks was said

by European Union Delegation Attaché Chris-

tophe Gimenz to be “raising more questions than bringing in answers on how they will be pragmatically implemented”. Gimenez was speaking at the IP Attachés’ update session.

The new Trademark Law also amends the opposition and invalidation framework.

BMW’s Jochen Volkmer, who has dealt with many trademark infringement lawsuits in China, also spoke at the session on the new Trademark Law’s implications. He explained that in the newly-altered opposition review, the trademark will be approved for registration if the opposition is not successful,

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Intellectual Property & TMT

News analysis

Interview | 專訪

How to manage an endless workflow

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如何管理源源不斷的工作任務 Stan Abrams heads the Asia legal team at Bentley Systems and has practised in China for 15 years. He explains the importance of balancing internal and external work processes in light of changing regulations and seeking individual experts for outside counsel | Stan Abrams 是奔特力工程軟件的亞洲法律團隊主管，在中國從業已有15 年。他解說了根據不斷變化的法規平衡內部和外部工作流程以及尋

Criminal action against counterfeiting

找個別專家作為外聘法律顧問的重要性

Despite the progress in judicial IP protection, counterfeiting remains a serious issue. China continues to be the largest supplier and exporter of counterfeit goods globally. To try and deal with this problem, the criminal threshold has been lowered, meaning more counterfeiters are being put in jail and for longer periods of time.

In terms of legal provisions, Article 213 sets out the crime of counterfeiting registered trademarks, Article 214 sets out the crime of knowingly selling merchandise bearing counterfeit trademarks and Article 215 sets out the crime of manufacturing or selling representations of registered trademarks. But although efforts are evident in the law, the difficulty lies in enforcement and capturing infringers.

“There is an increasing width and depth in criminal action, from actions on single point to multiple points,” said Edward Yang of Microsoft. He explained during the session on criminal action against counterfeiters that IP issues now have multifaceted aspects that encompass networks, supply chains and cluster actions against manufacturing bases, wholesalers, upstream suppliers, distributors and retailers. They also involve taking action simultaneously in different cities and provinces as well as engaging multiple agencies.

Moreover, counterfeiting cases increasingly involve refurbished products, which entail low costs, high profit margins and low enforcement risks for the infringer. Most prevalent in the electronics, auto parts and printing

When did Bentley Systems enter China and how has it since developed in the market?

What plans does it have to expand in China?

We have had users of our software in China for quite a long time, but strictly in terms of foreign direct investment, Bentley set up its first China FIE in 2002. We have since expanded both organically and through acquisitions, each of which has contributed differently to our current situation in terms of staff levels, geographic locations and business focus.

We will continue to take both growth paths as the country and market develop and as specific opportunities arise.

What are the main regulations in technology that are relevant to the business?

Bentley is a “technology” company insofar as we create and commercially exploit intellectual property. But the good news is that in China, software in general is nowhere near as heavily regulated as other forms of technology in industrial sectors such as pharmaceuticals and energy. Moreover, as our product is business software, we also avoid the regulatory challenges faced by software firms with entertainment products, such as games. The result is that in terms of compliance, we spend far more time on traditional corporate issues, as well as HR, tax and facilities, than we do with technology transfer or permitting.

What are the biggest recent legal developments that affect your work?

The recent changes to the Company Law are huge implications. Even if one just looked at registered capital and annual inspection liberalisation, it’s clear that the government is making a concerted effort to streamline administrative processes, no doubt

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which creates challenges for brand owners: “There is a very low chance of success in oppositions and a relatively high chance of success in opposition reviews,” Volkmer said.

“From August 2013 to 2014, BMW won 190 of its opposition review filings and lost 23. The opposition review is very important for foreign brands so the amendment is worrying,” he added. Moreover, the absence of cross-examination and oral hearings as well as the relative inexperience of CTMO examiners compared with TRAB examiners has led to scepticism among foreign brands about the system and the validity of CTMO’s rulings.

China Law & Practice Annual Review 2014

in an effort to boost private sector growth. Other notable changes include the labour dispatch rules and (depending on the city) VAT regulations. None of these issues has fundamentally changed the way that Bentley does business in China but they affect our internal administrative procedures. For my team members in Beijing, this has necessitated some short-term adjustments, including to our standard agreements, but will ultimately mean fewer compliance and other administrative tasks.

What are some daily challenges faced by your legal team?

My team is responsible for nearly all legal issues in the region, so we could be hit with just about anything on a given day. Proper response to, and management of, workflow is the key. In-house legal departments have different ways of categorising tasks, often putting commercial work in one category and essentially everything else in another.

Those designations hold up fairly well, but another useful delineation concerns prioritisation.

Tasks with deadlines, including most corporate compliance work and matters relating to specific commercial transactions, are like a never-ending river. In contrast, policy review and implementation, including tasks such as training, IP registrations and creation of contract templates, could be seen as stepping stones or bridges that help us cross that river so we can get to the next one as our business grows. Day by day, it is tempting to simply fight the current as we negotiate contracts, deal with HR disputes, and work our way through the annual corporate compliance calendar. More importantly, however, is the review and implementation of efficient, compliant policies. For example, any time spent setting up tight contracts and educating sales

新聞分析

supplies industries, refurbished goods were a long-time grey area; police were reluctant to chase after them since they were technically not fake products. However, authorities are becoming increasingly willing to act.

On the positive side, enforcement in the court is improving. “Judges are increasingly free and confident in adopting circumstantial evidence, in other words, a more liberal adoption of evidence for calculation of case value and illegal transfer,” said Yang. While they previously bet on physical seizure and it was difficult to establish a chain of evidence of sold goods, now they also base evidence on bank transaction records, prior sales including online trading records, self-admission and statements of parties involved, leading to a more accurate valuation.

Foreign companies are not alone The weaknesses in the law and the rampant counterfeiting are also affecting China’s rapidly expanding domestic companies, who are realising how much this is affecting their business both in China and as they venture overseas. Their attempts to lobby the government for improved protection are also likely to be more effective than those of foreign brand owners.

The IP Attachés in China provided regional updates on the activity of domestic companies and their attitude towards the development of the country’s IP regime. Tom Duke, the IP Advisor for China from the UK IP Office said: “Chinese companies are increasingly protective of their rights. We already hear stories of Chinese directors wanting to make money out of their broad global IP portfolio.”

USPTO IP Attaché Tim Browning, based in Guangzhou, agreed that Chinese companies emerging as global leaders are also concerned about their own IP protection when going abroad. “While 10 years ago 80% of companies relocated to South China for export businesses, today most of them are marketing domestically towards the greater China region,” he said, adding that “25% of trade secret cases in China occur in Shenzhen, and high tech companies like Huawei have located R&D centres abroad due to trade secret issues”.

time spent setting up “tightAnycontracts and educating

sales staff and distributors on anti-corruption policy is well worth it | 在制定嚴謹合同以 及為銷售人員和分銷商培訓 反腐敗政策上花費的任何時 間都是值得的

”

staff and distributors on anti-corruption policy is well worth it. The challenge is balancing both types of work given the capacity and expertise of the team.

On what occasions do you turn to law firms for help? How do you select the firm?

In a perfect world, we would be dealing with a single international firm and one point of contact, a firm with broad expertise and representation in all jurisdictions for which my team is responsible.

Although many managing partners throughout Asia will disagree, I do not believe this fantasy law firm exists. In many jurisdictions, the best one can expect is to find individual experts who are also responsive and professional; if you can identify more than a couple of such lawyers in a single, integrated firm, consider yourself lucky. As a result, we work with a variety of outside counsel, from M&A groups at multinational firms to very small local labor firms and individual litigators. In addition to transactional matters, we often need opinions on specific points of law, projects that are often ad hoc and driven by compliance deadlines; a majority of this work goes to lawyers who simply respond on a timely basis. Those who are short-sighted and ignore the small Q&A requests are less likely to make the short list when it comes time to screen counsel for an acquisition. 奔特力工程軟件是何時進入中國市場的？進 入中國市場後發展得如何？它實施了哪些開 拓中國市場的方案？ 我們很久以前在中國就有軟件用戶，但要嚴 格說起外商直接投資，Bentley 是在2002年 設立了其首家在華外商投資企業。在那以後 我們通過收購和自然發展不斷擴大，兩種 發展方式以不同的形態造就了現今的員工水 平、公司規模和業務重點。我們將根據國家 和市場的發展以及具體的機會繼續採用兩種 發展方式。 在技術領域有哪些主要規定與貴公司的業務 相關？ 我們開發並以商業用途利用知識產權，從 這個角度來看，奔特力確實是一家“技術”

知識產權和電信、傳媒及科技 INDIA

公司。不過好消息是，在中國，軟件一般遠 遠不像工業領域中的其他技術形式（如醫藥 和能源）一樣受到嚴格的監管。另外，由於 我們的產品是商業軟件，因此也不會面臨遊 戲等娛樂產品的軟件公司所需面對的監管挑 戰。所以，就合規性而言，我們在傳統企 業問題以及人力資源、稅務和設施方面花費 的時間要遠遠多於技術轉讓或許可方面的時 間。 最近的法律發展對您的工作影響最大的是什 麼？ 《公司法》的最新修改有很大的影響。即使 只看註冊資本和年檢的自由化，也可以清楚 地意識到政府正在齊心協力簡化行政程序， 這無疑是為了促進私營領域的發展。其他顯 著變化包括勞務派遣規則和增值稅條例（具 體取決於所在城市）。這些問題並沒有從根 本上改變奔特力在中國的業務方式，但卻對 我們的內部管理程序造成了影響。對於我的 北京團隊成員們而言，我們必須進行一些短 期調整，包括對我們的標準協議的調整，但 這將最終導致減弱合規程度以及減少其他行 政管理任務。 您的法律團隊日常面臨的挑戰有哪些？ 我的團隊負責亞洲地區內幾乎所有的法律問 題，因此任何一天的任何一件事都可能對我 們造成衝擊。對工作任務的恰當回應以及管 理至關重要。內部法律部門有不同的任務分 類的方式，通常是把商務工作歸為一類，然 後基本把其他一切事務歸為另一類。這樣的 分類方式簡而易行，而另一種實用的劃分方 式則需要考慮優先順序。 有截至期限的任務就像永無止境的河流 一樣，包括大多數企業合規工作以及與具體 商業交易相關的事務。相反，政策審查和執 行工作，包括培訓、知識產權註冊和合同模 板創建等任務，則可以視為幫助我們渡河的 墊腳石或橋梁，讓我們得以隨着企業的發展 邁向下一條河流。長此以往，我們就能在進 行合同談判，處理人事糾紛以及進行年度企 業合規工作時只應對當前的問題。不過，更 重要的是審查並執行高效、合規的政策。例 如，在制定嚴謹合同以及為銷售人員和分銷 商培訓反腐敗政策上花費的任何時間都是值 得的。鑒於團隊的能力和專業水平，我們的 挑戰只是平衡兩種工作類型。 您會在什麼樣的情況下尋求律師事務所幫 助？您如何選擇事務所？ 在理想情況下，我們會與一家在團隊負責的 所有司法管轄區都有代表性且具備廣泛的專 業知識的國際律師事務所合作，因此只會有 一個聯絡點。雖然遍布亞洲的許多管理合伙 人不會認同，但我還是認為這樣一個理想 的律師事務所是不存在的。在許多司法管轄 區，最好的情況就是尋找反應迅速且具備專 業水平的專家。如果你能在一家綜合事務 所找到幾個此等水準的律師，那就十分幸運 了。因此，我們會與各種外聘法律顧問合 作，包括跨國事務所的並購組，規模較小負 責勞工事務的本地律所以及個人訴訟律師。 除了交易事務，對於具體的法律條文或條款 以及通常是臨時安排且需要滿足合規期限的 項目，我們也經常需要征求意見，這種工作 大多只要律師及時回應即可。我們為收購項 目篩選法律顧問時通常不會選擇目光短淺的 和忽視細小的問答請求的律師入圍。

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《

中國法律商務》參加了國際商標 協會的第 136 次年度會議。會議 於 5 月 10 日至 5 月 14 日期間在香港舉 行，共有 8,500 多位商標專業人士參加會 議。這是該盛會第一次在亞洲舉行，其 中有一些會議着眼於中國的商標保護。 這些會議包括“地區最新動態：中 國”（深入討論了新的《商標法》） 、“政府角度的中國商標和知識產權問 題研討會”、“知識產權專員即時交流 會”、“中國的社交媒體”以及最後 的“中國針對造假者的刑事訴訟”。 《商標法》出人意料 《中華人民共和國商標法》頒布於 1982 年，在 1993 年經過第一次修正，2001 年 經過第二次修正，然後在今年進行了第 三次修正。隨着過去十幾年來國外品牌 的湧入和國內企業的迅速崛起，品牌名 稱和品牌認可變得前所未有地重要。5 月 1 日生效的修訂條款對於所有投資者和執 業者來說都很重要，但並沒有讓所有人 都滿意。 萬慧達知識產權代理有限公司的黃暉 在商標法和地區動態會議上發言時，強 調了商標註冊和使用之間的微妙關係， 以及法律上旨在保護註冊人權利的先申 請主義的例外情況。首先，商標所有者 的商標必須是馳名商標；其次，必須證 明侵權人是懷有惡意的代理或代表—— 然後商標所有者不僅可以對侵權人註冊 的商標提出異議或使之無效，還可以禁 止侵權人使用該商標。 但由於難以定義惡意，因此商標所 有者在有些情況下無法阻止侵權人使 用該商標。歐盟代表團隨員 Christophe Gimenz 在知識產權專員即時交流會上表 示，“馳名”商標的概念“引發了更多 問題，而沒有給出關於如何實際執行的 答案”。 新的《商標法》還修正了異議和無效 框架。BMW 的 JochenVolkmer 也在該 會議上發表了對新《商標法》影響的看 法，Volkmer曾處理過多宗中國的商標 侵權訴訟。他解釋說，根據新修改的異 議復審規定，如果異議沒有取得成功， 則商標註冊將獲得批准，這會給品牌所 有者帶來挑戰。Volkmer 說：“異議的 成功率很低，而異議復審的成功率相對

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較高。”他補充說：“從 2013 年 8 月到 2014 年，BMW 在 190 項異議復審申請中 取得成功，23 項異議復審申請失敗。異 議復審對於外國品牌來說非常重要，因 此該修訂令人擔憂。”此外，由於缺少 質證和口頭審理，且與商標評審委員會 審查員相比，商標局審查員相對缺少經 驗，使得外國品牌對該體系和商標局裁 決的有效性持懷疑態度。 針對造假者的刑事訴訟 儘管知識產權司法保護方面頗有進展， 但是造假仍然是個嚴重問題。中國仍然 是全球最大的假冒商品供應商和出口

2013 to 2014, “BMWFromwonAugust 190 of its opposition review filings and lost 23.

The opposition review is very important for foreign brands so the amendment is worrying | 從 2013 年 8 月到 2014

年，BMW 在 190 項異議復審 申請中取得成功，23 項異議 復審申請失敗

”

Jochen Volkmer, BMW

商。為解決這個問題，中國降低了刑事 訴訟門檻，這意味着將有更多的造假者 入獄，且服刑時間更長。 在法規方面，第 213 條闡明瞭假冒註 冊商標罪，第 214 條闡明瞭銷售明知是 假冒註冊商標的商品的罪行，第 215 條 闡明瞭擅自製造或銷售他人註冊商標標 識的罪行。不過，雖然法律上的努力是 顯而易見的，但難點在於執法及逮捕侵 權者。 微軟的 Edward Yang 表示：“刑事訴 訟的廣度和深度正在擴大，從單點訴訟 發展到多點訴訟。”他在關於針對造假 者的刑事訴訟的會議上解釋說，知識產 權問題現在包含多個方面，包括網絡、

供應鏈以及對生產基地、批發商、上游 供應商、分銷商和零售商的集體訴訟。 這些問題還會涉及在不同省份、不同城 市通過不同代理人同時進行訴訟。 此外，假冒案件越來越多地涉及翻 新產品，這些產品會為侵權人帶來低成 本、高利潤和低執法風險。翻新產品在 電子、汽車零部件和印刷耗材行業最為 常見，長期以來一直是灰色地帶；警方 不願意追查翻新產品，因為從技術上來 講，這些產品並不是假冒偽劣產品。不 過，有關當局越來越傾向於採取行動。 令人振奮的是，法院的執法能力也在 改善。Yang 說：“法官在採用環境證據 方面更加自由也更具信心，換言之，在 案值和非法轉移的計算方面，證據採納 更加自由。”以前他們寄希望於扣押或 查封，且難以建立銷售的商品簡歷證據 鏈；現在，他們從銀行交易記錄、先前 銷售（包括在線交易記錄）、當事人的 自認和陳述中查找證據，從而獲得更加 準確的估值。 外國公司並非孤軍奮鬥 法律的不足和造假者的猖獗也影響到了 中國快速發展的國內企業，他們也意識 到了這對自己的國內業務和海外市場開 拓有多大的影響。他們在遊說政府提供 更好的保護方面所做的努力也很可能比 外國品牌所有者所做的努力更加有效。 中國的知識產權專員介紹了國內公 司的最新地區情況，也介紹了他們對中 國知識產權制度發展的態度。來自英國 知識產權局的中國知識產權顧問 Tom Duke 說：“中國企業越來越重視自己權 利的保護。我們聽說，中國董事希望通 過自己廣泛的全球知識產權產品組合獲 利。” 在廣州工作的美國專利商標局知識產 權專員 Tim Browning 也認為，逐漸成為 全球領導者的中國企業在進入海外市場 時也很關注知識產權的保護。他說：“ 雖然 10 年前 80% 的企業搬遷到中國南 方以便開展出口業務，但如今大部分企 業都是在向大中國區進行國內銷售。” 繼而補充說：“中國 25% 的商業秘密 案發生在深圳，由於商業秘密的問題， 華為等高科技企業已將研發中心搬到國 外。”

知識產權和電信、傳媒及科技 INDIA

新聞分析

Internet boom demands VIE clarity 網的蓬勃發展要求 VIE 明確化

| 互聯

Tencent, Alibaba and Baidu are battling to dominate the world’s largest internet user base in a contest that highlights the need to clarify the use of variable interest entity structures | 騰訊、阿里巴巴和百度正在奮力爭取全球最大 的互聯網用戶群，這也突出了可變利益實體（VIE）結構用途明確化的需求

T

he three businesses, together with thousands of others, are spending billions of dollars on M&A, making it imperative the nation set a regulatory standard to achieve consistent merger control and fair industry growth. VIEs, which involve complex arrangements with offshore entities, are often used to bypass China’s ban on foreign ownership in sectors reserved for domestic growth, such as TMT. “The critical issue is that the validity of the VIE structure is uncertain, maybe even challengeable,” said Johnny Zhao of Taylor Wessing.

VIE 101 The structure has been widely used since China’s first-generation internet portals conducted IPOs overseas in 2000, a time when there wasn’t much of a domestic market for high tech and telecom companies.

VIEs allowed them to secure foreign venture capital and private equity financing en route to the IPOs. The structures are seen as a creative compromise to the 50% restriction on foreign direct investment and have drawn credit for China’s internet boom. Other industries have benefited from the workaround as well, with hundreds of private education, media and retail companies using it to tap international capital markets.

The VIE structure involves overseas investors and PRC founders forming an offshore entity that controls an onshore wholly foreignowned enterprise (WFOE) or foreign-invested enterprise (FIE) in China. The WFOE or FIE controls the management and ownership of a domestic-licensed company which operates

in foreign-restricted sectors through service agreements rather than ownership of shares.

But its complexity has spurred calls for clarity. Unregulated, the VIE structure possesses inherent defects that need to be addressed as internet companies increase in size and activity.

Regulatory reluctance “Until now, no government authorities in China have ever said anything about the VIE structure, especially the Ministry of Commerce (MOFCOM),”’ said Jeffrey Ding of Fangda Partners. “Even its antitrust bureau does not want to say anything about it. The current practice surrounding the structure is open to interpretation and nobody wants to get involved, but there is some discretion now that the antitrust bureau may change its stance.”

Direction from “the State Council

will then lead MOFCOM and the MIIT to draw up the groundwork for regulating VIEs | 到目前為止，沒有一個中國

政府部門，甚至是商務部， 對 VIE 機構有所表示，甚至 連反壟斷局也沒想對此進行表 態

”

Philip Qu, TransAsia Lawyers 權亞律師事務所 瞿哲

Although not explicitly expressed in regulations, the structure is of clear concern to MOFCOM authorities. Taylor Wessing’s Zhao told China Law & Practice that MOFCOM is not in a position to review VIEs, but an item in the merger filing form requires a party to confirm that that transaction complies with industry policy.

This creates ambiguity and has placed MOFCOM in an awkward position. Though it can indirectly acknowledge and accept the VIE structure during its review process, it cannot assert firm judgments on behalf of all authorities, such as the telecom watchdog Ministry of Industry and Information Technology (MIIT) and the China Securities Regulatory Commission (CSRC).

“The VIE structure is neither legal nor illegal,” said Zhaofeng Zhou, also a Taylor Wessing partner. The longstanding controversy over the structure has led to criticism of the limited powers of MOFCOM’s antitrust bureau, but Zhou said that “it just doesn’t want to be seen as approving these VIE deals when the structure hasn’t even been clearly defined in the first place.”

Competition heightens urgency The lack of guidance and specific interpretation have taught businesses to structure deals in ways less sensitive to an antitrust review, which some argue has helped leading internet companies develop near monopoly status. Domestic competition has led many players to turn overseas for investment opportunities and partnerships.

Such concerns have added to the pressure for regulatory transparency and direction.

“Giving importance to the VIE structure

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definitely goes up to the State Council level,” said Philip Qu of TransAsia Lawyers. “Direction from the State Council will then lead MOFCOM and the MIIT to draw up the groundwork for regulating VIEs,” he said.

The two government bodies are responsible for foreign investment policy in the telecom industry. The CSRC’s definition of the operating structure from an equity perspective will also contribute to the overall framework.

A temporary solution Qu noted that the director general of MOFCOM’s antitrust bureau, Shang Ming, might have changed position. He believes that the authorities are seeking an interim solution in which they will set aside the technical VIE component and instead focus on the substance of the business concentration entity.

But until the government gives the go-ahead for the relevant authorities to reach a consensus, enforcement remains an issue and

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the lack of regulation will continue to work in favour of the expansion of VIEs. Regulating competition becomes increasingly difficult as the big players, seeking to expand, actually provide opportunities for niche-market newcomers. Many start-ups benefit from venture capital deals, which encourage new products and ideas. At the same time, this allows the big to get bigger. Disputes are becoming more aggressive and frequent in the struggle for dominance. Interpretation and discussion of these cases will help the competition system in China to evolve.

“The new government still respects technological innovation and gives a lot of respect to the new industry and economic growth drivers,” said Qu. “Hopefully with the way it manages the monopolies it can still encourage innovation. This is most important.”

這

三家企業以及其他數千家企業正 花費數以十億至百億美元計的金 額進行並購，使得中國迫切需要設置監

管標準以實現一致的並購控制和公平的 行業發展。VIE 涉及與境外實體的複雜 安排，經常用來規避中國針對為境內發 展而保留的行業（例如 TMT）中的外資 所有權的禁令。 泰樂信律師事務所的趙泳律師認 為：“關鍵的問題是，VIE 結構的有效性 並不明確，甚至可能是充滿挑戰的。” VIE 101 自 2000 年中國第一代互聯網門戶網站首 次在海外進行公開募股起，該結構就一 直廣為使用。當時，高科技公司和電信 公司在國內並沒有太多市場。VIE 可讓 他們在首次公開募股過程中保障國外風 險投資和私募股權融資。 這些結構被視為對外國直接投資的 50% 限制的創造性折衷辦法，為中國互 聯網的蓬勃發展贏來了認可。其他行業 也從這種解決方法中受益，有數百家民 辦教育機構、媒體和零售公司利用這種 方法初探國際資本市場。 VIE 結構包括海外投資者和國內創始

知識產權和電信、傳媒及科技 INDIA

新聞分析

人，形成了控制中國境內外商獨資企業 或外商投資企業的境外實體。外商獨資 企業或外商投資企業通過服務協議（而 不是股份所有權）控制在有外商限制的 行業中經營的境內許可公司的管理和所 有權。 但它的複雜性促使企業呼籲明確化。 由於不受管制，VIE 結構有着需要隨着 互聯網公司規模和活動的增加而必須解 決的先天缺陷。 監管的不情願 方達律師事務所的丁繼棟律師說：“到 目前為止，沒有一個中國政府部門，甚 至是商務部，對 VIE 機構有所表示， 甚至連反壟斷局也沒想對此進行表態。 目前圍繞該結構的做法就是隨意詮釋， 沒有人願意捲入其中。不過現在，有些 人判斷反壟斷局可能會改變自己的立 場。” 雖然沒有在規章制度中明確表示， 但商務部顯然是在關注該結構。泰樂信 律師事務所的趙律師在接受《中國法律 商務》採訪時說，商務部並不是要審查 VIE，但並購申請表單中有一項需要一方 去確認該交易符合行業政策。 這就產生了模糊性，並使得商務部置 身尷尬的境地。雖然它可以在審查過程 中間接承認並接受 VIE 結構，但它不能 代表所有政府機關（例如監管電信的工 業和信息化部和中國證券監督管理委員 會）做出堅實的決定。 另一位泰樂信律師事務所合伙人周照 峰稱：“VIE 結構既不能說合法，也不 能說違法。”圍繞該結構的長期爭論最 終導致商務部的反壟斷局被指責權力有 限，但周律師認為：“在 VIE 結構一開 始就沒有明確定義的情況下，反壟斷局 只是不想被視為批准這些 VIE 交易。” 競爭導致更加迫切 由於缺少指導和具體解釋，因此企業在 構建交易時往往減低引起反壟斷審查的 可能，因此有人認為這幫助頂尖的互聯 網公司發展到近乎壟斷的地位。國內的 競爭導致許多投資者去尋求海外的投資 機遇和合作伙伴關係。這些擔憂進一步 為監管透明度和方向施加了壓力。 權亞律師事務所的瞿哲律師認為: “如果要對 VIE 機構給予重視，肯定要 上升到國務院層面。然後國務院的指示

Leading Intellectual Property & TMT Lawyers Intellectual Property

Tina Tai, China Patent Agent (HK)

Andy An, An Tian Zhang & Partners

Tao Xinliang, Dacheng Law Offices

Brandy Baker, Kangxin Partners*

David Tian, An Tian Zhang & Partners

Spring Chang, Chang Tsi & Partners

Isabelle Wan, TransAsia Lawyers

David Chen, AllBright Law Offices

Jenny Wang, China Patent Agent (HK)

Chen Hui, CCPIT Patent and Trademark Law Office

Wang Huimin, China Science Patent & Trademark Agent

James Chen, Kangxin Partners

Wang Wenshen, China Science Patent & Trademark Agent

Chen Jihong, Zhong Lun Law Firm

Zoe Wang, Jun He

Chen Xuemin, Zhongzi Law Office

Wang Rui, King & Wood Mallesons

Du Jinzhu, Lawjay Partners

Wang Yadong, Run Ming Law Office

Bai Gang, Wan Hui Da

Wu Lili, CCPIT Patent and Trademark Law Office

Gordon Gao, Fangda Partners

Wu Yuhe, China Patent Agent (HK)

Huang Jianguo, Watson & Band

Gary Wu, Kangxin Partners

Huang Gesheng, Zhongzi Law Office

Gloria Wu, Kangxin Partners

Aaron Hurvitz, Kangxin Partners

Lina Xie, China Sinda Intellectual Property

David Lee, Chang Tsi & Partners

Xiong Lei, China Science Patent & Trademark Agent

Li Yong, China Patent Agent (HK)

Hao Yan, Hylands Law Firm

Celia Li, Kangxin Partners

Yang Guisheng, Dacheng Law Offices

Yong Li, King & Wood Mallesons

Samson Yu, Kangxin Partners

Li Min, Run Ming Law Office

Zhang Baoguo, Boss & Young

Lian Yunze, Hylands Law Firm

Zhang Tian’an, CCPIT Patent and Trademark Law Office

Lin Bonan, Zhongzi Law Office

Gary Zhang, China Sinda Intellectual Property

Liu Jinshan, Boss & Young

Jerry Zhang, Lawjay Partners

Liu Yu, China Science Patent & Trademark Agent

Hongyi Zhang, LexField Law Offices

Long Chuanhong, CCPIT Patent and Trademark Law Office

Zhou Zhongqi, CCPIT Patent and Trademark Law Office

Lu Jinhua, China Sinda Intellectual Property

Zhou Yangling, Kangxin Partners

James Luo, Lawjay Partners Ma Hao, CCPIT Patent and Trademark Law Office

TMT

Ma Xiaogang, Hylands Law Firm

Chen Jihong, Zhong Lun Law Firm

Michelle Ma, Liu, Shen & Associates

Li Min, Run Ming Law Office

Mei Gaoqiang, Watson & Band

Philip Qu, TransAsia Lawyers

Meng Qinfa, CCPIT Patent and Trademark Law Office Qin Wen, Run Ming Law Office

Source: Asialaw Leading Lawyers 2014 * Rising Star

Maarten Roos, R&P China Lawyers

將會讓商務部和工信部制定出 VIE 規範 的基礎。”這兩個政府機構負責電信行 業的外商投資政策。證監會從股本角度 對經營結構的定義也會對整體框架有所 幫助。 臨時解決方案 瞿律師認為，商務部反壟斷局局長尚明 可能已經改變立場。他認為，各部委正 在尋找一個臨時的解決方案，用來拋開 VIE 的技術組成部分，轉而關注經營者 集中的實體的本質。 不過，在政府批准相關當局達成共識 之前，執行仍然會是一個問題，並且監

管的缺乏將繼續有利於 VIE 的擴展。 規範競爭變得更加困難，因為謀求擴 展的大型企業實際上為利基市場的後來 者提供了機會。許多初創公司從鼓勵新 產品和新理念的風險投資交易中受益。 與此同時，這也使得大型企業規模更加 龐大。在爭奪主導地位的激戰中，糾紛 更加激烈、頻繁。解釋並探討這些情況 將會有助於中國競爭機制的發展。 瞿律師說：“新一屆政府仍然重視 技術創新，並且非常看重新的行業和經 濟增長推動力。希望政府管理壟斷企業 的方式依然能夠鼓勵創新。這是最重要 的。”

中國法律商務2014年回顧

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Intellectual Property & TMT

News analysis

Gang BAI

Spring CHANG WAN HUI DA Law Firm & Intellectual Property Agency Yiyuan Office Building, Friendship Hotel No.1 Zhongguancun Street South, Haidian District Beijing, China 100873 Tel: (+86 10) 6892 1000 Fax: (+86 10) 6894 8030 Email: baigang@wanhuida.com Web: www.wanhuida.com

Mr Gang Bai is the founding partner of WAN HUI DA. Mr Bai has started practicing law since 1992 and has wide-ranging experience in prosecuting, enforcing and litigating intricate intellectual property matters encompassing almost all the spectrum of the field involving trademark, patent, copyright and domain name. He advises a great variety of multinational companies and represents for the clients on a frequent basis in quite a few high profile cases of widespread media attention, in which he has helped defending their most important interests and intellectual property rights in China.

In 2005, Mr Bai was nominated by the State Intellectual Property Strategy Working Conference as an expert to provide professional counsel on the drafting and compilation of the “China National Intellectual Property Strategy”, which was released in June 2008.

Since then, Mr Bai has been vigorously engaged in and playing an advisory role in the legislative progress of Chinese IPR laws and regulations. He was invited to provide professional advice on the third amendment to China’s “Trademark Law”, the second revision of the “Rules for the Implementation of the Customs Regulations on the Protection of Intellectual Property Rights” as well as the drafting of the “Judicial Interpretations of the Supreme People’s Court on Several Issues Concerning the Application of Law to the Trial of Cases of Civil Disputes over the Protection of Famous Trademarks”.

Mr Bai became an elected member of the Enforcement China Committee of the International Trademark Association (INTA) in 2005. From then on, he has been deeply involved with the association, frequently lecturing on a variety of major issues of the industry as well as hosting professional workshops.

Mr Bai is a prolific writer. He has been co-editing “China Trademark Report” since 2003 and has authored a dozen of treatises published by prestigious IP media. He is a sought-after speaker at domestic and international conferences and seminars.

Mr Bai has been rated “leading Individual“ in the practice of intellectual property by: • authoritative legal commentary magazine “Asia Pacific Legal 500” (2010 2014) • renowned publisher of the leading directories of the legal profession Chambers & Partners (2009, 2011 - 2013).

Mr Bai has also been included in Managing Intellectual Property’s 2014 List of IP STARS (a total of 31 Stars) in China.

Chang Tsi & Partners 7th-8th Floor Tower A, Hundred Island Park Bei Zhan Bei Jie Street, Xi’cheng District Beijing, 100044 Tel: (+86 10) 8836 9999 Fax: (+86 10) 8836 9996 Email: spring@changtsi.com Web: www.changtsi.com Ms Spring Chang is a founder and partner of Chang Tsi & Partners. Ms Chang focuses on all aspects of intellectual property rights, including applications and protection of trademarks, patents, copyrights, and domain names.

Professional Experience Ms Chang has earned an international reputation for creativity and efficiency during her more than two decades of experience as an attorney assisting clients from around the world in China, as well as Chinese clients abroad.

Ms Chang is skilled in developing and implementing comprehensive and effective intellectual property strategies. She has handled significant civil, administrative and criminal lawsuits and is routinely sought for her expertise in managing challenging investigations and administrative enforcement matters. She has advised and represented leading multinational corporations from various sectors in both contentious and non-contentious matters.

Clients include major electronics, consumer products, pharmaceutical, apparel, and jewelry companies.

Her successful representation of Air China was recognized as one of the “Ten Most Influential Trademark Events of 2009-2010” at the 2011 China Annual Trademark Meeting, and her 2011 victory for Best Buy before the Supreme People’s Court allowed for registration of its house mark in China.

Ms Chang is highly skilled in administrative review of official refusal and review of opposition proceedings before the Trademark Review and Adjudication Board. She also has a strong record in administrative litigation, with significant victories before the Beijing High Court for an outdoor clothing manufacturer in 2012 and a leading zipper company in 2013.

Prior to founding Chang Tsi & Partners, Ms Chang was a visiting attorney at Fross Zelnick Lehrman & Zissu in the United States and an attorney for the patent and trademark firm of the China Council for the Promotion of International Trade, and served as counsel at the General Office of the State Planning Committee in Beijing.

Awards Ms Chang is regularly ranked in the top tier of IP attorneys in China. For years, she has been rated as a Top International Trademark Attorney by Who’s Who Legal. She has also been listed in the guide to the Leading Trademark Law Practitioners by Managing IP, and many times recognised as one of the most highly acclaimed IP experts in the Asia-Pacific region by Asia Law & Practice.

Spring Chang was named one of the “50 litigators You Should Know”. Ms Chang was named as a “Leading Lawyer” by Asialaw and China Law & Practice. She is also awarded as one of the “IP stars” by Managing IP. In 2014, she was ranked in band one by Chambers & Partners for IP prosecution in China.

Education LL.M., China University of Political Science and Law L.L.B., Liaoning University Professional Associations Intellectual Property Committee of the Beijing Lawyers Association, Member of the MARQUES Famous and Well Known Marks Team. INTA and AIPPI.

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新聞分析

Jihong chen (陳際紅) Zhong Lun Law Firm 36-37/F, SK Tower 6A Jianguomenwai Avenue Beijing 100022, People’s Republic of China Tel: (+86 10) 5957 2288 Fax: (+86 10) 6568 1022/1838 Email: chenjihong@zhonglun.com Web: www.zhonglun.com Mr Chen is a partner of Zhong Lun Law Firm. His practice areas include intellectual property enforcement, intellectual property licensing, IP portfolio management, IP due diligence, patent/trademark prosecution, privacy law, IT/High-tech related legal matters, domain name dispute resolution and Internet and Telecoms law.

Mr Chen is now the co-Chair and Secretary General of IT/High-Tech Committee under All China Lawyers Association, selected IP Expert of China National IP Expert Pool by SIPO, IP Expert to China National IPR Strategy Office and Chairman of Beijing Telecom Committee under Beijing Bar Association. Mr Chen has published dozens of professional IP articles and books in Chinese and international journals and newspapers. He gave lectures in international conferences each year. This made him an active IP practitioner in China. He served many MNCs and SOEs in high profile IP cases.

In 2005, Mr Chen was nominated one of the 10 Best IP/IT Practitioners in China by China Daily and China e-Commerce Association. In 2011, Mr Chen was selected as one of the 50 Best Chinese Lawyers by Corporate INTL magazines. In 2012, Mr Chen was elected one of the National IP Specialists

by SIPO, among which include 6 lawyers nationwide. In 2013, Mr Chen was awarded “Ten Best IP Lawyers” title by Beijing Bar Association.

中倫律師事務所 中國北京市建國門外大街甲6號SK大廈36-37層 郵編：100022 電話：(+86 21) 2208 6299 傳真：(+86 10) 6568 1022/1838 電郵：chenjihong@zhonglun.com 網址：www.zhonglun.com 陳際紅律師是中倫律師事務所知識產權業務合伙人。陳際紅律師的 技術和法律、國內和國外的多重教育背景，使得他在為客戶提供知 識產權法律服務中，更加游刃有余。他長期從事於知識產權與TMT 領域的法律事務，領域包括專利、商標、版權、不正當競爭及互聯 網和電信業務等。 陳際紅律師2005年入選國家知識產權戰略辦公室知識產權戰略專 家，2011年入選國家知識產權評選的國家知識產權專家。擔任全國 律師協會信息網絡與高新技術委員會副主任，北京市律師協會電信 法委員會主任。陳際紅律師為眾多的跨國和國內企業提供了知識產 權法律服務，並多次參與了與知識產權、電信有關法律法規的研討 與立法工作。陳際紅律師於2005年被法制日報及中國電子商務協會 聯合評為“2005IT法務人年度十佳”。並因其在知識產權領域的影 響，於 2011年入選英國Corporate INTL magazines評選的“中國最 佳50名律師”。2013年被北京市律師協會評選為“北京市十佳知識 產權律師”。

知識產權和電信、傳媒及科技 INDIA

frank Liu Chang Tsi & Partners 7th-8th Floor Tower A, Hundred Island Park Bei Zhan Bei Jie Street, Xi’cheng District Beijing, 100044 Tel: (+86 10) 8836 9999 Fax: (+86 10) 8836 9996 Email: frankliu@changtsi.com Web: www.changtsi.com Mr Frank Liu is a partner and head of the dispute resolution practice at the Beijing office of Chang Tsi & Partners. Mr Liu specialises in intellectual property, dispute resolution and general corporate law.

Professional Experience Mr Liu is skilled in successfully handling challenging litigation matters of all types. He has handled over a hundred civil lawsuits and is regularly praised for his “excellent trial skills.” Prior to entering private practice, Mr Liu spent five years working as an intermediate court judge in Gansu, China. Mr Liu is entrusted by many leading Chinese and international corporations to provide advice and counsel on their trademark, domain name, copyright, unfair competition and licensing matters. Although significant compensation for intellectual property infringement is challenging to obtain in China, Mr Liu has helped secure over US$1 Million compensation in both trademark and patent infringement cases. Mr Liu also has a strong reputation for arbitration and negotiation work. He regularly advises financial institutions and corporate clients on challenging contract disputes and their daily business operations.

During his distinguished career, Mr Liu has won a number of high profile cases. He represented a beverage company in bottle design utility model infringement litigation that successfully settled when the defendants agreed to provide US$1.5 million in compensation. He helped secure well-known recognition for Lenovo in administrative litigation against the Trademark Review and Adjudication Board (“TRAB”) while successfully opposing a trademark application filed by a manufacturer of eye glasses. Mr Liu acted as local counsel for JA Apparel to successfully secure a judgment by Chinese Court to confirm and enforce a US$1.7 million arbitration award. In an unfair competition case, he represented Best Buy against a Chinese Company that used Best Buy’s Chinese trademark as part of its trade name. The successful favorable judgment in the Best Buy case requiring the Chinese company to change its company name and to compensate for the client’s loss was listed as a top 10 typical case of Xiamen Intermediate People’s Court in 2011.

Representative commercial litigation handed by Mr Liu includes insurance, securities, debt actions, employment disputes, and land and construction matters. Mr Liu also advises clients on Foreign Direct Investment and relevant dispute resolution, mergers & acquisitions, pre-IPO restructuring, reorganization, and risk assessment, management, and prevention.

Awards Mr Liu has been nominated by Asialaw Leading Lawyers as a leading lawyer in the areas of Dispute Resolution in China in 2013 and 2014, his professional competence has also been recognised by Asia Pacific Legal 500, Chambers Asia Pacific, World Trademark Review and Global Law Experts.

Education L.L.B. Lanzhou University School of Law LL.M. Lanzhou University School of Law Completed graduate legal at University of London Professional Associations All China Lawyers Association (ACLA), International Trademark Association (INTA), China Britain Law Institute (“CBLI”).

中國法律商務2014年回顧

73

Intellectual property & TMT

Insights

Wield the right weapon Qiang Ma and Jessica Chumeng Xu of Jun He look at the outstanding cases of the last 12 months and explain the implications of the new Trademark Law’s developments on bad-faith filing and the opposition system

1. Can you give examples of common trademark and unfair competition cases in China last year?

Qiang Ma: In 2013, China’s courts heard many common or typical trademark and unfair competition cases. We would like to highlight three examples: 威极 (Wei Ji) trade name case, 金 眉 (Jin Jun Mei) generic name case and the PRADA unfair competition case.

(1). The soy sauce trademark and unfair competition battle The case: Foshan Hai Tian Flavouring & Food Company is the owner of the prior registered mark 威極 (Wei Ji) for soy sauce. Foshan Gaoming Weiji Company, which is located in the same city as Hai Tian, has the two characters 威极 (Wei Ji) in its trade name and prominently used the two characters on advertising boards and company labels.

Later the media disclosed that the Weiji Company produced soy sauce by illegally utilising industrial salt water, which severely harmed the reputation and sales volume of Wei Ji soy sauce produced by Hai Tian. Hai Tian brought a civil suit claiming trademark infringement and unfair competition. Guangdong Foshan Intermediate People’s Court ruled that Weiji Company immediately stop using the two characters 威極 (Wei Ji) in a prominent way, stop using the company name containing 威極 (Wei Ji) and indemnified Hai Tian Company for its economic loss and reasonable legal fees of Rmb6.55 million.

Comments: This is typical of trademark infringement and unfair competition cases that involve trade names. Recently, cases have emerged concerning the use of trade names that infringe others’ famous trademarks. There are also unfair competition issues that concern such infringements. The infringing trade names appear to be legitimate as they have been registered through the local Administration of Industry and Commerce, but in fact they can cause great damage to the trademark owners. In particular, the goodwill damage resulting from the quality problem of inferior products affects the real brand owners. In this case, the court ordered the defendant to stop using the infringing trade name, and in the meantime awarded Rmb6.55 million in damages. Such a high compensation amount clearly shows the court’s resolve to deal with passing-off of trade names. One takeaway from the case is that the local and overseas trademark owners should keep a close eye on the relevant market, spot infringing trade names at an early stage, and take legal action against these infringements in a timely way. This will help prevent the prior trademarks and the goodwill associated with them from being damaged by infringing trade names.

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The infringing trade names appear to be legitimate as they have been registered through the local Administration of Industry and Commerce, but in fact they can cause great damage to the trademark owners

探討

(2) A long-running dispute over a generic name for tea The case: In 2007, Fujian Wuyishan Zhengshan Tea Company applied for registration of the trademark 金 眉 (Jin Jun Mei) for tea. An opposition was lodged against the application by Wuyishan Tongmu Tea Company. Through examination, the China Trademark Office (CTMO) approved the registration of the opposed trademark.

Tongmu Tea Company was dissatisfied with the CTMO’s decision and filed a review with the Trademark Review and Adjudication Board (TRAB) on the grounds that 金 眉 (Jin Jun Mei) had become the generic name of the goods. In 2013, the TRAB decided that the trademark should be approved for registration. Tongmu Tea Company filed an administrative lawsuit against the TRAB’s decision before Beijing First Intermediate People’s Court, which dismissed Tongmu’s claims. In the second instance, the Beijing High People’s Court held that 金 眉 (Jin Jun Mei) had become the generic name of a specific kind of black tea. The High Court overturned the first instance judgment and asked the TRAB to reconsider the decision.

Comments: Regarding the issue of whether 金 眉 (Jin Jun Mei) is a trademark qualified for registration or a generic name that can be fairly used by competitors or the public, the parties involved had fought each other in the trademark opposition case for years. The High Court made the final judgment that the finding that the name was generic was subject to whether the mark in dispute had become the generic name at the time when the authorities examined the mark, even though the mark was distinctive at the time of filing. This case shows that the trademark owner should take every effective measure to prevent a trademark from becoming a generic name entering the public domain, even during the possible refusal or opposition proceedings.

(3) The PRADA unfair competition dispute The case: Without obtaining consent from the owner of the trademark PRADA, Shanxi Dong Fang Yuan Company used the word PRADA in the leasing activities of a real estate project. Prada brought a suit to the court on the ground of trademark infringement and unfair competition. Xi’an Intermediate People’s Court ruled that the defendant’s conduct of using PRADA was not trademark-sense use, thus there was no trademark infringement. But the court held that Dongfang’s advertisement stating that the PRADA brand would enter their department store was an intentional utilisation of the goodwill of Prada to make illicit profits, which violates Article 2 of the Anti-unfair Competition Law. Comments: In recent years, there have been more unfair activities misappropriating local and overseas well-known brands in the marketplace, such as direct trademark infringement, imitation of a special name and packaging of famous products and other activities violating Article 5 of the Anti-unfair Competition Law. In this case, the infringer took advantage of the goodwill of the world-famous brand PRADA and unfairly gained illicit profits. Invoking Article 2 of the Anti-unfair Competition Law, which requires market players to behave by fair means and in good faith, the court prevented the prior well-known trademark from being improperly utilised and harmed by others.

知識產權和電信、傳媒及科技

2. What lessons are there for brand owners in recent court judgments for trademark infringement and unfair competition cases?

QM: In recent years, with the increasing sophistication of intellectual property cases, the courts have rendered decisions on a series of landmark cases and the level of trials and judgments has also improved. In general, judgments of Chinese courts in intellectual property cases have the following main characteristics: Firstly, they attach more importance to issuing injunctions in order to protect prior rights and prevent unfair competition. In the false advertisement case between Guangzhou Pharmaceutical Group (GPG) and Jia Duo Bao Beverage (China) (JDB), GPG applied for an injunction in litigation against JDB’s use of certain terms in its advertisements, such as “Wang Lao Ji has changed its name into Jia Duo Bao”, and “the national best seller of ice tea in red cans has changed name into Jia Duo Bao”. After the hearing, the Guangzhou Intermediate Court issued an injunction order ruling that the defendant cease its use of such terms in its advertisements, in order to avoid any irreparable damage to the plaintiff ’s legal rights caused by the false advertisement. In the related area of copyright, the Second Intermediate People’s Court of Beijing also rendered a pre-trial act preservation order, prohibiting an auction company from displaying a copyrighted manuscript which would infringe the copyright of the famous authors Qian Zhongshu and Yang Jikang.

Xi’an Intermediate People’s Court ruled that the defendant’s conduct of using PRADA was not trademark-sense use, thus there was no trademark infringement Secondly, the level of damages is increasing as a way to protect prior rights. In the Wei Ji trade-name unfair competition case, the court ruled that the defendant cease its use of the infringing company name and at the same time pay compensation of Rmb6.55 million to the plaintiff. In another famous unfair competition case regarding 360 KouKou Safe Guard, the Supreme Court upheld the decision rendered by the lower court that Qi Hu Company should pay Rmb5 million to the plaintiff Tencent. In the trademark infringement case of Zong Heng Er Qian Company, Zhejiang High People’s Court decided that the defendant should pay more than Rmb10 million to the plaintiff. In the 2012 trademark infringement case between BMW Group and Shi Ji Bao Chi Company, when it had difficulty assessing the defendant’s unlawful profits and the plaintiff ’s actual loss, Beijing High People’s Court supported the plaintiff BMW Group’s full claim amount of Rmb2 million, which goes beyond the maximum statutory damage of Rmb500 thousand stipulated in the Chinese Trademark Law at that time. The above cases clearly prove

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Insights

the resolve of the Chinese courts to increase monetary compensation for obvious infringement, and use it as one of the effective means to protect IP rights from infringement.

Thirdly, protecting brand owners from bad-faith trademark registrations. Due to the rampant problem of trademark squatting, one of the key issues courts need to solve is how to avoid well-known trademarks being damaged by registrations made in bad faith. In the 圣象 (Sheng Xiang) trademark dispute case, Beijing High People’s Court decided that the registration for the 圣象及图(Sheng Xiang and Device) trademark on building materials such as gypsum conflicted with the prior well-known trademark Sheng Xiang designating floor boards and finally cancelled it. This is a typical case involving protection of well-known trademarks. In the Vero Moda trademark infringement case, Zhejiang High People’s Court correctly identified the fact that the plaintiff firstly registered a trademark on glasses in bad faith and then took malicious action against the real trademark owner for money. The Court then corrected the improper ruling by the first-instance court and dismissed the plaintiff ’s claims. This demonstrates the court’s judicial policy guidance on preventing freeriding on another’s reputation and maintaining the principle of good faith in justice.

3. Since the implementation of the new Trademark Law, has bad-faith filing been effectively suppressed?

Jessica Chumeng Xu: The long awaited PRC Trademark Law, amended for the third time, was finally implemented on May 1 2014.

At the last minute, the complementary Implementing Regulations for the PRC Trademark Law were issued on April 29 2014. At around this time, a series of regulations were additionally issued, including the Provisions for the Recognition and Protection of Well-known Trademarks by the State Administration for Industry and Commerce and the Rules for Trademark Review and Adjudication by the Trademark Review and Adjudication Board (TRAB). One of the issues most closely watched by the public and foreign rights holders is, without a doubt, whether bad-faith filing will be effectively suppressed after the implementation of the new Trademark Law. Bad-faith filing has been the unavoidable and ugly topic that has always accompanied China’s world leading application volume, cumulative registration volume and valid trademark registration volume. The new Trademark Law contains the following measures or provisions that specifically aim to crack down on bad-faith filings: Firstly, the express insertion of the principle of good faith into the law. In the past, a rights holder was to expressly cite Article 4 of the General Principles of the Civil Law: “Civil activities shall adhere to the principles of free will, fairness, compensation at equal value and good faith” in their grounds for opposition or dispute, or in a legal action before a court, with the intent of asserting that the pirate registrant was in breach of the principle of good faith and its filing was done in bad faith. But the examiner or judge would usually refuse to apply the principle of good faith in their ruling or judgment on the grounds that the General Principles of the Civil Law were a general

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Author biographies Qiang Ma Partner Dr. Ma is a partner of Jun He in Beijing. He has practised intellectual property law for over 15 years. In particular, he represents industrial clients on complicated trademark, unfair competition, copyright and related disputes. He is especially adept at handling trademark enforcement and litigation cases and also regularly advises clients on wellknown trademark recognition and protection, cross-border IP infringement, anti-counterfeiting as well as brand protection strategies.

Prior to joining Jun He in August 2011, Dr. Ma was a partner of Unitalen Attorneys at Law. Before that he worked in Xinhua News Agency as IP Counsel and CCPIT Patent & Trademark Law Office as a trademark lawyer.

Dr. Ma has successfully represented various internationally well-known companies in important IP cases. Many of his cases have been ranked as Top 10 IP protection cases, or chosen as landmark cases by the Supreme People’s Court and Beijing Higher People’s Court, as well as 10 Best Practices by the Quality Brand Protection Committee (QBPC). In the BMW v Shijibaoma case handled by Dr Ma in 2009, BMW, the BMW logo and BMW Chinese mark were all recognised as well known by the Hunan Higher People’s Court. This case has set a remarkable example for the protection of well-known foreign marks by Chinese courts.

Dr. Ma is often invited to give speeches in international meetings, including the annual meetings of International Trademark Association, Intellectual Property Owners Association, and New York Bar Association. The topics cover the development of Chinese Trademark Law and strategies against bad-faith filings. He is a member of INTA and AIPPI. Jessica Chumeng Xu Partner Jessica joined Jun He as a partner in July 2013. Previously, she worked at CCPIT Patent and Trademark Law Office from 1997 to 2013 and was the deputy director of the Trademark Division. Jessica has extensive experience in trademark litigation, prosecution and enforcement and has a good understanding of Chinese laws relating to trademark, copyright and anti-unfair competition.

Her areas of practice include litigation, counselling on trademarks, domain names, copyright and unfair competition matters, advising on trademark availability, securing and defending IP rights, filing opposition and invalidation proceedings, requesting recognition of well-known trademarks, negotiating for the acquisition of trademarks and licensing. She represents many internationally well-known brand owners in developing brand strategies and protecting trademark rights in China. Jessica’s clients hail from automotive, banks, hotel, apparel, luxury goods, technology, food and beverages, charity funds and organisations, retail and healthcare companies.

Jessica is adept at handling complicated trademark cases and has successfully assisted clients in obtaining recognition of well-known trademarks by the trademark authorities and the court, including BMW, BMW in Chinese, Jeep, Buick and Buick in Chinese. Some of the influential cases she handled were widely reported by a variety of media including CCTV. Jessica has been consecutively ranked Asia’s Leading Trademark Lawyer

by Chambers Asia Awards 2010, 2011, 2012 & 2013, and a leading trademark practitioner (tier 1) by World Trademark Review (WTR 1000) in 2011, 2012, 2013 & 2014.

探討

law whereas the Trademark Law was a special law, and the relevant provisions of the General Principles of the Civil Law were already specifically embodied in the Trademark Law. Now, although this provision is still deemed a statement of principles and a provision of a general nature, which may create difficulties when specific attempts are made to apply it, nevertheless, it cannot be denied that the insertion of the principle of good faith into the law remains one of the bright spots of the amended Trademark Law, hanging like a sword of Damocles above the heads of pirate registrants, and highlighting legislators’ resolution in cracking down on breaches of the principle of good faith. How this provision will be applied by the Trademark Office, TRAB and the courts, how much force it will have and how much discretion it will bestow on examiners and judges in specific cases remain to be seen.

One trademark agency in southern China once attempted to pirate the registration of Chrysler’s new vehicle brand Patriot Second, apart from an agency/representative relationship, the new Trademark Law also prohibits bad-faith filing in the presence of a contractual relationship, business dealings or other relationship, where one is well aware of the existence of another’s trademark. A remedy has been added in the second paragraph of Article 15 of the Trademark Law in answer to the difficulty in the past of applying Article 15 to prohibit registration. Years ago, I acted as counsel in an opposition case where the registration of a German company’s trademark was pirated through the sister-in-law of the legal representative of the Chinese agency. At the time, the German company cited the agency relationship of Article 15 of the old Trademark Law to prohibit the registration of the trademark that had been pirated, however, due to reasons such as the difficulty in securing evidence due to the complex relationship between the parties and the relationship between the natural persons not being a direct lineal relationship, it encountered serious difficulties. Ultimately, it prevailed because of the preponderance of the evidence in the entire case, however, if the case were being tried now, the German company could have avoided the large amount of tedious work required to collect the voluminous and complex evidence, and, provided that it could establish the relationship of the parties involved, it could have directly cited the second paragraph of Article 15 and prevailed in the case. The addition of this provision deals with the weakness of the old law in dealing with bad-faith filing, for example pirate registration where the perpetrator is well aware of the counterparty’s trademark as the result of an investment relationship, OEM processing relationship, general sale/purchase relationship. Unfortunately, the second paragraph of Article 15 does not possess the power of “prohibiting use” as does the first paragraph.

知識產權和電信、傳媒及科技

Thirdly, a trademark agency may not apply to register a trademark other than one for its agency services. Although the most recent version of the Trademark Law fails to set a higher threshold for entry by those that engage in trademark agency legal work, nevertheless, it at least expressly prohibits pirate registration by agencies. In the past, in many cases, I found that the other party, i.e. the respondent, was a member of my industry, a trademark agency. At times, respondents apply for several dozen or even hundreds of trademarks, and the goods and services involved have absolutely no connection with intellectual property law, e.g. for motor vehicles, clothing, pharmaceuticals and construction materials. One trademark agency in southern China once attempted to pirate the registration of Chrysler’s new vehicle brand Patriot, 自由客, used for such goods as SUVs, and we, on the grounds that the goods applied for exceeded the scope of business of the respondent and that the respondent had made a bad-faith filing as a party in the trademark agency industry, collected a large amount of evidence showing prior publicity for, and use of, the trademark 自由客 by Chrysler, including a large number of reports from the National Library, ultimately halting pirate registration by this agency.

From now on, applications by agencies other than for legal services in Class 45 of the Nice Classification will be refused directly by the Trademark Office at the application stage, and agencies will cease to test the law on this point. To a certain extent, this constraint may improve the view of the Chinese agency industry among its peers internationally.

Finally, punitive damages and the increase in statutory damages are worth noting. In bad-faith filing, in addition to the perpetrator hoping to make illegal gains by transferring the trademark at a high price, directly cooperating in infringement is something that is also often seen. Article 60 of the Trademark Law specifies that: “in the case where trademark infringement is committed at least two times within five years or another serious circumstance applies, heavier penalties shall be imposed”. Article 63 specifies that where the exclusive right to use a trademark is infringed in bad faith and the circumstances are serious, punitive damages of not less than the amount and not more than three times the amount may be imposed. Furthermore, when the measure of damages is difficult to determine, the new law increases the statutory measure of damages from the Rmb500,000 under the old law to Rmb3 million. Accordingly, from now on rights holders can act more proactively, halting bad-faith filing in procedures for the granting and confirmation of trademark rights, actively cracking down on actual infringement and doing their best in obtaining evidence in the hopes of securing the highest damages possible.

4. What effect has the restructuring of the opposition system under the new Trademark Law had and what have been the main challenges?

JX: Between the publication of the bill to amend the Trademark Law and its implementation, there was an eight-month preparation period, the longest preparation period in the history of amendments to the law. During that period, no issue was a greater focus of

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Insights

attention among foreign applicants than the restructuring of the opposition system. With a view to simplifying the trademark registration procedure, reduce the period for examination and enhance the handling efficiency of the administrative authorities, not only does the new Trademark Law clarify the examination periods for various types of cases, but also totally reframes the opposition system.

In the past, the parties to an opposition case enjoyed equal rights.

This meant that either party could petition TRAB for an opposition reexamination if they were dissatisfied with the opposition ruling.

In contrast, under the new law, only the respondent â&#x20AC;&#x201C; the applicant for the opposed trademark â&#x20AC;&#x201C; can apply for reexamination of a refusal

Although the period for examination of an opposition has been shortened to 12 months (extendable for up to six months), many are worried as to whether this will come at the cost of sacrificing substantive justice

to grant registration (i.e. the original opposition reexamination) with respect to a ruling denying registration of their trademark. As for the opponent, if their opposition is unsuccessful, they lose the opportunity to institute an opposition reexamination, but if they are dissatisfied with the opposition ruling, they may apply to TRAB for invalidation without being subject to the principle of double

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jeopardy. However, the opposed trademark automatically gains registration, which means that it can be transferred at a high price or being licensed to another. Theoretically, it is also possible that, because the exclusive right to use the trademark has been secured, an opponent who is the genuine holder of the rights in the trademark is prohibited from continuing to use it in China. Although the period for examination of an opposition has been shortened to 12 months (extendable for up to six months), many are worried as to whether this will come at the cost of sacrificing substantive justice.

The restructuring of the opposition system places higher professional requirements on legal practitioners engaging in the provision of trademark agency services. Selecting trademark lawyers with high professional qualifications, extensive experience and highlevel strategic thinking is a factor that parties need to duly consider.

This, to a great extent, often directly leads to a large difference in the success of cases. Closely monitoring the trademark gazette for a rights holder, promptly instituting an opposition to a trademark that was filed in bad faith, carrying out comprehensive background checks and on-the-spot checks of respondents, meticulously preparing and arranging evidence for their side and comprehensively and accurately writing up the legal grounds are services that a good trademark lawyer needs to tailor for their client. With the increasing improvement in the legal system and the increasing maturity of law breakers, who will triumph in the battle will depend both on the legal facts and on the accurate grasp of the legal provisions, thorough understanding of precedents in the industry, a full grasp of the clientâ&#x20AC;&#x2122;s own evidence, a high level of control over strategy and tactics and the approach to, and innovativeness with respect to, new evidence by the lawyer.

探討

知識產權和電信、傳媒及科技

武器要選用恰當 君合律師事務所的馬強律師和徐初萌律師探討了過去12個月的典型案例，並闡述 了新的《商標法》對惡意搶注和異議制度的影響

1. 去年中國有哪些典型商標和不正當競爭案件？ 馬強律師: 2013年中國法院審理了多起商標和不正當競爭典型案例，僅舉若干例 示：“威極”字號侵犯商標權及不正當競爭案、“金駿眉”通用名稱商標糾紛 行政保護案、“PRADA”標識不正當競爭糾紛案等。 (1)“威極”商標侵權和不正當競爭案 案例：佛山市海天公司是在“醬油”商品上註冊的“威極”在先商標的權利 人。在同一城市的佛山市高明威極公司將“威極”二字作為其企業字號使用， 並在廣告牌、企業廠牌上突出使用“威極”二字。後威極公司違法使用工業鹽 水生產醬油產品被媒體曝光，導致海天公司的市場聲譽和產品銷量受到嚴重影 響，海天公司以商標侵權和不正當競爭為由起訴至法院。廣東省佛山市中級人 民法院判決威極公司立即停止突出使用“威極”二字，停止使用帶有“威極” 字號的企業名稱並賠償海天公司經濟損失及合理費用共計655萬元。 點評：本案是典型的商號侵犯商標權和不正當競爭案件。近年來，因商號 使用侵犯他人在先知名商標並構成不正當競爭的案例層出不窮。由於侵權商號 具有通過地方工商部門合法登記註冊的表象，實際上對在先商標權人的危害極 大，特別其不良產品質量而產生的商譽損害會自然轉移到在先知名商標上。 在“威極”案中，法院一方面判決被告停止使用侵權商號，另一方面判賠655萬 元，此高額賠償清晰表明瞭法院打擊利用商號仿冒他人在先知名商標的鮮明態 度。本案的 示之一是，國內外商標權利人應加強國內市場監控，及早發現侵權 商號的存在，適時採取訴訟等法律手段制止侵權，避免因侵權商號突出使用而 產品質量低劣而造成在先商標商譽損害的情況。 (2)“金駿眉”通用名稱商標案 案情：2007年，福建武夷山正山茶葉公司在“茶葉”上申請註冊“金駿眉”商 標，武夷山市桐木茶葉公司提出異議申請，商標局經審查裁定被異議商標予以 核准註冊。桐木茶葉公司不服該裁定，向國家工商行政管理總局商標評審委員 會提出復審申請，主要理由為：“金駿眉”屬於商品的通用名稱。2013年，商標 評審委員會裁定被異議商標予以核准註冊。桐木茶葉公司不服提起行政訴訟。 北京市第一中級人民法院判決駁回桐木茶葉公司的訴訟請求。北京市高級人民 法院二審認為，“金駿眉”成為特定種類的紅茶商品約定俗成的通用名稱，判 決撤銷一審判決，要求商標評審委員會重新作出裁定。 點評：圍繞“金駿眉”茶葉究竟是商標應獲核准註冊還是通用名稱應為同業 者及公眾合理使用的問題，相關主體進行了長達數年的商標異議戰。北京市高

由於侵權商號具有通過 地方工商部門合法登記 註冊的表象，實際上對 在先商標權人的危害極 大

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院最終判決，對“通用名稱”的認定應以核准註冊時訴爭商 標是否已成為通用名稱的時間點來判定，儘管申請時標識具 有顯著性可以註冊。此案表明對於商標事實狀態的認定應以 進行審查裁決時為準。權利人應採取有效措施防範商標通用 化而進入公有領域，否則即應承擔此一後果。 (3)“PRADA”不正當競爭案 案情：陝西東方源公司未經PRADA商標所有人普拉達公司許 可，在其房產項目和推銷項目招租活動中使用了“PRADA” 字樣，普拉達公司以商標侵權和不正當競爭為由訴至法 院。西安中院經審理認定被告使用“ PRADA ”的行為不屬 於商標使用，不構成商標侵權；但認定被告在廣告語中描 述“PRADA”品牌即將進駐其商場的事實屬於故意利用普拉 達公司商譽，不正當獲取了利益，違反了反不正當競爭法第 二條等規定。 點評：近年來，對國內外馳名商標的不正當攀附行為日益 突出，有直接的商標侵權，有模仿知名商品特有名稱、包裝 等違反《反不正當競爭法》第五條規定的情況。本案中，侵 權人借用世界頂級品牌的聲譽抬高自己，不公平地獲得了相 較同業者的競爭優勢，謀取了不正當利益。法院通過在本案 中適用反不正當競爭法第二條這一原則性規定，保護了在先 馳名商標免受他人不當利用聲譽造成的損害。 2. 法院在審理商標侵權和不正當競爭案例方面有哪些值得關 注之處？ 馬強律師: 近年來，各地法院審理知識產權的水平逐年提高， 出現了一批典型案例，法院也體現了較高的審判水準。整體來 看，中國法院在審理知識產權案件方面，體現出了如下特點： 第一，重視採取訴前或訴中禁令或行為保全的方式保護 在先權利並制止不正當競爭。在廣藥集團訴加多寶虛假宣傳 案中，廣藥針對加多寶公司廣告詞“王老吉改名為加多寶” 、“全國銷量領先的紅罐涼茶改名為加多寶”等申請訴中禁 令，廣州中院則在組織聽證後下達訴中禁令，裁定被告立即 停止使用相關廣告詞，以避免正在實施的虛假宣傳行為對本 案原告的合法權益造成難以彌補的損害。在關聯的版權領 域，北京市第二中級人民法院亦做出訴前行為保全裁定書， 制止某拍賣公司展示著作權手稿侵害錢鐘書、楊季康等著作 權的行為。 第二，加大賠償力度，保護在先權利。在“威極”不正當 競爭案中，法院判決被告佛山高明威極公司在停止使用侵權 企業名稱的同時賠償655萬；在“360扣扣保鏢”不正當競爭案 中，最高法院支持了原審法院奇虎公司賠償500萬元的判決； 在縱橫二千公司商標侵權案中，浙江高院判令被告向原告支

西安中院經審理認定被告使 用“PRADA”的行為不屬於商標使 用，不構成商標侵權

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作者簡歷 馬強 合伙人 馬強律師是君合律師事務所合伙人，在君合北 京總部執業。馬律師已在知識產權法律領域工 作十五年以上，尤其擅長向客戶提供商標、反 不正當競爭、版權和相關領域疑難案件服務。 他尤其擅長處理商標權實施和訴訟案例，長 期代表客戶處理馳名商標認定和保護、跨境 知識產權侵權、反假冒和品牌保護戰略等法 律事務。 馬強律師取得北京大學法學碩士和中國人民 大學法學博士學位。加入君合前，馬強律師是北京市集佳律師事 務所合伙人。之前先後在新華通訊社、中國國際貿易促進委員會 專利商標事務所從事知識產權法務和商標律師工作，已具有15年 以上知識產權法律工作經驗。 馬強律師成功代理多家國際知名公司維護商標等知識產權權益， 其代理訴訟案件曾多次被最高人民法院、北京市高級人民法院評 定為全國或北京十大知識產權案件，或被最高人民法院遴選為典 型案件，亦多次被優質品牌保護協會認定年度十佳案例。 馬強律 師在2009年代理了寶馬公司訴世紀寶馬公司商標侵權和不正當競 爭案，湖南省高級人民法院經審理在該案中同時認定寶馬公司的 BMW、BMW圖形和寶馬中文三核心商標為馳名商標，開創了中國 法院保護外國馳名商標的先例。 馬強律師經常應邀在國際會議上發表演說，包括多次應邀在知 識產權所有人協會（IPO）年會、國際商標協會（INTA）年會、 紐約律師協會專題會議上就中國商標法律制度的發展、惡意搶注 等問題做專題演說。馬強律師多次發表知識產權專業文章，並執 行主編《中國知識產權保護實務指南》一書，主譯 《商標法－實證性分析》一書。馬強律師是國際商標協會和保護 知識產權協會會員。 徐初萌 合伙人 徐初萌律師於2013年加入君合律師事務 所。1997年至2013年間，徐初萌律師在中國 國際貿易促進委員會專利商標事務所工作並擔 任商標處副處長職務。徐初萌律師在商標申 請、確權、維權和訴訟領域積累了豐富的專業 知識和實踐經驗並辦理了大量各類商標案件。 她熟悉中國的商標、版權、反不正當競爭等知 識產權法律理論與實踐，執業領域包括與商 標、版權和不正當競爭有關的法律業務，在商 標權的取得和維護方面提供綜合性意見，辦理商標申請、許可、 續展、轉讓、變更等，以及商標異議、爭議、復審等各類商標權 屬糾紛案件，並成功在各級法院包括最高法院辦理了許多商標訴 訟案件，具有豐富的訴訟經驗。為許多知名跨國公司提供全方位 的知識產權保護建議和戰略。所服務的客戶涉及汽車、飯店、服 裝、奢侈品、科技、食品與飲料、慈善基金和慈善機構，零售和 藥品等領域。 徐初萌律師擅長疑難複雜的商標案件的辦理，曾經在商標 評審委員會和法院多次為客戶獲得馳名商標的認定，包括寶 馬、BMW、Jeep、BUICK、別克等等，有些具有重大影響的案件 被中央電視台等多家媒體廣泛報道。 徐初萌律師是多篇學術文章的作者並多次在國際會議上演講。 徐初萌律師在2010年、2011年、2012年和2013年“錢伯斯 亞洲法律大獎”(Chambers) 中連續多年被評選為亞洲領先的商 標律師，在2011年、2012年、2013年和2014年“全球商標評 論”(World Trademark Review) 雜誌評選的全球1000名領先的商 標律師 (WTR 1000) 中，連續多年被評選為中國第一級別的商標 律師。

探討

付賠償金1000余萬元；在2012年的寶馬訴世紀寶馳案中，北京 高院亦在難以確定被告非法獲利和原告實際損失的情況下全 額支持了寶馬公司的二百萬元訴訟請求，突破了當時商標法 中法定最高50萬元賠償的門檻。上述案例表明中國法院在判決 賠償方面也越來越敢於突破，加大對明顯侵權行為的金錢賠償 力度，以此作為保護在先權利免受侵害的有效手段之一。 第三，保護在先權利免受惡意搶注的侵擾。隨 “惡意搶 注”的盛行，保護在先馳名商標避免惡意註冊的損害成為法 院需要 力解決的問題。在“聖象”商標行政糾紛案中，北京 高院終局認定在石膏等建築材料上申請註冊的“聖象及圖” 商標構成對地板上註冊的在先馳名商標“聖象”的侵害，實 際上確認了在關聯商品上搶注他人馳名商標的違法性，有效 制止了“傍名牌”和“搭便車”的行為。在“VERO MODA” 商標侵權案中，浙江高院正確識別了原告在關聯的“眼鏡” 商品上搶注在先、惡意訴訟在後的事實，糾正了一審判決而 駁回了原告的不當訴訟，表明瞭法院遏制攀附商譽、維護誠 實信用原則的司法導向。 3. 新《商標法》實施後，惡意搶注是否能夠得到有效的遏制? 徐初萌律師: 千呼萬喚始出來的第三次修訂的《商標法》終於 在2014年5月1日施行，而與之配套的《商標法實施條例》則 在最後關頭2014年4月29日發佈。在這前後相繼向社會發佈的 還有國家工商總局《馳名商標認定和保護規定》和商標評審 委員會的《商標評審規則》等等系列法規。為社會公眾和外 國權利人所最為關注的問題之一，無疑是新《商標法》實施 後，究竟惡意搶注是否能夠得到有效的遏制。 惡意搶注，即所謂的“bad-faith filing”，是始終伴隨 中 國世界第一的申請量、累計註冊量、有效商標註冊量的一個 躲不開的尷尬話題，在新《商標法》中，有以下幾種新措施 或者條款是專門針對打擊惡意搶注的： 首先，“誠實信用”原則明確入法。在過去，即便權利 人在異議或者爭議理由以及法院訴訟中，明確援引《民法通 則》“第四條的：民事活動應當遵循自願、公平、等價有 償、誠實信用的原則”而意圖主張搶注人違反了誠實信用原 則，搶注行為出於惡意，審查員或者法官在裁定以及判決中 往往都會以“《民法通則》是普通法，而《商標法》是特別 法，《民法通則》的相關規定已經具體體現在《商標法》 中”為由，而拒絕適用“誠實信用”原則。此次，雖然這一 條款仍被認為是原則性條款、兜底性條款，因而被預計在具 體適用中會碰到操作難題，但是不能否認，“誠實信用”原 則入法，仍是《商標法》修正案的亮點之一，像懸掛在搶注 人頭上的達摩克利斯之劍一樣，彰顯了立法者打擊違反誠信 原則的決心。該條款在商標局和商評委以及法院如何適用， 究竟能有多大的力度，賦予了審查員和法官個案中多大的自 由裁量權，還需拭目以待。 其次，禁止因代理/代表關係以外的合同、業務往來關係或 者“其他關係”而明知他人商標的存在而惡意搶注的。在《商 標法》第15條第2款，增加了過去很難適用第15條而禁止註冊 的救濟手段。筆者曾經多年前代理過一個通過中國代理商的 法定代表人的嫂子，而搶注德國公司商標的異議案件。當時在 該案中，德國公司引舊《商標法》15條的代理關係而禁止被搶

知識產權和電信、傳媒及科技

注商標的註冊，但是由於當事人關係複雜，自然人非直系親屬 關係的取證受限等原因，遇到重重困難。該案最後因為全案證 據充分有力而成功，但是如果在今天，就可以免除德國公司 大量的收集龐雜證據的繁瑣工作，在能夠證明當事人關係的前 提下，直接引用15條第2款而贏得案件了。此條款的增加，彌 補了舊法下制止惡意搶注的不足，如因投資關係、定牌加工關 係、一般買賣關係等而知曉對方商標的搶注行為。不徹底的 是，15條第2款沒有如第1款“禁止使用”的力度。 此外，商標代理機構除對其代理服務申請商標註冊外，不 得申請註冊其他商標。《商標法》的此次修訂雖然沒能夠為 從事商標代理法律工作的群體設置較高的准入門檻，但是畢 竟明文規定，禁止代理機構的搶注行為。過去，我曾經在多 個案件中遇到對方當事人，即被異議人就是我的同行，是商 標代理組織。被異議人有時申請幾十件上百件甚至數百件商 標，所涉及的商品和服務完全與知識產權法無關，比如在汽 車、服裝、 藥品、建材等等上。一家南方的商標代理機構就 曾試圖搶注美國克萊斯勒公司用在SUV等商品上的新車品牌 “自由客”，我方以該申請商品超出被異議人經營範圍，被 異議人作為商標代理業內人士惡意搶注為由，收集了大量克 萊斯勒公司“自由客”商標在先宣傳和使用的證據，包括國 圖的大量報道等等，最終制止了這家代理機構的搶注行為。 今後，在申請環節，代理機構在尼斯分類表第45類“法律服 務”之外的“跨界”申請就會被商標局直接不予受理，各代 理機構也不再會在這一點上以身試法。從某種程度上，這個 約數可以改善國際上同行對中國代理行業的看法。

雖然異議的審查期限縮短至12個月 （可延期6個月），但是有很多人擔心 這是否會需要以犧牲實體正義為代價 最後，懲罰性賠償及法定賠償額的提升。商標的惡意搶注 行為，除了希望高價轉讓獲取非法利益之外，直接配合侵權 使用也是常見的情形。新《商標法》第60條規定，對五年內 實施兩次以上商標侵權行為或者有其他嚴重情節的，從重處 罰。第63條規定，對惡意侵犯商標專用權，情節嚴重的，可 以處以一倍以上三倍以下的懲罰性賠償。而當賠償數額難以 確定時，新法將法定賠償額的上限從舊法的50萬提高至300萬 元。因此，權利人今後可以更加積極的採取行動，既在授權 確權程序中制止惡意搶注，也積極打擊實際侵權行為，並盡 量做好舉證工作，以期得到最大限度的賠償額。 4. 新《商標法》下，異議制度的重構帶來的了什麼影響和挑戰? 徐初萌律師: 新《商標法》修正案公佈後至新法施行前，有長 達8個月的準備期，是歷次修法中準備期最長的。在此期間， 備受國外申請人關注的焦點，莫過於異議制度的重構。為了簡 化商標註冊流程，縮短審查時限，提高行政機關辦事效率，新 《商標法》不僅僅明確了各種案件的審查時限，還根本性的重

中國法律商務2014年回顧

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Intellectual property & TMT

Insights

新架構了異議制度。過去，異議案件的雙方當事人享有同等 的權利，即任何一方對異議裁定不服，均可向商標評審委員會 提出異議復審。而新法下，只有被異議人，即被異議商標的申 請人，對不予核准其商標註冊的裁定，可以申請不予註冊復審 （即原來的異議復審），而異議人如果異議不成功，則喪失了 提起異議復審的機會，異議人不服異議裁定，可以向商評委提 起無效宣告申請，並不受一事不再理原則的限制。但被異議商 標直接獲准註冊，該商標可以獲得高價轉讓或者許可他人使用 的機會。理論上亦有可能因為獲得了商標專用權，而禁止作為 真正的權利人的異議人在中國繼續使用該商標。雖然異議的審 查期限縮短至12個月（可延期6個月），但是有很多人擔心這 是否會需要以犧牲實體正義為代價。

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China Law & Practice Annual Review 2014

異議制度的重構，對從事商標代理服務的法律人，提出了 更高的專業要求。選擇專業素質高、經驗豐富、有戰略高度 的商標律師，則是當事人需要慎重考慮的因素，這往往很大 程度上直接導致案件的成功性的巨大差異。為權利人嚴密的 監控商標公告，及時對惡意搶注商標提出異議，對被異議人 進行全面的背景調查和實地調查，對己方證據進行縝密的梳 理，對法律理由進行全面而又準確的撰寫，是一個好的商標 律師需要為客戶量身打造的服務。法律制度的日趨完善，違 法者的日趨成熟，李鬼和李逵究竟誰能勝出，既取決於法律 事實，也取決於律師對法律條款的精准把握，對行業內在先 案例的深入瞭解，對客戶自身證據的充分掌握，對戰略策略 的高度把控，對新證據的思路和創意。

勞動及人力資源 INDIA

新聞分析

Why workers’ insurance matters | 勞工保險為何 重要 As a supplier to Nike and Adidas found out to its cost, companies can no longer ignore rules on social insurance. Internal auditing and coordinating with the local authorities are needed to avoid expensive disputes | 正如耐 克和阿迪達斯的一家供應商在吃到苦頭後得到的教訓一樣，各家公 司不能再忽視社會保險規定。為了避免產生代價高昂的糾紛，需要 進行內部審計並與地方當局協調

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T

he longstanding issue of companies not complying with social insurance rules was highlighted by the April 14 Yue Yuen factory strike – one of the country’s largest labour protests – where thousands of workers in Dongguan protested against the company over insufficient contribution payments.

Many companies had been ignoring local requirements and calculating contributions using wrong base amounts, triggering serious unrest.

“Companies haven’t been making full mandatory social insurance contributions for years and now employees are starting to raise the issue more and more through strikes,” said Baker & McKenzie partner Jonathan Isaacs. “Companies need to rectify this and see whether they should make back payments for the past.”

中國法律商務2014年回顧

83

Labour & Employment

Legally, while employees can’t argue that the employer has been paying them a low salary unless it’s below the minimum wage, they can argue that the employer has been underpaying social insurance – a compliance issue that draws social attention. Employees can take collective action and even sue the employer.

Risks and consequences A lawsuit can have a knock-on effect for all employees past and present, and companies are advised to manage this in a sophisticated and comprehensive manner. “It is essential for employers to recognise that, while they may get away with it in the short term, in the long term the costs of rectifying non-compliance are much higher and may be accompanied by potentially significant impact such as strikes and collective disputes,” said Joonho Tan of TransAsia Lawyers.

Such costs may escalate alarmingly if the problems are not dealt with. Expenses include administrative punishments and fines, late payment surcharges, litigation fees if the employees take action, severance payments if they terminate their contracts, and, if they demand more, housing fund and overtime payments. On top of these, if a strike occurs, businesses lose millions on each day of closure.

Yue Yuen (the shoe manufacturer for Nike and Adidas) reported direct losses of US$27 million from its plant strike – increased benefits to workers cost it an additional US$31 million in 2014 alone.

The severity of the problem has increased since the 2008 PRC Law on the Mediation and Arbitration on Employment Disputes entitled employees to initiate dispute cases against employers for free and extended the limitation period from 60 days to one year. This opened up the potential pool of employee litigants because a worker who has left the company can still go back to it claiming his rights were infringed upon within that period.

Comply, audit and cooperate “It’s advisable to make the full payment according to law so as to eliminate any legal risks,” said Fangda Partners’ Zhou Bo.

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China Law & Practice Annual Review 2014

News analysis

“The government also conducts random inspections to check whether companies have been making full payments, and if any non-compliance is found a government penalty would be incurred.”

Zhou said that companies were partly motivated by the desire to save money, but were encouraged to take risks because of the lack of government scrutiny. And despite all

unpaid or underpaid contributions) as well as on how to minimise the effects of any potential collective action or disputes. Government support is essential, as companies will find it difficult to consult and negotiate with the employees without the backing of the social insurance authorities.

The underlying problem

Each month the employer makes a contribution to a government-run social insurance fund and also deducts a certain amount from the wages of its employees. The Companies issue is that while the company is willing to haven’t been making make the back payment for its contributions, full mandatory employees are not prepared to make back payments for the amounts that they have social insurance underpaid. contributions for “The problem is that making the full years and now employees are back payment can be immensely costly, so companies take the gamble and say they’ll be starting to raise the issue more going forward, but take the and more through strikes | 公司 fully-compliant risk of not paying for the past,” said Isaacs. 多年來一直沒有完全支付法定 Recent strikes have brought this problem 的社會保障費，而現在員工們 to the fore. “I’ve dealt with similar cases in 開始越來越多地通過罷工提出 Guangdong, Shenzhen and Dongguan, where there are lots of manufacturing factories, and I 這個問題 know that a lot of employees are underpaid in Jonathan Isaacs, Baker & McKenzie insurance,” said Zhou.

This issue often proves to be the final straw 貝克•麥堅時國際律師事務所 Jonathan Isaacs for dissatisfied workers. The solution is to first improve working conditions overall and respect employees’ rights. “If they are happy requirements being clearly written out in the with every other aspect of their employment, law, the issue lies in varying enforcement and such as salary and other tangible benefits, implementation in different localities – this insurance wouldn’t be such a major issue. But has proven to be especially difficult in the if they aren’t, insurance becomes a burning manufacturing hub of Guangdong province point in the dispute,” he explained. and the coastal areas which contain numerous factories. 月 14 日，東莞裕元工廠數千名工人 “The key thing is to undertake a proper 抗議公司社保費用繳款不足，這是中 internal audit to ensure you’re in compliance 國最大的勞工抗議之一，此次罷工使公 with local contribution requirements, even 司和企業不遵循社會保險規定的長期問 before there is a dispute,” said Tan. 題成為焦點。許多公司一直在無視當地 “If you detect any non-compliance, it 要求，使用錯誤的基本薪資計算社會保 would be prudent to communicate with the 障費，從而引發了嚴重騷亂。 local social insurance fund centre or labour 貝克•麥堅時國際律師事務所合伙人 bureau,” he added, emphasising that it is crit- Jonathan Isaacs 說：“公司多年來一直沒 ical to seek their guidance on how to resolve 有完全支付法定的社會保障費，而現在 the issue (especially on back payments of 員工們開始越來越多地通過罷工提出這

“

”

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勞動及人力資源 INDIA

新聞分析

個問題，公司應該糾正這個錯誤，看看 是否應該補繳過去的費用。” 從法律上來看，除非雇主一直以來支 付的工資都低於最低工資標準，否則員 工無法對低工資提出異議，但他們可以 辯稱雇主克扣社會保障費：這也是引起 社會關注的一個合規性問題。員工可以 採取集體行動，甚至可以起訴雇主。 風險和後果 訴訟可能會對所有過去及當前的員工產 生連鎖效應，因此建議公司以成熟全面 的方式對此進行管理。權亞律師事務所 的陳俊豪律師說：“雇主應該意識到， 雖然他們可以在短時間內抱着僥倖心理 少繳納一部分費用，但是長期而言，糾 正違規行為的成本要高得多，而且可能 伴隨着潛在的重大影響，比如罷工和集 體糾紛。” 如果問題得不到解決，這樣的成本可 能會驚人地加倍。代價包括行政處罰和罰 款、逾期繳納附加費、訴訟費（如果員工 提起訴訟）和遣散費（如果解除合約）； 如果員工提出更多要求，雇主還需支付住 房公積金和加班費。除此之外，一旦發生 罷工，企業每停工一天就會損失數百萬。 根據裕元（耐克和阿迪達斯的制鞋廠） 報告，工廠罷工使其直接損失 2700 萬美 元，而給工人增加的福利僅在 2014 年就 使其額外付出 3100 萬美元。 這個問題的嚴重程度隨着 2008 年《中 華人民共和國勞動爭議調解仲裁法》的 頒布而有所增加，因為該法使得員工有 權利就糾紛案件免費向雇主提起訴訟， 並且將訴訟時效從 60 天延長到了 1 年。 這增加了潛在的員工訴訟，因為已經離 開公司的員工仍然可以回來聲稱自己在 受雇期間的權益受到了侵犯。 遵從、審計和合作 方達律師事務所的周博律師說：“建議 如數交付法律規定的款項，以消除任何 法律風險。”政府還會進行隨機抽查， 以檢查公司是否一直都如數交付社保。 如果發現任何不合規的地方，政府將施 以處罰。 周律師說，公司不足額支付社會保 障費的部分誘因是企圖節省資金，但政 府的疏於監察助長了公司冒險一試的心 理。雖然法律明文規定了所有要求，但

The key thing is to undertake a proper internal audit “to ensure you’re in compliance with local contribution requirements, even before there is a dispute

| 關鍵是

要進行適當的內部審計以確保自己遵守當地的社 保繳費要求，甚至在產生糾紛之前就應該進行相 應的審核

”

問題在於不同地方的執行和實施程度各 不相同。證據表明，這個問題在廣東省 這個製造業中心和包含眾多工廠的沿海 地區尤為突出。 陳律師說：“關鍵是要進行適當的內 部審計以確保自己遵守當地的社保繳費 要求，甚至在產生糾紛之前就應該進行 相應的審核。” 他補充說：“如果發現任何不合規的 地方，謹慎的做法是與當地社會保險基 金中心或勞動局溝通，”並強調務必要 就如何解決問題（尤其是關於未付或克 扣社會保障費的補繳問題），以及如何 最大限度地降低任何潛在集體訴訟或糾 紛的影響，尋求他們的指導。政府支持 是至關重要的，因為如果沒有社會保險 當局作為後盾，公司會發現很難與員工 協商並談判。 潛在問題 雇主每個月都向政府辦的社會保險基金 中心供款，並從員工的工資中扣除特定 數量的金額。問題是，雖然公司願意補 繳供款，但員工並不準備補繳自己未付 的那部分金額。 Isaacs 律師說：“問題是完全補繳 的成本極其高昂，因此公司可能會賭一 把，聲稱以後會完全遵從要求，但冒險 不支付過去的費用。” 最近的罷工突顯出了這個問題。周 律師說：“我在廣東深圳和東莞處理過 類似案件，這些地方有着大量的製造工 廠，而據我所知，很多員工都未獲得足 夠的社會保障費。” 這個問題通常是讓不滿的員工爆發的 最後一根稻草。解決辦法就是先改善整

Joonho Tan, TransAsia Lawyers 權亞律師事務所 陳俊豪

體工作條件並尊重員工的權利。他解釋 說：“如果他們對雇傭條件的其他各方 各面比如工資和其他實惠都感到滿意， 那麼保險就不會是這麼重大的問題。但 如果他們不滿意，保險就會成為導火 線。”

Leading Labour & Employment Lawyers Hu Hongwei, HHP Attorneys-At-Law Jiang Junlu, King & Wood Mallesons Jianjun Ma, Jun He Su Wenwei, DeHeng Law Firm Isabelle Wan, TransAsia Lawyers Deming Zhao, HaoLiWen Partners

Source: Asialaw Leading Lawyers 2014

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探討

勞動及人力資源

A changing landscape Jay Chen and John Dong of Baohua Law Firm explain the employment challenges faced by multinationals in China and advise on how to prevent disputes

1. What is the biggest challenge in human resources and labour relations that foreign companies are faced with? What advice would you give them?

Foreign enterprises have now been coming to China to conduct business for more than 30 years, and many of them have smoothly achieved complete or partial “localisation”.

With China’s rapidly expanding economy in recent years, we are confident that numerous foreign enterprises will continue to come to invest every year. Though they are both foreign enterprises, the “newbies” that are fresh off the boat and the “old hands” that have been in China for many years face different situations.

A foreign enterprise that has just landed in China will lack familiarity with the rules of China’s job market, the employment system and legal provisions and therefore require a certain period of exploring and learning. The PRC Labour Law and its complementary regulations, on the one hand, follow the labour legislation philosophy of the civil law system, and are in the habit of repeatedly stressing and drawing on the “dismissal protection” system in legislation, while, on the other hand, numerous longstanding issues from the past remain in China, continuously bedeviling legislation in the labour law field. These two large chunks of content give rise to China’s rather unique labour law system. A foreign enterprise that is fresh off the boat may be baffled by these “special issues” and not know how to deal with them; in particular, enterprises from common law countries used to the values of the “at-will employment” may show signs of disorientation when suddenly brought face to face with China’s forceful “dismissal protection” system.

With respect to enterprises that are old hands in China, we believe that in their long-term exploration, they have gradually set strong roots in the China market and, in terms of personnel management and rules and regulations, have adapted to the particularities of PRC legislation.

However, due to their many years of development in China, issues such as an employee age structure that is skewed toward older workers, a disconnection between their local and overseas management as well as complex organisation have slowly arisen. Furthermore, usually, the longer an enterprise has been in China, the more it will have grown and the larger its workforce will be, and with the passage of all this time, such enterprises are likely to have accumulated numerous longstanding issues. Once the economic situation turns bad, these enterprises are very likely to find themselves with overly large workforces. Accordingly, although localised enterprises have gradually adapted to the distinctive system of labour laws in China, they may nevertheless be overwhelmed when reacting to various sudden unexpected situations because their organisations have grown too large or their longstanding issues too numerous.

Enterprises from common law countries used to the values of the “at-will employment” may show signs of disorientation when suddenly brought face to face with China’s forceful “dismissal protection” system

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Insights

2. What are the most common sources of labour disputes?

The termination or ending of employment relationships is without a doubt the point around which most disputes arise, with employees often wanting to settle the new and old scores together with the “old boss”. Accordingly, in addition to the lawfulness of the termination or ending of an employment relationship, bonus disputes, overtime payment disputes, annual leave wage disputes, etc. have also gradually become hot topics and points that give rise to a relatively high frequency of disputes.

3. What precautions should companies take to prevent disputes or unpleasant incidents, such as strikes, from happening during the termination of labour contracts?

Author biographies Jay Chen Partner Jay Chen has accumulated extensive experience in labour related consultation, arbitration and litigation.

He is an expert in providing legal advice on producing and revising employment related documents for multinationals, including, but not limited to, employment contracts, employment handbooks and company’s rules and regulations. He has long been engaged in mediation, labour arbitration, lawsuits on behalf of clients and handling emergencies and negotiating with labour unions. Jay also designs plans for HR restructuring and relocation projects when multinationals and big state-owned enterprises merge and restructure.

Jay has been selected as an excellent labour lawyer by Chambers Asia from 2012 to 2014 and is highly recommended by the publication.

Jay founded Baohua Law Firm as one of the founding partners in 2010, after also having worked with Fangda Partners and Jun He Law Offices.

John Dong Partner John Dong (admitted in China and New York) has long been engaged in the practical and theoretical regimes of labour and employment law and has provided legal services to many multinational corporations and large-scale stated-owned corporations such as Carrefour, General Motors, General Electrics, Bank of Communications and Johnson & Johnson. Services include Chinese and English legal consultancy, legal document reviews, collective bargaining and litigation. John also has wide experience in helping companies deal with international commercial disputes involving labour or employment issues. He has published several articles, some of which were embodied by core legal journals such as “Heibei Law Science”. John has also authored publications such as “Case Analysis on Latest PRC Labour Contract Law (Chinese-English version)”, “2012 China Labour Law Yearbook (Chinese-English version)” and “HR Legal Counsel”, all of which have been highly complimented. John was awarded as Asia’s Leading Lawyer of Employment of the Year 2012 by Chambers & Partners and was referred by many reputable media and rankings.

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Firstly, an enterprise needs to have a relatively accurate idea of an employee’s psychological expectations, this being the key to judging the direction any incident will take. The employee’s perceptions toward a certain incident (e.g. termination of his/her employment relationship) will commonly depend on the following factors: (1) his/her sense of identification with, and trust in, the enterprise, e.g. whether there is a disparity between the real reason and the given reason why the enterprise did a certain thing; (2) his/her degree of satisfaction with the compensation by the enterprise, including both a vertical comparison with the enterprise’s past compensation rate and a horizontal comparison with other enterprises; and (3) whether there is a worker leader within the enterprise who can lead and bring the other employees together.

Secondly, the enterprise itself must also have a good idea of what collective incidents could arise and make the appropriate preparations. This preparation should be multifaceted and multidimensional, e.g. the division of employee groups, communication with employees, management of the media, maintenance of security and handling of the relationship with the government. Of course, most important of all is having a strong team with extensive experience that can step in to handle any incident that suddenly arises. Only if the enterprise itself can anticipate the occurrence of a situation and duly prepare for it can it find a method of dealing with it at the first hour. If it fails to do so, it is our experience that once a mass incident reaches a stalemate or enters an enduring war, the enterprise is likely to suffer a large economic loss.

4. What were the main legislative developments that affected the labour and employment market in the last 12 months?

No legislative activity in the labour law field was more important in the past year than the promulgation of the Tentative Provisions on Temporary Placement (Tentative Provisions) by the Order of the Ministry of Human Resources and Social Security. The Tentative Provisions entered into effect on March 1 2014 and set forth the newest provisions on such matters as the percentage of temporary employees that can be used, the definition of the “three characteristics” of temporary placement, same pay for the same work, temporary placement and outsourcing, sending back of temporary workers, etc.

The impact of the Tentative Provisions on large enterprises manifests as two widely divergent situations, depending on whether or not they use temporary workers. The impact or effect on enterprises that do not use temporary workers will be small or non-existent; whereas that on enterprises that have been using temporary workers for a long time, particularly large enterprises as represented by state-owned enterprises, will be exceptionally hard hitting. The reason for this is that the Provisional Regulations pose a great challenge to numerous current

探討

In the last few years, employees have become more aware that there is strength in numbers, with this awareness being expressed both in legitimate and illegal means human resource policies and employment models of many enterprises.

In the past year we have been appointed by numerous enterprises and provided to them legal services such as “understanding of regulations”, “restructuring of human resources system”, “establishment of remuneration system” and “outsourcing plan design”.

5. In the upcoming year, what labour areas should in-house teams follow up on?

It is our belief that with the general increase in the legal awareness of the population, future labour disputes will show a more technical and collective aspect.

The technical aspect is mainly applicable to individual employment disputes. With the increase in legal awareness, the average employee will have a better grasp of the chances of prevailing in an employment dispute, resulting in a decrease in abusive suits and an

勞動及人力資源

increase in the difficulty of individual employment disputes. The so-called increase in difficulty will manifest in the chances of either party prevailing to approach or even achieve parity, with whoever is best able to grasp the details signifying who will be closer to prevailing. Additionally, increased difficulty also means that the technical contents of disputes themselves will also increase, e.g. large to the extent of benefits, special bonuses and equity incentive bonuses that were not a common topic of discussion in the past, and small to the extent of high temperature allowances and single child allowances that were topics ignored in the past. With their frequency increasing in future, better explanation of the details will be required.

The collective aspect is mainly applicable to collective labour disputes and mass incidents. In the last few years, employees have become more aware that there is strength in numbers, with this awareness being expressed both in legitimate and illegal means. At present, an enterprise’s in-house team, particularly those in large enterprises, must have some knowledge on how to deal with collective disputes and mass incidents, as failure will leave it totally unprepared should an urgent situation arise. Furthermore, as the tendency in the last few years for collective action in labour disputes has developed at incredible speed and historically this has been a field in Chinese judicial practice in which knowledge, research and preparation has been insufficient, there is little doubt that it will, in future, pose significant challenges for the in-house legal teams of enterprises.

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時移勢易 保華律師事務所的陳杰律師和董潤青律師闡述了在中國的跨國企業所面對的勞動 挑戰，並對如何預防糾紛提出建議

1. 在人力資源和勞動關係方面，外資企業面對的最大挑戰是什麼？您有什麼意 見可以給它們？ 外資企業入華開展業務已有幾十年的歷史，有不少外資企業已經順利實現完全 或部分“本地化”；隨着中國近年來經濟的飛速增長，相信每年都會有不少外 資企業前來投資。同為外資企業，初來乍到“新生”和入華多年的“老友”所 面臨的情況是不一樣的。 作為初到中國的外資企業，對於中國的人才市場規律、勞動用工制度以及法 律規定都不甚熟悉，必然需要一個摸索和學習的過程。中國的勞動法及其配套 規定一方面沿襲大陸法系的勞動立法理念，習慣於在立法中反復強調並重點突 出“解雇保護”制度；同時中國還現存有不少未決的歷史遺留問題，並且這些 歷史因素也在不斷影響着勞動法領域的立法。這兩大塊內容形成了中國比較獨 特的勞動法律制度。對於一家初來乍到的外資企業而言，很有可能在這些“特 殊問題”上手足無措，很多問題不知如何處理，尤其是來自英美法系國度的企 業，習慣了“自由雇傭”的價值觀念，突然遇到中國強有力的“解雇保護”制 度，會表現出水土不服的症狀。 對於入華多年的企業而言，相信在不斷的摸索中已經逐步在中國市場上站穩 了腳跟，人事管理與規章制度都已經適應了中國的立法特點。但這些企業由於 多年的在華發展，已慢慢出現了人員年齡結構偏大、本地管理與海外管理脫 、機構複雜等問題。況且入華時間越長往往意味着企業規模發展的也越大，人 也越多，長年累月，這類企業很容易積澱很多歷史問題。一旦外部經濟形勢不 好，這類企業很有可能出現人員過剩的情況。所以雖然本土化的企業已經能夠 逐漸適應中國帶有鮮明特色的勞動法律制度，但依然可能因為機構過大或者歷 史問題太多而忙於應付各類突發情況。 2. 勞動爭議最常見的源由是什麼？ 勞動關係或者解除和終止毫無疑問是爭議最多的環節，員工往往在離職後會將 新賬老賬一起和“老東家”算清楚。所以在勞動關係解除或終止的合法性之 外，獎金爭議、加班費爭議、年休假工資爭議等也逐漸成為了熱門話題與發生 頻次較高的爭議點。 3. 在解除勞動合同時，企業應採取什麼措施，防止發生爭議或不愉快事件如罷 工？ 首先企業要對員工的心理預期有比較準確的預判，這是判斷事件走向的關鍵。 員工對於某件事件（如勞動關係解除）的心理往往取決於以下幾個因素：

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尤其是來自英美法系國 度的企業，習慣了“自 由雇傭”的價值觀念， 突然遇到中國強有力 的“解雇保護”制度， 會表現出水土不服的症 狀

探討

(1) 對於企業的認同感和信任感，如企業做某件事的真正原因 與所溝通原因是否有差異； (2) 對於企業補償的滿意度，這既包括與企業以往補償標準的 縱向對比，也包括與其他企業間的橫向對比； (3 在企業中是否有存在能夠領導並凝聚其他員工的工人領袖 等。 其次，企業自身也必須對於可能發生的集體性事件有充分 的預判及相應的準備，此類準備是多方位多維度的，如對於 員工人群的劃分、人員的溝通、對於媒體的管理、對於安保 的防範以及政府關係的處理等。當然，重中之重是需要有一 隻強大且富有經驗的團隊來隨時應對各類突發事件。只有企 業自身對於可能發生的情況做好預判與準備工作，才能在第 一時間找到處理方式。否則根據我們的經驗，群體類事件一 旦進入僵局狀態或者持久戰，企業往往會蒙受巨大的經濟損 失。

作者簡歷 陳傑 合伙人 陳傑律師對勞動相關事宜的咨詢、仲裁/訴 訟工作積累了廣泛經驗，包括為諸多跨國公 司制定和修訂勞動相關法律文件、提供建議 （包括但不限於勞動合同、員工手冊以及各 類公司內部規章制度）、代理客戶參與勞 動爭議的調解、仲裁、訴訟、協助客戶應 對突發事件和危機。協助客戶與工會或員工進行溝通談判。為 諸多跨國公司或大型國有企業在收購、兼並、重組時，制訂人 力資源重組及員工轉移等方案。在錢伯斯2012-2014年亞洲律 師排名中，被評選為中國勞動法律優秀律師並被高度推薦。陳 傑律師於2010年作為創始合伙人之一創建保華律師事務所， 此前，他曾任職於方達律師事務所和北京君合律師事務所上 海分所。

董潤青 合伙人 董潤青（中國以及美國紐約州註冊律師）長 期致力於勞動法實務與科研領域，曾為家樂 福、通用汽車、通用電器、交通銀行、強生 等眾多大型跨國和國有企業提供中英文咨 詢、文本、集體談判和訴訟等法律服務。董 潤青同時擅長協助企業處理涉及勞動事務的 國際商業爭議。在包括“河北法學”等核心雜誌在內的多家法 學雜誌和期刊上發表文章，曾編寫或合作編寫諸如《最新勞動 合同法案例解讀(中英文版)》、《2012中國勞動法年鑒（中英 文版）》等書籍刊物並獲得眾多好評。2012亞洲勞動法領先 律師 （錢伯斯）並被眾多媒體與排行榜推薦。

勞動及人力資源

當今的企業法務，尤其是大企業的法 務，必須要儲備一些應對集體爭議或 者群體性事件的知識，否則一旦在遇 到緊急情況時將會手足無措 4. 過去12個月，勞動及人力資源方面出台了什麼主要法規？ 在過去的一年中在勞動法領域最為重要的立法活動莫過於由 人力資源和社會保障部令簽發的《勞務派遣暫行規定》（《 暫行規定》），該《暫行規定》於2014年3月1日正式生效，並 在諸如派遣員工的使用比例、派遣的“三性”定義、同工同 酬、派遣與外包以及派遣退回等多方面作出了最新規定。 該《暫行規定》對於各大企業的影響以企業是否使用派遣 員工為界限呈現出兩極分化的局面。原本就不使用派遣員工 的企業受到的衝擊或影響不大甚至沒有影響；而對於那些長 期使用派遣員工的企業，尤其是以國有企業為代表的大型企 業，則顯得異常緊張。其原因是《暫行規定》對於很多企業 現行的很多人力資源政策和用人模式提出了很大的挑戰。 我們在過去的一年中也接到了諸多企業的委託，並為他們 提供了諸如“法規解讀”、“人力資源制度轉軌”、“薪酬 體系設置”以及“外包方案設計”等法律服務。 5. 來年在勞動方面，內部法律團隊有什麼是需要跟進的？ 我們認為，隨着民眾的法律意識普遍提高，未來勞動爭議將 呈現技術化與集體化的特點。 技術化主要針對個體勞動爭議，隨着法律意識的提高，普 通員工對於勞動爭議的勝算能夠有更好的把握，濫訴將逐漸 減少，而單個的勞動爭議的難度會加大。所謂難度加大主要 體現在各方的勝算將會逐步靠近甚至相當，誰能抓住細節就 意味着誰離勝利更近；同時難度加大還意味着爭議本身的內 容的技術含量將提高，如大到福利、特殊獎勵、股權激勵獎 金等以往不常見的話題，小到高溫費、獨生子女費等以往被 忽視的話題，以後出現頻率會更高，同時對於細節的講解必 須要更到位。 集體化主要針對集體勞動爭議或者群體性事件，員工“抱 團取暖”的意識這幾年明顯增強，無論這種意識是以合理的 方式還是非法的方式所表現出來的。當今的企業法務，尤其 是大企業的法務，必須要儲備一些應對集體爭議或者群體性 事件的知識，否則一旦在遇到緊急情況時將會手足無措。而 由於勞動爭議的集體化的趨勢在近幾年以讓人乍舌的速度在 發展，而這個領域歷來是中國司法實踐中認識不足、研究不 足且準備不足的地帶，所以這毫無疑問為未來的企業專業法 務團隊的建設帶來了不小的挑戰。

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News analysis

MOFCOM tackles merger remedy problems 處理並購救濟問題 MOFCOM has imposed unique behavioural remedies that place a heavy burden on companies trying to do M&A. It is now taking steps to clarify procedures | 商務部之前已施行了獨特的行為式救濟，向嘗試並購的公司施 加了沉重負擔。現在，它正在一步步明確具體程序

I

n the five years since the Anti-monopoly Law (AML) came into force, China has emerged as a key jurisdiction for merger control. But speakers at the asialaw In-house Counsel Summit on May 28 argued that MOFCOM, which is in charge of reviewing mergers and industry concentration, needs to streamline its enforcement of behavioural remedies before it achieves international standards.

In the past two years, several decisions and remedies imposed by MOFCOM have deviated from those made by EU or US regulators, which has placed heavy burdens on companies that have had to enforce these measures.

The antitrust regulator has been increasingly monitoring complex behavioural

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remedies. On April 16 last year, it set a “crown jewels” structural remedy on Glencore’s US$35 billion (Rmb219 billion) global takeover of Xstrata, ordering the company to sell its Peru copper project, or have its other assets in various projects sold at prices without a reserve. On top of this, it told Glencore to supply metals to Chinese customers at benchmark prices. On August 26, MOFCOM cleared MStar’s acquisition of MediaTek but ruled that the merged entity would weed out remaining suppliers. It imposed extensive “hold-separate” behavioural remedies to ensure MStar’s LCD TV control chip business Morningstar Taiwan remains an independent competitor.

“This has induced an element of uncer-

tainty and risk in transactions, as parties cannot forecast how MOFCOM will react to a particular deal,” said Davis Polk’s Miranda So, who moderated the panel on the latest developments in PRC and Hong Kong competition law. “Remedies are a huge problem for our clients,” she added.

Merger control has always been an important part of China’s AML and recently, as regulators increase their enforcement efforts in various areas such as anti-corruption, enforcement of post-merger conditions has become a priority as well.

“China’s regulators have been very creative in imposing behavioural remedies,” said Janet Hui of Jun He, who also spoke at the panel.

“Some haven’t been seen in other jurisdictions,

The behavioural remedies imposed on MStar’s acquisition of MediaTek last year highlighted MOFCOM’s stringency

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新聞分析

Interview | 專訪

Learning from M&A | 從並購中學習 Philip Gu shares with China Law & Practice how the evolution of China’s M&A regime, food safety standards and anti-corruption drives have affected his work with Danone | 顧培基律師與《中國法律商務》分享了中 國在並購機制、食品安全標準和反腐敗努力方面的種 種變化如何影響到他在達能的工作

such as the OEM arrangement, licensing and supplier commitments.”

“MOFCOM often imposes remedies not imposed in other jurisdictions like the US and EU, but after companies agree to these remedies it could be a heavy administrative burden for them to ensure that they are implemented,” she explained.

A structural solution However, MOFCOM has sensed these difficulties and is trying to avoid handing down such unpredictable and complicated behavioural remedies. The regulator has limited resources and has begun to implement easier structural options instead, and only when these are not possible will it consider behavioural remedies.

MOFCOM is drafting a regulation in terms of how and when parties can apply to modify the remedies imposed. “While MOFCOM generally does not accept any discussion on change of remedies, the parties will be able to demonstrate to MOFCOM that either these remedies will not solve the issues regarding market competition or that there is simply no issue at all,” said Hui. “We believe that MOFCOM may then terminate this arrangement. At the same time,

How has Danone’s presence in China developed since it first entered the market? What plans does it have to expand in China?

Danone was one of the first foreign companies to enter China in the country’s early stages of international investment. The first JV was established in the 1980s, and since then we have increased both our investment and range of business in China. Now, all four lines of Danone’s business, namely dairy, water, early life nutrition and medical nutrition, have deep-rooted investments in China. Danone will continue to expand its investment and operation as China already has become an important market for the Group.

What is the structure of your legal team and who do you report to?

Danone is a French-based international company.

Compared with that of US companies, its legal team is comparatively small. In China we have about 10 in-house counsels and also have relevant regulatory staff to deal with quite complex technical and quality compliance formalities. The group’s administrative structure consists of the headquarters in Paris, regions such as Americas, Europe and Asia Pacific, etc., then country level and company level.

As the general counsel of China, my direct reporting is to the China Chairman, and functional reporting is to the regional general counsel.

Food safety in China has received much global attention and quality standards are getting more stringent. How does this affect your work?

This is by far the most important work for us as a food manufacturer. Food safety is an absolutely vital principle for every member of staff in the company, whether in manufacturing, the supply chain and logistics or marketing and sales. We devote a lot of effort and work into this. We have relatively large R&D centres where many engineers work to improve quality. Partners are often invited to visit our R&D centres to have a better understanding of our strict quality control system.

What were the specific challenges of the recent Mengniu deal? What has Danone’s M&A experience in China been like and how do you see the M&A market developing?

As a matter of fact, Danone and Mengniu tried to cooperate a few years ago, that was only suspended due to certain circumstances then. Both Mengniu and Danone realised that each has respective advantages and strong points, which united in the JV can benefit both parties.

Danone has done a lot of M&A since it entered China. We have been quite successful due to good strategy, clear targets and purpose, flexible handling and recognition of partners’ key interests. We respect our partners’ values, cultures and internal systems. This is important for the success of the deal.

Many years ago, local companies paid more attention to obtaining capital and developing quickly but now they are much more mature with their own experience and advantages. But also, with rapid economic growth comes modification of policies and regulations, and so the law is not always clear.

Policies, rules and regulations often contradict each other and are difficult to anticipate. What is more, the interpretation at different administrative levels and locations is also inconsistent, which makes it more difficult for businesses.

What work do you send to outside counsel and how do you select them? Do you use international firms for some work and domestic for other?

Given our small in-house team size we use a lot of external firms, both domestic and international. A firm may be strong and harbour a good reputation; however, you still need to work with a certain expert partner.

Whether we engage domestic or international firms depends on what the work is, as they each have their own advantages. For example, for due diligence for big local companies with complex internal systems, local firms may have a deeper understanding of the unique Chinese structure and better

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relations with government, while for commercial contracts international firms are more experienced.

In terms of costs, we control the budget and work progressively with external firms, to be careful in not going too far. We let them understand that we all work together during the process so as to balance costs, efficiency and timing.

What achievement are you most proud of during your time as Danone GC? I have been in this position for 15 years. Every day we have to carefully deal with all kinds of issues and problems. During the past 15 years, I have personally witnessed every development of the Company in China as well as the manufacturing and provision to Chinese consumers of more and better healthy products; I have been involved in every M&A project either for acquiring or disposing, and have participated in all the disputes and settlements, both minor and high profile. In a word, I myself developed together with Danone in China during all these years, enjoying French company culture with openness, humanism, flexibility, passion and imagination.

Are you also responsible for anti-bribery/ FCPA work within Danone? How have recent developments such as the GSK case caused you to change your internal policies?

Yes. The GSK case reminds us that anti-bribery/ FCPA can never be neglected. Our Group pays much attention to this and have organised independent third parties to conduct an audit on selected companies in certain countries. China is one of the selected countries, and I am personally involved in that. Stricter precaution measures have been built internally to formulate our business activities, and we widely educate all our staff.

What do you believe is the fundamental duty of in-house counsel?

For an in-house counsel, regardless of a big or small company, it shall always remain clear that legal duty is for the protection and safeguarding of the company’s business development. As a key function of the company, we need to effectively manage both internal and external issues. Learning new things every day and enjoying your work in the ever-changing business environment is what keeps me going.

News analysis

從首次進入中國市場開始至今，達能在中國的發 展如何？為了在中國拓展市場，它有什麼方案？ 達能是在中國招攬國際投資的早期階段最早進入 中國市場的外國公司之一。第一個合資公司成立 於 20 世紀 80 年代，自那以後，我們在中國的投 資和業務範圍都在擴大。如今，達能的四條業務 線（即乳製品、水、嬰兒營養品和醫療營養品） 全都在中國生根發芽，規模龐大。達能將繼續擴 大投資和經營，因為中國已經成為集團的一個重 要市場。

您的法律團隊有着怎樣的結構？您向誰彙報 工作？ 達能是一家總部在法國的國際化公司。與美國公 司的法律團隊相比，達能的法律團隊相對較小。 在中國，我們有 10 個左右的內部法律顧問，另 外還有相關的監管人員負責處理相當複雜的技術 和品質達標手續。集團的行政結構包含巴黎總部 以及美洲、歐洲和亞太等地區，然後是國家級和 公司級。作為在中國的法律總顧問，我直接向中 國區董事長報告，並向區域法律總顧問進行職能 彙報。

中國的食品安全一直備受全球關注，並且品 質標準也越來越嚴格。這對您的工作有什麼 影響？

在您擔任達能法律總顧問期間，最令您驕傲的 是什麼成就？

最近的蒙牛交易遇到哪些具體挑戰？達能在中 國有着怎樣的並購體驗？您如何看待並購市 場的發展？

您是否還負責達能的反賄賂/反海外腐敗工 作？葛蘭素史克案等近期發展如何促使您改變 內部政策？

事實上，達能和蒙牛在幾年前就想合作，只是 當時因為某些原因而暫停了。蒙牛和達能都意識 到，雙方有各自的優勢和特長，而將這些優勢和 特長通過合資結合到一起就能使雙方受益。 在進入中國市場後，達能進行了多次並購。 由於有着良好的策略、明確的目標和宗旨、靈活 的處理以及對合作伙伴關鍵利益的認可，我們一 直相當成功。我們尊重合作伙伴的價值、文化和 內部系統。這對交易的成功極其重要。 許多年前，本地公司更加關注資金獲取和快 速發展；而現在，他們已經成熟得多，有着自己 的經驗和優勢。但與此同時， 經濟的快速發展 促使了政策和法規的修改，因此法律並不總是非 常明確。政策、法規和規章經常互相矛盾、難以 預計。更有甚者，不同行政級別和不同地方對於

沒錯。葛蘭素史克案提醒我們：決不能忽視反賄 賂/反海外腐敗。我們集團非常重視這一點，並且 組織了獨立的第三方來對特定國家/地區的選定公 司進行審核。中國是其中一個被選國家，而我親 自參與其中。我們在內部設立了更加嚴格的預防 措施來規劃我們的業務活動，並且廣泛教育了我 們的所有員工。

| 我參與了每一個並購

項目（包括收購和資產處置），也參與了大大小小的各種糾 紛和糾紛解決

China Law & Practice Annual Review 2014

由於我們的內部團隊規模較小，因此我們聘用了 大量外部律師事務所，既有國內的，也有國際 的。一家律師事務所可能很有實力，信譽也好； 但是，你還是需要與特定的專家合伙人合作。 聘用國內律師事務所還是國際律師事務所取 決於具體的工作，因為這兩種事務所各有優勢。 例如，如果要對有複雜內部系統的大型本土企業 進行盡職調查，本地律師事務所可能會對獨特的 中國式結構有更深的瞭解，並且與政府的關係也 更加密切；而對於商業合同，國際律師事務所則 更有經驗。 在費用方面，我們會控制預算並持續跟進外 聘律師事務所的工作，以免預算相差太遠。我 們會讓他們知道，我們都將在整個過程中互相合 作，以平衡費用、效率和時間。

我擔任這個職位已有 15 年。每天我們都要認真 應對各種事項和問題。在過去 15 年里，我親眼 見證了公司在中國的每一步發展，也目睹了公司 為中國消費者生產並提供了越來越多、越來越好 的健康產品；我參與了每一個並購項目（包括收 購和資產處置），也參與了大大小小的各種糾紛 和糾紛解決。總之，這些年來，我與達能在中國 共同成長，但仍然享受着開放、靈活、熱情、以 人為本、充滿想象的法國公司文化。

settlements, both minor and high profiles

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您會將哪些工作交給外聘法律顧問？您又是如 何挑選這些外聘顧問的？您是否會將部分工作 交給國際律師事務所，然後將其他部分工作交 給國內的律師事務所？

作為一家食品生產商，食品安全是目前為止我們 最重要的工作。食品安全對於公司的每一名員工 而言都是絕對重要的原則，不管員工負責的是生 產、供應鏈和物流還是營銷和銷售。我們對此投 入了大量心血和努力。我們有較大的研發中心， 研發中心內有很多工程師在努力提高品質。我們 經常邀請合作伙伴訪問我們的研發中心，以便他 們更好地瞭解我們嚴格的品控系統。

I have been involved in every M&A project either for acquiring “or disposing, and have participated in all the disputes and

”

這些政策和法規的解讀也不一致，這也給企業增 加了難度。

您認為內部法律顧問的基本職責是什麼？ 不管公司大小，內部法律顧問都應該始終清楚其 法律責任是保護和維護公司的業務發展。作為公 司的關鍵職能，我們需要有效管理內外問題。在 不斷變化的商業環境中學習新事物並享受自己的 工作，是我能邁步向前的原因所在。

兼並收購 INDIA

新聞分析

it is not too willing to lift or change remedies within two years as it believes that is too short a time, and it does not have the resources to handle that,” she added.

Antitrust intensifies Since the AML came into effect, MOFCOM has handled hundreds of merger filings, with most cleared without conditions, some with conditions and only one notable case that did not go through (the Coca-Cola-Huiyuan case).

Practitioners always highlight the importance of being cautious and aware of regulatory patterns and issues. “Our clients are paying more attention to compliance issues and setting internal ‘dos and don’ts’,” said Hui. As the number of cases rises and the AML evolves, regulators will only get stricter in enforcing rules and decisions. Apart from MOFCOM, China’s anti-monopoly regime is governed also by the National Development and Reform Commission (NDRC) and the State Administration of Industry and Commerce (SAIC). The three are increasingly communicating among themselves, as well as warning companies and the public to be alert.

The NDRC has been more active in the past two years, from the China Telecom investigation to the baby formula and Qualcomm cases. The SAIC is also trying to catch up by strengthening its investigations. The nation is taking its AML enforcement seriously – any findings of the antitrust law being broken in other countries may immediately trigger an investigation in China.

在

《反壟斷法》生效後的 5 年里， 中國已成為主要的並購控管司 法管轄區。然而，在 5 月 28 日召開的 asialaw內部法律顧問峰會上，發言人們 認為負責審查並購和產業集中度的商務 部在達到國際標準之前需要簡化其行為 式救濟的執行。 在過去兩年里，商務部作出的幾項決 定和救濟與歐盟或美國監管機構的規定 有所區別，給不得不執行這些管理辦法 的公司帶來了沈重負擔。 該反壟斷機構已經在越來越多地監控 複雜的行為式救濟。去年 4 月 16 日，商 務部對嘉能可 350 億美元（人民幣 2190

China’s regulators have been very creative in “imposing behavioural remedies ”

| 中國的監管機構在

實行行為式救濟方面一直很有創意

Janet Hui, Jun He 君合律師事務所 許蓉蓉

億元）全球性收購斯特拉塔的項目設置 了關係企業核心業務的結構性救濟，要 求嘉能可公司出售其在秘魯的銅礦項目 或無底價拍賣其在幾個項目中的其他資 產。除此之外，商務部還要求嘉能可以 基準價格向中國客戶供應金屬。8 月 26 日，商務部批准了開曼晨星半導體公司 的聯發科技收購案，但規定合併後的實 體應排除其他供應商。商務部對此案實 行廣泛的“保持獨立”行為式救濟，以 確保晨星的液晶電視主控芯片企業晨星 台灣仍然是獨立的競爭者。 達維律師事務所的蘇敏華律師主持了 中國大陸和香港競爭法最新發展這一討 論小組，她認為：“這為交易帶來了不 確定性和風險，因為各方無法預測商務 部會如何應對特定的交易。”她還補充 說：“救濟對我們的客戶而言是個大問 題。” 並購控管一直是中國反壟斷的一個重 要部分；最近，隨着監管機構加強在反 腐敗等各個領域的執法力度，並購後條 件的執行也成了重中之重。 君合律師事務所的許蓉蓉律師也在該 討論小組中發了言，她認為：“中國的 監管機構在實行行為式救濟方面一直很 有創意。有些救濟不曾在其他司法管轄 區中出現過，例如 OEM 協議、許可和供 應商承諾。” 她解釋說：“商務部經常實行一些美 國和歐盟等其他司法管轄區不曾實行的 救濟，但是在公司同意這些救濟之後， 對於商務部而言，確保這些救濟的實施 也可能是沉重的行政負擔。” 結構化解決方案 不過，商務部已經察覺到這些困難，並 且正在盡力避免繼續出現此類難以預測 的複雜行為式救濟。該監管機構已經限

制了資源，也已經開始改為實施更為簡 單的結構化救濟，並且只在這些結構化 救濟不可行時，才會考慮行為式救濟。 商務部正在起草關於各方可以在何 時以何種方式申請修改規定的救濟的條 例。許律師說：“雖然商務部通常不接 受關於更改救濟的討論，但是各方將可 以向商務部證明這些救濟不會解決有關 市場競爭的問題或者根本沒有問題。” 她補充說：“我們認為商務部屆時可 能會撤銷相關安排。但同時，它不太願 意撤銷或更改兩年內的救濟，因為認為 時間太短了，而且也沒有足夠的資源來 處理。” 反壟斷力度加強 自《反壟斷法》生效以來，商務部已經 處理了數百項並購申請，大部分申請都 獲得了無條件批准，有一部分在附加限 制性條件後獲得批准，只有一項值得注 意的未通過的申請（可口可樂收購匯 源案）。執業者總是強調要注意並謹慎 對待監管模式和監管問題。許律師說： “我們的客戶現在更加關注合規問題並 設置內部的行為準則。” 隨着 案件數量的增加和反壟斷的發 展，監管機構只會更加嚴格地執行規則 和決策。除了商務部，中國的反壟斷制 度還受國家發展和改革委員會及國家工 商行政管理總局的制約。三者正在越來 越多地進行互通互聯，同時也警告公司 和公眾提高警惕。 發改委過去兩年較為活躍，對中國電 信進行了調查，並且處理了嬰幼兒配方 奶粉和高通案。工商總局也在通過加強 調查努力追趕。中國正在認真執行反壟 斷，在其他國家/地區發現的任何違反 《反壟斷法》的情況都可能立即引起中 國的調查。

中國法律商務2014年回顧

95

Mergers & Acquisitions

News analysis

Leading Corporate/M&A lawyers

96

Bai Wei, Jingtian & Gongcheng

Charles Li, Han Kun Law Offices

Wang Yingzhe, FenXun Partners

Bai Tao, Jun He

Adam Li, Jun He

Wang Weidong, Grandall Law Firm

Cao Yinshi, Han Kun Law Offices

Lian Chuncheng , Commerce & Finance Law Offices

Wang Jianyong, Haiwen & Partners

Kathleen Cao, R&P China Lawyers*

Lawrence Xiaolong Lin, Global Law Office

Daniel Wei, HP Attorneys-At-Law

Rebecca Chao, King & Wood Mallesons

Lin Yixin, Han Kun Law Offices

Annie Wu, Jincheng Tongda & Neal

Frank Chen, Chen & Co

Lin Zhong, Chen & Co

Xiao Hongming, Guantao Law Firm

Chen Limin, Zhong Lun Law Firm

Liu Hongchuan, Broad & Bright

Xiao Wei, Jun He

Chen Fenfei , Dacheng Law Offices

Liu Fengliang , Commerce & Finance Law Offices

Tao Xiong, Broad & Bright*

Chen Jianhong, DeHeng Law Firm

Liu Zhihai, Jincheng Tongda & Neal

Xu Litian, Chang Tsi & Partners

Chen Dafei , Han Kun Law Offices

Liu Wenchao, Guantao Law Firm

George Xu, Fangda Partners

Chen Yang, Han Kun Law Offices

David Liu, Jun He

Xu Ping, King & Wood Mallesons

Audrey Chen, Jun He

Liu Cheng, King & Wood Mallesons

Yang Jingfang, Haiwen & Partners

Ellen Chen, Zhong Lun Law Firm

Bernie Liu, Llinks Law Offices

Yang Chen, Jincheng Tongda & Neal

Jason Cheng, HHP Attorneys-At-Law

Liu Haili, Zhongzi Law Office

Gao Yang, Fangda Partners

Cui Liguo, Guantao Law Firm

Lu Zhifang, Hylands Law Firm

Zhao Yang, Jingtian and Gongcheng

Cui Lixin, Jun He

Lucy Lu, King & Wood Mallesons

Jane Yao, Zhong Lun Law Firm

Dennis Deng , Dacheng Law Offices

Luo Ke, Fangda Partners

David Yu, Llinks Law Offices

Deng Haiping, Jingtian & Gongcheng

Lv Hongbing, Grandall Law Firm

Chen Yun, R&P China Lawyers*

Jeffrey Ding, Fangda Partners

Ma Jiangtao, Dacheng Law Offices

Phillip F Zhang, Allbright Law Offices

Du Yusong , Grandall Law Firm

Ma Hongli, Jun He

Zhang Xiaotong, Commerce & Finance Law Offices

John Du, Jun He

Stephen Maloy, Jincheng Tongda & Neal

Zhang Jiping, Haiwen & Partners

Janet Duan, Duan & Duan

James Miao, AllBright Law Offices

Zhang Xusheng, Jingtian & Gongcheng

Feng Yao, Broad & Bright

Peter Ni, Zhong Lun Law Firm

Zhang Yi, King & Wood Mallesons

Gang Zhong, Sinobridge PRC Lawyers

Tan Peng, Fangda Partners

Gavin Zhang, Zhong Lun Law Firm

Liu Gang, Commerce & Finance Law Offices

Peng Xuejun, Jingtian & Gongcheng

Deming Zhao, HaoLiWen Partners

Steven Gong, Duan & Duan

Michael Qi, Fangda Partners

Benjamin Zhao, HHP Attorneys-At-Law

He Yu, AnJie Law Firm

Kevin Qian, MWE China Law Offices

Anthony Zhao, Zhong Lun Law Firm

Caroline Hou, HHP Attorneys-At-Law

Charles Qin, Llinks Law Offices

Zheng Xilin, AnJie Law Firm

Hu Tingfeng, Zhong Lun Law Firm

Philip Qu, TransAsia Lawyers

Norman Zhong, Fangda Partners

William Lei Hua, King & Wood Mallesons

Rao Yao, HHP Attorneys-At-Law

Jonathan Zhou, Fangda Partners

Huang Danhan, Sinobridge PRC Lawyers

Maarten Roos, R&P China Lawyers

Zhou Chuanjie, Fangda Partners

Huang Hailin, Shenda Partners

Glenn Su, Fangda Partners

Alan Zhou, Global Law Office

Huang Lixin , Haiwen & Partners

Su Zheng, King & Wood Mallesons

Frank Zhou, Jun He

William Huang, Jingtian & Gongcheng

Sheng Su, Zhongzi Law Office

Zhou Zhiming, Shenda Partners

Huang Zaizai, Tian Yuan Law Firm

Robin Tabbers, R&P China Lawyers

Lawrence Zhu, AllBright Law Offices

John Jiang, Zhong Lun Law Firm

David Tang, AllBright Law Offices

David Zou, Boss & Young

Jiang Weibo, Haiwen & Partners

Max Tian, Jincheng Tongda & Neal

Jason Ju, Duan & Duan

Victor Wang, AllBright Law Offices

Jia Jun, Zhongzi Law Office

David Wang, Broad & Bright

Victoria Lei, R&P China Lawyers*

Wang Jianping, DeHeng Law Firm

China Law & Practice Annual Review 2014

Source: Asialaw Leading Lawyers 2014 * Rising Star

兼並收購 INDIA

新聞分析

He Yu (賀宇)

Hongchuan Liu (劉洪川) Partner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: heyu@anjielaw.com Web: www.anjielaw.com

Mr He Yu, as a founding partner of AnJie Law Firm, focuses on equity investment and M&A. Mr He advises many state-owned companies and funds on their investments and acquisitions. He has provided legal service for a state-owned company in its acquisition and integration of the upstream and downstream in the industry segment. Mr He has also represented several internet enterprises in their being acquired by listed companies.

Moreover, Mr He has acted as a legal counsel of a fund involving in merger cases in sectors of real estate, mineral and pharmacy.

Broad & Bright Suite 701, CBD International Plaza No. 16 Yong’andongli Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8513 1818 Fax: (+86 10) 8513 1919 Email: hongchuan_liu@broadbright.com Web: www.broadbright.com Mr Hongchuan Liu earned his LL.B. and LL.M. respectively from Peking University School of Law in 1989 and from Harvard Law School in 1997. Mr Liu started his legal career as an associate at C & C Law Office in 1990 and once a visiting attorney at Clifford Chance’s London and Hong Kong Offices.

He had worked as an associate at Skadden Arps’ Beijing Office before cofounding Broad & Bright in 2004.

Mr He is an arbitrator of Xi’an Arbitration Commission, a member of the Administrative Law Committee of Beijing Lawyers Association, and a visiting professor of the Central University for Nationalities. He is a director of Beijing Weihua Public Welfare Foundation.

For more than twenty years of his legal career, Mr Liu have been focusing on cross-border commercial transactions including foreign direct investment (FDI), M&A, VC/PE, capital market and outbound investments. He has represented more than fifty reputed multinationals and domestic companies in many landmark transactions. Mr Liu is qualified to practice law in both PRC and the State of New York.

安傑律師事務所 合伙人 中國北京市朝陽區建國門外大街甲6號中環世貿中心D座26層 郵編：100022 電話：(+86 10) 8567 5988 傳真：(+86 10) 8567 5999 郵箱：heyu@anjielaw.com 網址：www.anjielaw.com

世澤律師事務所 北京市朝陽區建外大街永安東里16號CBD國際大廈701室 郵編：100022 電話：(+86 10) 8513 1818 傳真：(+86 10) 8513 1919 郵箱：hongchuan_liu@broadbright.com 網址：www.broadbright.com

賀宇律師是安傑律師事務所的創始合伙人之一，專注於公司股權投資 及並購業務，為多家央企、基金的投資及並購提供法律服務。他曾代 表某央企在某行業細分領域上下游的並購整合中提供專業服務。賀宇 律師還代表數家互聯網企業，為其被上市公司收購提供法律服務。他 還代表一家基金，參與地產、礦產和醫療領域的並購。

劉洪川律師分別於1989年和1997年獲得北京大學法學學士學位和哈 佛大學法學碩士學位。在2004年參與創立了世澤律師事務所之前， 先後在中信律師事務所、Skadden Arps、Clifford Chance等律所工 作，擁有中國及美國紐約律師執業資格。

賀宇律師是西安仲裁委員會仲裁員、北京市律師協會行政法委員會委 員、中央民族大學客座教授，並擔任北京為華公益基金會的理事。

在二十余年的執業過程中，劉律師主要從事跨境公司和商事法律業 務，包括外商投資和並購、風險投資/私募、資本市場和海外投資 等。曾代表通用、西門子、三星等超過50家的跨國公司和中石化、 保利和李寧公司等國內著名企業參與多項重大的交易。

中國法律商務2014年回顧

97

Mergers & Acquisitions

News analysis

Zheng Xilin (鄭曦林) Partner, ANJIE Law Firm 26/F, Tower D, Central International Trade Center 6A Jiangguomenwai Avenue, Chaoyang District Beijing 100022, P.R. China Tel: (+86 10) 8567 5988 Fax: (+86 10) 8567 5999 Email: zhengxilin@anjielaw.com Web: www.anjielaw.com Mr Zheng Xilin is a founding and executive partner at AnJie Law Firm. He has extensive practical experience in corporate mergers and acquisitions. Prior to joining AnJie, Xilin has been working at both domestic and international leading law firms and has regularly advised private and public companies in relation to asset/share acquisition. His legal services cover due diligence, structuring the deal, business negotiation, drafting documents and project closing. Xilin’s extensive experience makes himself capable of targeting key commercial issues raised out during business negotiation and always providing the quickest responses. Xilin is also sophisticated in managing the whole deal process to meet clients’ commercial expectations. Xilin is admitted to P.R. China and the State Bar of New York. He speaks mandarin and English fluently.

安傑律師事務所 合伙人 中國北京市朝陽區建國門外大街甲6號中環世貿中心D座26層 郵編：100022 電話：(+86 10) 8567 5988 傳真：(+86 10) 8567 5999 郵箱：zhengxilin@anjielaw.com 網址：www.anjielaw.com 鄭曦林律師是安傑律師事務所的創始合伙人和執行合伙人，在公司 並購領域有着豐富的從業經驗。在加入安傑前，鄭律師曾在國內外 頂尖律師事務所工作，並多次為私人公司和上市公司提供資產收購 和股權收購法律服務。鄭律師可以提供的法律服務包括盡職調查、 交易結構設計、商務談判、文件起草和項目交割。鄭律師豐富的執 業經驗使得鄭律師可以準確地把握客戶談判的商務要點並及時作出 回應。鄭律師同樣擅長準確地把控收購項目的整體進度以迎合客戶 的商業目的。鄭律師擁有中國和美國紐約州律師執業資格，並可以 流利地使用中文和英文工作。

David Wang Broad & Bright Shanghai Office Suite 1109, Shanghai Times Square Office 93 Huai Hai Zhong Road Shanghai 200021, China Tel: (+86 21) 5386 1618 Fax: (+86 21) 5386 1619 Email: david_wang@broadbright.com Web: www.broadbright.com Education Mr David Wang obtained his LL.B. degree from Fudan University Law School in 1990; his LL.M. degree from Fudan University Law School in 1999 and LL.M. degree from New York University Law School in 2001.

Practice Areas Mr Wang’s major practice areas include M&A, finance and general corporate.

Professional Experience Mr Wang has practiced PRC law for more than 19 years. Before being a private legal practitioner, he worked as an in-house counsel at Shanghai Medicines & Health Products Import & Export Corporation from 1990 to 1993.

In 1994 Mr Wang made his debut in private practice, joining Pu Dong Law Office as an associate and then a partner until 2002. During this period he was a visiting attorney at Ince & Co. Hong Kong Office from August to November 1998 and a visiting attorney at Holland & Knight New York Office in September 2001. In 2003 Mr Wang joined Jin Mao Law Firm as a partner until August 2008. Thereafter, Mr Wang joined Broad & Bright as the founding partner of its Shanghai office, and now is the managing partner of Broad & Bright Shanghai Office.

Mr Wang principally advises multinational companies on various sophisticated cross-border and onshore transactions. Accordingly he specializes in mergers and acquisitions, greenfield investments and general corporate advices. His representative clients include Tyco, Visteon, Magna, Outokumpu, SPX and other top multinational companies. During his nearly two decades’ practice, Mr Wang advised on, inter alia, Tyco’s global restructuring and spin-off, Square D’s acquisition of RAM globally, Visteon’s business restructuring with its Chinese partner, SPX’s formation of joint venture with Shanghai Electric and etc.

Mr Wang has also been consistently active in finance and trust areas. He advised international and Chinese banks as well as corporate borrowers on a variety of financing arrangements, including syndicated loan, off-balance sheet financing and trade financings. Besides, business trust is another characteristic practice that Mr Wang focuses on. He has advised over 50 multinational companies on business trust programs under the PRC laws.

Mr Wang was appointed as a member of Foreign Affairs Committee of Shanghai Bar Association from 2008 to 2011, and awarded as a “Leading Lawyer” in 2008 by Asialaw, a “Leading Lawyer” in IFLR 1000 (2014)” and “a Leading Lawyer” in 2014 by China Law & Practice/Asialaw.

98

China Law & Practice Annual Review 2014

新聞分析

兼並收購 INDIA

George Xu Partner, Fangda Partners 32/F, Plazza 66 Tower 1 1266 Nan Jing West Road Shanghai 200040, China Tel: (+86 21) 2208 1166 Fax: (+86 21) 5298 5599 Email: gxu@fangdalaw.com Web: www.fangdalaw.com Mr George Xu specialises in corporate matters, mergers and acquisitions and foreign direct investments. George advises many clients in strategic investments in insurance companies and other financial institutions. In 2013 George was nominated as leading international financial lawyer by iflr.

Representative matters and cases

• Represented Primus Capital a private equity fund in its prospective investment in Sinatay Life Insurance.

• Represented Allstate Corporation a leading U.S. insurance company in its prospective strategic investment in a Chinese insurance company specializing in auto insurance and property insurance.

• Represented Intesa Sanpaolo Vita S.p.A. a primary Italian financial group in relation to its investment in Union Life Insurance Co., Ltd. ISV is a major Italian financial group. Union Life is one of the few Chinese life insurance companies with foreign investments.

• Represented Pacific Alliance Group a RMB private equity fund in its investment in an insurance brokerage firm in Southern China.

• Represented UBS and a consortium of funds in their strategic investment in China Cinda Asset Management Co., Ltd. It is the first such investment by foreign financial institutions. The deal size is around USD1.6 billion.

• Represented Texas Pacific Group in its sale of 100% shares in UniTrust Financial Leasing Company to Haitong Securities. In 2008, George Xu lead the team to advise TPG in the acquisition of 100% shares in UniTrust.

• Represented Societe Generale in its sale of investment in SG Fortune an asset management company jointly controlled by Societe Generale and Baosteel.

• Represented Morgan Stanley in its acquisition of 19.9% equity interest in Hangzhou Industrial and Commerce Trust Co., Ltd., the company has become a strategically important platform for Morgan Stanley’s China strategy.

• Represented Barclays Bank PLC in its acquisition of 19.5% equity interest in New China Trust Co., Ltd., which is one of the first such investments made by foreign financial institutions.

• Represented Home Inns Hotel & Management Inc. in its acquisition of Motel 168 and assisted HomeInn in its antitrust filing for the acquisition. HomeInn and Motel 168 are the two largest economic hotel chain businesses in China. The purchase price of the acquisition is USD470 million.

• Represented Hewlett Packard as its PRC counsel in its acquisition of 3Com China business and assisted Hewlett Packard in its antitrust filing for the acquisition.

• Represented Charles River as its PRC counsel in its proposed acquisition of Wuxi Pharmaceutical. The offering price of this transaction is USD1.6 billion which would be the biggest of acquisition involving Chinese companies listed on the New York Stock Exchange.

• Represented Goldman Sachs PIA in its investment in Ozner a clean water supplier in China.

• Represented MBK Partners in its offer of US$253 million for AsiaPharm, a company listed on Singapore Stock Exchange focused on the drug sector in China.

• Represented CITIC Dicastal as its PRC counsel in advising its acquisition of German car supplier KSM Castings Group which is one of the largest acquisitions made by Chinese companies in Europe in 2011.

• Represented Zhuzhou Time New Materials Co., Ltd. in its acquisition of a German company ZF Friedrichshafen AG. The transaction was announced in December 2013. The acquisition price for this transaction is no less than Euro 290 million.

Education Shanghai International Studies University School of Law, LL.B. Professional Qualification Admitted to practice in the PRC

中國法律商務2014年回顧

99

Mergers & Acquisitions

Insights

Removing roadblocks Yuhua Yang of Alliance J&S Law Firm outlines the latest developments that smoothen inbound and outbound M&A transactions and gives advice on doing business with Chinese companies

1. What have been the key legislative developments affecting M&A in the past 12 months?

On December 2 2013, the State Council promulgated the revised List of Investment Projects Subject to Government Check and Approval (2013) (the 2013 List). With respect to overseas acquisitions and investments by Chinese enterprises, the new catalogue clearly signals to the market that Chinese regulators are currently focusing their attention on “special projects” and overseas investments of Chinese enterprises in which the investment is at least US$1 billion.

Subsequently, based on the 2013 List, the National Development and Reform Commission (NDRC) promulgated the Measures for the Administration of the Check and Approval and Record Filing of Overseas Investment Projects (Order of the NDRC No.9) in April 2014, replacing the Tentative Measures for the Administration of the Check and Approval of Overseas Investment Projects promulgated by the NDRC in 2004. Shortly after that, the Ministry of Commerce (MOFCOM) promulgated the Measures for the Administration of Overseas Investment (Revised) (Draft for Comments) on April 16, proposing to revise its 2009 Measures for the Administration of Overseas Investment.

In July 2014, the State Administration of Foreign Exchange (SAFE) issued the Circular on Issues Relevant to Exchange Control in Connection with Overseas Investment/Financing and Round-trip Investment by Residents in China Through Special Purpose Vehicles (Hui Fa [2014] No.37). With the replacement of Document 75 with Document 37, the foreign exchange registration procedure for the establishment of special purpose vehicles by residents in China involved in overseas M&A and their round-trip investment is clearer, simpler and more convenient. However, it must also be acknowledged that Document 37 has only made a few improvements in convenience from the perspective of exchange control and fails to provide any opinions on the direction SAFE favours with respect to VIE structures that have been the centre of attention in red chip structures or to the issue of affiliated acquisitions under M&A Regulation No.10.

In May 2014, the China Securities Regulatory Commission promulgated the Tentative Measures for the Administration of the Offering of Securities by Companies Listed on the Growth Enterprise Market, ending the history of the Growth Enterprise Market’s lack of a refinancing mechanism. Pursuant to these Measures, if the proceeds derived from a private placement of shares are used for an acquisition or merger, application of the offering condition of profitability during the most recent two years is exempted. It is

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The new catalogue clearly signals to the market that Chinese regulators are currently focusing their attention on “special projects” and overseas investments of Chinese enterprises in which the investment is at least US$1 billion

探討

widely anticipated in the industry that the pace and scale of Growth Enterprise Market M&A will further increase. Furthermore, with the formal implementation of the Measures for the Administration of the Acquisition of Unlisted Public Companies and the Measures for the Administration of Material Asset Restructurings of Unlisted Public Companies in July 2014, the M&A activities of New Third Board listed companies will have legal provisions to follow.

2. What is your outlook for M&A for the year ahead?

What legislation is likely to affect M&A? What changes would you like to see to already promulgated legislation to ease M&A transactions?

Clearly, the overseas M&A activities of mainland Chinese stateowned and private enterprises will remain active. With the enhanced market competitiveness brought about by industry consolidation and industry segmentation reform, domestic industry M&A transactions are bound to set a new record. A-share listed companies will become an important driving force in domestic M&A activities. Although there will be a rebound in private fund divestment transactions with the recommencement of IPOs, there will nevertheless be an increasing number of private funds that will achieve divestment through means such as M&A and second sale.

MOFCOM’s solicitation of opinions on the above mentioned Measures for the Administration of Overseas Investment (Revised)

Author biography Yuhua Yang Partner Yuhua Yang graduated from Peking University with an LL.B. degree and a bachelor’s degree in Economics.

Yuhua received an LL.M. degree from the University of Pennsylvania Law School and a Certificate of Study in Business and Public Policy from Wharton School in 2006.

She participated in the Lord Chancellor’s Training Scheme (UK) for Young Chinese Lawyers and worked with various law firms in London and Hong Kong. She also worked at a New York law firm, Phillips Nizer LLP, from 2006 to 2007.

Yuhua is qualified in China and admitted to the New York State Bar. Yuhua focuses on corporate, securities and capital markets, FDI, PRC companies’ outbound investment, international trade and other cross-border transactions. She has advised on a number of projects including enterprise reforms, corporate reorganisations, M&A, divestments, offerings and listings inside and outside China, corporate and project finance and investment funds. She has served clients on their day-to-day operations and has been involved in several high-profile complex transactions as well as heavy-weight commercial litigation and arbitration.

Yuhua possesses sound professional skills and multi-jurisdictional experience to provide comprehensive and high-quality legal services on both a national and international scope.

Yuhua serves on the In-House Counsel and Public Lawyer Committee of the Beijing Lawyers Association and the Professional Guidance Committee of Beijing East District Lawyers Association. She is also qualified to serve on the board of a listed company as non-executive independent director.

Yuhua is proficient in English.

兼併收購

The relevant reforms do not appear completely thoroughgoing, still posing uncertainty in the overseas transactions (particularly in competitive bidding) of Chinese enterprises

(Draft for Comments) ended on May 15, and, based on relevant predictions, there is hope that they will be promulgated in 2014.

The new approval and record filing system under the 2014 Order of the NDRC No.9 retains the requirement of a project information reporting system for overseas projects of at least US$300 million. Overseas companies of Chinese enterprises likewise need to keep in mind the relevant Development and Reform Commission approvals and record filings when carrying out specific reinvestment projects. Additionally, the Development and Reform Commissions at every level still retain the discretion to grant approval or record filing. Accordingly, the relevant reforms do not appear completely thoroughgoing, still posing uncertainty in the overseas transactions (particularly in competitive bidding) of Chinese enterprises, and Chinese investors need to continue to consider securing the relevant approvals and record filings as conditions precedent for going ahead with a transaction.

Furthermore, looking at the relevant provisions of the Order of the NDRC No.9 and the Measures for the Administration of Overseas Investment (Revised) (Draft for Comments) of MOFCOM, a new trend seems to be the increasing independence of the commerce authorities’ record filing and check and approval mechanism from that of the Development and Reform Commissions. Such changes will pose new challenges for future transactions. At present, the check and approval and record filing authority in the MOFCOM system ignores monetary amounts, the principle being that projects involving sensitive countries, regions or industries require MOFCOM’s check and approval, the projects of enterprises directly under the central government are placed on the record with MOFCOM, and those of local enterprises are placed on the record with the local commerce authority at the relevant level. It would seem that the philosophy of MOFCOM can be understood as all projects are now subject to the record filing system, except for those that involve sensitive countries, regions or sensitive industries and, therefore, require check and approval of MOFCOM. Normally, the NDRC and MOFCOM will determine whether a project is one requiring check and approval based on the Ministry of Foreign Affairs’ determination of which countries and regions are deemed sensitive. Needless to say, the specific list of sensitive countries and regions is not published for foreign policy and other reasons, but there is a clear demarcation among government authorities. However, it should be noted that

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projects involving “sensitive industries” may be somewhat more complicated. At present, MOFCOM’s demarcation of sensitive industries is relatively simple, generally only referring to technologies and products the export of which is restricted in China or projects involving the interests of multiple countries and/or regions. In contrast, the NDRC’s demarcation of sensitive industries is relatively more detailed, e.g. transmission lines, backbone grids, etc. constitute sensitive industries in the eyes of the NDRC and thus require check and approval.

3. The growth rate of outbound investments has surpassed that of inbound. Are there any regulatory initiatives to increase the pace of inbound investments?

Have any recent initiatives eased administrative burdens for outbound investments?

Inbound In March 2014, the new Company Law finally set the registered capital subscription system down in legal form, but its scope of application remained limited to domestically-invested enterprises.

In June 2014, MOFCOM promulgated the Circular on Improving the Administration of the Review of Foreign Investment, which expanded the scope of application of the registered capital subscription system to foreign-invested enterprises, by abolishing the restrictions or provisions on the initial capital contribution percentage, the percentage of capital contributions made in cash and capital contribution deadlines of foreign-invested enterprises; permitting investors to agree on, at their own discretion, the capital contribution amounts subscribed for as well as the capital contribution method and deadlines; and abolishing the minimum registered capital restriction for foreign-invested enterprises in ordinary industries. This move relaxes the controls on market access and genuinely improves the business environment.

Furthermore, in May 2014, the NDRC promulgated the Measures for the Administration of the Check and Approval and Record Filing of Foreign-invested Projects, which explored the trial implementation of national treatment for foreign investment in terms of the administration of access – with the exception of projects in the encouraged category requiring control (including relative control) by the Chinese party and in the restricted category of the Foreign Investment Industrial Guidance Catalogue. The method of administration of other foreign-invested projects is consistent with that for domestically-invested projects. Additionally, the new Measures simplify the conditions for the check and approval or record filing of foreign-invested projects, no longer requiring a review of aspects that should be decided on by an enterprise at its own discretion, such as the project’s market prospects, economic returns or product technology plan, and instead placing emphasis on the determining function of the market in allocating resources, granting enterprises the right to make their own investment decisions and enhancing the level of convenience for foreign investment.

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In contrast with western business decision makers, Chinese business decision makers are not used to strict transaction procedures and time control

Outbound As mentioned above, the Order of the NDRC No.9 establishes a method of administration of Chinese enterprises’ overseas investment projects that is mainly effected through record filing, while it also greatly delegates record filing administration authority to the lower levels and simplifies the record filing procedure. MOFCOM’s Draft establishes a new mechanism in which “record filing is primary, and check and approval secondary”, expressly reflecting the active stance of MOFCOM towards further substantively simplifying the mechanism for reviewing the overseas investments of Chinese enterprises. Under the new “dual layer” record filing regime, Chinese enterprises should be able to complete the relevant record filing procedures of the NDRC and MOFCOM in as little as one to two weeks for China overseas investments and acquisitions of less than US$300 million that do not involve a sensitive country, region or industry.

4. What is your advice to foreign clients engaging in M&A with Chinese investors, both inbound and outbound?

In contrast with western business decision makers, Chinese business decision makers are not used to strict transaction procedures and time control. To arrive at a final decision, Chinese companies usually require more time. In addition to preliminary due diligence and reasonable valuation in the course of a transaction, the implementation of a subsequent genuinely feasible integration plan is a key factor in the success of a transaction, e.g. involving culture and human resources integration, product and service integration and rationalisation, accounting and financial affairs conversion and customer and supplier integration. Additionally, tax planning related issues should also be taken care of as soon as possible and relevant tax arrangements should be revised in line with the new regulations and policies continuously issued by government authorities – failure to do so will directly affect the transaction structure and future profits.

5. What has been the highlight of your M&A cases over the past 12 months and why was it challenging? Why was it unique and does it set any precedents?

At the end of 2013, Alliance J&S Law Firm assisted a domesticallylisted company in an attempt to acquire equity in a technology company in Europe with the objective of a technology transfer.

探討

The challenge lay in how to realise a technology transfer that removes the technological barriers – this became one of the main reasons why the acquisition was ultimately shelved. In an overseas acquisition where the objective is technical know-how, the study of the technical documentation at the early stages presents itself as particularly important, e.g. the investigation of the technology itself, the valuation of the technology, the intellectual property matters and tax planning in an international transfer of technology, the interface of, and digestion by, skilled personnel in China with/of the imported technology, etc.

兼併收購

Fortunately, in another case, Alliance J&S Law Firm successfully assisted a listed company in acquiring another company listed in Europe. The main challenges in such an acquisition, where the acquirer and the target are both enterprises listed in different jurisdictions, are that the acquisition procedure and method need to simultaneously comply with the relevant laws and information disclosure requirements applicable to both the domestically-listed company and the company listed abroad, and that the transaction structure, financing arrangements and implementing steps need to be designed on this basis.

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清除路障 頤合中鴻律師事務所的楊玉華律師概述了便利對內和對外併購交易的最新法規， 並對與中國企業進行商業業務給予意見

1. 過去12個月，並購方面出台了什麼主要法規？ 2013年12月2日，國務院頒布了修改後的《政府核准的投資項目目錄(2013年本)》 （“2013目錄”），就中國企業的海外並購投資而言，該新目錄向市場發出的明 確信號是：目前中國監管機關重點關注屬於“特殊項目”或中方投資額達到10億 美元以上的中國企業境外投資。 此後，根據2013目錄，國家發展和改革委員會（“國家發改委”）於2014年4 月頒布《境外投資項目核准和備案管理辦法》（“發改委9號令”），取代了國 家發改委2004年發佈的《境外投資項目核准暫行管理辦法》。緊隨其後，商務 部於4月16日發佈了《境外投資管理辦法(修訂)(徵求意見稿)》，擬對其2009年的 《境外投資管理辦法》進行修訂。 2014年7月，國家外匯管理局發佈《關於境內居民通過特殊目的公司境外投融 資及返程投資外匯管理有關問題的通知》(匯發[2014]37號)。37號文取代75號文， 跨境並購涉及的境內居民設立特殊目的公司並返程投資的外匯登記流程更清 晰、簡化、便捷。但同時不得不承認的是，37號文僅從外管角度進行了一些便利 性改善，對於紅籌架構中備受關注的VIE架構、10號文下的關聯並購問題等，並 未給出任何傾向性意見。 2014年5月，中國證監會發佈了《創業板上市公司證券發行管理暫行辦法》， 結束了創業板無再融資機制的歷史。根據該辦法，非公開發行股票募集資金用 於收購兼並的，免於適用最近兩年盈利的發行條件。業內普遍預期，創業板並 購節奏和規模將會進一步擴大。此外，2014年7月《非上市公眾公司收購管理辦 法》和《非上市公眾公司重大資產重組管理辦法》正式實施後，新三板掛牌企 業的並購活動也將更為有章可循。 2. 您對於來年的併購市場有什麼展望？有什麼法規有可能會影響併購交易？您 希望看到已公佈的法規會有什麼改變以致併購交易能更順利進行？ 顯然，中國大陸國有和民營企業的海外並購活動將繼續活躍；隨着行業整合和 細分行業改革帶來的更多的市場競爭力，境內的產業並購交易活動將創歷史新 高；A股上市公司將成為境內並購交易活動的重要推動力量；雖然私募基金退出 交易將會隨着IPO重 有所反彈，但是仍將會有越來越多的私募基金通過並購和 二次出售1的方式實現退出。 前述商務部《境外投資管理辦法(修訂)(徵求意見稿)》在5月15日結束徵集意 見，據有關預測，該辦法有望在2014年內出台。 2014年發改委9號令對於3億美元以上的境外項目，新的核准和備案制度仍然 保留了項目信息報告制度（即“路條”）的要求。中國企業的海外公司進行特

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該新目錄向市場發出的 明確信號是：目前中國 監管機關重點關注屬 於“特殊項目”或中方 投資額達到10億美元以 上的中國企業境外投資

探討

定的再投資項目也仍然需要考慮境內相關發改委部門的核准 或備案。同時，對於是否予以核准或備案，各級發改委仍然 享有斟酌權。因此，相關的改革似乎並不徹底，仍然會給中 國企業在境外的交易（尤其是競爭性投標）帶來不確定性， 而中國投資者仍然需要考慮將獲得有關的核准和備案作為實 施交易的先決條件。 另外，從發改委9號令與商務部《境外投資管理辦法(修訂) (徵求意見稿)》的相關規定來看，一個新的趨勢似乎是，商 務部門的備案和核准機制將越來越獨立於發改部門的備案和 核准機制，這些變化將給未來的交易實務帶來新的挑戰。目 前看來，商務部系統的核准和備案權限是不分金額的，原則 是涉及敏感國家、地區和敏感行業的項目在商務部核准；中 央企業的項目在商務部備案；地方企業在各級地方商務部門 備案。商務部的理念似乎可以解讀為除去涉及敏感國家、地 區和敏感行業的項目須經商務部核准外，其他項目全部改為 備案制。通常，國家發改委和商務部都會根據外交部對敏感 國家和地區的認定判斷是否屬於需核准項目，毋庸諱言，出 於外交政策等原因，敏感國家和地區的具體清單是不會公示 的，但在政府部門內部而言，是有清晰界定的。但值得注意 的是，涉及“敏感行業”的項目可能就要複雜一些。目前看 來，商務部對敏感行業的界定較為簡單，一般僅指涉及國內 限制出口的技術、產品，或涉及多國利益；而國家發改委對 敏感行業的界定則相對更為細緻，例如輸電線路、骨幹電網 等都會構成國家發改委視線內的敏感行業而需核准。 3. 對外投資的增長速度已超越對內投資。法規上有沒有什麼 舉措可激勵對內投資趕回它的步伐？最近有沒有什麼舉措可 緩解對外投資的行政負擔？

作者簡歷 楊玉華 合伙人 楊玉華律師畢業於北京大學法學院及中國經 濟研究中心，獲得法學學士學位及經濟學學 士學位；2006年畢業於美國賓夕法尼亞大 學法學院及沃頓商學院，獲得法學碩士學位 及商務與公共政策研修證書。此外，楊玉華 律師曾赴英參加中國青年律師培訓項目，並 在倫敦及香港律師事務所工作。楊律師於 2006 - 2007年間在紐約 Phillips Nizer LLP 律師事務所工作。 楊律師具有中國律師資格、美國紐約州律師資格。 楊律師側重於公司、證券與資本市場、外商對華投資、中資 企業境外投資、國際貿易及其他高端涉外業務，她曾擔任企業 改制、公司重組、收購兼並、重大資產處置、境內外股票發行 與上市、公司及項目融資、證券投資基金、風險投資及私募股 權投資基金等項目的專項法律顧問，協助中外客戶進行重大商 務談判、複雜的各類交易設計和實施，並為公司、企業提供日 常經營法律咨詢。 楊律師現任北京市律師協會公司與公職律師工作委員會委 員、北京市東城區律師協會業務指導委員會委員。 工作語言：除中文以外，楊律師完全勝任以英文作為工作語 言提供專業服務。

兼併收購

與西方的商業決策者不同，中國的商 業決策者不習慣嚴格的交易流程和時 間控制，中國公司作出最終決策往往 需要花費更多的時間

對內投資 2014年3月，新《公司法》最終將註冊資本認繳制以法律形式 確定下來，但其適用範圍仍限於內資企業。2014年6月，商務 部發佈了《關於改進外資審核管理工作的通知》，將註冊資 本認繳制的適用範圍擴大到了外商投資企業，包括取消外商 投資企業首次出資比例、貨幣出資比例和出資期限的限制或 規定；允許投資者自主約定認繳出資額、出資方式、出資期 限；並取消一般行業外商投資企業的最低註冊資本限制。這 一舉措放鬆市場主體准入管制，切實優化了營商環境。 此外，2014年5月，國家發改委發佈《外商投資項目核准 和備案管理辦法》，在准入管理上對外商投資探索試行國民 待遇，即除《外商投資產業指導目錄》中有中方控股（含相 對控股）要求的鼓勵類項目和限制類項目外，其餘外商投資 項目管理方式與內資項目一致。同時，該新辦法對外商投資 項目核准、備案的條件也進行了簡化，不再對項目的市場前 景、經濟效益和產品技術方案等應由企業自主決策的內容進 行審查，注重讓市場發揮配置資源的決定性作用，賦予企業 投資自主權，提高外商投資便利化水平。 對外投資 如前所述，發改委9號令確立了發改委對於中國企業境外投資 項目以備案為主的管理方式，同時大幅下放備案管理權限， 並簡化了備案程序；商務部的徵求意見稿確立了“備案為 主、核准為輔”的新機制，明確反映了商務部對進一步實質 性簡化中國企業境外投資審核機制的積極態度。在新的“雙 重”備案體制下，對於3億美元以下的、沒有涉及到敏感國別 （地區）和行業的中國境外投資並購，中國企業最快應當能 夠在1-2周內完成發改部門與商務部門相關備案手續。 4. 在對內和對外投資兩方面，對於和中國投資者進行併購交 易的外國客戶，您有什麼意見可給予他們？ 與西方的商業決策者不同，中國的商業決策者不習慣嚴格的 交易流程和時間控制，中國公司作出最終決策往往需要花費 更多的時間。對於交易成功最重要的因素除了前期的盡職調 查、交易中合理估值外，後期切實可行的整合計劃的執行也 至關重要，如涉及到文化和人力資源的整合，產品和服務的 整合及合理化，會計和財務的轉換，以及客戶和供應商的整 合等。同時，稅務籌劃相關問題也應盡早安排，政府部門 不斷發佈新的規定和政策，相關的稅務安排也應隨之進行調 整，否則都將直接影響其交易結構和未來的盈利。

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5. 過去12個月，您處理了什麼重大並購案件？為何案件具挑 戰性？案件有什麼獨特、有否締造先例？ 2013年底，頤合中鴻律師協助境內一上市公司以技術轉移為目 的在歐洲擬收購某技術公司的股權。挑戰在於如何實現消除 技術壁壘的技術轉移，其也是該並購最終擱置的主要原因之 一。對於以技術訣竅為目標的境外收購，先期對技術資料的 研究顯得格外重要，如對技術本身的調查、技術估值、國際 1. 私募基金將投資公司出售給其他私募基金

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技術轉移中的知識產權事宜和稅務籌劃、國內人才對引進技 術的對接與消化吸收等等。 值得慶幸的是，頤合中鴻律師協助某上市公司在歐洲收購 另一家上市公司的案例得以完成。該項收購的主要挑戰則在於 收購方和被收購方同時為不同法域的上市企業時，收購流程和 方式需要同時符合境內外上市公司的相關法律規定、信息披露 要求，並在此基礎上設計交易結構、融資安排和實施步驟等。

新聞分析

項目、能源及基礎設施 INDIA

How China’s businesses can secure project bids | 中國企業如何贏得項目投標 Chinese companies need to improve their presentation, commit to timeframes and make the most of international advisors to win overseas project work | 中國公司需要改善形象、嚴謹守時並高度重視國際顧問，才能贏得海 外項目工作

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awyers with knowledge of major deals told China Law & Practice that Chinese companies are frequently let down by failure to meet delivery deadlines and a reluctance to take on foreign partners.

“On some occasions the bids can be badly put together,’’ said Tom Luckock of Norton Rose Fulbright. “They can be interpreted as signaling a lack of commitment to the project, and so they often do not make the shortlist.’’

While Chinese-led projects are well established in regions such as Africa and South America, China’s companies have found it difficult to break through barriers in developed markets. Competition in the US and Europe is far more fierce, with the world’s leading names jostling for multi-billion dollar

contracts and dulling the pricing edge of mainland bidders. Also, state-owned firms prefer to be the sole controller and driver of projects rather than having partnerships.

The technical know-how of some companies has also been questioned, while lengthy and complex outbound approval processes are seen to increase execution risks. In an effort to address the time issue, The National Development and Reform Commission (NDRC) promulgated the Measures for the Administration of Approval and Filing of Outbound Investment Projects (境外投資項目核准和 備案管理辦法) (Measures) on April 10, replacing approval requirements with a simplified filing procedure for investments under US$1 billion.

“This is good for smaller projects like some renewables projects, but major infrastructure work such as for ports, desalination plants and transmission assets all go over that threshold,” said Luckock.

Also, the Measures state that projects involving “sensitive countries, regions or sectors” are subject to approval and the NDRC’s discretion. Such sectors include the operation of telecommunication infrastructure, development and use of cross-border water resources, large-scale land development, power transmission grids and networks. This may impede certain large-scale overseas energy and infrastructure projects.

A recent success in the UK was driven by political support. Chinese companies will be

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able to operate a Chinese-designed nuclear power station and construct and run railway lines in the UK, The Guardian reported on June 17. This was part of a £14 billion set of trade deals signed during a visit by Premier Li Keqiang. In the US, on the other hand, Fox News on June 10 cited a media report as saying that the California government will have to spend millions of dollars to fix the San Francisco-Oakland Bay Bridge after what it said were inadequate repairs carried out by a Shanghai-based company lacking in experience.

“One of the Chinese companies’ major disadvantages still lies in certain areas of technology,” said Shepard Liu of Milbank Tweed Hadley & McCloy. “Competitive high-tech infrastructure projects require sophisticated equipment which passes Western standards,” he added. For instance, Chinese companies often face off with South Korean competitors, which offer advanced technology and are more experienced in carrying out global contracts.

M&A: a different story PRC companies have had more luck in acquisitions. China Three Gorges Corporation, advised by Skadden Arps Slate Meagher & Flom, became the largest shareholder of wind power company Energias de Portugal this year for US$3.5 billion, marking the biggest-ever Chinese investment into Europe. Minter Ellison and King & Wood Mallesons acted on China Merchants Group and Hastings Funds Management’s US$1.6 billion investment into the port of Newcastle in Australia. State Grid has also acquired stakes in numerous mining companies abroad.

There is often a perception that the risk of completion for a Chinese company is lower.

Counterparties can get comfortable when they see well-known international legal advisors are on board a major project. Another issue faced

by PRC companies is understanding the local environment, and having the right advisors on the ground can help them get over this hump.

This is not only important from a credibility perspective, but also for actually getting the deal done.

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News analysis

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位在處理大規模交易方面擁有豐 富經驗的律師在接受《中國法律 商務》採訪時說，中國公司經常因為不 能滿足交付期限以及不願接納外國合伙 人而失去項目機會。 諾頓羅氏富布萊特律師事務所的 Tom Luckock 律師說：“有時標書是胡亂拼砌 而成，這可能會讓別人認為它們缺乏對 項目投入的熱情，因此在最後挑選時通 常不會考慮這些公司。” 儘管由中國主導的項目在非洲和南 美洲等地區都已頗具規模，但中國公司 發現很難突破成熟市場的壁壘。美國和 歐洲市場的競爭更加激烈，因為許多世 界一流公司也會參與爭奪價值數十億美 元的合同，在這些頂尖品牌的光環下， 中國投標人原本的價格優勢也會黯然失 色。此外，國有企業對於自己是項目的 唯一控制者和推動者的熱情更甚於建立 合作伙伴關係。 一些公司的技術知識也遭到了質疑， 而冗長複雜的境外投資審批流程更增加 了執行風險。為瞭解決時間問題，國家 發展和改革委員會 於 4 月 10 日頒布了 《境外投資項目核准和備案管理辦法》 ，決定對10億美元以下的投資以簡化的 備案程序取替審批要求。 Luckock律師說：“這對小型項目 （例如一些可再生能源項目）十分有 利，但大型基礎設施項目（例如港口、 海水淡化工廠和傳輸資產）都超過了該 門檻。” 此外，《辦法》中還規定涉及“敏感 國家、地區或行業”的項目必須經過審 批並由國家發改委全權決定。 此類行業 包括電信基礎設施運營、跨境水資源的 開發利用、大規模土地開發以及輸電網 和網絡。這可能會阻礙某些大規模海外 能源和基礎設施項目的發展。 最近在英國的一次投標成功是在政治 支持的推動下實現的。據 6 月 17 日《英 國衛報》的報道稱，中國公司將在英國 運營一處由中國人自主設計的核電站， 並能建設和運行鐵路線。這是李克強總 理訪問英國期間簽訂的總價值高達 140 億英鎊的一系列貿易交易中的一部分。 另一方面在美國，6 月 10 日《福克斯新 聞》援引一篇媒體報道稱，由於上海公 司缺乏相關經驗導致維修不當，加利福 尼亞政府不得不花費數百萬美元修理連 通舊金山和奧克蘭的海灣大橋。

美國美邦律師事務所的劉秀生說：“ 中國公司的主要劣勢之一仍然在於某些 領域的技術知識匱乏。在一些競爭激烈 的高科技基礎設施項目中，需要用到一 些達到西方國家標準的尖端設備。”例 如，中國公司經常要和一些韓國公司展 開競爭，而這些韓國競爭對手可提供先 進的技術，且在履行全球合同方面擁有 更為豐富的經驗。 並購：不同的發展趨勢 中國公司在並購方面的進展更為順利。 今年，中國長江三峽集團公司在世達律 師事務所的幫助下，以 35 億美元的收購 價格成為葡萄牙風力發電公司葡萄牙電 力公司的第一大股東，這也是有史以來 最大一宗中國對歐洲的投資項目。在中 國招商局集團與黑斯廷斯基金管理公司 以 16 億美元聯合投資澳大利亞紐卡斯爾 港的項目中，銘德和金杜律師事務所提 供了法律意見。國家電網公司也在海外 收購了許多礦業公司的股份。 外界普遍認為中國公司的完成風險較 低。當交易對方發現有國際知名的法律 顧問共同參與大型項目時，可能會比較 放心。中國公司面臨的另一個問題是缺 少對本地環境的瞭解，而當地合適的顧 問可幫助公司克服該困難。這不僅從信 譽角度來看很重要，對實際完成交易也 是十分關鍵。

Leading Project Finance Lawyers Chen Bin, AnJie Law Firm David Chen, DeHeng Law Firm Yi Fang, Jun He John Jiang, Chen & Co Shaun Lee, King & Wood Mallesons Michael Mei, Llinks Law Offices Wang Jiangang, Jun He Wang Ling, King & Wood Mallesons

Leading Energy & Natural Resources Lawyers Shaun Lee, King & Wood Mallesons Wang Weidong, Grandall Law Firm

Source: Asialaw Leading Lawyers 2014

探討

項目、能源及基礎設施

The challenges of private capital Jihong Wang and Zejun Lin of Zhong Lun Law Firm analyse the legal challenges created by using private capital to invest in infrastructure development, both in China and by Chinese enterprises looking outbound 1. What are the key legislative developments over the past 12 months affecting investment into the project, energy and infrastructure sectors?

Legislation relating to the project, energy and infrastructure sectors during the past year was extremely active. The most important change took place in the urban infrastructure investment and financing sector, where, as proposed at the 18th National Congress of the Communist Party of China, the participation of private capital in urban infrastructure investment and operation by means such as concessions was permitted. Subsequently, in May of this year, the National Development and Reform Commission issued the first batch of 80 model projects in infrastructure and other sectors in which private investment in construction and operations is encouraged, which was designed to attract private capital, particularly private investment, to participate in construction and operation in the form of equity joint ventures, wholly owned ventures and concessions. The model projects cover transportation infrastructure, new generation information infrastructure, major clean energy projects, oil and gas pipeline networks and gas storage equipment, modern coal chemical and petrochemical industrial bases. The National Development and Reform Commission is currently accelerating the pace of drafting of the Law on Infrastructure and Utility Concessions and it is anticipated that it will be adopted by the Standing Committee of the current National People’s Congress. Additionally, as a major nuclear country accounting for 40% of the world’s nuclear reactors currently under construction, the Nuclear Energy Law is currently being drafted, led by the Ministry of Industry and Information Technology.

Wang Jihong is fortunate to be participating directly in the drafting process as a member of the drafting committee.

2. How has the trend of private capital participating in infrastructure investment and construction developed? What are the main forms that these investments take?

Based on our legal practice in this industry, the participation of private and foreign capital in the domestic infrastructure investment and construction sector in the last few years has shown a trend toward diversity. In the past, the favoured sectors were transport (highways and bridges) and environmental protection (sewage treatment and waste disposal), whereas

The participation of private capital and foreign capital in the domestic infrastructure investment and construction sector in the last few years has shown a trend toward diversity

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Insights

now one can see the hand of private capital and foreign capital to a greater or lesser extent in the majority of infrastructure investment and construction sectors, such as desalination and construction of large sports facilities. Sectors that were traditionally attractive to private capital, such as highways, are seeing a trend of reduced private investment. This is probably due to the fact that after a period of intensive investment, new highway projects with foreseeable high return rates are now rather few in number.

One relatively welcome change is that, in the past, much of the participation of private capital in infrastructure construction and investment was based on capital strength, not technical or management strength, but in recent years, the number of domestically invested enterprises relying on their technical and management strengths to participate in projects has been increasing. A waste incineration power project for which we provided legal services is a good example. The investor’s waste incineration power generation technology and management greatly reduced its operating costs, accordingly, in terms of its waste disposal fee quote it had a clear advantage, and on the strength of this advantage, the investor secured the waste treatment projects of more than 10 local governments in BOT (build-operate-transfer) form. For the infrastructure project investors for whom we provided legal services in the past, those that enjoyed particular advantages in terms of technology and management were usually foreign-invested enterprises.

Private capital often participates in infrastructure investment and construction in the forms of BOT, BT (build-and-transfer), TOT (transfer-operate-transfer) and BOO (build-own-operate), and in recent years some large cities have opted for the PPP (public-privatepartnership) model in which local government and private capital participate together in investment in a project company, a model that is still relatively rarely seen in second and third tier cities. Private capital also indirectly participates in infrastructure investment and construction, for example by participating in investment in certain infrastructure asset securitisation projects.

3. What are the major legal issues involved in the participation of private capital in infrastructure investment and construction in China?

Firstly, China lacks high-level authorised legislation dedicated to the BOT, BT, TOT, BOO and PPP models. Although certain relevant provisions can be found scattered in the regulations and measures issued by relevant ministerial level authorities and local governments, systematised high-level legislation is lacking. This has led to a situation where operation varies when different local governments opt for the BOT, BT or another model, and there is a lack of standardisation.

Secondly, when performing BOT or BT contracts, local governments will perform differently. A large infrastructure project will generally require the participation and support of various functional departments of the government to perform the government’s undertakings in the contract. However, as a local government will usually authorise a certain subordinate functional department to

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execute contracts, it will be that functional department that will interact with the investor, but the coordinating capabilities of the functional department will often be limited. When, in the course of performing contractual obligations, it encounters a situation where it needs to bring together other functional departments to participate in the performance, it will find itself powerless, which creates problems in terms of performance capacity and efficiency in handling matters.

Lastly, with respect to BT projects, one of the most prominent issues is local governments’ capacity to pay for the repurchase of the project. In practice, the projects of many local governments are linked to the land development returns of a certain area, and if the land development in the area fails to live up to expectations, the local government will have a problem in performing its obligation of paying for repurchase of the project, exposing the investor and financing bank to risks.

One of the most prominent issues is local governments’ capacity to pay for the repurchase of the project 4. In the coming years, what will be the major legal issues worth noting when it comes to the project, energy and infrastructure sector?

Stricter environmental protection laws will increase the costs of non-compliance. The amended Environmental Protection Law will be effective on January 1 next year. The new Environmental Protection Law specifies liabilities and increases penalties for violations. The new Law establishes, for the first time, the principle of per-day fines with no upper limit for illegal discharge of pollutants where the perpetrator refuses to rectify the situation. Furthermore, the establishment of the system of environmental public interest lawsuits signifies that, in future, when investing in China’s energy, resource and infrastructure projects, special attention will need to be paid to environmental regulation issues so as to guard against violations of environmental laws.

Safety-related incidents will occur frequently, making the importance of safety compliance particularly obvious. Recently, frequent safety liability incidents in China have occurred not only in Chineseinvested enterprises, but an increasing number have also been occurring in foreign enterprises (for example, the Kunshan dust explosion incident). As the enterprises and responsible persons involved in major safety-related incidents are required to bear not only the attendant civil and administrative liability, but also the attendant criminal liability, this should attract special attention from both Chinese and foreign enterprises.

The issue of employment disputes will become more prominent, with the number of cases greatly increasing. China’s Labour

探討

Chinese and foreign enterprises need to attach great weight to legal issues such as the execution of employment contracts and the dismissal of employees Law emphasises the protection of the lawful rights and interests of workers. With workers’ increasing awareness of using labour laws to protect their rights, Chinese and foreign enterprises have been faced with the frequent occurrence of various employment dispute incidents, with a corresponding increase in relevant legal actions, and the enterprise has been the loser in the majority of cases. Accordingly, Chinese and foreign enterprises need to attach great weight to legal issues such as the execution of employment contracts and the dismissal of employees and duly handle employment controversies so as to effectively guard against labour law risks.

The fight against corruption will continue, which means that anticorruption compliance should be placed on the agenda. The exposure of certain corruption incidents involving foreign enterprises reflects the fact that foreign enterprises that have in the past placed emphasis on the issue of corruption have been letting down their guard in the China market. Accordingly, in the project, energy and infrastructure sectors, which involve massive investment amounts, special attention needs to be paid to guarding against potential commercial bribery risks.

5. What are the most important legal challenges that Chinese enterprises face in investing in overseas infrastructure?

In recent years, investment in overseas infrastructure by Chinese enterprises is increasing. At present, investment by Chinese enterprises in overseas infrastructure is focused on developing countries in Southeast Asia and Africa. I believe that the greatest legal challenges involved in investing in infrastructure projects in these countries and regions are the lack of stability in local laws and regulations and the lack of familiarity of the local governments with international business practice.

We were once involved in an overseas BOT case in which, in addition to engaging us and a local law firm as its legal team for its negotiations on the project contract with the local government, the investor, a strong Chinese enterprise, engaged one of the big four accounting firms as its financial advisor. We spent close to two years carrying out long discussions and negotiations on the terms and conditions of the BOT contract with the local government. As the legal framework in the host country to support specifically the BOT model was nearly nonexistent, our only option was to search for certain provisions of principle in its basic laws. Additionally, the country was then in the midst of efforts to open up to the outside world, with the work of drafting and revising laws and regulations

項目、能源及基礎設施

then all occurring at the same time. This uncertainty in terms of laws made the design of the specific mechanisms and terms of the BOT agreement very difficult, which was particularly manifested in the provision of land, financing and tax breaks. There were certain terms and conditions that went beyond the then current laws and regulations of that country but were necessary for the project and needed to be submitted to that country’s legislature for confirmation of their validity. As the negotiation on the project was drawing to a close, the leader of the other party’s negotiating team was replaced, with the new leader proposing major revisions to key terms and conditions on which the parties had reached a consensus after numerous rounds of negotiation, proposed revisions that were unacceptable to the financing bank, which would have made future financing for the project impossible. In short, the host country government’s unfamiliarity with international commercial practice made the negotiations on the project extremely arduous.

Author biographies Jihong Wang Partner Jihong Wang, a senior partner of Real Estate & Infrastructure Department at Zhong Lun Law Firm, serves as a project management expert at the Ministry of Housing and Urban-rural Development and is an arbitrator at the China International Economic and Trade Arbitration Commission. Her main practice areas include infrastructure, real estate, construction, environment, resources, and energy where she provides top-tier expertise in matters such as investment, financing, construction, M&A and listing. Highways, railways, bridges, subway systems, ports, stadiums, electricity plants, mines, real estate and landmarks are among the projects on which she offers her advice, and the value of these projects amounts to well over Rmb100 billion. As a senior legal practitioner, she is especially good at providing in-depth legal support for projects, tailoring deal structures for specific situations and devising practical legal solutions. Her efforts have been rewarded by the success of a great number of deals and in long-term cooperation with both domestic and foreign clients.

Zejun Lin Partner Zejun Lin, a senior partner of Real Estate & Infrastructure Department at Zhong Lun Law Firm, was admitted to practise law in China in 1994. He has been practising law in China for more than twenty years. Lin’s practice is focused on the areas of infrastructure investment, real estate and construction and foreign investment within the PRC. Lin has had some outstanding achievements in infrastructure construction with foreign and private capital and has advised his clients in dozens of large BOT and BT projects. Along with the rapid development of the outbound investment by the Chinese enterprises, outbound investment has become one of Lin’s focus practice areas. Having advised many large state-owned enterprises and banks in large-scale outbound investment and financing transaction, Lin has extensive experience and profound knowledge in the area of outbound investment.

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6. What recommendations would you have for Chinese enterprises wishing to invest in overseas infrastructure construction projects? Particularly for those Chinese enterprises wishing to open markets and develop and engage in business in developed countries – which issues do they need to pay attention to?

Based on our practice of providing legal services to Chinese enterprises for overseas infrastructure projects, we believe that a Chinese enterprise needs to pay attention to the following when investing in an overseas infrastructure project: (1) placing emphasis on the risks attached to the offshore infrastructure project, carrying out due diligence investigation, carrying out a comprehensive survey and extensive analysis of the economics and politics of the host country where the project is to be located, and duly assessing the various risks attached to the project, including assessing the host country government’s credit rating and performance capacity; (2) at the stage of negotiation for execution of the contract, it needs to use its best efforts to secure the warranties and incentives that the host country government can offer under the host country’s current legal framework; and for terms and conditions that go beyond that country’s current legislation, it should request that the government submit the same to the legislature for confirmation; (3) in the course of construction of the project, it needs to maintain timely and good communication with the relevant authorities of the host country government so as to secure the timely cooperation of the host country government in practice; (4) as an infrastructure project will usually have a certain impact on the environment and natural resources in the place where the project is located, the investor must actively communicate and cooperate with the local population and organisations, duly handle the relationship with the local society, actively bear social responsibility in terms of safety, environmental protection and social returns and establish a philosophy of sustainable development. Only in this way will it be able to secure the support of the local society for the project.

With respect to a Chinese enterprise wishing to open markets and develop and engage in business in a developed country, we are of the opinion that, in addition to due diligence as mentioned above, it should pay attention to the following two points: (1) changing its investment philosophy and learning how to act in accordance

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Generally speaking, Chinese enterprises still lack experience in investing overseas, and particularly mature markets, countries, and, when they engage in business, they usually place great weight on relationships with international practice: generally speaking, Chinese enterprises still lack experience in investing overseas, and particularly mature markets, countries, and, when they engage in business, they usually place great weight on relationships. As there exists a relatively great discrepancy between their practice of establishing cooperative relationships with which they are familiar and the internationally commonly accepted commercial philosophy of honouring rules, honouring laws and honouring contracts, for a Chinese enterprise to be recognised and accepted by business entities in a mature market, it first needs to change its trading philosophy, learn to comply with the local laws, regulations, beliefs and conventions of the host country, place emphasis on environmental protection and carry out its investments in accordance with international practice; (2) Learning how to identify and select professional intermediary firms and plan out the division of responsibilities between Chinese and foreign professional firms: Chinese enterprises need to learn to employ a professional to do a professional’s job. When a Chinese enterprise wishes to invest in a developed market, it needs to rely on a Chinese law firm to manage and coordinate with a local law firm. On the one hand, the long-term relationship of confidence between a Chinese law firm and enterprise and the communication advantages in terms of language and culture are things that a local foreign firm cannot replace. On the other hand, Chinese enterprises need to rely on the Chinese firm’s professional legal capabilities and its contacts with legal circles in the developed market to assist it in selecting the most reasonable foreign law firm in terms of price-performance ratio, with the Chinese and foreign law firm jointly forming its legal team, following up throughout the entire process, liaising and exchanging ideas and controlling risks.

探討

項目、能源及基礎設施

私募資金的挑戰 中倫律師事務所的王霽虹律師和林澤軍律師分析了在中國使用以及當中國企業到 境外投資時利用私募資金投資基礎設施時所面對的法律挑戰

1. 過去12個月，項目、能源及基礎設施方面出台了什麼主要法規？ 過去一年涉及項目、能源及基礎設施領域的立法非常活躍，其中最值得注意的 是在城市基礎設施投融資領域，十八大提出允許社會資本通過特許經營等方式 參與城市基礎設施投資和運營。此後國家發展改革委於今年5月發佈首批80個基 礎設施等領域鼓勵社會投資參與建設經營的示範項目，鼓勵和吸引社會資本特 別是民間投資以合資、獨資、特許經營等方式參與建設及運營。示範項目涵蓋 交通基礎設施、新一代信息基礎設施、重大清潔能源工程、油氣管網及儲氣設 備、現代煤化工和石化產業基地等方面。國家發展改革委目前正加快推進《基 礎設施和公用事業特許經營法》的起草工作，預計在本屆人大常委會任期內通 過。與此同時，作為佔全球在建核反應堆40%的核大國，由工信部牽頭的《原子 能法》也正在起草過程中,本人有幸作為起草小組成員直接參與其中。 2. 我國民間資本參與國內基礎設施投資建設的趨勢如何？主要以什麼方式參與？ 根據我們在這個行業的法律實踐，一方面我國民間資本以及外資這幾年參與的 國內基礎設施投資建設領域呈現多樣化的趨勢。以往較為集中的領域為交通 （如高速公路、橋梁）、環保、（如污水處理、垃圾處理）等，現在在基礎設 施投資建設大部分領域都或多或少都可以看到民間資本和外資的影子，如海水 淡化、大型運動設施場所建設等等。另一方面，傳統上較為吸引民間資本的領 域，如高速公路等，目前呈現民間資本減少的趨勢。這應該是因為經過過去一 段時間高密度的投資，目前可預期的回報率高的新建高速公路項目較少了。一 個較為可喜的變化是以往國內民間資本參與基礎設施投資建設大多憑借資金優 勢，而非技術和管理優勢，但近年來內資企業憑借技術和管理優勢參與投資建 設的項目越來越多。我們在提供法律服務的一個垃圾焚燒發電項目就是一個 很好的例子。該投資商在垃圾焚燒發電方面的技術和管理使其運營成本大為 減少，因此在垃圾處理費的報價方面具有突出優勢，憑借此優勢，該投資商 以“BOT”形式獲取了十多個地方政府的垃圾處理項目。過去我們為基礎設施 項目投資商提供法律服務，在技術和管理方面具有突出優勢的往往為外資企業。 民間資本多以BOT、BT、TOT、BOO等形式參與基礎設施投資建設，近年來一 些大型城市也採用PPP模式，即地方政府與私人資本一起參與到項目公司的投資 當中，這類模式目前在二、三級城市還較為少見。民間資本也以間接的方式參 與基礎設施投資建設，如參與投資一些基礎設施資產證券化項目等。 3. 中國民間資本參與國內的基礎設施投資建設目前主要存在什么法律問題？ 首先，我國目前對BOT、BT、TOT、BOO、PPP等模式缺乏高層次的專門立

我國民間資本以及外資 這幾年參與的國內基礎 設施投資建設領域呈現 多樣化的趨勢

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Projects, Energy & Infrastructure

Insights

法，一些相關的規定散見於相關部委、地方政府頒發的規 定、辦法中，缺乏系統、高層次的立法。因而導致各個地方 政府在採用BOT、BT等模式時操作各異，存在不規範的情 況。其次，地方政府在履行BOT、BT合同時常常存在履約不 到位的情形。一個大型的基礎設施項目往往需要政府各個職 能部門參與支持，履行合同中政府的承諾。但由於目前地方 政府往往授權屬下某一職能部門簽訂合同，與投資商對接的 即為該職能部門，而該職能部門往往協調能力有限，在履行 合同義務時遇到需要調集其他職能部門參與的時候，顯得力 不從心，在履約能力和辦事效率上都存在問題。最後，對採 用BT形式的項目而言，一個最為突出的問題是地方政府償還 項目回購款的能力。在實踐中許多地方政府的項目還是與某 片區的土地開發收益掛 ，一旦該片區的土地開發不能達到預 期，地方政府在履行BT回購款償還義務方面將出現問題，給 投資商和融資銀行帶來風險。 4. 項目、能源及基礎設施領域，未來有哪些需要着重關注的 法律問題？ 環保法更趨嚴格，違法成本增加。新修訂的環境保護法將於 明年1月1日起實施。新的環境保護法明確了責任，加大了環 保違法處罰力度。對於拒不改正的違法排污行為，新的環境 保護法首次設立了按日計罰、不設上限的處罰原則。而環保

作者簡歷 王霽虹 合伙人 中倫房地產和基礎設施部資深合伙人，住房 與城鄉建設部特聘項目管理專家、中國國際 經濟貿易仲裁委員會仲裁員，主要從事基礎 設施、地產、工程、環境、資源、能源領域 的投融資、建設、並購、上市等法律服務， 所服務項目金額超千億，涉及高速公路、鐵 路、橋梁、地鐵、港口、體育場館、電廠、 各種礦產、各類地產、地標性工程等諸多領 域，尤其擅長對項目提供深度法律支持，進行有針對性的交易 架構設計，提供實用性法律解決方案，促成各方交易，贏得眾 多中外客戶的多年信賴。 林澤軍 合伙人 中倫房地產和基礎設施部資深合伙人，於 1994年獲得中國律師執業資格，有二十余 年的執業經驗。他長期專注於基礎設施投融 資、房地產與建設工程、外商在華投資等法 律服務領域，尤其在外商以及民營資本以 BOT、BT方式投資基礎設施方面取得突出 的成績，經辦過數十個重大的BOT、BT項 目法律服務。近年來隨著中國企業走出去的 快速發展，林澤軍律師將中國企業境外投資作為其重點業務之 一，先後經辦十多個中央企業、廣東省屬國有企業在境外大型 投資項目的法律服務，為國家開發銀行以及大型商業銀行十多 個境外貸款項目提供法律服務，在中國企業境外投資領域的法 律服務方面積累了豐富的經驗。

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中外企業要重視勞動合同的簽署、僱 員的辭退等法律問題

公益訴訟制度的設立，意味着未來投資中國能源、資源和基 礎設施項目要特別關注環境法規問題，防範環境違法事件的 發生。 安全事故頻發，安全合規重要性凸顯。中國近來屢屢發生 的安全責任事故，不僅發生在內資企業，也越來越多地發生 在外國企業（如崑山粉塵爆炸事件）。由於重大安全事故的 相關企業和責任人不僅要承擔相應的民事責任、行政責任， 還要承擔相應的刑事責任，應引起中外企業的高度重視。 勞動爭議問題突出，數量大大增加。中國的《勞動法》強 調勞動者合法權益的保護。隨着勞動者利用勞動法律維權的 意識增強，中外企業頻頻發生各種勞動爭議事件，相關訴訟 也大大增加，且企業敗訴者居多。因此，中外企業要重視勞 動合同的簽署、僱員的辭退等法律問題，妥善處理好勞資矛 盾，以有效防範勞動法律風險。 反腐敗將繼續，反腐合規性提上日程。中國的廉政反腐風 暴還將持續，隨着一些外企腐敗事件的曝光，反應了一向注 重腐敗問題的外企在中國市場有所松懈。因此，在項目、能 源及基礎設施這些涉及巨大投資金額的領域，要特別注意防 範可能發生的商業賄賂風險。 5. 中國企業在海外基礎設施投資方面的最大法律挑戰是什 麼？ 近年來，走出國門的中國企業在海外基礎設施方面的投資日 益增多。目前，中國企業在海外基礎設施方面的投資集中於 發展中國家，如東南亞、非洲等地。在這些國家或地區投資 基礎設施項目，我認為最大的法律挑戰在於當地法律法規的 不穩定性和當地政府對國際商務慣例的不熟悉。我們曾做過 一個海外BOT的案例，投資商為國內很有實力的企業，在與 當地政府談判項目合同時，除了聘請我們和東道國當地律師 作為法律團隊以外，還聘請了四大之一的會計師事務所作為 財務顧問。我們耗時近兩年，與當地政府就BOT合同條款和 條件進行長時間的談判磋商。由於東道國可以具體支撐BOT 模式的法律架構幾乎為空白，只能在基礎立法當中尋找一些 原則規定。同時，該國正處於對外開放的過程當中，法律法 規的起草修訂工作正在密集進行，法律層面的不穩定給BOT 協議具體機制和條款的設計帶來很多困難，特別體現在土地 的提供、融資以及稅收的優惠等方面。有些突破該國現行法 律規定、但又是該項目所必須的條款和條件，還需上報該國 立法機構確認其效力。在項目談判接近尾聲時，對方談判隊 伍換了領導，對於雙方經過多次談判已經達成共識的關鍵性 條款和條件，提出重大調整，而且提出的修改意見是不可能 被項目融資銀行接受的，導致項目未來的融資無法推進。總 之，東道國政府對國際商務實踐和慣例的不熟悉，使整個項 目的談判充滿艱辛。

探討

6. 對中國企業投資海外基礎設施建設項目方面有何建議？特 別是中國企業要在發達國家開拓市場、開發和開展業務，需 要注意什麼問題？ 根據我們為中國企業提供海外基礎設施項目法律服務的實 踐，我們認為中國企業在投資海外基礎設施項目方面應該注 意如下幾個方面：(1)重視境外基礎設施項目的風險，做好盡 職調查工作，對項目所在地東道國經濟和政治進行全面的調 研、深入分析，充分做好項目各方面的風險評估，包括評估 東道國政府的資信和履約能力。(2)在項目的簽約談判階段， 需要盡最大可能取得東道國現行的法律框架下東道國政府可 能提供的保證和優惠；對於突破該國現行立法的條款和條 件，應該要求政府上報該國立法機構給予確認。(3)在項目的 建設過程中，需要和東道國政府的相關部門保持及時和良好 的溝通，以獲得東道國政府在實踐中的及時配合。(4)由於基 礎設施項目往往會給項目所在地的生活環境、自然資源帶來 一定程度的影響，投資者一定要積極和項目當地的民眾和組 織進行溝通和合作，處理好和當地社會的關係，在安全、環 保、社會回報等方面積極承擔社會責任，樹立可持續發展的 觀念，方能取得當地社會對項目的支持。 對於中國企業要在發達國家開拓市場、開發和發展業務， 我們認為除了上面所說的做好盡職調查工作以外，需要注意 以下兩點：(1)轉變投資理念，學會按照國際慣例行事。總體

項目、能源及基礎設施

中國企業還欠缺在海外尤其是成熟市 場國家投資的經驗，中國企業在開展 業務時通常注重關係 上講，中國企業還欠缺在海外尤其是成熟市場國家投資的經 驗，中國企業在開展業務時通常注重關係，因熟識而建立合 作關係的習慣做法與國際上通行的重規則、重法律、重合同 的商業理念存在較大差距。因此，中國企業要被成熟市場的 商業主體所認可和接受，首先要轉變交易理念，學會遵守東 道國當地的法律法規、信仰、習俗，注重環境保護，按照 國際慣例進行投資。(2)學會識別和選擇專業中介機構，統籌 中、外專業機構的分工。中國企業要學會利用專業的人做專 業的事。中國企業在發達市場投資，要借助中資律所管理和 協調當地的律師事務所。一方面中資律所和企業之間長期的 信任關係以及語言、文化層面的溝通優勢，是當地外資律所 無法替代的。另一方面企業需要依靠中資律所的法律專業能 力以及和發達市場法律界的聯繫，通過中資律所的協助選聘 性價比最為合理的外國律所，由中外律師共同組成自己的法 律團隊，全程跟進，溝通交流、把控風險。

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Real Estate & Construction

News analysis

E-commerce surge boosts logistics deals

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電子商務浪潮促進物流交易發展 The growing importance of e-commerce in China has exposed a shortage of warehouse facilities. Private equity firms are using their global experience to develop the market | 電子商務在中國市場的重要性日益突顯，但 也因此暴露出倉庫設施短缺的問題。私募股權公司正積極利用自己的全球經驗開發倉儲市場

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rivate equity firms are buying up space in China because warehousing provides better returns in a real estate market reeling from government price curbs and oversupply.

Competition and demand have led to more diversified and sophisticated transactions, but global expertise is needed for the local logistics industry to mature.

“The cost of logistics in China is much higher than that in developed countries,” said Paul Hastings real estate partner Wayne Ma. “This is mainly due to a lack of experience, so foreign expertise will really aid the industry’s development,” he added.

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Global Logistics Properties (GLP), the largest foreign builder of logistics facilities in China, predicted investment of as much as US$2.5 trillion may be needed to buy land and construct warehouses over the next 15 years.

GLP and industry builders have calculated that less than 20% of China’s warehouses are modern, with most lacking fully-computerised tracking systems and the latest in retail technology. Many do not even have loading bays with automated belts, and trucks are loaded and unloaded using manual labour.

The potential in logistics and warehousing will continue to attract more foreign invest-

ment. “Private equity firms typically look for a local partner to help secure properties in these sectors,” said Alex Wang, a partner of Dentons. The complexity and creativity in deals executed by the big players may pave the way for future transactions and for more global involvement.

The deal-making begins The Carlyle Group, advised by Paul Hastings, reflected this trend by entering into a US$400 million joint venture with Shanghai Yupei Group to develop and operate warehouses in logistics hubs across China, including

新聞分析

the first-tier cities of Shanghai, Beijing and Guangzhou, and various second-tier cities including Shenyang, Tianjin and Chongqing.

The strategic partnership aims to develop a nationwide logistics warehouse network with more than 1.8 million m2.

GLP reorganised its US$8.5 billion of China assets to prepare for an investment by Hopu Investment Management, marking the largest China real estate-related restructuring in the past year. The capital injection in February by Hopu and its consortium, advised by Weil Gotshal & Manges, was a landmark deal that involved sovereign and pension funds. GLP also formed the world’s largest China-focused logistics infrastructure fund in November last year with US$3 billion, aimed at developing, owning and managing a diversified portfolio of related facilities in the PRC. Morrison & Foerster advised GLP on both transactions.

GLP also plans to buy a 15.3% stake in China’s largest state-owned warehouse logistics firm, China Materials Storage and Transportation Development Company, for Rmb2 billion (US$324 million), and the two will form a joint venture worth Rmb3.6 billion (US$583 million) to develop 1.3 million m2 of buildable area across China.

More cutting-edge deals are in the pipeline this year, with e-commerce companies teaming up with logistics companies. For example, Paul Weiss advised Tencent in a US$195 million investment in China South City Holdings, a Shenzhen-based operator of trade and logistics centres. The deal was completed in January.

“All these transactions create an economic case for the government to push the sector forward,” one industry expert told China Law & Practice, adding that “It’s like a giant infrastructure project on a national level.”

Mezzanine financing The two main types of financing for these transactions are joint ventures and mezzanine debt using existing funds or borrowings from financial institutions.

Mezzanine financing is becoming more common due to the participation of private equity firms. Industry players tend to be less

leveraged, pour more equity into a project and have fewer connections with lenders (banks and financial institutions). Private equity firms, however, use more leveraged and creative structures in their financing.

“Once global private equity firms get involved in logistics, they can bring on board their connections and experience working with international lenders to do mezzanine financing using offshore platforms,” said Wang.

Less scrutiny Foreign investors are drawn also by the relatively fewer restrictions and shorter time needed for regulatory approval when compared with commercial, residential or mixed-use properties.

“Logistics generally face lower government scrutiny, while warehouses face even less,” said Paul Hastings’ Ma. The two are considered encouraged industries in the Foreign Investment Industrial Guidance Catalogue (Amended in 2011) (外商投資產業指導目錄（2011 年修訂）).

Ministry of Commerce approvals for commercial properties can take up to six months, while some “transactions we’ve done for logistics companies didn’t require clearance at all,” said Ma.

由

於中國房地產市場受政府的價 格管控和供大於求現狀的不利 影響，故投資倉儲業可帶來更高的回報 效益，因此私募股權公司目前正大量買 進空地。競爭和需求使交易更趨多元化 和複雜化，但是要打造成熟的中國物流 業，還需借鑒全球的專業經驗。 普衡律師事務所的房地產合伙人馬維 新表示：“中國的物流成本遠遠高於發 達國家。這主要是因為經驗不足，因此 外國的專業經驗將可幫助中國物流業發 展。” 普洛斯是中國最大的外資物流設施建 築商，預計未來15年內可能需要投入高達 兩萬五千億美元來購買土地和建設倉庫。 普洛斯和業內建築商已覈算出中國大多數 倉庫未配備完全計算機化的跟蹤系統和 最新的零售技術，現代化倉庫不足20%。 許多倉庫甚至沒有配備自動傳送帶的裝貨 間，並依靠人力裝卸卡車貨物。

房地產及建築

物流業及倉儲業的發展潛勢將繼續吸 引更多外商投資。德同國際律師事務所 合伙人王峰表示：“私募股權公司通常 會尋找一家當地合伙人，以期為公司在 這些行業中的資產保駕護航。”大公司 實施的交易兼具複雜性和創造性，可能 會為日後的交易以及吸引更多全球伙伴 參與創造條件。 交易達成 凱雷集團（由普衡律師事務所擔任法律 顧問）的舉動反映了這一趨勢，該集團 與上海宇培集團斥資4億美元成立合資企 業，以在中國各物流樞紐開發和運營倉 庫，其中包括一線城市上海、北京和廣 州以及二線城市瀋陽、天津和重慶。此 戰略合作伙伴關係的確立旨在開發逾180 萬平方米的全國物流倉儲網絡。 普洛斯對其在中國的85億美元資產進 行了重組，準備交由厚朴投資管理公司 進行投資，這標誌着過去一年里有關中 國房地產的最大規模重組事件。厚朴投 資管理公司及其財團（由威嘉律師事務 所擔任法律顧問）在2月實施的注資是一 宗具有里程碑意義的重大交易，涉及主 權基金和退休基金。普洛斯還於去年11 月斥資30億美元設立了全球最大的專注

Leading Real Estate and Construction lawyers Ellen Chen, Zhong Lun Law Firm Du Yusong, Grandall Law Firm Harry Du, King & Wood Mallesons Ji Nuo, Fangda Partners Li Lishan, Jun He Bernie Liu, Llinks Law Offices Roy Luo, AllBright Law Office Ma Jiangtao, Dacheng Law Offices Meng Lei, Guantao Law Firm Sang Binxue, Jun He Tang Yue, Jun He Tao Wuping, Shenda Partners Isabelle Wan, TransAsia Lawyers Wang Jiangang, Jun He Yu Xueping, Jun He Gavin Zhang, Zhong Lun Law Firm Zhu Maoyuan, Zhong Lun Law Firm

Source: Asialaw Leading Lawyers 2014 * Rising Star

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and creativity in deals executed by the big “playersThemaycomplexity pave the way for future transactions and for more global

involvement | 大公司實施的交易兼具複雜性和創造性，可能會為 日後的交易以及吸引更多全球伙伴參與創造條件

於中國市場的物流基礎設施基金，旨在 開發、持有和管理其在中國的多元化相 關設施組合。美富律師事務所在這兩宗 交易中擔任普洛斯的法律顧問。 普洛斯還計劃以20億人民幣（約合 3.24億美元）購入中儲發展股份有限公司 （中國最大的國有倉儲物流公司）15.3% 的股份，而且兩家公司將創建一家資產 達36億人民幣（約合5.83億美元）的合資 企業，以在中國國內開發130萬平方米的 建造用地。 隨着電子商務公司與物流公司攜手， 年內將達成更多涉及尖端技術的交易。 例如，騰訊公司依據寶維斯律師事務所

”

的建議向貿易和物流中心運營商——華 南城控股有限公司（總部設在深圳）投 資了1.95億美元。此交易於1月完成。 一位業界專家向《中國法律商務》表 示：“所有這些交易為中國政府推進產 業發展提供了經濟實例參考，這就像是 一個國家級的大型基礎設施項目。” 夾層融資 這些交易主要採用兩種融資方式，即成 立合資企業和夾層融資（利用現有資金 或向金融機構借貸的資金）。 由於私募股權公司的參與，夾層融資 方式變得越來越普遍。業界公司一般不

太採用槓桿融資方式，而是將更多的股 本注入一個項目，因此與貸方（銀行和 金融機構）的合作較少。然而，私募股 權公司更多是採用槓桿融資方式和創造 性的融資結構。 王律師表示：“涉足物流業後，國 際私募股權公司可借助海外平台，依靠 與國際貸方的合作及經驗來實施夾層融 資。” 監管較弱 吸引外國投資者的另一點要素是中國政 府對物流業和倉儲業的限制相對較少， 而且所需的監管審批時間比商業、住宅 或混合用途用地所需的時間要短。 普衡律師事務所的馬律師表示：“中 國政府對物流業的監管力度普遍較弱， 對倉儲業的監管更是少之又少。”《外 商投資產業指導目錄（2011年修訂）》 將這兩個行業列為鼓勵發展的行業。 馬律師表示商務部審批商業用地要花 6個月之久，而“我們為物流公司運作的 一些交易根本不需要申請許可”。

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探討

房地產及建築

Change and transformation Huijun Ma and Jiong Zhang of Zhong Lun Law Firm explain the laws and challenges of real estate & construction in the PRC, the investment and financing methods for real estate projects and the progress of REIT rules 1. What important legislation and policies on foreign investment in the real estate industry have been issued in China during the past year? What major legal changes have there been in the construction sector?

On May 13 2013, the State Administration of Foreign Exchange implemented the Circular Concerning the Issuance of the Measures for the Administration of Foreign Debt Registration (Hui Fa [2013] No.19) and the Circular on the Issuance of the Provisions for Foreign Exchange Control in Connection with Direct Investment in China by Foreign Investors and Complementary Documents (Hui Fa [2013] No.21), setting forth the principles for management of the overseas debt of foreign-invested real estate enterprises and providing in principle for the oversight of registration, account opening and change, the receipt and payment of funds and the settlement and sale of foreign exchange in the course of direct investment in China by foreign investors, thereby further promoting direct investment in China by foreign investors. After that, the Circular on Issues Relevant to Exchange Control in Connection with Overseas Investment/Financing and Round-trip Investment by Residents in China Through Special Purpose Vehicles issued on July 4 2014 makes relatively large revisions to provisions on the scope of special purpose vehicles, round-trip investment, etc., simplifying cross-border capital transactions effected by domestic investors through special purpose vehicles; the Circular on Issues Relevant to the Pilot Project for Reform of the Method of Administration of the Conversion of Foreign Exchange Capital by Foreign-invested Enterprises Implemented in Certain Regions issued on July 15 2014 implements voluntary conversion for the foreign exchange registered capital of foreign-invested enterprises, better satisfying and facilitating the operational and fund application needs of foreign-invested enterprises.

Furthermore, through the issuance of policies and regulations, the National Development and Reform Commission, Ministry of Commerce and other relevant authorities have reformed the method of administration of foreign-invested projects and further simplified the foreign investment examination and approval procedure. Additionally, with respect to the overall upward trend of foreign investment in the real estate industry, the relevant authorities will further strengthen risk prevention.

Legislation in the construction sector has been relatively active, with some of the key events including: n Following on 1999, the Ministry of Housing and Urban-rural Development (MOHURD) issued the new model construction contracts that have been progressively implemented and come into use nationwide. As compared with the 1999 version which

With respect to the overall upward trend of foreign investment in the real estate industry, the relevant authorities will further strengthen risk prevention

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applied fixed pricing, the 2013 version applies the bill of quantities pricing method. This model contract further strengthens the function of the supervisor in project management and implicitly recognises its right to comprehensively represent the owner in performing the contract. Additionally, it adds the owner payment guarantee, price fluctuation adjustment and other such systems.

On the whole, this version places more emphasis on protecting the contractor’s interests. n Following on 2008, the MOHURD has again updated the 2013 version of the bill of quantities pricing code. As compared to the 2008 version, this version favours the use of unit price contracts rather than total price contracts. Furthermore, the code provides for price management throughout a project, and expands the management scope of the pricing code into the contract field. This not only leads to ossification of the pricing management method,

Author biographies Huijun Ma Partner Huijun Ma is a partner at the Real Estate & Infrastructure Department of Zhong Lun Law Firm and has in-depth experience in real estate investment and financing legal service. His practice covers real estate investment ranging from trading of, investment in and co-development of real estate to foreign investment in real estate; real estate finance, such as fund, trust and asset management plan, as well as assets operation, such as the operation and leasing of commercial property and office building, as well as hospitality. In the area of real estate finance, Huijun has advised many real estate funds, trust companies, asset management plans and insurance funds on their investment in real estate and served a number of real estate companies in their restructurings, financing and offshore listings. With respect to real estate trading, he has participated in numerous large assets trading, acquisitions of constructions in process and equity acquisitions. With regards to assets operation, Huijun has offered legal services for dozens of companies in their leasing and operation of property and has also acted for many owners in hotel management.

Jiong Zhang Partner Jiong Zhang, a partner at the Real Estate & Infrastructure Department of Zhong Lun Law Firm, specialises in real estate and construction laws and has extensive experience in construction project bid invitation and bidding, engineering management, project settlement risk control and dispute resolution. Jiong was granted the title of Chartered Builder and awarded as an MCIOB by the Chartered Institute of Building, and has been recommended by Chambers & Partners as a ranked lawyer in the area of Chinese construction law for years and as an “Asia-Pacific Outstanding Younger Partner” in 2013. Jiong was also awarded by the American magazine Engineering News Record (ENR) and the Chinese magazine Construction Times as “China’s 60 Most-Recommended Construction Lawyers 2013”. In 2014, Asian Legal Business honoured him as one of “China’s Top Rising Lawyers”.

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but may also give rise to disputes if the owner’s price management approach differs. n Revision of the statutory bid invitation scope and criteria that have been used since 2000 has been completed and submitted to the State Council for approval. Based on the publicly available documents, the current revisions will reduce the scope of projects for which statutory bid invitations are required, with projects that do not involve the investment of state-owned funds removed from the category of projects requiring an invitation of bids, and do not permit local governments to re-expand the scope, thus giving private investors the right to select the project procurement method at their own discretion. n The Supreme People’s Court is currently drafting a new judicial interpretation applicable to construction project contracts.

From the information that has been released to date, the judicial interpretation may be leaning more toward fundamental legal principles such as respecting the autonomy of will of the parties and the relativistic nature of contracts.

2. What should be of most concern to foreign investors carrying out project construction in China?

From our observations, what most vexes foreign investors in the course of construction is the comprehensive intervention of the government in the invitation and submission of bids and in contracts. The construction authorities in China have, by way of the model construction contracts and the mandatory use of the model contract, always vigorously intervened in the current market situation that favours the owners in the allocation of project risks. The model contract, contrastingly, leans toward protecting the interests of the contractors when it comes to the allocation of risks. Furthermore, the construction authorities have expanded the contract record filing system into a review system, further restricting owners’ free expression of intent in the bid invitation documents. In practice, owners will often evade review by the construction authority by executing black and white contracts. The inconsistencies in these black and white contracts, however, often become a point of conflict between the employer and the contractor. This has become one of the most prominent legal risks in China’s construction projects.

3. In recent times, what means of investment have domestic real estate private funds used? What are the special characteristics of each investment method?

The investment methods available to real estate private funds are equity investment, debt investment and hybrid investment.

The special characteristics of each investment method are: n equity investment: is an investment in equity, with high risks and high returns; places particular emphasis on increasing the value of the investee enterprise and its market prospects; partial control of the enterprise and participation in the enterprise’s operations, management and major decisions are allocated in proportion to the equity investment percentage; extra dividends are realised

探討

through the sale of equity by way of the divestment mechanism; divestment methods are diverse, mainly including IPO, M&A, equity repurchase, management buyout, etc.; n debt investment: includes medium and long-term debt financing and short-term loan financing (e.g. bridge investment); safe with relatively high returns, short terms, high liquidity and relatively numerous restrictive policies; n hybrid investment: equity and debt-structured investment portfolio (e.g. mezzanine financing), using convertible bonds and other such investment instruments to realise portfolio financing; has the features of both equity and debt financing; the debt investment shares make up the majority, with a small quantity of equity investment, giving debt financing an “equity” flavour; is helpful in reducing risks, stabilising returns, reducing financial costs and optimising the fund structure.

n

n

n

4. What taxes apply to real estate private funds organised as limited partnerships?

Real estate private funds organised as limited partnerships are usually established along the lines of the “investors (GP and LP) – limited partnership fund – management company” model, with the tax burdens on the relevant legal entities as shown in the following table:

General partner

Investor level

Limited partner

Limited partnership fund level Fund management company level

Natural person: individual income tax, imposed at the rate of 20% on investment returns or returns on equity transfer; operating returns taxed at a five-stepped progressive rate of between 5% and 35%.

Legal person: enterprise income tax, investment returns exempt from tax.

Natural person: individual income tax, imposed at the rate of 20% on investment returns or returns on equity transfer.

Legal person: enterprise income tax, investment returns exempt from tax, other income taxed at the applicable rates, the usual rate being 25%.

“Apportion first, then tax”, no enterprise income tax.

Business income: business tax and surcharges.

Operating income: enterprise income tax.

5. At present, what financing channels are generally available to real estate enterprises in China? What are the special characteristics of each of the financing channels?

Presently, the main financing channels available to real estate enterprises in China and their respective special characteristics are as set forth below: n bank loans: used to be the most important financing channel

n

n

n

n

房地產及建築

available to real estate enterprises; financing costs are low and risks small; however, state regulatory policies are strict, and many enterprises cannot, at certain stages, satisfy loan conditions; bond financing: the requirements with respect to real estate enterprises seeking financing are relatively stringent, putting it beyond the reach of small and medium-sized real estate enterprises; the number of enterprises currently using this financing method is quite small; cooperative development: real estate enterprises can attract funds and advanced management methods from other enterprises; however, only relatively strong real estate enterprises with relatively good creditworthiness can use this method; for small real estate enterprises this method is almost impossible; trusts: this method is flexible, but the amount of funds that can be raised is relatively small, state regulation is relatively strict, liquidity is poor and the occurrence of a crunch in realising the trust product increases the difficulty in adopting this financing method; listing: the amount of funds that can be raised is large, the proceeds may be used in perpetuity as registered capital, eliminating the pressure on the enterprise for repayment at maturity; however, the enterprise initially needs to input a great quantity of listing costs, and there is a great deal of uncertainty as to whether the listing will succeed; private real estate investment funds: few policy restrictions, relaxed regulatory requirements, flexible investment method, but the investment term is relatively long; REITs: the scope of properties for which this financing method can be used is relatively broad, the amount of financing proceeds is relatively large, and there are certain tax advantages; to date, due to a lack of relevant legislation, the form of REITs on China’s capital markets has not yet taken shape; asset management plans of securities brokerages and dedicated asset management plans of fund subsidiaries: broaden enterprises’ financing channels, and satisfy enterprises’ financing needs; however, the financing costs are relatively high, subject to relatively strict regulatory policies.

6. What is your take on the most recent developments and the timetable for REITs in China?

In recent years, the industry authority and practice circles in China have been actively and progressively advancing system building and business practice for REITs, and have achieved certain progress.

In terms of system building, the central bank has completed the Measures for Administration of the Offering of Real Estate Trust Beneficiary Certificates on the Interbank Bond Market (Draft for Comments) and the China Securities Regulatory Commission (CSRC) has completed the Measures for the Administration of the Pilot Projects for Real Estate Investment Trusts (Draft for Comments), but to date neither has been officially promulgated.

In terms of business practice, in August 2012, Tianjin Real Estate

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Trust Group Co., Ltd. registered and offered in China the first assetbacked notes having immovable property as their underlying assets.

In January 2014, the CSRC approved the establishment by CITIC Securities of the CITIC Qihang Specific Asset Management Plan, a product which has been deemed in the industry as the first equity version quasi-REITs product (note: as compared to standard REITs products in foreign countries, it lacks elements such as a public offering and tax breaks).

According to a source close to the regulators, the CSRC has completed the drafting of REIT related rules and the stock exchanges have completed the relevant trading procedures and listing rules for REITs. However, certain policy restrictions (e.g. double taxation) on

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Certain policy restrictions (e.g. double taxation) on the release of REITs in China have yet to be substantively resolved the release of REITs in China have yet to be substantively resolved.

Accordingly, there is as yet no authoritative timetable for the arrival of the specific rules for REITs, however, comprehensively considering market demand and the development of system building and business practice, there remains a possibility that the specific rules will be issued in the near future.

探討

房地產及建築

調整與轉型 中倫律師事務所的馬會軍律師和張炯律師闡述了中國房地產及建設工程領域的法 規和挑戰、房地產項目的投融資方法以及房地產信託投資基金法規的進展

1. 過去一年內，中國有哪些關於外商投資房地產業的重要立法和政策出台？建 設工程領域有什麼主要的法律變化？ 2013年5月13日，外管局實施了關於發佈《外債登記管理辦法》的通知（匯發 [2013]19號）和關於印發《外國投資者境內直接投資外匯管理規定》及配套文件 的通知（匯發[2013]21號），對外商投資房地產企業的外債管理原則作出規定， 並原則性規定了外國投資者境內直接投資過程中，登記、賬戶開立與變動、資 金收付及結售匯的監督管理，進一步促進外國投資者在中國境內的直接投資。 其後於2014年7月4日發佈的《關於境內居民通過特殊目的公司境外投融資及返程 投資外匯管理有關問題的通知》較大地調整了特殊目的公司的範圍、返程投資 等方面的內容，簡化了境內投資者通過特殊目的公司進行跨境資本交易；2014年 7月15日發佈的《關於在部分地區開展外商投資企業外匯資本金結匯管理方式改 革試點有關問題的通知》，對外商投資企業外匯資本金實行意願結匯，更好地 滿足和便利外商投資企業經營與資金運作需要。 此外，國家發展和改革委員會、商務部等相關部門通過頒布政策法規，改革 了外商投資項目管理方式，進一步簡化了外資審批的流程。同時，針對外商投 資房地產業總體上升的趨勢，有關部門也將進一步加強風險防範。 在建設工程領域的立法較為活躍，幾個重點事件包括： n 在1999年後，住建部出台了新的施工合同示範文本，並已經在全國逐步推行 使用。與1999年版適用定額計價不同，2013版適用於工程量清單計價方式。 該示範文本進一步強化了監理人在工程管理中的作用，默認其全面代表業主 履行合同的權利。同時，增加了業主付款保函、價格波動調價等制度。從整 體上來看，該文本更加側重於對承包人利益的保護。 n 在2008年後，住建部再次更新了2013版工程量清單計價規範。與2008年版相 比，該規範更傾向於適用單價合同，而非總價合同。此外，該規範還對工 程項目全過程的價款管理進行了約定，將計價規範的管理範圍延伸到合同領 域。這不但導致價格管理方式的僵化，還可能因為與業主價格管理思路的不 同而引起爭議。 n 從2000年沿用自今的法定招標範圍和標準已完成修訂，並報請國務院審批。 根據已經公示的文件，本次修訂將縮小法定招標項目的範圍，將非國有資金 投資的項目從必須招標的項目中解脫了出來，並不准許地方政府再作擴大， 給予非國有資金投資人自由選擇工程採購方式的權利。 n 最高人民法院正在起草新的建設工程施工合同司法解釋，從目前透露出來的 信息看，該司法解釋可能更傾向於尊重當事人的意思自治和尊重合同相對性 等基礎的法理。

針對外商投資房地產業 總體上升的趨勢，有關 部門也將進一步加強風 險防範

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2. 外國投資人在中國進行工程建設最需要關注的是什麼？ 根據我們的觀察，外國投資人在建設過程中最受困擾的就是 政府對招標投標和合同的全面干預。中國的建設主管部門一 直在通過工程合同示範文本及其強制適用來強力干預工程風 險分配有利於業主的市場現狀。而示範文本在風險分配方面 更加傾向於保護承包人利益。此外，建設主管部門還將施工 合同備案制度擴大為審查制度，進一步限制業主在招標文件 中的意思表示自由。實踐中，業主往往通過簽署黑白合同的 方式來規避建設主管部門的審查。而黑白合同的不一致經常 成為承發包雙方的爭議焦點，這已經成為中國建設工程最突 出的法律風險之一。 3. 近期中國境內的房地產私募基金通常採用哪些方式進行投 資？各種投資方式的特點是什麼？ 房地產私募基金的投資方式有：股權投資、債權投資、混合 型投資。 各種投資方式的特點： n 股權投資：屬於權益型投資，回報高，風險高。側重於被 投資企業的價值增值和市場前景，依照投資股權比例取 得企業部分控制權，並參與企業經營管理和重大決策，通 過退出機制出售股權取得紅利。退出方式多樣，主要包括 IPO、並購、股權回購、管理層收購等。 n 債權投資：包括中長期債權融資和短期貸款融資（如過橋

投資），安全性高，收益較高，期限短，流動性強，限制 性政策較多。 n 混合型投資：股權和債權結構化投資組合（如夾層融資） ，使用可轉換債等投資工具實現組合融資，兼具股權型 和債權型雙重特點。債權投資份額為主，加入少量股權投 資，並賦予債權投資以“股”性特徵。有助於降低風險， 穩固收益，減少財務成本，優化資金結構。 4. 有限合伙制形式的房地產私募基金需適用哪些稅種？ 有限合伙制形式的房地產私募基金通常按“投資者（GP與 LP）——有限合伙基金——管理公司”模式構建，相關法律 主體的一般稅負情況如下表所示：

普通合伙人

法人：企業所得稅，投資收益 免徵。 投資者層面

自然人：個人所得稅，投資收 益或股權轉讓收益適用稅率為 20%。

作者簡歷 馬會軍 合伙人 馬會軍律師是中倫房地產和基礎設施部合伙 人，專注於房地產投融資法律服務，服務領 域包括房地產投資（房地產交易，投資，合 作開發，外商投資房地產），房地產金融 （基金、信託、資管計劃及其他），資產運 營（商業物業和寫字樓運營、出租，酒店） 。在房地產金融方面，為包括房地產基金、 信託公司、資管計劃、保險資金等投資於 房地產提供法律服務，並為房地產公司重組、融資和境外上市 提供法律服務。在房地產交易方面，參與了大量的大宗資產交 易、在建工程收購、股權收購。在資產運營方面，負責和參與 了十數家公司的物業出租、營運的法律服務工作，還代表業主 參加了多家酒店的酒店管理服務的法律服務。 張炯 合伙人 張炯律師是中倫房地產和基礎設施部合伙 人，主要法律服務為工程建設領域，在建設 工程招投標、工程管理、工程結算風險控 制和糾紛解決等方面經驗豐富。張炯律師 擁有英國皇家特許建造學會授予的特許建 造師稱號，並獲得該學會正式會員資格， 連續多年被Chambers評為建設工程領域 卓越律師，2013年亞太地區傑出年輕合伙 人，2013年入選美國《工程新聞記錄》（ENR）和中國《建 築時報》2013ENR/建築時報“最值得推薦的60位專業律師” ，2014年入選ALB中國律師新星。

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自然人：個人所得稅，投資 收益或股權轉讓收益適用稅 率為20%，經營收益通常適用 5%-35%的五級超額累進稅率。

有限合伙人

有限合伙基金層面

法人：企業所得稅，投資收益 免徵，其他收入按其自身適用 稅率繳納，通常稅率為25%。 “先分後稅”，不徵企業所得 稅。 營業收入：營業稅及其附加。

基金管理公司層面

經營所得：企業所得稅。

5. 目前，境內房地產企業的融資渠道一般都有那些？各種融 資渠道的特點是什麼？ 目前，境內房地產企業的主要融資渠道及特點如下： n 銀行貸款：曾是房地產企業融資最重要的渠道，其融資成 本低，風險小；但國家監管政策嚴格，很多企業在一定階 段內較難符合貸款條件。 n 債券融資：對籌資的房地產企業要求較高，中小房地產企 業很難採用，目前採用該種融資方式的企業較少。 n 合作開發：房地產企業能夠引入其他企業的資金和先進管 理模式。但只有信譽較好、實力較強的房地產企業能夠採 取該種方式，小房地產企業很難。 n 信託：該種方式靈活，但可融資數額較低，國家監管較為 嚴格，流動性差，信託產品兌付危機的出現加大了採用該 種融資方式的難度。

探討

上市融資：可募集資金數額大、募集資金可作為註冊資本 金永久使用，企業無到期還款壓力。但企業在前期需投入 大量上市成本，且能否成功上市存在很大的不確定性。 n 私募房地產投資基金：受政策限制少，監管要求寬松，投 資方式靈活，但投資期限較長。 n REITs：可採用該方式融資的物業範圍較廣，融資金額較 大，有一定的節稅優勢。截止目前，由於缺乏相應的立 法，我國資本市場上的REITs尚未定型。 n 券商資管計劃和基金子公司專項資產管理計劃：擴展了企 業融資渠道，滿足了企業融資需求。但其融資成本較高， 受監管政策的制約較大。 n

6. 閣下對中國REITs落地的最新進展與時間表有什麼預見？ 近年來，國內行業主管部門與實務界積極並漸進地推動REITs 的制度建設與業務實踐，已取得了階段性進展。 制度建設層面，央行完成了《銀行間債券市場房地產信託 受益券發行管理辦法（徵求意見稿）》，證監會完成了《房 地產信託投資基金試點管理辦法（徵求意見稿）》，但目前 均未正式公佈。

房地產及建築

REITs在中國推出的某些政策限制 （如雙重征稅等）目前尚未得到實質 性解決 業務實踐層面，2012年8月，天津市房地產信託集團有限 公司註冊發行了境內首支以不動產為基礎資產的資產支持票 據。2014年1月，證監會批准了中信證券設立中信 航專項資 產管理計劃，該產品被業內公認為首單股權版准REITs產品 （注：與外國標準REITs產品相比，尚欠缺公開募集、稅收優 惠等要素）。 據接近監管層的人士透露，證監會已經完成REITs相關規則 的文本起草工作，交易所也已形成了REITs的相關交易程序和 上市規則。但是，REITs在中國推出的某些政策限制（如雙重 徵稅等）目前尚未得到實質性解決。因此，REITs具體規則的 落地目前並無權威的時間表，但綜合考慮到市場需求、制度 建設與業務實踐的發展，REITs具體規則於近期內出台仍然存 在一定可能。

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Rolling out reforms Cheng (Ron) Ma of Jingtian & Gongcheng highlights the developments in VAT and double taxation treaties, explains withholding tax and predicts the next phase of reforms

1. What have been the key legislative developments affecting tax over the past 12 months?

The comprehensive promotion of the â&#x20AC;&#x153;replacement of business tax by value-added taxâ&#x20AC;? reform (VAT reform) has been the focus of attention in the past 12 months. On August 1 2013, the pilot VAT reform project for the transport industry and a portion of the modern service industry was expanded nationwide and to include the radio, film and television services. On January 1 2014, the rail transport and postal industries were included among those involved in the pilot project. The telecommunications industry (including both basic telecommunications and value-added telecommunications services) has also been included within the scope of the VAT reform since June 1. These industries play a linking role in the goods, services and trade circulation networks and the move further completes the chain for levying value-added tax. It can be said that the framework for the VAT reform has been duly erected.

In contrast, progress in direct taxation reform has been very slow. There have been continuous rumours regarding the amendment of Document 698, which has a great impact on the direct or indirect transfer of domestic equity by non-tax-resident enterprises, but, to date, no new regulations have been issued. Reform of individual income tax remains at a standstill, badly falling behind the legislation on enterprise income tax, to the point where special tax treatment available to enterprises is not available to individual taxpayers in certain important transactions (e.g. equity transfers and corporate restructurings), resulting in numerous inconsistencies in practice. As a further example, there is the issue of the abolition of tax exemption on dividends and extra dividends derived by foreign nationals from domestic enterprises mentioned in a document of the State Council in early 2013, where, to date, no official tax regulations have been issued, resulting in confusing inconsistencies in the practice of tax authorities in different regions. Substantive change in real property tax and estate tax has also been at a standstill for some time.

2. What is the scope and status of the nationwide VAT reform so far? Will it fully replace Business Tax? To date, those industries that have been included in the pilot project on a nationwide scale are mainly those mentioned above, i.e. the transport, modern services (including leasing of tangible movable property), telecommunications and postal industries. However, several industries, mainly including the construction, life services and immovable property, that

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The objective of the VAT reform is to replace business tax with valueadded tax to realise basic uniformity in the turnover tax system

探討

account for a relatively large proportion of those subject to business tax have not yet been included. Originally, these industries accounted for more than 50% of the fiscal revenue derived from business tax.

The objective of the VAT reform is to replace business tax with valueadded tax to realise basic uniformity in the turnover tax system.

However, given that value-added tax is shared between the centre and the regions, with the centre taking 75%, while 100% of business tax reverts to local public finances, the VAT reform has a major impact on the proportions allocated to central financial revenues and local financial revenues. If the VAT reform continues to be promoted, the business tax source originally drawn from the catering service, real property and other industries for local public finances will disappear, making the fiscal problems more acute for those local governments that are already experiencing tight finances. Accordingly, the next step in the VAT Reform comes with a high degree of difficulty, entering a phase that will actually run up against local fiscal interests. The central and local governments are sure to play a tug of war around this issue. It is possible that the reform will continue to advance only after new tax sources (e.g. levying of real property tax) are found for local public finances.

3. VAT has been extended to the telecommunications sector effective from June 1. What are the precise implications for foreign telecommunications providers?

Still subject to the restrictions imposed by foreign investment industrial policies, foreign telecommunications enterprises cannot directly engage in the provision of basic or value-added telecommunications services in China. Following the VAT reform in the telecommunications industry, for overseas investors (or roundtrip investors) currently engaging in the provision of value-added telecommunications services in China through a VIE model, since the Chinese-invested enterprise involved (the telecommunications license holder) will become a general payer of value-added tax, if the VIE agreement executed with the foreign enterprise can be deemed a modern service industry and thus subject to value-added tax, there is hope that this portion of value-added tax can be deducted by the Chinese-invested enterprise as input tax. This mitigates, to a certain extent, the problem of double payment of business tax. The precondition is the foreign-invested enterprise also being able to smoothly secure the status of general payer of value-added tax.

4. Have there been any important developments or changes in double taxation treaties in the past 12 months?

China is currently putting its efforts into revising tax agreements with the developed countries with whom it executed the earliest bilateral tax agreements. The newest PRC-UK and PRC-Belgium agreements entered into effect on January 1 2014. In 2013, China also executed new tax agreements with France, the Netherlands and Switzerland, which will enter into effect in 2015 one after the other. These new tax agreements bring a few important changes. For example, in the

稅務

The catchall provisions originally specified that the source country levies taxes as per the UN model agreement, whereas now it is the country of residence that levies taxes as per the OECD model agreement

old agreements, the determination of “permanent establishment” for the purposes of construction projects and related supervisory activities was generally based on the six-month principle, which is extended to 12 months in the new agreements. The withholding tax rate on dividend income was normally a uniform 10% in the old agreements, whereas the new agreements, based on the OECD model agreement, adopt a two-tier rate of 5% and 10% or three-tier rate of 5%, 10% and 15% (in the new PRC-UK agreement) depending on different conditions. The capital gains provisions in the new agreements also show the trend of moving away from originally, in general, adopting the UN model agreement to applying the OECD model agreement.

For example, in general, the catchall provisions originally specified that the source country levies taxes as per the UN model agreement, whereas now it is the country of residence that levies taxes as per the OECD model agreement. Furthermore, with respect to new issues that have arisen concerning taxation of cross-border income in the last 10 years, the new agreements address important issues not dealt with in some of the old agreements. For example, the new PRC-France agreement sets forth the criteria for determining whether the tax agreement applies to partnerships. General anti-tax evasion and antiagreement abuse provisions have been added to the new agreements.

In short, the revision of this batch of new agreements indicates the trend of China moving away from the stance of an investment income source country to a stance of country of residence and reflects China’s resolve to further strengthen cross-border anti-tax evasion work through agreements.

5. Have there been any new corporate tax incentives with respect to specific regions, sectors and industries in China issued within the past 12 months?

New tax incentive policies were issued mainly in the following sectors in China during the past 12 months: enterprises in the encouraged category in the Hengqin New Area, Zhuhai, Guangdong, Pingtan Comprehensive Experimental Area, Fujian and Qianhai ShenzhenHong Kong Modern Service Industry Cooperation Zone, Shenzhen are eligible for a 15% enterprise income tax rate; the policy of “first levy, then refund” in respect of value-added tax on publications and the policy of tax exemption on books at the wholesale and retail stages have been extended until the end of 2017; and a more preferential

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enterprise income tax policy is being made available to small miniprofit enterprises (if annual taxable income is less than Rmb100,000, enterprise income tax can be levied at half the 20% tax rate). The preferential tax policies in Hengqin, Pingtan and Qianhai together with those currently available in Central and Western China give rise to two low tax areas in China, which will directly affect the direction in which domestic and foreign investment flows.

6. How do withholding taxes work in China? Are there additional taxes that are imposed in certain circumstances?

Taxpayers have always misconstrued withholding tax, believing that all income derived in China by a non-tax-resident enterprise or individual is subject to 10% or 20% withholding tax. In fact, in accordance with Chinese tax laws, withholding tax is levied on specific income of non-tax-resident enterprises or individuals sourced in China, mainly being “passive income”, including dividends, interest, royalties, rent and income derived from property transfer. With respect to the income derived by a non-tax-resident enterprise or individual from engaging in production and other business activities in China or trading income derived from imports to China, it is first necessary to determine whether a permanent establishment in China is constituted in accordance with the provisions on “permanent establishments” in tax agreements and PRC tax laws. Enterprise income tax (25%) is payable only in the event that a permanent establishment is constituted. If a permanent establishment is not constituted, no income tax (including withholding tax) is payable in China. Accordingly, a non-tax-resident enterprise or individual first needs to ascertain the nature of its/his/her income and, based on this, determine whether such income is taxable or not, and whether enterprise income tax or withholding tax is payable. In other words, not all such income is subject to 10% or 20% withholding tax.

Author biography Cheng (Ron) Ma Partner Cheng (Ron) Ma is a partner of Jingtian & Gongcheng. He started his legal practices in June 2004 and worked for Jun He Law Offices and Han Jun Law Office successively. He took part in the founding of Run Ming Law Office as a partner in 2007. Prior to that, he worked for the Beijing Branch of Deloitte & Touche as a tax manager for many years. Cheng provides legal and tax consulting and advisory services for foreign and Chinese domestic clients of various industries, e.g. retail, logistic, pharmacy, energy, manufacturing, urban transportation, software, ISP, hightechnology, and has extensive practical experiences in establishing various foreign invested vehicles, enterprise restructuring, IPO, merger & acquisition, and crossborder transactions. With his unique experiences in the tax area, Cheng is one of the few Chinese lawyers who have both strong legal and tax knowledge and expertise, and can therefore act as a tax consultant as well as legal counsel in such projects.

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There is a very close connection between withholding tax and tax agreements. Tax agreements take precedence over PRC domestic laws. In the tax agreements executed by China, there are usually certain benefits offered in respect of dividends, income derived from the transfer of property, royalties and interest that are more favourable than those offered under domestic laws. Accordingly, when considering withholding tax issues, a non-tax-resident enterprise or individual should pay attention to utilising the benefits offered by the tax agreement. Additionally, in the past few years, China has formulated a series of domestic law rules in terms of the subjects to which,

Withholding tax is levied on specific income of non-tax-resident enterprises or individuals sourced in China, mainly being “passive income”, including dividends, interest, royalties, rent and income derived from property transfer and the procedures by which, the benefits of tax agreements apply, e.g. requiring applicants to submit to Chinese tax authorities certain documents, including a certificate of a tax resident, to apply for the application of relevant tax breaks, and formulating rules, such as the criteria for determining a “beneficial owner”, to prevent the abuse of tax agreement benefits by applicants.

7. What are the administrative and compliance requirements regarding tax payment in China?

China has formulated the Law on the Administration of the Levy and Collection of Taxes to regulate taxpayers’ tax filings and administration.

Under normal circumstances, taxpayers’ main obligations include tax registration, filing of tax returns and payment of taxes. It should be noted that even when a taxpayer has not generated any taxes payable, it/he/she is still required to carry out tax registration and file returns on time, it/he/she may be subject to administrative penalties if failing to do so. With respect to individual income tax, and to non-tax-resident taxpayers’ withholding tax, business tax, etc., China generally uses a withholding system in which a domestic payer acts as withholding agent. In the event that a withholding agent fails to withhold tax in accordance with the law, China will recover the taxes from the taxpayer while imposing penalties on the withholding agent. In recent years, most Chinese tax authorities have established electronic tax filing systems, accordingly, the levy and administration of major taxes is carried out under the close monitoring of a computer system. For example, with respect to a late payment, the system will automatically calculate the late payment fine. A higher level tax authority may also scrutinise the handling of any specific tax matter by a lower level tax authority through the system. Accordingly, the past haphazardness in the levying and administration of taxes in China has, to a certain

探討

稅務

8. What tax reforms are in the pipeline?

Lower level tax authorities are more reluctant to offer enterprises special treatment not provided for in laws and regulations extent, taken a turn for the better, and lower level tax authorities are more reluctant to offer enterprises special treatment not provided for in laws and regulations.

There remain certain tax requirements that are qualitatively very ambiguous. For example, there is no way to bring the reporting obligation of a transferor under an “indirect transfer” as specified in Document 698 under a “filing of tax returns” as mentioned in the Law on the Administration of the Levy and Collection of Taxes, and neither Document 698 nor other regulations set forth the legal consequences of failing to report.

To our knowledge, the next phase of tax reform may be focused on the following sectors: With respect to indirect taxes: the VAT reform will be extended to the construction, immovable property and social services sectors, ultimately fully replacing business tax.

With respect to direct taxes: regulations on the income tax treatment of enterprise restructuring (including “indirect transfers” of non-tax-resident enterprises) may be revised; comprehensive reform of individual income tax is in the works so as to make the tax treatment of individual taxpayers similar to that of enterprises; comprehensive income tax regulations addressing partnerships may be issued; more anti-tax evasion rules will be formulated; and, with respect to property tax, the universal levy of real property tax may commence in the not too distant future and nationwide uniform real property tax legislation may be formulated, which will, however, give the regions a certain degree of flexibility.

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改革出台 競天公誠律師事務所的馬騁律師重點探討了營改增改革、雙重征稅協訂的最新情 況，並分別闡述了預提稅的操作和預測了下一階段的改革

1. 過去12個月，稅務方面出台了什麼主要法規？ 在過去的12個月中，“營改增”改革的全面推進是最為矚目的熱點。2013年8月 1日，交通運輸業和部分現代服務業營改增試點擴大至全國，並將行業範圍擴大 至包括廣播影視服務。2014年1月1日起，鐵路運輸業和郵政業納入試點行業。6 月1日起，電信業（包括基礎電信和增值電信）也納入營改增範圍。這幾個行業 在社會商品、服務和貿易流轉網絡中都起着連接作用，它們改徵增值稅，使得 增值稅的徵收鏈條更加完整了。可以說“營改增”改革的骨架已經搭好。 相對而言，直接稅的改革進展十分緩慢。對於非居民企業直接或間接轉讓境 內股權影響很大的698號文一直有修改的傳聞，但至今沒有出台新的法規。個人 所得稅的改革仍然處於停滯狀態，嚴重落後於企業所得稅立法，使得在一些重 要交易（如股權轉讓、企業重組等）中能夠適用於企業的特殊稅務處理無法適 用於個人納稅人，已經在實踐中造成許多脫節的問題。再如2013年初國務院文 件中提到的廢除外籍個人從境內企業取得股息、紅利免稅的問題，迄今仍然沒 有正式的稅務法規出台，造成實踐中各地稅務機關的做法不一，也令人十分不 解。房產稅和遺產稅也長期沒有實質性動作。 2. 目前，全國增值稅改革的範圍和情況進展如何？會否全面取代營業稅？ 目前在全國範圍已經納入試點的行業主要是前述的交通運輸業、現代服務業 （含有形動產租賃）、電信、郵政這幾個行業。但是原來在營業稅應稅行業中 佔比比較大的幾個行業還沒有納入，主要包括：建築業、生活服務業、不動產 等。這幾個行業在原來的營業稅財稅收入中佔比超過半數。“營改增”改革的 目標是以增值稅取代營業稅，實現流轉稅制的基本統一。但是，鑒於增值稅是 中央地方共享稅，並且中央財政拿走75%，而營業稅是100%歸屬地方財政的 稅種，“營改增”對於中央財政收入和地方財政收入的劃分比例有很大影響。 “營改增”如果繼續推進，原來地方財政在餐飲服務、房地產業等行業的營業 稅稅源將會消失，對於目前許多財政上已經捉襟見肘的地方政府將雪上加霜。 因此，下一步的“營改增”難度很大，已經進入到實際觸碰地方財政利益的攻 堅階段。中央政府與地方顯然會在這一問題上展開博弈。有可能會在為地方財 政找到新的稅源（如開徵房產稅）的同時才能繼續推進。 3. 自6月1日起增值稅已擴展至電信業。對於外資電信服務提供者，有什麼實際 的影響？ 境外電信企業目前仍受限於外商投資產業政策的限制，無法直接在中國境內開 展基礎電信和增值電信服務。電信業“營改增”後，對於目前以VIE模式在中

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“營改增”改革的目標 是以增值稅取代營業 稅，實現流轉稅制的基 本統一

探討

國境內開展增值電信業務的境外投資者（或返程投資者）， 模式中的內資企業（電信持牌公司）將成為增值稅一般納稅 人，其與外資企業簽署VIE協議如果能夠被視為現代服務業繳 納增值稅，則該部分的增值稅有望在內資企業作為進項稅抵 扣，一定程度上緩解了原來重復繳納營業稅的問題。前提是 外資企業也能夠順利取得增值稅一般納稅人資格。 4. 過去12個月，避免雙重征稅協定方面有什麼重要的發展和 改變？ 中國正在致力於與較早簽署雙邊稅收協定的發達國家進行稅 收協定的修訂工作。2014年1月1日起，新版的中英和中比（比 利時）協定已經生效。2013年，中國還陸續與法國、荷蘭、 瑞士三個歐洲發達國家簽署了新的稅收協定，將於2015年陸 續生效。這些新稅收協定帶來了一些重要變化。例如建築工 程及相關監理活動的“常設機構”的判定，原協定一般採取 6個月原則，新協定擴大到12個月。股息所得的預提所得稅稅 率，原協定通常是10%的統一稅率，新協定則採用OECD協定 範本的做法，按照不同的條件設定為5%和10%兩檔，或者5% 、10%、15%三檔（中英新協定）。財產收益條款，新協定也 體現出從原來一般採用聯合國協定範本轉而適用OECD協定範 本的趨勢，如兜底條款原來一般按聯合國協定範本規定為來 源國徵稅，現在則按OECD協定範本改為居民國徵稅。此外， 針對近十年來在跨境所得稅稅收上出現的新問題，新協定在 一些原協定沒有涉及的重要問題上做了補充，如中法新協定 對於合伙企業是否適用稅收協定明確了判定標準。新協定中 一般都加入了一般反避稅和反濫用協定的條款。 總之，這一批新協定的修訂工作，體現了中國從投資所得 來源地國立場向居民國立場轉變的趨勢，同時也體現了中國 希望通過協定進一步加強跨境反避稅工作的決心。 5. 過去12個月，對於中國特定區域、領域和行業有什麼新的 企業稅務優惠？ 過去12個月中，中國主要在以下領域頒布了一批新的稅收優惠 政策：廣東珠海橫琴新區、福建平潭綜合實驗區、深圳前海深 港現代服務業合作區的鼓勵類企業可以享受15%的企業所得稅 率；將對出版物的增值稅“先徵後返”政策、圖書批發零售 環節的免稅政策等延續到2017年底；對小型微利企業給以更加 優惠的企業所得稅政策（年應納稅所得額低於10萬元的，可按 20%稅率減半徵收企業所得稅）。其中橫琴平潭前海三地的稅 收優惠政策與仍在執行的中西部稅收優惠政策一起形成了中國 境內兩個稅負低點地區，將直接影響境內外投資的流向。 6. 中國的預提稅制度是如何操作的？有沒有額外的稅項會在 特定情況下征收的？ 關於預提所得稅，在納稅人中一直存在一個誤解，即認為非 居民企業或個人從中國境內取得的所有所得均應當徵收10%或 20%的預提所得稅。實際上，根據中國稅法，預提所得稅是 針對非居民企業或個人來源於中國境內的特定所得徵收的， 主要是一些“消極所得”，包括：股息、利息、特許權使用 費、租金、財產轉讓所得等。而對於非居民企業或個人在中 國境內從事生產經營活動取得的所得、或者向中國進口貨物

稅務

兜底條款原來一般按聯合國協定範本 規定為來源國征稅，現在則按OECD 協定範本改為居民國征稅 取得的貿易所得，則應當按照稅收協定和中國稅法的“常設 機構”條款，首先判定其是否在中國境內形成常設機構，只 有在形成常設機構的情況下才需繳納企業所得稅（25%），如 果未形成常設機構，則無需在中國繳納所得稅（包括預提所 得稅）。因此，對於非居民企業或個人而言，他們首先需要 明確其收入的性質，並據此確定該收入是應稅還是不應稅、 應當繳納企業所得稅還是預提所得稅，而不是一概按10%或 20%計算預提所得稅。 預提所得稅與稅收協定有緊密的聯繫。稅收協定優先於中 國國內法適用。中國簽署的稅收協定中在股息、財產轉讓所 得、特許權使用費和利息等條款上往往有一些優於國內法的 待遇。因此，非居民企業或個人在考慮預提所得稅問題時， 應當注意利用稅收協定給予的優惠。同時，在過去幾年中， 中國在稅收協定優惠適用的實體和程序方面都制定了一系列 的國內法規則，如要求申請人向中國稅務機關提交包括稅 收居民證明在內的文件以申請適用相關優惠政策，也制定了 如“受益所有人”的判定標準等規則以防止申請人濫用稅收 協定待遇。 7. 在繳稅方面，中國有什麼行政和合規的要求？ 中國制定有《稅收徵收管理法》以規範納稅人的稅收申報和管 理。通常情況下，納稅人的主要義務包括：稅務登記、納稅申 報和繳納稅款。需要注意的是，即使納稅人沒有產生應繳稅款 的情況下，也需要進行稅務登記和按時進行納稅申報，否則同 樣可能受到行政處罰。對於個人所得稅、非居民納稅人的預提 所得稅、營業稅等，中國普遍採用以境內支付人為扣繳義務人 的代扣代繳制度。當出現扣繳義務人未依法代扣代繳稅款的情

作者簡歷 馬騁 合伙人 馬騁律師是競天公誠律師事務所的合伙人。 馬律師在2004年開始其法律職業生涯，先 後加入君合律師事務所、漢坤律師事務所， 並曾是潤明律師事務所的創始合伙人之一。 在此之前，他曾工作於德勤華永會計師事務 所北京分所多年，擔任稅務經理。馬律師為 零售、物流、制藥、能源、製造業、城市交 通、軟件、網絡增值電信、高新技術、礦產 等行業的內外資客戶提供法律和稅務咨詢服務，具備設立各類 投資工具、處理企業IPO、企業重組、兼並收購和各類跨境和 境內交易的嫻熟實踐經驗。作為中國律師中不多見的具有扎實 稅務專業知識者，他在外商直接投資、企業並購、上市等項目 中除了常見法律服務外，還能同時起到稅務顧問的作用。

中國法律商務2014年回顧

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形時，中國會向納稅人追徵稅款的同時，對扣繳義務人予以處 罰。近年來，中國稅務機關已經普遍設立了電子化的納稅申報 系統，因此各主要稅款的徵收管理均在計算機系統的嚴密監控 下執行，例如對於延遲納稅的，系統會自動計算出滯納金。上 級稅務機關對於下級稅務機關的任何具體稅務事項的處理，也 可以通過系統進行監管。因此，中國稅收徵管過去的隨意性問 題一定程度上得到扭轉，下級稅務機關往往不敢輕易給予企業 超出法律法規之外的特殊待遇。 仍有一些稅務要求在定性上十分模糊。例如698號文所規定 的“間接轉讓”情形下轉讓方的報告義務，就無法歸入《稅 收徵收管理法》所稱的“納稅申報”行為，698號文及其它法 規也沒有明確未進行報告的法律後果。

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8. 有什麼稅務改革是在醞釀階段？ 據我們所知，下一階段稅務改革可能將集中在以下幾個領域： 間接稅方面：“營改增”將進一步擴大到建築業、不動產 和社會服務業領域，最終完全取代營業稅。 直接稅方面：關於企業重組（包括非居民企業“間接轉 讓”）的所得稅處理的法規可能會更新；個人所得稅正在醞釀 全面的改革以使個人納稅人的稅務處理與企業接近；關於合伙 企業可能出台全面性的所得稅法規；更多的反避稅規則將會制 定；財產稅方面，房產稅有可能在不遠的將來全面開徵，並制 定全國統一的房地產稅立法，但會給各地一定的靈活性。

專訪

境外：台灣

Waiting for the Cross-Strait Service Agreement | 等待兩岸服貿協議 C Y Huang, Chairman of the Taiwan Mergers & Acquisitions and Private Equity Council (MAPE), spoke to China Law and Practice about the hold up on the Cross-Strait Service Agreement and the effect this is having on deals | 台灣並購與 私募股權協會 (MAPE) 主席黃齊元 (C Y Huang) 在接受《中國法律商務》採訪時談論了兩岸服貿協議的推 遲及其對交易的影響 What are the proposed changes to M&A Act in Taiwan?

The changes are rather comprehensive covering the interests of both minority and majority shareholders.

In particular, there is a clause from the Yageo case.

This was a take-private, which the majority and minority shareholder had approved, but was turned down by the regulators for dubious reasons. The main reason was that it was not good for the general social public image. Investors do hope that the government will able to make the rules on delisting clearer and the proposed changes to the Act is one step towards this.

Previously, with a 50% vote you could privatise a company, but now you require two-thirds. However, the majority shareholder will still be allowed to participate in the voting for any major restructuring of the company. There are many other details in the Act, not just covering delisting. For example, the Act introduces more methods for the payment of M&A deals through cash, assets and IP. It is good to see payment mechanisms expanded in the Act. Also, the Act defines merger deals to include spin-offs. Overall, the changes are comprehensive and positive. The key thing is whether the government can implement these changes. The government’s final approval or rejection can be a major concern for foreign investors.

Have there been any significant deals this year?

Unfortunately, there seems to have been a slowdown of deals since last year. This is probably because the government is dealing with the Cross-Strait Service Agreement. The Agreement has already been signed, but it needs approval from the Taiwanese legislators.

However, the opposition party is making a lot of noise that the Agreement has not been studied properly or communicated effectively to the Taiwanese people.

As a result, the schedule has been pushed back and now it looks like the Agreement will not be approved until next year. There were some deals towards the end of 2012, but since then all attention has been on the Service Agreement.

There are several transactions in the pipeline, however. For example, ICBC’s investment into Bank SinoPac in Taiwan, which will go ahead once the Agreement has been approved. China also now allows 51% majority control of securities companies for Taiwanese investors. The SinoPac Group through

因否決了此次交易。其中，主要原因是這不利 於普遍的社會公共形象。投資者確實希望政府 能夠對退市有更明確的規定，而對該法案的修 改提議向這個目標邁進了一步。 以前，你只需要獲得 50% 的投票就能將公 司私有化，而現在，你需要獲得三分之二的投 票。不過，大股東仍然有權參與有關公司任何 重大重組的投票。法案中包含其他許多細節， 並不只是關於退市。例如，法案為並購交易引 入了更多支付方式，包括通過現金、資產和知 識產權等。法案中擴展了支付機制是件好事。 此外，法案還規定並購交易可包括分拆。總體 來說，法案中的修改是全面且積極的。問題在 於政府是否能實施這些修改。政府最終是批准 還是否決，是外國投資者的主要關注點。

SinoPac Securities announced a joint venture with an investment entity in Xiamen. SinoPac will hold 51% and Xiamen 49%. China has never allowed majority ownership so this preferential status is a big deal for Taiwan. The Cross-Strait Service Agreement has put this on hold though and there were also strong objections from the opposition party.

What is your outlook for investment?

Taiwan is an interesting place for investors, especially considering the IPO market in Mainland China. Investors had looked at Southeast Asia during the IPO freeze on the Mainland, but with the slowdown in the US and the adjustment of stock prices, investments there are not good. This has made Taiwan a safer bet, compared with mainland China and Southeast Asia.

There seem to be political forces in Taiwan that are holding us back. People think that any opening of the Taiwan market will cause mainland China to swallow it up and affect our future. However, this is not what will happen and the government has not been very effective in communicating with the people about this. In addition, the Cross-Strait Service Agreement is incredibly one-sided and in Taiwan’s favour, so why it has not gone through is a mystery.

Even mainland China is wondering why Taiwan will not agree when it is so beneficial to Taiwan. 台灣的企業並購法有哪些修改提議？ 變化相當全面，大股東和小股東的利益都包含 在內。特別值得注意的是，其中包含源自國巨 案的條款。這是一宗大小股東都同意的私有化 交易，但監管機構因為一些不能令人信服的原

今年有沒有什麼重大交易？ 令人遺憾的是，從去年開始，交易似乎一直在 放緩。這可能是因為政府正在處理兩岸服貿協 議。協議已經簽署，但需要台灣立法委員的批 准。不過，反對黨正嚷嚷着，聲稱該協議沒 有經過恰當的研究，也沒有與台灣人民進行有 效溝通。因此，這個計劃不得不推後，而且 如今看來，該協議在明年之前都不會得到批 准。2012 年年底前有過幾筆交易，但在那以 後，所有注意力都被放在服貿協議上了。 不過，有幾筆交易正在準備中。例如，中 國工商銀行正準備投資台灣的永豐銀行，一旦 服貿協議得到批准就會繼續進行。中國大陸現 在也允許台灣投資者掌控證券公司 51% 的多 數股權。永豐金集團通過永豐金證券宣佈與廈 門的一家投資機構成立合資企業。永豐金將持 有 51% 的股權，廈門持 49% 股權。中國大陸 從來不曾允許持有多數股權，因此這一優越地 位對於台灣而言意義重大。不過，服貿協議已 將其擱置，並且反對黨也在強烈反對。 您認為投資的前景如何？ 台灣對於投資者來說是個很有意思的地方， 尤其是考慮到在中國大陸的 IPO 市場。在中 國大陸 IPO 凍結期間，投資者曾將眼光放在 東南亞。然而，隨着美國經濟的放緩和股票 價格的調整，在這些地方投資並不理想。這使 得台灣成為與中國大陸和東南亞相比更為安 全的選擇。 但是，台灣似乎有政治力量在阻止我們。 人們認為，台灣市場的任何開放都會導致中國 大陸吞下台灣，進而影響我們的未來。但是這 種情況並不會發生，而政府一直沒有有效地就 這一點與群眾進行溝通。此外，兩岸服貿協議 極其傾向於台灣的利益，這個協議為何還沒 有通過簡直是個謎。甚至中國大陸也覺得奇 怪，在協議對台灣如此有利的情況下，台灣為 何不同意。

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Bridging the gap Daniel Lee of Jingtian & Gongcheng provides a comprehensive overview of all you need to know about Taiwan’s regulatory regime, from M&A, antitrust and dispute resolution to compliance, IP and the labour environment 1. What are the main regulatory developments to Taiwan’s M&A Act? How do they affect cross-strait investment?

The Taiwan Ministry of Economic Affairs’ proposed amendment to the M&A Act aims to simplify the M&A procedure, protect the rights of shareholders and creditors and re-visit the tax incentives, which further expand the types of M&A transactions. In particular, the draft expands the M&A types that only require board approval with a super-majority vote (without any requirement to seek the shareholders’ approval) to include “merger of companies under common control”, “short-form share swap” (i.e. between parent company and subsidiary) and “short-form de-merger” (i.e. between parent company and subsidiary), as well as “smallscale de-merger” and “small-scale share swap” (i.e. if the business to be transferred or the consideration to be paid meet certain conditions). It also expands the scope of consideration for de-mergers and share swaps to include cash and other assets from just new shares.

In addition to these regulations, mainland investors wanting to acquire Taiwan companies will also need to, in certain circumstances, obtain government approval, i.e., approval from the Investment Committee (IC). When granting approval, the IC will consult with a wide range of other governmental agencies and take their input into account to determine whether this acquisition will, for instance, jeopardise economic safety or the public interest.

Typically, an acquisition of an island-wide famous brand or a high-tech company with cutting-edge technology may be difficult to obtain the approval of the authorities. The uncertainty caused by this discretional IC approval and the restrictions on shareholding percentage by the mainland investors (as indicated in question 4 below) are viewed as the main hurdles for cross-strait investment or acquisition activities.

2. Given the increasing number of cross-strait disputes, are final civil judgments from China readily enforced by the Taiwan courts? What challenges remain in enforcement?

Enforcement is recognised under the Act Governing Relations between the People of the Taiwan Area and the Mainland Area and by the courts. Notwithstanding this, in practice, if the application of PRC law rendered in the judgment is against Taiwan public policy, good moral or a default judgment, the Taiwan courts have the discretion to rule against the recognition. In addition, for political reasons, the documentation delivery and exchange procedures between Taiwan and mainland may be time-consuming. The defending parties from time to time may leverage this to deter enforcement.

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In addition to these regulations, mainland investors wanting to acquire Taiwan companies will also need to, in certain circumstances, obtain government approval

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The Taiwan arbitration associations are also building appropriate arbitration organisations for any civil disputes between the people of mainland China and Taiwan.

3. Is Taiwan’s IP environment conducive to foreign and Chinese investment?

Yes. The Taiwan Intellectual Property Office (TIPO) regulates patents, trademarks, trade secrets, copyrights and other intellectual property affairs. In general, patents, trademarks, trade secrets and copyrights are governed by the Patent Act, Trademark Act, Trade Secret Act and Copyright Act respectively.

Taiwan also has IP courts established under the IP Case Adjudication Act and IP Court Organisation Act, so as to expedite the court process and ensure the quality of judgment.

4. Are there any specific sectors or industries in Taiwan that are guarded or protected from foreign investment to foster domestic growth?

In general, all industries are open to foreign investment except for those listed in the government’s “negative list”, which is updated from time to time. For instance, foreign ownership (direct and indirect) in the telecommunications business is limited to 60% (including a direct foreign investment limit of 49%); it is limited to less than 50% for satellite television broadcasting services and public natural gas services and limited to 49% for high-speed railways.

Foreign ownership is also limited for industries such as air-catering companies, aviation transportation businesses (airlines), and general aviation businesses (commercial helicopters and business jet planes) to less than 50%.

5. Does Taiwan have any tax incentives in place to attract Chinese or foreign investment?

Tax incentives are available for all foreign and local investors, depending on the industry, scale and location of the investment.

The government has established various science-based industrial parks and export processing zones. Companies within these areas are entitled to various tax incentives and one-stop services to handle various registrations and permits (including work permits for foreign professionals), which greatly simplifies the application process and shortens application times in order to attract foreign investors.

The government further introduced free trade zones (including, but not limited to, Kaohsiung, Taipei, the Keelung seaports and Taoyuan airport) with incentives similar to those of the science-based industrial parks.

Taiwan is proposing a bill to establish free economic pilot zones to demonstrate a model of business convenience and liberalisation. The special law will relax restrictions on the flow of goods, people, capital and information, as well as provide a friendlier tax regime and allow for more convenient land acquisition. Hiring, entry and residence rules for foreign and mainland Chinese white-collar professionals will be relaxed in the pilot zones. Zone enterprises will be able to invite

境外：台灣

Author biography Daniel Lee Partner Daniel graduated from Taiwan University in 1994 with an LLB degree and obtained an LL.M. degree from Taiwan University in 1997 and Harvard Law School in 2001.

Daniel is qualified to practice Taiwan, New York and PRC laws and has worked at leading law firms including Lee and Li, Davis Polk & Wardwell, Morrison & Foerster and Weil Gotshal & Manges before joining Jingtian & Gongcheng.

Daniel specialises in securities law and capital markets, cross-border M&A, foreign direct investment and general corporate counseling.

He has represented numerous issuers based in Taiwan, Hong Kong and mainland China in their IPOs and international capital markets bond and equity transactions, covering a wide range of industry sectors including banking and financial services, high-tech, energy, real estate and infrastructure. He has also acted as international or PRC legal counsel in several cross-border M&A projects in the PRC. He is a native Mandarin speaker and is fluent in English.

mainland Chinese people to Taiwan for short-term business purposes without number limitations.

6. What is the labour environment like in Taiwan? Are labour costs high? Are there labour unions and how active/aggressive are they?

The labour costs for white collars are reasonable and modest.

Employees are generally well-skilled and high-quality in terms of their profession.

Taiwan unions are not active except in certain industries such as in the banking and petrochemical industries. In general, if the number of employees reaches 30 or more, the employees may form a labour union within the enterprise. Labour unions have not been actively involved in settling labour disputes between individual employees and the employer.

7. What labour laws are in place to guarantee stable employment practices for Chinese or foreign businesses?

Labour related issues are mainly regulated by the Labour Standards Act (LSA), Labour Pension Act (LPA), Employment Service Act, Act of Gender Equality in Employment, Union Act, Employment Welfare Statute, among others.

The LSA was enacted in July 1984 and last amended in 2011 to increase the penalty for violation. The terms and conditions of any agreement between an employer and an employee shall not be below the minimum standards provided in the LSA. The terms and conditions of employment under the LSA are mandatory, which cannot be unilaterally changed by the employer.

In addition to the LSA, the government also promulgates, among others, the Labour Pension Act and National Pension Act to introduce an annuity pension scheme; the Labour Insurance Act and National Health Insurance Act to provide social insurance for health, retirement

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and unemployment; the Employment Service Act to regulate employment filings and work permits matters; the Act for Settlement of Labour-management Disputes to provide mediation and arbitration dispute resolutions; the Union Act and the Collective Agreement Act to regulate union’s activities; and the Act of Gender Equity in Employment to prohibit discrimination.

Employees are entitled to benefits such as labour insurance, health insurance and unemployment subsidies.

8. How serious is antitrust regulation and enforcement?

Which regulators are responsible for supervising Taiwan’s competitive environment?

Antitrust is regulated under the Fair Trade Act (FTA). The Fair Trade Commission (FTC) is the administrative authority of the FTA. The FTA mainly regulates antitrust, merger review and unfair competition related matters. Foreign investment and M&A activities of regulated industries may also be subject to prior approvals of other authorities (such as the FSC for financial institutions and National Communications Commission (NCC) for telecommunications) depending on the structure of the M&A activities.

Under the FTA, a merger (i.e. combination) review/notification is required for any business that meets either the turnover or the market share threshold, unless otherwise qualified for exemption. In general, the FTC’s decision is based on an economic cost-benefit analysis depending on the type of combination.

Entities in competition with each other are prohibited from engaging in concerted actions, unless they have obtained prior approval from the FTC. A “concerted action” refers to competitors’ attempt to mutually restrict prices of goods or services, quantities, technology, products, equipment, trading counterparts or territories or otherwise restrict each other’s commercial activities. Such actions can exist by contract, agreement or other means of communication.

If the FTC considers the violation material, the fines could be up to 10% of the violating entity’s turnover in the last fiscal year.

The author would like to thank Echo Yeh and Mike Lu from Lexcel Partners in Taiwan for their help in preparing this article.

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Under the FTA, a merger (i.e. combination) review/notification is required for any business that meets either the turnover or the market share threshold, unless otherwise qualified for exemption The FTC is aggressive in enforcing sanctions against concerted actions, while for merger control review, it is more flexible and grants approval in most cases.

9. Does Taiwan place a strong focus on compliance and anti-corruption like China does? What do you recommend to companies unfamiliar with the local business practices in Taiwan?

In general, there are no specific anti-bribery or anti-corruption laws (such as the UK Bribery Act or US Foreign Corrupt Practices Act) in Taiwan. However, the Criminal Code, Anti-corruption Statute (mainly related to government servants), Public Official Service Act, Ethical Rules for Public Officials and the Lobby Act provide certain guidance and impose reporting requirements or criminal liabilities, which indirectly prohibits government servants (or the official authorised to perform government or public duty) or non-government servants from any bribery-related activities. In addition, the Criminal Code provides criminal penalty on general breach of fiduciary duty.

For foreign or mainland companies engaging in business in Taiwan, it is advisable to consult with attorneys for any potential compliance issues derived from business transactions, or, more fundamentally, for setting up an internal compliance system to deal with these issues on a routine and operational basis.

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境外：台灣

銜接兩岸法律 競天公誠律師事務所的李卓儒律師全面概述了台灣的監管制度，內容涵蓋企業並 購、反壟斷和糾紛解決機制，以至合規性、知識產權和勞動環境

1. 哪些是台灣《企業並購法》的主要監管修訂？有關法規如何影響兩岸的投 資？ 台灣經濟部建議修訂《企業並購法》，旨在簡化企業並購流程、保障股東和債 權人的權利，並重新探討稅務優惠，再次擴大企業並購交易的類型。草案其中 重點是新增的企業並購類型只需董事會通過絕大多數投票批准（無需尋求股東 批准），包括“共同控制下的企業合併”、“簡易股份互換”（即母公司和子 公司之間的股份互換）和“簡易公司分割”（即母公司和子公司之間的公司分 割），以及“小規模公司分割”和“小規模股份互換”（即擬轉讓的業務或擬 支付的代價須符合若干條件）。《企業並購法》還擴大了公司分割和股份互換 的代價範圍，除新股外，還可以現金和其他資產作為代價。 除此等規定外，有意收購台灣企業的內地投資者還需要在某些情況下獲得政 府審批，即獲得投資審議委員會審批。給予核準時，投資審議委員會會咨詢多 個其他政府機構，並考慮他們的意見，決定收購是否會危及經濟安全和損害公 共利益。一般情況下，內地投資者對全島知名品牌或具先進技術的高科技公司 進行收購取得當局審批的難度相對較高。投資審議委員會這種相對寬泛的裁量 權所帶來的不確定性，以及下面第四條問題提到的對陸資持股台灣公司的上限 規定，皆被視為對兩岸投資或收購活動的主要障礙之一。 2. 鑒於兩岸糾紛越來越多，台灣法院是否都會執行中國的最終民事判決？執行 方面仍存在什麼挑戰？ 有關執行是根據《台灣地區與大陸地區人民關係條例》經由法院認可。儘管如 此，在執行時，如果判決所引用的中國法律違反了台灣公共政策、善良風俗或 該判決為缺席判決，台灣法院具有酌情權拒絕認可。此外，因為政治原因，兩 岸之間的文件送達和互換程序可能會耗時。經常，被告一方會利用這點來妨礙 執行。 台灣仲裁協會也對中國大陸和台灣人民之間的任何民事糾紛建立相應的仲裁 機構。 3. 台灣的知識產權環境對外國和中國的投資是否有利？ 是。台灣智慧財產局負責監管專利、商標、商業秘密、著作權和其他知識產權 事務。一般來說，專利、商標、商業秘密和著作權分別由《專利法》、《商標 法》、《營業秘密法》和《著作權法》管轄。 台灣亦根據《智慧財產案件審理法》和《智慧財產法院組織法》設有智慧財 產法院，加快法院程序和確保審判質量。

除此等規定外，有意收 購台灣企業的內地投資 者還需要在某些情況下 獲得政府審批 中國法律商務2014年回顧

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4. 台灣有沒有任何受保護或受保障的特定領域或行業不接受 外資，以促進本土經濟增長？ 一般情況下，除了在政府不時更新的“負面清單”內列出的 行業外，所有行業都對外資開放。舉例來說，電信業務的外 國所有權（直接和間接）限於60%（含49%的外國直接投資限 額）；衛星電視廣播服務和公共天然氣服務限於50%以下，而 高速鐵路限於49%。某些行業的外國所有權也受到限制，如航 空餐飲業務、航空運輸業務（航空公司），以及通用航空業 務（商業直升機和商業噴氣飛機）等限於50%以下。 5. 台灣有沒有任何稅務優惠來吸引中國或外國的投資？ 稅務優惠適用於所有外國和本地投資者，視乎投資的行業、 規模和地點而定。政府已經設立了各個科學工業園區和出口 加工區。此等區域內的公司享有各項稅務優惠，以及一站式 服務，處理各種登記和許可證（包括外國專業人士的工作許 可證），可大大簡化申請程序，縮短申請時間，並吸引外國 投資者。 政府進一步推出自由貿易區，包括但不限於高雄、台北、 基隆海港和桃園機場，提供與科學工業園區類似的稅務優惠。 台灣正在提出一項草案，計劃建立自由經濟示範區，展 示商業便利和開放的模式。此特別的法規將放寬對商品、人 民、資金和信息流通的限制，並提供更有利的稅制和允許以 更方便的方式購入土地。示範區將放寬對國外與中國大陸白 領人才的雇傭、入境和居留規定。區內企業將可以短期商業 目的邀請大陸人民無限次來台。 6. 台灣的勞動環境是怎樣的呢？勞工薪酬支出昂貴嗎？有沒 有工會組織？它們活躍/激進嗎？ 白領的勞工薪酬合理且適中。以他們的專業來說，員工普遍 熟練和高素質。

作者簡歷 李卓儒 合伙人 李卓儒律師1994年畢業於台灣大學法學 院，獲得法學學士學位，於1997年畢業於 台灣大學法律研究所，獲得法學碩士學位， 並於2001年畢業於美國哈佛大學法學院獲 得法學碩士學位。 李律師同時具有台灣地區、美國紐約州 以及大陸地區律師執照，並在台灣、香港以 及上海三地的一流國內外事務所執業超過 十餘年：在加入競天公誠前先後工作於台灣理律法律事務所、 美國達維律師事務所、美國美富律師事務所以及美國威嘉律師 事務所。 李律師主要業務領域是證券發行和資本市場、跨境並購、 外商投資以及一般公司業務。在證券發行和資本市場領域，李 律師曾參與包含台灣、香港以及大陸數十家公司的海外上市以 及國際資本市場債券以及股權發行案，擔任中國及國際法律顧 問，涉及領域包含銀行金融業、各類高科技產業、能源、房地 產、基礎設施等。李律師也曾在多宗中國境內企業跨境並購項 目中擔任中國及國際法律顧問。 李律師的工作語言是中文和英文。

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根據《公平交易法》， 除非符合豁 免資格，達到營業額或者市場份額門 檻的任何企業需要作出並購（即合 併）審查/通知 除了某些如銀行和石油化工等行業外，台灣的工會並不活 躍。一般來說，員工人數如達到30人或以上，員工可以在企 業內組織工會。工會尚未積極參與解決員工個人和雇主之間 的勞動糾紛。 7. 台灣有什麼勞動法規可保障中國或外國企業在勞動方面的 穩定操作？ 勞動相關問題主要受《勞動基準法》、《勞工退休金條例》 、《就業服務法》、《性別工作平等法》、《工會法》、 《職工福利金條例》等規範。 《勞動基準法》於1984年7月通過，最近一次修訂在2011 年，並加大了違規處罰。雇主與員工之間訂立任何協議的條 款和條件不得低於《勞動基準法》規定的最低標準。《勞動 基準法》下的雇傭條款和條件為強制性，不可由雇主單方面 更改。 除《勞動基準法》外，政府還頒布了以下法規，包括： 《勞工退休金條例》和《國民年金法》以推行年金退休金方 案；《勞工保險條例》和《全民健康保險法》為醫療、退休 和失業提供社會保險；《就業服務法》規範就業存檔和工作 證問題；《勞資爭議處理法》為解決糾紛提供調解和仲裁； 《工會法》和《團體協約法》規範工會活動；《性別工作平 等法》禁止歧視。 員工有權享有勞動保險、醫療保險和失業補助金等福利。 8. 反壟斷的法規和執法嚴謹嗎？哪個監管機構負責監察台灣 的競爭環境？ 反壟斷受《公平交易法》規範。公平交易委員會為《公平交 易法》的行政機關。《公平交易法》主要負責監管反壟斷、 並購審查和不公平競爭相關事項。視乎並購活動的結構，受 規範行業的外資和並購活動也可能需要其他機關的事先審 批，例如監管金融機構的金融監督管理委員會和監管電信業 務的國家通信傳播委員會。 根據《公平交易法》，除非符合豁免資格，達到營業額或 者市場份額門檻的任何企業需要作出並購（即合併）審查／ 通知。一般來說，公平交易委員會的決定根據合併類型進行 經濟成本效益分析。 除非獲得公平交易委員會的事先批准，相互競爭的實體 禁止進行一致行動。“一致行動”指競爭者試圖共同限制商 品或服務的價格、數量、技術、產品、設備、交易對手或地 區，或以其他方式限制對方的商業活動。此等行為可以通過 合同、協議或其他溝通形式達成。如果公平交易委員會認為 違規嚴重，可處高達違規實體上一年度營業額10％的罰款。

探討

公平交易委員會積極對一致行動施行處罰，不過在並購監 控審查方面，則有較大靈活性，並在大多數情況下予以批准。 9. 台灣有沒有如中國般注重合規及反貪污？您對不熟悉台灣 當地業務習慣的企業有什麼建議？ 一般而言，台灣並沒有特定的反賄賂或反貪污法律（如英國 《賄賂法》或美國《海外反腐敗法》）。不過，《刑法》、 《貪污治罪條例》（主要與政府公務員有關）、《公務員服

境外：台灣

務法》、《公務員廉政倫理規範》及《遊說法》規定若干指 引及報告要求或刑事責任，間接禁止政府公務員（或官方授 權履行政府或公共職務的人士）或非政府人員進行任何與賄 賂有關的活動。此外，《刑法》對違反一般誠信義務規定刑 事處罰。 建議在台灣進行業務的外國或內地企業咨詢律師，瞭解有 關業務交易的任何潛在合規問題，或對設立內部合規機制等 基本事宜，提供法律意見，在日常操作上應對此問題。

作者感謝台灣惇安法律事務所的葉秋英顧問以及盧偉銘律師的大力協助完成這 篇文章。

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Outbound: Luxembourg

Insights

Europe’s foremost renminbi hub Laurent Lazard and Helen Haijing Liu of Bonn Steichen & Partners explain the role of Luxembourg in the internationalisation of the renminbi and the benefits of structuring investments through the country 1. What are the continuing efforts to internationalise the renminbi? What is the role of Luxembourg in this process?

On June 28 2014, a memorandum of understanding (MOU) on renminbi clearing arrangements in Luxembourg was signed between the central bank of Luxembourg (Banque centrale du Luxembourg) (BCL) and China’s central bank, the People’s Bank of China (PBOC). A renminbi clearing bank will soon be designated in Luxembourg. This evidences a further step in China’s efforts to internationalise the renminbi.

Currently, Luxembourg is the leading centre for renminbi business in the euro zone.

As of the first quarter of 2014, it harbours around Rmb79.4 billion in deposits, a 24% increase from the last quarter of 2013. It currently hosts the European headquarters of China’s three leading banks, namely Bank of China, China Construction Bank and Industrial and Commercial Bank of China. China Merchants Bank and Agricultural Bank of China are expected to set up in Luxembourg as well.

Luxembourg endeavours to play a more important role in the internationalisation of the renminbi. After the signing of the MOU, the Ministry of Finance of Luxembourg led a delegation of 70 top executives from the financial and related sectors to China to further reinforce the financial cooperation between China and Luxembourg. It was during this visit that announcements were made on the opening of branches of Alipay, China Merchants Bank and the Agricultural Bank of China in Luxembourg.

2. China’s State Administration of Foreign Exchange has relaxed foreign exchange control on round-trip investments utilising special purpose vehicles. How do the new rules facilitate trade and investment processes?

On July 14 2014, the State Administration of Foreign Exchange (SAFE) promulgated the Circular on Issues Relevant to Exchange Control in Connection with Offshore Investment/ Financing and Round-trip Investment by Residents in China Through Special Purpose Vehicles (Circular 37) to simplify the approval process and promote cross-border investment, supporting China’s outbound strategy.

Circular 37 facilitates China’s outbound investment processes in the following three ways:

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Currently, Luxembourg is the leading centre for renminbi business in the euro zone. As of the first quarter of 2014, it harbours around Rmb79.4 billion in deposits, a 24% increase from the last quarter of 2013

探討

i. It expressly allows outward funds flow. Domestic residents may purchase and remit foreign exchange out of China to establish a special purpose vehicle (SPV), repurchase or delist shares of an SPV based on actual and reasonable needs. Domestic entities under direct or indirect control of a domestic resident may also finance their registered SPVs. These are very significant and positive developments as they indicate that the PRC government is becoming increasingly flexible in allowing outbound funds flow by domestic institutions and individuals; ii. It expands the definition of SPVs. Circular 37 expands the purpose of SPVs to include offshore investments in addition to financing.

It also allows resident individuals to make foreign exchange registrations for their offshore investments even when such foreign investments do not involve any PRC assets or interests; and iii. There is no mandatory requirement for repatriation of profits onshore. Circular 37 does not require mandatory repatriation of all profits, dividends and proceeds arising from the disposal of interests in an SPV within 180 days of the receipt of such profits, dividends or proceeds (as required under the previous Circular 75).

The promulgation of Circular 37 is in line with the recent developments on the internationalisation of the renminbi, i.e. the aforesaid

Author biographies Laurent Lazard Partner Laurent Lazard is the partner in charge of Bonn Steichen & Partners’ (BSP) finance department. He has advised major banks and institutional investors on acquisition finance transactions and has assisted them in setting up platforms for the issuance of structured finance instruments.

He has also substantial experience in high-profile corporate matters and insolvency and restructuring matters.

As head of BSP’s China Desk, he assists Chinese clients with their investment in or through Luxembourg.

Laurent holds law degrees from the Université Panthéon-Assas (Paris 2) and the University of Chicago Law School.

Helen Haijing Liu Associate Helen Haijing Liu comes from Weifang in the Shandong province of China. She obtained her JD degree from the Chinese University of Hong Kong in 2014. During her law school studies, she interned in several international law firms in Beijing, Hong Kong and Dusseldorf (Germany).

Before starting law school, she majored in bioengineering for her bachelor’s study in Qingdao and biochemistry for her MPhil (Master of Philosophy) study in Hong Kong.

Helen is now part of the firm’s banking, corporate and M&A team and is also a member of the China desk.

境外 : 盧森堡

MOU signed between China and Luxembourg. With the future establishment of a renminbi clearing bank in Luxembourg and the promotion of outbound investment domestically in China, the use of renminbi by businesses and financial institutions for cross-border transactions will be enlarged, thus promoting trade and investment in Luxembourg.

3. The National Development and Reform Commission of China published a new report on August 5 2014. What impact does it have on Chinese outbound investments?

On August 5 2014, the National Development and Reform Commission of China (NDRC) published a report on outbound investment. According to the report, private direct outbound investments are expressly allowed. The NDRC will draft the Outbound Investment Regulations to strengthen the legal development for Chinese outbound investments. The NDRC will also coordinate with other governments to simplify the approval process and to build a comprehensive servicing system combining fiscal policies, financial services and information sharing platform for outbound investments.

This report shows China’s further resolution in promoting and facilitating outbound investments after the promulgation of Circular 37. As mentioned above, trade and investments in/through Luxembourg to Europe are expected to expand as a result.

4. What are the recent developments in the fund industry between China and Luxembourg? What are the impacts of these developments?

In May 2014, the Luxembourg Stock Exchange listed the first dim sum bond in the Eurozone, which was issued by the Bank of China.

It is referred to as the “Schengen bond” which has strengthened the Luxembourg Stock Exchange’s position for the listing of offshore renminbi bonds.

On June 19 2014, a MOU was signed between the Luxembourg Stock Exchange and the Bank of China that involves the creation of a strategic partnership between these two institutions. On June 30 2014, another MOU was signed between the Asset Management Association of China and the Association of the Luxembourg Fund Industry with the purpose of deepening the collaboration between the two associations.

These developments are expected to reinforce Luxembourg’s leading position in the fund industry in the Eurozone, and to attract more investors, especially from China, to set up funds in Luxembourg.

5. Is there any limitation on the funds flow in Luxembourg?

No, both the inflow and outflow of funds are not limited, including the remittance of profits, interests and capital. For example, approval from the tax authorities for the distribution of dividends is not required.

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Outbound: Luxembourg

Insights

In recent years, Luxembourg has increasingly become the preferred platform to structure Chinese outbound investments in the light of government clampdowns on offshore tax havens 6. In terms of China’s outbound investments to Europe, why is the Hong Kong-Luxembourg structure often used?

The obvious benefit of this structure is the minimisation of the exposure to withholding tax on dividends when they are paid by the European subsidiaries to the Chinese parent companies. Three layers of legislation are involved in this structure: The first layer is the European Union (EU) Parent-Subsidiary Directive. Under this directive, the withholding tax on dividends is exempt when the following conditions are met: n

The Luxembourg recipient is either a resident company fully subject to tax in Luxembourg, or a Luxembourg permanent establishment of a foreign entity that falls within the scope of the Parent-Subsidiary Directive; n The Luxembourg recipient company holds or commits itself to hold at least 10% of the capital of the payer company (or the shares were acquired for at least €1.2 million) for an uninterrupted period of at least 12 months; and n The distributing company is another Luxembourg company or a qualifying EU company under the Parent-Subsidiary Directive.

The second layer is the Luxembourg national tax law, implementing the EU directives. Under the participation exemption regime, dividend income will be exempt from Luxembourg income tax.

The third layer is the double tax treaty between Luxembourg and Hong Kong. Under this treaty, 0% withholding tax on dividends will be payable if the beneficial owner in Hong Kong is a company which holds directly at least 10% of the capital of the Luxembourg company.

Thus, the withholding tax liability is minimised if the dividends are repatriated to China through the Hong Kong-Luxembourg structure, subject to the tax arrangements between China and Hong Kong.

Similarly, the tax liabilities on interests and capital gains are usually exempt through this structure, subject to taxation only in Hong Kong/China.

7. What are the advantages of using Luxembourg structures over Cayman structures?

In recent years, Luxembourg has increasingly become the preferred platform to structure Chinese outbound investments in the light of government clampdowns on offshore tax havens such as the Cayman Islands. For example, the well-known acquisition of Portugal’s largest power producer by China Three Gorges Corporation, one of

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China’s largest outbound M&A deals to date, used a Luxembourg company structure. The joint takeover of Putzmeister Holding by SANY Heavy Industry and CITIC PE Advisors (Hong Kong) was also structured through a Luxembourg holding company.

A major reason for using a Luxembourg company structure is the tax advantages, especially in case of investments in assets subject to withholding tax (e.g. dividends, interests, etc.). A Cayman Islands structure is not the right option in this case, since one would suffer withholding tax in the source country. On the contrary, when a Luxembourg entity is used, the withholding tax gets eliminated either under the Parent-Subsidiary Directive, the Interest-Royalty Directive or the relevant Luxembourg tax treaty.

Also, Luxembourg is a well-known financial centre within the European Union. It ranks as an “AAA” credit-rated country and benefits from white-list status and international tax transparency compliance in line with OECD guidelines.

8. Are there any preferential treatments for high net worth individuals to invest in your country?

Yes, Luxembourg now also offers a privileged framework for private wealth management by abolishing the net wealth tax for individuals, levying a withholding tax of 10% on interest income, maintaining the exemption of inheritance tax in direct line and – under certain conditions – exonerating capital gains realised on stocks and capitalisation products as well as exempting gifts made by hand under certain conditions.

Luxembourg also offers financially independent persons the opportunity of becoming a resident. Sufficient funds, a sustainable monthly income, permanent housing and full health insurance, in accordance with the local standards and laws, are the main prerequisites. Visas, where required, are obtained swiftly and most documents may be processed in English.

Luxembourg is about to adopt, in the upcoming months, a new state-of-the art framework especially designed for high net worth individuals – the Luxembourg private foundation regime Apart from existing vehicles such as the Luxembourg family holding company or the securitisation vehicle, which are often used for managing high net worth, Luxembourg is about to adopt, in the upcoming months, a new state-of-the art framework especially designed for high net worth individuals – the Luxembourg private foundation regime. The private foundation will offer a considerable degree of flexibility both in terms of management and governance. It actually may own movable and immovable properties, tangible and intangible assets or enter into insurance contracts as a subscriber or a

探討

beneficiary. It may also create other public or private foundations or trusts or be the beneficiary of such vehicles.

The tax treatment applicable to the private foundation appears to be particularly attractive.

Firstly, although the private foundation is subject to corporation income tax at the standard corporate income tax rate, it is possible

境外 : 盧森堡

to minimise such tax liability, as it will benefit from an exemption regarding its investment income: dividends, profit sharing and interest payments derived from securities and capital gains realised on the sale of assets.

Secondly, income distributions made by the private foundation to non-resident beneficiaries are not subject to withholding taxes.

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Outbound: Luxembourg

Insights

歐洲首席人民幣樞紐 Bonn Steichen & Partners律師事務所的Laurent Lazard律師和劉海婧律師闡述了盧

森堡在人民幣國際化進程中的角色，以及經盧森堡構建投資的好處

1. 推動人民幣國際化一直以來有什麼舉措在不斷推出？盧森堡在此過程中發揮 了什麼作用？ 2014年6月28日，盧森堡中央銀行（Banque Centrale Du Luxembourg, BCL）與中國 央行（即中國人民銀行）在盧森堡簽署人民幣清算安排諒解備忘錄。很快將在 盧森堡指定一間人民幣清算銀行。這標誌着中國為推動人民幣國際化而作出的 進一步舉措。 盧森堡目前是歐元區人民幣業務的主導中心。截至2014年第一季度，其人民 幣存款達794億元，比2013年第四季度增長24%。盧森堡目前是中國三大主要銀 行（即中國銀行、中國建設銀行和中國工商銀行）的歐洲總部所在地。預期招 商銀行和中國農業銀行也將進駐盧森堡。 盧森堡致力為人民幣國際化發揮更加重要的作用。簽署諒解備忘錄後，盧森 堡財政部率領金融和相關行業的70名高管代表訪問中國，進一步加強中國與盧森 堡之間的金融合作。在此次訪問期間，發佈了有關支付寶、招商銀行和中國農 業銀行在盧森堡設立分支機構的公告。 2. 中國國家外匯管理局已放寬對利用特殊目的公司進行返程投資的外匯管制。 新條例如何促進貿易和投資進程？ 2014年7月14日，中國國家外匯管理局（外管局）發佈了《關於境內居民通過特 殊目的公司境外投融資及返程投資外匯管理有關問題的通知》（37號通知），以 簡化批准程序和促進跨境投資，支持中國 “走出去” 戰略的實施。 37號通知以下列三種方式促進中國對外投資進程： I. 明確允許匯出資金。境內居民可在真實、合理需求的基礎上購匯並匯出資金 用於特殊目的公司設立、股份回購或退市等。境內居民還可以直接或間接 控制的境內企業，向其已登記的特殊目的公司放款。由於有關規定說明，中 華人民共和國（中國）政府採取日益靈活的手段允許境內機構和個人匯出資 金，因此這是十分重大且積極的發展； II. 擴大特殊目的公司的定義。37號通知擴大了特殊目的公司的用途，除融資 外，還包括境外投資。37號通知也允許境內居民個人辦理境外投資（即使有 關境外投資並不涉及任何中國資產或權益）外匯登記手續； III. 取消利潤調回境內的強制性規定。37號通知取消了強制性調回資金規定，即 出售特殊目的公司權益而獲得的所有利潤、紅利和收益，無須從獲得之日起 180日內調回境內（如此前75號通知所規定的情況）。

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盧森堡目前是歐元區人 民幣業務的主導中心。 截至2014年第一季度， 其人民幣存款達794億 元，比2013年第四季度 增長24%

探討

發佈37號通知符合人民幣國際化的近期發展（即如上文所 述中國與盧森堡之間簽署諒解備忘錄）。隨着未來在盧森堡 設立人民幣清算銀行及中國國內對外投資的推動，企業和金 融機構將增加使用人民幣進行跨境交易，從而促進盧森堡的 貿易與投資。

境外 : 盧森堡

近年來，鑒於政府嚴禁使用開曼群島 等離岸避稅天堂，盧森堡已逐漸成為 構建中國境外投資的首選平台

3. 國家發展和改革委員會於2014年8月5日發佈了新報告。它 對中國境外投資有何影響？ 2014年8月5日，國家發展和改革委員會發佈了有關境外投資 的報告。根據此報告精神，將明確允許私人投資者直接開展 境外投資。國家發改委將起草《境外投資條例》，以加強中 國境外投資的法規進程。國家發改委還將與其他政府部門協 調，以簡化審批流程並構建綜合服務體系，體系中將包羅有 關境外投資的所有財政政策、金融服務和信息共享平台。 繼37號文出台之後發佈的此報告顯示了中國政府進一步推 動和促進境外投資的決心。如上所述，這必將帶動在盧森堡境 內進行/通過盧森堡向歐洲市場進行的貿易和投資大幅擴張。

日，中國證券投資基金業協會與盧森堡基金業協會簽署了另 一份諒解備忘錄，旨在深化兩家協會之間的合作。 這些發展有望加強盧森堡在歐元區基金行業的領先地位， 並吸引更多投資者，尤其是來自中國的投資者，在盧森堡設 立基金。

4. 中國和盧森堡的基金行業最近有什麼新發展？這些發展有 什麼影響？ 2014年5月，歐元區首只點心債券在盧森堡證券交易所上市，該 債券由中國銀行發行，被稱為「申根債」。此「申根債」上市 加強了盧森堡證券交易所在離岸人民幣債券上市方面的地位。 2014年6月19日，盧森堡證券交易所與中國銀行為兩家機構 之間建立戰略伙伴關係簽署了諒解備忘錄；而在2014年6月30

6. 中國對歐洲的境外投資為什麼經常使用香港—盧森堡結構？ 此結構的顯著好處是在歐洲子公司向中國母公司支付股息 時，最大程度地降低股息預提稅。此結構涉及三層法律： 第一層為歐洲聯盟（歐盟）母公司—子公司指令。根據該 指令，滿足下列條件時，可獲豁免繳納股息預提稅：

5. 盧森堡對資金流動有無限制？ 沒有，資金流入及流出均無限制，包括對利潤、利息和資本 的匯款。例如，無須就分配股息取得稅務機關的批准。

n

作者簡歷 Laurent Lazard 合伙人 Laurent Lazard是Bonn Steichen & Partners (BSP)律師事務所中負責融資部的合伙人。 他曾向許多大型銀行和機構投資者提供關於 並購融資交易的建議，並幫助它們建立結構 性金融工具的發行平台。 他還對處理高知名度企業的相關事宜以及 破產和重組方面的相關事宜方面，擁有非常 豐富的經驗。 作為BSP駐中國業務部的負責人，他協助中國客戶完成其在 盧森堡的投資或通過盧森堡進行的投資。 Laurent擁有巴黎第二大學(Université Panthéon-Assas)和芝加 哥大學法學院的法律學位。 劉海婧 律師 劉海婧律師來自中國山東省濰坊市。她於 2014年獲得香港中文大學法學博士學位。 在法學院學習期間，她曾在北京、香港和 德國杜塞爾多夫的若干國際律師事務所實 習。進入法學院前，她先後在青島主修生物 工程本科課程及在香港主修生物化學碩士 課程（哲學碩士）。劉律師現為BSP銀行、 公司和並購團隊的一員，也是BSP中國業務 的成員。

盧森堡收款人為須全面繳納稅項的盧森堡居民企業，或 屬於母公司—子公司指令範圍的外國實體在盧森堡的常 設機構； n 盧森堡收款公司在至少12個月期間無間斷持有或承諾持有付 款公司至少10%資本（或收購的股份不低於120萬歐元）； n 股息分配公司為另一家盧森堡公司或根據母公司—子公司指 令下一家合資格歐盟公司。 第二層為實施歐盟指令的盧森堡國家稅法。根據股東免稅 制度，股息所得將獲豁免繳納盧森堡所得稅。 第三層為盧森堡與香港之間簽訂的避免雙重徵稅協定。根 據該協定，如果香港受益所有人是直接持有盧森堡公司至少 10%資本的公司，則無須繳納股息預提稅。 因此，根據中國與香港之間的稅務安排，如果通過香港— 盧森堡結構將股息匯回中國，預提稅責任將為最低。 同樣，通過此結構通常也可獲豁免承擔利息和財產收益稅 項責任，只須繳納香港／中國稅項。 7. 採用盧森堡結構而非開曼群島結構有哪些優勢？ 近年來，鑒於政府嚴禁使用開曼群島等離岸避稅天堂，盧森 堡已逐漸成為構建中國境外投資的首選平台。例如，中國長 江三峽集團公司收購葡萄牙最大電力生產商的著名案例就曾 採用盧森堡公司結構，這是迄今為止中國最大的境外並購交 易之一。由三一重工和中信產業投資基金（香港）顧問聯合 收購普茨邁斯特（Putzmeister）股權也是通過盧森堡控股公司 結構進行。

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Outbound: Luxembourg

Insights

採用盧森堡公司結構的主要原因在於獲得稅務優惠，特別 是當投資資產須繳納預提稅（如股息、利息等）。在此情況 下，開曼群島結構並非合適的選擇，因為須承擔投資來源國 的預提稅。相反，若採用盧森堡實體，即可根據母公司—子 公司指令、利息和特許權使用費指令或相關盧森堡稅務條 約，免除預提稅。 另外，盧森堡是歐盟著名的金融中心。其國家信貸評級 達“AAA”級，並且根據經合組織指引受惠於白名單地位和國 際稅收透明度合規狀況。 8. 高淨值個人投資您國是否有優惠待遇？ 是，盧森堡目前也實行私人財富管理優越框架，廢除了個人 淨財產稅，對利息所得徵收的10%預提稅，繼續豁免從直系親 屬繼承遺產的遺產稅，並且根據若干條件免除股票和資本化 產品所實現財產收益的稅項，以及根據若干條件豁免親自饋 贈的稅項。 盧森堡還為經濟獨立人士提供成為本國居民的機會。根據

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地方標準和法律，主要前提條件是須擁有充足的資金、可持 續的月所得、永久住房和全面的健康保險。可快速獲得簽證 （如需要），且大部分文件可以英文處理。 除了常用於管理高淨值的現有投資工具（如盧森堡家族控 股公司或證券化工具）外，盧森堡將在未來數月採用專門為 高淨值個人而設計的新先進框架—盧森堡私募基金會制度。 私募基金會將在管理和治理兩方面提供許多靈活性。私募基 金會可實際上擁有動產和不動產、有形和無形資產或作為認 購人或受益人簽訂保險合同，也可以創立其他公募或私募基 金會或信託或作為此類投資工具的受益人。 適用於私募基金會的稅務條約尤其具有吸引力。 首先，儘管私募基金會須按標準企業所得稅稅率承擔企業 所得稅，但由於它可受惠於有關其投資所得（股息、利潤分 成和證券產生的利息款項以及出售資產所得的財產收益）的 免稅規定，因而有關稅務責任仍可降低； 其次，私募基金會向非居民受益人作出的所得分配，無須 繳納預提稅。

入圍名單

年度獎項

AWARDS

Book of the night Including deals, teams and firms of the year, here is the complete list of nominations for this year’s China Law & Practice awards | 今年《中國法律商務》年度獎項完整的入圍名單，包括了年度傑出交易，傑出團隊及 律所

Deals of the year | 年度杰出交易 Debt & Equity-Linked | 債務和股票掛鉤證券 Country Garden Holdings’ US$750 million bond offering | 碧桂園 控股公司發行7.5億美元債券 Commerce & Finance Law Offices | 通商律師事務所 JP Morgan, Goldman Sachs, BOCI International, HSBC and ICBC International | 摩根大 通、高盛、中銀國際、匯豐銀行和工銀國際

Conyers Dill & Pearman | 康德明律師事務所 Country Garden Holdings | 碧桂園控股公司

Iu Lai & Li Solicitors | 姚黎李律師行 Country Garden Holdings | 碧桂園控股公司

Jingtian & Gongcheng | 競天公誠律師事務所 Country Garden Holdings | 碧桂園控股公司

Sidley Austin | 盛德國際律師事務所 Country Garden Holdings | 碧桂園控股公司

Skadden Arps Slate Meagher & Flom | 世達律師事務所 JP Morgan, Goldman Sachs, BOCI International, HSBC and ICBC International | 摩根大 通、高盛、中銀國際、匯豐國際和工銀國際

Country Garden Holdings Company, one of China’s leading integrated property developers, issued in September 2013 (following its January offering) US$750 million 7.25% senior notes due 2021, which included high-yield covenants and was pursuant to Reg-S and Rule 144A. The company was the fourth PRC real estate company to tap global markets that month, a positive sign compared with just a few months prior. This large offering was an impressive reflection of the healthy appetite of Chinese property companies for global bonds. As real estate prices in China continue to rise, many developers are increasing land purchases, raising the potential of tapping offshore markets. 碧桂園控股公司是中國領先的綜合性地產開發商之一，繼1月份發債 之後於2013年9月份發行了票面利率7.25%的7.5億美元優先債券，有 效期至2021年。此債券不僅包含高收益契約，而且遵循美國證券法S 規例和144A規則。碧桂園是當月（9月份）第四家開拓全球市場的中 國房地產公司，較過去的幾個月來看，這無疑是個積極的信號。碧桂

園此次大規模發債，深刻反映了中國地產公司面向全球市場發行債券 的良性態勢。隨著中國房地產價格一路攀升，許多開發商增加了土地 購買量，同時也提高開拓海外市場的可能性。

Greenland Hong Kong’s US$700 million bond offering | 綠地香港 公司發行7億美元債券 Commerce & Finance Law Offices | 通商律師事務所 HSBC, JP Morgan, Morgan Stanley, BOCI, Deutsche Bank, Citi and Goldman Sachs | 匯豐 銀行、摩根大通、摩根士丹利、中銀國際、德意志銀行、花旗和高盛

Conyers Dill & Pearman | 康德明律師事務所 Greenland Hong Kong | 綠地香港公司

Davis Polk & Wardwell | 達維律師事務所 Greenland Hong Kong | 綠地香港公司

Linklaters | 年利達律師事務所 HSBC, JP Morgan, Morgan Stanley, BOCI, Deutsche Bank, Citi and Goldman Sachs | 匯豐 銀行、摩根大通、摩根士丹利、中銀國際、德意志銀行、花旗和高盛

Zhong Lun Law Firm | 中倫律師事務所 Greenland Hong Kong | 綠地香港公司

The offering followed Greenland Hong Kong’s acquisition by Greenland Holding Group, which lowered the coupon from 13.5% to 4.75%. This was a debut offering by the Greenland Group, which entailed extensive due diligence and disclosure of the conglomerate. The bonds, due 2016, were supported by a keepwell deed and an equity interest purchase undertaking deed from Greenland Holding. The deal had to be carefully analysed and structured so that it did not contravene the terms of the previous 13.5% notes. The proceeds of the offering were partially used to refinance these notes, which Greenland Hong Kong was able to redeem. 此次債券發行在綠地控股集團收購綠地香港公司之後，導致票面利率 從13.5%降至4.75%。這是綠地集團首次發行債券，因此需要對此企 業集團開展全面的盡職調查和信息披露。債券的有效期至2016年， 由綠地控股集團通過維好協議和股權購買承諾協議的形式提供擔保。 此次交易必須仔細分析和改組，以避免其違反此前針對票面利率為 13.5%的期票所設立的條款。發行債券的部分收益將用於這些期票的 再融資，而綠地香港公司能夠兌換這些期票。

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Annual Awards

NOMINATIONS

Lenovo’s US$1.5 billion single tranche senior bond offering | 聯想 發行 15 億美元單期優先債券 Cleary Gottlieb Steen & Hamilton | 佳利律師事務所 Lenovo | 聯想

ENERGY & NATURAL RESOURCES | 能源及自然資源 Feishang Anthracite Resources’ spinoff and listing | 飛尚無煙煤 資源有限公司分拆上市

Shearman & Sterling | 謝爾曼•思特靈律師事務所

Commerce & Finance Law Offices | 通商律師事務所

Underwriters | 承銷商

Feishang Anthracite Resources | 飛尚無煙煤資源有限公司

This was Lenovo Group’s inaugural offering of US$1.5 billion 4.70% notes due 2019 on the Hong Kong Stock Exchange. The deal was the largest unrated fixed-income instrument in Asia and the largest ever single tranche senior Reg-S-only bond offering in the Asian tech sector. The huge-ticket anchor investor drew in US$8 billion in orders for the debut bond, and the company chose not to get a rating for the offering. The unrated format allowed for quicker execution of the deal. The bonds offered investors an opportunity to bet on Lenovo’s future performance after the PC maker completes its acquisitions of Google’s Motorola Mobility and IBM’s low-end x86 server business. 這是聯想集團在香港股票交易所首次發行票面利率為4.70%的15億美 元期票，有效期至2019年。此次交易是亞洲最大的無信用等級固定收 益證券交易，同時也是亞洲科技領域內有史以來最大規模且僅遵循美 國證券法S規例的單期優先債券發行。持有大量票券的主要投資者為 首次債券發行吸引了80億美元的訂單，且企業選擇不為發行的債券設 定信用等級。這種無信用等級的形式加快了交易的執行。在聯想收購 完Google的摩托羅拉移動和IBM的低端x86服務器業務之後，這些債 券為投資者提供了投注聯想未來業績的機會。

Qihoo 360’s US$550 million convertible bonds offering | 奇虎 360 發行 5.5 億美元可轉換債券 Commerce & Finance Law Offices | 通商律師事務所 Qihoo 360 | 奇虎 360

Kirkland & Ellis | 凱易國際律師事務所 Qihoo 360 | 奇虎 360

Latham & Watkins | 瑞生國際律師事務所 Citigroup, China Renaissance Securities and UBS | 花旗集團、華興資本證券和瑞 銀集團

Freshfields Bruckhaus Deringer | 富而德律師事務所 Jefferies Hong Kong and Nomura International | 富瑞金融集團香港有限公司和 野村國際

Jingtian & Gongcheng | 競天公誠律師事務所 Jefferies Hong Kong and Nomura International | 富瑞金融集團香港有限公司和 野村國際

Maples & Calder | 邁普達律師事務所 Feishang Anthracite Resources | 飛尚無煙煤資源有限公司

Sullivan & Cromwell | 美國蘇利文·克倫威爾律師事務所 China Natural Resources | 中國資源發展公司

Feishang Anthracite Resources, a wholly-owned subsidiary of NASDAQ-listed China Natural Resources that operates coal mines and related businesses, became the first spin-off listing with the distribution in specie undertaken by a NASDAQ-listed company on the Hong Kong Stock Exchange. The transaction raised complicated US and Hong Kong regulatory issues as the spin-off was effected by way of a distribution in specie by China Natural Resources of all of Feishang Anthracite’s issued and outstanding ordinary shares. 飛尚無煙煤資源有限公司是在納斯達克掛牌上市的中國資源發展公司 下屬經營煤礦開採及相關業務的全資子公司，成為了首家由納斯達克 上市公司以實物分派形式在香港股票交易所分拆上市的公司。由於中 國資源發展公司的此次分拆上市是通過以實物分派形式分派飛尚無煙 煤資源有限公司的所有已發行普通股進行的，因此這筆交易引發了複 雜的美國和香港監管問題。

Sinopec’s acquisition of 33% stake in Apache Corporation | 中國 石化公司收購阿帕奇石油公司33%的股份 Vinson & Elkins | 文森•艾爾斯律師事務所 Sinopec | 中國石化公司

The global offering of US$550 million 2.50% convertible senior notes due 2018

by Qihoo 360 Technology, a leading Chinese internet company, was the largestever convertible bonds issuance by a US-listed Chinese company. The bonds are convertible into Qihoo 360’s New York Stock Exchange-listed ADSs. The initial purchasers exercised their US$50 million over-allotment option shortly after pricing, given the strong demand for the bonds. The bonds were offered and sold to qualified institutional investors in the US pursuant to Rule 144A and to offshore investors under Reg-S. This transaction was the first of its kind in 2013 and helped reopen the convertible bond market. 中國領先互聯網公司奇虎360科技有限公司面向全球發行了票面利 率為2.50%的5.5億美元可轉換優先期票，有效期至2018年，這是在 美國掛牌上市的中國公司有史以來規模最大的可轉換債券發行。這 些債券可轉換成奇虎360在紐約證券交易所掛牌上市的美國存托股份 (ADS) 。考慮到這些債券的需求旺盛，最初的認購者在定價後不久便 行使了5千萬美元的超額配售選擇權。這些債券分別遵循144A規則和 S規例則向美國境內合格的機構投資者和海外投資者發行並銷售。此 類交易在2013年當屬首例，有利於重新打開可轉換債券市場。

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Weil Gotshal & Manges | 威嘉律師事務所 Apache Corporation | 阿帕奇石油公司

Sinopec International Petroleum Exploration and Production Corporation, a wholly-owned subsidiary of Sinopec Group, purchased a 33% minority interest in Apache Corporation’s oil and gas business in Egypt for US$3.1 billion. This deal was Sinopec’s largest upstream purchase in the Middle East to date and included a joint venture to pursue upstream oil and gas projects. It represented the first stage in a global strategic partnership between a unit of Sinopec and US-based Apache and was executed despite political unrest in the region. 中國石化國際石油勘探開發有限公司是中國石化集團旗下的的全資子 公司，日前以31億美元收購了阿帕奇石油公司的埃及石油和天然氣業 務的33%少數股權。這是中石化至今在中東地區規模最大的一筆上游 收購交易，並涉及建立一家合資企業以開展上游石油和天然氣項目。 這筆交易代表中石化子公司與美國阿帕奇石油公司的全球戰略合作伙 伴關係的第一階段成功達成，儘管該地區政治形勢持續動蕩，此交易 仍有效執行了。

入圍名單

State Grid’s acquisition of 60% stake in SPI (Australia) Assets Pty | 中國國家電網公司收購新加坡能源國際（澳大利亞） 資產公司60%的股份 Allen & Gledhill | 艾倫格禧律師事務所

年度獎項

EQUITY | 股票市場 China Everbright Bank IPO | 中國光大銀行首次公開募股 (IPO)

Singapore Power International | 新加坡能源國際有限公司

Davis Polk & Wardwell | 達維律師事務所

Allens | 安德慎律師事務所

Underwriters | 承銷商

State Grid | 中國國家電網公司

Freshfields Bruckhaus Deringer | 富而德律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

China Everbright Bank | 中國光大銀行

Singapore Power International | 新加坡能源國際有限公司

Jingtian & Gongcheng | 競天公誠律師事務所

Linklaters | 年利達律師事務所

Underwriters | 承銷商

State Grid | 中國國家電網公司

King & Wood Mallesons | 金杜律師事務所 China Everbright Bank | 中國光大銀行

This transaction was State Grid’s purchase of 60% of the shares in SPI (Australia) Assets from Singapore Power International and followed its acquisition of 19.9% of the stapled securities in SP AusNet. SPI (Australia) Assets is a private company that owns and operates electricity, gas and water assets in eastern Australia. The sale was subject to regulatory approval in Australia and was approved on the condition that at least 50% of the members appointed by State Grid to the boards of SP AusNet and SPI (Australia) Assets are citizens of the country. 自收購了新能源澳洲網絡19.9%的合訂證券後，中國國家電網又收購 了新加坡能源國際有限公司下屬的新加坡能源國際（澳大利亞）資 產公司60%的股份。新加坡能源國際（澳大利亞）資產公司是一家 私營公司，擁有並運營澳大利亞東部的電氣及水資產。該交易需要 獲得澳大利亞監管部門的批准，並已在新能源澳洲網絡和新加坡能 源國際（澳大利亞）資產公司董事會成員中由中國電網指派至少一 半為澳大利亞公民的前提下獲得批准。

Xinjiang Zhaokun Trading’s prepayment facility refinancing | 新疆 兆坤貿易公司的預付貸款再融資 DLA Piper | 歐華律師事務所 ABN AMRO Bank, Natixis and Société Générale | 荷蘭銀行、法國外貿銀行和法 國興業銀行

Global Law Office | 環球律師事務所 ABN AMRO Bank, Natixis and Société Générale | 荷蘭銀行、法國外貿銀行和法 國興業銀行

The US$195 million prepayment facility for Xinjiang Zhaokun Trading, an aluminium producer in the Kashgar province of the PRC, was to finance the purchase and production of aluminium as well as to refinance an existing prepayment facility provided by the company’s existing offtaker, Gerald Metals. The three-year senior secured loan was the first offshore syndicated loan for the company. The facility consisted of a complex security package containing typical commodity finance structures interlinked with onshore asset securities, as well as unsecured offshore corporate guarantees from members of the company. Certain members from Gerald Metals also participated as lenders and provided a performance guarantee and a third party limited recourse guarantee, which required innovative structuring and drafting to balance the obligation of a guarantor against the rights of a participant in the syndicate and effect on voting rights. 新疆兆坤貿易公司是中國喀什地區的鋁生產商，日前獲得195美元的 預付貸款用於採購和生產鋁以及對該公司現有承購方傑拉爾德金屬公 司所提供的現有預付貸款進行再融資。這一為期三年的高級擔保貸款 是該公司的首筆海外銀團貸款。此貸款的擔保結構相當複雜，其中包 括與國內資產擔保相連的典型商品融資結構以及來自該公司董事會 成員的無擔保海外公司擔保。傑拉爾德金屬公司的部分董事會成員也 作為貸方參與了此次融資，並提供了履約擔保和第三方有限追償權擔 保，因此需要通過創新方法進行組織和計劃，以實現擔保方的義務與 銀團貸方的權利及投票權影響之間的平衡。

Li & Partners | 李偉斌律師行 China Everbright Bank | 中國光大銀行

China Everbright Bank’s US$3.4 billion H-share IPO was both the largest IPO in Hong Kong and the largest IPO by a PRC company in 2013. This transaction followed the state-owned commercial bank’s listing of its A-shares on the Shanghai Stock Exchange in 2010. It was the first Hong Kong IPO to be allowed to exercise an offer size adjustment option in relation to newly-issued shares, which increased flexibility in the offering structure and size to meet market demand. The offer size adjustment option allowed an additional 15% of the initially available shares to be issued and was exercised at pricing, in contrast to the conventional over-allotment option which is usually done after listing. It was the first Hong Kong IPO to obtain consent from the Hong Kong Stock Exchange to place cornerstone shares to a Qualified Domestic Institutional Investor (QDII) manager that was a connected to one of the underwriters. 中國光大銀行以H股形式首次公開募股34億美元，這不僅是2013年 中國香港最大的首次公開募股，也是同年中國公司進行的最大首次公 開募股。在此次交易之前，這家國有商業銀行的A股已於2010年在上 海證券交易所市場掛牌上市。此次交易是第一次允許香港的首次公開 募股針對新發行的股票行使發行規模調整選擇權，而這一選擇權提高 了發行結構和規模的靈活性，可滿足市場的需求。除最初可用於交易 的股票之外，此選擇權允許額外發行15%的股票，並且可在定價時行 使，這與通常在掛牌上市後才行使的傳統超額配售選擇權相反。這是 香港首次公開募股第一次向中國香港證券交易所獲得許可，向與某位 承銷商有聯繫的合格境內機構投資者 (QDII) 管理人員配售基礎股份。

China Metal Resources Utilisation IPO | 中國金屬資源利用公 司首次公開募股 Chen & Co | 瑛明律師事務所 China Metal Resources Utilisation | 中國金屬資源利用公司

Conyers Dill & Pearman | 康德明律師事務所 China Metal Resources Utilisation | 中國金屬資源利用公司

Haiwen & Partners | 海問律師事務所 BNP Paribas Securities | 法國巴黎銀行資產托管部

Herbert Smith Freehills | 史密夫·斐爾律師事務所 China Metal Resources Utilisation | 中國金屬資源利用公司

Skadden Arps Slate Meagher & Flom | 世達律師事務所 BNP Paribas Securities | 法國巴黎銀行資產托管部

The US$90 million IPO of China Metal Resources Utilisation (a copper recycler and downstream copper producer once known as Gushan Environmental Energy) was the first successful re-listing on the Hong Kong Stock Exchange of a company that was formerly listed on the New York Stock Exchange and privatised by way

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of merger under the Cayman merger regime. The IPO marked the first of a wave of Chinese companies taken private in the past few years. It was oversubscribed by more than 17 times and the retail tranche received at least US$143 million in subscriptions from investors. 中國金屬資源利用公司（曾用名古杉環境能源公司，系銅回收商和 下游銅生產商）首次公開募股9千萬美元，是首家在中國香港證券交 易所成功重新掛牌上市的公司，此前公司曾在紐約證券交易所掛牌上 市，之後按照開曼群島並購制度通過並購方式實現私有化。這一首次 公開募股標誌著過去幾年間中國公司中掀起的第一波私有化浪潮。此 次募股獲得了17倍以上的超額認購，其中散戶認購部分獲得了至少 1.43億美元的投資者認購。

China Cinda Asset Management IPO | 信達資產管理公司首次 公開募股 Davis Polk & Wardwell | 達維律師事務所 Cinda Asset Management | 信達資產管理公司

Haiwen & Partners | 海問律師事務所 Cinda Asset Management | 信達資產管理公司

Freshfields Bruckhaus Deringer | 富而德律師事務所 Underwriters | 承銷商

King & Wood Mallesons | 金杜律師事務所 Underwriters | 承銷商

China Cinda Asset Management was the first state-owned asset management company to list in Hong Kong. It was the second largest offering in Hong Kong that year. The proceeds from the US$2.8 billion IPO will be used to finance new purchases of bad debts as the company tries to profit from a new round of non-performing loans. This deal had a number of unprecedented features, such as the inclusion of a calculated value report in the IPO prospectus (due to the impossibility of measuring the fair value of the company’s unlisted equity investments), the resolution of regulatory issues regarding the distressed asset management business (the entities the company held majority equity interests in had to be distinguished from what the Companies Ordinance considered subsidiaries) and the waivers from compliance with the pre-acquisition financial disclosure requirement as well as with requirements to disclose financial information of subsidiaries or businesses acquired after the track record period. The EU’s Alternative Investment Fund Managers Directive also came into effect in July 2013, and thorough analysis was required to ensure the IPO could be conducted in jurisdictions safely without encountering risks of non-compliance. 信達資產管理公司是首家在中國香港掛牌上市的國有資產管理公司。 其當時的股票發行量在當年位居中國香港地區的第二位。由於公司試 圖從新一輪不良貸款中獲利，因此通過28億美元首次公開募股獲得 的收益將用於籌資購買新的不良債務。這一交易具有諸多前所未有的 特性，如在首次公開募股招股書中加入了計算值報告（原因是無法測 算出公司未掛牌上市的股權投資的公允價值）；解決了關於不良資 產管理業務的監管問題（將公司手中持有多數股權的實體與“公司條 例”界定的下屬公司加以區分）；豁免了並購前期財務信息披露的 合規審查要求以及在業績記錄期後對收購的下屬公司或業務的財務信 息進行披露的要求。歐盟制訂的另類投資基金經理指令 (Alternative Investment Fund Managers Directive) 也於2013年7月生效，同時公 司需要進行透徹分析以確保在司法轄區安全進行首次公開募股，而不 會面臨違規的風險。

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New Century REIT IPO | 開元產業投資信託基金首次公開 募股 Appleby | 阿普比 New Century Asset Management | 開元資產管理公司

Baker & McKenzie | 貝克·麥堅時律師事務所 DB Trustees | 德意志信託

Jingtian & Gongcheng | 競天公誠律師事務所 Underwriters | 承銷商

King & Wood Mallesons | 金杜律師事務所 New Century Asset Management | 開元資產管理公司

Latham & Watkins | 瑞生國際律師事務所 New Century Asset Management | 開元資產管理公司

Paul Hastings | 普衡律師事務所 Underwriters | 承銷商

New Century REIT was the first China hotel focused REIT to be listed on the Hong Kong Stock Exchange. The US$87 million IPO was the first REIT IPO since 2011 as well as one of the first Hong Kong-listed REITs involving an unlisted parent company. This deal involved more complex regulatory issues than the usual IPOs, due to the assets of the REIT being located in China and thus the relevant leases and bank guarantees governed by PRC law. The design of the company’s REIT structure also faced challenges to ensure compliance with the REIT code, and the sponsor arranged a guarantee of rental income in favour of the lessor in order to ensure stable yield to investors and protect the interest of the unit-holders. 開元產業投資信託基金是中國首家在中國香港證券交易所掛牌上市的 專注於酒店領域的產業投資信託基金。此次融資8700萬美元的首次公 開募股是自2011年起第一個產業投資信託基金首次公開募股，也屬於 頭幾例在中國香港掛牌上市的產業投資信託基金涉及到未掛牌上市的 母公司。因為該產業投資信託基金的資產在中國，所以與普通的首次 公開募股相比，此次交易涉及更為複雜的監管問題，因此相關的租賃 和銀行擔保受中華人民共和國法律的約束。公司產業投資信託基金結 構的設計還面臨確保遵守產業投資信託基金守則的挑戰，而且擔保人 籌劃了有利於出租人的租賃收入擔保，以確保投資者可以獲得穩定的 收益以及保護單位信託證券持有者的利益。

Poly Culture IPO | 保利文化集團首次公開募股 Clifford Chance | 高偉紳律師事務所 Poly Culture | 保利文化集團

Baker & McKenzie | 貝克·麥堅時律師事務所 Underwriters | 承銷商

Beijing Junzhi Law Firm | 北京市君致律師事務所 Poly Culture | 保利文化集團

Jia Yuan Law Offices | 嘉源律師事務所 Underwriters | 承銷商

Paul Hastings | 普衡律師事務所 Underwriters | 承銷商

Poly Culture Group, a state-owned auction house, raised US$331 million in its Hong Kong IPO. The world’s third-largest auction house by revenue received a strong response from investors and will use the proceeds to develop its art business and invest in cinemas in China. It was also the first IPO underwritten solely by the merged CITIC Securities and CLSA. The IPO’s retail tranche, which originally accounted for 10% of the offering, was 606 times oversubscribed, meaning that the IPO secured around US$20 billion in funds from Hong Kong’s retail investors.

入圍名單

The terms of the offering provided that a subscription of over 100 times would change the IPO’s makeup, so half of the deal went to retail investors and the rest to institutional investors. 保利文化集團是一家國有拍賣行，在中國香港的首次公開募股中籌集 了3.31億美元。按照收益排名世界第三的這家拍賣行得到了投資者的 強烈響應，而拍賣行將使用此次募股的收益來發展藝術品業務並投資 中國電影業。這也是合併後的中信證券和里昂證券第一次獨立認購的 IPO。在此次IPO中，散戶認購部分起初佔發行量的10%，獲得了606 倍的超額認購，這意味著此次IPO從中國香港的散戶投資者獲得了 200億美元左右的基金。按照此次募股的條款，認購超過 100 倍即可 能會改變IPO的組成結構，因此此次交易一半會流向散戶投資者，而 剩餘一半則流向機構投資者。

MERGERS & ACQUISITIONS | 兼並收購 CITIC Pacific’s acquisition of assets from CITIC Group | 中信泰富 收購中信集團的資產 Freshfields Bruckhaus Deringer | 富而德律師事務所 CITIC Pacific | 中信泰富

CITIC Pacific is acquiring US$36 billion (Rmb227 billion) worth of its parent CITIC Group’s entire portfolio of banking and brokerage assets. CITIC Pacific will make the payment in cash and the issuance of new shares to CITIC Group and to independent investors through a share placement. Consistent with the broader national reform of state-owned enterprises, this deal will be the biggest asset injection into a Hong Kong-listed unit by a Chinese company and could turn CITIC Pacific into the largest listed conglomerate in China with a wider range of businesses. 中信富泰正在收購其母公司中信集團的全部銀行和證券經紀投資組 合，價值 360 億美元（2270 億人民幣）。中信富泰將以現金形式進 行支付，並通過批股形式向中信集團和其他獨立投資者發行新股份。 本次交易與中國國有企業廣泛開展的改革相一致，將成為中國公司向 其在香港掛牌上市的公司注入資產最多的一筆交易，並可讓中信富泰 擁有範圍更廣的業務，成為中國最大的上市集團。

China Mengniu Dairy’s acquisition of Yashili | 蒙牛乳業收購雅 士利 Hogan Lovells | 霍金路偉律師事務所 UBS and Standard Chartered Bank | 瑞銀和渣打銀行

Linklaters | 年利達律師事務所 The Carlyle Group, Yashili and Zhang International | 凱雷集團、雅士利、張氏國 際投資有限公司

年度獎項

public float requirement, so it had its shares suspended. In order to execute the acquisition and minimise the sell-down risks (i.e. the need to dispose of Yashili shares acquired post-takeover to maintain its minimum public float), a transaction structure involving two options was proposed: one with pure cash and another with part cash and part share. Yashili shareholders could either take HK$3.50 per share or take HK$2.82 in cash and 0.681 of a share in the offeror vehicle (set up

by Mengniu for holding Yashili shares) per share. A challenge to the takeover was that Zhang International Investment, which then owned 52% of Yashili, wanted to maintain a 10% interest post-takeover. The part cash and part share option allowed Zhang International Investment to retain its 10% interest in Yashili through its shareholding in the offeror while giving other shareholders the option of a full exit. This transaction allowed both Mengniu and Yashili to leverage each other’s resources and capabilities in China’s rapidly growing milk formula market. 蒙牛於2013年6月宣佈對雅士利發出全面收購要約，該要約在一個月 後被無條件批准。但是如果雅士利全部接受就達不到上市的最低公眾 持股量要求。因此，雅士利必須保持掛牌上市狀態，但是又違反了最 低公眾持股量要求，所以暫停了其股票。為執行本次收購並最大限度 降低被拋售的風險（即需要出售接管雅士利後收購的股份以維持雅士 利的最低公眾持股量），蒙牛擬定了一項包含兩種選擇的交易結構： 一種選擇是全部使用現金，另一種選擇是使用部分現金加部分股權。 雅士利的股東可從兩種方案中選擇一種：每股3.50港幣的現金；或每 股2.82港幣的現金加上在0.681股要約人股份（蒙牛為持有雅士利股 份的股東設立）。本次收購面臨的一大挑戰是持有雅士利52%股份的 張氏國際投資有限公司希望在蒙牛完成收購後繼續持有10%的股份。 部分現金加部分股權的選擇方案可讓張氏國際投資有限公司通過持有 要約人的股權保留其在雅士利的10%股份，同時也能讓其他股東夠全 身而退。本次交易可讓蒙牛和雅士利在中國快速增長的嬰兒配方奶粉 市場中相互利用彼此的資源和能力。

Tesco and China Resources Enterprise JV | 樂購和華潤創業有 限公司成立合資企業 Conyers Dill & Pearman | 康德明律師事務所 China Resources Enterprise | 華潤創業 Fangda Partners | 方達律師事務所 China Resources Enterprise | 華潤創業 Freshfields Bruckhaus Deringer | 富而德律師事務所 Tesco | 樂購 King & Wood Mallesons | 金杜律師事務所 Tesco | 樂購 Maples & Calder | 邁普達律師事務所 Tesco | 樂購 Reed Smith | 里德•史密斯律師事務所 China Resources Enterprise | 華潤創業

Maples & Calder | 邁普達律師事務所 The Carlyle Group, Yashili and Zhang International | 凱雷集團、雅士利、張氏國 際投資有限公司

Norton Rose Fulbright | 諾頓羅氏律師事務所 UBS and Standard Chartered Bank | 瑞銀和渣打銀行

Sullivan & Cromwell | 蘇利文•克倫威爾律師事務所 China Mengniu Dairy Company | 中國蒙牛乳業

Zhong Lun Law Firm | 中倫律師事務所 China Mengniu Dairy Company | 中國蒙牛乳業

Mengniu announced a general takeover offer for Yashili in June 2013 that became unconditional a month later. But total acceptances fell just short of the squeeze-out threshold. Yashili therefore had to remain listed but was in breach of the minimum

The JV combined Tesco’s retail operations in China with those of China Resources Enterprise’s Vanguard business, making it the leading multi-format retailer in Greater China. Tesco holds 20% of the JV and CRE holds 80%. Tesco, the UK’s biggest supermarket chain, has been keen to tap into the largest market for food and groceries in the world since it entered the country in 2004. Tesco has put all of its China stores into the JV, combining its 134 China stores with CRE’s almost 3,000 stores. The deal was reported to be valued at around US$2.7 billion (Rmb16.7 billion) and was subject to intense antitrust scrutiny. 這一合資企業的成立融合了樂購在中國的零售業務和華潤創業的華潤 萬家業務，成為了大中華區領先的多元化零售商。樂購持有該合資企 業20%股份，華潤創業持有80%股份。樂購是英國最大的連鎖超市， 它從2004年入駐中國以來，一直熱衷於開拓中國這個世界上最大的食

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品和雜貨市場。樂購已將其在中國的所有門店注入該合資企業，即將 其134家中國門店同華潤創業的近3千家門店進行了融合。據報道，本 次交易價值約27億美元（167億人民幣），因而受到了嚴格的反壟斷 審查。

Yue Xiu’s acquisition of 75% stake in Chong Hing Bank | 越秀集團 收購創興銀行75%的股份 Baker & McKenzie | 貝克•麥堅時國際律師事務所 Yue Xiu Enterprises | 越秀集團

Deacons | 的近律師行 Chong Hing Bank | 創興銀行

Slaughter & May | 司力達律師事務所 Liu Chong Hing Investment and Chong Hing Bank | 廖創興企業有限公司和創興銀行

Sullivan & Cromwell 蘇利文•克倫威爾律師事務 Nomura | 野村證券

Zhong Lun Law Firm | 中倫律師事務所 Yue Xiu Enterprises | 越秀集團

Yue Xiu Enterprises, the investment arm of the Guangzhou government, became a majority shareholder controller of Chong Hing Bank after the close of the offer in February 2014. It was the first non-financial institution to receive such an approval under the new set of guidelines issued by the Hong Kong Monetary Authority in October 2013. The deal also involved the sale of the Chong Hing Bank headquarters to the original major shareholder, which added a technical complexity due to the creation of a “special deal” under the Takeovers Code which was subject to independent shareholders’ approval. The transaction broke a number of public transaction barriers in Hong Kong and involved a creative structure that allowed for a partial offer with a novel acceptance condition to maximise deal certainty and a cash-cut option for the bank’s shareholders. 越秀集團是廣州市政府的投資部門，在2014年2月完成收購後成為創 興銀行的大股東控權人。它是按照香港金融管理局在2013年10月發 佈的新一套准則之後首個獲得此項批准的非金融機構。本次交易還 涉及將創興銀行總部出售給原大股東，這增加了本次交易的技術複雜 性，原因在於按照《收購准則》“特殊交易”的敲定需要得到獨立股 東的同意。本次交易打破了香港的多項公開交易壁壘，並採取了允 許部分要約採用新穎驗收條件的獨創性結構以最大限度增加交易確定 性，還為銀行股東提供了削減現金的選擇。

Outbound | 對外投資 CITIC Securities’ acquisition of CLSA | 中信證券收購法國里昂 證券 (CLSA) Baker & McKenzie | 貝克麥肯思國際律師事務所

中國最大的投資銀行中信證券以3.1億美元收購了法國東方匯理銀行 CLSA證券的19.9%股份，之後又以9.42億美元收購了剩餘股份。由 於中信證券的香港銀行子公司在美國設有分支機構，因此依據《1956 年銀行控股公司法》，這筆交易需要獲得美國聯邦儲備系統管理委員 會的批准。這筆收購交易意味著中信證券間接涉入了美國境內的某些 非銀行活動。此交易是中國金融機構在2013年進行的最大一筆海外收 購。

Dalian Wanda’s acquisition of Sunseeker | 大連萬達收購聖汐克 Freshfields Bruckhaus Deringer | 富而德律師事務所 Dalian Wanda | 大連萬達 White & Case | 偉凱律師事務所 Sunseeker | 聖汐克 Dalian Wanda Group, one of China’s largest property and entertainment conglomerates, was making its first major investment in the UK. The deal involved a creative use of holding structures to ensure flexibility for future financing and optimal tax planning. Dalian Wanda’s 92% majority interest was structured to be held though a Jersey-incorporated vehicle and the management’s interests held though an Irish vehicle, with the use of “tracker shares” in the Irish company to track the underlying rights in the UK company. This was the first time this tool has been used by Chinese investors in outbound transactions. 大連萬達集團是中國最大的房地產和娛樂集團，此集團完成了其在英 國的首筆重大投資。此交易採用具有創意的控股結構，以確保以後可 以靈活地進行融資和實現最佳納稅籌劃。大連萬達持有的92%多數 股權通過澤西島的子公司獲取，而管理層的股權則通過愛爾蘭的子公 司（使用該愛爾蘭公司的“分軌股票”來掌握對英國母公司的基本權 利）持有。這是中國投資者首次在海外交易中運用這一工具。

WH Group’s acquisition of Smithfield Foods | 萬洲國際有限公司 收購史密斯菲德食品公司 Allen & Overy | 安理國際律師事務所 Morgan Stanley and Bank of China | 摩根士丹利和中國銀行

Jingtian & Gongcheng | 競天公誠律師事務所 Morgan Stanley and Bank of China | 摩根士丹利和中國銀行

McGuireWoods | McGuireWoods律師事務所

CITIC Securities | 中信證券

Barclays | 巴克萊銀行

Gide Loyrette Nouel | 基德律師事務所

Paul Hastings | 普衡律師事務所

Crédit Agricole Corporate & Investment Bank | 法國東方匯理銀行

Shuanghui International (WH Group) | 雙匯國際（萬洲國際有限公司）

Kirkland & Ellis | 凱易國際律師事務所

Simpson Thacher & Bartlett | 盛信律師事務所

CITIC Securities | 中信證券

Barclays | 巴克萊銀行

Skadden Arps Slate Meagher & Flom | 世達律師事務所

Troutman Sanders | 長盛律師事務所

CITIC Securities | 中信證券

Shuanghui International (WH Group) | 雙匯國際（萬洲國際有限公司）

Sullivan & Cromwell | 蘇利文·克倫威爾律師事務所

Walkers | Walkers律師事務所

CITIC Securities | 中信證券

The US$310 million acquisition of a 19.9% stake in the equity brokerage business of CLSA from Crédit Agricole Corporate & Investment Bank was followed by the 152

US$942 million acquisition of the remaining stake by CITIC Securities, the largest Chinese investment bank. The transaction required the approval of the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956 because the parent CITIC’s Hong Kong bank subsidiary operates branches in the US. The acquisition meant that CITIC indirectly engages in certain non-banking activities in the US. This deal was the largest overseas acquisition by a Chinese financial institution in 2013.

China Law & Practice Annual Review 2014

Bank of China | 中國銀行

WH Group, previously known as Shuanghui International, is China’s largest meat processor. It acquired Smithfield Foods for US$7.1 billion. The deal involved many

入圍名單

complex structuring elements such as a time-sensitive offer, a qualified pre-existing bidder provision, a unique alternative debt financing structure and a strategic approach to the CFIUS review process. This substantial Chinese investment in a public US company involved in the politically-sensitive sector of food and agriculture required careful regulatory navigation. Antitrust concerns also added challenges in convincing authorities that the acquisition did not give Smithfield, which is already the world’s largest hog farmer and pork producer, a larger share of the US pork market. 萬洲國際（原名為雙匯國際）是中國最大的肉類加工企業，曾以71億 美元收購了史密斯菲德食品公司。此交易涉及許多複雜的結構問題， 例如：具有時效性的發股，必須已有合資格投標者的規定，獨特的替 代債務融資結構以及針對美國外國投資委員會（CFIUS）審查流程的 戰略方法。中國企業對美國上市公司的重大投資涉及政治敏感性的食 品和農業領域，因此需要非常謹慎的監管指導。反壟斷方面的擔憂也 加大了難度說服監管機構，關於此次收購不會讓史密斯菲德食品公司 （已經是全球最大的豬類養殖和豬肉生產商）佔據美國豬肉市場更多 份額。

Zhuzhou Times New Material Technology’s acquisition of the Rubber & Plastics unit of ZF Friedrichshaven AG | 株洲時代新材 料科技股份有限公司收購採埃孚公司的橡膠和塑料事 業部 Fangda Partners | 方達律師事務所 Zhuzhou Times New Material Technology | 株洲時代新材料科技股份有限公司

Freshfields Bruckhaus Deringer | 富而德律師事務所 Zhuzhou Times New Material Technology | 株洲時代新材料科技股份有限公司

Zhong Lun Law Firm | 中倫律師事務所 ZF Friedrichshaven | 採埃孚公司

Zhuzhou Times New Material Technology (Zhuzhou Times), a Shanghai-listed subsidiary of CSR corporation, is one of the leading rolling stock manufacturers in the world and provides noise, vibration and harshness components and polymer composite materials for the railway, automotive, construction and wind power industries. Its acquisition of the Rubber & Plastics business unit of ZF Friedrichshaven for US$400 million allowed a landmark transformation of Zhuzhou Times’ business into auto-parts manufacturing. The transaction has been one of the most complex deals a Chinese company has executed in Germany and involved asset transfers and regulatory clearances in multiple jurisdictions. 株洲時代新材料科技股份有限公司（株洲時代）是南車股份有限公司 在上海上市的子公司。該公司是全球領先的機車車輛製造商，專為鐵 路、汽車、建築和風能行業提供減振降噪組件和高分子復合材料。株 洲時代收購採埃孚公司橡膠和塑料事業部的交易涉值4億美元，標誌 著該公司向汽車零部件製造業務發展的里程碑性的轉移。此交易是中 國公司在德國達成的最複雜的交易之一，涉及多個司法轄區內的資產 轉移和監管許可。

年度獎項

Private Equity | 私募股權 7 Days privatisation | 7 天連鎖酒店集團私有化 Baker & McKenzie | 貝克·麥堅時國際律師事務所 Special committee | 特別委員會

Conyers Dill & Pearman | 康德明律師事務所 The Carlyle Group, Sequoia Capital China and Actis | 凱雷集團、紅杉資本中國基 金和英聯投資

Han Yi Law Offices | 瀚一律師事務所 The Carlyle Group, Sequoia Capital China and Actis | 凱雷集團、紅杉資本中國基 金和英聯投資

Kirkland & Ellis | 凱易國際律師事務所 The Carlyle Group, Sequoia Capital China and Actis | 凱雷集團、紅杉資本中國基 金和英聯投資

Latham & Watkins | 瑞生國際律師事務所 Co-chairmen – Boquan He and Nanyan Zheng, the Carlyle Group, Sequoia Capital China and Actis | 聯席主席何伯權和鄭南雁、凱雷集團、紅杉資本中國基金和 英聯投資

Maples & Calder | 邁普達律師事務所 Special committee | 特別委員會

O’Melveny & Myers | 美邁斯律師事務所 7 Days | 7天連鎖酒店集團

Shearman & Sterling | 謝爾曼·思特靈律師事務所 JP Morgan Securities | 摩根大通證券

Skadden Arps Slate Meagher & Flom | 世達律師事務所 Co-chairmen – Boquan He and Nanyan Zheng, the Carlyle Group, Sequoia Capital China and Actis | 聯席主席何伯權和鄭南雁、凱雷集團、紅杉資本中國基金和 英聯投資

This US$720 million take-private transaction was structured as a reverse subsidiary merger. The 7 Days Group, a NYSE-listed leading economy hotel chain based in China, was acquired by a consortium of bidders comprising new investors, including Carlyle, Sequoia Capital and Actis, as well as certain existing shareholders who chose to roll over their interest in the company. The roll-over shareholders were primarily senior management and the two co-chairmen who collectively held 50% of the outstanding shares, and Warburg Pincus, which held 17% and had a representative director on the company’s board who disagreed with the transaction.

Negotiating the merger agreement was a key feature of this deal. 本次私有化交易採用反向合併子公司的形式，涉及金額高達7.2億美 元。7天連鎖酒店集團是中國市場上處於領先地位且已在美國紐約證 券交易所掛牌上市的經濟型酒店連鎖企業，日前被凱雷集團、紅杉資 本和英聯投資等新進投資者以及某些選擇轉期公司股份的現有股東組 成的國際財團聯合競標收購。選擇轉期的股東主要是原高層管理人員 和共同持有50%流通股的兩位聯席主席以及持有17%股份的華平投資 集團（公司董事會的一位代表董事曾表示反對本次交易）。協商合併 協議是本次交易的一個顯著特點。

中國法律商務2014年回顧

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Annual Awards

NOMINATIONS

AsiaInfo-Linkage privatisation | 亞信聯創私有化

Giant Interactive privatisation | 巨人網絡私有化

Davis Polk & Wardwell | 達維律師事務所

Akin Gump Strauss Hauer & Feld | 艾金·崗波律師事務所

Buyers consortium | 買家財團

Duff & Phelps | 道衡公司

Fangda Partners | 方達律師事務所

Appleby | 阿普比

CITIC Capital | 中信資本

Underwriters | 承銷商

Han Kun Law Offices | 漢坤律師事務所

Conyers Dill & Pearman | 康德明律師事務所

AsiaInfo-Linkage | 亞信聯創科技（中國）有限公司

Giant Interactive | 巨人網絡

Latham & Watkins | 瑞生國際律師事務所

Fangda Partners | 方達律師事務所

Lenders | 貸款方

Baring and Hony Capital | 霸菱和弘毅投資

Shearman & Sterling | 謝爾曼·思特靈律師事務所

Fenwick & West | 泛偉律師事務所

Special committee | 特別委員會

Special committee | 特別委員會

Simpson Thacher & Bartlett | 美國盛信律師事務所

Grandall Law Firm | 國浩律師事務所

Temasek | 淡馬錫控股

Giant Interactive | 巨人網絡

Skadden Arps Slate Meagher & Flom | 世達律師事務所

Jun He Law Offices | 君合律師事務所

Buyers consortium | 買家財團

Underwriters | 承銷商

NASDAQ-listed AsiaInfo-Linkage was taken private for US$890 million by a consortium led by CITIC Capital and including Edward Tian, co-founder and significant shareholder of the company. This marked the largest ever Chinese private equity sponsor-initiated and led take-private of a Chinese company. A sizeable buyers consortium, consisting of Chinese private equity sponsors, sovereign wealth funds and management, took part in the deal. The privatisation of AsiaInfoLinkage – a Delaware corporation – involved a number of US corporate law and shareholder litigation issues on top of the usual US securities laws. It also involved the VIE structure and its associated regulatory complexities, and complications further arose with the fact that the company was the product of a prior merger of two management teams. 已在納斯達克掛牌上市的亞信聯創日前以8.9億美元價值轉型私有 化，收購方是以中信資本為首的私人投資者財團，其中包括亞信的聯 合創始人兼高持股量股東田溯寧。這是中國國內有史以來最大一筆由 私募股權投資人發起並領導完成的中國公司私有化交易。由中國私募 股權投資人和主權財富基金組成的大型買家財團也參與了本次交易。 亞信聯創的註冊地位於美國特拉華州，公司私有化宜遵循常規美國證 券法律規定，因此涉及到一系列美國公司法和股東訴訟問題。它還牽 涉到VIE結構及其相關監管複雜性，而該公司原本就是由兩個管理團 隊合併而成，這也導致交易複雜程度進一步升級。

Maples & Calder | 邁普達律師事務所 Special committee | 特別委員會

O’Melveny & Myers | 美邁斯律師事務所 Giant Interactive | 巨人網絡

Shearman & Sterling | 謝爾曼·思特靈律師事務所 Morgan Stanley | 摩根士丹利

Skadden Arps Slate Meagher & Flom | 世達律師事務所 Hony Capital | 弘毅投資

Weil Gotshal & Manges | 威嘉律師事務所 Baring Private Equity Asia | 霸菱亞洲投資基金

Wilson Sonsini Goodrich & Rosati | 威爾遜·桑西尼·古奇·羅沙迪律師事 務所 Chairman – Yuzhi Shi | 董事長 – 史玉柱

This US$3 billion deal was the second largest take-private of a US-listed Chinese company in recent years. The sponsor-led leveraged buyout of Giant Interactive, a leading Chinese online game developer and operator, was the first of its kind in which 100% of the revenues relied on a VIE structure. A notable innovative feature of this transaction was the so-called “toehold” investment made by Baring at the time the initial proposal was submitted to Giant Interactive through a 5% share purchase, setting the precedent for the use of toehold investments. The deal also boosted investors’ confidence in the credit of online gaming companies, which have been highly active in recent years, and encouraged banks to look beyond the holding company’s offshore cashflows to the business’s underlying assets. 本次交易金額高達30億美元，是近年來在美國上市的中國公司中出 現的第二大私有化交易。本次由投資人發起的融資收購的主角巨人網 絡是中國市場上領先的網絡遊戲開發商和運營商，也是同類公司中首 個收益完全來源於VIE結構的公司。本次交易中一個創新亮點是所謂 的“立足點”投資，即之前霸菱通過收購5%股權向巨人網絡提交初 步建議書時提出，由此創造了使用“立足點”投資的先例。本次交易 也提高了投資者對近幾年異常活躍的網絡遊戲公司的信貸信心，同時 鼓舞銀行關注控股公司的離岸現金流之際展望遠方，轉而關注企業的 基礎資產。

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China Law & Practice Annual Review 2014

入圍名單

Pactera privatisation | 文思海輝技術有限公司私有化 Cleary Gottlieb Steen & Hamilton | 佳利律師事務所 Buyers consortium management | 買家財團

Conyers Dill & Pearman | 康德明律師事務所 Special committee | 特別委員會

Davis Polk & Wardwell | 達維律師事務所 Citigroup Global Markets | 花旗環球金融有限公司

Fangda Partners | 方達律師事務所 Pactera | 文思海輝

Jun He Law Offices | 君合律師事務所 Buyers consortium | 買家財團

年度獎項

Bank of America Merrill Lynch provided debt financing to fund the acquisition. GIC, Abu Dhabi Investment Authority and Allianz also provided equity coinvestment.

This transaction is one of a series of inbound acquisitions of PRC businesses by private equity firms in the last two years and is a significant indicator of lenders getting more comfortable with the issues around these structures. 對經營着近70家高檔俏江南連鎖餐廳的俏江南投資有限公司進行融 資收購是中國未上市公司中出現的最高額交易之一。由美銀美林安排 的貸款財團提供債務融資，為本次收購供應資金。新加坡政府投資公 司、阿布扎比投資局和安聯集團也提供了股權聯合投資。本次交易是 過去兩年內私募股權公司對中國企業進行的一系列境內收購之一，顯 著表明瞭貸款方正越來越能從容應對與這些結構相關的問題。

Latham & Watkins | 瑞生國際律師事務所 Blackstone | 黑石集團

Orrick Herrington & Sutcliffe | 奧睿律師事務所 Pactera | 文思海輝

Ropes & Gray | 瑞格律師事務所

PROJECT FINANCE | 項目融資 CPI International Mineral’s Guinea alumina project | 中電投國際 礦業投資有限公司幾內亞氧化鋁項目

Buyers consortium | 買家財團

Allen & Overy | 安理國際律師事務所

Shearman & Sterling | 謝爾曼·思特靈律師事務所

CPI International Minerals | 中電投國際礦業投資有限公司

Special committee | 特別委員會

King & Spalding | 金及斯佩里丁法律事務所

Skadden Arps Slate Meagher & Flom | 世達律師事務所

The government of Guinea | 幾內亞政府

JP Morgan Securities | 摩根大通證券

Sylla & Partners | Sylla & Partners律師事務所

Walkers | 沃克斯

The government of Guinea | 幾內亞政府

Buyers consortium | 買家財團

Zhong Lun Law Firm | 中倫律師事務所 Bank of America Merrill Lynch, Citigroup and HSBC | 美銀美林、花旗集團和匯豐 銀行

This was one of the biggest technology M&A transactions involving US-listed Chinese companies in recent years. Pactera Technology International, a global consulting and technology services provider based in China, was delisted from NASDAQ and acquired by a consortium led by Blackstone Group for US$625 million. Management and exiting investor GGV Capital rolled over its shares into the acquisition vehicle. The take-private deal was supported through a debt package arranged by Bank of America Merrill Lynch, Citigroup and HSBC, and became Asia’s first leveraged buyout to be financed directly through a high-yield bond. 這是近幾年涉及在美上市的中國公司的最大技術並購交易之一。文 思海輝技術有限公司是一家總部設在中國的全球咨詢和技術服務供應 商，現已從納斯達克退市並被以黑石集團為首的財團以6.25億美元收 購。原管理方兼退出投資方紀源資本公司已將其股份轉入收購媒介。 本次私有化交易以美銀美林、花旗集團和匯豐銀行提供的債務計劃為 支撐，成為亞洲首個直接通過高收益債券進行融資的槓桿收購。

South Beauty privatisation | 俏江南私有化 Clifford Chance | 高偉紳律師事務所 CVC Asia Pacific | CVC 亞太投資

Fangda Partners | 方達律師事務所 Bank of America Merrill Lynch, Crédit Agricole CIB and Natixis | 美銀美林、東方匯 理銀行和法國外貿銀行

Linklaters | 年利達律師事務所 Bank of America Merrill Lynch | 美銀美林

The leveraged buyout of South Beauty Investment Company, which operates the South Beauty (Qiao Jiang Nan) chain of almost 70 fine dining restaurants, was one of the largest in China for an unlisted company. A lending consortium arranged by

CPI International Mineral, a wholly-owned subsidiary of China Power Investment Corporation, signed a mining convention for a world-scale alumina project in Conakry, the capital city of Republic of Guinea, on September 6 2013. The convention constituted a cornerstone for the US$6 billion project, which consisted of a bauxite mining operation with an annual production target of 4 million tonnes, a first-rate alumina refinery and associated infrastructure including a deep water port and coal-fired power plant that would provide additional power to the city. It was the first mining convention signed in Guinea since the country’s comprehensive overhaul of its mining legislation under President Alpha Condé.

2013年9月6日，中電投國際礦業投資有限公司是中國電力投資集團的 全資子公司，近期在幾內亞共和國首都科納克里簽訂了一份世界級氧 化鋁採礦項目協議。該協議為這一價值60億美元的項目奠定了基礎， 其中包括目標年產值為400萬噸的鋁土礦採礦作業，一家氧化鋁精煉廠 以及相關基礎設施（包括一座深水港和一家燃煤發電廠，該發電廠將 向科納克里供應輔助電力）。這是幾內亞自總統阿爾法·孔戴 (Alpha Condé) 領導實施採礦法規的全面改革之後簽訂的首份採礦協議。

Fujian Refining & Petrochemical Company’s refining and ethylene expansion project | 福建聯合石油化工有限公司的煉油和 乙烯擴能項目 Fangda Partners | 方達律師事務所 China Construction Bank, Industrial and Commercial Bank of China, Bank of China, China Development Bank, Agricultural Bank of China and Bank of Communications | 中國建設 銀行、中國工商銀行、中國銀行、中國國家開發銀行、中國農業銀行 和交通銀行

King & Wood Mallesons | 金杜律師事務所 Fujian Refining & Petrochemical Company | 福建聯合石油化工有限公司

White & Case | 偉凱律師事務所 Fujian Refining & Petrochemical Company | 福建聯合石油化工有限公司

The expansion project of Fujian Refining & Petrochemical Company, an equity joint venture formed by ExxonMobil, Saudi Aramco and Sinopec, was China’s

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first integrated refining and petrochemical facility with foreign participation. This Rmb5.86 billion financing had a complicated structure due to four subgroups of syndicate lenders and various layers of existing lenders. The project tripled the capability of the existing refinery, from 80,000 to 240,000 barrels per day, to meet the region’s growing need for fuels and refined chemical products. Investment from shareholders accounted for one third of the total estimated costs (Rmb2 billion) while the banks covered two thirds of the costs and included a standby facility for a total loan of Rmb4.5 billion. 福建聯合石油化工有限公司是一間由埃克森美孚石油公司、沙特阿拉伯 國家石油公司和中國石化公司成立的股權式合營企業。這是中國首個 包含外資參與的集成煉油和石化工廠的擴建項目。此融資分為四組銀團 貸方和多層現有貸方，因此這筆58.6億元人民幣的項目融資結構相當複 雜。該項目將使現有煉油廠的產能增至三倍，從每天8萬桶提升到24萬 桶，以滿足該地區不斷增長的燃料和精制化工產品需求。該公司的股東 投入總預算成本（20億元人民幣）的三分之一，而銀行則提供預算成本 剩餘的三分之二以及備用貸款，總貸款額為45億元人民幣。

Vinh Tan 1 power project | 越南永新一期電廠項目 Allen & Overy | 安理國際律師事務所 China Development Bank | 中國國家開發銀行

Clifford Chance | 高偉紳律師事務所 China Southern Power Grid and China Power International | 中國南方電網和中國 電力國際

LVN & Associates | LVN & Associates律師事務所 Ministry of Industry and Trade and Vinacomin | 越南工業貿易部和越南國家煤炭 工業集團

Orrick Herrington & Sutcliffe | 美國奧睿律師事務所 Ministry of Industry and Trade | 越南工業貿易部

Vilaf | 越南國際律師事務所 Vinacomin | 越南國家煤炭工業集團

This build-operate-transfer (BOT) project was the largest Chinese investment into Vietnam and is mutually beneficial to both countries as the output will be connected to Vietnam’s north-south 500 kilovolt power transmission line for linking Vietnam’s power supply with the southern region of China. This was the fifth foreign-backed BOT project licensed by the government in the 27 years since Vietnam opened up to foreign direct investment. It was also the only BOT power project where coal delivery was separate from the supply (though Vinacomin is a coal supplier and carrier) and the risk allocation had to be designed around this requirement. 此項目採用“建設、運營、移交” (BOT) 模式，是中國企業在越南規 模最大的投資項目。電廠項目產出的電力將通過越南從北向南的500 千伏輸電線路進行輸送，將越南供電網與中國南方地區相連，此項目 滿足了中越兩國的共同利益。自從27年前越南開放允許外商直接投資 後，這是越南政府批准的第五個外資 BOT 項目。這也是其中唯一一 個煤炭運輸和供應交由不同公司處理的BOT電力項目（儘管越南國家 煤炭工業集團既是煤炭供應商也是運營商），因此必鬚根據這一需求 設計風險分擔。

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Zhaoheng Hydropower Holdings’ hydro project | 兆恆水電股份 有限公司的水電項目 Troutman Sanders | 長盛律師事務所 Zhaoheng Hydropower Holdings | 兆恆水電股份有限公司

White & Case | 偉凱律師事務所 International Finance Corporation | 國際金融公司

The financing for Zhaoheng Hydropower Holdings, a private PRC hydropower developer, took the form of a US$25 million Series C preferred equity pre-IPO investment in Zhaoheng (BVI) (the offshore holding company of the group) by Morgan Stanley Infrastructure Partners, FountainVest Partners and Olympus Capital Holdings Asia. An aggregate US$50 million A-loans were also structured on a project basis by International Finance Corporation to three PRC project companies of the group, each guaranteed by Shenzhen Zhaoheng Hydropower (the onshore holding company of the group). The combination of the pre-IPO equity and project financing required complex analysis and negotiation among all stakeholders to achieve balance between project and portfolio risk allocation and investors’ exit returns. This creative equity and debt transaction marked the largest private investment made in the renewable energy and hydropower sector in the PRC to date. 摩根士丹利基建合伙人基金、方源資本和泰山投資亞洲控股有限公司 為中國私營水電開發商兆恆水電股份有限公司的兆恆公司 (BVI)（該 集團的海外控股公司）提供2500萬美元的第三輪優先股上市前投資。 國際金融公司還按項目向該集團下由深圳兆恆水電公司（該集團的國 內控股公司）提供擔保的三家中國項目公司提供了共計5千萬美元的 A 級貸款。由於此融資組合採用了上市前股份和項目融資方式，因此 需要進行複雜的分析並由所有股東進行協商，以在項目和項目組合風 險分擔與投資者的退出回報間實現平衡。借助這一具有創意的股份和 債券交易方式，此項目成為了中國可再生能源和水電領域至今為止規 模最大的私人投資項目。

REAL ESTATE & CONSTRUCTION | 房地產及建築 Brookfield Property Partners’ pre-IPO convertible perpetual securities investment in China Xintiandi | 布魯克菲爾德物業投 資中國新天地的上市前可轉換永久證券 Allen & Overy | 安理國際律師事務所 Brookfield Property Partners | 布魯克菲爾德物業

Fangda Partners | 方達律師事務所 Brookfield Property Partners | 布魯克菲爾德物業

Freshfields Bruckhaus Deringer | 富而德律師事務所 China Xintiandi | 中國新天地

Maples & Calder | 邁普達律師事務所 Brookfield Property Partners | 布魯克菲爾德物業

Brookfield Property Partners made a US$500 million investment (with an ability to subscribe for a further US$250 million) in convertible perpetual securities in China Xintiandi, the offshore holding company in the Shui On Land group owning interests in prime real estate assets in Shanghai. In addition to the right to convert into ordinary shares in China Xintiandi, Brookfield also had the right to exchange into shares in Hong Kong-listed Shui On Land, which provided a liquidity offramp, if the listing of China Xintiandi does not take place within an agreed period of time after the investment. This was the first time a perpetual convertible security instrument was used in a China-related real estate investment.

入圍名單

布魯克菲爾德物業以可轉換的永久證券形式向瑞安房地產集團旗下擁 有上海大部分房地產資產權益的海外控股公司——中國新天地投資了 5億美元（可能後續會再認購2.5億美元）。除了可轉換為中國新天地 的普通股外，如果中國新天地未能在獲得投資後的協定期限內上市， 則布魯克菲爾德物業還可將所持有的證券轉換為在香港上市的瑞安房 地產集團的流通股份。這是首筆採用永久可轉換證券工具的中國房地 產市場投資。

Greenland Holding Group’s acquisition of 60% stake in SPG Land | 綠地控股集團收購盛高置地60%的股份 Freshfields Bruckhaus Deringer | 富而德律師事務所 Greenland Holding Group | 綠地控股集團

Kirkland & Ellis | 凱易國際律師事務所 SPG Land | 盛高置地

年度獎項

firm in recent years. GLP will use the proceeds from the deal to expand its logistics network in China, as the company expects further growth in this sector from the rise in e-commerce and domestic consumption. 由厚朴投資管理公司和中銀集團投資有限公司領頭組成的財團向新加 坡普洛斯物流公司(GLP)的中國子公司投資了25億美元以獲取其34% 的股份，該上市公司的業務涉及向中國、日本和巴西提供物流設施服 務。此財團還通過投資獲得了GLP集團1.5%的股份。這是近幾年來由 中國私人股本公司領頭進行的最大一筆海外投資交易。GLP將用交易 所得資金擴展其在中國的物流網絡，該公司期望能夠在中國電子商務 和國內消費日益增長的形勢下進一步發展此領域的業務。

Spring REIT’s private-equity backed IPO | 春泉產業信託的私 募股權投資 IPO Mayer Brown JSM | 美亞博律師事務所 DB Trustees | 德意志信託有限公司

This transaction marks a strategic move by Greenland Holding Group to acquire its first listed platform and provides the company with a capital raising vehicle outside the PRC and access to international investors. It was the largest acquisition of a controlling stake in a Hong Kong-listed PRC real estate developer at the time.

Existing public SPG Land shareholders were given a bonus issue of common shares, while Greenland and the then-existing controlling shareholder of SPG Land, David Wang, took non-voting convertible preference shares to ensure Greenland obtained 60% of both voting and economic interests in SPG Land and also met the 25% public float requirement. It was the first time the Hong Kong Stock Exchange had permitted the use of non-voting convertible preference shares to maintain the public float on a subscription for an M&A transaction. 借助這筆戰略性交易，綠地控股集團收購了首個上市平台，並打通了 海外融資渠道接觸國際投資者。到目前為止，這是香港上市的中國房 地產開發商的最大一筆控股權收購交易。現有的盛高置地公眾股東均 獲得了一份普通股形式的發行紅股，而綠地控股集團和原盛高置地控 股股東王偉賢（David Wang）則取得了一定量的無投票權可轉換優 先股，以確保綠地獲得60%的盛高置地投票權和經濟利益，且達到 25%的公眾持股量要求。這是香港股票交易所首次允許在並購交易中 使用無投票權可轉換優先股來維持認購的公眾持股量。

Hopu’s US$2.5 billion investment in Global Logistics Properties | 厚 朴向普洛斯物流公司投資25億美元 Allen & Gledhill | 艾倫格禧律師事務所 Global Logistics Properties | 普洛斯物流公司

Clifford Chance | 高偉紳律師事務所 Hopu Investment Management | 厚朴投資管理公司

Zhong Lun Law Firm | 中倫律師事務所 Spring REIT | 春泉產業信託

Spring REIT’s US$228 million IPO proceeds were used to acquire office towers in Beijing’s China Central Place, which form part of a mixed-use development that was completed by the Shenhua Group before being sold to a private equity fund. Of the share units made available under the offering, 77.7% were sold by AD Capital’s RCA Fund, while the rest were new equity. AD Capital is a Japanese private equity firm owned equally by the Development Bank of Japan and Asuka Asset Management. 春泉產業信託將2.28億美元的IPO資金用於租賃北京華貿中心的辦公大 廈。華貿中心為神華集團多用途開發資產中的一部分，後被出售給一 家私募股權基金。對於此次發股計劃中包含的股份中77.7%為舊股，由 AD Capital的RCA Fund出售，剩餘部分則為新股。AD Capital是由日 本開發銀行和阿蘇卡資產管理公司均等持股的日本私人股本公司。

TMT | 電信、傳媒及科技 Alibaba’s acquisition of 60% stake in ChinaVision | 阿里巴巴收 購文化中國傳播 60% 的股份 Fangda Partners | 方達律師事務所 Alibaba | 阿里巴巴

Freshfields Bruckhaus Deringer | 富而德律師事務所 Alibaba | 阿里巴巴

Baker & McKenzie | 貝克 · 麥堅時國際律師事務所 ChinaVision | 文化中國傳播

Morrison & Foerster | 美富律師事務所 Global Logistics Properties | 普洛斯物流公司

Stamford Law | 騰福法律事務所 Investor consortium | 投資者財團

Walkers | Walkers律師事務所 Global Logistics Properties | 普洛斯物流公司

Weil Gotshal & Manges | 威嘉律師事務所 Investor consortium | 投資者財團

A consortium led by Hopu Investment Management and Bank of China Group Investment invested US$2.5 billion for a 34% stake in the Chinese subsidiary of Singapore’s Global Logistics Properties (GLP), a publicly-traded provider of logistics facilities in China, Japan and Brazil. It also invested in a 1.5% stake in GLP itself.

This was one of the largest outbound investments led by a Chinese private equity

This transaction involved Alibaba’s conditional US$804 million subscription for a 60% controlling stake in Hong Kong-listed ChinaVision Media Group. It had to obtain a whitewash waiver from the Securities and Futures Commission and relevant shareholder approval and Alibaba was given a right of first refusal for shares of two of the ChinaVision directors. The shares of Alibaba and one of the directors will both be subject to a two-year lock up. The deal provided China’s largest e-commerce company with TV and movie content to extend its reach to consumers. 阿里巴巴以8.04億美元有條件同意認購在香港上市的文化中國傳播集 團的60%控股權。此交易必須獲得證監會授予的清洗豁免和相關股 東的批准，而阿里巴巴獲得了兩名文化中國傳播董事的股份優先購買 權。阿里巴巴和一名董事的股份必須在兩年內保持鎖定。此交易將賦 予中國最大的電子商務公司充分接觸電視和電影內容的渠道，以吸引 更多消費者。

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Baidu’s acquisition of 91 Wireless | 百度收購91無線 Conyers Dill & Pearman | 康德明律師事務所 NetDragon Websoft | 網龍網絡有限公司

Davis Polk & Wardwell | 達維律師事務所

Tencent’s acquisition of JD.com | 騰訊收購京東

Baidu | 百度

Davis Polk & Wardwell | 達維律師事務所

Fangda Partners | 方達律師事務所

Tencent Holdings | 騰訊

IDG Capital Partners | IDG 資本

Han Kun Law Offices | 漢坤律師事務所

Han Kun Law Offices | 漢坤律師事務所

Tencent Holdings | 騰訊

Baidu | 百度

Skadden Arps Slate Meagher & Flom | 世達律師事務所

Jingtian & Gongcheng | 競天公誠律師事務所

JD.com | 京東商城

NetDragon Websoft | 網龍網絡有限公司

Zhong Lun Law Firm | 中倫律師事務所

Sidley Austin | 盛德國際律師事務所

JD.com | 京東商城

NetDragon Websoft | 網龍網絡有限公司

Zhong Lun Law Firm | 中倫律師事務所 Vertex Asia Growth | 祥峰投資

This was the first time a Cayman merger structure had been used by a Hong Konglisted company in selling a major subsidiary. Although Baidu intended to acquire 100% of 91 Wireless, a straight share sale and purchase agreement between Baidu as the buyer and the then shareholders of 91 Wireless was impractical given the scattered shareholder base. A merger had to be creatively structured: Baidu set up a Cayman entity to merge with 91 Wireless with the latter being the surviving entity, effectively solving the problem. 91 Wireless became a wholly-owned subsidiary of Baidu, which enhanced the search company’s position on the mobile platform. 這是首個香港上市公司採用開曼群島並購制度出售其主要子公司。百 度希望收購91無線的所有股份，但由於91無線的股東結構非常零散， 因此不可能達成百度作為買方與91無線現有股東間的直接股份買賣協 議。此次交易不得不採用具有創意的結構方式：百度設立了一個開曼 實體與91無線合併，而91無線在合併後仍然存在，這就有效解決了此 問題。91無線成為百度的全資子公司，提高了該搜索公司在移動平台 領域的市場地位。

Suning and Hony’s acquisition of PPTV | 蘇寧和弘毅收購 PPTV Commerce & Finance Law Offices | 通商律師事務所 Suning Commerce Group | 蘇寧雲商集團

Han Kun Law Offices | 漢坤律師事務所 PPLive

Latham & Watkins | 瑞生國際律師事務所 PPLive

Paul Hastings | 普衡律師事務所 Softbank Corporation | 日本軟銀公司

Paul Weiss Rifkind Wharton & Garrison | 寶維斯律師事務所 Hony Capital | 弘毅投資

Sullivan & Cromwell | 蘇利文·克倫威爾律師事務所 Suning Commerce Group | 蘇寧雲商集團

A consortium of funds including Suning Commerce Group and Hony Capital purchased PPLive, the operator of PPTV (a leading online TV service in China with more than 340 million users), for US$420 million. It entered into a share purchase agreement with Softbank Corporation, Softbank China Venture Capital, Bluerun Ventures, Draper Fisher Jurvetson Fund IX and the management shareholders of PPLive Corporation to acquire all shares. The deal resulted in Suning becoming the largest shareholder of PPLive, holding 44%, with Hony Capital holding 36%. 包括蘇寧雲商集團和弘毅投資在內的財團以4.2億美元收購了PPTV的 運營商PPLive。PPTV是中國市場的領先在線電視服務商，覆蓋用戶 超過3.4億。為收購PPLive的所有股份，該財團分別與軟銀集團、軟 銀中國資本、藍馳創投、德豐傑投資基金以及PPLive公司的管理層股

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東簽訂了股份購買協議。借助這筆交易，蘇寧控股44%成為PPLive的 第一大股東，而弘毅投資則持有36%股份。

China Law & Practice Annual Review 2014

Tencent has subscribed to new shares in JD.com of 15% and will also subscribe to an additional 5% at the IPO price once JD.com goes public. JD.com acquired 100% of Tencent’s online marketplace businesses. The partnership represented a strategic transaction at the highest levels of the competitive Chinese internet industry and entailed a large amount of negotiations and structuring as the parties had to be guided through uncharted territory and reach mutually satisfactory deal terms. The transaction was also complex as it involved the transfer and integration of equity and assets scattered under various Tencent entities, and the sensitive and confidential nature of the deal created time pressure. It was also subject to antitrust scrutiny, particularly due to JD.com’s VIE structure. 騰訊已新認購了京東15%的股份，並將在京東上市後以IPO價格再額 外認購5%股份。這一合作夥伴關係代表了競爭激烈的中國互聯網行 業中一次最高級別的戰略交易，由於雙方都需要獲得指導探索這一未 知領域，因此不得不進行了大量協商和結構計劃來達成令雙方滿意的 交易條款。同時，此交易本身也非常複雜，其中涉及多個騰訊實體下 股票和資產的轉移和整合，而且交易本身的敏感性和機密性也帶來一 定的時間壓力。由於京東具有 VIE 結構，因此此交易還必須接受反壟 斷審查。

Tencent’s acquisition of 36.5% stake in Sogou from Sohu | 騰訊向 搜狐收購搜狗36.5%的股份 Baker & McKenzie | 貝克麥肯思國際律師事務所 Tencent | 騰訊

Goulston & Storrs | 顧世登律師事務所 Sohu.com | 搜狐

Haiwen & Partners | 海問律師事務所 Sohu.com | 搜狐

Paul Weiss Rifkind Wharton & Garrison | 寶維斯律師事務所 Tencent | 騰訊

Shearman & Sterling | 謝爾曼·思特靈律師事務所 Credit Suisse Securities | 瑞士信貸證券

Tencent’s US$448 million acquisition of a 36.5% interest in Sogou from Sohu.com enabled the two businesses to jointly develop and cross-promote their products, with Sogou Pinyin and Sogou Search gaining access to Tencent’s community and user base and Tencent gaining a stronger search capability. Through a combination of voting Series B preference shares and non-voting Class B ordinary shares, Tencent holds Sogou’s equity capital on a fully diluted basis as well as a 20.6% voting interest in Sogou. Sohu remains the controlling shareholder and will continue to operate independently. 騰訊以4.48億美元向搜狐收購了搜狗36.5%的股份，兩家公司至此可 聯合開發並交叉推廣產品。搜狗拼音和搜狗搜索可覆蓋騰訊社區和 用戶群，而騰訊則獲得了更強的搜索能力。通過結合購買可投票B類 優先股和非投票B類普通股，騰訊持有搜狗的全面攤薄股本權益以及 20.6%的投票股權。搜狐仍為控股股東，並將繼續獨立運營。

入圍名單

年度獎項

In-house teams of the year | 年度企業內部法律顧問團隊 PRC Company | 中國企業

International Company | 國際企業

Alibaba Group | 阿里巴巴集團

Coca-Cola | 可口可樂公司

Baidu | 百度

Microsoft | 微軟公司

Lenovo | 聯想集團

Procter & Gamble | 寶潔公司

China Petrochemical Corporation (Sinopec) | 中國石油化工集團

Telstra | 澳電訊公司

Tencent | 騰訊公司

Visteon Corporation | 美國偉世通公司

PRC Financial Institution | 中國金融機構

International Investment Bank | 國際金融機構

Bank of China | 中國銀行

Credit Suisse | 瑞士信貸

China Development Bank | 國家開發銀行

DBS Bank | 星展銀行

China Pacific Insurance Group | 中國太平洋保險集團

JP Morgan | 摩根大通

Industrial and Commercial Bank of China | 中國工商銀行

Standard Chartered Bank | 渣打銀行

Ping An Insurance Group | 平安保險集團

teams of the year | 年度傑出律師團隊 PRC Banking & Finance | 銀行及融資 (中國律所)

International Banking & Finance | 銀行及融資 (國際律所)

Concord & Partners | 共和律師事務所

Allen & Overy | 安理國際律師事務所

Fangda Partners | 方達律師事務所

Hogan Lovells | 霍金路偉律師事務所

Global Law Office | 環球律師事務所

Linklaters | 年利達律師事務所

Jun He Law Offices | 君合律師事務所

Mayer Brown JSM | 孖士打律師行

King & Wood Mallesons | 金杜律師事務所

White & Case | 偉凱律師事務所

Zhong Lun Law Firm | 中倫律師事務所

PRC Capital Markets | 資本市場 (中國律所)

International Capital Markets | 資本市場 (國際律所)

Commerce & Finance Law Offices | 通商律師事務所

Clifford Chance | 高偉紳律師事務所

Fangda Partners | 方達律師事務所

Davis Polk & Wardwell | 達維律師事務所

Haiwen & Partners | 海問律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

Jun He Law Offices | 君合律師事務所

Linklaters | 年利達律師事務所

Tian Yuan Law Firm | 北京市天元律師事務所

Skadden Arps Slate Meagher & Flom | 世達國際律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Slaughter & May| 司力達律師事務所

PRC M&A | 兼並收購 (中國律所)

International M&A | 兼並收購 (國際律所)

Commerce & Finance Law Offices | 通商律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

Fangda Partners | 方達律師事務所

Linklaters | 年利達律師事務所

Jingtian & Gongcheng | 競天公誠律師事務所

Skadden Arps Slate Meagher & Flom | 世達國際律師事務所

Jun He Law Offices | 君合律師事務所

Slaughter & May | 司力達律師事務所

King & Wood Mallesons | 金杜律師事務所

Sullivan & Cromwell | 蘇利文•克倫威爾律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Weil Gotshal & Manges | 威嘉律師事務所

中國法律商務2014年回顧

159

NOMINATIONS

Annual Awards

PRC Private Equity | 私募股權 (中國律所)

International Private Equity | 私募股權 (國際律所)

Fangda Partners | 方達律師事務所

Clifford Chance | 高偉紳律師事務所

Global Law Office | 環球律師事務所

Kirkland & Ellis | 凱易國際律師事務所

Haiwen & Partners | 海問律師事務所

O'Melveny & Myers | 美邁斯律師事務所

Han Kun Law Offices | 漢坤律師事務所

Paul Weiss Rifkind Wharton & Garrison | 寶維斯律師事務所

King & Wood Mallesons | 金杜律師事務所

Simpson Thacher & Bartlett | 盛信律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Weil Gotshal & Manges | 威嘉律師事務所

PRC Projects, Energy & Natural Resources 能源及自然資源項目 (中國律所)

International Projects, Energy & Natural Resources 能源及自然資源項目 (國際律所)

Guantao Law Firm | 觀韜律師事務所

Allen & Overy | 安理國際律師事務所

Jingtian & Gongcheng | 競天公誠律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

Jun He Law Offices | 君合律師事務所

Milbank Tweed Hadley & McCloy | 美邦律師事務所

King & Wood Mallesons | 金杜律師事務所

Norton Rose Fulbright | 諾頓羅氏富布萊特律師事務所

Sunshine Law Firm | 陽光時代律師事務所

Vinson & Elkins | 文森•艾爾斯律師事務所

Zhong Lun Law Firm | 中倫律師事務所

White & Case | 偉凱律師事務所

Individual Awards | 年度傑出律師 PRC Dealmaker | 傑出交易律師 (中國律所)

International Dealmaker | 傑出交易律師 (國際律所)

Jonathan Zhou – Fangda Partners | 方達律師事務所

Chun Wei – Sullivan & Cromwell | 蘇利文•克倫威爾律師事務所

Liu Dali – Jun He Law Offices | 君合律師事務所

David Zhang – Kirkland & Ellis | 凱易國際律師事務所

Xu Ping – King & Wood Mallesons | 金杜律師事務所

Julie Gao – Skadden Arps Slate Meagher & Flom | 世達國際律師事務所

Anthony Zhao – Zhong Lun Law Firm | 中倫律師事務所

Tim Wang – Clifford Chance | 高偉紳律師事務所

Regional Firms of the year | 年度地區性律師事務所

160

Chongqing | 重慶

Hangzhou | 杭州

Exceedon & Partners | 百君律師事務所

Capital Equity Legal Group | 京衡律師事務所

Solton & Partners | 索通律師事務所

High Mark Law Firm | 凱麥律師事務所

Zhonghao Law Firm | 中豪律師事務所

Zhejiang T&C Law Firm | 浙江天冊律師事務所

Guangzhou | 廣州

Nanjing | 南京

Alpha & Leader Law Firm | 安華理達律師事務所

JC Master Law Offices | 泰和律師事務所

C&I Partners | 信利盛達律師事務所

Jiangsu Co-Far Law Firm | 江蘇致邦律師事務所

Guangda Law Firm | 廣大律師事務所

Jin Ding Partners | 金鼎英傑律師事務所

Wang Jing & Co | 敬海律師事務所

Jiangsu Way-to-Justice Law Firm | 江蘇聯盛律師事務所

China Law & Practice Annual Review 2014

入圍名單

年度獎項

Qingdao |青島

Tianjin | 天津

Shandong Deheng Law Firm | 山東德衡律師事務所

Mingzhou Law Firm | 明州律師事務所

Shandong Qindao Law Firm | 山東琴島律師事務所

Join & High Law Office | 四方君匯律師事務所

Shandong Ya & Tai Law Firm | 山東亞和太律師事務所

Tianjin Jinjianbaoqi Law Firm | 天津津建保企律師事務所

Wincon Law Firm | 文康律師事務所

Winners Law Firm | 金諾律師事務所

Shenzhen | 深圳 Jing Tian Law Firm | 經天律師事務所 Jingtian & Gongcheng | 競天公誠律師事務所 V&T Law Firm | 萬商天勤律師事務所 Zhong YinLaw Firm | 中銀律師事務所

Firms of the year | 年度杰出律師事務所 PRC Competition | 競爭法 (中國律所)

International Competition | 競爭法 (國際律所)

AnJie Law Firm | 安傑律師事務所

Allen & Overy | 安理國際律師事務所

Broad & Bright | 世澤律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

Fangda Partners | 方達律師事務所

Jones Day | 眾達國際律師事務所

Jun He Law Offices | 君合律師事務所

Linklaters | 年利達律師事務所

T&D Associates | 天地和律師事務所 Zhong Lun Law Firm | 中倫律師事務所

PRC Dispute Resolution | 爭議解決 (中國律所)

International Dispute Resolution | 爭議解決 (國際律所)

Commerce & Finance Law Offices | 通商律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Fangda Partners | 方達律師事務所

Clifford Chance | 高偉紳律師事務所

Guantao Law Firm | 觀韜律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

Global Law Office | 環球律師事務所

Hogan Lovells | 霍金路偉律師事務所

King & Wood Mallesons | 金杜律師事務所

Mayer Brown JSM | 孖士打律師行

Zhong Lun Law Firm | 中倫律師事務所

Sidley Austin | 盛德國際律師事務所

PRC Insurance | 保險 (中國律所)

International Insurance | 保險 (國際律所)

AnJie Law Firm | 安傑律師事務所

Allen & Overy | 安理國際律師事務所

Jun He Law Offices | 君合律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

King & Wood Mallesons | 金杜律師事務所

Clifford Chance | 高偉紳律師事務所

Wang Jing & Co | 敬海律師事務所

Hogan Lovells | 霍金路偉律師事務所

Wintell & Co | 瀛泰律師事務所

中國法律商務2014年回顧

161

Annual Awards

NOMINATIONS

PRC Intellectual Property | 知識產權 (中國律所)

International Intellectual Property | 知識產權 (國際律所)

CCPIT Patent and Trademark Law Office | 中國國際貿易促進委員會專

Allen & Overy | 安理國際律師事務所

利商標事務所

Chang Tsi & Partners | 鑄成律師事務所 China Patent Agent (HK) | 中國專利代理（香港）有限公司 Fangda Partners | 方達律師事務所 King & Wood Mallesons | 金杜律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所 Bird & Bird | 鴻鵠律師事務所 Hogan Lovells | 霍金路偉律師事務所 Orrick Herrington & Sutcliffe | 奧睿國際律師事務所 Rouse | 羅思律師事務所

Lifang & Partners | 立方律師事務所

PRC Labour & Employment 勞動及人力資源 (中國律所)

International Labour & Employment 勞動及人力資源 (國際律所)

Fangda Partners | 方達律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Jun He Law Offices | 君合律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

Baohua Law Firm | 保華律師事務所

Hogan Lovells | 霍金路偉律師事務所

TransAsia Lawyers | 權亞律師事務所

Simmons & Simmons | 西盟斯律師事務所

Zhong Lun Law Firm | 中倫律師事務所

PRC Life Sciences | 生命科學 (中國律所)

International Life Sciences | 生命科學 (國際律所)

An Tian Zhang & Partners | 安倫律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

Global Law Office | 環球律師事務所

Hogan Lovells | 霍金路偉律師事務所

Han Kun Law Office | 漢坤律師事務所

Morrison & Foerster | 美富律師事務所

King & Wood Mallesons | 金杜律師事務所

Sidley Austin | 盛德國際律師事務所

PRC Real Estate & Construction 房地產及建築 (中國律所)

International Real Estate & Construction 房地產及建築 (國際律所)

AnJie Law Firm | 安傑律師事務所

Allen & Overy | 安理國際律師事務所

Fangda Partners | 方達律師事務所

Clifford Chance | 高偉紳律師事務所

Jincheng, Tongda & Neal | 金誠同達律師事務所

Hogan Lovells | 霍金路偉律師事務所

Jun He Law Offices | 君合律師事務所

Mayer Brown JSM | 孖士打律師行

King & Wood Mallesons | 金杜律師事務所

Morrison & Foerster | 美富律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Paul Hastings | 普衡律師事務所

PRC Regulatory & Compliance 監管及合規 (中國律所)

International Regulatory & Compliance 監管及合規 (國際律所)

Fangda Partners | 方達律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Global Law Office | 環球律師事務所

Davis Polk & Wardwell | 達維律師事務所

King & Wood Mallesons | 金杜律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

MWE China Law Offices | 元達律師事務所

Hogan Lovells | 霍金路偉律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Simmons & Simmons | 西盟斯律師事務所 Steptoe & Johnson | 世強律師事務所

162

China Law & Practice Annual Review 2014

入圍名單

年度獎項

PRC Shipping and Maritime | 貨運及海商 (中國律所)

International Shipping and Maritime | 貨運及海商 (國際律所)

Hai Tong & Partners | 海通律師事務所

Clyde & Co | 其禮律師行

Wang Jing & Co | 敬海律師事務所

Holman Fenwick Willan | 夏禮文律師行

Wintell & Co | 瀛泰律師事務所

Ince & Co | 英士律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Mayer Brown JSM | 孖士打律師行 Norton Rose Fulbright | 諾頓羅氏富布萊特律師事務所

PRC Tax | 稅務 (中國律所)

International Tax | 稅務 (國際律所)

Hwuason Law Firm | 華稅律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Llinks Law Offices | 通力律師事務所

DLA Piper | 歐華律師事務所

Jun He Law Offices | 君合律師事務所

O'Melveny & Myers | 美邁斯律師事務所

King & Wood Mallesons | 金杜律師事務所 Zhong Lun Law Firm | 中倫律師事務所

China TMT | 電信、傳媒及科技 (中國律所)

International TMT | 電信、傳媒及科技 (國際律所)

Han Kun Law Offices | 漢坤律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Hylands Law Firm | 浩天信和律師事務所

Bird & Bird | 鴻鵠律師事務所

Jun He Law Offices | 君合律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

King & Wood Mallesons | 金杜律師事務所

Hogan Lovells | 霍金路偉律師事務所

TransAsia Lawyers | 權亞律師事務所

Morrison & Foerster | 美富律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Paul Weiss Rifkind Wharton & Garrison | 寶維斯律師事務所

PRC Trade | 國際貿易 (中國律所)

International Trade | 國際貿易 (國際律所)

AllBright Law Firm | 錦天城律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Hylands Law Firm | 浩天信和律師事務所

Covington & Burling | 科文頓•柏靈律師事務所

Jincheng, Tongda & Neal | 金誠同達律師事務所

Mayer Brown JSM | 孖士打律師行

Jun He Law Offices | 君合律師事務所

Sidley Austin | 盛德國際律師事務所

King & Wood Mallesons | 金杜律師事務所

White & Case | 偉凱律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Offshore Firm of the Year | 年度離岸律師事務所

Hong Kong Firm of the Year | 年度香港律師事務所

Conyers Dill & Pearman | 康德明律師事務所

Deacons | 的近律師行

Maples & Calder | 邁普達律師事務所

Oldham Li & Nie | 高李嚴律師行

Ogier | 奧傑律師事務所

Wilkinson & Grist | 高露雲律師行

Walkers | Walkers律師事務所

Woo Kwan Lee & Lo | 胡關李羅律師行

Japan Firm of the Year | 年度日本律師事務所

Korea Firm of the Year | 年度韓國律師事務所

Anderson Mori & Tomotsune | 安德森•毛利•友常律師事務所

Bae Kim & Lee | 韓國太平洋律師事務所

Mori Hamada & Matsumoto | 森•濱田松本法律事務所

Kim & Chang | 金張法律事務所

Nagashima Ohno & Tsunematsu | 長島•大野•常松法律事務所

Lee & Ko | 廣場律師事務所

Nishimura & Asahi | 西村朝日法律事務所

Shin & Kim | 世宗律師事務所

中國法律商務2014年回顧

163

NOMINATIONS

Annual Awards

Taiwan Firm of the Year | 年度台灣律師事務所

Up-and-Coming Firm of the Year | 年度最具潛力律所

Chen & Lin | 宏鑒法律事務所

AnJie Law Firm | 安傑律師事務所

LCS & Partners | 協合國際法律事務所

Broad & Bright | 世澤律師事務所

Lee and Li | 理律法律事務所

HHP Attorneys-At-Law | 匯衡律師事務所

Tsar & Tsai | 常在國際法律事務所

Chang Tsi & Partners | 鑄成律師事務所 Han Kun Law Offices | 漢坤律師事務所

Individual Awards | 年度傑出律師 Competition | 不正當競爭

Dispute Resolution | 爭議解決

Feng Yao – Broad & Bright | 世澤律師事務所

Cao Lijun – Zhong Lun Law Firm | 中倫律師事務所

François Renard – Allen & Overy | 安理國際律師事務所

Charles Allen – Sidley Austin | 盛德國際律師事務所

Michael Han – Fangda Partners | 方達律師事務所

Gareth Thomas – Herbert Smith Freehills | 史密夫斐爾律師事務所

Susan Ning – King & Wood Mallesons | 金杜律師事務所

Huang Tao – King & Wood Mallesons | 金杜律師事務所

Wu Peng – Zhong Lun Law Firm | 中倫律師事務所

Mark Lin – Hogan Lovells | 霍金路偉律師事務所 Zou Weining – Jun He Law Offices | 君合律師事務所

Intellectual Property | 知識產權

Labour & Employment | 勞動及人力資源

Benjamin Bai – Allen & Overy | 安理國際律師事務所

Andreas Lauffs – Baker & McKenzie | 貝克•麥堅時國際律師事務所

Linda Chang – Rouse | 羅思律師事務所

Carol Zhu – Zhong Lun Law Firm | 中倫律師事務所

Matthew Laight – Bird & Bird | 鴻鵠律師事務所

Jiang Junlu – King & Wood Mallesons | 金杜律師事務所

Spring Chang – Chang Tsi & Partners | 鑄成律師事務所

Lesli Ligorner – Simmons & Simmons | 西盟斯律師事務所

Xiang Wang – Orrick Herrington & Sutcliffe | 奧睿國際律師事務所 Xie Guanbin – Lifang & Partners | 立方律師事務所

Real Estate & Construction | 房地產及建築

Tax | 稅務

David Blumenfeld – Paul Hastings | 普衡律師事務所

Brendan Kelly – Baker & McKenzie | 貝克•麥堅時國際律師事務所

David Yu – Llinks Law Offices | 通力律師事務所

Daniel Chan – DLA Piper | 歐華律師事務所

Gregory Tan – Morrison & Foerster | 美富律師事務所

Liu Dingfa – Jun He Law Offices | 君合律師事務所

Harry Du – King & Wood Mallesons | 金杜律師事務所

Peter Ni – Zhong Lun Law Firm | 中倫律師事務所

Richard Kim – Allen & Overy | 安理國際律師事務所

Tony Dong – King & Wood Mallesons | 金杜律師事務所

Zhu Maoyuan – Zhong Lun Law Firm | 中倫律師事務所

Rising Star: Competition | 律師新秀：競爭法

Rising Star: Dispute Resolution | 律師新秀：爭議解決

Andrew Skudder – Fangda Partners | 方達律師事務所

Desmond Ang – O'Melveny & Myers | 美邁斯律師事務所

Bai Yong – Clifford Chance | 高偉紳律師事務所

Jacky He – Jun He Law Offices | 君合律師事務所

Hazel Yin – King & Wood Mallesons | 金杜律師事務所

Liu Yue – Jingtian & Gongcheng | 競天公誠律師事務所

Jie Tong – Allen & Overy | 安理國際律師事務所

Ricky Xu – King & Wood Mallesons | 金杜律師事務所

Ken Dai – Dacheng Law Offices | 大成律師事務所

Soo Khim Keoy – Baker & McKenzie | 貝克•麥堅時國際律師事務所

Vivian Cao – Freshfields Bruckhaus Deringer | 富而德律師事務所

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入圍名單

年度獎項

Rising Star: Intellectual Property | 律師新秀：知識產權

Rising Star: Labour & Employment | 律師新秀：勞動及人力資源

Aggie Liu – Rouse | 羅思律師事務所

Bai Hongjuan – Jun He Law Offices | 君合律師事務所

Frank Liu – Chang Tsi & Partners | 鑄成律師事務所

Bofu An – Baker & McKenzie | 貝克•麥堅時國際律師事務所

Jessica Xu – Jun He Law Offices | 君合律師事務所

Claire Zhao – Faegre Baker Daniels | 斐格畢迪律師事務所

Maggie Chong – Norton Rose Fulbright | 諾頓羅氏富布萊特律師事務所

Duan Haiyan – Zhong Lun Law Firm | 中倫律師事務所

Zhang Bin – Lifang & Partners | 立方律師事務所

Yin Juquan – King & Wood Mallesons | 金杜律師事務所

Rising Star: Real Estate & Construction | 律師新秀：房地產及建築

Rising Star: Tax | 律師新秀：稅務

Fan Rong – King & Wood Mallesons | 金杜律師事務所

Daisy Duan – King & Wood Mallesons | 金杜律師事務所

Maria Wang – Morrison & Foerster | 美富律師事務所

Nancy Lai – Baker & McKenzie | 貝克•麥堅時國際律師事務所

Wayne Ma – Paul Hastings | 普衡律師事務所

Ron Ma – Jingtian & Gongcheng | 競天公誠律師事務所

Cindy Huang – O'Melveny & Myers | 美邁斯律師事務所

Xia Yuqin – Zhong Lun W&D Law Firm | 中倫文德律師事務所

Firms of the year | 年度杰出律師事務所 PRC Firm of the Year | 年度中國律師事務所

International Firm of the Year | 年度國際律師事務所

Fangda Partners | 方達律師事務所

Allen & Overy | 安理國際律師事務所

Guantao Law Firm | 觀韜律師事務所

Baker & McKenzie | 貝克•麥堅時國際律師事務所

Jun He Law Offices | 君合律師事務所

Freshfields Bruckhaus Deringer | 富而德律師事務所

King & Wood Mallesons | 金杜律師事務所

Herbert Smith Freehills | 史密夫斐爾律師事務所

Zhong Lun Law Firm | 中倫律師事務所

Hogan Lovells | 霍金路偉律師事務所

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NOMINATIONS

Annual Awards

Outstanding Achievement | 傑出成就獎

Gao Xiqing | 高西慶 It is China Law & Practice’s honour to award Mr Gao Xiqing with the Outstanding Achievement Award for 2014.

Having only recently stepped down from his seven-year presidency of the China Investment Corporation, Mr Gao has also served as vice chairman of the National Council for Social Security Fund of China and of the China Securities Regulatory Commission (CSRC), of which he was a founding member. His knowledge and understanding of China’s securities laws were key to the establishment of the Shanghai and Shenzhen Stock Exchanges in 1990.

He has been praised by the legal community as “a remarkable individual who is really pushing forward Chinese economic development” and one who “spearheaded the advancement of the securities law”.

Mr Gao graduated from the Duke University School of Law in 1986, where he was a Richard Nixon Scholar, and still serves on its board of trustees. He received his bachelor of arts and master of laws degrees from the University of International Business and Economics in Beijing.

He has taught as an adjunct professor at the law schools of Duke University and Tsinghua University, UIBE and the Guanghua Management School of Peking University.

He has also written and published many works on Chinese securities law, banking, antitrust and legal philosophy.

During an interview with China Law & Practice back in 2000 (when he was CSRC vice chairman), Mr Gao was asked what China’s markets would look like in 20 years’ time. He correctly predicted that China’s markets would be a major force in the world and said the key to attaining this was “disclosure, enforcement and corporate governance,” on top of “the overall heightening of the quality of people – regulators and market players”.

Although the challenges are evolving, these values continue to stand at the core of progress. China Law & Practice extends this award to Mr Gao Xiqing for his efforts and contribution to guiding China’s markets to where they are today. 《中國法律與實務》很榮幸能夠將2014年度傑出成就獎授予高西慶先 生。 高西慶最近剛剛卸任中國投資有限責任公司副董事長及總經理職務，任 期長達七年。此外，他曾擔任全國社會保障基金理事會的副理事長，並且 是中國證券監督管理委員會（CSRC）的創始人之一以及副主席。他對中 國證券法的認知和理解對1990年上海及深圳證券交易所的成立起到了關鍵 作用。 高西慶先生被法律界譽為“真正推動中國經濟發展的卓越人物”，並稱他“引 領了證券法的進步”。 高西慶於1986年畢業於杜克大學法學院，在校期間曾獲得理查德•尼 克松獎學金，至今仍擔任該校董事。在此之前，他在北京對外經濟 貿易大學獲得了文學學士學位和法學碩士學位。 他在杜克大學法學院、清華大學法學院、對外經濟貿易大學法學院 以及北京大學光華管理學院擔任兼職教授，同時還編寫和出版了多 部著作，內容涉及中國的證券法、銀行業、反壟斷規制以及法律哲 學。 時任CSRC副主席的高西慶先生在2000年接受《中國法律與實 務》採訪時，被問及20年後中國市場的發展情況。他準確地預 測出中國市場將成為全世界的主要力量，並表示實現這一格 局需要“提高監管部門和市場參與者的整體素質”，此外， 更為關鍵的是要求“信息披露，加強執法和企業管治”。 雖然面臨的挑戰不斷改變，但是這些理念將持續作為發 展的核心。《中國法律與實務》為高西慶先生頒發這 個獎項，主要在於表彰和感謝他為引領中國市場取 得今日的成就所付出的努力和做出的貢獻。

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Firm Profiles

Alliance J&S Law Firm 19/F, Tower 2, Bright China Chang An Bldg No. 7 Jianguomen Nei Ave Beijing 100005 China Tel: +86 10 6517 8866 Fax: +86 10 6518 0276 Email: zh_fu@alliancelawfirm.com Website: www.alliancelawfirm.com Contact: Fu Zhaohui

Total number of partners: 28 Total number of associates: 65 Year established: 1999 Languages spoken: Chinese, English Key areas of practice: Corporate, securities and capital markets, M&A, banking and finance, real estate and construction, labor and employment, intellectual property and dispute resolution, inbound foreign investment, Chinese companies’ outbound investment, international trade and crossjurisdiction dispute resolution

The firm Alliance J&S Law Firm, formed by the merger of Alliance Law Firm with J&S Law Firm, is a prestigious Beijing-based national law firm, with branch offices in Shanghai and Guangxi Province. It offers clients a full range of legal services in the fields of corporate, securities and capital markets, M&A, banking and finance, real estate and construction, labor and employment, intellectual property and dispute resolution. Our international practice covers all the aforesaid fields when an international element is involved, especially related to inbound foreign investment, Chinese companies’ outbound investment, international trade and cross-jurisdiction dispute resolution.

In terms of industry spectrum, we have extensive experience in a number of sectors including the financial services, PE and VC funds investment, telecommunications, energy, green and renewable energy, mining, iron and steel, infrastructure, internet and e-commerce, education, manufacturing, real estate, entertainment, sports, pharmaceuticals, trading, agriculture, high-tech and other emerging business sectors.

Our head office is located in the centre of Beijing, in the major business district close to many of China’s top legislative, judicial and government bodies, economic, cultural and academic organisations, as well as many of the world-famous historic sites. We also have two branch offices in Shanghai and Guangxi Province (in southwestern China) which gives us good geographic coverage.

All our professionals have received their legal education at excellent universities in China or abroad, and a number of them have work experience in foreign law firms and other business entities. We always work as a cohesive team and genuinely embrace collegiality as part of our distinct culture. In the past decade of practice, we have set up long-term cooperative relationships domestically and internationally with a number of outstanding investment banks, consulting companies, professional equity investors and industrial investors, trust institutions, accounting firms, appraisal firms and other professionals. We have forged fruitful links with excellent foreign lawyers in Europe, North America, Australia, Japan, Hong Kong and Singapore.

On the strength of the combination of brilliant professional talents and our favorable geographic location, we are able to provide comprehensive and high-quality services to national and international clients. Our clients include start-ups, state-owned enterprises, privately-owned enterprises, public companies, foreign entities and international conglomerates. We are dedicated to ensuring that our clients’ businesses succeed both in China and around the world.

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律所簡介

北京頤合中鴻律師事務所 北京市東城區建國門內大街7號 光華長安大廈2座19層 郵編 100005

現有合伙人: 28 現有律師: 65 事務所成立時間: 1999

電話: 傳真: 電郵: 網址:

+86 10 6517 8866 +86 10 6518 0276 zh_fu@alliancelawfirm.com www.alliancelawfirm.com

聯繫人: 付朝暉

語言: 中文、英文 主要業務領域：公司、證券與資本市場、並購、銀行與金融、 房地產與建築工程、勞動用工、知識產權、爭議解決以及外商 投資、境外投資、國際貿易等國際業務領域

律所簡介 北京頤合中鴻律師事務所（前身為頤合律師事務所和中鴻律師事務所）是一家享有聲譽的綜合性律師事務所。頤合中鴻律師豐富的 執業經驗覆蓋了銀行、證券、信託、保險等金融服務領域、投資與基金、電信、傳統能源與新能源、再生能源、礦業、鋼鐵、基礎 設施、互聯網和電子商務、教育、加工製造業、房地產、娛樂、體育、醫藥和醫療器械、貿易、農業、高科技和其他新興商業模式 等諸多領域。 頤合中鴻的專業人員均在國內外接受高等法學教育，一些律師擁有在國外律師事務所或其他商業機構的工作經驗。頤合中鴻是緊密 合作的專家團隊，在過往的執業過程中，我們與若干優秀的投資銀行、咨詢公司、私募/創投投資人、產業投資人、信託機構、會 計師、評估師等專業機構形成了良好的長期合作關係，並與國外律師行、會計師行等搭建國際網絡，致力於為客戶提供全面、優質 高效、高附加值的服務。 我們的客戶包括新興企業、國有企業、民營企業、公眾上市公司、外國企業、跨國公司等，頤合中鴻致力於以有價值的專業服務促 進我們客戶在中國及全球的商業成功。 辦公室：北京、上海、廣西南寧

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Firm Profiles

Baohua Law Firm 1033 West Yan An Road 3301, Tower A, Mass Financial Mansion Shanghai 200050 China

Year Established: 2010 Founder/chief expert: Baohua Dong Focus: Labour and Employment

Tel: +86 21 6121 2979 Email: sunyulan@baohualaw.com Website: www.baohualaw.com Wechat: baohualawfirm/保華勞動法

Languages: Chinese, English, Japanese Areas of practice: Establishing labour management systems, dealing with routine labour matters, labour disputes

Introduction Baohua Law Firm, among few labour law firms in Shanghai, provides professional labour law service. We provide legal services in the fields of labour law to a variety of domestic and international clients.

Our firm specially focuses on providing top quality legal services in the area of labour and employment law. Our aim is to provide the best service to our clients in a top quality, efficient, cost-effective and practical manner.

We specialise in helping our clients to establish the human resource management system and deal with routine matters of employment relationships, as well as labour and employment issues in business transactions, particularly those involving enterprises with foreign investment.

Lawyer team Led by Mr. Dong Baohua, Baohua law firm is equipped with a group of excellent lawyers specialised in labour and employment law area. Some of the Baohua lawyers have long been engaged in providing labour law service, accruing extensive experience.

Some lawyers have long been engaged in providing labour law services to international clients and fully understand how our international clients like to be served. Others are specialised in massive labour disputes and collective bargaining.

Chief expert: Baohua Dong Partners: John Dong, Jay Chen, Sun Weixin, Yang Jie

Areas of practice Baohua provides extensive, multi-lingual labour legal services with obvious advantages. The firm covers a wide range of sectors, including but not limited to pharmaceutical, bank, financial and insurance, telecom, mechanical industry, chemical, iron and steel, retail, food and catering service, clothing, consultant company, transportation, natural resource, information technology and energy and natural resources, etc.

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律所簡介

上海保華律師事務所 上海市延安西路1033號 大眾金融大廈A幢3301室 郵編：200050

成立時間：2010年

電話: +86 21 6121 2979 電郵: sunyulan@baohualaw.com 網址: www.baohualaw.com 微信號：baohualawfirm/保華勞動法

律所特色：勞動法專業型律師事務所

創辦人/首席專家：董保華

工作語言：中文、英語、日語 服務領域：建立公司人事管理體系、處理公司日常勞動事務、 勞動爭議

簡介 上海保華律師事務所是上海為數不多的專業提供勞動法服務的律師事務所。保華律所的客戶跨越各行各業，保華律師為來自不同國 家的客戶提供勞動法律業務領域內各個方面的法律服務。 本所勞動法律業務部門在中國勞動法律領域的各個方面都擁有廣泛的經驗。保華律所的目標是為我們的客戶提供最優質和高效的法 律服務。 保華律師擅長於幫助客戶建立勞動和人力資源管理體系和處理日常勞動事務，也擅長處理複雜商業交易所涉及的勞動法事宜和勞動 爭議，尤其擅長辦理外商投資企業相關的勞動法律業務。

團隊介紹 保華所擁有一流的勞動法專業律師隊伍,由董保華律師領銜。我們的勞動法律師長期從事各類勞動法律服務，具備豐富的執業經驗 和專業技能。 我們的勞動法律師長期為跨國客戶服務，積累了長足的國際勞動事務的經驗。我們的勞動法律師擅長處理大型勞動爭端與集體談 判。 首席專家： 董保華 合伙人： 董潤青律師，陳傑律師，孫為新律師，楊傑律師

業務領域 保華所以多種語言提供全面的勞動法服務，競爭優勢明顯。保華所的客戶範圍也涉及各行各業，如制藥業、銀行業、金融保險業、 電信業、機械製造業、化工業、鋼鐵業、零售業、食品餐飲業、服裝業、咨詢公司、交通業、文化傳媒業、電子信息、能源和自然 資源業等。

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Firm Profiles

Kachwaha & Partners 1/6, Shanti Niketan New Delhi - 110021 India

Total number of partners: 4 Total number of associates: 16 Year established: 2002

Tel: +91 (11) 4166 1333 Fax: +91 (11) 2411 0763 Email: tshahani@kaplegal.com Website: www.kaplegal.com Contact: Ms. Tara Shahani

Languages spoken: English, Hindi Key areas of practice: Dispute Resolution; International Trade ; Projects; Contracts; Shipping ; Construction; Procurement; Joint Ventures; Administrative law

The firm Kachwaha & Partners is a full service law firm, with offices at Delhi and Mumbai (Bombay) and associate lawyers in most major cities of India.

The main office of the firm is in New Delhi, conveniently located next to the diplomatic mission area. It is easily accessible from all parts of Delhi as well as its suburbs.

The partners and members of the firm are senior professionals with years of experience behind them. They bring the highest level of professional service to clients along with the traditions of the profession, integrity and sound ethical practices. Members of the firm are in tune with the work-culture of large international clients. The firm has amongst its clients multinationals, embassies and leading Indian corporations. The firm has also acted for significant clients from the Peoples Republic of China.

The Firm Partners have an average seniority of over 30 years in the profession. Senior Partner, Mr. Sumeet Kachwaha figures in band one in many leading legal directories including Chambers and Asia Pacific Legal 500. He is currently vice president of the Asia-Pacific Regional Arbitration Group (APRAG). He is also on the six-member advisory board of the Kuala Lumpur Regional Centre for Arbitration (KLRCA) chaired by the attorney general of Malaysia. He has recently been appointed as the deputy programme co-ordinator of the Inter Pacific Bar Association (IPBA) for a two year term after serving a three-year term as its chair dispute resolution and arbitration section. Mr. Kachwaha was recently appointed co-chair of the Project Execution sub-committee of the International Construction Project (ICP) committee of the IBA. The firm is consistently declared a ‘Winner’ in the Indian Law Firm Awards by the Hong Kong based Indian Business Law Journal in the category of Dispute Resolution. It was also awarded the ‘Deal of the Year Award’ in the category of Infrastructure and Project Finance (2012).

The firm is a Member of the International Business Law Consortium, Salzburg (IBLC) – an international alliance of select law firms with members from 88 locations world-wide. IBLC is ranked in Band 1 by Chambers in the ‘Leading Law Firm Networks’ (Global). The firm is a former member of ICC FraudNet, a leading global independent network of international lawyers specialising in fraud and white collar crime.

Practice Areas Anti–Corruption, Anti-Dumping, Arbitration, Asset Tracing, Banking, Competition, Construction, Contracts, Corporate, Employment, Environment, Franchising, Intellectual Property, Infrastructure, Joint ventures, Transfer of technology, Litigation, Media, Mining, Procurement, Project Financing, Securitisation, Shipping, Structuring, Tax, Trusts.

Offices India: New Delhi, Delhi and Mumbai (Bombay) 1/ 6, Shanti Niketan, New Delhi 110016 Tel: +91 (11) 4166 1333; Fax: +91 (11) 2411 0763 Email: mail@kaplegal.com 3rd Floor, Jethalal Mansion, 10 Bank Street,Cross Lane, Fort Mumbai 400023 Email: mumbai@kaplegal.com

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律所簡介

Kachwaha & Partners 1/6, Shanti Niketan New Delhi - 110021 India

現有合伙人: 4 現有律師: 16 事務所成立時間: 2002

電話: 傳真: 電郵: 網址:

+91 (11) 4166 1333 +91 (11) 2411 0763 tshahani@kaplegal.com www.kaplegal.com

語言: 英語、印度語 主要業務領域：調解糾紛；國際貿易；工程項目；契約合同； 航運；建築；採購；合資；行政法

聯繫人: Tara Shahani 女士

律所簡介 Kachwaha & Partners 是一家提供全方位服務的律師事務所，其在德里和孟買設有辦事處，且在印度的大多數主要城市內都安排有 非合伙律師。事務所總部位於新德里，鄰近外國使館分布區，地理位置十分便利。從德里市內任何地區及其近郊地區都可輕鬆抵達 事務所。事務所的合伙人和普通成員都是擁有多年豐富經驗的資深專業人士。他們秉承專業、誠信和良好道德執業的傳統，為客戶 提供最高水平的專業服務。事務所成員很能適應大型國際客戶的工作文化。事務所的客戶包括跨國公司、大使館和印度國內的頂尖 企業等。事務所還曾為來自中國的重要客戶提供服務。 事務所合伙人從事專業工作的平均年資都在 30 年以上。資深合伙人 Sumeet Kachwaha 律師在 Chambers 和 Asia Pacific Legal

500 等許多知名法律名錄中都名列前茅。他目前是亞太地區仲裁組 (APRAG) 副主席。他同時還是由馬來西亞司法部長擔任主席的 吉隆坡地區仲裁中心 (KLRCA) 的六人組咨詢委員會中的成員。在泛太平洋律師協會(IPBA) 的糾紛調解和仲裁分部擔任三年主席 後，他最近被任命為代理項目協調員，任期為兩年。 事務所一直被評為獲得總部位於香港的《印度商業法律期刊》評選的糾紛調解類“印度律師事務所大獎”。其還獲得了 2012 年 度“基礎設施和項目融資”類的“年度最佳交易項目”。 事務所是薩爾斯堡國際商法協會 (IBLC) 的成員；該協會是精英律師事務所的國際聯盟，成員遍布世界各地的 88 個地區。在

Chambers 評選的“卓越的律師事務所網絡（全球）”中，IBLC 躋身前列。事務所還曾是國際商會轄下欺詐網絡成員，這是一個 頂尖的全球獨立的國際律師網絡，擁有許多專長欺詐和白領犯罪領域的專業律師。

業務領域 反腐敗、反傾銷、仲裁、資產追蹤、銀行業務、競爭、建築、契約合同、企業、勞動、環境、特許經營、知識產權、基礎設施、合 資、技術轉讓、訴訟、傳媒、礦業、採購、項目融資、證券化、航運、結構化、稅務、信託。

辦公室 印度：新德里、德里、孟買 新德里 1/ 6, Shanti Niketan, New Delhi 110016 電話: +91 (11) 4166 1333; 傳真: +91 (11) 2411 0763 電郵: mail@kaplegal.com 孟買 3rd Floor, Jethalal Mansion, 10 Bank Street,Cross Lane, Fort Mumbai 400023 電郵: mumbai@kaplegal.com

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Firm Profiles

P C Woo & Co 12th Floor Princeâ&#x20AC;&#x2122;s Building 10 Chater Road Central, Hong Kong

Total number of partners: 15 Total number of associates: 40+ Year established: 1945

Tel: +852 2533 7700 Fax: +852 2810 1179 Email: pcw@pcwoo.com.hk Website: www.pcwoo.com Contact: Dr Moses Cheng Mo-Chi, senior partner

Languages spoken: English, Putonghua, Cantonese, Fukien, Shanghainese Key areas of practice: Commercial & Corporate; Mergers & Acquisitions; Litigation and Dispute Resolution; Property; Probate & Trust; China Investment & Attestation; Intellectual Property; NGO & Charity Practice

The firm Founded by Dr The Honourable P C Woo in 1945, shortly after the end of the Second World War, P C Woo & Co is one of the longest-standing law firms in Hong Kong. It has more than 100 staff, including over 40 lawyers, and offers a full range of legal services.

The firm has pioneered the establishment of an alliance of law firms in major cities in China, and strives to offer local as well as overseas clients convenient access to regional legal expertise.

In 2011, P C Woo & Co joined hands with Zhonglun W&D Law Firm to form an association that has been approved by the Ministry of Justice in Beijing under the Closer Economic Partnership Arrangement, popularly known as CEPA. As part of this association, P C Woo & Co will be positioned to service the needs of clients in Beijing, Shanghai, London, Riyadh, Guangzhou, Shenzhen, Shijiazhuang, Chengdu, Nanjing, Tianjin, Wuhan, Taiyuan, Jinan and Hong Kong. Together with its associates, it can advise on the laws of China, England and Wales, Saudi Arabia and, of course, Hong Kong.

Lawyers in PC Woo & Co are actively involved in legal affairs and legal education in Hong Kong. Three partners have served as president of the Law Society of Hong Kong.

Areas of Practice Corporate / M&A: corporate finance, company and commercial, mergers and acquisitions, corporate restructurings, regulatory compliance.

Litigation / dispute resolution: general commercial litigation, professional indemnity insurance, employeesâ&#x20AC;&#x2122; compensation, matrimonial proceedings, regulatory and disciplinary enquiries, investigations and proceedings, criminal and quasi-criminal matters, judicial review.

Property: property development, joint ventures and financing, town planning matters, property redevelopment projects, acquisitions and disposals, bank mortgages, commercial and residential leases and tenancies.

Probate, trusts and private clients: tax planning and establishment of trusts for individuals and families, contentious and non-contentious probate and estate administration matters.

China practice: direct investments and joint ventures, property development projects, China attestation.

Intellectual property: registration and protection of trademarks, patent and designs, intellectual property disputes.

Public policy, NGOs and education practice: establishment of incorporated management committees for schools in Hong Kong, advising school sponsoring bodies and others on matters relating to the Education Ordinances.

Corporate governance: advice to board, compliance, audit committee oversight, indemnification considerations, D&O insurance.

Offices Hong Kong, Beijing, Shanghai, London, Riyadh, Guangzhou, Shenzhen, Shijiazhuang, Chengdu, Nanjing, Tianjin, Wuhan, Taiyuan, Jinan.

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China Law & Practice Annual Review 2014

律所簡介

胡百全律師事務所 香港中環遮打道10號太子大廈12樓 電話: 傳真: 電郵: 網址:

+852 2533 7700 +852 2810 1179 pcw@pcwoo.com.hk www.pcwoo.com

事務所成立時間: 1945 語言: 英語, 普通話, 廣東話, 福建話, 上海話 主要業務領域：商業及公司、合併與收購、訴訟及仲裁、房地 產、遺產及信託管理、中國投資及公證業務、知識產權、非政 府機構及慈善團體法律事務。

聯繫人: 鄭慕智律師, 首席合伙人 現有合伙人: 15 現有律師: 40+

關於公司 本律師事務所由胡百全博士於1945年成立,是香港其中一間歷史悠久的律師事務所,擁有超過一百名員工,其中有超過40位律師及提 供多元化的法律服務。 此外, 律師事務所還在中國大城市成立了百全律師聯盟, 希望為本地以及海外客戶提供便利的本地法律專業服務。 於2011，胡百全律師事務所正式與北京中倫文德律師事務所在《更緊密的經濟貿易關係安排》下,獲得中國北京市司法部批准兩所 聯營。我們將共同為客戶提供多個司法管轄區一站式的專業法律服務。作為聯營方, 香港胡百全律師事務所可為北京、上海、石家 莊、成都、南京、天津、武漢、太原、濟南、深圳、倫敦、利雅德、廣州及香港的客戶提供國際性的專業法律服務。透過我們的聯 營夥伴，我們可提供專業法律意見的司法管轄區涵蓋中國、英格蘭和威爾士、沙地阿拉伯及香港。客戶只需聯繫香港辦事處便可獲 得上述各司法管轄區的專業法律服務。 本律師事務所的律師積極參與本地的法律事務和教育, 當中有三位合夥人更曾經擔任過香港律師會會長。

所提供的法律服務 • 商業及公司服務: 包括證券及企業融資,收購合併,重組及上市公司合規事宜 • 訴訟及調解事務: 普遍商業訴訟,專業保險索償,僱員賠償,婚姻訴訟,紀律訴訟及調查,刑事及准刑事案件,司法覆核等 • 房地產事務: 物業發展,物業重建計劃,合併及轉讓,銀行按揭,有關商業,工業及住宅租約的事項 • 遺產承辦及信託管理事務: 稅務管理,個人及家人信託,爭議性及非爭議性的遺囑服務 • 中國業務事務: 直接投資及合資經營,物業發展計劃,中國公證服務 • 知識產權服務: 商標註冊及保護,專利及外觀設計,知識產權爭議 • 義務工作: 成立香港學校的註冊管理委員會,建議贊助學校團體有關教育條例的事宜 • 企業管理: 對董事會,合規審查,監督審計委員會, 彌償損失,董監事及高級管理人員責任保險

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