CLB Dec 2012 by Yvette Chiu

C C Q & A : “ C o m p l a c e n c y i s n o t pa r t o f o u r s t r at e g y ”

高伟绅专访：“永不自满”

december2012 WWW.LEGALBUSINESSONLINE.COM

亚洲法律杂志 - 中国版 CHINA

in-house counsel in china

中国顶尖公司法务顾问八强

Flying High

China aviation takes off 飞得更高：中国航空业启程

PAGE 26

Top 50 Largest Law Firms

ALB Tiantong Forum 2012

Asia’s growing firms 亚洲50大律所排名：快速壮大的亚洲律所

Eyeing commercial litigation 2012 ALB 天同论坛：注目商事诉讼

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PAGE 50

INSIDE n THE BIG STORY

n Deals SPOTLIGHT

n LAW FIRM LEAGUE TABLES

n SUNDRIES

A D E C A D E O F C E L E B R AT I N G L E G A L E X C E L L E N C E

CONTENTS

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

NEWS

COVER STORY

Briefs

Deals

ALB toasts the top 8 in-house counsel in China who have gone above and

League Tables

beyond the call of duty to help their companies become leaders in their

Appointments

Index

Top 8 In-House Counsel in China 中国顶尖公司法务顾问八强

respective fields. 中国顶尖公司法务顾问八强——ALB评选出八位顶尖的公司法务顾问，他们不但出色地完成自己

SPONSORED PROFILE

joinway law firm 中建中汇律师事务所

Opportunities and Challenges of Foreign-invested Real Estate Funds under the Macro-economic Control 周晶敏律师, 合伙人 Jeremy Zhou, Partner

戴天骁律师 Martin Dai, Partner

There has always been an investment fever by offshore capital in China, represented by the investment in the real estate industry. Since the issuance of Circular 171 by six ministries (including the Ministry of Commerce (MOFCOM)) in 2006, different functional authorities have, separately or jointly, issued operation guides or notices to impose a variety of unprecedented controls and restrictions over foreign investment in the real estate industry. These controls have covered issues ranging from the registration of titles, incorporation of companies, foreign exchange control, to taxation. Despite all the restrictions under the policy of macroeconomic control, enthusiasm from foreign investors towards the Chinese real estate market, especially for foreign-invested real estate funds, has not abated. Instead investors, including our clients, are still on the hunt for real estate projects with potential investment values. As far as we know regarding the policies, the authorities have imposed restrictions mainly on short-term investments for the purpose of speculative profits. However, the authorities permit, and even encourage, those long-term foreign real estate investments which aim to take advantage of their brands and resources to carry out the projects (including residential projects). Moreover, in the event an onshore acquisition is to be carried out, it is necessary for the foreign investment funds to invest for shares or incorporate a real estate company (depending on its commercial mode). MOFCOM has an important role to play as to whether to grant approval or not on this issue. As to form of investment, the term of fixed return is expressly forbidden by the competent authorities. Since 2007, the foreign exchange department no longer accepts applications for the registration of foreign debts and the settlement of foreign currency exchange from the foreign real estate companies that are newly incorporated or with newly increased capital. Therefore, nowadays foreigninvested real estate funds prefer equity investment rather

than onshore debt investment. However, since any foreign direct investment in an onshore project company -- including incorporation, increase of capital, or foreign-invested mergers and acquisition -- is subject to approval of the competent authorities regulating foreign capital, as well as measures of surveillance including foreign exchange control and security inspection, foreign-invested real estate funds tend to prefer offshore transactions to invest. Regardless of the form that the investment takes, apart from the evaluation of investment returns, the biggest concern for investors is how to ensure the liquidity of capital import and profit export. The solution to the problem is not only related to the approval of foreign investment and foreign exchange control, but also subject to legal arrangements including transaction structures, tax planning, offshore surveillance as well as legal compliance. Any insufficient consideration of these aspects would hinder the return of foreign-invested funds. As a result, professionals with expertise in foreigninvested real estate funds, such as lawyers and accountants, are extremely helpful by providing professional advice throughout the investment process. The constant macro-economic control has not stopped us from firmly believing that the Chinese real estate market has a prosperous future, which has been evidenced by the emergence of numerous foreign-invested real estate funds. This year, there has been a trend towards foreign-invested real estate funds becoming increasingly specialised, with more funds flowing into the “industrial real estate” and “cultural real estate”, resulting from the strict control of residential real estate industry, as well as the commercial real estate industry bubble. It is fortunate for us to live in a time when Chinese real estate market is becoming more mature, during which opportunities and challenges co-exist, together with profits and risks.

宏观调控背景下，外资地产基金的机遇与挑战

地址：中国上海市静安区康定路977号邮编：200042 总机：+86-21-2211-6000 传真：+86-21-2211-6111 邮件：shanghai@ joinwaylawfirm.com

A: No. 977 Kangding Road, Jing’an District, Shanghai, China P.C.: 200042 T: +86-21-2211-6000 F: +86-21-2211-6111 E: shanghai@joinwaylawfirm. com

以房地产为代表的境外资本在华投资似乎永远不会退热。自商务部等六部委于2006年所发171号文面世以来，不同的职能部门或单独或联合下发了操作细则或通知，从产权登记、公司设立、外汇管制、税收等各方面对外商投资房地产业提出了种种前所未有的调控要求。尽管如此，在这样的宏观调控背景之下，包括我们的客户在内，境外资本（尤其是外资地产基金）对于整个中国房地产市场的热情并没有因此减退，反而在重重包围之下持续寻找具有潜在投资价值的不动产项目。政策层面，根据我们所了解到的情况，主管部门旨在限制以短期持有后“套利”为目的的投资行为，但对于有意利用自身品牌、资源等优势在中国境内从事项目（包括住宅项目）开发并长期持有的境外地产资本，主管部门还是持允许甚至鼓励的态度。同时，对于外资基金而言，若在境内层面收购势必将参股或新设一家房地产公司（取决于其商业模式），而在这个环节上，商务部对于是否批准这种参股或公司新设是具有较强的话语权的。从投资形式上，由于主管部门明确禁止任何形式的固定回报投资条款，并且自2007年以来，外汇管理部门对于新设或新增资的外资房地产公司不再办理外债登记和结汇，因此，在境内层面做债权投资的路径已鲜有尝试，外资地产基金目前更

愿意选择做股权投资。但是由于在境内项目公司进行外商直接投资，包括新设、增资或外资并购等各种形式，都将面临外资主管机构的审批，并涉及外汇管制、安全审查等系列监管措施，离岸交易似乎已经成为外资地产基金普遍采用的方式。无论采用何种投资方式，除了投资回报测算之外，如何确保资本入境和收益出境的渠道畅通，也是投资方最为关心的问题。问题的解决并非仅仅涉及外资审批和外汇管制，而是更广泛地受制于交易结构、税收安排、离岸监管、合规性等一系列复杂的法律设计，任何一个技术环节上的考虑不周，都可能导致外资基金的投资回报通道受阻。因此，这就有赖于富有外资房地产基金投资经验的律师、会计师等专业人士，为整个投资过程提供专业支持。尽管宏观调控措施不断，但我们仍然坚定地认为，整个中国的房地产市场依然前景可观，这一点也得到了众多外资地产基金的实践支持。今年以来，住宅产业遭受严厉调控、商业物业地产泡沫泛滥，更多资金开始涉足“工业地产”、“文化地产”，外资地产基金正在向着更为细分的市场发展。中国的地产市场正逐步走向成熟，而这个过程正是机遇与挑战、收益与风险并存交叉的过程，也是我们身处在这个时代的幸运。

8 18

ALB China Top 8 In-House Counsel

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

** 此文中文翻译由CLS Communication提供 **

ASIAN LEGAL BUSINESS december 2012

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

ALB China Top 8 In-House Counsel

By JingJing Fu 记者：付菁菁

As China’s star continues to rise, the demand for skilled, knowledgeable and experienced legal practitioners has never been greater. In-house counsel, in particular, play a vital role within the legal community in helping Chinese companies remain competitive in the global market. From negotiating on deals to maintaining compliance, in-house lawyers have a unique responsibility within their corporations to act as trusted advisers, ensuring that all aspects of business run smoothly. Here in our Top 8 In-House Counsel Survey, ALB acknowledges the best of the best amongst the in-house teams in China and cheers those legal practitioners who have gone above and beyond the call of duty to help companies become leaders in their respective fields.

in-house counsel in china

中国顶尖公司法务顾问八强

随着中国运势的继续上升，对技能娴熟、学养深厚、经验丰富的法律工作者的需求也变得空前旺盛。在法律群体中，企业法律顾问在帮助中国公司保持在全球市场上的竞争力方面起到了尤为关键的作用。从交易谈判到确保合规，企业律师在公司作为受人信赖的顾问要承担起特别的责任，确保业务各方面都能顺利运行。在我们本次的八佳企业法律顾问调查中，A LB 甄选出了中国企业法律团队中的顶尖优秀人物，并为他们喝彩。为帮助公司成为各自领域的佼佼者，这些法律工作者们所付出的已远远超出了其工作职责的要求。 REUTERS/China Daily China Daily Information Corp - CDIC **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

ALB China Top 8 In-House Counsel

ASIAN LEGAL BUSINESS december 2012

Cao Lei

Hou Tailing

Title/ Role: Director of the Legal Counsel Office Company: Rongde Asset Management Company Limited (RDAMC)

Title/ Role: Director of the Division of Legal Proceedings Management, Legal Department Company: China Construction Bank

曹雷

侯太领

As the head of legal at RDAMC since 2009, Cao Lei is responsible for providing counsel to the management team and the board of directors on various legal issues. His role has also involved the expansion of the company’s in-house legal practice, as RDAMC experiences rapid growth within the areas of special assets and private equity investment. Cao has a background in economics from University of International Business and Economics, and a master degree in law from Peking University Law School. RDAMC is the first Sino-foreign joint venture approved by Chinese authorities and established by China Huarong Asset Management Corporation, Deutsche Bank, Clearwater Capital and other international financial institutions. As the investment platform, RDAMC specialises in special asset investment by way of mezzanine investment, fixed-income investment and private equity. The company helps good companies to expand production and complete merger and acquisition projects in order for them to grow stronger and bigger rapidly. In addition to investments made with its own capital, RDAMC acts as a fund manager. As of the end of 2012, the total assets invested and managed by RDAMC exceeded RMB 20 billion, having generated stable and good return for shareholders and investors.

职务：法律合规部总经理公司：融德资产管理有限公司（“融德”）曹雷自2009年成为融德法律合规部总经理，带领他的团队除了负责向公司管理层及董事会提供各种日常法律咨询外，还在公司的各类业务中提供交易方案设计及法律支持。。随着融德在资产管理业务领域的快速增长，他的职责还包括扩充公司法律部门的力量。曹雷曾在对外经济贸易大学修读经济学专业，之后又获北京大学法学院法律硕士学位。融德是是由中国华融资产管理公司与德意志银行、凯华投资等国际金融机构共同组建的第一家中外合资资产管理公司。。作为一个投资平台，融德主要关注于特殊资产投资机会，通过夹层资本投资、债权投资、股权投资等方式帮助相关行业的优势企业扩大产能、兼并收购从而迅速做强做大。融德除自营投资外，还开展了基金募集与管理业务，目前管理了多支基金。截至 2012年底，投资和管理的资产规模超过人民币200亿元，为股东和投资者取得了稳健而良好的收益。

As the director of the Division of Legal Proceedings Management of the bank’s legal department, Hou Tailing is praised as a hard worker who maintains a modest and prudent demeanour in the office. Despite his senior role, he prefers to describe himself as “an employee of the legal department of China Construction Bank.” He is also a board member of the Banking Law Research Society of China Law Society, and a researcher at the China University of Political Science and Law. Since Hou joined China Construction Bank in July 1999, he has been integral in helping the bank overcome legal issues and has protected its legal rights. He was promoted to be the director of the Division of Legal Proceedings Management in October 2004. Hou is also committed to the professional studies of protecting interests of bank-related research. He has been the author of many professional books covering a variety of topics. His publications include Control over Evasion of Debt and Case Analysis (2003), Credit Crisis (2005), Research on System of Judicial Assistance and Guide of Operation for Financial Institutions (2009), and Analysis about Evasion of Banking Regulation and Supervision (2012). Hou has participated in the formulation of the banking laws, and has also recommended and initiated the formulation of multiple bank-related judicial interpretations. He has made a significant contribution to safeguarding the legitimate rights and interests of commercial banks, as well as the legal environment for banks’ development. 职务：法律纠纷管理处处长公司：中国建设银行总行身为银行法律纠纷管理处处长，侯太领工作勤奋、严谨谦逊。尽管身居要职，他宁愿自称是 “中国建设银行法律部的普通职员”。他还兼任银行法学研究会理事、中国政法大学研究员等职。自1999年加入中国建设银行，侯太领在帮助银行解决法律问题及维护银行合法权利方面起到了不可或缺的作用。2004年10月，他被晋升为法律纠纷管理处处长。他还致力于与保护银行权益相关的研究工作，个人专著及编著作品包括：《逃债控制与判例评析》（2003）、《债权危机》（2005）、《金融机构协助执行操作指引与制度研讨》（2009）及《银行监管规避剖析》（2012）。侯太领曾参与多个银行法律的制定，建议和发起了多个与银行相关的司法解释的制定。他为维护商业银行合法权益，改善银行所处的法律环境做出了显著的贡献。

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

** 此文中文翻译由CLS Communication提供 **

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

ALB China Top 8 In-House Counsel

Liu Yinghong

Sun Heping

刘英红

孙和平

Title/ Role: Director of the Division of Lawsuits and Arbitration Management, Legal and Compliance Department Company: Bank of China

Title/ Role: General Legal Counsel Company: Number 2nd Construction Ltd, Co of the 8th Division of China State Construction Engineering Corporation (CSCEC82)

Liu Yinghong has been the director of the Division of Lawsuits and Arbitration Management of the Bank of China since January 2011. She is responsible for jurisdictional litigation management, litigation risk analysis and prevention, as well as establishing relevant rules and regulations for the implementation of the management of litigation and arbitration for the bank’s head office. She also monitors and provides assistance to other colleagues dealing with major litigation cases.

Sun Heping is the General Legal Counsel of Number 2nd Construction Ltd, Co of the 8th Division of China State Construction Engineering Corporation (CSCEC82). He is also an arbitrator of the Jinan Arbitration Commission and a senior accountant. Sun has been engaged in corporate finance and legal work for many years. During his time with the company, he has been hailed as an excellent team leader, exhibiting outstanding legal professionalism and job performance.

Liu has worked in the head office of the Bank of China since July 2000. She was previously the leader of the intellectual property and financial markets team, where she was in charge of the intellectual property management and protection for the bank, contracts review, and for providing legal advice to the head officers. Liu also helped to create a corporate handbook for the bank’s employees, and helped produce the bank’s training materials.

Under Sun’s leadership, the legal team helped recover losses of over 100 million and helped the company to establish a solid reputation within the industry in Jinan. Sun has also won numerous awards by China State Construction Engineering Corporation, including “Excellent Legal Worker”, “Top Ten Settlement Master”, “Top Ten Management Expert” as well as the honorary title “2012 Annual Top Ten Legal Adviser in Jinan City.”

Liu holds a lawyer qualification certificate, with extensive knowledge of litigation and arbitration management. She is also a frequent contributor to academic journals and professional magazines. After graduating from China University of Political Science and Law with a bachelor degree in July 1997, Liu continued her further studies with a major in private international law at the same university, and received her master degree in July 2000. In July 2009, Liu received her Doctor of Law degree from Renmin University of China, majoring in civil and commercial law. 职务：风险管理总部（法律合规）诉讼仲裁团队主管公司：中国银行总行刘英红自2011年1月起担任中国银行总行风险管理总部（法律合规）诉讼仲裁团队主管，负责总行及全辖诉讼案件管理、诉讼风险分析防范，并为总行制定实施诉讼仲裁管理相关规章制度，办理重大诉讼案件，对境内外机构重要诉讼仲裁案件进行指导、协助及监控。

职务：总法律顾问公司：中建八局第二建设有限公司孙和平是中建八局第二建设有限公司的总法律顾问、济南仲裁委员会仲裁员、高级会计师。他从事企业财务、法务工作多年，具有卓越的团队领导才能，优秀的法律专业素养，突出的工作业绩。近年来，孙和平带领的企业法律团队取得卓越成绩，为企业挽回损失达上亿元，在济南同业中，树立优秀的专业团队形象。他多次荣获集团公司“优秀法律工作者”、“十佳清欠能手”、“十佳管理能手”及“2012年度济南市十佳法律顾问”等荣誉。

刘英红自2000年7月起在中国银行总行工作，曾任银行法律与合规部金融市场与知识产权团队主管、法律与合规部咨询处副处长等职，负责对口总行部门的合同审查及谈判、规章制度审查、诉讼仲裁案件管理、法律咨询等法律合规事务，并主管中国银行全辖知识产权管理与保护工作。她还曾负责全行各类法律合规咨询，出具法律咨询意见，承担全行法律培训任务，编写培训教材。在岗位合规手册编制工作中，她还组织完成全行重点操作岗位的合规手册编制及推广。刘英红持有职业律师资格证书，在诉讼和仲裁管理方面有丰富的专业知识和工作经验。她还在专业学术期刊发表多篇学术论文。刘英红1997年7月毕业于中国政法大学，获法学学士学位，之后又在中国政法大学研究生院修读国际私法，于2000年7月获硕士学位。2009年7月，她获得中国人民大学法学院民商法专业法学博士学位。 **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

ALB China Top 8 In-House Counsel

ASIAN LEGAL BUSINESS december 2012

Wang Chaonan

Wang Qiang

Title/ Role: Director of the Division of Lawsuit Affairs Management, Department of Law Affairs Company: Agricultural Bank of China

Title/ Role: Chief Legal Consultant and Director of the Center of Risks Prevention and Control Company: Shandong Commercial Group Corporation (also known as Lushang Group)

王超男

王强

Wang Chaonan has been a member of the Agricultural Bank of China’s team since 1996. She is praised for her meticulous work and her great team spirit. In October 2008, Wang was promoted to be the director of the Division of Lawsuit Affairs Management, Department of Law Affairs of the Agricultural Bank of China. “I really love my job,” she says. “I have passion and interest in it, and I enjoy my work very much!” When Wang joined the bank’s Division of System in 1996, she was responsible for drafting and amending standard contracts, controlling certain major litigation cases, streamlining various internal rules and regulations. In December 2000, Wang became the deputy director of the Second Division of Legal Affairs of the bank, and was responsible for foreign legal affairs (litigation and nonlitigation cases), legal affairs of entities under direct control of headquarters of the bank and offshore entities, and establishing management system of the appointment of external legal counsel. From March 2004 to April 2007, Wang was the director of the Division of Alternative Dispute Settlement, Department of Law and Compliance of the bank. She was responsible for establishing a contract management system. As part of her role, she prepared, circulated and amended standard contracts which were used in various lines of business. She also aided in drafting or reviewing non-standard contracts. Her duties included dealing with intellectual property affairs and adjudicating internal economic disputes of the bank. From April 2007 till January 2010, she worked in the Office of Legal Task Force of IPO of the bank concurrently as the director for three years. She was responsible for various legal affairs of the IPO of the bank, including organising the bankwide legal due diligence (including headquarters of the bank) for the IPO, exploring the structure of corporate governance, and reviewing various legal documents. Wang graduated with a bachelor degree of Pedagogy from the School of Education, Beijing Normal University in 1993, and then continued her postgraduate studies of International Economic Law in the China University of Political Science and Law. Wang received her master degree in July 1996 and her Doctor of International Economic Law degree in July 2008. 职务：法律事务部诉讼事务管理处处长公司：中国农业银行总行王超男于1996年加入中国农业银行法律部，恪尽职守、勤恳工作，且极富团队合作精神。2008年10月，她被晋升为中国农业银行法律事务部诉讼事务管理处处长。“ 我很热爱我的工作，”她说，“我对我的工作充满兴趣，所以我非常享受我的工作！” 王超男199 6年加入农行法律部时，起初主要负责起草和修订合同，负责某些主要诉讼案，以及优化各种内部规章制度。20 0 0年12月，她成为银行法律事务二处的副主任，负责涉外法律事务（诉讼案及非诉讼案），总行直属实体及境外实体的法律事务，以及制定外聘法律顾问的管理机制。 20 0 4年3月到20 07年4月，王超男供职于银行法律合规部，负责建立合同管理系统，编制、分发和修订各业务部所使用的格式合同。此外她还协助起草或审核非格式化的合同。当时她的职责还包括处理知识产权事务及裁决银行内部的经济纠纷。 2007年4月至2010年1月期间，她还兼任银行IPO法律特别工作组办公室主任，负责银行与IPO有关的诸多法律事务，包括为IPO组织全行的法律尽职调查（包括银行总部），研究公司管理结构，以及审核各类法律文件。王超男19 93年毕业于北京师范大学教育学院，获教育学学士学位后，继续在中国政法大学深造，攻读国际经济法，先后于19 9 6年7月和20 0 8年7月获得国际经济法硕士和博士学位。 **The Chinese translation of this story was prepared by CLS Communication**

Wang Qiang is a senior accountant with extensive experience in finance and accounting, as well as law. He holds an MBA degree from the Dalian Institute of Technology. Since launching his career in finance and accounting in 1975, Wang has successfully held the posts of clerk of finance office, clerk of finance department, director of finance and accounting department, minister of financial department, chief accountant and vice-general manager. Wang currently holds the position of chief legal consultant and director of the Center of Risks Prevention and Control of Shandong Commercial Group Corporation, responsible for managing legal, audit and security affairs. He also serves as arbitrator of CIETAC (China International Economic and Trade Arbitration Commission). Shandong Commercial Group Corporation, also known as the “Lushang Group”, is a state-owned enterprise with the modern retail industry as its main business. Pharmacy and real estate industries are key industries, and the company also covers the hospitality, education, media, mining, and investment industries. It owns two publicly listed companies and one national level logistics centre of agricultural products. Today, it boasts more than 180,000 employees and has achieved sales income of RMB 50 billion Yuan in 2011. In 2012, it will realise sales income over RMB 60 billion. In recent years, Wang and his team have carried out several acquisitions within China and also overseas. In 2005, he led the project of purchasing and restructuring Jinan Beer Group Co; in 2009, he promoted the strategic cooperation with Qingdao Beer Group Co and completed the transfer of intangible assets as to the trademarks and the selling network of “Baotu Spring” beer; in 2011, he successfully completed the acquisition of an AOC Chateau located in Bordeaux, which owns 1700 acres of land, one 16th century castle and a factory that produces 220 thousand bottles of wine per year. In addition, Wang and his colleagues managed to build up the supply and value chains of production-distribution markets. 职务：总法律顾问兼风险防控中心主任公司：山东省商业集团有限公司（又名鲁商集团）

王强是一位有着丰富财会和法律经验的高级会计师，拥有大连工学院MBA学位。自从1975年投身财务工作，王强曾先后担任财务科职员、财务处办事员、财会处科长、财务部部长、总会计师和副总经理等职。王强现任山东省商业集团有限公司总法律顾问、风险防控中心主任，分管集团法律事务、审计内控、安全管理工作，同时担任中国国际经济贸易仲裁委员会仲裁员。山东省商业集团有限公司，又名“鲁商集团”，是一家以现代零售为主业，以制药和房地产为重点产业，同时涉足医药制造、地产开发、酒店旅游、金融投资，拥有两家上市公司和一家国家级农产品物流工程技术中心的多元化企业集团，现有从业人员超过18万人，2011年营业收入突破500亿元，2012年营业收入将超过600亿元人民币。近年来，王强带领团队进行了多项海内外收购，包括2005年收购重组济南啤酒集团有限公司；2009年与青岛啤酒集团有限公司的战略合作，将趵突泉啤酒品牌及销售网络等无形资产转让予青岛啤酒；2011年，代表商业集团收购法国波尔多一家AOC级酒庄。该酒庄拥有1700多亩地、一座16世纪的城堡，葡萄酒年产量约22万瓶。自此，他和团队帮助公司初步搭建起葡萄酒产供销一体化的供应链与价值链。

** 此文中文翻译由CLS Communication提供 **

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ALB China Top 8 In-House Counsel

Zhang Jixing

Zhang Wenmin

Title/ Role: Director General of Sinopec’s Legal Department Company: Sinopec Group (also known as China Petrochemical Corporation)

Title/ Role: Senior In-House Legal Counsel Company: CECEP Wind-Power Corporation

Zhang Jixing, a professor-level senior economist, currently holds the position of director general of Sinopec’s legal department. He is a China International Economic and Trade Arbitration Commission (CIETAC) arbitrator, and also serves as the director of the International Law Committee of Beijing Law Committee, a conciliator of the Conciliation Center of China Council for Promotion of International Trade (CCPIT)/China Chamber of International Commerce (CCOIC).

Zhang Wenmin has extensive professional knowledge in legal and financial securities and management. His practice specialties include enterprise listing, mergers and acquisitions, and equity investment legal affairs. Zhang has over eight years of experience as a senior in-house legal counsel, a legal director, and a secretary of board of directors of a listed company. He is a graduate of the Renmin University of China with a bachelor degree of law in 2004, and a master degree of law in 2010.

Zhang graduated with a bachelor degree in International Law from the law department of Jilin University in 1985, and received a master degree in Economic Law from the Law Department of the Capital Economic and Trade University. Zhang specialises in international trade practice, international technology transfer law and practice, as well as contract law and international trade law.

Zhang holds various professional qualification certificates, including the legal profession qualification certificate (lawyer), enterprise legal adviser practice certificate, and the listed companies’ secretarial job qualification certificate.

张吉星

张文敏

Zhang joined Sinopec in 1985. Throughout his career, Zhang has gained experience in legal affairs, foreign trade, construction projects, and foreign affairs management. He worked in the United States and Germany between 1988 and 1992, and later joined the Sinopec International Economic and Trade Consulting Corporation. He was the former legal counsel of the Legal and Consulting Department of Sinopec International Company, business and financial manager of Sinopec Petroleum Company in Houston, business and financial manager of Pec-Euro Handles GmbH in Frankfurt, deputy general manager of Sinopec International Economic and Trade Consulting Company, deputy general manager and general manager of the 3rd Petro-Chemical Department, general manager of the legal department of Sinopec International Company, and deputy director of Sinopec’s Foreign Affairs department. Zhang is responsible for large petrochemical projects and revamping projects on the basis of licensing and transfer of technology, in addition to procurement of equipment and instruments, including spare parts, chemical products and raw materials. He manages and attends negotiations for large-scale joint venture and foreign cooperation projects. He has also drafted and negotiated the standard contracts between the government of China and the governments of Germany, Japan and South Korea under the organisation of the Ministry of Foreign Trade and Economic Cooperation of China (MOFTEC). 职务：法律事务部主任公司：中国石油化工集团公司张吉星是一名教授级高级经济师，现任中石化法律部主任，兼任中国国际经济贸易仲裁委员会仲裁员、国际商会调解中心调解员、北京市法学会国际法学会理事。张吉星1985年毕业于吉林大学法律系，获国际法专业学士学位，之后又获首都经济贸易大学经济法专业硕士学位。他擅长国际贸易及惯例与实务，国际技术转让法律与实务，以及合同法和国际贸易法。张吉星于1985年加入中石化，长期同时从事对外贸易实务、涉外法律和外事工作，具有较丰富的涉外贸易、法律和外事工作经验。。1988年至1992年期间，他曾先后在美国、德国从事贸易和财务工作，之后加入中石化国际经贸咨询有限公司。他曾担任中国石化国际事业有限公司商情条法处的法律顾问、休斯顿中康石油有限公司的业务和财务经理、法兰克福实华欧洲商业有限公司的业务和财务经理、中石化国际经贸咨询有限公司的副总经理、中国石化国际事业公司石化三处的副总经理、总经理兼法律部总经理，及中石化外事部的副主任等职务。张吉星较好地将法律和外贸实践有效地结合应用在项目谈判、签约、合同的履行和争议的解决中，曾负责大型石化引进和改造项目，如技术、成套技术、设备引进和设备、备品备件及化工品的谈判、签约和合同执行等采购工作。。他还组织和参与大型合资企业及中外合作项目的谈判，曾参加中日、中德、中韩政府间双边贸易标准合同示范文本的谈判。 **The Chinese translation of this story was prepared by CLS Communication**

Since October 2009, Zhang has worked as the senior in-house legal counsel of the CECEP Wind-Power Corporation. His main duties include establishing and perfecting the legal risk prevention system for the employer, as well as ensuring that the company’s major economic contracts, rules and regulations, and business decision achieve 100 percent legal verification. He is also responsible for improving the management level of the employer effectively through legal management, and to provide strong legal support for the employer’s introduction of strategic investors, perfection of the corporate governance structure and IPO affairs. Zhang has provided strong legal support to ensure the success of the purchase of100MW wind farm projects both in Inner Mongolia and Qinghai province, and provided high-quality legal services for the employer’s exploration and implementation of its “going out” strategy. He has given strong legal support for the employer subordinate wind farms to register carbon emission reduction (CDM) projects successfully in the United Nations Clean Development Mechanism executive committee (CDM EB), and also helped the employer in cultivating a good compliance culture, cleaning and eliminating existing legal risk links in the management, ensuring the employer engages in legal business and keeps away from legal disputes. CECEP Wind-Power Corporation is held by the state-owned China Energy Conservation and Environmental Protection Group (CECEP). The corporation has 172 wholly-owned and holding subsidiaries with over 30,000 employees. 职务：高级法律顾问公司：中节能风力发电股份有限公司张文敏具备扎实法律、财务、证券及管理知识，擅长企业上市、兼并收购和股权投资法律事务。他有八年以上企业高级法律顾问、法务总监、董事会秘书等工作经验。他于2004年获得中国人民大学法学士学位，之后又于2010年获法学硕士学位。张文敏持有多项专业资格证书，包括法律职业（律师）资格证书、企业法律顾问执业证书和上市公司董秘资格证书。张文敏从2009年10月起担任中节能风力发电股份有限公司的高级法律顾问，主要职责包括，为公司建立和完善法律风险防范机制，保证公司重大经济合同、规章制度和经营决策能100%的法律审核，通过有效的法律管理，提升公司经营管理水平。他还通过细致且卓有成效的工作，为公司引进战略投资者，完善公司治理结构，并为公司的IPO工作提供法律支持。张文敏曾帮公司成功收购内蒙古、青海两家100MW风电场提供优的法律服务，为公司探索实施“走出去”战略提供法律保障。他还曾为公司下属风电场在联合国清洁能源发展机制执行委员会（EB）注册碳减排（CDM）项目提供法律服务，并帮公司培养良好的合规文化，清理和消除经营中存在法律风险的环节，保证公司杜绝因违法经营发生的重大法律纠纷案件。中节能风力发电股份有限公司由中国节能环保集团公司控股。中国节能环保集团公司是中国中央政府直接出资成立，拥有全资和控股子公司172家，员工3万人。

** 此文中文翻译由CLS Communication提供 **

News

ASIAN LEGAL BUSINESS december 2012

REUTERS

China takes anti-corruption drive to Macau’s casino halls By Farah Master, Reuters

Chinese authorities are pressing Macau to step up scrutiny of money transfers as part of a broader move to combat corruption and promote “responsible gaming” in the casino halls of the world’s largest gambling hub. In recent weeks, Macau’s gambling industry has received clear signals that tougher regulation is on its way as China’s new leadership makes a priority out of tackling corruption - a blight highlighted by the recent fall from grace of Bo Xilai, a Communist Party high-flyer whose wife was found guilty of murdering a British businessman. More than half a dozen people operating in the junket business - agents who find and ferry around high-rollers, arranging credit and collecting debts - were detained at U.S. gaming tycoon Steve Wynn’s Wynn Macau casino late November, amid local speculation about links to the disgraced Bo. A spokeswoman for Wynn Macau declined to comment. As Beijing tightens oversight of civil servants and keeps an ever closer watch on flamboyant luxury spending, Macau is an obvious focus. The former Portuguese enclave is the only place in China where citizens can legally bet in casinos. A cash cow for local billionaires and U.S. tycoons such as Wynn and Sheldon Adelson, Macau’s annual revenue from gaming is expected to hit $38 billion this year - six times that of Las Vegas. “The Chinese government has requested to strengthen the governance of money flows,” said Hoffman Ma, deputy chairman of Success Universe Group, which has a joint venture with Macau kingpin Stanley Ho’s SJM Holdings to operate the Ponte 16 casino. “They don’t want to take away from Macau, they want to control it more and alert people, telling them to behave.” Ma said some Chinese bank accounts have been frozen over suspect money transfers to Hong Kong. China imposes strict limits on how much money - $50,000 - its citizens can take out of the country, making Macau a valve for hot money escaping the world’s second-largest economy. Net outflows surged ahead of last month’s leadership change, and reports have highlighted this year how many Chinese officials, including one Agricultural Bank of China executive, have racked up big gambling debts.

CLEAR, PRECISE Macau has always been subject to tight oversight from the mainland, but measures have been stepped up in the second half of this year, say industry executives. Updated internal guidelines have been distributed to Macau’s VIP or junket operators - a main conduit for siphoning money out of the mainland. The guidelines, circulated by the Macau Gaming Inspection and Coordination bureau on Nov. 8, require junket operators to report accurate monthly lists of players, including details of when

HEALTHY GAMBLING Beijing-based Su Guojin, the first lottery expert nominated by the China Ministry of Civil Affairs, said the Chinese government wants to see Macau diversify away from gambling and earn more from leisure and tourism. Gambling accounts for more than 40 percent of Macau’s GDP. Diversification doesn’t mean total profit will fall. The proportion of non-gaming just needs to be changed,” said Su. “You bring Lady Gaga, and you’ll attract visitors.” Macau’s non-gaming revenues from ar-

plays were made and how much was won or lost. Transaction codes, for money both flowing in and out, on sums exceeding $500,000 have to be reported within 24 hours, and the granting of gaming credit must be reported consistently and clearly identify the relationship of all the names on the documents. The moves are in line with a broader policing of money flows after anti-money laundering standards were tightened in Hong Kong in April. Beijing doesn’t want Macau’s gaming revenue to grow at a faster rate than China’s GDP - currently growing at below 8 percent a year - said Tony Tong, director of strategic investment at Tak Chun Finance Group, an affiliate of one of Macau’s biggest junket operators. Faster growth than GDP could be viewed as overheating, he said.

eas such as dining and entertainment make up less than 5 percent of the total, compared to more than half in Las Vegas. Yet revenue from mass market gamblers, drawn from China’s expansive middle-class, continues to grow substantially - a market that is more profitable for casino operators as they don’t need to pay commission to the junket middlemen. New properties being built on Macau’s Cotai strip already incorporate luxury spas, high-end retail and Michelin dining to attract a different clientele - a far cry from a decade ago when gangster Wan “Broken Tooth” Kuok-koi and triads controlled much of a seedy gaming hall industry. Released from a 15-year jail term in early December, Wan told local media: “I don’t want to do anything to affect the stability of Macau.”

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Aviation Asset Finance

ASIAN LEGAL BUSINESS december 2012

Flying

The Chinese aviation market is experiencing positive growth and offers exciting possibilities for specialist lawyers, with much of the work coming from a surprising area. Phil Taylor investigates the opportunities and challenges within this high-flying market.

中国航空市场正在经历正增长，很多业务来自意料之外的领域，为专业律师提供了激动人心的可能性。Phil Taylor为您探究这个正在振翅高飞的市场里的机遇和挑战。

t may be an unforgivable cliché to say the Chinese aviation market is taking off, but there seem to be few other ways to describe it. In April this year, offshore firm Maples and Calder reported a significant uptick in that area, accompanied by a shift in aviation financing to Asia in general. Half a year later, enthusiasm remains unabated. Practitioners report that aviation is emerging as an exciting and competitive market for both the commercial and private sectors, resulting in plenty of interesting legal work.

中国的航空市场正在起飞，看上是一个平庸的陈词滥调，但却没有更好的方式来描述它了。今年4月，离岸律师事务所Maples and Calder的报告认为，这个市场有可观的增长，并且亚洲的航空金融普遍会出现相应的转变。半年后，这种热情依然不减。法律执业者们

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

说

** 此文中文翻译由CLS Communication提供 **

Aviation Asset Finance

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

正在高飞的行业

high

There is little doubt over the future of the commercial aircraft market. Airbus’ published forecast for the 20-year period up to 2032 predicts China will take delivery of 4,272 passenger aircraft worth $634 billion – the highest in the world in terms of value, and second only to the United States in terms of volume. Meanwhile, Boeing has 283 current orders yet to fill for China. It is no surprise then, that the market for legal advice on commercial jet financing remains strong. But it is the boom in the private jet market which appears to be causing the greater stir. Lawyers say the demand from both Chinese individuals and companies has defied the global economic downturn. “It’s probably getting trendy among profitable PRC companies to own a business jet – if your peers have one, it makes sense for you to have one too,” says Simon Wong, a Hong Kong-based aviation and asset finance specialist at Stephenson Harwood. There is a huge amount of unfulfilled demand in the Chinese market. According to Wong, there are already around 2,000 business jets in fellow BRIC nation Brazil. Greater China, by comparison, has reached fewer than 200, despite increasing demand for them, indicating plenty **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

REUTERS/Aly Song

认为，无论对于商用还是私用，航空业都是一个令人激动的和有竞争力的新兴市场，产生了大量有趣的法律工作。商用飞机市场的未来发展是不容置疑的。空中客车公司预测，到2032年的20年期间，中国将购买4272架总值 6340亿美元的客机—— 总值为世界上最高，客机数量仅次于美国。目前，波音公司手头有283架的中国订单。因此，与商用飞机融资有关的法律服务市场保持强劲势头并不令人惊奇。更大的轰动在于私用飞机市场的喷发。在律师们看来，中国的个人和公司用户并不把全球经济衰退放在心上。 “拥有公务机可能是盈利的中国公司中的时尚— —如果同行有一架，自己也该有一架，” 英国罗夏信律师事务所航空及资产融资专家 Simon Wong说。

Aviation Asset Finance

ASIAN LEGAL BUSINESS december 2012

“It’s probably getting trendy among profitable PRC companies to own a business jet – if your peers have one, it makes sense for you to have one too.” Simon Wong, Stephenson Harwood

“拥有公务机可能是盈利的中国公司中的时尚——如果同行有一架，自己也该有一架，” — Simon Wong，罗夏信律师事务所

of room for growth. Independent reports put the figure at 132 in 2011, after a steep rise from only 32 in 2008. “Forecasts suggest strong future growth,” agrees Andrew Lockhart, co-head of Baker & McKenzie’s Asia Pacific aircraft finance practice. While admitting that this sector is not without its challenges – operating corporate jets in China is expensive, time consuming and bureaucratic – he reports a high volume of work from corporates and individuals who have been acquiring aircraft “in very large numbers.” Lawyers say demand is being driven by clients including fleet managers in Hong Kong, aircraft firms in mainland China, and private banks who are bundling private jet deals as part of their offering for high net worth individuals. And in many cases, the deals those lawyers are involved in are big ones. “It’s not just one or two deliveries – at the end of the day, we’re interested in innovative deals which enable 10, 20 or 30 aircraft to get delivered,” says Hong Kong-based DLA Piper partner Robert Caldwell. The financing of private jets is also an area that is seeing increased activity. In mid 2011, specialist media reported that China Minsheng Financial Leasing (a venture between China Minsheng Banking and Tianjin Port Free Trade Zone Investment) had signed a $2.6 billion memorandum of understanding for up to 50 Gulfstream business jets. Since that deal, described by Caldwell as “a watershed”, Minsheng has also signed a memorandum with Dassault Falcon for 20 aircraft, and another for 13 jets from Embraer. A number of these planes have already been delivered. Getting on the right register Lawyers working in this field will need to assist clients with making some tricky decisions, including where they choose to register their jets. If the aircraft is to be mainly used within Chinese airspace, it makes sense to register it there too: a PRC-registered jet can fly to more domestic PRC airports than a foreign-registered jet can, and will also enjoy some benefits in terms of fuel and other operating costs. Foreign jets are subject to more onerous reporting obligations on any cross border, unscheduled flights, and cannot land in certain more sensitive locations in China. Furthermore, a foreign operator of a foreign-registered aircraft is not allowed to operate domestic flights indefinitely within China. A foreign-registered plane has to fly out of China (before entering again) after performing eight continuous domestic legs in the country, or after having stayed there for more than one month continuously. **The Chinese translation of this story was prepared by CLS Communication**

中国市场有巨大的的需求。据Wong说，同为金砖四国的巴西已经有2000架左右的公务机，而在大中国区的数目可能不到200架。独立报告公布的数字是2011年有132架，相对于2008 年已经是一个陡升，当时只有32架。贝克•麦坚时国际律师事务所亚太地区飞机融资业务联席主管Andrew Lockhart表示：“预测显示未来有强劲增长。”他承认这个行业存在挑战—— 在中国使用企业公务机昂贵、费时且程序繁琐，但同时也认为购买飞机的企业和个人 “数量非常大”，带来了大量的法律业务。一些律师认为需求的驱动力来自于客户端，如香港的船队经理、中国大陆的飞机公司以及将私用飞机作为向高端客户提供配套服务的一部分的民营银行。在许多情况下，这些律师参与的都是大交易。 “这不仅仅是只有一两架交付的交易，我们最终感兴趣的是能够达到10架、20架或30架交付的创新交易，”欧华律师事务所合伙人Robert Caldwell说。私用飞机的融资业务也出现增长。2011年年中专家媒体报道称，中国民生金融租赁有限公司（中国民生银行与天津港保税区投资有限公司的合营企业）签署了一份涉及多达总值26 亿美元的50架湾流商务喷气机谅解备忘录。 Caldwell称该交易为“一个分水岭”，民生银行还与法国达索公司签署了一份20架猎鹰飞机的谅解备忘录，另外与巴西航空工业公司有一笔13架飞机的交易。这些飞机许多已经交付。选择正确的注册地这一领域的律师需要协助客户作一些棘手的决定，如，选择飞机注册地注册。如果飞机主要用在中国领空，那自然应该在中国注册：在中国注册的飞机可以使用的国内机场比外国注册的飞机多，还可以享受燃料和其他使用成本等方面的好处。

** 此文中文翻译由CLS Communication提供 **

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Aviation Asset Finance

Although these factors may point toward local registration as the best choice, they need to be balanced against certain drawbacks of registering a jet in China, as Wong points out. “PRC value-added tax and customs tariffs add up to some 22 percent to 25 percent (depending on the aircraft type) when it comes to business jets, although it is possible to defer such tax payment by using a leasing structure,” he says. “In contrast, no importation tax is payable at all if the aircraft is registered in, for example, Hong Kong.” And getting an aircraft on the Chinese register is usually a timeconsuming process that can take several months. “It takes a long time for the CAAC (Civil Aviation Administration of China) to deal with the registration process; it has limited resources, and is already stretched because of obligations to deal with the commercial aviation fleet,” says Lockhart. “There are also issues with the regulatory infrastructure surrounding operating the aircraft where most of the airspace is controlled by the military.” Another factor to consider is that U.S.-registered jets are often easier to sell as potential buyers are attracted by the fact that the jets have complied with the regulatory regime of the largest business jet market in the world. In addition, foreign-registered jets can, in practice, be parked at large PRC airports, such as Beijing, subject to the requirement to fly the aircraft out of the PRC every once a while. After weighing these considerations, specialists say it is common for owners to decide to arrange for their jets to be registered in offshore jurisdictions such as Hong Kong or the Cayman Islands, and base the aircraft in Hong Kong or the mainland.

在中国，外国飞机在任何跨境、非预定时间的航行方面有更繁复的报告义务，并且不能在某些比较敏感的地区降落。此外，外国注册飞机的国外运营商不能无限期地在中国国内经营。外国注册飞机在中国境内连续起降八次或持续停留的时间超过一个月，必须飞出中国才能再次进入。 Wong指出，尽管这些因素可能意味着本地注册是最佳选择，但在中国注册飞机也存在某些缺点需要权衡。 “如果飞机用于商务，在中华人民共和国的增值税和关税最高可达到约22％至25％（取决于飞机的类型），尽管使用租赁结构有可能延迟纳税。”他说，“相比之下，在香港等地注册的飞机则完全没有进口税的支付。” 但飞机在中国注册通常是一个耗时的过程，可能需要几个月的时间。 “中国民航总局（CAAC）处理注册过程需要很长的时间；它的资源有限，且主要用在处理商业航空机队方面。” Lockhart说： “飞机营运还牵涉到一些基础设施的监管因素，如，大多数空域都由军方控制。” 另一个要考虑的因素是，美国注册的飞机往

Two people watch planes land as they stand in the terminal three building of the Beijing Capital International Airport. REUTERS/David Gray **The Chinese translation of this story was prepared by CLS Communication**

** 此文中文翻译由CLS Communication提供 **

Aviation Asset Finance

Offshore or onshore There is also a third option, and one which lawyers say is rising in popularity with PRC lessors and lenders. The aircraft can be registered in the PRC, but held in a bonded area (also known as free trade zones, or FTZs) in China such as the Tianjin Dongjiang Free Trade Port Zone or its equivalent in Shanghai and Beijing. FTZs offer significant incentives in the case of commercial aircraft, such as the reduction of customs duty to 1 percent and import duty to 4 percent, and the rebate or postponement of business tax. Aircraft leasing companies that set up operations in these free zones can also take advantage of some local tax incentives. “This has already caused a change to the market,” comments Harvey Lau of Baker & McKenzie, co-chair of the firm’s regional aircraft finance practice. “Chinese companies are able to take advantage of the tax situation in these bonded zones … This gives them an advantage over their counterparts outside of China.” Caldwell describes the two main ways in which FTZs can be used. The first is where a lease company incorporated in the FTZ imports a commercial aircraft (by way of lease) into the zone and subleases it to a Chinese airline. Under this structure, the import will be exempt from customs and import VAT, while the sublease of the aircraft by an airline could take advantage of the preferential VAT treatment mentioned earlier. The second structure takes advantage of the fact that FTZs permit the use of a bankruptcy-remote special purpose vehicle – a key requirement for asset finance – similar to those used in the traditional offshore jurisdictions. A special purpose vehicle held by a PRC lease company and incorporated in the FTZ is able to buy an aircraft from an onshore seller and then lease it to an offshore company. In this case, the export could enjoy a tax rebate, provided certain conditions are satisfied (such as the lease term being over five years). It is also possible, says Caldwell, for a lease company to consult individually with the FTZ and get other benefits, such as a summary procedure for the settlement of foreign exchange and security registration. Although they are increasingly being used by Chinese companies, FTZs are not yet popular among international lessors and lenders. This could be due to concerns about the clarity of the relevant laws and regulations, as well as uncertainties over other involved parties. “FTZs are an unknown entity for many people – the instinct is to go for something tried and tested,” says Mark Western, a Maples and Calder finance partner covering the Asian region. “Unlike using Cayman or Irish entities, the lessors and banks still have to do diligence in respect of what risks there are in using an entity setting up in an FTZ – they are new and untested.” It seems the FTZ structure is generally best suited in terms of its regulatory requirements to leasing companies incorporated under PRC law. This can, however, include foreign-invested finance leasing companies approved by the Chinese Ministry of Commerce, and some lawyers report that larger foreign leasing companies are actively considering setting up entities in one of the special zones. Coming up with the cash No matter how the deal is structured, most aircraft operators will need to find someone to buy and lease out the aircraft. As Reuters reported back in February, it is Asian lenders – including Chinese banks – who are increasingly providing the cash. Although U.S. banks had built up very strong financing practices, due to economic constraints, they are **The Chinese translation of this story was prepared by CLS Communication**

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“It takes a long time for the CAAC (Civil Aviation Administration of China) to deal with the registration process; it has limited resources, and is already stretched because of obligations to deal with the commercial aviation fleet. There are also issues with the regulatory infrastructure surrounding operating the aircraft where most of the airspace is controlled by the military.” Andrew Lockhart, Baker & McKenzie

“中国民航总局（CAAC）处理注册过程需要很长的时间；它的资源有限，且主要用在处理商业航空机队方面。飞机营运还牵涉到一些基础设施的监管因素，如，大多数空域都由军方控制。” — Andrew Lockhart，贝克•麦坚时国际律师事务所

往更易于出售，因其合乎世界上最大的公务机市场监管体系的要求，会吸引潜在买家。此外，在实践中，外国注册的飞机在按要求飞出中华人民共和国国境时，每次都可以停留在中国的大型机场，如北京机场。在权衡这些因素后，专家们认为，飞机业主选择香港或开曼群岛等地作为离岸注册地，而将基地设在香港或中国大陆，是很常见的做法。离岸与在岸还有第三个选择，律师们认为这种做法在中国的租赁公司和贷款机构中已经越来越流行。飞机可以在中国注册，但将其置于保税区（也称自由贸易区），如天津东疆自由贸易港区或上海和北京的类似区域。保税区为商用飞机提供了可观的激励措施，如关税降低至1％，进口税降低至4％，以及营业税的返利或延迟。飞机租赁公司在这些地区设立业务还可以享受一些地方税优惠。 “这已经引起了市场的变化，”贝克•麦坚时国

** 此文中文翻译由CLS Communication提供 **

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King & Wood Mallesons

China Aviation Finance Market On the Rise - A Look Back at 2012 Wang Ling* Managing Partner King & Wood Mallesons T: +86 10 5878 5016 F: +86 10 5878 5599 E: wangling@cn.kwm.com

Zhou Jie** Senior Associate King & Wood Mallesons T: +86 10 5878 5284 F: +86 10 5878 5599 E: zhoujie@cn.kwm.com

012 has witnessed another year of growing demand and strong deal flows in the Chinese aviation market. By year end, more than 350 new aircraft will have been delivered for operation in China including commercial airplanes and business jets. Active participation of Chinese banks and leasing companies (through both onshore and offshore entities) along with innovative transaction structures developed for the Chinese market by market participants and their counsels have contributed to the robust growth. US Ex-Im Bank Guaranteed Structure For the first time in Chinese aviation finance history, a Chinese airline is able to leverage over the credit support of the Export-Import Bank of the United States (“US ExIm Bank”) without a guarantee from a Chinese bank or a sovereign undertaking from the Chinese government. The specific transactions are 2011-2012 deals in which Air China leased the Boeing 777-300ER aircraft from a Delaware trust entity financed through credit facilities and issuance of USD bonds as guaranteed by the US Ex-Im Bank. These are the first deals in which the US Ex-Im Bank has financed Chinese airlines after the Cape Town Convention (“Convention”) took effect for China, where the US Ex-Im Bank was taking the aircraft asset risk rather than country risk of China. The Convention has played an important part for the US Ex-Im Bank to change its risk assessment, because it establishes a trans-jurisdictional regime which would recognize the “international interest” of a creditor (for instance, lessor and mortgagee) over the aircraft object and provides speedy remedies for such interests (subject to the reservations of the relevant contracting state).

From the perspective of PRC law counseling, the structural complexity of the transactions requires indepth understanding of many elements, including the Convention, its implementation in China and interplay with Chinese domestic laws, the State Administration of Foreign Exchange (SAFE, the Chinese authority in charge of foreign exchange registration), the Civil Aviation Administration of China (CAAC, the Chinese aviation authority in charge of aircraft right registration and the entry point in connection with the registration of International Interests under the Convention), tax issues, and finally customs procedures. A guide through this regulatory maze is essential to achieve successful closings. A: 40th Floor, Tower A, Fortune Plaza 7 Dongsanhuan Zhonglu, Chaoyang Beijing, 100020, P. R. China T: +86 10 5878 5016 F: +86 10 5878 5599 E: wangling@cn.kwm.com W: www.kwm.com

With delivery of the last aircraft in the fourth quarter of 2012, the new US Ex-Im Bank structure has become a transaction type of its kind for PRC airlines (particularly the three large

carriers) in acquiring wide-bodied Boeing aircraft. Bonded Zone Special Purpose Vehicle Structure Bonded zones have become increasingly important for the aviation finance market, especially Chinese banks and leasing companies, ever since the China Banking Regulatory Commission (CBRC, the regulatory authority that supervises the business and operation of banking institutions in China including financial leasing companies) and the local customs authorities lifted the policy to allow leasing companies to hold aircraft title and lease aircraft through special purpose vehicles (“SPV”) in the bonded zones. Statistics shows that in Dongjiang (a bonded zone in Tianjin) alone, over 150 SPVs have been set up to operate aircraft leasing businesses by the first quarter of 2012. Such SPVs channel onshore/offshore USD funds to the aircraft manufacturers and in turn the cash flows from airlines to the onshore/offshore lenders/investors. As local PRC governments promote new tax policies to boost development of the leasing industry, it is likely that bonded zones will become a central area for Chinese lessors (and probably foreign invested lessors) to book more aircraft financing deals. That said, tax incentives are only one aspect. Issues concerning foreign exchange restrictions, security interests, bankruptcy remoteness, marketability of transaction documents (PRC law versus the law of other jurisdictions) all need to be considered to avoid surprises. Ongoing Tax Reforms in the PRC Tax policy changes affect the funding cost for the PRC airlines. Due to an ongoing tax pilot scheme to convert cross-border-lease-related business taxes to Value Added Tax (“VAT”), a program that is expanding to many regions of China, VAT will be levied on the rental payment to offshore lessors made by nearly all major airlines at the rate of 17% by way of withholding. Though the nominal tax rate has increased, effectively the airlines would be able to benefit from the reform by setting off the lease VAT against other VAT. According to estimates by aircraft manufacturers, the China market can expect about 5,000 new aircraft (at a value of about USD 600 billion) to be delivered over the next two decades. There would be more airplanes on order for delivery to China and more transactions coming through. In such a growing market and with an evolving regulatory landscape, the financing transactions will likely be structured in ways that require both international and local expertise.

*Wang Ling is the Managing Partner of King & Wood Mallesons and head of the financing practice. She specializes in banking, international finance, project finance, aircraft and equipment lease financing, acquisition finance, and real estate finance. ** Zhou Jie is a senior associate in King & Wood Mallesons’ Financing Group, based in Beijing Office.

Aviation Asset Finance

now limited to export credit agency-supported financings where they can get optimal credit treatment with sovereign credit coverage. This has a left a vacuum which Asian lenders are only too happy to fill. “Every time we go to industry conferences, we see the head of the aviation division of ICBC (Industrial and Commercial Bank of China) being the most popular person at the event,” says Lau. “They are not just interested in the local market; they are very active in the international market.” To give an idea of the scale of deals in which ICBC is involved, at the end of August 2012, it signed an agreement with Airbus for a total of 50 A320 jets. Although this was ostensibly a commercial deal, the signing took place at Beijing’s Great Hall of the People in the presence of German Chancellor Angela Merkel and Chinese Prime Minister Wen Jiabao. China Development Bank’s leasing subsidiary and Bank of China have also been active, the latter in particular after its acquisition of Singapore Aircraft Leasing Enterprise (the largest such outfit in Asia at the time) a few years ago. Lockhart acknowledges that Chinese banks are on a steep learning curve, and still have some way to go in building up their expertise, particular when venturing outside China. But he and Lau both feel the institutions already have sufficient reputation – and money – to gain plenty of business. A promising practice Lawyers focusing on aviation have faced some tough challenges in the past five years. A year after the collapse of Lehman Brothers, new aircraft orders in the U.S. and Europe dipped dramatically and corporations reconsidered their need to own or use private jets. But those working in China and Asia found themselves relatively insulated from this turmoil. As the world emerges from recession, it is becoming clear that the aviation sector in China never really slowed down. Western aircraft manufacturers are forecasting very high demand from the region over the next two decades. Although this may not come as a great surprise, it is the private jet sector which is raising some eyebrows. It could be this practice area which offers experienced firms reliable growth in the years to come. **The Chinese translation of this story was prepared by CLS Communication**

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际律师事务所支线飞机融资业务联席主管Harvey Lau评论道： “ 中国企业能够充分利用这些保税区的税收政策…这给它们相对于境外同行以优势。” Caldwell指出在保税区可以使用两种主要方式。其一是由设在保税区的租赁公司进口一架商用飞机（通过租赁的方式）进入该区域，然后再转租给一家中国航空公司。在这种结构下，进口的飞机将免除关税和进口环节增值税，而转租飞机的航空公司可以利用前面提到的增值税优惠。第二个结构是要充分利用一个事实，即保税区允许采用特定目的机构破产隔离，此为资产融资的一个关键要件— —类似于在传统的离岸地所采用的方式。中国的租赁公司在保税区注册的特定目的机构，能够从在岸卖家购买飞机，然后出租给一个离岸公司。在这种情况下，如果满足一定的条件（如租赁期限为五年以上），即可享受出口退税。 Caldwell说，租赁公司也可以与保税区个别协商从而到其他的优惠，如外汇结算和证券登记的简易程序。保税区方式虽然为越来越多的中国公司使用，但国际租赁公司和贷款机构尚未表现出普遍的兴趣。这可能是由于对相关法律和法规的清晰度，以及对其他各方当事者的不确定性存有顾虑。 “保税区对很多人来说是一个未知之数，小心翼翼是本能反应，” Maples and Calder律师事务所亚太地区的金融业务合伙人Mark Western 说：“对于使用设立在保税区的实体会出现什么样的风险，出租人和银行仍然不得不做尽职调查，毕竟这些是未经检验的新东西，不同于设置在开曼或爱尔兰的自由贸易区的实体。” 从监管要求来看，保税区结构一般说来似乎最适合根据中国法律注册成立的租赁公司。这里面包括经中国商务部批准的外商投资的金融租赁公司，并且，一些律师看到，大型的外资租赁公司也正在积极考虑在这类特区设立实体。

** 此文中文翻译由CLS Communication提供 **

Aviation Asset Finance

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“FTZs are an unknown entity for many people – the instinct is to go for something tried and tested. Unlike using Cayman or Irish entities, the lessors and banks still have to do diligence in respect of what risks there are in using an entity setting up in an FTZ – they are new and untested.” Mark Western, Maples and Calder

“保税区对很多人来说是一个未知之数，小心翼翼是本能反应。对于使用设立在自由贸易区的实体会出现什么样的风险，出租人和银行仍然不得不做尽职调查，毕竟这些是未经检验的新东西，不同于设置在开曼或爱尔兰的自由贸易区的实体。” — Mark Western，Maples and Calder律师事务所

China’s Premier Wen, German Chancellor Merkel, Airbus President and CEO Bregier, and Secretary of the Tianjin Municipal Committee of the Communist Party of China Zhang pose for a picture during a celebration in Tianjin. REUTERS/China Daily China Daily Information Corp - CDIC **The Chinese translation of this story was prepared by CLS Communication**

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资金进入无论交易的结构如何，大多数飞机运营商都需要有人来购买和租赁飞机。据路透社报道，早在今年2月，包括一些中资银行在内的亚洲贷款机构正越来越多地提供资金。尽管美国的银行已经建立了非常强大的金融业务，但由于经济拮据，它们现在仅限于对出口信贷机构提供融资支持，在那里它们可以通过主权信用保险得到最优信用待遇。这就为亚洲的贷款机构提供了绝佳的机会。 “每次的行业会议上，我们都看到中国工商银行航空业务负责人在活动中是最受欢迎的人物，” Lau说： “他们不只是对本国市场有兴趣，对国际市场也非常积极。” 一个例子可说明工商银行参与的交易规模有多大，2012年8月底，它与空中客车公司签署了一项总共50架A320飞机的协议。虽然这表面上是一个商业交易，但签署仪式在北京人民大会堂举行，德国总理安格拉·默克尔和中国总理温家宝均到场。中国国家开发银行的租赁部门和中国银行也很活跃，特别是后者，几年前收购了新加坡飞机租赁公司（为当时亚洲该类收购中最大的交易）。 Lockhart承认，中国的银行还有很多东西需要学习，仍然有很长的路要走，特别是在对外投资方面，但他和Lau都认为这些机构已经具备足够的声誉和金钱来获得大量的业务。前途光明的业务在过去的5年里，航空业的律师们都面临着一些严峻的挑战。雷曼兄弟崩溃一年后，美国和欧洲新的飞机订单急剧下跌，一些公司重新考虑它们对拥有或使用私用飞机的需求。但是，在中国和亚洲营运的公司与这场风暴相对绝缘。随着全球经济的复苏，越来越明显地显示中国的航空业从未真正放缓。两个西方大飞机制造商预测在未来二十年间，来自中国的需求非常高。虽然这一点可能不是什么大惊奇，但私用飞机市场令人刮目相看。在这个实务领域拥有深厚经验的律师事务所应可以在未来数年获得可靠的业务增长。

Managing Partner Interview

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Building A

powerhouse 缔造强国

**The Chinese translation of this story was prepared by Synmax Translation**

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Managing Partner Interview

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Stephen Harder has had a long love affair with China. Now as managing partner of the Beijing and Shanghai offices of Clifford Chance, ALB’s the International Firm of the Year 2012, Harder is able to use his more than 20 years of experience in corporate law to help the country develop its own legal market. In a chat with Liu Zhen, Harder explains why China needs to change its protectionist policies on the legal business and be friendlier to both domestic and foreign professionals. 何思砥（Stephen Harder）与中国的渊源由来已久。目前作为高伟绅律师事务所北京和上海代表处的管理合伙人，何律师能利用他在公司法方面20 余年的经验来帮助这个国家发展其法律市场。在他的带领下高伟绅也获选 ALB中国法律大奖2012最佳国际律所。在与刘蓁的交谈中，何律师阐述了为何他认为中国需要改变现行于法律行业中的保护主义，并且采取对国内和国外的律师等专业人士更加友好的政策。 ALB: How long have you been managing the China offices? What was your first impression when you arrived? SH: I was asked to manage the Clifford Chance offices in Shanghai in 2002, and in Beijing in 2005. My first impressions of China were formed long before. I began my Chinese studies in university in 1975, and came to China right after graduation in 1980. I lived and worked in Beijing for the next four years, first for a pharmaceutical company and then for a trading company, travelling all over the country in those very first years after the Cultural Revolution. I remember vividly travelling in Xinjiang by jeep across the Gobi desert, and by river boat up the Yangtze, and with friends by train to Beidaihe in the summer. The only nightclub in China then was a “disco” in the Minzu Hotel in Beijing. ALB: How does the China practice fit into Clifford Chance’s larger global strategy? What are your goals for the practice? SH: At the highest management levels of Clifford Chance, there is a clear understanding of the importance – now, and also certainly in the future – of China to the firm as a whole. We have an Asian Leadership Group and China Strategy Group, and just last May, the management committee of the global firm met in Beijing for a series of meetings and briefings on China. The firm well understands the implications of China’s rise. China will soon surpass the United States as the world’s largest economy, and is already the world’s largest trading and manufacturing nation. China has four of the world’s 10 largest banks, some 80 of the Fortune Global 500 companies, one of the world’s largest sovereign wealth funds, one of the world’s most important development banks, companies intent on “going out” to invest in markets where Clifford Chance has a very strong presence (Africa, South America, the U.S., Europe, the Middle East, South East Asia and Australia), and so many of our global clients are investing in China. Clearly, China impacts the firm on multiple levels of strategy. In a sense, our long-term strategy is simple: To have the right people and experience (whether in China or in our offices outside China), to **The Chinese translation of this story was prepared by Synmax Translation**

ALB: 您管理中国的代表处已经有多久了？您初来时的第一印象如何？ SH:2002年和2005年，我被分别任命管理高伟绅的上海和北京代表处。但我对中国的第一印象开始于很早以前。从1975年我就开始在大学学习中文，1980年一毕业我就来到了中国。接下来的四年，我都在北京生活和工作，先是为一家制药公司工作，然后是一家贸易公司，在文革刚结束的那几年里，我走遍了这个国家的所有地方。我还清楚记得在新疆坐吉普车穿越戈壁滩，乘江舟游长江，夏天和朋友一起搭火车去北戴河。那时中国唯一的一家夜总会就是在北京民族饭店里的一个“迪斯科舞厅”。 ALB: 中国业务在高伟绅的全球大战略中处于何等地位？您对中国业务的目标是什么？ SH: 在高伟绅的最高管理层，大家都清楚地认识到目前（当然也包括将来）中国对于整个律所的重要性。我们有一个亚洲领导小组和一个中国战略小组。就在去年五月，高伟绅全球管理委员会还在北京召开了一系列有关中国的会议和介绍会。高伟绅非常清楚中国崛起的含义。中国不久将超越美国成为全球第一大经济体，并已经是全球最大的贸易国和制造业国。在全球十大银行中，中国占了四家。在《财富》全球500强中，中国占了约80家。中国拥有全球最大的

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Managing Partner Interview

be a law firm of choice to any major Chinese company doing business abroad and any major global company involved in China across a wide range of specialties – project finance, energy, regulatory, inbound investment across multiple sectors including life sciences and retail, capital raising through IPOs or private equity, fund formation, dispute resolution, and so forth. In the medium term, we continue to develop both our inbound FDI capability and our outbound capability as we believe that both will be very important going forward. We are bringing up some young partners (including many with Chinese backgrounds) in what we call “succession planning.” We think it’s terribly important to build that strong foundation for the next several decades in China. ALB: What is the firm culture that you promote? SH: One of the gratifying aspects of being an office managing partner in a global firm like Clifford Chance is the chance to create an office culture that reflects the firm’s best principles. We manage the Shanghai and Beijing offices as a single unit, in close coordination with the many China-experienced lawyers in our offices in Hong Kong and Singapore. We constantly emphasise the importance of transparency and sharing information among all lawyers, and working together as a team. We do some little things to encourage this. For instance, in designing the offices in Beijing and Shanghai, we made sure that all offices had interior windows so that we could have a sense of community and we kept the height of the secretaries’ filing cabinets low so everyone can see everyone. We made sure – this may seem a small

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主权财富基金之一和全球最重要的开发银行之一。很多中国公司希望“走出去”，到非洲、南美、美国、欧洲、中东、东南亚和澳大利亚投资，而高伟绅在这些市场的业务都很强。我们的很多全球客户也在中国投资。显然，中国在多个战略层面都对本所有影响。从某种意义上讲，我们的长期策略很简单：拥有适当的人才和经验（无论在中国，或中国以外的其他代表处），并在众多业务领域——项目融资、能源、监管、包括生命科学和零售等多行业的对华投资、通过IPO或私募融资、基金设立以及争议解决等——成为在海外经营的中国大公司和与中国有业务关系的全球性大公司的首选律所。就中期来说，我们将继续发展我们的外商对华直接投资（FDI）业务和中国公司境外投资业务，因为我们相信未来这两项业务都将很重要。我们已经在我们称为“继任者计划”中着手培养年轻合伙人，包括许多中国背景的年轻人。我们认为，为将来几十年在中国打下一个坚实的基础是极端重要的。 ALB: 您提倡何种企业文化？ SH:在一家像高伟绅这样的全球性律所担任代表处管理合伙人，能给你带来满足感的事情之一，就是有机会建立起一种能反映高伟绅最佳行为准则的办公室文化。我们是将上海和北京代表处作为一个整体来管理的，同时我们也与香港和新加坡代表处的许多有中国经验的律师密切协作。我们时刻强调透明度、在全体律师中共享信息和团队工作的重要性。我

Stephen Harder with (from left to right): corporate counsel Campbell Izzard, finance counsel Jiahua Ni, capital markets partner Jean Thio and corporate partner Terence Foo. 何思砥与同事们。左起：公司业务部高级顾问杨勇，金融业务部高级顾问倪嘉华，资本市场业务部合伙人张珮真，公司业务部合伙人符国成。

**The Chinese translation of this story was prepared by Synmax Translation**

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Managing Partner Interview

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thing, but small things matter – that the rather thick carpet we have on the floor in the reception extends throughout the offices. This is to emphasise that there is no “back” or “front” office to our approach. We try to maintain the same standards in our dealings with each other throughout the office as in our dealings with clients. We also have eating areas in both offices where lawyers and staff gather together at lunch and especially in the evenings, and we believe the frequent sound of laughter emanating from those areas is the sign of a healthy office culture. Finally, we try to instill a sense that everyone from trainee to partner is a “Clifford Chance lawyer.” What we mean by that is that every lawyer, no matter their level of experience, should not be afraid to use their own judgment and analysis in approaching a problem before bouncing ideas off more senior lawyers. We think this builds self confidence and good client skills. ALB: Which practice area are you going to invest heavily in and how? SH: We have already built a very strong team in China of more than 80 lawyers, including trainees. And that is not counting the many dozens of China-capable lawyers in our Hong Kong office. In the past several years, we have invested heavily to strengthen our capacity to represent Chinese companies in IPOs in Hong Kong and in outbound investments, and that investment has certainly resulted in a premier practice in these areas. We have seconded some of our promising young lawyers to important Chinese and foreign financial institutions. In my view, a really important investment going forward is in the career development of PRC background lawyers in our other global offices, such as London, Singapore and New York. We believe the future of China work belongs to firms that can attract and provide senior career opportunities around the world to their Chinese lawyers. ALB: How does CC differentiate itself from rivals in China? SH: I think Clifford Chance is distinguished particularly in the number of Chinese-background partners and counsel we have created in China and Hong Kong. Speaking only of Beijing and Shanghai, of our 22 counsel and partners now based full time in China, 16 are of Chinese background (mostly educated in the PRC). Many of our partners and counsel are women, and all of our partners are fluent in Mandarin. We believe these results at the top level demonstrate that our firm has a very positive and open approach to career development for Chinesebackground and women lawyers. A close look at some of our global competitors in China might show a very different profile at the top. ALB: Is CC enjoying its leading position with relative comfort, or do you feel a pressing competition? SH: Competition in China in any field is fierce, and law is no exception. There are some excellent lawyers at local PRC firms, and many of our strongest global competitors also have offices in China. Complacency is not a part of our strategy! We are fortunate to have an exceptional business development team in China that has really distinguished itself. Strong business development professionals are essential in this market. ALB: What are the key challenges you face running the offices in China? What measures are being taking to ensure best practice? SH: To ensure best practice, we spend a lot of time training our younger associates with deal reviews, online learning, and offsite conferences and seminars. We try to keep a free flow of information (subject, of course, to client confidentiality) so that everyone knows whom to

**The Chinese translation of this story was prepared by Synmax Translation**

们会做一些小事来鼓励这种文化。比如，在设计北京和上海代表处的办公室时，我们会确保所有的办公室都有内窗，这会让我们有一种群体归属感，我们还把秘书的文件柜设计得较低，以便大家都能看到对方。我们还确保接待处的厚地毯一直延伸至办公室的每个角落，这看似小事，但小事也很重要。这是为了强调在我们眼中没有“后台”与“前台”之分。我们会努力确保在整个办公室中，人们能以同样的标准对待彼此，我们与客户的交往也是如此。我们还在两个代表处都设有饮食区，律师和员工们在午餐时尤其是晚上可以在这里小聚。我们觉得从这些地方不断传出的笑声是健康的办公室文化的标志。最后，我们会努力灌输一种意识，那就是从实习生到合伙人，每个人都是一名“高伟绅的律师”。也就是说，每位律师，无论其经验水平如何，在解决问题时都不要惧怕运用自己的判断和分析，之后再找更高级的律师讨论。我们觉得这能帮助他们树立自信和培养良好的客户技巧。 ALB: 您将大力投入哪个业务领域？如何

投入？ SH: 我们已经在中国建成一支由80多名律师（包括实习律师）组成的非常强大的团队。这还未包括我们在香港代表处的几十位也能处理中国业务的律师。在过去的几年里，我们曾大力投入加强我们代表中国公司经办香港IPO和境外投资的业务能力，这些投入确实使我们在这些领域的业务非常强。我们已派遣一些有潜力的年轻律师到一些重要的中外资金融机构去工作。在我看来，今后真正重要的一项投入，就是中国背景律师在我们全球其它代表处（如伦敦、新加坡和纽约）的事业发展。我们相信，中国工作的未来属于那些能够吸引到中国律师，并为其提供全球各地高层次事业机会的律所。 ALB: 在中国，高伟绅与竞争对手相比有何特别之处？ SH: 是我认为高伟绅最特别的，就是我们在中国和香港提拔的中国背景合伙人和顾问的人数。仅就北京和上海而言，在我们常驻中国的22位顾问和合伙人中，有16位为中国背景（大多数在中国接受教育）。我们很多的合伙人和顾问都是女性，我们所有的合伙人都能讲流利的普通话。我们认为，这些高层的人数显示了高伟绅对中国背景律师和女性律师的事业发展持非常积极和开放的态度。如果你仔细看下我们在中国的一些全球性竞争对手，他们高层的情况可能会完全不同。

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Managing Partner Interview

contact for relevant experience or assistance. We have a China general manager, who is not a lawyer, but is responsible for many aspects of our practice, not only on the financial side but also to ensure that professional standards are well understood. ALB: You have been in China since 2001. How has the legal business in the country evolved over the past decade? SH: When Clifford Chance established offices in Beijing in 1985 and Shanghai in 1993, the nature of the work was much less complex. Clearly, the rise of outbound work has introduced many Chinese clients to the challenges of foreign laws and regulations in many other jurisdictions, and there are many more firms competing in the market. ALB: How do you like the cooperation with Chinese firms? SH: We are proud that a number of our associates (more than a dozen) have gone on to become partners at Chinese firms, including at Fang Da, King & Wood, Han Kun, Jun He, Broad & Bright, and several others. We frequently refer work to our former colleagues, and we frequently cooperate with Chinese firms on cross border matters. We involve them in Chinese law issues and opinions and they involve us in foreign law advice, particularly in the more than 20 countries around the world where we have established offices. ALB: In comparison to the countries in transition like Poland and Russia where you also had remarkable experiences, what are the similarities and differences that you have noted in China in terms of the development of the legal service market? SH: I was privileged in the early 1990s, while still a mid level associate at a New York firm, to have been part of the small legal teams that developed the mass privatisation programmes in Poland and Russia and also to have been part of the negotiating team for Poland’s London Club debt negotiations. In fact, I joined Clifford Chance after being “across the table” from them for four years on the Polish debt negotiations. There are distinguished lawyers and law firms in Poland and Russia, and the Clifford Chance offices there are very well established and very strong, although I think anyone who follows events in Russia must worry about the integrity of its legal system in the face of political pressures – a concern also not unknown in China.

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ALB: 高伟绅是轻松稳居领先地位，还是您感觉颇有竞争压力？ SH: 在中国任何领域的竞争都很激烈，法律行业也不例外。中国的本土律所有一些非常出色的律师，我们最强的全球性竞争对手也有好多在中国设有代表处。自满自足不是我们策略的一部分！我们很幸运地在中国拥有一支非常出色的市场拓展团队，他们的确取得了不凡的成绩。强大的市场拓展人员在这个市场上非常重要。 ALB: 您在管理中国代表处时所面临的主要挑战有哪些？您都采取哪些措施来确保最佳行事方式？ SH: 为确保最佳行事方式，我们会花很多时间通过交易回顾、在线学习以及外部会议和研讨会，来培训我们的年轻律师。我们会在不违反客户信息保密性的前提下，尽力确保非常自由的信息流动，从而使每个人都知道该找谁来获取相关的经验或协助。我们有一位中国区总经理，虽然不是律师，但负责我们业务的许多方面，不仅是财务方面，还要确保大家都能清楚理解职业标准。 ALB: 您自2001年起就长驻中国，中国的法律业务在过去十年里的发展状况如何？ SH: 高伟绅分别于1985年和1993年设立了北京和上海办事处，那时候的工作性质比现在要简单许多。很明显的，对外业务的兴起使许多中国客户在许多其他国家或地区面临着国外法律法规的挑战，也有更多的律所加入了市场竞争。

What I would say is over my career, I admire tremendously the way in which China has been able to reform so many different parts of society at the same time, and still remain a nation that has a feeling

Chinese law firms will become competitive globally much sooner if the best Chinese lawyers are now allowed with greater professional freedom to develop their own career path – both inside and outside international firms - without the prejudicial restrictions they suffer from at present. **The Chinese translation of this story was prepared by Synmax Translation**

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Managing Partner Interview

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of going forward together. There are lots of discussions in China now that China needs a new wave of reform and I think it is coming. I’m very optimistic for China. What distinguishes the Chinese legal service market from those in Central Europe, besides its sheer size, is the rapid growth of significant Chinese firms which will certainly become global firms in the years to come. The question is whether existing protectionist regulations are actually hurting and delaying the eventual success of these firms in going global. ALB: What is the “protectionism” like, and how do you think is it affecting the legal business in China at the moment? SH: The current regulations that prevent Chinese and global firms from cooperating more closely and restrict the ability of Chinese lawyers to use their practice licence at foreign firms are out-of-date. With 100,000 lawyers graduating every year from the Chinese law schools, it would be quite rewarding for those who would like to get a few years experience working in a different kind of firm using their Chinese law skills. Chinese law firms will become competitive globally much sooner if the best Chinese lawyers are now allowed with greater professional freedom to develop their own career path – both inside and outside international firms - without the prejudicial restrictions they suffer from at present. I think allowing Chinese lawyers with their license to work for foreign

ALB: 您对与中国律所的合作感觉如何？ SH: 我们很自豪的是，我们有很多律师（一打以上）在离开高伟绅后，成为方达、金杜、汉坤、君合、世泽和其他一些中国律所的合伙人。我们经常介绍工作给我们的前同事，也经常在跨境业务上与中国律所合作。我们会在中国法律事务和意见方面与他们合作，他们也会在外国法律意见方面与我们合作（尤其是在高伟绅设有代表处的全球20多个国家）。 ALB : 您在一些转型中的国家（如波兰和俄罗斯）也曾有非常丰富的经验。就法律服务市场的发展而言，您关注到中国与这些国家相比有何异同？ SH: 上世纪90年代初，当时我还是一家纽约律所的中级律师，我有幸作为法律小组的一员，参与规划了波兰和俄国的大规模私有化项目，并且还作为谈判小组的一员，参与了波兰伦敦俱乐部的债务谈判。实际上，我就是在波兰债务谈判桌上与高伟绅“对峙”了四年之后，才加入高伟绅的。在波兰和俄国有很多卓越的律师和律所，高伟绅在这些国家的代表处均享有极高声誉，业务也很强，虽然我想任何了解俄国事态的人都会担忧其法律体系在政治压力下的完善性，这一问题在中国也不陌生。在我的职业生涯中，我极为钦佩的是中国能够同时对社会如此多的方面加以改革，并且在这个过程中还能保持作为一个国家民族团结前进的整体感。现在也有很多讨论说中国需要一波新的改革，我认为这也即将到来。从这个意义上来说，我对中国非常乐观。中国的法律服务市场区别于中欧的，除了规模，就是中国骨干律所的快速壮大，这些律所未来必将成为全球性律所。但问题是，现有的保护主义法规是否实际上损害和延误了这些律所全球化的最终成功。 ALB : 您所说的“保护主义”具体是什么？您认为它是怎样影响到目前中国法律行业的发展？ SH: 当前这些阻碍中外资律所进一步合作，并限制中国律师在外资所使用其律师执照的法规是很过时的。

Stephen Harder in 1994 at signing ceremony of Poland sovereign debt restructuring in Warsaw, with (to his immediate left) Poland’s Prime Minister, President of the Central Bank and (seated) the Minister of Finance. 何思砥在波兰国家主权债务重组协议签字仪式上。他的旁边左起：时任波兰总理，央行行长，财政部长。1994年，华沙。

**The Chinese translation of this story was prepared by Synmax Translation**

每年中国的法律院校有十万名毕业生，在一种不同的律所环境中运用他们所学的中国法律技能并获得数年的工作经验，对他们会很有益。如果中国最好的律师被允许有更多的职

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Managing Partner Interview

firms in China would create a much larger group of skilled international cross border Chinese lawyers. This larger group would naturally set up their own firms, or join Chinese firms. This would be good for China. It would be good for the individual Chinese lawyers. It would be good for the Chinese firms who would have a much larger pool of talent. And it would be good for their Chinese clients because the Chinese companies would then have a very large group of well trained Chinese lawyers to work with. ALB: The long-held protectionism would probably be difficult to get rid of, wouldn’t it? SH:I would suggest it’s time for Shanghai and Beijing to experiment. This is a matter of industrial policy for the legal profession, so that the legal profession can become a national champion and go out with other national champions, helping them invest in Africa, in Europe, in America. Also, it is about Shanghai and Beijing as national champions for professional service centres - what will accelerate it, what will slow it down. Those restrictions are essentially slowing down the global development of the Chinese law firms, and making Shanghai and Beijing less competitive with Hong Kong and Singapore . ALB: How do you anticipate the China practice will change in five years? What do you think is vital for CC to do in order to keep its edge in China in the future? SH: The biggest challenge – usually not mentioned – to the ultimate global success of many Chinese law firms is that Shanghai and Beijing need to become true international professional service centres like London and New York, especially like Hong Kong and Singapore. This means top level accountants, lawyers and investment bankers must want to relocate their families to live and work full time in Shanghai or Beijing. If a sufficient number of them do so, it can revolutionise the professional culture and reputation of both cities. The biggest obstacle to this, apart from the poor air quality and traffic in Beijing, is the very high marginal tax rate on senior global professionals in China. The top rate of 45 percent compares very poorly to top rates under 20 percent in Singapore and Hong Kong. If this disparity in tax rates continues, it will certainly mean that Singapore and Hong Kong will get almost all the inflow of senior skilled professionals into Asia from global markets. Eventually, even some of the best Chinese senior lawyers will be tempted to relocate to Hong Kong or Singapore. ALB: You again emphasised the competition between Shanghai, Beijing and Hong Kong, Singapore for the international professional service centre of Asia. What, in your opinion, needs to be done by the mainland Chinese? SH: I think that Shanghai and Beijing both should be great global financial centres, business centres and professional services centres. Shanghai and Beijing have many natural advantages. They are in the middle of what may become the world’s largest capital market, and will soon be the largest economy. In Singapore and Hong Kong, the legal profession has been substantially liberalised. Obviously, both Hong Kong and Singapore have decided that if they are to become global professional service centres they have to be open freely to international firms and allow their own lawyers – Singapore-qualified lawyers, Hong Kong-qualified lawyers – to work for any firm.

**The Chinese translation of this story was prepared by Synmax Translation**

ASIAN LEGAL BUSINESS december 2012

业自由，来选择自己的事业发展道路（无论是否在全球性律所），而无需受到目前的不利限制，中国律所将可以更早地获得这种全球竞争力。我认为，如果允许为外国律所在中国工作的中国律师保留他们的律师执照，将能够打造出一个更大的具有国际化跨境业务能力中国律师群体。这样一个群体很自然地将会开设自己的事务所，或者加入其它中国事务所。这不但将有利于中国，有利于这些中国律师个人，也有利于中国律师事务所，因为这能够为他们储备一个大得多的人才库。这还将有利于中国的客户，因为中国公司将能够拥有非常大的一群受过良好训练的中国律师替他们服务。 ALB: 这种长期形成的保护主义是否很难改变？ SH: 我会建议北京和上海先进行试验。这是一个关于法律行业的产业政策的问题。那样的话，法律行业能够成为中国的代表，和其他的中国代表行业一起走出国门，帮助他们在非洲、欧洲、美洲进行投资。同时这也是一个关于上海和北京作为中国的代表，竞争成为国际专业服务中心的问题——哪些因素将会加快这个过程，哪些会减慢这个过程？上述这些限制会从本质上延迟中国律师事务所的全球化发展，同时影响到上海和北京在香港和新加坡面前的竞争力。 ALB: 您预见中国业务在未来五年里会有怎样的变化？您认为高伟绅应怎样做，才能保持其未来在中国的优势地位？ SH: 对很多中国律所来说，要取得在全球的最终成功，最大的挑战就是上海和北京需要成为真正的国际化专业服务中心，像伦敦和纽约，尤其是香港和新加坡那样，这一点很少有人提到过。这意味着，顶级的会计师、律师和投资银行家必须愿意把家搬到上海或北京，并在这里生活和长期工作。如果他们中有足够多的人这么做，就可以彻底改变这两个城市的职业文化和声誉。要实现这一点，最大的障碍— —除了北京极差的空气质量和交通状况——是对在中国的外籍高级专业人士征收的极高的边际税率。最高45%的税率与新加坡和香港低于20%的最高税率相比，实在差距太大。如果这种税率悬殊延续下去，必然意味着新加坡和香港将吸引走从全球市场流到亚洲的几乎全部的高级熟练专业人士。最终，甚至一些最好的中国高级律师也会被吸引去香港或新加坡。 ALB:您再次强调了上海、北京与香港、新加坡在成为亚洲的国际专业服务中心方面的竞争。您认为中国大陆需要做些什么？ SH: 我认为上海和北京都应该成为主要的全球金融中心、商业中心和专业服务中心。上海和北京有许多天然的优势。他们位于有可能成为全球最大的资本市场和即将成为世界第一经济体的的国家的中心。在新加坡和香港，法律行业已经充分地自由化。显然这两地都认识到，如果他们希望成为国际专业服务中心，他们必须对国际律师事务所自由开放，并且允许他们自己的律师—— 持有新加坡执照的和香港执照的律师——在任何一家律所工作。此外还有一点，我觉得关于高税率在上海和北京成为专业服务中心的发展中到底意味着什么，人们并没有加以足够的思考。除非税率降低，否则，甚至一些最好的中国律师，当他们的收入变得足够高之后，也可能会因为税务的考量而搬去

** 鑫马翻译提供中文译文 **

Managing Partner Interview

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In addition, there is something that I don’t think people are thinking about enough, which is what the high tax rate will actually mean for the development of Beijing and Shanghai as professional service centres. Unless tax rates are lowered, even some of the best Chinese professionals, when they become very well paid, will relocate to Hong Kong or Singapore for tax purposes. Foreign senior professionals, who make many personal and professional sacrifices to work in China - far from their own countries - should be provided some tax incentives to move from Hong Kong or Singapore to Beijing or Shanghai. If these key variables of the equation can be addressed by the Chinese authorities, then I think a golden age for both Shanghai and Beijing as world financial, corporate and professional service centres would rapidly arrive. You would see a massive inflow of senior legal, banking and accounting professionals into Shanghai and Beijing, with significant benefits for the future global competitiveness of Chinese lawyers and Chinese law firms around the world.

香港或新加坡。外国的高级专业人员，作出了许多个人和职业的牺牲，远离家乡来到亚洲工作，也应该获得一些税赋上的优惠，令他们乐于从香港和新加坡搬来北京或上海。如果中国当局能处理好这一经济方程式中的关键变量，我认为上海和北京将迅速迎来其作为全球金融、公司和专业服务中心的黄金时代。你将看到大批的高级法律、银行和会计专业人才涌入上海和北京，这将大大有利于未来中国律师和中国律所在全球的竞争力。 ALB: 一家全球性律所要在中国取得成功，您认为最重要的是什么？ SH: 最优秀的人才，并且要对他们进行公正地评估和有效地激励。 ALB: 您作为北京和上海的管理合伙人最自豪的时刻是什么？ SH: 当你看到业务增长，使优秀的年轻律师有机会晋升顾问和合伙人，并成为其各自领域的领先者，或办公室里不同文化背景的人们和谐共事，并能就其各自的贡献获得应有的认可——这都会让你觉得很有意义。

If these key variables of the equation can be addressed by the Chinese authorities, then I think a golden age for both Shanghai and Beijing as world financial, corporate and professional service centres would rapidly arrive. ALB: What do you think is essential for an international firm’s success in China? And a foreign lawyer’s? SH: The best people - fairly evaluated and well motivated. ALB: What has been your proudest moment as the MP of Beijing and Shanghai? Any suggestions for your colleagues? SH: When one sees a business grow so that it can sustain career advancement for fine young lawyers to counsel and partner and to become leaders in their respective fields, in an office where people of many different cultural backgrounds work well together, and where their individual contributions get the credit they deserve – that’s a good feeling. **The Chinese translation of this story was prepared by Synmax Translation**

** 鑫马翻译提供中文译文 **

ALB top 50 largest law firms

ASIAN LEGAL BUSINESS december 2012

Top

50 ALB Methodology

Top 50 research explained: â&#x20AC;&#x201D; - Firms were contacted in July 2012, and asked to supply numbers of partners and lawyers across their operations in Asia. - Total fee-earners equals the universal subset of all timekeepers, including associates, partners, counsel, foreign counsel (including lawyers on secondment from alliance firms) and consultants. Trainees or pupils were not counted among feeearners.

- In the case of international law firms, only Asia-based partners, associates, and fee-earners were counted. - Where two firms had the same headcount figure, the firm with the higher number of partners was ranked higher. - Australia and New Zealand firms and headcounts were excluded from this ranking.

Rank

Firm

Largest law firms By Seher Hussain and Kanishk Verghese

Headquarters

Partners

Associates

Total feeearners^

Dacheng Law Offices

China

749

1428

2676

Beijing Yingke Law Firm

China

567

1053

1820

King & Wood Mallesons

China

226

955

1181

Grandall Law Firm

China

215

580

1112

DeHeng Law Offices

China

187

763

1106

Baker & McKenzie

U.S.

247

639

1100

Zhong Yin Law Firm

China

117

584

960

AllBright Law Offices

China

184

671

940

Kim & Chang

South Korea

120

N/A

800

Zhong Lun Law Firm

China

203

560

747

Amarchand & Mangaldas & Suresh A. Shroff & Co

India

467

533

Jun He Law Offices

China

149

299

482

Nishimura & Asahi

Japan

321

474

Guanghe Law Firm

China

112

348

455

Lee & Ko

South Korea

128

225

436

Zhonglun W&D Law Firm

China

320

418

Lee and Li

Taiwan

327

380

Clifford Chance*

186

359

Allen & Gledhill

Singapore

136

184

357

Shin & Kim

South Korea

118

159

356

Rajah & Tann

Singapore

117

172

355

Linklaters

215

352

Guangdong Sun Law Firm

China

234

350

Nagashima Ohno & Tsunematsu

Japan

227

340

Anderson Mori & Tomotsune

Japan

207

325

ALB top 50 largest law firms

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Deheng Law Firm

China

181

277

DLA Piper

UK/ U.S.

214

274

Jincheng Tongda & Neal

China

217

271

Mayer Brown JSM

U.S.

167

270

Guantao Law Firm

China

140

268

Deacons

Hong Kong

135

268

WongPartnership

Singapore

171

264

Beijing Grandway Law Offices

China

214

260

J Sagar Associates

India

196

250

Hogan Lovells

UK/ U.S.

204

244

AZB & Partners*

India

221

240

Herbert Smith Freehills

192

237

Hylands Law Firm

China

150

235

Drew & Napier

Singapore

233

Freshfields Bruckhaus Deringer

N/A

233

*Information obtained from law firm website ^Total fee earners equals the universal subset of all time-keepers, including associates, partners, counsel, foreign counsel (including lawyers on secondment from alliance firms) and consultants. Trainees or pupils are not counted among fee-earners

ASIA

REUTERS/Jason Lee

firms in Asia. Six South Korean firms are top 50 contenders, while hile the global economy remains stagnant, Asia conJapanese and Indian firms claim five spots each. Singaporean firms tinues to be the standard bearer of growth. Sure, the nab four places, with one firm from both Hong Kong and Taiwan fearumblings of an unsettled European economy and a turing in the table. International firms – mostly from the UK – account flagging U.S. market have taken its toll in the East. Yet, for nine of the largest 50 firms in Asia. Asia’s number of wealthy is fast increasing, its middle class is burTaking a closer look, Asia’s top 50 features five Indian firms - two geoning, and its companies are expanding abroad. The legal market fewer than last year - but still indicates consolidated growth as is capitalising on these opportunities. The past year has seen many Amarchand & Mangaldas & Suresh A. Shroff & Co moves up one place international law firms set up new offices in the region, the creation of as the 11th largest firm in Asia with 533 fee-earners. Fox Mandal finds several domestic firms, a host of mergers, and the consistent growth of existing Asian practices through lateral hires, internal promotions, itself out of the table, given its recent demerger with Little & Co, while and relocations. While many recently-established Asian offices may stalwarts J. Sagar Associates, Luthra & Luthra, Khaitan & Co, and AZB not boast the headcount to ensure a place in ALB’s largest law firm & Partners continue to make a strong showing. Market sources point to tables, the message is clear that the Asian legal market is a highly corporate outsourcing as another driver of growth in the Asian market; competitive one. as multinational corporations outsource more legal work, demand for The top three largest law firms by headcount in Asia who retain legal services in low-cost locations is also spiralling upwards. Our India their spots from last year are: Chinese firms Dacheng Law Offices table has expanded to 20 firms to match this trend. and Beijing Yingke Law Firm, and recently-merged King & Wood Moving further southeast, the race to be the largest firm in Mallesons. Dacheng Law Offices claims pole position with 2,676 feeSingapore heats up considerably as Allen & Gledhill reclaims first earners, boasting 800 fee-earners more than that of second-placed place from Rajah & Tann by a mere two lawyers. This year, we feature a Beijing Yingke Law Firm. King & Wood Mallesons remains the thirdseparate table for international firms based in Singapore, highlighting largest firm in Asia, and has grown considerably following the merger the growing importance of the city-state to the Asian legal market. Total fee- firms continue to hungrily enter Singapore in an between King & Wood and Australian Headquarters firm Mallesons Stephen JaquesAssociates Large international Rank Firm Partners earners^ in March this year. attempt to expand their footprint, and align themselves with Asia’s 1 Dacheng Law Offices China 749 domi- 1428 Partly due to the size of its domestic market, Chinese firms high growth2676 economies. This burst of firm openings as well as a signate2 the table nificant number Beijingagain Yingkethis Lawyear, Firm representing China 19 out of the 50 567largest 1053 1820 of partner relocations for already-established teams has propelled explosive growth, warranting 3 King & Wood Mallesons China 226 955 1181 an international firms table that is hotly com26 TMI Associates* Japan 66 215 311 petitive, with Ashurst and Watson, Farley & 27 Mori Hamada & Matsumoto* Japan 95 189 307 Williams tied with 42 fee-earners each. 28 Yulchon South Korea 90 170 307 Finally, the highest placed international firm on our list, Baker & McKenzie in the 6th 29 Zhongcheng Renhe Law Firm China 78 275 307 position with 1,100 fee-earners, elected 68 30 Yoon & Yang* South Korea 100 154 301 lawyers this year to partnership. Of those, 31 Khaitan & Co India 58 242 300 almost half were based in Asia-Pacific. 32 Luthra & Luthra India 44 246 290 Ultimately, the numbers do not lie; it has been a prosperous year for the Asian market 33 Allen & Overy* UK 46 164 287 as demand for legal services continues at a 34 Bae, Kim & Lee* South Korea 99 157 280 furious pace, and law firms merge, expand, 35 Jingtian & Gongcheng China 85 96 279 and grow to keep up.

ALB top 50 largest law firms

chinah e a dquart ered Rank

Firm

ASIAN LEGAL BUSINESS december 2012

china int l

Partners

Associates

Total feeearners^

Dacheng Law Offices

749

1428

2676

Beijing Yingke Law Firm

567

1053

1820

Grandall Law Firm

215

580

1112

DeHeng Law Offices

187

763

1106

King & Wood Mallesons

192

826

1018

Zhong Yin Law Firm

117

584

AllBright Law Offices

184

Zhong Lun Law Firm

Rank

Firm

Headquarters

Partners

Associates

Total feeearners^

Baker & McKenzie

U.S.

Hogan Lovells

UK/U.S.

Linklaters

O'Melveny & Myers

DLA Piper

UK/U.S.

960

Clifford Chance*

671

940

N/A

203

560

747

Freshfields Bruckhaus Deringer

Jun He Law Offices

149

299

482

Pinsent Masons

Guanghe Law Firm

112

348

455

Herbert Smith Freehills

Zhonglun W&D Law Firm

320

418

Allen & Overy*

Guangdong Sun Law Firm

234

350

Mayer Brown JSM

U.S.

Zhongcheng Renhe Law Firm

275

307

U.S.

Jingtian & Gongcheng

279

Orrick, Herrington & Sutcliffe

U.S.

Deheng Law Firm

181

277

Sidley Austin

U.S.

Jincheng Tongda & Neal

217

271

Shearman & Sterling

Guantao Law Firm

140

268

Norton Rose

17 18

Beijing Grandway Law Offices

214

260

Hylands Law Firm

150

235

Global Law Office

200

^Total fee earners equals the universal subset of all time-keepers, including associates, partners, counsel, foreign counsel (including lawyers on secondment from alliance firms) and consultants. Trainees or pupils are not counted among fee-earners

REUTERS/Jason Lee

ALB top 50 largest law firms

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hong kong h e a dqua rt ered Firm

Partners

Associates

Total feeearners^

Deacons

135

268

Woo Kwan Lee & Lo*

Li & Partners*

Wilkinson & Grist*

Hastings & Co

Gallant Y.T. Ho & Co

P.C. Woo & Co*

Haldanes*

ONC Lawyers

Robertsons Solicitors*

N/A

india

hong kong int l Rank

Firm

Headquarters

Partners

Associates

Mayer Brown JSM

U.S.

121

200

Baker & McKenzie

U.S.

127

178

Clifford Chance*

164

Linklaters

133

164

King & Wood Mallesons

China/Australia

129

163

DLA Piper

UK/U.S.

127

Freshfields Bruckhaus Deringer

N/A

125

Allen & Overy*

Sidley Austin

U.S.

Herbert Smith Freehills

Hogan Lovells

UK/U.S.

Reed Smith Richards Butler

U.S.

Norton Rose

14 15

Kirkland & Ellis

U.S.

Latham & Watkins

U.S.

18 11

26 35

58 46

REUTERS/Siu Chiu

Rank Total feeearners^

Firm

Partners

Associates

Total feeearners^

467

533

Amarchand & Mangaldas & Suresh A. Shroff & Co

Khaitan & Co

242

300

Luthra & Luthra

246

290

J. Sagar Associates

196

250

AZB & Partners*

221

240

Desai & Diwanji

156

173

Fox Mandal

122

162

Trilegal

131

151

M.V. Kini & Company

150

DSK Legal

147

Kochhar & Co*

112

Economic Laws Practice

Mulla & Mulla & Craigie Blunt & Caroe

122

Nishith Desai & Associates*

N/A

Juris Corp

Surana & Surana International Lawyers

60 60

Thiru & Thiru

Krishnamurthy and Co

Singhania & Partners

IndusLaw

REUTERS/Mansi Thapliyal

Rank

ALB top 50 largest law firms

Partners

Associates

Hadiputranto, Hadinoto & Partners/ Baker & McKenzie

106

Ali Budiardjo, Nugroho, Reksodiputro

104

Lubis Ganie Surowidjojo

100

Assegaf Hamzah & Partners

Soewito Suhardiman Eddymurthy Kardono

Hanafiah Ponggawa & Partners

Soemadipradja & Taher

Makarim & Taira*

Mochtar Karuwin Komar

Melli Darsa & Co

REUTERS/Supri Supri

Firm

Total feeearners^

Rank

Firm

Partners

Associates

Total feeearners^

Shearn Delamore*

151

Zaid Ibrahim & Co

128

Skrine*

103

Shook Lin & Bok*

Wong & Partners/ Baker & McKenzie

Zul Rafique & Partners

Azmi & Associates

Raja, Darryl & Loh

Rahmat Lim & Partners

Albar & Partners

philippin e s Rank

japan Firm

Partners

Associates

Total feeearners^

Nishimura & Asahi

317

463

Nagashima Ohno & Tsunematsu

227

340

Anderson Mori & Tomotsune

206

323

TMI Associates*

215

311

Mori Hamada & Matsumoto*

189

307

City-Yuwa partners*

120

Oh-Ebashi LPC & Partners

109

Atsumi & Sakai

Kitahama Partners*

Nakamura & Partners

REUTERS/Stringer .

Rank

REUTERS/Bazuki Muhammad

m a l aysia

indon esia Rank

ASIAN LEGAL BUSINESS december 2012

Firm

Partners

Associates

Total feeearners^

SyCip Salazar Hernandez & Gatmaitan

146

Angara Abello Concepcion Regala and Cruz Law Offices (ACCRALAW)

138

Romulo Mabanta Buenaventura Sayoc & De Los Angeles

CVC Law*

Castillo Laman Tan Pantaleon & San Jose Law Offices (CLTPSJ)

Quisumbing Torres/ Baker & Mckenzie

Siguion Reyna Montecillo & Ongsiako*

Picazo Buyco Tan Fider & Santos*

Puno & Puno Law Offices*

PJS Law Firm*

REUTERS/Cheryl REUTERS/ClarissaRavelo Cavalheiro

ALB top 50 largest law firms

singapore intl

singaporeheadquartered

Rank

Firm

Headquarters

Partners

Associates

Total feeearners^

Baker & McKenzie.Wong & Leow

Singapore/U.S.

102

Clifford Chance*

Allen & Overy*

Norton Rose

Herbert Smith Freehills

Watson, Farley & Williams

Ashurst

Hogan Lovells

UK/U.S.

N/A

Oâ&#x20AC;&#x2122;Melveny & Myers

U.S.

Berwin Leighton Paisner

DLA Piper

Pinsent Masons

Partners

Associates

Total feeearners^

Allen & Gledhill

136

184

357

Rajah & Tann

108

151

321

WongPartnership

171

264

Drew & Napier

230

Rank

Firm

Rodyk & Davidson

198

Baker & McKenzie.Wong & Leow

102

Shook Lin & Bok

KhattarWong

RHTLaw Taylor Wessing

Colin Ng & Partners

UK/U.S.

Eversheds

Sidley Austin

U.S.

Gibson, Dunn & Crutcher

U.S.

REUTERS/Clarissa Cavalheiro

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ALB top 50 largest law firms

ASIAN LEGAL BUSINESS december 2012

south kore a Rank

Firm

Partners

Associates

Total feeearners^

Kim & Chang

120

N/A

800

Lee & Ko

128

225

436

Shin & Kim

115

156

350

Yoon & Yang*

100

154

301

Yulchon

170

293

Bae, Kim & Lee*

157

280

Barun Law*

101

168

Jipyong Jisung*

N/A

130

Hwang Mok Park*

124

Kim, Choi & Lim*

N/A

109

REUTERS/Jo Yong hak

ALB top 50 largest law firms

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thail and Firm

Partners

Associates

Total feeearners^

Baker & McKenzie

170

Tilleke & Gibbins

LS Horizon Limited

Siam Premier*

N/A

Weerawong C&P*

Chandler & Thong-ek

International Legal Counsellors

DLA Piper

Allen & Overy*

DFDL

REUTERS/Sukree Sukplang

vietna m

taiwan Rank

Firm

Partners

Associates

Total feeearners^

Rank

Firm

Partners

Associates

Total feeearners^ 64

Lee and Li

327

380

Baker & McKenzie

Vision & Associates

Formosa Transnational*

YKVN

Formosan Brothers

VILAF

Phuoc & Partners

S&B LAW

Bizlink Lawyers & Consultants

Indochine Counsel

LuatViet Advocates & Solicitors

Mayer Brown JSM

Tsar & Tsai*

Chien Yeh Law Offices*

Deep & Far*

LCS & Partners

N/A

Jones Day*

Chen & Lin Attorneys-at-Law

REUTERS/Nicky Loh

REUTERS/Nguyen Huy Kham

Rank

alb tiantong forum 2012

ASIAN LEGAL BUSINESS december 2012

左上：天同合伙人陈耀权主题发言。右上：左起，天同合伙人彭卿；国机集团总法律顾问王强；天同首席合伙人蒋勇。左下：参会来宾。右下：江平教授为中国商事诉讼法律沙龙题词。

回归本质：

商事诉讼律师的崛起 A LB•天同首届中国商事诉讼论坛在新修订版《民事诉讼法》即将生效之时，中国律师界关注的话题不仅仅是这次修法导致企业诉讼管理策略的改变。更广义上，商事诉讼律师如何看待自己选择这份职业的初衷和职业未来发展，“ALB•天同首届中国商事诉讼论坛”首次将这个议题提上了讨论的日程。

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012年11月27日，由北京市天同律师事务所主办发起的“ALB•天同首届中国商事诉讼论坛”暨中国商事诉讼法律沙龙发起仪式在北京举行。学者、法官、律师、企业总法律顾问就2013年1月 1日生效的新《民事诉讼法》实施及中国商事诉讼管理展开探讨和研判。论坛嘉宾包括了中国最高法院著名法官、法学界权威、大型央企总法律顾问，以及顶尖的商事诉讼律师，由ALB这份权威业界媒体牵线，共同搭建一个权威性、前瞻性、持续性的商事诉讼业务交流和分享经验的平台，该平台将成为中国主流商事诉讼律师对话的纽带。中国政法大学教授江平，清华大学法学院教授张卫平，最高人民法院高级法官、司法改革办公室副主任蒋惠岭等法学界重量级嘉宾参会发言。参加论坛的还有来自中国建设银行、中国农业银行、JP摩根、中国国际金融公司、中国信用保险、方正证券、中国国寿控股、中国石油、中国石化、中海油、中航油、IBM 中国、微软中国、百度、惠普、三星、施耐德电气、亚马逊、沃尔沃、阿里巴巴、通用汽车等大型企业的总法律顾问和企业法务。主战场本届论坛的重量级嘉宾，中国政法大学终身教授、法学界泰斗江平在会议上寄语中国律师。他说，希望中国商事诉讼律师在实践中尽显才能和智慧。在香港和国际律师界，大律师都是出庭律师，真正的大律师是诉讼律师。江平说，诉讼业务应该是律师的主战场。诉讼能体现一个律师全面的技能，比如知识渊博、分析问题能力、以及口才的出众。尤其在民商法领域，江平说，律师是一个高层次精英的职业。现代社会中商法发展的越来越快，领域越来越细化。金融衍生产品、私募股权投资基金、信托等新兴领域都需要律师提供专业的服务。这需要律师不断扩展知识面，加强专业技能训练，以便更好的服务社会。事实上，正如天同律师事务所首席合伙人蒋勇律师在开场致辞中指出，在中国经济增速放缓的背景下，企业面临的商事诉讼呈多发态势。而且，对于市场经济各方主体来说，新《民事诉讼法》的实施，意味着商事诉讼的游戏规则发生了变化，更凸显出市场主体对商事诉讼管理的重要性，中国律师界也由此涌现出了一批专注于商事诉讼的专业律师。本次论坛上，来自北京、上海、广州的三位商事诉讼领域国内领先的律师— —北京天同律师事务所首席合伙人蒋勇、上海虹桥正瀚律师事务所主任倪伟、广东广大律师事务所主任薛云华——共同发起成立了“ 中国商事诉讼法律沙龙”。该沙龙旨在打造中国商事诉讼法律人的交流平台，倡导“专业、远见、影响力”的共同价值观。中国商事诉讼法律沙龙将为业界带来三个平台：一是定期举办主题沙龙和培训，分享心得，提升技能；二是建立搭建在垂直搜索技术平台的智能化案例数据库，整合海量商事诉讼信息，提供更权威便捷的检索和智能分析，为商事诉讼法律人搭建互动知识平台，实现知识社群；三是举办中国商事诉讼高峰论坛，该论坛将作为年度行业盛会，邀请立法、司法机关、学者、律师、公司法务共同出席并发布《中国商事争议解决年度观察》等权威报告。江平教授也对该沙龙寄予厚望。他现场挥毫泼墨，郑重题写了“中国商事诉讼法律沙龙”，并寄望沙龙持久办下去，促进中国商事诉讼律师的成长，推动业界交流和行业进步。新民诉法 2012年8月31日，全国人大常委会审议通过了《关于修改<中华人民共和国<民事诉讼法>的决定》，这是继2007年后的第二次重大修改。对

alb tiantong forum 2012

“一个真正的律师应该从事诉讼业务，这是他的主战场…… 律师只有在诉讼过程中，才能体现全面的知识、能力。只有在诉讼过程中，跟对手面对面，才能够展现出律师知识的渊博，展现出口才的出众，展现出律师分析问题的能力。” ——江平，中国政法大学前校长，终身教授

天同首席合伙人蒋勇致辞

中国商事诉讼法律沙龙三位联合发起人展示江平教授题词。左起广东广大律师事务所首席合伙人薛云华，北京天同律师事务所首席合伙人蒋勇，上海虹桥正瀚律师事务所首席合伙人倪伟

alb tiantong forum 2012

ASIAN LEGAL BUSINESS december 2012

“推动司法改革，推动各项诉讼制度的完善，也是在为我们社会各个主体提供一个好的诉讼环境。” ——蒋惠岭，最高人民法院高级法官

民事诉讼法诚信原则、公益诉讼、小额诉讼等十余项诉讼制度进行了创新性的调整，并从总则到基本制度，包括所有具体程序均有修改。中国新民事诉讼法颁布实施，涉及诸多法律程序与制度的变革。在这一新法生效的大背景下，公司法务如何进行诉讼管理，化解法律风险，提升企业竞争力？商事诉讼律师与客户、法官的双向沟通技巧？商事诉讼律师如何以积极的力量，以专业的态度和丰富的实践，引领律师与客户、法官沟通方式和工作方式的转变？这几大追问，成为新法背景下的商事诉讼管理探讨热点，也成为本次“ALB•天同首届中国商事诉讼论坛”的主题。清华大学法学院教授张卫平选取了民诉法修改的三个亮点，诚实信用原则、公益诉讼、第三人撤销之诉，讨论了民诉法修改过程中的进步和需要完善的空间。 “我们现在司法环境尚待完善。很多社会的改革调整主要以政策为主，法律的权威，司法的权威还很不够。即使有了《民事诉讼法》的修改，即使某些条文的修改比较合理，但是实施起来还比较困难。”张卫平教授说。 “这就要求我们每一个律师在这样的环境中发挥自己的聪明才智，既要借助政策，又要借助法律，才能把我们的商事诉讼做好。” 他还强调，在民事诉讼法修改过程中，应坚持民事诉讼体制的转型，倡导民事诉讼契约化的理念，从市场经济发展与私法关系的内在逻辑出发，更宏观、深入考量民事诉讼法的修改问题。民事争议的特性决定了民事诉讼应当更多地体现民事主体的主导性，反映私法自治的原则。企业应在民事争议解决过程中跟进诉讼新态势，做好风险防范。最高人民法院高级法官，司法改革办公室副主任蒋惠岭应邀出席。作为二十多年来长期专注于司法制度研究和相应改革方案设计的资深法官，蒋惠岭认为，中国诉讼制度完善的历史，也可以说是司法改革的历史。从1982年《民事诉讼法》诞生开始，诉讼制度的建设成为司法改

虹桥正瀚首席合伙人倪伟主题发言

国机集团总法律顾问王强主题发言

革最重要的内容。最高法院公布三个五年改革纲要，大部分内容都是关于诉讼程序的完善。蒋惠岭法官介绍，中央2008年启动司法改革，规定了60项改革措施，其中，将近30项都是涉及到程序问题，以及诉讼的主体、权利的主体如何行动，都是动态的。司法制度，有动态司法制度和静态司法制度，动态司法制度就是程序。 “这一轮《民事诉讼法》的修改对我们司法改革的认可和接受挺多。比如多元纠纷解决机制改革，司法信息公开，审判管理等等。”蒋惠岭法官说。 “推动司法改革，推动各项诉讼制度的完善，也是在为我们社会各个主体试图提供一个诉讼环境，提供一个好的诉讼环境。” 从近几年的审判案例来看，最高法院已经有趋势将商事审判的职能得以重新定位，也在一定程度上利于民事诉讼和商事诉讼的进一步分立，但中国商事审判最终成熟和完善还需要立法、司法配套改革，新民诉法的调整、中国商事诉讼律师人群的成长，都将大大加速这一进程。天同律师事务所首席合伙人蒋勇律师就新法中民事再审程序的修改做了系统阐述。他提到，天同2002年创立，十余年来坚持做了一件事——专注于中国高端商事争议解决。在这十年中，天同承办了大量的重大疑难商事诉讼案件，清晰地感受到法院审判思路的逐渐转变。 “在多起代理的、或者研究到的最高法院案例中，商事诉讼的特殊性越来越得到体现，商事的特殊审判理念在实践工作中越来越得到重视。可以说，最高法院商事诉讼的审判思路已经日趋成熟，并且形成了有别于其他民事审判的独立风格。”他说。沟通秘诀在商事诉讼过程中，企业、律师、法官三方如何高效沟通是本次论坛探讨的重要实务话题。中国机械工业集团公司总法律顾问王强作

天同合伙人彭卿主题发言

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alb tiantong forum 2012

沟通的艺术在ALB•天同首届中国商事诉讼论坛上，在最高人民法院代理案件最多、胜诉率最高的律师之一，北京天同律师事务所合伙人、业务团队负责人陈耀权律师探讨了商事诉讼律师与客户、法官沟通的艺术。说服客户、法官的艺术陈律师认为，诉讼律师只需要做两件事情，第一，说服客户，让客户放心把案件交给你，获得代理案件的机会。第二，说服法官，让法官采信你的观点，获得胜诉的代理结果。陈耀权律师从三个方面分享了商事诉讼律师说服客户、法官的心得体会。天同有一套独特的案件难度和风险评估体系。建立这个体系的初衷是为了回答客户一个问题：这个案子有几分胜算？陈律师认为，诉讼律师无法、也不应该向客户保证案件的结果，但应该如实向客户揭示可能的法律风险，并进而提出相应的解决方案。天同团队根据诉讼案件的特点，区分了综合、事实、法律和其他共四大类型的案件难度评估参数，再细分15个细项，包括案件标的，诉讼审级、当事人诉讼地位等等，每一个具体因素就是案件的风险点，每个风险点的分值作权重综合就是案件的难度系数。天同已经收集整理了近二十年来最高法院所有的典型民商事案件的裁判文书和最高法院法官的司法观点，正在建立一个信息化的案件数据库。当评判一个案件难度和风险时，除了律师自己的专业分析判断，还要把这个案件各类要素输入案

件数据库里，通过对关健词的数据挖掘，实现精准检索与智能分析，找出与该案件最近似的最高法院判例，作为评判案件的重要参考。模拟法庭和可视化表达诉讼律师获胜的必要条件是要比客户更了解案情，比法官更了解案情，比对手更了解案情。要做到这一点没有任何技巧，只能拿出傻子干活的精神，认真下苦工钻研。但在案件的准备中也有技巧，即要按照法官的思路整理案件，方便法官的工作。模拟开庭和可视化表达是天同的秘诀。模拟开庭可以检阅自身的准备工作，了解法官的思路，分析对方的思路，并且可以邀请客户参与，增强客户的体验。天同将于2013年伊始即在全国各区域展开商事诉讼技能培训及对优秀商事诉讼律师的“海选”，并举办数场有真正庭审借鉴意义的模拟法庭对抗赛，与同行分享以模拟法庭带动庭审准备工作的经验。可视化表达是用图文表格的形式简化复杂的事实，厘清逻辑顺序和法律关系。例如，天同2010年度最佳案例，是一起建筑施工合同纠纷，涉及八栋楼的数百个工

“我们现在司法环境还有待完善，法律的权威、司法的权威还很不够。即使有了《民事诉讼法》的修改，即使某些条文的修改比较合理，但是实施比较困难。这要求每一个律师在这样的环境中充分发挥自己的聪明才智，既要借助政策，又要借助法律，把我们的商事诉讼做得更好。” ——张卫平，清华大学法学院教授

程节点，工程会议纪要就有98份，一审卷宗有41本，判决书有46页，双方上诉状分别是24页和25页。就这样一起复杂案件，天同代理律师绘制了八张施工进度图，运用可视化的图表，把专业工程技术语言转化成了法官能够听得懂并可在判决书中使用的法律语言，不仅减轻了法官的阅卷负担，帮助法官提炼了最有价值的信息，而且协助法官确定了案件的焦点，引导了庭审的过程。事实上，庭审过程完全是围绕天同绘制的可视化图表来进行的，最终法官完全支持了天同客户的全部上诉请求和答辩意见，天同客户获得了完胜。用户体验是王道律师的核心竞争力是律师的专业水平和研究成果。律师本质上是一个服务的行业，只有不断提升法律服务质量，多站在客户、法官的角度考虑问题，让客户、法官每时每刻都感受到律师的专心、贴心和尽心，律师才有可能赢得客户，赢得案件。用当前最时髦的一句话来讲：“用户体验是王道”。

为客户代表，就大型企业的商事诉讼管理，尤其是在公司法务与商事诉讼律师合作等议题上做了详尽的阐释。除了专业能力、稳定性、研究水平、资源整合能力等指标之外，外部律师对公司商业战略的理解和商业思维的建立是法务们非常看重的。 “律师从事商事诉讼，很重要的要具有商业思维……需要律师对公司业务模式和商业战略有充分的了解。最好的办法是跟公司内部法务顾问进行充分的沟通……律师从事商事诉讼不是一个简单的诉讼代理，律师是通过知识、技能为公司提供有针对性的诉讼解决方案。”他说。天同律师事务所合伙人彭卿律师则回应道，当前商事诉讼律师在不断提升法律专业能力的同时，注重信息化工具的使用，一方面汲取互联网平等、分享的精神，实现资源共享，共同成长；另一方面，天同团队将客户体验放到第一位，让客户切身感受到专业化的服务，客户对商事诉讼律师的印象和评价大为改观。经济波动，企业诉讼风险加大，如何进行商事诉讼管理，需要法律实务界人士共同探索。本次论坛成功举办，为经济放缓时期的中国法治环境提出了新的要求和标准，请共同见证中国商事诉讼律师的崛起。

Beijing in-house legal summit

ASIAN LEGAL BUSINESS december 2012

beijing 2012 In-house legal summit

ALB’s ninth annual in-house legal summit in Beijing was attended by an unprecedented number of participants. The full-day summit consisted of six in-depth workshops covering timely, practical issues facing the legal industry today. Over 20 speakers from top law firms offered insight into some of the most pressing legal matters facing corporate business today. Anjie Law Firm partner Zhan Hao provided an overview of private antitrust litigation in China in relation to public enforcement and difficulties surrounding insufficient staffing, unclear division of work and inadequate response to public report. Jun He Law Offices dispatched partners John Chu, Henry Shi, Zhang Jianwei and He Fang to talk about various legal problems facing Chinese outbound investment. Isabelle Wan, senior partner and leader of the employment law practice at TransAsia Lawyers updated attendees on the latest developments in Chinese laws regarding the establishment of trade union and collective actions. Partners Liu Jinrong, Xing Xiusong, David Fu, Alex Liu, Alan Zhou and Xu Xiaolu of Global Law Office discussed recent developments and dispute management within the Chinese merger and acquisitions market. The partners, specifically, touched on ways that companies can avoid and resolve disputes in M&A transactions. China Legal Career’s managing director Frazer Xia’s introduced participants to the latest trends in the legal recruitment market. Zhonglun W&D Law Firm’s managing partner Zhen Qinggui led the firm’s intellectual property team, which included partner Zheng Ming and Li Zheng, in analysing Chinese trademark law through a case study contrasting China’s law with that of the U.S. HaoLiWen Partners offered insight on transfer pricing and customs-related liability exposures in a presentation by the firm’s senior partners Zhao Deming and Parry Zhou. The panel discussion drew a huge audience of in-house legal counsel from major Chinese and multinational corporations. Exploring the role of in-house counsel in creating and communicating value for the organisations were Armstrong Chen, deputy director of Supervisory Rules and Regulations Dept. at the China Banking Regulatory Com-

mission, Li Yikun, chief legal officer of China Fortune Land Investment Development Co Ltd, Angela Yao, principal legal counsel at Thomson Reuters China and Sami Farhad, vice-president and general counsel of eLong Inc. The conversation between panelists was met with enthusiasm, and resulted in a heated discussion on a topic clearly very close to the hearts of in-house counsel. www.asianlegalbusinessevents.com

2013 ALB In-House Legal Summit Series

Singapore

12 March

Shanghai

27 June

Malaysia

27 August

Hong Kong

13 September

Seoul

13 November

Beijing

27 November

Beijing in-house legal summit

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

Workshop Sponsors

Jun He Law Offices Jun He is a leading legal service provider in China. Recognized by clients, professionals and peers, Jun He provides services and, more importantly, solutions to clients. One true partnership law firm in China, Jun He has the sound structure to ensure efficient deployment of resources in six China offices (Beijing, Shanghai, Guangzhou, Shenzhen, Dalian and Haikou) and three overseas offices (Hong Kong, New York and Silicon Valley). With a large pool of experienced professionals (128 partners and over 350 other fee earners), Jun He is committed to deliver sound judgment to handle complex commercial, structural and cultural issues involved in domestic projects and major cross-border transactions.

AnJie Law Firm AnJie Law Firm (AnJie) is a full-service law firm providing commercial legal services to leading companies and financial institutions as well as international organizations and government authorities. Our well experienced lawyers have substantive skills and serve a broad base of practice areas including antitrust & competition law, banking & finance, capital markets, dispute resolution (litigation and arbitration), domestic and cross-border mergers & acquisitions, labor & employment, energy & natural resources, infrastructures, insurance & reinsurance, intellectual property, private equity, and real estate. Our firm is truly integrated and committed to offering clients the highest quality service through our legal excellence, effective quality control, and resource sharing. As successful practitioners in their fields, our lawyers have remarkable experience and legal excellence. Most of them had attained an overseas education or experience with international firms, while some were also admitted to the bar in the US, UK and South Korea. Some of them had worked in national ministries of the People’s Republic of China and in international organizations, and have been maintaining harmonious connections with government bodies and international organizations. AnJie, a rapidly rising law firm, is committed to offering you most efficient and practical legal solutions. Contact details 26/F, Tower D, Central International Trade Center, 6A Jianguomenwai Avenue Chaoyang District, Beijing 100022, PR. China Tel: +86 10 85675988 Fax: +86 10 85675999 Email: wangkeyan@anjielaw.com Website: www.anjielaw.com

As the first law firm in China, Global Law Office was established in 1984 under the auspices of China Council for the Promotion of International Trade (CCPIT) and was subsequently converted to a private partnership in early 2001. Back in 1979, Global Law Office was initially established as the Legal Counsel Office of CCPIT. Since its establishment, Global Law Office has provided services for numerous high-profile cross-border and domestic transactions and dispute resolution matters which set precedents in China. Today, with nearly 200 lawyers practicing in Beijing, Shanghai and Shenzhen offices in China, Global Law Office has become a leading Chinese law firm providing comprehensive quality legal services to clients worldwide.

Contact details Beijing Office 15/F, Tower One, China Central Place No. 81 Jianguo Road, Beijing 100025, China Tel: +86 10 6584 6688 Fax: +86 10 6584 6666/6677 HaoLiWen Partners Established in 2003, HaoLiWen Partners has been a fullservice law firm duly authorized to practice Chinese law in the Peopleís Republic of China. HaoLiWen has offices in Beijing, Shanghai and Dublin.HaoLiWen serves clients in every facet of investment, trade, financing and other commercial transactions, and is known for its expertise and experiences in areas of Corporate and Mergers & Acquisitions, Customs Duties and Investigations, Intellectual Property, Compliance & Crisis Handling, Corporate Crime Risk Advice & Defense, Dispute Resolution, International Trade, Real Estate and Construction, Tax, Labor & Employment, Shipping & Logistics, Banking & Project Finance, Private Equity & IPO and Energy, Natural Resources & Environment.

TransAsia Lawyers TransAsia is a leading Chinese law firm widely recognized for its employment, IT, telecoms, media and entertainment practices, as well as for corporate/ commercial and outbound investment work. It is affiliated with Littler Mendelson, the largest employment law firm in the US, thereby creating a bridge between the leading employment law firms in the world’s two largest economies.

Contact details Suite 2218, China World Office1 1 Jianguomenwai Avenue Beijing 100004, China Tel: +86 10 6505 8188 Fax: +86 10 6505 8189/98 Website: http://transasialawyers.com

Zhonglun W&D Law Firm Founded in 1992, Zhonglun W&D Law Firm had established itself as one of the earliest-Chinese law firms approved by the Ministry of Justice. Primarily a largescale law firm keen on providing full service, Zhonglun W&D embraces substantial international aspects. In addition, we are the first Chinese law firm to set up dual-jurisdictional offices abroad. The multi-national and multi-lingual nature of our team consisting of over 500 lawyers and employees enables us to provide streamlined first-class legal service,exclusively to our diversified Chinese and overseas clients from our strategically placed branch offices across the world. Our working languages include Chinese, English, French, Korean, Japanese and Arabic. Our team is licensed to provide legal advice under Chinese, Anglo-American as well as Islamic law. Our ability to quickly get to grips with new developments in businesses and regulations is a key strength to our success. Being a leading Chinese law firm in traditional areas of law does not limit our vision; we also strive to be a frontrunner in advising clients on their most important and challenging assignments in emerging areas such as private equity, structured finance and securitization, cross-border corporate transactions, real estate development and investment trusts. Key practice areas: corporate and securities, finance, real estate and construction, intellectual property and information technology, international services, tax, foreign investment in China and mergers and acquisitions, insurance fund investments, trusts and assets securitization, domestic and overseas listings, private equity, maritime law, energy and environmental protection, labor and employment, health care, litigation and arbitration. Contact details 19/F Golden Tower, No.1, Xibahe South Road, Chaoyang District, Beijing, 100028, P.R.C Tel: +86 10 6440 2232 Fax: +86 10 6440 2915 Website: www.zhonglunwende.com

Contact details Tel: +86 10 8587 0787 (Beijing) +86 21 5840 6188 (Shanghai) +353 1 640 4847 (Ireland) Email: haoliwen@haoliwen.com Website: www.haoliwen.com