Alb China Top 15 Litigators 十五佳诉讼律师

亚洲法律杂志 - 中国版 CHINA

FEBRUARY 2018 CHINA EDITION

ISSN 2220-2706 9 772220 270006 ALB CHINA TOP 15 LITIGATORS 十五佳诉讼律师

ARTIFICIAL INTELLIGENCE A Q&A with the CEO of HSF 人工智能史密夫斐尔律师事务所首席执行官 Mark Rigotti谈人工智能 OVERDUE OVERHAUL HK changes its listings rules 迟来的大修香港交易所修订上市规则 RATIONAL APPROACH Analysing China’s outbound investment 理性投资分析中国境外投资 JC CONSULTING CHINA LAW AWARDS 2018 第十五届ALB中国法律大奖提名已于1月30日结束，初选及终选即将陆续开展。JC Consulting二零一八年汤森路透ALB中国法律大奖所涵盖的39个奖项，经过数十位专业评审的严格评选，最终会花落谁家？答案将于2018年4月19日（周四）在北京柏悦酒店举办的颁奖典礼上一一揭晓。 JC Consulting二零一八年汤森路透ALB中国法律大奖旨在肯定和宣传2017年在法律界取得巨大成就的法务团队、律所及个人，致力于鼓励更多的法律团队及从业者在自己的领域做出杰出贡献。颁奖典礼将聚集法律界的大咖与新星，为您的人脉扩展起到积极作用。与此同时，参加颁奖典礼也可以向整个法律界展示您及团队的专业水平和风采。我们期待与您同赴盛典，共享荣耀时刻！更多信息欢迎访问本次活动页面 http://www.legalbusinessonline.com/awards/china-law-awards-2018

活动信息咨询，请联系ALB China法律大奖团队：电子邮件：[email protected] 电话：+86 10 6627 1323 或 +86 10 6627 1330

EVENT PARTNER SPONSORS CONTENTS FEBRUARY 2018

28 COVER STORY FEATURES BRIEFS

14 26 28 34 4 The Briefing ALB CHINA TOP 15 Q&A: HSF CEO MARK OVERDUE OVERHAUL A RATIONAL Deals LITIGATORS 2018 RIGOTTI 迟来的大修 APPROACH 2018年ALB China十五佳史密夫斐尔律师事务所首 Since being overtaken 理性投资 7 诉讼律师席执行官Mark Rigotti谈人 by New York and even China’s campaign against China’s M&A market has 工智能 Shanghai as the world’s top “irrational deals” may News been very active and busy Artificial intelligence (AI) is IPO markets, Hong Kong have dampened domestic with reforms of State-owned unanimously the top tech trend is drastically revamping companies’ enthusiasm 13 enterprises, overseas asset in the legal space, particularly its stock exchange’s listing when it comes to outbound Appointments acquisition, industrial in because of its applicability rules to attract the hottest investment, but as the new restructuring and mergers and practicability, and Herbert – and highest valued – year dawns, overseas M&A between industry giants. This Smith Freehills has been one tech companies in China. is set to pick up again, and year, ALB conducted a special of earliest adopters. HSF CEO However, there are far too offshore lawyers are ready survey of M&A lawyers, and Mark Rigotti talks about AI, many grey areas at this point to assist their clients as came up with a list of top M&A its future uses, client concerns to gauge what kind of impact they hunt targets abroad. lawyers based on law firm and how to prepare the next this move will have, say recommendations, lawyer generation of lawyers to use lawyers. 中国反对“非理性交易”的政 achievements and other criteria. the technology. 策可能打击了国内公司对外自被纽约甚至是上海取代其投资的积极性，但随着新年当下诉讼案件日益复杂，对于诉人工智能（A I）在法律领域已经世界最大IPO市场的地位以的到来，海外并购料将重新讼律师的诉讼经验、专业程度、知是无可争议的顶尖技术趋势，来，香港正在对其证券交易所抬头，而离岸律师随时准备识积淀等一系列能力的要求也愈特别是考虑到它的适用性和实的上市规则进行大改，以吸引协助正在寻找国外目标的发强调。ALB一直持续关注着诉用性。其中史密夫斐尔律师事内地最热门、最具价值的科技客户。讼律师的工作，今年我们的调研务所更是最早采用AI技术的律公司。不过，律师们表示，目前团队调研了所有被提名的律师所所之一。该所首席执行官 M a r k 尚有太多灰色地带，难以衡量代理的判决时间为2017年1月1日 Rigotti就AI技术、其今后的用这一改革会产生何种影响。至2017年12月31日的诉讼案件，途、客户担心的问题以及该如根据案件影响力、难度、客户和市何让新一代律师做好使用这一场反馈做出评选。技术的准备谈了自己的看法。

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 1 t’s time to put the spotlight on China’s litigators. As we have covered in these pages over the past year or more, China’s Icommercial litigation business is booming. Companies today feel more comfortable of getting fairer judgments, and are seemingly happy with its faster judicial process. The recent HEAD OF LEGAL MEDIA BUSINESS, ANA FROM economic slowdown and the growing importance of the Chinese Amantha Chia consumer market have provided an immediate spur to the trend. [email protected]

As a result, we are seeing an increasing number of high-profile, MANAGING EDITOR high-value lawsuits. Ranajit Dam THE It is thus no surprise that litigators are much sought after [email protected] by China’s law firms today. Firms in particular value those CONTRIBUTORS who understand the ins-and-outs of China’s courts system, Stella Dai but emphasis is also placed on the masters of strategy and Carmen Ho execution, who can turn a seemingly difficult cause into a Pearl Liu EDITOR Ma Yuan winning one. ALB’s Top 15 Litigators list thus honours the best litigation lawyers in the country, across civil, criminal and ACCOUNT MANAGERS commercial areas. Congratulations to the winners! Yvonne Cheung Account Director (China) (852) 2847 2003 时候聚焦诉讼律师了。如我们每年报道的，中 [email protected] 国律所的商事诉讼业务正在蓬勃增长。在面 Steven Zhao 对争议解决时，中国的公司越来越倾向于选择是 Account Manager (China) 诉讼和仲裁，相信会等到一个公平和高效的裁决。中国的 (86) 10 6627 1360 经济下行以及越发凸显重要性的消费者市场也在促进这个 [email protected] 趋势。结果就是，我们看到了越来越多卓越的诉讼律师。 Amy Sim Sales Manager (Japan, Singapore, Taiwan) 中国律所也对卓越的诉讼律师求才若渴。律所看重那 (65) 6870 3348 些透彻了解中国司法系统里外的律师，同时策略的实施、 [email protected] 赢得艰难的诉讼均是招聘方极度看中的品质。ALB 2018 RANAJIT DAM Henry Cheng 年15佳诉讼律师榜单涵盖了民法、刑法、商法的最优秀 Sales Manager (Hong Kong) Managing Editor, 的诉讼律师。让我们祝贺他们！ (852) 2847 2016 Asian Legal Business [email protected] Thomson Reuters Sardor Yangibayev Sales Executive (Philippines, Thailand, Vietnam) (65) 6870 3190 [email protected]

Shahid Mohammed-Salim Sales Manager, Legal Media Business (852) 2841 5844 [email protected]

SENIOR DESIGNER Samson Pang

TRAFFIC MANAGER ASIAN LEGAL BUSINESS is available by subscription. Please call +852 2847 2088 (Hong Kong), +65 6775 5088 (Singapore) for details or visit www.legalbusinessonline.com Gloria Ng Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as ALB can accept no responsibility for loss.

ISSN 2220-2706 THOMSON REUTERS 16/F, Cityplaza 3, Taikoo Shing, Hong Kong / T +852 2847 2088 / F +852 2154 6425 www.thomsonreuters.com

2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2017 欢迎加入ALB China公众微信平台搜索：汤森路透ALB 微信号：ALB_China BRIEFS A TASTE FOR BLING China’s young shoppers are breathing new life into the luxury market

BY Guo Jiaxi is typical of a new ADAM JOURDAN and generation in China that is driving FARAH MASTER of a sharp revival in luxury spending: Reuters young, female and unafraid to spend. An accountant in eastern Suzhou, Guo, 24, likes Coach and Louis Vuitton, and has bought Acne Studios scarves, a Daniel Wellington watch and a Mont Blanc belt as gifts. Of an annual salary of 50,000 yuan ($7,898), she spends one-fifth on luxury items. to traditional brands, swayed market, it’s really given it a shot in the “Luxury is not a total necessity for by shifting trends online and arm,” Yue said. me, I suppose, but whenever I’ve got increasingly looking for deals. Driven by general optimism, enough money to spare, then I’ll buy,” “Some of these youngsters, even attracted by the ease of online she said. when they don’t really have enough shopping and helped along the way Guo and her peer group are behind funds, they’re still going out and by parents who benefited from the a dramatic spike in luxury spending buying luxury products,” said Huang country’s fast growth and rising in China last year, according to Yue, 27, who runs the fashion section home prices, Chinese millennials are consultancy Bain & Co. They are the at the website “Loving Luxury.” buoying the luxury market at home key demographic for luxury brands Yue added that the shift to and abroad. from LVMH to Gucci owner Kering millenials, those aged roughly 20- Millennial shoppers pushed the and France’s Hermes in tapping the 34, had been dramatic. It spurred Chinese market up to 142 billion yuan world’s top luxury consumers. the rise of new areas such as luxury ($22.07 billion) in sales last year, Their willingness to spend - often “streetwear” and sporting attire, about 20 percent higher than the more than they can afford - comes which Bain said were behind the year before. It is by far the steepest with a note of caution. These recent fast growth. jump in over half a decade of sluggish consumers are typically less loyal “In terms of the impact on the growth, according to Bain.

$863 MLN $400 MLN $ 6 BLN DEALS Tencent and JD.com’s acquisition of Pure Group’s investment partnership MUFG’s investment in Bank Danamon stakes in Vipshop with FountainVest Partners and Indonesia 交易腾讯、京东投资入股唯品会 Ontario Teachers’ Pension Plan 三菱日联金融集团收购印度尼西亚金融银行股份 Deal Type: M&A Pure集团与方源资本和安大略省教师退 Deal Type: M&A Firms: Paul Weiss, Rifkind, Wharton & 休金计划达成投资合作伙伴关系 Firms: Hadiputranto Hadinoto & Partners Garrison; Arps, Slate, Meagher & Flom; Deal Type: M&A Jurisdictions: Japan, Indonesia Latham & Watkins Firms: Baker McKenzie; Kirkland & Ellis; 易类型 : 并购 Jurisdictions: China Paul, Weiss, Rifkind, Wharton & Garrison 参与律所: 印尼Hadiputranto Hadinoto & Partners 交易类型 : 并购 Jurisdictions: Hong Kong, Canadaa 律师事务所参与律所: 宝维斯律师事务所；易类型 : 并购管辖地: 日本，印度尼西亚世达律师事务所；参与律所: 贝克·麦坚时国际律师事务所；瑞生国际律师事务所凯易律师事务所；管辖地: 中国大陆宝维斯律师事务所管辖地: 中国香港，加拿大

4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 BRIEFS

said shoppers were widening the range of if I can find that I won’t necessarily choose a brands they looked at, a challenge for some luxury brand.” more traditional players. The shift has meant the rise of areas not Tapestry Inc’s Coach and British fashion previously seen as being in the same space house Burberry both reported weaker as traditional luxury, including casual wear, ends to last year. Prada – which had seen “streetwear” and even premium sports sales slump in China - has been building clothing. partnerships with influential internet Shoppers are also more willing to buy personalities and launched an online shop used goods. That means people making in December. new purchases can sell their goods later, Online retailers like Alibaba Group defraying the cost of a big-ticket item. Holding Ltd and JD.com have launched “Because people know that they can sell their own luxury platforms and lured in things on second hand, they’re not so strict brands such as Yves Saint Laurent, Stella with their luxury budgets,” said Deng Yun, McCartney and Alexander McQueen. 33, the chief operating officer of used luxury “Chinese consumers are going through goods trading platform www.luxusj.com. several changes,” Liao Jianwen, chief He said the most popular brands on the strategic officer at JD.com, told the Reuters site were handbags from Louis Vuitton, Shoppers walk past a Louis Vuitton store in Shanghai. REUTERS/Aly Song Global Markets Forum at the World Chanel, Gucci and Fendi. Chloe, owned by Economic Forum in Davos, adding that luxury house Richemont, is popular with Luxury goods purchased in China make shoppers now want high-quality products younger shoppers, while Hermes still has up 8 percent of the global total, while at “competitive prices.” good cachet, he added. Chinese shoppers - who make three- The premium sportswear firm Lululemon, quarters of their luxury purchases overseas BRAND NEW SECOND HAND seeing strong demand from China’s - drive 32 percent of sales worldwide. Even as consumers spend more, they are youth, is now “focused on exploring and LVMH’s chief executive, Bernard Arnault, becoming thriftier. developing new approaches to capture said China was a “very dynamic” market in Zhang Xia, 24, an investment this audience,” said Amanda Casgar, which the Louis Vuitton brand was doing professional in the southern metropolis of Lululemon’s Asia Pacific director of brand & well. Chongqing, has bought Dior bags, Louis community. “China has had a good comeback,” he Vuitton, Bulgari jewellery, and once paid Winning over the parents of young told reporters last week. The company has 150,000 yuan ($23,695) for a Piaget watch. shoppers like Guo could be helpful too seen a slow recovery in China since a weak She’s now less easily won over. – they are often a source of funds for a start to 2016. “Increasingly what I‘m after now is generation increasingly inclined to borrow Gucci and cognac maker Remy Cointreau original patterns and designs,” she said, or use credit. are among other well-known companies adding that, like Guo, she sometimes gets “Of course my salary is pretty low, so citing stronger growth in the market. help paying for her purchases. “It’s more mum and dad do help me out a little,” Guo about the quality and feel of the product, so Analysts and industry insiders, however, said. $761 MLN $2.16 BLN $4.5 BLN Bank of Gansu’s Hong Kong IPO Toshiba’s sale of assets in Westinghouse Bumi Resources’ issuance of new loans and 甘肃银行在香港上市 Electric securities Deal Type: IPO 东芝出售西屋电气资产印尼布米资源公司发行新证券 Firms: Latham & Watkins; Paul Hastings Deal Type: M&A Deal Type: Restructuring Jurisdictions: Hong Kong, China Firms: Skadden, Arps, Slate, Meagher & Flom; Weil, Firms: Withers; Kirkland & Ellis, Davis Polk & 易类型 : IPO Gotshal & Manges; Willkie Farr & Gallagher Wardwell, King & Wood Mallesons; Hogan Lovells; 参与律所: 瑞生国际律师事务所； Jurisdictions: Japan, U.S., UK Akin Gump Strauss Hauer & Feld 普衡律师事务所易类型 : 并购 Jurisdictions: Indonesia,Singapore 管辖地: 中国大陆，中国香港参与律所: 世达律师事务所；易类型 : 重组威嘉律师事务所；参与律所: Withers律师事务所; Willkie Farr & Gallagher律师事务所凯易律师事务所；达维律师事务所；管辖地: 日本，美国，英国金杜律师事务所；霍金路伟国际律师事务所；安庆国际法律事务所管辖地: 印度尼西亚，新加坡

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 5 BRIEFS

阿里巴巴集团、京东等线上零售商纷纷推出了自己的奢侈品购物平台，爱轻奢，爱时尚并吸引了诸如伊夫圣罗兰（Yves Saint Laurent），斯特拉·麦卡特尼中国的年轻一代消费者为奢侈品市场注入新的活力。（Stella McCartney）和亚历山大·麦昆（Alexander McQueen）等品牌。路透社Adam Jourdan和Farah Master报道京东集团首席战略官廖建文在“达沃斯世界经济论坛”对《路透全球市中国年轻一代消费者正在推动奢侈给市场注入了一剂强心针。” 场论坛》的记者表示：“中国消费者品消费的急剧复苏。郭佳曦（音）就是在普遍的乐观情绪推动下，受网购正在经历一些变化。”消费者们现在其中的典型代表——年轻，女性，不怕便捷的吸引，以及在中国经济高速希望以“有竞争力的价格”购买高品质花钱。增长及房价飙升中获益的父母们帮助的产品，他补充说。今年24岁的小郭是一位会计，在苏州下，中国千禧一代正推动海内外奢侈工作，喜欢蔻驰（Coach）、路易威登品市场的蓬勃发展。全新的二手交易（Louis Vuitton）等奢侈品牌。她购买贝恩公司报告称，去年千禧一代消中国消费者在增加支出的同时也变了几件奢侈品作为礼物：一条Acne Stu- 费者推动中国奢侈品市场销售额增至得更为节俭。 dios围巾，一块丹尼尔惠灵顿（Daniel 1420亿元人民币（220.7亿美元），张霞（音），24岁，在中国南部 Wellington）手表和一条万宝龙（Mont 比去年同期高出20％左右；这是5年来大城市重庆从事投资工作。她已经购 Blanc）腰带作为礼物。小郭年薪5万元增长乏力的奢侈品市场最大幅度的跃买了不少奢侈品，如迪奥（Dior）的人民币（7,898美元），她收入的五分之增。包，路易威登的产品，宝格丽（Bul- 一用于购买奢侈品。中国奢侈品市场销售额约占全球销 gari）珠宝等；还曾经花15万元人民她说：“奢侈品对我来说并非必需品，售总额的8%；而中国消费者购买的奢币（23,695美元）购买了一只伯爵但只要有足够的钱我就会买。” 侈品占全世界销售的32%——其中四（Piaget）手表。但与以前相比，她咨询公司贝恩公司的报告称，小郭及分之三是中国消费者在海外购买的。现在较难被奢侈品打动了。其同龄人推动了中国去年奢侈品消费的 LVMH的首席执行官贝尔纳·阿尔诺她说：“我现在越来越喜欢原创设急剧增长；对于全球顶级奢侈品牌的拥表示，中国是一个“非常有活力”的市计的产品。”她补充说，像郭佳曦一有者们来说，如LVMH集团，开云集团场，路易威登品牌在这个市场上表现样，她购买奢侈品有时也会接受（父和法国爱马仕（Hermes），这些年轻人良好。母）资助。“现在我更看重产品的质是关键的客户群体。他上周对记者说：“中国市场已经回量和感觉。如果能找到其他符合我要然而他们的消费意愿经常超出了其购暖。”经历了数年在中国市场销售不景求的产品，我不一定要选择奢侈品买能力，因此与之而来的是值得注意的气之后，LVMH的销售额开始缓慢回牌。” 问题——这些消费者往往对传统品牌缺升。这一转变意味着与以往传统奢侈乏忠诚度，容易受到网络上流行趋势的古驰（Gucci）和干邑白兰地制造商品不同的领域在兴起，包括休闲服影响，或者因为急于买到东西而作出其人头马君度（Remy Cointreau）等著饰，“街头潮流”，甚至高档运动服他选择。名品牌的公司也认为中国市场增长强装。今年27岁的黄悦（音）说：“现在的年劲。而奢侈品消费者也更愿意购买二手轻人，有些即使手头拮据也会去购买奢但分析师和业内人士表示，中国消货。这意味着购买新奢侈品的人可能侈品。”黄悦在一个名为“爱奢”的网站上费者正在扩大他们的选择范围，因此在晚些时候卖掉他们拥有的奢侈品，负责时尚板块。一些传统品牌面临挑战。以这样的方式来支付高价商品。小黄补充说，很明显这个市场正在转 Tapestry Inc的蔻驰和英国奢侈品 “因为人们知道他们可以将自己拥向年龄在20~34岁左右的千禧一代。贝巨头巴宝莉（Burberry）均报告去年有的奢侈品以二手交易的方式转让出恩公司称，这种趋势推动了奢侈品在“街业绩下跌。在中国销量下滑的普拉达去，所以他们对奢侈品的预算并不头潮流”，体育服饰等新兴领域的兴起，（Prada）已经与有影响力的“网红”建那么严格，”邓云（音）说。邓云，是奢侈品市场近来迅速增长的驱动力。立了合作关系，并于12月份推出了线今年33岁，是二手奢侈品交易平台小黄表示：“就市场影响而言，这无疑上销售。 www.luxusj.com的首席运营官。他表示，该网站上最受欢迎的品牌是LV，香奈儿（Chanel），古驰和芬迪（Fendi）；瑞士奢侈品公司历 $1 BLN $2.4 BLN 峰集团旗下的Chloe是深受年轻消费者欢迎的品牌，爱马仕也拥有良好的 Kakao’s issuance of global depositary AES Corporation and EGCO Group’s sale of stake in 口碑。 receipts Masin-AES to SMC Global Power Holdings 高档运动服饰公司Lululemon看到韩国社交软件Kakao发行全球存托凭证美国能源公司AES Corp和EGCO集团将其持有的中国年轻一代需求强劲，目前“着力 Deal Type: ECM Masin-AES股份出售给菲律宾SMC Global Power 探索和开发新的途径，以吸引这个客 Firms: Paul Hastings Holdings公司户群体。”该公司亚太区品牌及社区 Jurisdictions: South Korea Deal Type: M&A 总监Amanda Casgar表示。易类型 : ECM Firms: King & Spalding 能够打动中国年轻消费者的父母们 Jurisdictions: Singapore, Philippines 参与律所: 普衡律师事务所也很重要，因为他们通常是越来越管辖地: 韩国易类型 : 并购热衷于借钱或贷款的一代人的资金来参与律所: King & Spalding律师事务所源。管辖地: 新加坡，菲律宾小郭说：“我的工资很低，所以爸爸妈妈的确给了我一定的经济支持。

6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 BRIEFS

NEWS China ‘revives QDLP outbound 中国“重启QDLP境外投资机 investment scheme in boost 制，促进外资进驻” 息人士称，搁置两年之后，中国现已重启一项 for foreign funds’ 境外投资机制，向全球十几家资金管理公司发 hina has resumed an outbound investment scheme after a two- 消放了许可证。这表明在人民币飙升的环境下， year hiatus, granting licenses to about a dozen global money 监管部门对资本外流不是太担心。 Cmanagers, sources said, signaling that Beijing is less worried 新获得配额的境外基金公司将可在合格境内有限合伙人 about capital outflows amid a surge in the Chinese currency. （QDLP）机制下在中国筹集资金用于海外投资，自2015 Foreign fund managers with newly awarded quotas will be able to 年末以来，这还是第一次。 raise money in China for investment overseas under the Qualified Domes- tic Limited Partnership (QDLP) plan for the first time since late 2015. 当时随着中国政府在国内股市和外汇市场震荡的形势下 The quota-based Shanghai scheme was unofficially suspended when 收紧资本管制，这项在上海试点的基于配额的机制被非正 China tightened capital controls amid turmoil in its stock and currency 式暂停。 markets. 业内人士预计，每个新获得资格的公司将被允许在 The industry had expected that each newly-qualified firm would be -al QDLP机制下投资不超过5000万美元；但据消息人士称配 lowed to invest up to $50 million under QDLP, but the sources said the 额并非平均分配。 quotas were not distributed evenly. 根据消息来源和政府网站上的注册信息，摩根大通、标 Among the firms awarded fresh licenses this year, the investment arms 准人寿安本、加拿大宏利金融集团和安联保险集团的投资 of JPMorgan Chase & Co, Standard Life Aberdeen, Manulife Financial and 部门已于过去的一个月内在上海设立了对外投资子公司， Allianz have over the past month set up outbound investment subsidiar- 用以开展QDLP业务。 ies in Shanghai to conduct QDLP businesses, according to sources and registration information on government websites. 其他准备开展QDLP业务的资产管理公司包括法国巴黎 Other asset managers preparing for QDLP businesses include the as- 银行和安盛集团的资产管理部门，以及荷宝集团和未来资 set management arms of BNP Paribas and AXA, as well as Robeco and 产。 Mirae Asset. 在获得许可证后，资产经理必须在六个月内完成募资。 Upon receiving a license, asset managers are required to complete 负责管理QDLP业务的上海市金融服务办公室没有回复 fundraising within six months. 记者要求置评的电话。资产经理拒绝就有关问题发表评 The Shanghai Municipal Financial Service Office, which is in charge of 论。 the QDLP business, didn’t return calls seeking comment. The asset man- 中国的外汇管理机构去年12月份曾表示，上海已经开始 agers declined to comment. 审核新的QDLP许可证，但没有立即回复记者要求置评的 China’s foreign exchange regulator, which said in December that 传真。 Shanghai had started vetting new QDLP licenses, didn’t immediately respond to a fax seeking comment on the matter. 2013~2015年期间，上海向包括瑞银资产管理公司、 From 2013-2015, Shanghai awarded QDLP quotas worth a combined 贝莱德，橡树资本、Citadel、OZ Management公司和英 $1.23 billion to 15 asset managers including UBS Asset Management, 仕曼在内的15家资产管理公司提供了总值12.3亿美元的 BlackRock, Oaktree Capital, Citadel, OZ Management and Man Group. QDLP配额。 Another offshore investment scheme, the Qualified Domestic Institu- 另一个离岸投资机制——合格境内机构投资者（QDII） tional Investor (QDII) program, apparently remains suspended. No new 机制——显然仍处于暂停状态。自2015年以来，没有发放 QDII quotas have been granted since 2015. 新的QDII配额。 Although Chinese investors can buy Hong Kong stocks via the Connect 尽管中国投资者可以通过沪港通机制购买港股，但是 scheme, suspension of the QDII and QDLP schemes have greatly limited QDII和QDLP机制的暂停使中国投资者在全球范围内分配 their ability to allocate assets globally. 其资产的能力大打折扣。 YUAN ON STRONGER FOOTING China burned through nearly $1 trillion in foreign exchange reserves from 人民币汇率走强 mid 2014 to early 2017 as authorities sought to shore up the falling yuan 为了防止人民币汇率快速贬值同时减少潜在的不稳定资本 and reduce potentially destabilizing capital flight. 外逃，2014年6月至2017年年初，中国的外汇储备缩水了 But the Chinese currency has staged a remarkable turnaround since, 近1万亿美元。 thanks largely to a floundering U.S. dollar and stronger-than-expected 但目前人民币汇率已经出现明显的好转，主要是受美元

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 7 BRIEFS

economic growth in China. The yuan rose around 6.8 percent against the 疲软和中国经济增长强于预期的影响。2017年人民币 greenback in 2017 and is up another 4 percent so far this year. Forex reserves 兑美元汇率上涨6.8%，今年迄今又上涨了4%。外汇储 have climbed for 12 straight months. 备连续12个月攀升。 “In the current environment, yuan’s strong appreciation has greatly eased “在当前的环境下，人民币的强劲升值已经大大缓解 the fears of capital outflows,” said Stephen Zhu, Shanghai-based representa- 了资本外流的担忧，”Ashland Partners驻上海代表处 tive of Ashland Partners, which provides compliance consultation and verifi- 总经理Stephen Zhu说。该公司为资产管理行业提供合 cation services to the asset management industry. 规咨询和验证服务。 “Resumption of QDLP also fits with China’s broader policy shift toward greater financial deregulation,” he said, referring to Beijing’s recent pledge to 他表示：“重启QDLP机制也符合中国在政策上进一 widen foreign access to its giant financial sector. 步放松金融管制的趋势。”他指的是中国政府近期承诺 Revival of the QDLP business would also help support Shanghai’s longer- 大幅度放宽外资进入中国金融业的市场准入限制。 term ambition to challenge other Asian cities such as Singapore and Hong QDLP业务的重启也将有助于支持上海更长远的发展 Kong in attracting global asset managers. 目标，即与新加坡和香港等亚洲城市竞争，吸引更多 Shanghai, which aims to become a global financial center by 2020, is al- 的全球资产管理机构。 ready ramping up efforts to woo global asset managers to settle in Lujiazui, 为了在2020年打造成一个全面的国际金融中心，上 China’s answer to Manhattan. 海正加紧努力吸引全球资产管理公司入驻中国的曼哈 So far, 34 global asset managers have set up wholly-owned units in Shang- 顿——陆家嘴。 hai - the prerequisite for launching QDLP and onshore private fund businesses, while 27 others are setting up, or plan to set up subsidiaries in the city. 到目前为止，已有34家全球资产管理公司在上海设 “We hope that Shanghai can become an Asia-Pacific center for global as- 立了全资子公司——这是开展QDLP业务和境内私募基 set managers ... and the city of choice to launch their China businesses,” said 金业务的先决条件；另有27家公司正在筹备或计划在 Neo Yuan, a director at the Shanghai Lujiazui Financial City Authority. 上海设立子公司。 “我们希望上海能够成为亚太地区的全球资产管理中心...... 并且成为全球资产管理公司启动其中国业务的首选城市，”上海自贸区陆家嘴管理局综合协调处处长袁 China’s regulators ‘ask financial 冶锋表示。 institutions to check local govt debt’ 中国监管机构“要求金融机 hinese authorities in the southwestern province of Sichuan have asked financial institutions to conduct self-inspections on their financing of 构检查地方政府性债务” Clocal governments, said two people with direct knowledge of the matter. 两位知情人士表示，中国西南部大省四川省的有关 The new rules are the latest in a series of tough measures taken by Beijing 部门要求金融机构对地方财政进行自查。 to rein in local government debt, with policymakers increasingly wary of lurk- 由于对潜在风险担忧的加剧，中央政府采取了一系 ing risks in the world’s second-largest economy. 列强硬措施遏制地方政府债务，上述新规是其中的最 China’s outstanding local government debt rose 7.5 percent to 16.47 trillion 新举措。 yuan ($2.56 trillion) at the end of 2017 from the previous year, according to Reuters calculations, but remained within the government’s target. 据路透社测算，2017年中国地方政府债务较上年末增长了7.5%，达16.47万亿元人民币（2.56万亿美元） In a notice dated Jan. 16, the Chengdu city branch of the central bank and the Sichuan branch of the Ministry of Finance (MoF), among others, asked ，但仍在政府的目标范围之内。 financial institutions to self-inspect their financing of public-private partner- 在1月16日的通知中，央行成都分行和财政部驻四川 ship (PPP) projects and local government involvement in funds. 财政监察专员办事处等有关部门要求金融机构开展自 The authorities could not be reached for comment. 查，范围包括政府和社会资本合作（PPP）项目融资 he self-inspections also cover guarantees, commitment letters, the use of 以及地方政府参与基金。 finance for buying services and loans for land reserves, among other things. 记者暂未联络到有关部门对上述消息予以置评。 We “need to fully understand the importance of regulating the financing 自查内容还包括担保，承诺函，使用地方财政购买 behaviour of local governments, place more importance on guarding against 服务以及土地储备贷款等。 risks,” said the notice. The self-inspections also include local government financing platforms 我们“要充分认识规范地方政府举债融资行为的重要

8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 BRIEFS

and the use of public assets as collateral, including land reserves when taking 性，把防范风险放在更加重要的位置，”该通知称。 on debt. 此外，自查还包括地方政府融资平台和以公益性资 The plan echoes a decision by China’s top leadership at its annual econom- 产抵押，包括以储备土地作为抵押举债。 ic conference in December, in which policymakers said they would strengthen 该计划与去年12月份中国最高领导层在年度经济会 the regulation of local government debt in 2018 to reduce financial risk. 议上的决议相呼应。该决议表示将在2018年加强对地 In January, the China Insurance Regulatory Commission and the MoF said 方政府债务的监管，以降低财政风险。 that while the purchase of local government bonds is encouraged, insurers must not provide financing to local governments in ways that violate central 今年1月份，中国保监会和财政部表示，虽然鼓励购 government rules. 买地方政府债券，但保险公司不得以违反中央政府规定的方式向地方政府提供融资。 Central banks should consider using digital currencies: China 中国政府智囊：央行应考 think tank 虑使用数字货币 entral banks should consider using digital currencies in cross-border 府高级智囊中国社会科学院的研究人员在 payments that could cut transaction time and costs, researchers at the 一份报告中说，央行应考虑在跨境支付中 CChinese Academy of Social Sciences (CASS), a top government think 政使用数字货币，以减少交易时间和成本。 tank, said in a report. 加密电子货币允许各方在没有中央机构的情况下直接进行交易，通过区块链技术，使用一种共享的分类 Cryptocurrencies allow parties to transact payments directly without a 账本，在几分钟内完成验证、记录和结算交易。 central intermediary, by means of blockchain technology that uses a shared 中国社科院的刘东民和宋爽在报告中称，平均传输 ledger that verifies, records and settles transactions in a matter of minutes. 时间可从传统的3至5天缩短到1天以内；同时交易成本 The average transmission time could be shortened to less than 1 day from 也大幅下降，可从7.2%左右降至1%以下。 3-5 days traditionally and the cost could be reduced to 1 percent or less from about 7.2 percent, Liu Dongmin and Song Shuang at the CASS said in the 报告中称：“此外，随着新系统更为开放、更加灵 report. 活、更具包容性，所有发展中国家都将能够公平、轻 “Moreover, as the new system becomes more open, more flexible and more 松地获得这些服务。” inclusive, all the developing countries will get fair and easy access to these 报告中提出了三种类型的数字支付系统：第一种由 services,” the report said. 国际货币基金组织主导，所有成员国参与；第二种是 The report proposed three types of digital payments systems: one led by 由个别国家主导，其他国家自愿参与；第三种是结合 the International Monetary Fund (IMF), a second led by some countries, or a 了上述两种体系。报告称第三种类型最具可行性。 third that combines the IMF’s system with those of certain countries. It said a 但报告也表示，开发数字货币支付系统可能会给全 combined system was the most feasible. 球交易服务提供者SWIFT（环球同业银行金融电讯协 But developing digital currency payment systems could pose a challenge 会）带来挑战。 to global transaction service provide SWIFT, it said. China’s central bank has been exploring the issuance of a sovereign digital 尽管中国政府加大了对私人发行的数字货币的打击 currency, even as it ratchets up a crackdown on privately issued digital cur- 力度，但中国央行一直在探索发行主权数字货币。 rencies. 中国央行副行长范一飞最近表示，中国央行发行数 Fan Yifei, a vice central bank governor, had said recently China should con- 字货币应采用“双层投放”体系，央行和金融机构均应成 sider adopting a “two-tier” system in issuing digital currencies, in which both 为合法发行人。 the central bank and financial institutions become legitimate issuers. 中国在最近几个月里采取了一系列措施打击非法加 China has taken a string of steps in recent months to clamp down on the 密货币市场，包括关闭交易所，禁止所谓的ICO（首 cryptocurrency market, including closing exchanges and banning so-called 次代币发行）——基于数字货币或令牌销售的融资计 initial coin offerings - digital, token-based fundraising rounds. 划或项目。 The Financial News, which is run by the central bank, said the PBOC would monitor overseas websites of virtual currency trading platforms to curb risks 中国央行旗下媒体《金融时报》表示，中国人民银 caused by a rush of investment following the ICO ban. 行将对境外虚拟货币交易平台网站进行监控，以遏制因ICO禁令而引发的投资热潮所带来的风险。

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 9 BRIEFS

Perfect storm: China’s blizzard 祸不单行：不期而至 exposes flaws in rail, coal policies 的风雪暴露出中国铁 hina’s worst blizzard this winter exposed a flaw in Beijing’s drive to create re- 路、煤炭政策的缺陷 mote coal mining hubs as it tries to streamline heavy industries and clear the air 国政府正在将煤炭矿业中心迁移至 in populated regions: a lack of railroads to get the fuel to market. C 偏远地区，以优化重工业布局，同 Heavy snow storms snarled the world’s largest rail network this week, closing high- ways, freezing ports and cutting off critical supplies of thermal coal. 中时治理人口稠密地区的空气污染问 The bottlenecks added to a month-long coal price rally and prompted four top utili- 题。今年冬季中国遭遇了最严重的暴风雪，因 ties to warn of potential heating and electricity shortages ahead of the upcoming Lunar 而暴露出了一个弱点：铁路煤炭运力不足。 New Year. 本周，大雪肆虐中国大部分地区，导致高速 By Friday, rare heavy snow in south and central regions had eased, but railways were 公路关闭，港口封冻，铁路运输也受到严重影 still clogged. State railway operator China Railway Corp has imposed more emergency 响，使至关重要的动力煤供应中断。 measures to increase coal deliveries to southern power producers running low on stock. 运输瓶颈还助推了煤炭价格长达一个月的涨 Rail experts and executives at utilities warn chaotic episodes like this may become 势，使中国四大电力企业在春节来临之际发出 more frequent over coming years until new freight lines are built. 供暖和电力短缺的预警。 “China’s railway capacity is seriously inadequate, even though it has invested lots 截至周五，华南和华中地区罕见的大雪已经 of money each year to build new lines,” said Zhao Jian, professor at Beijing Jiaotong University. 有所减弱，但铁路运输仍然不畅。国家铁路运营商中国铁路总公司已经采取了多项紧急措 Adding further strain to the system, the government last year required thousands of factories to use rail to ship cargo rather than roads, the nation’s favorite mode of 施，向库存告急的南方发电厂加运煤炭。 transportation. 铁路运输专家和公共事业公司的高管认为， Aside from rail capacity, the issue can also be traced back to central government 在新的货运线路建成之前，像这样的混乱情况 policy that has closed small mines and reduced output in the south, limiting availability 在未来几年可能会发生得更加频繁。 of regional spot supplies that could normally pick up the slack. 北京交通大学教授赵坚表示：“尽管中国铁 By creating mining hubs in more remote northern and western regions, the fuel has 路每年投入大量资金建设新线路，但铁路运力 further to travel to get to the coal-fired power plants that produce most of the nation’s 仍然严重不足。” electricity. 政府去年要求数以千计的工厂使用铁路而非 A source at one of the country’s top utilities Huaneng reckons imports will play an 公路来运输货物，对铁路运输系统造成了进一 even bigger role in supplementing his supplies. 步的压力。在中国，公路是最受欢迎的运输模 “The shifting of the coal hub from east to the west will add potential risks to trans- 式。 portation since we will see coal traveling a longer distance,” he said. 除了铁路运力之外，这一问题还可追溯到中 BREAKNECK EXPANSION 央的政策层面——在南方关闭小型煤矿并减少 Over the past decade, China has ploughed trillions of dollars into expanding its high- 产量，因而限制了地区现货供应能力，但这些 speed passenger rail network, but spending growth is starting to slow. 通常能够弥补供应上的不足。 China Rail’s investment target this year is the lowest since 2013, and mostly on high- speed passenger tracks. 在较偏远的北部和西部地区建立矿业中心，导致煤炭产地与供应全国大部分电力的燃煤发 The somewhat neglected freight network cannot handle the extra capacity. 电厂之间的运输距离加长。 The nation’s first north-south special coal line - the Inner Mongolia to Jiangxi Rail- way designed to carry 200 million tonnes of cargo and stretching 2,000 km (1,240 华能集团是中国大型公共事业公司之一。该 miles) - won’t be ready until at least 2019. 集团的一位消息人士认为，进口将会在补充供 Existing freight tracks also don’t service the regions in dire need of fuel. 应方面发挥更大作用。 The nation’s four major tracks with capacity to carry 1.2 billion tonnes each year of 他说：“把煤炭中心从东部转移到西部，将 freight run west from the coal hinterlands to east coast ports, where fuel is shipped 会增加运输的潜在风险，因为煤炭运输距离更 south for delivery inland by truck or barge along the Yangtze River. 长。”

SHORING UP 客运铁路高速扩张 With coal stranded at mines, the authorities have rushed to shore up supplies of fuel. 过去十年，中国投入了数万亿美元用于扩建高 In the second round of emergency measures, China Railway last week ordered al- 速客运铁路网，但投资增速正在开始放缓。 most 20 regional hubs from Hohot in Inner Mongolia to Kunming in Yunnan in the south 中国铁路今年的投资指标是自2013年以来 to ramp up loadings.

10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 SPONSORED ARTICLE

上市公司控制权交易中的股份委托表决权相关问题

在上市公司控制权交易中，控股股东方式。通过协议方式转让所持有的上市公司股份，受让方成为新的控股股东，进而对上三、上市公司股份委托表决权的行使市公司进行重组整合，这是上市公司控制对于上市公司控制权交易中股份的委托表权交易中的通常操作方式。从近期上市公决权，在具体行使过程中，相对于一般的司控制权转让的相关案例中，原控股股东民事委托行为，由于涉及上市公司控制权在转让上市公司股份的同时，会将部分限的重大变更事项，应重点关注以下问题：售股或协议安排不转让的股份表决权委托 1、股份的委托表决权内容给新的控股股东行使，新的控股股东通上市公司的股份委托表决权至少应当包过受让的部分股份及受托的部分股份表决括以下授权：（1）提交包括提名或推荐权，获得了对上市公司的控制权。上市公司董事、监事、高级管理人员候选人在内的股东提议或议案；（2）召集、一、委托表决权的法律基础召开和出席上市公司的股东大会会议；罗超（合伙人） E:[email protected] 《公司法》第一百零六条规定：“股东可（3）根据相关法律、法规、规章及其他 T:8610 88004249 以委托代理人出席股东大会会议，代理人有法律约束力的规范性文件或上市公司章 F:8610 66090016 应当向公司提交股东授权委托书，并在授程需要股东大会讨论、决议的事项行使表权范围内行使表决权。”《公司法》明确决权。述期间内对股份进行任何处置。了股东可以委托代理人进行股份表决。 2、委托表决权的期限限售股份表决权委托结合股份的依据《民法总则》第一百六十二条的规上市公司的股份表决权直接影响控制权远期转让，与现行的减持法规和政定，“代理人在代理权限内，以被代理人的稳定性，因此，委托表决权的期限应当策相违背，同时也违背了信息披露名义实施的民事法律行为，对被代理人发与委托方所持有的股份期限保持一致，即的义务，由于事先的协议确定了股生效力。”因此，上市公司股份的委托表至委托表决权的股份不再登记在委托方名份的交易价格，对公司未来股价也决，实质是民事委托代理行为，只要股份下之日，或者由委托表决权双方对解除或会构成影响。根据《合同法》第52 表决权委托的双方意思表示真实、有效，终止表决权委托协商一致并书面签署终止条的规定，有下列情形之一的，合其法律关系即受法律保护。协议。同无效：（一）一方以欺诈、胁迫 3、委托表决权的违约防范的手段订立合同，损害国家利益；二、上市公司控制权转让中的股份委托表（二）恶意串通，损害国家、集体上市公司的委托表决权作为委托协议的决权的情形或者第三人利益；（三）以合法形一种，通常双方会在协议中约定其不可撤在上市公司控制权交易中，通过股份的委式掩盖非法目的；（四）损害社会销性，从而最大程度上保证控制权的稳定托表决实现上市公司控制权的转让，通常公共利益；（五）违反法律、行政性。根据《合同法》第四百一十条规定：“ 基于下述几种情形设计：法规的强制性规定。如果股份表决委托人或者受托人可以随时解除委托合权背后涉及股份远期转让，从维护第一，受让方通过受托的股份表决同。因解除合同给对方造成损失的，除不交易合规性及保护中小股东的知情权，可以尽量少的资金获得上市公司的控可归责于该当事人的事由以外，应当赔偿权角度，可能构成无效合同，进而制权，以降低收购的资金成本。损失。”因此，委托表决权协议约定的不可导致交易安排无法实现。因此，在第二，转让方通过委托股份表决权，撤销，并不能当然防范双方的违约情形。实务操作中，应避免在股份委托表保留了更多的上市公司股票分红及收益由于上市公司股份委托表决权事关上市公决权的背后安排股份的远期转让。权，可以分享新的控股股东或实际控制人司以及全体中小股东的利益，为了避免控运作上市公司后带来的增值收益。制权反转所导致的公司价值损害，应当在第三，转让方的部分股份尚处于股份委托表决权协议中明确高额的违约金，一限售期内无法进行转让，通过限售股的表旦发生违约情形，可启动违约金条款，进北京国枫律师事务所决权委托，可以使收购方实现上市公司而通过司法程序保护控制权稳定；同时，北京市东城区建国门内大街26号新闻控制权的目的。中国证监会2017年修订也可以申请监管部门从保护上市公司中小大厦7层发布《上市公司股东、董监高减持股份的股东的利益角度介入，保证协议的执行 Tel：86 10 8800 4488、6609 0088 若干规定》（证监会公告〔2017〕9号）力。 Fax：86 10 6609 0016 后，由于新规严格限制了上市公司股东、四、股份委托表决权及远期转让协议的效力业务领域：董监高（尤其是控股股东）的减持途径，在一些上市公司控制权交易中，卖方在将 • 证券与资本市场银行延长了股份解锁的期限，导致在后续上市限售股份表决权委托给买方的同时，还 • 及非银行金融业务公司控制权交易中通过设计股份表决权委与交易对方达成关于限售股的远期转让安 • 海外法律服务托的案例增多。 • 房地产和建设工程排，即约定在股份限售期满后，买方将按 • 公司第四，针对部分上市公司原控股股东照事前约定条件收购卖方所持有的上市公持股比例超过30%，收购方为了避免触发 • 知识产权司股份，在此期间标的股份办理表决权委 • 争议解决强制要约收购，只收购30%限额以内股托，并将标的股份办理质押手续，质押给份，对于留存的股份则采取表决权委托的买方或者买方指定的金融机构，避免在上 www.grandwaylaw.com BRIEFS

Until Feb. 10, some 46,000 cars of coal a day must be delivered to ensure 的最低水平，投资将主要用于客运高铁建设。 supplies reach Hunan, Hubei, Shandong and Jiangxi and power plants in other 然而有些被忽视的货运铁路网络已无法承担额外的 regions that are running low of fuel, it said in a fax reviewed by Reuters. 运力。 That equates to about 3 million tonnes of coal, almost 60 percent of China’s 中国第一运煤专线蒙华铁路——从内蒙古到江 average daily needs for its coal-fired power sector, according to Reuters calculations. China Rail had already made coal a priority and restricted shipments of 西——最早到2019年才能建成通车。蒙华铁路全长 grain and fertilizer south. 约2000公里（1,240英里），煤炭设计输送能力为2 China Railway and the National Railway Bureau did not respond to requests 亿吨/年。 for comment. 而现有的货运铁路也无法向亟需燃料的地区提供运输服务。 WELL-INTENTIONED BUT FLAWED Restrictions on mining are part of efforts to clear the pollution that blankets 全国四条主要货运铁路的运载能力为12亿吨/年， the north during winters and move heavy industry away from populated urban 将煤炭从西部内陆地区运输到东部沿海港口城市，再 areas. 由卡车或驳船沿长江向南运往内陆。 The provinces pleading for help after a rare dump of snow were in the south 支撑 and central regions of Jiangsu, Hunan, and Sichuan. Those provinces have cut coal output the most in percentage terms in recent 由于煤炭难以由矿场运出，有关部门加紧采取措施支 years, while Inner Mongolia, Shanxi, Shaanxi and Xinjiang have ramped up sup- 撑燃料供应。 plies. 在第二轮紧急措施中，中国铁路总公司于上周下 Those four-top producing regions accounted for 72 percent of the total coal 令，要求北至内蒙古呼和浩特南至云南昆明的近20个 output in 2017, compared with just over half in 2008, according to data from 区域铁路货运枢纽加大装运量。 China’s coal transportation association. 路透社见到的该公司一份传真显示，截至2月10日 The expansion of coal output in these areas, outside China’s traditional 前，每日须运送约46,000车煤炭，以确保供应能够抵 industrial heartland, has had the desired effect of shifting polluting activities 达湖南、湖北、山东、江西以及其他地区燃料供应不 away from the most populous areas. 足的发电厂。 But analysts say until the rail network fully connects those supply hubs with centers of demand, further congestion problems look likely to persist. 据路透社测算，这大约相当于300万吨煤炭，几乎占到中国燃煤发电行业日均需求的60%。中国铁路总公司已将煤炭运输列为优先事项，并对南方粮食和肥料运输进行了限制。中国铁路总公司和国家铁路局均未回复记者的置评请求。

用意良好，但有缺陷为了治理北方地区冬季严重的空气污染，同时将重工业从人口稠密的城镇地区迁出，中国政府采取了一系列措施，对矿业的限制是其中的一部分。然而江苏、湖南和四川等中南部省份遭遇罕见降雪后发出了援助请求。近年来，这些省份的煤炭减产比例最大。而内蒙古、山西、陕西和新疆则加大了供应。根据中国煤炭运输协会的数据，上述四个省份2017 年的产量占全国煤炭总产量的72%，而2008年则仅略高于总产量的一半。这些地区位于中国的传统工业中心以外，因此在这些地区增加煤炭产量，起到了把造成污染的活动从人口最密集地区迁走的预期效果。但分析师表示，在铁路网能够将供应枢纽与需求中心充分连接之前，可能还将继续面临更多的运输不畅的问题。

12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 APPOINTMENTS 律师转所信息 LATERAL HIRES

MENG DING JESSE GILLESPIE KIM DAE-UK EIJI KOBAYASHI LEE SANG-BONG Leaving Leaving Leaving Leaving Leaving Davis Polk & Wardwell Sullivan & Cromwell Barun Law Norton Rose Hwang Mok Park Joining Joining Joining Joining Joining Kirkland & Ellis Morrison & Foerster DR & AJU Paul Hastings DR & AJU Practice Practice Practice Practice Practice Corporate and securities Capital markets Maritime, shipping and Corporate, M&A and Maritime, shipping and aviation securities aviation Location Location Hong Kong Tokyo Location Location Location Seoul Tokyo Seoul

CATHERINE MCBRIDE LEE TAYLOR KAORU UMINO HENRY WHEARE Leaving Leaving Leaving Leaving Deutsche Bank Clifford Chance Jones Day Hogan Lovells Joining Joining Joining Joining Latham Watkins King & Spalding DLA Piper Nixon Peabody CWL Practice Practice Practice Practice Regulatory Corporate Finance and projects Intellectual property Location Location Location Location Hong Kong Singapore Tokyo Hong Kong

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 13 COVER STORY 2018 CHINA TOP 15 LITIGATORS 十五佳诉讼律师

At present, litigation cases are becoming increasingly complex, raising higher requirements on the litigation experience, level of expertise, depth of knowledge and many other competencies of litigators. ALB has been keeping a close eye on the work of litigation lawyers. This year, our research team studied the litigation cases handled by all the nominated lawyers for which judgments were rendered between January 1, 2017 and December 31, 2017, and came up with the following list of winners based on the influence and difficulty of the cases, as well as client and market feedback.

当下诉讼案件日益复杂，对于诉讼律师的诉讼经验、专业程度、知识积淀等一系列能力的要求也愈发强调。ALB一直持续关注着诉讼律师的工作，今年我们的调研团队调研了所有被提名的律师所代理的判决时间为2017年1月1日至2017年12月31日的诉讼案件，根据案件影响力、难度、客户和市场反馈做出评选。

FEBRUARY 2018 14 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 COVER STORY

Methodology: 评选方法： For this year’s list of ALB China Top 15 Litigators, the selection committee conducted 在本次的ALB China十五佳诉讼律师的评选中，评委会 detailed analysis and evaluation of the candidates’ litigation work in 2017 primarily 主要参考以下两个方面的内容，并引入第三方的认可情 by assessing the following two aspects and relying on third-party recognition: 况，对报名者在2017的诉讼成就进行了详细的解析、评 1. Typical cases provided by lawyers that showcase their achievements in 2017; and 价： 2. Cases which lawyers participated in and for which judgments were pronounced 1. 律师提供的可代表其2017年工作成就的典型案件； in 2017, the information of which is available through public channels. 2. 公开渠道可获取的该律师参与的裁判案例。 The criteria for assessing objective information in these two aspects include, among 该两方面客观信息内容的评选标准包含但不限于以下几 others: 个方面： 1. Difficulty of cases 1. 案件难易程度 2. Litigation strategies employed by lawyers 2. 律师诉讼策略 3. Influence of cases 3. 案件影响力 4. Innovative nature of cases 4. 创新性 Winners are listed below in the alphabetical order of their surnames. 以下获奖名单按姓氏字母排序。

Lawyer 律师 Law Firm 所在律所 Practice Areas 专业领域 Major commercial disputes, corporate practice and merger and acquisition, Summit (Feng) Chen Dentons 1 construction and infrastructure, as well as manufacturing 陈峰大成律师事务所重大商事争议案件、公司与并购、建设工程和基础设施专业及制造行业 Paul Chen Beijing DHH Law Firm Patent, trademark and copyright disputes 2 陈浩北京德和衡律师事务所专利、商标及著作权纠纷等知识产权领域 Dong Chungang Jingtian & Gongcheng Dispute resolution 3 董纯钢竞天公诚律师事务所争议解决 Cross-border litigation and arbitration, company control contention and Gao Feng King & Wood Mallesons 4 acquisition and anti-takeover of listed companies 高峰金杜律师事务所跨境诉讼仲裁、公司控制权争夺/上市公司收购与反收购 Gao Ping AnJie Law Firm Dispute resolution of major commercial cases 5 高苹安杰律师事务所重大商事案件的争议解决 Li Zheng Hylands Law Firm Dispute resolution 6 李峥浩天安理律师事务所争议解决 Leo Liu Tiantai Law Firm Intellectual property and anti-unfair competition 7 刘艳锋天驰君泰律师事务所知识产权及不正当竞争 Major commercial contractual disputes, investment, financing and equity disputes, disposal of non-performing banking and financial assets, disputes Wang Feng Tiantong & Partners over the transfer and assignment of land-use rights, disputes over real estate 8 王峰天同律师事务所 development, operation and construction, etc. 重大商事合同纠纷；投融资及股权纠纷；银行及金融不良资产处置；土地使用权出让及转让纠纷；房地产开发、经营及建设工程纠纷 Wei Qingsong Hui Ye Law Firm Major commercial litigation and major commercial arbitration 9 魏青松汇业律师事务所重大商事诉讼和重大商事仲裁 Xu Mei Tian Yuan Law Firm Dispute resolution related to financial services and intellectual property 10 许梅天元律师事务所金融、知识产权相关争议解决 Yang Peiming Llinks Law Offices Commercial dispute resolution 11 杨培明通力律师事务所商事争议解决 Foreign-related litigation and arbitration, cross-border enforcement and Zhenyong (Allan) Ye JunHe LLP 12 crisis management 叶臻勇君合律师事务所涉外诉讼仲裁、跨境执行以及危机管理 Paul Zhou Wintell & Co Insurance, banking and finance, and real estate practices 13 周波灜泰律师事务所保险、银行金融、房地产 Shanghai Jianling Chengda Law Project dispute resolution, PPP, real estate investment and financing, urban Zhou jigao 14 Firm infrastructure and park construction, and foreign-related engineering projects 周吉高上海建领城达律师事务所工程争端解决、PPP、房地产投融资、城市基础设施与园区建设、涉外工程等 Zhou Jinquan Jincheng Tongda & Neal Litigation and arbitration 15 周金全金诚同达律师事务所诉讼与仲裁

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 15 COVER STORY

DENTONS 大成律师事务所 A senior partner with Dentons, Summit (Feng) Chen specializes in major com- 陈峰律师是大成律师事务所高级合伙人。专业方向为 mercial disputes, corporate practice and merger and acquisition, construc- 重大商事争议案件、公司与并购、建设工程和基础设 tion and infrastructure, as well as manufacturing. As a senior litigator, Chen 施专业及制造行业。作为资深诉讼律师，陈律师擅长 is adept at accurately analyzing the underlying legal relationships 于精准分析案件基础法律关系，从战略性的高度把握 of cases and strategically grasping the broader progress and bigger picture of cases, so as to formulate clear litigation 整个案件的宏观进展与得失，进而制定出明晰的诉 strategies to flexibly respond to unexpected situations 讼策略，在案件的进程里灵活应对突发性情况， as cases progress, thus guiding disputes to be re- 进而引导争议的走向。陈律师多年来承办众多 solved in the desired directions. Over the years, Chen 重大复杂疑难案件，在投资股权、商业合同、 has acted for a large number of major, complex and 建设工程等领域的重大商事纠纷案件中均有 difficult cases, with remarkable success in handling major commercial disputes over investment in eq- 精彩表现。 uity, commercial contracts, construction projects and other fields. SUMMIT (FENG) CHEN 陈峰

BEIJING DHH LAW FIRM 北京德和衡律师事务所 A senior partner of Beijing DHH Law Firm and the director of its intellectual 陈浩律师，北京德和衡律师事务所高级合伙人、知识 property (“IP”) practice team, Paul Chen has extensive 产权业务团队主任，在专利申请、专利无效、专利侵 experience in the field of IP, with his practice cover- 权、商标申请、商标异议、商标争议、商标侵权以及 ing patent application, patent invalidity, patent 著作权纠纷等知识产权领域具有丰富经验。2017 infringement, trademark application, trademark objection, trademark disputes, trademark in- 年，在百年老字号“瑞蚨祥”商标行政上诉一案， fringement and copyright disputes. In 2017, 陈浩律师代理上诉人天业恒基公司二审获胜；代 Chen acted for Shandong TyanHome Co., Ltd, 理“Byford”商标行政诉讼等系列案件。 the appellant in the administrative appeal case concerning the time-honored “Refosian” trademark, and helped the client succeed in second- PAUL CHEN instance. He also handled a series of cases, including the administrative lawsuit of the “Byford” 陈浩 trademark, in the same year.

JINGTIAN & GONGCHENG 竞天公诚律师事务所 A partner with Jingtian & Gongcheng, Dong Chungang is qualified to prac- 董律师是竞天公诚律师事务所合伙人，中国和美国纽 tice both in China and in the New York State of the United States, and also 约州律师，CIETAC仲裁员，中国国际商会调解中心 serves as an arbitrator of CIETAC and a mediator of the China Chamber of International Commerce Mediation Center. Specializing in dispute resolution, 调解员。董律师的业务领域是争议解决。在过去一年 Dong acted on behalf of a foreign-invested enterprise in suing the transport 里，董律师曾代表某外商投资企业起诉某直辖市交通 commission of a municipality directly under the Central Government 委员会并获得数千万元行政赔偿，代表某国企 and helped the client secure an award of tens of millions of yuan in 提起十一起融资买卖系列诉讼并获得数亿 administrative compensation in the past year. Other highlights 元赔偿，代表某央企成功达成ICC仲裁 of his work in 2017 include filing a series of 11 financing transac- 案件的和解，在三起境外诉讼中担任 tion lawsuits on behalf of a State-owned enterprise and obtaining several hundred million yuan in compensation, repre- 中国法律专家，并在超过十五起仲裁 senting a central enterprise to successfully reach settlement 案件中担任仲裁员。 in an ICC arbitration case, acting as the China law expert in three overseas lawsuits, and serving as an arbitrator in over DONG CHUNGANG 15 arbitration cases. 董纯钢 FEBRUARY 2018 16 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 KING & WOOD MALLESONS 金杜律师事务所 Specializing in cross-border litigation and arbitration, company control conten- 高峰律师执业领域为跨境诉讼仲裁、公司控制权争 tion and acquisition and anti-takeover of listed companies, Gao Feng has provided 夺/上市公司收购与反收购。高律师为众多上市公 dispute resolution and securities compliance legal services for numerous cases 司收购与反收购提供争议解决以及证券合规法律服 of listed company acquisition and anti-takeover. He has not only 务，不仅首创通过仲裁破解公司僵局的方案，而且 pioneered the use of arbitration to resolve corporate dead- 赢得多项具有里程碑意义的判决，例如全国首 locks, but has also won many landmark judgments, such 例涉及上市公司限制股东权利合法性的胜诉 as prevailing in the first case involving the legitimacy of 判决、全国首例涉及举牌方收购行为合法 a listed company restricting shareholder rights in China 性的胜诉判决等。高律师担任中国国际经 and in the country’s first ever case over the legitimacy 济贸易仲裁委员会、深圳国际仲裁院仲裁 of the activities of the banner acquisition party. Gao is also an arbitrator of the China International Economic 员及深圳市证券期货业纠纷调解中心调解 and Trade Arbitration Commission, an arbitrator of the 员。 Shenzhen Court of International Arbitration and a mediator with the Shenzhen Securities and Futures Dispute GAO FENG Resolution Center. 高峰

ANJIE LAW FIRM 安杰律师事务所 With 15 years of work in commercial adjudication with the Beijing High People’s 曾在北京市高级人民法院、北京市第二中级人民法院从 Court and the Beijing No. 2 Intermediate People’s Court under her belt, Gao Ping 事商事审判工作十五年的专业经验为高苹律师在重大商 has accumulated profound expertise in dispute resolution of major commer- 事案件的争议解决领域提供了深厚的积淀。之后十年的 cial cases, and has been specializing in this field since she joined private 律师执业生涯中，她始终专注于该领域，尤其擅长处理 practice some ten years ago. Particularly strong with difficult 涉及金融、投资、互联网等行业的疑难复杂案件。 and complex cases involving industries such as finance, in- 去年，她领导团队在最高人民法院、各地高级 vestment and the Internet, Gao led her team in represent- 人民法院代理了多起重大商事诉讼，其中艺 ing a large number of major commercial lawsuits before 龙网信息技术（北京）有限公司诉北京趣拿 the Supreme People’s Court and high people’s courts in various regions last year. Specifically, her win in the 软件科技有限公司合同纠纷案取得胜诉， lawsuit of eLong Information Technology (Beijing) Co., 在互联网纠纷诉讼领域影响广泛。 Ltd against Beijing Qunar Software Technology Co., Ltd. over contractual disputes has wide-ranging ramifi- GAO PING cations in terms of litigation over Internet disputes. 高苹 LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 17 SPONSORED ARTICLE

Interview of Paul Chen, Senior Partner of Beijing DHH Law Firm China IP Protection System Made Incredible Progress

As China’s economy grows by leaps and IP firms, appraisal firms and law firms,” said become more sophisticated. “Infringers bounds, Chinese people’s awareness of Chen. “The knowledge gained from such hire professionals to analyze how to take intellectual property (IP) protection has experience benefited me a lot when I later advantage of the loop holes in application increased significantly. More and more started my legal practice and led my team.” of the Universal Coverage principle to obtain enterprises have taken precautions in Among many successful cases represented the maximum benefit at minimum cost,” Chen protecting their IP from the root to prevent by Chen, the administrative appeal of “Rui Fu told ALB. “This is called the ‘new plagiarism’. infringement. Paul Chen, senior partner and Xiang” trademark and Qihoo 360 v. Baidu It is now easy to copy products on the Internet. director of IP team at Beijing DHH Law Firm, for unfair competition are two representative For example, a website providing only links shared his thoughts on the rapid development cases. to American TV series without storing such of China’s IP protection system and the videos will not be deemed as infringement Although “Rui Fu Xiang” is a well-known evolution of infringement methods in recent according to the Safe Harbor principle. In this brand in China, the evidence that the client years with Asian Legal Business (ALB). area, the improvement of the legal practice could provide was far from sufficient and it was will also reply on communications with the Unlike many peers, Chen received his first at the brink of losing its signature trademark. judicial organs.” bachelor degree in engineering twenty years “This case was very challenging because if we ago, which not only gave him the background failed to provide new evidence in the appeal As a senior partner of DHH, Chen’s of science necessary to handle patent cases, proceedings, the result could have been focuses have expanded from representation but also fostered his strong logical thinking. disappointing.” said Chen. After analyzing the of individual cases to development of the Chen thereafter obtained his LL.B. and case, his team determined two approaches to IP practice team of the firm. “My work is LL.M. degrees from China University of prove the client’s use of the mark . Chen’s team now divided into three parts: dealing with Political Science and Law in 2004 and 2009 exhausted all the resources available and legal matters of key clients, managing the respectively. However, his first job was not and eventually obtained sufficient evidence team, and strategic planning for the future a patent attorney but a patent agent at a to assist this famous silk store to successfully development of the team,” said Chen. “This patent application firm where he gained a regain the ownership of its trademark. enables me to have a big picture on the development of my team and the firm.” lot of valuable practical experience. In the case of Qihoo 360 v. Baidu regarding “I had considered practising securities or anti-virus software, Chen and his team was Talking about the future, Chen plans to real estate laws at the time of graduation,” engaged by Qihoo 360 to represent the client lead the IP teams of DHH’s multiple domestic said Chen, “but then I heard information about in the appeal when the judgement of the trial offices including Beijing, Shanghai and the patent bar exam. Back then, companies was against the client. Based on thorough Shenzhen to focus on IP legal services and did not have in-depth knowledge regarding analysis of the trial judgement and a large dispute resolution services for publicly listed patent applications. Compared with most of number of similar cases, Chen made strong companies. the lawyers who have liberal arts background, arguments in the appeal which was upheld “Many high-tech enterprises are still at the my background in science and engineering by the judge and the trial judgement was low end in IP operation,” said Chen. “Hiring a became an advantage. Coupled with the overruled. team of professional lawyers will not only save country’s policy to promote IP protection and “Cases like this one should be analyzed the management time and costs and ensure my own interest in this area, I figured there from three aspects: legal provisions, judicial the company’s operations, but also effectively would be great opportunities in IP practice.” practice and social effects,” said Chen. “The prevent disputes.” In light of the above reasons and trial is proceeded based on the complaint For the overseas market, DHH plans to background, Chen became a patent agent while the appeal is on the ground of the trial continue following China’s Belt and Road at an IP firm in Beijing. judgement. Therefore, it is crucial for the Initiative and set up more overseas branches However, as he began his career as a patent lawyer to make the appeal strategies based and to strengthen and expand cooperative agent, Chen’s first assignment was nothing on an in-depth study of the trial judgement relations with foreign firms. related to patent application, but sorting and discover evidence sufficient to support “During the past five years, the development client files that had been accumulated for his arguments.” of China’s IP protection system has made over a decade. “Although that was the most Chen noted that infringement in the past incredible progress. However, many countries basic and boring work that many people could was normally in the form of a straightforward are not aware of this, thinking that China was not care less, I took it seriously and learned copy of the products of the proprietors, in still at the same level as 20 years ago,” said a lot therefrom. Those files were for cases which case infringement could easily be Chen. “One of my key tasks for this year is to covering the fields of trademarks, patents, proved. However, as the legal awareness demonstrate to the world the significant and copyrights and trade secrets, involving of the public increases, especially in the IP promising progresses that China has achieved all-round issues from the perspectives of area, the approaches taken by the infringers in this area.” 专访德和衡律师事务所高级合伙人陈浩律师中国知识产权体系发展进步超乎想象

随着中国社会经济的发展，人们对迫，因为二审时如果没有新的证据，结知识产权的保护意识逐步提升，越来果将会很不乐观”，陈浩律师说道。经越多的企业在保护自身知识产权方面过分析认定有两条线索可以证明“瑞蚨都有未雨绸缪，从源头防止侵权案发祥”商标的使用，但筛选证据工作量很生的意识。北京德和衡律师事务所的高大，于是四处奔走，查阅资料，终于搜级合伙人陈浩律师与《亚洲法律事务》集到足够的证据，为“瑞蚨祥”老字号夺（ALB）探讨了中国近年在这方面的迅回了商标所有权。速发展以及侵权方式的演进。在奇虎360诉百度杀毒软件一案中，与很多从事知识产权业务的律师不陈浩律师也带领团队，在一审判决结果同，陈浩律师在二十年前最先获得的是对奇虎360不利的情况下接手上诉，结

工学学士学位。这不仅给予他处理专利合一审判决研究大量同类案例，从中提陈浩案件所需的理工科背景优势，更培养了炼辩论观点，得到二审法官认可，反败高级合伙人，知识产权团队主任 Paul Chen 他强大的逻辑思维。为胜。 Senior Partner, Director of IP team 2004年和2009年，陈浩律师又先后 “此类案件要从法律规定、司法实获得中国政法大学法学学士和法学硕士践和社会效果这三方面去推敲证明，” 学位。但是他的第一份法律工作并不是陈浩律师分享道。“一审针对起诉状展知识产权律师，而是负责专利申请的专开，但二审则是围绕一审判决展开，利代理人。陈浩律师从中学到了很多珍所以二审时律师一定要认真研读一审判贵的实践经验。决，从中寻找突破点，找出所需证据” 好争议解决的业务。 “毕业时律师行业里，证券、房地产。业务我都考虑过 ”，陈浩律师说道。“ 陈浩律师注意到过去的侵权行为比 “因为很多高新企业的知识产权运营但后来我捕捉到了专利代理人考试的信较低端，只是简单复制权利人的产品，还处于低水平，聘请专业的律师团队不息，那时企业对专利申请这些事务并很容易被认定为侵权。但随着大众对知仅节省精力、保障运营，更能防患于未不是很了解，大部分律师也都是文科背识产权更深入地了解，侵权人的法律意然，避免陷入纠纷”。景，而我有理工科优势，再加上国家层识也同样提高了。“会有专业人员替侵在国外的发展计划，则是在国家一面的推动和个人兴趣，我认定从事知识权方分析如何以最小的成本获得最大带一路战略指引下根据业务需要设立更产权保护工作，今后一定会有大发展” 的收益，如何钻‘全面覆盖原则’的空子” 多分所，并与更多的外国事务所建立合。，陈浩律师介绍道。“这就是所谓的‘新作关系。于是陈浩律师就成为了北京某知识型抄袭’，现在网络上仿制产品太容易 “近五年来中国知识产权保护体系发产权公司的一名专利代理人。了，比如网站只提供美剧视频的链接，展进步超乎想象，很多国家还是不够并没有存储视频，依据‘避风港原则’，然而，刚刚走上代理人岗位的陈浩了解，认为我们还停留在二十年前的水这种行为原来是判定不侵权的。这方面律师，接到的第一个任务并不是专利平，我来年的重点工作就是要向世界展法律实践的完善也要依赖和审判机构的申请，而是整理十多年累积的案件档示我们中国傲人的进步”，陈浩律师说沟通”。案。“虽然这是最基本最枯燥的工作，道。很多人不屑一顾，但是我却从档案中掌作为德和衡律师事务所高级合伙握了如何应对各类知识产权事务的方人，陈浩律师现今的工作重点已由基本法。这些案例跨越商标、专利、版权及法律事务转移到了提升团队业务水平，商业秘密等领域，涉及知识产权公司、确保团队长足的发展上。鉴定中心及律所等各类法律业务，了解 “我现在的工作时间分为三部分，处这些之后自己带团队时上手也就比较理重点客户法律事务，管理团队，以及快”，陈浩律师说道。围绕团队建设和律师成员发展的考虑” 在陈浩律师处理过的诸多成功案例，陈浩律师介绍道。“这样我就有足够地址：北京市朝阳区建国门外大街2号银泰中，“瑞蚨祥”商标行政上诉案与奇虎时间去思考自己和团队发展的战略”。中心C座12层 360诉百度不正当竞争案颇具代表性。对于今后的发展，在中国国内，陈 12/F, Tower C, Beijing Yintai Centre, No.2 Jianguomenwai Avenue, “瑞蚨祥”虽然是中国知名的老字号，浩律师计划带领国内的分支机构，如北 Chaoyang District, Beijing, P.R.China 但公司保留的有用证据较少，险些因此京、上海、深圳办公室，重点发展为国内上市公司提供知识产权法律服务，做电话：+86-10-85407666，+86-13910886858 丢掉“瑞蚨祥”商标。 “当时情形比较急邮件：[email protected] COVER STORY

HYLANDS LAW FIRM 浩天安理律师事务所 Over 16 years of practice, Li Zheng has been committed to providing dispute resolution legal services for central enterprises and local State-owned enterprises, and 李峥律师从业十六年来，一直致力于在争议解决 has achieved outstanding results in his work. For example, the case of China Ma- 领域为中央企业和地方国有企业提供法律服务， chinery International Trade Co., Ltd. and the Shanghai Petrochemical 取得了卓越的业绩。代理的中设国际贸易有限责 Co., Ltd. of China National Aviation Fuel Group Corporation, which 任公司与中国航油集团上海石油有限公司案件 he acted for, has been listed by the Supreme People’s Court as 作为最高院关于融资性贸易纠纷的指导性案 a guiding case on financing trade disputes given its signifi- 例，为提示和防范中央企业经营业务风险 cance in reminding central enterprises to guard against op- 具有重要意义。同时，李律师还先后担 erational risks. Meanwhile, Li also served as legal counsel to 任北京市延庆区及密云区下属基层政府 the grass-roots governments of Yanqing District and Miyun 的法律顾问，参与信访答复六十余次， District in Beijing, and took part in more than 60 occasions 化解群访、群体性诉讼四十余起，为地 for responding to petition letters and visits where he helped resolve over 40 group petition visits and class lawsuits, fulfill- 方经济发展履行律师责任。 ing his responsibilities as a lawyer in promoting the develop- LI ZHENG ment of the local economy. 李峥

TIANTAI LAW FIRM 天驰君泰律师事务所 A lawyer of huge influence and extensive experience in intellectual property (“IP”) and unfair competition fields in modern China, Leo Liu also serves as the deputy 刘艳锋是中国现代知识产权及不正当竞争领域极具 director of the trademark committee of the Beijing Lawyers Association and the 影响的律师，有着丰富的经验，担任北京市、朝阳 deputy director of the IP society of the Beijing Chaoyang Lawyers Association. Last 区律师协会商标、知产专业副主任。在去年，刘 year, Liu acted for a number of IP cases, including the “Beijing 2022 Winter 律师代理了“2022年北京冬奥会场馆知识产权保 Olympics game venue IP protection project”, the series of lawsuits for 护项目”；“微信”系列商标撤销诉讼案；“中 revocation of the “WeChat” trademark, the case of administrative 国黄金”商标无效行政及侵权诉讼案；庆 and infringement lawsuits over the invalidity of the “China Gold” 丰包子铺、采蝶轩最高人民法院再审 trademark, the retrial case of Qingfeng Steamed Dumping 案；“OFO小黄车”商标侵权案；“人人 Shop and Zen before the Supreme People’s Court, the “OFO” 车”确认不侵权诉讼案等。刘律师多 trademark infringement case, the case by RenRenChe for con- 次应行业组织、企事业单位邀请开展 firming its non-infringement, etc. Liu has also been invited by 知产方面的讲座，发表多篇论文。 industry organizations, enterprises and public institutions to give IP seminars on many occasions, and has published a large LEO LIU volume of papers. 刘艳锋

TIANTONG & PARTNERS 天同律师事务所 Wang Feng specializes in major commercial contractual disputes, investment, fi- 王峰律师的主要执业领域包括：重大商事合同纠 nancing and equity disputes, disposal of non-performing banking and financial as- 纷；投融资及股权纠纷；银行及金融不良资产处 sets, disputes over the transfer and assignment of land-use rights, disputes over real estate development, operation and construction, etc. He has acted for a number of 置；土地使用权出让及转让纠纷；房地产开发、 central enterprises and asset companies, as well as the “Big Four” State-owned 经营及建设工程纠纷等。他曾在最高人民法院为 commercial banks in dozens of second-instance cases and retrial 多家央企及资产公司、四大国有商业银行代理了 cases before the Supreme People’s Court, close to ten of which, 数十起二审、再审案件，其中包括中国银行股 including the retrial case between the Shantou Branch of 份有限公司汕头分行与广东发展银行股份有 Bank of China and the Shaoguan Branch of China Guangfa Bank over subrogation disputes, have been included in 限公司韶关分行代位权纠纷再审案在内的 the Gazette of the Supreme People’s Court, the Guid- 近十件案件，入选最高人民法院公报、 ance on Civil Adjudication, the Guidance on Commercial 民事审判指导、商事审判指导等权威刊 Adjudication and other authoritative publications. 物。 WANG FENG 王峰 FEBRUARY 2018 20 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SPONSORED ARTICLE

王峰：以不败战绩再度折桂ALB十五佳诉讼律师！

北京市天同律师事务所成立于2002 凡实力，得到了来自诸多法律界权威年，一直致力于成为中国争议解决领域媒体、业内专家的一致认可和广泛赞最值得信赖和尊重的律师事务所。自建誉。2013年，天同荣获《亚洲法律杂所至今，天同一直坚持“不求最大，但求志》（ALB）“诉讼律师事务所”大奖，最精、最专”的理念，遵循“在最擅长的领并于2014年蝉联该奖项。域做到最好”的发展战略，专注于为高端 2017年，天同先后在南京、深圳、客户的重大、复杂、疑难民商事诉讼与重庆设立分所，迈出全国一体化布局的仲裁案件提供最佳解决方案。坚定步伐。天同各地分所将结合天同立优秀的团队是天同的制胜法宝，天业十余载以来在重大疑难民商事案件争同打造了一支在处理重大、复杂、疑难议解决领域积累的丰富经验，秉持一贯民商事诉讼与仲裁案件方面具有丰富独的对客户高度负责的职业精神，综合全到经验的律师团队，并先后代理了诸多国一体化的管理优势和严格的案件流程大型央企、金融机构和上市公司等企业质量控制标准，为全国客户提供更加优在最高人民法院、各高级人民法院及主质、高效的法律服务。要仲裁机构的重大诉讼或仲裁案件数百 2018年，天同引进破产重整团队，为例。客户提供“诉讼+仲裁+执行+破产”四位一天同律师深谙商事诉讼和仲裁案件体的全流程服务，在争议解决方案的全王峰律师邮箱：[email protected] 的审判流程和关键节点，基于十几年来面性、服务的多元化、衔接的紧密度、微信：w f l a w y e r 7 8 对法院审判思路和观点的深入钻研，战流程的专业化四个方面，打造独一无二略性的建立了自成体系的案例大数据库的“天同特色”。及知识管理体系，并借助天同高效严密王峰律师是天同的创始合伙人之一，报》选登；2012年，中信信托公司的41步标准化案件管理流程体系，以及毕业于中国政法大学，自2003年起从事与天津粮油集团借款合同纠纷最高法对诉讼可视化等诉讼技能和工具的熟练律师工作，现为北京市天同律师事务所院再审案、时代集团公司与湖南省高运用，实现了对案件代理质量的有效把高级合伙人、北京市天同（南京）律师速公路投资集团公司、湖南省高广投控，奠定了天同在争议解决领域的领先事务所主任。资公司合同纠纷最高法院二审案等重地位。大案件，先后被《商事审判指导》、王峰律师在重大商事合同纠纷、投《最高人民法院商事审判指导案例》天同实行团队合议制的案件管理模融资及股权纠纷、银行及金融不良资产选登。式，由专家顾问、资深业务主管、骨干处置、土地使用权出让及转让纠纷、房律师组成业务委员会，对案件风险和质地产开发、经营及建设工程纠纷等领域王峰律师具备在短时间内快速了量进行最终把关。奉行“集全所之力服务积累了丰富的诉讼经验，曾为多家大型解复杂商事案件的历史事实，并迅速客户”的理念，为客户制定最专业、最优国有企业、资产管理公司、四大国有商理清、拓展代理思路和归纳案件争议化的争议解决方案。业银行等代理了多宗在最高法院的民商焦点的能力。同时，王峰律师还具有天同独创性地将模拟法庭引入到重事二审、再审案件，均取得骄人的代理出色的逻辑思维能力和庭审表达能大疑难案件的标准办理程序中，既由不业绩，累计为客户挽回上百亿元经济损力，能够迅速、准确地择取关键重同的律师团队代表争议双方进行模拟庭失。在刚刚过去的2017年里，王峰律点，并有效地向法官阐述观点。王峰审，力求还原呈现真实的庭审现场效师所代理的案件更是无一败绩，保持全律师能够从客户的角度出发考虑问果，在案件准备过程中最大限度地查漏胜。题，全面细致的提出创新性解决方案。补缺，帮助客户明晰案件走向、揭示潜王峰律师深谙各类司法解释和裁判规在法律风险，为客户提供最佳的服务方则，实践经验丰富，善于把握案件争议此次是王峰律师继2015年入选以案。焦点、预判诉讼前景及制定整体争议解后，再度被评为ALB中国十五佳诉讼在天同代理的案件中，有近三十起典决方案。其代理的多起案件被选登在各律师，再次印证了其强劲的实力。型案例被收录到《最高人民法院公报》类法院权威刊物上。2010年，信达资、最高人民法院《商事审判指导》、《产管理公司辽宁省分公司与北台钢铁公民事审判指导与参考》、《立案工作指司、本溪华夏房地产综合开发公司借款导》、《审判监督指导》等审判业务核合同纠纷最高法院二审案被《商事审判北京市天同（南京）律师事务所心刊物中，天同所代理的诸多案件不仅指导》选登；2011年，深圳福星公司与地址：江苏省南京市鼓楼区汉中路2号亚具有重大的社会影响力，更是具有填补深圳富山宝投资公司合作开发房地产合太商务楼38层法律空白的先导性作用，指导并完善了同纠纷最高法院二审案、中国银行汕头电话：+(86)25 86909999 相关领域的司法实践。市分行与广东发展银行韶关分行代位权电邮：[email protected] 天同在争议解决领域的卓越表现和不纠纷再审案，先后被《最高人民法院公微信公众号：tiantongsusong COVER STORY

HUI YE LAW FIRM 汇业律师事务所 A senior partner with Hui Ye Law Firm and a first-tier lawyer, Wei Qingsong is also a member of the National Committee of the Chinese People’s Political 魏青松律师，一级律师，政协全国委员会委员，中国 Consultative Conference and an arbitrator with the China International Eco- 国际经济贸易仲裁委员会（CIETAC）仲裁员，汇业律 nomic and Trade Arbitration Commission (CIETAC). Specializing in major com- 师事务所高级合伙人。魏律师专注于重大商事诉讼和 mercial litigation and major commercial arbitration, Wei has acted for the case 重大商事仲裁。曾代理美国艾利丹尼森与台湾四维的 of trade secret disputes between Avery Dennison and Four Pillars, 商业秘密纠纷案；美利肯公司与苏州某企业专利 the patent infringement case between Milliken & Company 侵权案；山特维克系列侵害发明专利权纠纷 and a Suzhou-based enterprise, the series of disputes over Sandvik invention patent infringement, to name just a few. 等。同时，他不计个人得失，多年来还办 At the same time, Wei has handled a large number of pro 理了众多公益和法律援助诉讼案件，尤其 bono and legal aid litigation cases over the years regard- 关注社会弱势群体和群体性事件预防。 less of personal gains or losses, with particular focus on vulnerable groups and the prevention of mass incidents. WEI QINGSONG 魏青松

TIAN YUAN LAW FIRM 天元律师事务所 Head of dispute resolution practice of Tian Yuan Law Firm, Xu Mei focuses on 许梅律师为天元争议解决业务协调负责人，主要从事 dispute resolution related to financial services and intellectual property (“IP”), 金融、知识产权相关争议解决业务，从业20年来办理 and has handled hundreds of domestic and foreign litigation, arbitration and 了数百件国内外诉讼、仲裁及争议解决案件，能够充 dispute resolution cases over two decades of practice. She is well versed in 分运用娴熟的谈判技巧，综合调解/和解等替代争议解 employing sophisticated negotiation skills and integrating me- 决方式，为客户在最短时间内、获取最佳结果、实现 diation/settlement and other alternative dispute resolu- 客户利益最大化。许律师尤其擅长知识产权争议 tion methods to obtain the best results for clients within 解决，近期¯¯成功代理客户赢得北京知识产权 the shortest possible time to maximize their interests. Particularly strong in IP dispute resolution, Xu has re- 法院成立以来判赔标的最高案，也是该院第 cently represented clients in successfully winning the 一起支持律师计时收费的案件。 highest award of compensation ever handed down by the Beijing Intellectual Property Court since its incep- tion, also the first case in which the court supported XU MEI hourly billing by lawyers. 许梅

LLINKS LAW OFFICES 通力律师事务所 With many years of deep involvement in commercial dispute resolution, Yang 杨培明律师于商事争议解决领域深耕多年,除延续其在 Peiming made outstanding achievements in acting for new types of disputes 传统争议解决案件中一贯的亮眼表现外, 在过去的一年 in the fields of finance, investment, corporate governance, etc. in the past year 中更在金融、投资、公司治理等领域的新类型纠纷案 apart from continuing his dazzling performance in traditional dispute resolution. Projects for disposal of the default risks of financial 件代理中取得了卓越的成绩, 其主办的金融产品违 products where he was the lead lawyer include many events 约风险处置项目包括了中城建债券违约等众 that have had a material adverse impact on the financial 多对金融市场产生重大负面影响的事件。 market, including bond default by China City Construction. 杨培明律师的工作不但取得了客户的赞 Yang’s work has not only won him praise from clients, but 誉, 还推动了证券和资产管理行业的监管 has also advanced the development of regulation and ad- 和审判实践的发展, 对于金融法治建设 judication practices in securities and asset management 贡献了属于律师的一份力量。 industries, representing a lawyer’s contribution to the development of financial rule of law. YANG PEIMING 杨培明 FEBRUARY 2018 22 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 COVER STORY

求真务精益求精实

资本市场争议解决环境资源与医药健康

银行与金融刑事政府法制与行政诉讼主要业务领域公司收购与兼并信用管理

国际贸易与投资房地产项目开发与运营税务与财富规划

知识产权民用航空私募股权与投资基金

建设工程与基础设施信息技术、电信、传媒与娱乐破产重整与清算

北京市朝阳区北辰东路8号汇宾大厦6层A座B座、 7层A座B座、20层A座

+86 10 6184 8000

+86 10 6184 8008

JUNHE LLP 君合律师事务所 An expert of legal services in foreign-related litigation and arbitration, cross- 叶臻勇律师特别擅长于涉外诉讼仲裁、跨境执行以 border enforcement and crisis management, Zhenyong (Allan) Ye always cus- 及危机管理等方面的法律服务，能够根据案件情况 tomizes crisis management or dispute resolution solutions according to the 设计具有特别针对性的危机处理或争议解决方案。 specific circumstances of each case. His representative work includes, among others, acting for Danone in a series of disputes with Wahaha Group 其代表案件包括但不限于代表法国达能处理其与娃 on their joint venture. Last year, Ye represented Nestle China 哈哈集团间的系列合资纠纷案件等。去年，叶律师 and its affiliated companies in disputes with Shanghai 代表雀巢中国及其关联公司处理了与上海天成 Tiancheng over distribution and sales contracts, and 间的经销买卖合同纠纷案件、代表Thirdware acted for Thirdware Solution in its lawsuit against Mong Solution处理了其与Mong Weng Keong间 Weng Keong over shareholders’ right to sue on behalf 的董事损害公司利益的股东代位诉讼案件 of companies in the event that directors infringe upon 等。 company interests. ZHENYONG (ALLAN) YE 叶臻勇

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 23 COVER STORY

WINTELL & CO 灜泰律师事务所 Founder and managing partner of Wintell & Co, Paul Zhou has been practicing 周波律师执业已近20年，系瀛泰所的发起创办人和管 for close to 20 years, and has gained extensive experience in insurance, banking and finance, and real estate practices, with particular focus on the reso- 理合伙人，在保险、银行金融、房地产等领域经验丰 lution of complex disputes in insurance and banking industries. Zhou 富，尤其专长于保险和银行领域的复杂争议解决。周 is a council member of the China Institute of Insurance Law, an 波律师系中国保险法学会的理事，同时担任多 arbitrator with several arbitration commissions and an adjunct 个仲裁委员会的仲裁员，在多所大学任兼职 professor of several universities. Highlights of the work by 教授。周律师团队在去年成功代理了某保 Zhou’s team last year include successfully representing an 险公司系列信用险纠纷案、上海某股权 insurance company in a series of credit insurance disputes, 投资合伙企业与成都某科技公司亿元股 and acting for typical financial cases such as disputes over 权对赌纠纷案、某融资租赁公司与某矿 equity valuation adjustment mechanisms worth hundreds 业公司融资租赁合同纠纷案等典型金融 of millions of yuan between a Shanghai-based equity in- 案件。 vestment partnership and a Chengdu-based technology company, disputes over financial leasing contracts between PAUL ZHOU a financial leasing company and a mining company, etc. 周波

SHANGHAI JIANLING CHENGDA LAW FIRM 上海建领城达律师事务所 Zhou Jigao has been specializing in project dispute resolution, PPP, real estate 从业22年以来，周吉高律师执业领域为工程争端解 investment and financing, urban infrastructure and park construction, and 决、PPP、房地产投融资、城市基础设施与园区建 foreign-related engineering projects over 22 years of practice, and has pro- 设、涉外工程等领域。累计为70多家房地产公司（集 vided professional legal services for more than 70 real estate companies (groups) and more than 70 construction companies. In 团）、70多家施工企业提供专业法律服务。周律师 the past 16 years, Zhou has been focusing on legal research 十六年来专注于上述领域的法律研究、法律服 and services in the foregoing fields, and has acted for 务，代理了600余件建设工程、房地产、土 over 600 cases in construction, real estate, land, invest- 地、投融资等方面的专业案件，案例受理 ment and financing, etc., most of which were handled 法院通常为各地高院、中院、最高院，并 by intermediate courts, high courts and the Supreme 成功代理多起最高院、高院申诉、再审案 People’s Court. He has also succeeded in many peti- 件，多个案件系全国首例并取得胜诉的结 tion and retrial cases before high courts and the Su- 果。 preme People’s Court, including winning a number of cases that are first-of-its-kind in the country. ZHOU JIGAO 周吉高

JINCHENG TONGDA & NEAL 金诚同达律师事务所 Mr. Zhou was among the earliest in-house legal counsels, who had been 十六年企业法务工作经历使周律师体察中国企业在法 working for big state-owned foreign trade companies since he graduated from 律风险控制上的痛点，深刻地理解中国企业对专业法 university in 1980s. The sixteen years working experience as in-house legal counsel helped Mr. Zhou to perceive the pain points of China enterprises in 律市场的服务需要，认识律师事务所专业律师与企业 respect of controlling the legal risks, to thoroughly understand the need 内部法务人员业务互补关系。从事专职律师后， of China enterprises for the professional legal services, and to rec- 周律师致力于诉讼与仲裁这一竞争激烈的 ognize the mutual complementarity between the professional 业务领域，力争办好每一个案件，以扎 lawyers and the in-house counsels. 实的法律功底、认真的工作态度赢得 Mr. Zhou devoted to the field of litigation and arbitration 了客户的信赖。周律师在房地产与建 since working as professional lawyer, and did his best to rep- 设工程、银行、信托与融资租赁、公 resent the clients in every case, and earned the confidence of 司事务等业务方向上曾办理了大量疑 the clients by solid legal knowledge and the sense of respon- 难复杂的诉讼与仲裁案件。 sibility. Mr. Zhou has handled a lot of difficult and complicat- ed litigation and arbitration cases in the fields of real estates ZHOU JINQUAN and construction, banking, trust and financial lease, as well as company business. 周金全

FEBRUARY 2018 24 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版关于我们 About Us------

瀛泰律师事务所是一家知名的综合性律师事务所，在金融保险、国际航运、建筑房产、资本市场、公司商事、劳动法、知识产权等法律服务领域不断取得卓越的成绩。瀛泰以其“追求卓越、践行远见”的服务理念，注重培养值得信赖的高素质、高水准法律服务团队，发展至今已拥有四十余位合伙人，在全国拥有一百三十余位不同业务领域的专职律师。瀛泰目前已形成与联营所、联盟所资源共享的法律服务模式，与国内外主要经济中心城市的优秀律所建立了非常紧密的交流和业务协作关系，使国内外客户都可以便捷有效的共享瀛泰所有资源和法律服务，并藉此获得第一流的国际化、专业化的服务。 Wintell & Co is emerging as a pre-eminent law firm in the field of finance, insurance, maritime & shipping, real estate & construction, capital markets, corporate & commerce, labor& employment, intellectual property, etc. Wintell & Co, true to its philosophy of "Excellence is our pursuit, experience guarantees our insight ", is dedicated itself to building 业务领域 Our Services------a cohort of trustworthy legal team of the highest caliber. It now has more than 40 partners and altogether more than 130 lawyers with a variety of . 金融 Finance . 公司商事 Corporate & Commerce areas of practice. Thanks to the association with HFW LLP and the . 保险 Insurance . 劳动法 Employment Law platform of the SGLA, we have built an international service network . 海事海商 Maritime & Shipping . 知识产权 Intellectual Property through which our clients, both at home and abroad, can access our . 房地产与工程建筑 Real Estate & Construction . 家事业务 Family Law expertise and legal service as a whole. Over time, we have established a . 证券及资本市场 Securities & Capital Markets . 税务服务 Tax Service reliable connection and business relationships with leading law firms . 航空 Aviation . 争议解决 Dispute Resolution around the world, which appreciably supplements our legal expertise and . 医事健康 Medical Healthy . 自由贸易区业务 Free Trade Zone extends our reach of service. ARTIFICIAL INTELLIGENCE Q&A: HSF CEO Mark Rigotti on AI 史密夫斐尔律师事务所首席执行官 Mark Rigotti谈人工智能

Artificial intelligence (AI) is unanimously the top tech trend in the legal space, particularly because of its applicability and practicability, and Herbert Smith Freehills has been one of earliest adopters. HSF CEO Mark Rigotti talks about AI, its future uses, client concerns and how to prepare the next generation of lawyers to use the technology. BY JOHN KANG 人工智能（AI）在法律领域已经是无可争议的顶尖技术趋势，特别是考虑到它的适用性和实用性。其中史密夫斐尔律师事务所更是最早采用AI技术的律所之一。该所首席执行官Mark Rigotti就AI技术、其今后的用途、客户担心的问题以及该如何让新一代律师做好使用这一技术的准备谈了自己的看法。作者：JOHN KANG

Some firms have already started to experiment with AI for due 一些律所已经开始尝试将AI技术用于尽职调 diligence, discovery, document automation and risk analysis, but 查、证据开示、文档自动化和风险分析等。 what are some of the other applications of AI in the future? 未来，AI还会有哪些其他方面的应用？ For us, ultimately it’s always about the clients. So speculation around next- 对我们来说，最关心的始终是客户。因此，关于 generation applications must be linked to how we support our client needs. AI会有什么下一代的应用必须与如何支持我们客 Our definition of AI is wide – we see it as a broad ecosystem of technologies 户的需求紧密联系。我们对AI的定义非常广。在 that can improve our efficiencies and value offering by either replacing 我们看来，AI是一个广泛的技术生态系统，可以 or enhancing human involvement. Therefore, innovation and technology 通过取代或优化人工操作来提高我们的效率和价 is already very much a core part of our firm’s clients, sectors and products strategy. 值。因此，创新和技术早已成为我们律所客户、行业和产品战略的核心。 In the legal industry, we believe a number of AI tools will be commonplace in the next three to five years, which is why we’re already piloting a number of 在法律行业，我们相信不少AI工具将会在未来 varied technologies now. To try and answer your question, we believe AI will 三到五年内变得很普遍，这就是为什么我们已经 be especially powerful when it uses big data. There are huge opportunities, as 在尝试各种不同的技术。我们相信AI在使用大数 well as consequences, flowing from the fact that technology has enabled us to 据时将尤其强大。科技使得我们能够大规模地收 collect, store and process data on a vast scale. 集、存储和处理数据，这既带来了巨大的机遇，也隐含着严重的后果。 Data breaches count among the biggest concerns clients have about law firms using AI. What is your firm doing to reassure clients? 数据泄露是客户对律所使用AI最大的担忧之 We are very conscious of cybersecurity and data protection issues, and work 一。贵所在这方面有何措施让客户安心？ with clients to ensure that these issues are addressed collaboratively. Our 我们非常重视网络安全和数据保护，并与客户合

26 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 “Clients expect that their legal providers should ARTIFICIAL INTELLIGENCE leverage new technologies and deliver the brightest human talent.” 作，携手解决这些问题。我们的团队投入大量精 “客户期望它们的法律服务提供商应该利用高新科力保护客户数据，实施防御措施，并就各类可能发生的事件制定和测试应对方案。技并拥有最优秀的人才。” 目前，AI能提供文档自动化服务，改进尽职调查程序，并附带机器学习工具，使得我们能够加 teams direct a massive amount of effort to protecting our clients’ data, 快关键流程，更有效率地支持客户的业务决策。 putting defences in place, and making and testing response plans for any kind of incident. 但是，为了取得最佳的效果，这些工具往往需要访问大量的律所和客户数据，并且通常需要与 The current AI offerings of document automation, improved due diligence 客户共享访问权限。因此，我们必须时刻保持警 processing and machine-learning tools enable us to speed up key processes 惕，不仅保护自己的数据，也保护客户的数据。 to enable us to support our clients’ business decisions more effectively. However, in order to get maximum benefit, these tools often require access to vast amounts of firm and client data, and often through shared access 史密夫斐尔是率先采用AI技术的律所之一。 with client. We, therefore, must always be vigilant in the protection of both 到目前为止，贵所使用这一技术的体验如 our own and our client’s data. 何？贵所的律师对此有何反馈？我们专注于对现有的最佳工具加以调整，以适应 HSF has been one of the law firm pioneers for AI adoption. How 客户的需求并提高效率和价值。目前，我们使用 has the experience been so far, and what kind of feedback have you AI工具进行尽职调查、文档自动化、风险评估和 received from lawyers using it? 电子证据开示等等。我们的律师和技术专家在全 We’ve focused on adapting the best tools out there to meet our clients’ 球引领这些创新，反馈可以说非常积极。 needs and to increase efficiency and value. Right now, we are using AI tools 我们认为，科技不会取代律师，反而可以使他 for due diligence, document automation, risk assessment, and e-discovery, 们效率更高、更具创新性，律师也对以这样的方 to name just a few areas. Our lawyers and technologists are leading these 式掌控科技举双手赞成。这些工具在为客户提供 innovations globally and we’ve had a positive response. 解决方案方面目前是且将继续是至关重要的，但 We believe rather than technology replacing lawyers, it can make them 它们必须整合于优秀的法律服务团队之中，并由 more productive and innovative, and they have embraced taking control 律所里替代法律服务、法律项目管理、和法律知 of technology in this way. These tools are and will continue to be crucial 识与学习等方面的同事加以强化。没有我们的投 in providing solutions for clients, but only if embedded within excellent 入和经验，AI就只是一种工具—我们作为律师应 legal teams and enhanced by our people in alternative legal services, legal project management, and knowledge and learning. Without our input and 当为其附加价值。 experience, AI are just tools – it’s up to us as lawyers to add the value. 目前，各法学院尚不教授学生如何使用AI等 Law schools at the moment aren’t teaching students to work with 技术。新一代的律师应当做些什么准备，以 technologies like AI. What could the future generation of lawyers 便将来在工作中使用好AI技术？ do to be ready to work with AI technology? 我们新一代的律师不仅面临数字革命，还有不断 Our future lawyers are responding to both the digital revolution and the 变化的业务环境，比如客户需求的变化、律师收 changing business landscape – changes in client demands, pressures on 费的价格压力以及复杂的监管框架等。这些都不 pricing, and complex regulatory frameworks. This is not new. We’re also 是新问题。我们也看到了智能合同和区块链技术 seeing growth in smart contracts and blockchain technology, which will see 的发展，这将使得客户和法律行业迅速接纳新的 our clients and the legal profession embracing new business models very 商业模式。 quickly. 面对这样的变化，我们的反应必须更快，态度 Response to change will have to be quicker and more collaborative. So, 必须更为协作。因此，不是只有法学院要对变化 therefore, it’s not just up to law schools to respond to the changing landscape, 的环境作出反应，律所也应当制定、指导和重塑 it’s also up to us to develop and guide a reshaped the talent pool. Our clients 人才库，因为客户期望它们的法律服务提供商应 expect that their legal providers should leverage new technologies and 该利用高新科技并拥有最优秀的人才。 deliver the brightest human talent. 随着科技取代了涉及大量文件的手工作业，新 As technology removes the document-heavy manual tasks, junior 入行的律师将比现在花更多的时间与资深律师一 lawyers will spend more time alongside senior lawyers on client interaction, 起参与客户互动、策略制定和提供响应服务。这 strategy and response than they might do currently – this is almost a return 几乎可以说是学徒制的回归。由于交易和案件愈 to the apprenticeship model which has been struggling in recent times as complexity of transactions and cases has required more lawyer layers to be 加复杂，需要部署更多层级的律师，学徒制这一 deployed. 模式近来可谓非常挣扎。 As a profession, we need to reshape the entire training cycle to ensure 法律行业作为一个整体，需要重塑整个培训周 they’re ready for that responsibility at an earlier stage, and have both the 期，以确保新律师在早期阶段就做好了准备，并 legal and business skills required. 同时具备所需的法律和商业技能。

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 27 CAPITAL MARKETS

OVERDUE OVERHAUL 迟来的大修 Since being overtaken by New York and even Shanghai as the world’s top IPO markets, Hong Kong is drastically revamping its stock exchange’s listing rules to attract the hottest – and highest valued – tech companies in China. However, there are far too many grey areas at this point to gauge what kind of impact this move will have, say lawyers. BY JOHN KANG

自被纽约甚至是上海取代其世界最大IPO市场的地位以来，香港正在对其证券交易所的上市规则进行大改，以吸引内地最热门、最具价值的科技公司。不过，律师们表示，目前尚有太多灰色地带，难以衡量这一改革会产生何种影响。

作者：John Kang

A man sits next to a window of a restaurant on the 70th floor of a skyscraper as the Guangzhou TV Tower. REUTERS/Alex Lee

28 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 CAPITAL MARKETS

纽约甚至是上海取代其世界最大IPO市场的地位以来，香港正在对其证券交易被所的上市规则进行大改，以吸引内地最热门、最具价值的科技公司。不过，律师们表示，目前尚有太多灰色地带，难以衡量这一改革会产生何种影响。作者：John Kang 今年，香港证券交易所正在大幅改革其主板和二板市场的上市规则。有关主板的变化预计将在 2018年中生效，其中最大的变化是将允许双重股权结构。在双重股权结构下，公司的某一组股东，比如创始人和管理层，能拥有比其他股东更大的投票权，被认为可以保护公司免受短期回报的压力。此类型的结构一直受到刚起步的科技公司的青睐，但公司治理专家批评该结构可能会遭到公司内部人士的滥用。这正是2014年电子商务巨头阿里巴巴与香港交易所之间的症结问题。阿里巴巴想要在香港上市，但也想要采用双重股权结构。因此，当港交所拒绝允许这一另类股权结构时，阿里巴巴转而去了允许双重股权结构的纽约上市，并且创下了创纪录的 250亿美元新股上市。现在，纽约甚至是上海都已经超越香港，成为全球顶级的IPO市场。香港作为亚洲金融中心，断断不想再错过另一个阿里巴巴，尤其是像阿里巴巴的蚂蚁金服、平安的 OVERDUE OVERHAUL 陆金所和正在寻求以高达1000亿美元的估值上市的小米这样的公司都在计划上市之时。允许双重股权结构吸引这些高科技公司的举措，也能使现在被金融机构、实业公司和地产开发商霸占的港交所市场多元化。根据港交所去年6月发布的一份征求意见稿，这类科技公司在过去十年中所占的市场份额仅为香港上市股份的3%，而纽约市 his year, Hong Kong’s stock e-commerce giant wanted to list 场上这一比例为47%。因此，经过长期辩论后，港 exchange is drastically in Hong Kong, but also wanted 交所最终决定允许双重股权结构，但此类公司必须 Trevamping its listing rules, both dual-class shares. So when the 为“创新型”公司，估值至少达到100亿港元（13亿 for its main board and its second HKEX refused to accommodate 美元），年收入至少有10亿港元。 board. The changes affecting the main alternative shareholding structures, board is expected to become effective Alibaba went to New York instead, 此外，还有两个其他重大变化。港交所将允许 in mid-2018, and the biggest change is which does allow dual-class shares, 没有收入记录（“取得收入前”）的生物技术公司上 allowing dual-class share listings. and went on to have a record $25 市，前提是它们的最低预期市值达到15亿港元。 Dual-class share structures allow billion public float. Now, New York 同时，港交所还将为以美国或伦敦证券交易所的主 one set of shareholders – such as the and even Shanghai have overtaken 板市场为第一上市地的“创新型”内地公司在香港的 founders and management – to have Hong Kong as the world’s top IPO 第二上市提供便利，前提是这些公司的市值至少达 markets. greater voting rights than others, 到100亿港元。 seen as protection against pressure The Asian financial hub doesn’t for short-term returns. This type want to miss another Alibaba to 何为“创新型”公司？ of structure has been favoured by its rivals, especially with the likes 证券交易所、公司、投资银行家和律师们都对将有 young tech companies, but there are of Alibaba’s Ant Financial, Ping criticisms by governance advocates An’s Lufax, and Xiaomi – which is 大型“创新型”公司在香港上市的前景感到兴奋，但 that it could be abused by company seeking to list with a whopping $100 究竟什么才是港交所眼中的“创新型”公司呢？这一 insiders. billion valuation – all preparing to 问题尚未有明确定论，也正是公司们在向律师咨询 This was the sticking point go public. 的问题。 between Alibaba and the Hong Kong Attracting these tech companies “主板上市规则中关于财务门槛的变化非常明 Exchanges and Clearing in 2014. The by allowing dual-class shares will 确，一家公司要么达到市值标准，要么达不到。但

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 29 CAPITAL MARKETS

also diversify the Hong Kong stock a very traditional business but claims 关于‘创新型’公司的定义，目前还不太清楚，” exchange, which is dominated by they have an app and does a small 安胜恪道律师事务所的合伙人温国良说。 financial companies, industrial firms and amount of transaction through the app, developers. Such tech companies have that’s not enough to be an ‘innovative’ “现在，有一些客户询问我们是否可以咨询 represented just 3 percent of Hong Kong company,” Wan adds. “Though if they 监管机构何为‘创新型公司’，以及这些客户是 listings in the past decade by market do the whole operation through the 否被认定是‘创新型’公司。但是，我们建议客 value, compared with 47 percent of app, then that may be a different story.” 户现在不要这样做，因为我们还没有看到港 New York listings, according to an HKEX The HKEX may set out a clearer 交所会如何修改其上市规则。”关于上市规则 discussion paper in June. definition of an “innovative” company 修改的征求意见稿预计将在今年第一季度发 So the HKEX is, after much debate, after the consultation, and John 布。 finally allowing dual-class shares, Baptist Chan, a partner at King & Wood though the company must be classified Mallesons, believes the exchange would “如果一家公司的业务非常传统，但却说 as an “innovative” firm with at least like to let the market practitioners make 它有一个APP，并通过该APP进行少量的交 HK$10 billion ($1.3 billion) in valuation their own judgement call. 易，这显然不足以让它成为一家‘创新型’公 and annual minimum revenue of HK$1 “It’s quite similar to the previous 司，”温律师补充道。“但是，如果该公司的全 billion. changes on other laws,” Chan says. 部业务都通过APP完成，那情况可能就不同 There are also two other significant “For example, in chapter 21 of the 了。” changes. The HKEX will allow biotech listing rules – regarding ‘investment 港交所有望在公开征求意见后对“创新型”公 companies with no revenue track record companies’ – there is still no clear (“pre-revenue”) to list, as long as they definition, which is always the case that 司作出更明确的定义。同时，金杜律师事务 have a minimum expected market the exchange would let the market to 所合伙人陈博志认为，港交所是希望让市场 capitalisation of HK$1.5 billion, and interpret themselves and ask them to 从业者自行作出判断。 will also facilitate secondary listings endorse on a case-by-case basis.” “这与之前其他法律的变化非常相似，”陈律 of “innovative” Chinese companies 师说。“例如，上市规则的第21章中，关于‘投 primarily listed in the U.S. or the main TOO HIGH 资公司’尚无明确的定义。港交所的做法通常 market of the London stock exchange Another, and bigger, question with a market cap of at least HK$10 companies are asking is the expected 是让市场自行解释法律，然后请求港交所对 billion. market cap requirement. “It’s very 每个个案进行核准。” high compared to the market cap WHAT IS ‘INNOVATIVE’? requirement of HK$500 million for 市值门槛太高 The stock exchange, companies, ordinary main board applicants,” says 公司在向律师咨询的另一个更大的问题是预 investment bankers and lawyers are Wan. HK$10 billion is indeed quite high, 期的市值要求。“与普通主板上市申请人市值 all excited at the prospect of huge making it probably only available to 5亿港元的要求相比，双重股权结构的市值门 “innovative” companies listing in Hong companies like “unicorn” startups. 槛非常高，”温律师说。100亿港元的市值要 Kong, but what exactly does the HKEX “So those companies who regard mean by an “innovative” company? themselves as an ‘innovative’ company 求确实相当高，可能只有“独角兽”创业公司等 There is no clear definition yet, and with dual-class share structure will 能达到这一门槛。 this is what companies are asking their ultimately need to satisfy and convince “也就说，那些认为自己可以采纳双重股权 lawyers. the market that they will achieve a 结构的‘创新型’公司最终还是必须说服市场， “The main board listing rule changes HK$10 billion market cap before the 它们能满足100亿港元的市值要求，然后香港 regarding the financial threshold is very practitioners in Hong Kong will consider 的从业者才会考虑邀请这些公司来港上市，” clear – either you meet the market cap inviting these companies to come and requirement or you don’t. But regarding list,” says Wan. 温律师说。 the definition of ‘innovative’ company, “There are a lot of ‘innovative’ “内地有很多‘创新型’公司，但并不是所有这 it’s less clear,” says Daniel Wan, a companies in China, but not all of them 些公司都能达到这个高市值的要求，”他补充 partner at Addleshaw Goddard. could meet this high market cap,” he 道。“这些公司现在在问未来这一门槛是否会 “At the moment, some clients adds. “The questions asked is whether 降低。” are asking us whether we could do it will be lower in the future.” 温律师给出的答案是让这些公司先静观其 a consultation with the regulators The answer Wan has is to wait and 变。他认为监管机构需要一些时间来观察市 regarding the definition and whether see as he believes the regulators they are considered an ‘innovative’ will take some time to observe the 场对这些“创新型”公司的反应，以及这些公司 company, though we’re advising not to market’s response to these ‘innovative’ 是否在香港市场有良好的表现，而不会发生 do that yet as we haven’t seen how the companies and whether they perform 什么问题。如果进展顺利，这一市值门槛可 stock exchange is going to amend the well in the Hong Kong market without 能会在几年内降低。 listing rules.” A consultation paper on having any issues. If it goes well, it the proposed rule changes is expected to could be reduced in a few years. 传统业务 be released in the first quarter this year. TRADITIONAL BUSINESS 金杜的陈律师认为，有很重要的一点还尚未 “Obviously, if the company is doing

30 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 CAPITAL MARKETS

There is one important point that from all different kinds of platforms 被讨论到。 hasn’t been discussed yet, says KWM’s instead of the traditional Chinese- 只有“创新型”公司才能在香港主板上市，采 Chan. Only “innovative” companies based issuers,” says Chan. “We now 用双重股权结构。但一旦该类公司成功上市， are allowed to list in Hong Kong’s main want to attract big companies that 它是否能收购一家大型的传统业务公司，比如 board with dual-class shares. But after want dual-class shares, attract biotech one successfully lists, can it acquire a companies, attract companies already 房地产公司？ big traditional business like a property listed in other places, so all these is “没人能回答这个问题，”陈律师说。“我不知 company? the way that the exchange wants to 道3月发布的征求意见稿是否会提到这一点， “There’s silence,” answers Chan. “I’m consolidate its position as a top IPO 但这肯定是需要讨论的。” venue.” not sure whether the consultation paper “我们不希望发行人或公司滥用规则，”他 in March will include this, but definitely Not only is it set to attract the right 说。“很有可能一家地产公司想要采用双重股 this is something that needs to be kind of companies to Hong Kong’s discussed.” stock exchange, but also change how 权结构，于是它设立了一家‘创新型’公司，成 “We don’t want the issuer or the they’re going about it. 功让这家公司上市并采用了双重股权结构，随 company to manipulate the rules,” There is another – seemingly minor, 后再让该公司进行反向收购。我们不确定在新 he says. “It could be the case that, for especially compared to the others 的监管结构下是否有可能这么做。” example, if a property company wants – change to the main board listing “我们还没有看到具体的做法，这个问题也 the dual-class status and it starts an rules: the minimum market cap to 还没有解决。但我猜测，针对上述问题，保 ‘innovative’ company, got it listed with list (without dual-class shares, just 护少数股东利益的一种方法是，在上市规则第 dual-class shares and then injected it the standard one-share, one-vote) is back. So we are not sure if it is possible raised from HK$200 million to HK$500 14章‘须予公布的交易’中制定更严格的规则， under the new regime.” million and the minimum public float 特别是反向收购的规则。” “We have not seen it and it is not yet value is also lifted from HK$50 million 提高标准 addressed, but my guess,” he adds, “is to HK$125 million. These changes will that one way to protect the interest of the take effect in the middle of this month. 尽管关于上市规则的变化仍然存在不少疑问， minority shareholders is by setting more This increase in the minimum 但毋庸置疑，这是朝着正确方向迈出的重要一 stringent requirements under chapter requirements will raise the barrier 步。 14 ‘notifiable transactions’ of the listing to entry into the main board, which “上市规则的这些变化向我们表明，港交所 rules, and in particular, on the reverse removes those with lower market 现在心态更加开放，愿意吸引各种平台的公 takeovers rule to tackle this problem.” cap, and thus also raises the general market cap of the listed companies. 司，而非只是传统的总部在内地的发行人公 RAISE THE BAR This, says Addleshaws’ Wan, will make 司，”陈律师说。“香港现在希望吸引那些想要 Though there are still questions Hong Kong a more attractive place for 采用双重股权结构的大公司、生物技术公司和 regarding the listing rule changes, there Chinese companies, which would have 已经在其他市场上市的公司，这些都是港交所 is no question that it is a significant step listed back in the mainland where they 为巩固其顶级IPO市场地位所采取的措施。” forward in the right direction. would have received a higher valuation. 这些措施不仅会吸引合适的公司来港上市， “These listing rule changes proves to “Chinese companies may prefer to 而且会改变它们的上市策略。 us that the exchange is now having a list in Shanghai or Shenzhen instead more open mind to attract companies of Hong Kong because the investors

“At the moment, some clients are asking us whether we could do a consultation with the regulators regarding the definition and whether they are considered an ‘innovative’ company, though we’re advising not to do that yet as we haven’t seen how the stock exchange is going to amend the listing rules.” — Daniel Wan, Addleshaw Goddard

“现在，有一些客户询问我们是否可以咨询监管机构何为‘创新型公司’，以及这些客户是否被认定是‘创新型’公司。但是，我们建议客户现在不要这样做，因为我们还没有看到港交所会如何修改其上市规则。” — 温国良,安胜恪道律师事务所

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 31 CAPITAL MARKETS

in China will give them higher persons except obtaining consent 与其他变化相比，还有一个看上去似乎很小的主 valuations. This is sometimes an from the HKEX.” 板上市规则的变化：在香港上市的最低市值（不包 obstacle for Hong Kong practitioners “Originally, most of the 括双重股权结构，仅指标准的同股同权）从2亿港元 to lure Chinese companies to come to IPOs on the GEM were done by 提高至5亿港元，最低公众持股市值亦从5,000万港 Hong Kong,” he explains. entrepreneurs who wanted to list 元提高至1.25亿港元。这些变化将从本月中旬起生 “So you make that valuation gap their successful businesses and 效。 between Hong Kong and China operations,” notes Chan. “But narrower, and that,” he says, “will recently, we have seen cases where 上述最低要求的提高将加大进入主板上市的难 help even more IPO candidates to there are some ‘behind the scene’ 度，将市值较低的公司拒之门外，从而同时提升上 come to Hong Kong from China.” controllers.” 市公司的总市值。安胜恪道的温律师表示，这将使 These controllers have a lot of 香港市场对内地企业更具吸引力，否则内地企业都 GEM CHANGES money, controlling many companies The changes to the HKEX’s second 会在估值更高的内地市场上市。 through different layers of vehicles board – the Growth Enterprise “内地公司可能更愿意在上海或深圳而非香港上 and are trying to establish and Market (GEM) – will take effect in the make use of shelf companies. Some 市，因为内地投资者给它们的估值更高。这有时是 middle of this month. even buy and sell shelf companies, 香港从业者吸引内地企业来港的障碍，”他解释说。 Generally, the changes will make treating it as trading, which is not “所以一旦缩小了香港和内地市场之间的估值差 it tougher to list on the GEM. This what the exchange intended when 距，这将有助于更多想要进行IPO的内地公司来港上 comes after more than a decade of it first created the GEM almost 20 市。” declines in trading volumes with wild years ago. price swings of stocks due to very “So the exchange is including 创业板的变化 concentrated shareholdings. these more stringent mechanisms 有关港交所二板，即创业板，的变化将于本月中旬 In the past few years, there have so as to tackle these and better 生效。 been fears of market manipulation safeguard minority shareholders’ and a growing “shell business” protection,” says Chan. 总的来说，这些变化会让创业板上市变得更加困 problem, particularly last year, 难。这是由于持股过于集中，导致十多年来创业板 when the Securities and Futures TRANSFER DIFFICULTY 股票价格波动剧烈，交易量持续下滑。 Commission and HKEX issued a Another layer of difficulty added strongly worded joint statement is transferring from the GEM to 过去几年中，操纵创业板的担忧和“空壳公司”问题 warning against these problems. the main board. The HKEX plans 日益严重。特别是去年，证券与期货事务监察委员 The GEM listing reform includes to reposition its second board as 会和港交所发表了措辞强硬的联合声明，警示这些 increases in the minimum a standalone board, removing 问题。 requirements of: annual cash flow the streamlined process for GEM 创业板上市规则的改革包括最低年现金流由2,000 transfers. from HK$20 million to HK$30 万港元增至3,000万港元，上市时预期最低市值由1 million, expected market cap at the The exchange also imposes two 亿港元增至1.5亿港元，以及上市时最低公众持股市 time of listing from HK$100 million requirements: companies need to to HK$150 million, and public float appoint a sponsor to conduct due 值由3,000万港元增至4,500万港元。 value at the time of listing from diligence for GEM transfers, and 同时，还要求创业板上市申请人将其IPO股票中的 HK$30 million to HK$45 million. also publish a ‘prospectus standard’ 至少10%发行给公众进行交易，而不是通过涉及关 It also requires GEM applicants to listing document, meaning the GEM 联方的配售进行。 transfer applications are treated as issue at least 10 percent of their IPO “市场可能不会特别关注对关联方要求的修改，但 shares to actually be available to a new listing application. 实际上这是一个实质性的变化，”金杜的陈律师说。 the public to trade, instead of being “In the past, when GEM-listed done by private placement involving companies are transferring to the “此前，如果一家公司想要在创业板上市，该公司 connected persons. main board, they just needed to 可以有很多关联方，并帮助它们认购股票且更容易 “People may not be focusing on issue an announcement and that’s 地售出股票，”他解释说。“但现在，为了达到与主板 the particular part of the requirement it,” says Addleshaws’ Wan. “But 同等的门槛，除非获得港交所的同意，否则该公司 on the connected persons, but it’s now, they need to re-appoint the 就不能将股份配售给关联方。” actually a substantial change, says sponsor and prepare again and “一开始，创业板上大多数的IPO都是由想要将其 KWM’s Chan. reissue the prospectus.” 成功的业务和公司上市的企业家完成，”陈律师指 “Before, it used to be that if a “They basically need to do company wants to list on the GEM, another IPO again for them to 出。“但最近，我们看到了一些‘幕后’大佬操控的情 the company can have a lot of transfer to the main board, and 况。” connected persons helping them to that will impact the existing 这些控制人资金实力雄厚，通过不同层次的工具 subscribe their shares and sell shares GEM because in the past it was a 控制多家公司，并试图建立和利用空壳公司。有些 stepping stone to the main board, more easily,” he explains. “But now, 甚至买卖空壳公司，将其视为交易，这绝非港交所 being required to meet the same but now it is very clear that it is a 在20年前首次创建创业板时的初衷。 threshold of the main board, they standalone board.” can’t place their shares to connected In the future, the attractiveness “因此，港交所推出了这些更严的规定，以解决上

32 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 CAPITAL MARKETS

述问题，并更好地保护小股东，”陈律师说。

增加转让难度此外，将股票从创业板转至主板的难度也增加了。港交所计划将其二板重新定位为一个独立的板块，取消创业板股票转让的简便流程。港交所还新规定了两项要求：公司需要指定保荐人对创业板股份转让进行尽职调查，并发布“招股说明书标准”的上市文件，意味着创业板股票转让申请将被视为新的上市申请。 “过去，创业板上市的公司要转到主板时，只需要发布一个公告即可，”安胜恪道的温律师说。“现在，它们需要重新任命保荐人，并重新准备和发布招股说明书。” “也就是说，基本上这些公司需要再进行一次IPO 才能转到主板，这将对现有的创业板造成影响。因为过去创业板只是主板的垫脚石，但现在很明显它是一个独立的板块了。” 未来，创业板上市的吸引力将会减少，公司可能更愿意再等一两年达到主板的要求后直接去主板上市，他补充道。创业板公司仍有一段宽限期，期间可以在没有更 of listing on the GEM will be less, of the GEM consultation paper, 严格要求的情况下过渡到主板。 and companies may prefer to wait many companies have filed to list “最近我们收到不少关于这些新规则和过渡规则的 one or two more years to satisfy on the GEM because they want to 适用性的咨询，因为所有现有的创业板上市公司都 the requirement for the main board catch the last train, notes Chan. In 有三年的宽限期，”陈律师说。“这些公司想知道新规 instead, he adds. 2017, there were around 80 GEM 则是否对它们适用。” There is a grace period for GEM companies listed out of around 170 “公司需要符合一定的标准才能受益于宽限期。例 companies, allowing them to still companies listed on HKEX. transition to the main board without At least during the three-year 如，公司应当在2017年6月16日，即征求意见稿发 the tougher requirements. grace period, Chan expects more 布之日，之前在港交所上市，这表示公司不知道港 “Recently we have received a companies will see if they are able 交所有意对规则进行修改，”他解释说。“同时，只有 number of enquiries about the to still use the streamlined process 在公司没有改变主要业务且没有更换控股股东的情 applicability of all these new rules to transfer to the main board. 况下，宽限期才适用。” and transitional rules, because there’s But in the long run, he believes a three-year grace period for all the the numbers of companies listing 未来前景 existing GEM listed companies,” says on the second board may become 陈律师指出，在创业板的征求意见稿公布后，多家 Chan. “Those companies would like fewer with these tougher listing 公司已经申请在创业板上市，因为它们想要搭上末 to know whether or not the new rules requirements. 班车。2017年，港交所共有约170家公司新上市， will apply to them.” “If they are a financially sound 其中约80家在创业板上市。 “Companies need to meet some company, they may want to wait criteria in order to take advantage one or two more years and then 至少在三年的宽限期内，陈律师预计有更多的公 of the grace period. For example, gain the main board listing status, 司会观察自己是否仍然可以通过简便流程转到主 you need to be listed on the HKEX which is not a lot more difficult 板。 before June 16, 2017, the day when now,” he says. “So I presume that 但长远来看，他认为随着这些更严格的上市要求 the consultation paper was out, so the numbers of new GEM board 的生效，二板上市公司的数量可能会减少。“如果这 you didn’t have the knowledge that listing will remain unchanged, or the exchange proposed to change the even go down a bit.” 是一家经济实力雄厚的公司，它可能愿意再等一两 rules,” he explains. “And the grace But thanks to the other changes 年，然后直接在主板上市。和创业板上市相比，现 period also applies only if you have in the main board, the total 在在主板上市也没有难多少，”他说。“所以我预计新 not changed your major business numbers of Hong Kong listings, 的创业板上市数量将保持不变，甚至略有下降。” line and you have not changed your Chan believes, may go up. 但得益于主板的其他变化，陈律师认为，香港市 controlling shareholders.” 场的上市总数可能会增加。 FUTURE Immediately after the publication

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 33 OFFSHORE

A RATIONAL APPROACH 理性投资

China’s campaign against “irrational deals” may have dampened domestic companies’ enthusiasm when it comes to outbound investment, but as the new year dawns, overseas M&A is set to pick up again, and offshore lawyers are ready to assist their clients as they hunt targets abroad. BY CORNELIA ZOU & ALFRED ROMANN

作为ALB关于中国向东南亚国家投资的系列报道的开篇，我们首先聚焦中国在菲律宾的投资。中国最近与菲律宾签署了巨额的一揽子投资融资计划，其中大部分资金将用于基础设施的建设。

记者：CORNELIA ZOU 和 ALFRED ROMANN

34 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 OFFSHORE

n order in July 2017 from Chinese regulator to stop banks from lending money 017年7月，中国的监管机构发布命令，禁止 for foreign acquisitions to the giant conglomerate Dalian Wanda marked the 银行向商业巨头大连万达集团提供贷款进行 Aheight of a significant turnaround in China’s outbound investment landscape. 2海外收购，这是中国对外投资格局中的重大 Wanda, owned by billionaire Wang Jianlin, had emerged from its roots as a 转折点。 developer of shopping malls to become a global entertainment player. In 2012, 亿万富翁王健林拥有的万达以开发商场起家，现 the company had bought out AMC Entertainment of the US to become the world’s 在已经是全球娱乐业巨头。2012年，万达收购了 largest owner of cineplexes. Then, in 2016, the company spent $3.5 billion to acquire 美国的AMC娱乐公司，成为全球最大的院线所有 Legendary Entertainment, a movie producer. The company had also spent billions 者。2016年，万达又斥资35亿美元收购了电影制 buying up chains of cinemas, a yacht maker in the United Kingdom. Altogether, six of 片公司传奇影业。同时，万达还花费数十亿购买了 the company’s deals fell under the umbrella of new capital restrictions that were first 连锁影院以及一家英国的游艇制造商。该公司合计 imposed in 2016. 共有六笔交易在2016年首次实施的新资本限制范 And Wanda was not the only company affected by this push from Chinese regulators 围之内。 to stop “irrational deals.” 万达并不是唯一受到中国监管机构停止“非理性 All told, Chinese companies spent some $170 billion in deals abroad in 2016, a record 交易”政策影响的公司。 high. This did not sit well with regulators, who saw many of the deals as “irrational”. 2016年，中国公司在海外交易中共花费约1700 Anbang Insurance Group, which gathered global attention in 2014 by topping off a 亿美元，创历史新高。这让监管机构如坐针毡，认 $30 billion shopping spree abroad with the acquisition of the famed New York hotel 为其中很多交易都是“非理性的”。 the Waldorf Astoria, also became the subject of a crackdown. In May, regulators asked banks to stop lending money to the insurance giant. 安邦保险集团2014年300亿美元的海外收购狂潮 Other groups, including Fosun International and HNA Group, also fell under the 以收购纽约著名的华尔道夫酒店收尾，这引发了全 increased scrutiny of regulators intent on protecting the country’s financial system. 球瞩目，也使其成为中国监管打击的对象。去年五月，监管机构要求银行停止向这家保险巨头放贷。 CURBS SUCCESSFUL 包括复星国际和海航集团在内的其他多家集团也 The regulatory curbs, ramped up investigations, new policies and other efforts to 受到意在保护国家金融体系安全的监管机构的更强 contain “irrational” investment overseas undertaken through 2017 appear to be 监督。 successful. The combination of efforts led to drops in the total value of non-financial 政策奏效 outbound direct investments last year after big increases in 2016. 到2017年为止，为遏制“非理性”海外投资而施加的 As the year 2017 drew to a close, data from the Ministry of Commerce (Mofcom) 监管限制、加大的调查力度和颁布的新政策等看上 showed that some 6,236 companies had invested $120 billion in 174 foreign countries. 去取得了成功。在2016年大幅增加后，上述手段 The figure, impressive as it may seem at first blush, represented a 29.4 percent drop 的结合导致去年非金融对外直接投资总额下降。 from 2016, the first decline in a decade. The drop was not only expected but wanted. 商务部2017年底的数据显示，约有6,236家公司 In 2016, regulators had been alarmed by the sheer number of deals abroad deals that 在174个海国国家投资了1,200亿美元。这一数字 at times made little business sense for the companies that made them. 乍看令人咋舌，但实际上却比2016年下降了29.4% Activity linked to mergers and acquisitions (M&A) also declined in 2017. According to ，是十年来的首次下跌。这一下降不仅在预料之 a PwC report, the value of M&A in China dropped 11 percent in 2017 to $671 billion (down 中，更是监管机构想要看到的。2016年，监管机 from $753 billion a year earlier). While the total value of deals in 2017 was greater than in 2014 and 2015 combined, PwC pointed out that there has been a visible move away 构对海外交易的数量感到震惊，有些交易对参与交 from efforts to acquire “passive or trophy assets”. 易的公司来说可谓毫无商业意义。 All this is in line with the general push by regulators to curb irrational deals. 与并购相关的活动也在2017年下降。根据普华 Those efforts were first announced early in 2017 and materialized throughout the 永道的报告，2017年中国并购交易价值总额下降 year with a series of new policies and enforcement efforts. As a result of these efforts, 11%至6,710亿美元（低于2016年同期的7,530亿 no new deals were announced in areas of real estate, sports or entertainment in the 美元）。尽管2017年的交易总价值高于2014年和 last few months of 2017 and the final figures showed a total that was roughly the same 2015年的总和，但普华永道指出，“消极或炫耀性 as in 2015. 资产”的收购显然已经大量减少了。 However, as 2017 drew to a close, there were some signs that while the curbs were 所有这一切都与监管机构加大力度遏制非理性交 not really likely to be loosened, businesses and the law firms that work with them on 易的政策方向一致。 structuring overseas deals had grown accustomed to the rules and were ready to work 这一政策导向在2017年初首次宣布，同年颁布 with them. 了一系列新政策并开展了执法工作。由于这些工 Although authorities made it clear in January 2018 that they had to immediate 作，2017年的最后几个月里没有房地产、体育 intention of changing their approach there are now expectations of better deals in 或娱乐领域的任何新交易宣布，最终交易数字与 the offing. Speaking to China’s national news agency Xinhua in mid-January, Mofcom 2015年大致相同。 official Han Yong confidently declared that “irrational outbound investment has been 然而，在2017年结束之时，有迹象表明，虽然 curbed.” 这些对外投资的限制措施不太可能会放宽，但各家 “I don’t see the ban being lifted completely anytime soon,” says Fiona Chan, a 公司和与其合作设计海外交易的律所已经适应了这 partner at Appleby “The capital controls have been in place for over a year since the 些措施，并准备好了带着镣铐跳舞。 last quarter of 2016, and the industry was looking for an update in 2017, but from what 尽管有关部门在2018年1月明确表示尚无改变政 I heard in the markets, it’s not happening anytime soon.” 策方向的打算，市场预计有关方面正在考虑颁布更 Still, there were some indications as 2018 started that that tide might be turning. 友好的政策。1月中旬，商务部官员韩勇向中国国

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 35 OFFSHORE

PwC’s report suggests that, while the total value of M&A deals has dropped, the 家通讯社新华社自信地表示：“非理性的对外投资得到 total number of deals continues to increase. In no small measure, the drop in the 了进一步有效遏制”。 total value of deals could be related to the drop in the number of mega deals worth “我不认为某些对外投资的禁令会在短期内完全解 $1 billion or more. Over the last five years, the trend is visibly on the increase. 除，”毅柏律师事务所合伙人陈子雅说。“自2016年第 “The Chinese government is looking to find the right balance between restricting 四季度以来，资本管制已经实施了一年多。业界本来 companies from irrational investment in ‘trophy assets’ and accepting that overseas 希望政策在2017年能有所更新，但从我在市场上观察 investment is integral to China’s international expansion and strategic investment 的情况来看，这在短期内不会发生。” projects such as its Belt and Road initiative,” says Christopher Bickley, partner and 尽管如此，一些迹象表明，政策方向在2018年可能 head of Conyers Dill & Pearman’s Hong Kong office. 有所转变。普华永道的报告称，虽然并购交易的总价 And this uptick may turn into more mandates for law firms, particularly offshore 值下降，但交易总数仍在上升。在很大程度上，交易 specialists that are often tasked with bridging the divide between mainland Chinese 总价值的下降可能与价值10亿美及以上的超大型交易 firms and the countries where their investment targets are located. 的数量下降有关。这一趋势在过去五年越发显著。 Regulators in the PRC may not have taken steps to loosening curbs on irrational “中国政府试图在限制公司收购‘炫耀性资产’等非理 deals but the companies are now learning how to operate within the new normal 性投资和接受海外投资是中国国际扩张和战略投资项 environment, which may pave the way for domestic companies to step up their activities abroad after a year of curbs. This, in turn, created new opportunities for 目（如‘一带一路’）不可或缺的一部分这两者之间找到 more offshore work for firms, both domestic and international. 适当的平衡”，康德明律师事务所合伙人兼香港办事处负责人Christopher Bickley说。 And this may be helped by relatively good economic news at the end of 2017. Official data released in mid-January showed growth for 2017 clocked in at 6.9 这种政策向好意味着律所会有更多工作，特别是离 percent, beating both the government target of 6.5 percent and the total growth of 岸业务专家，他们通常是内地律所与投资对象所在国 6.5 percent in 2016. While growth in 2016 was the weakest in 26 years, the increase 之间的桥梁。 in 2017 was the first since 2010. 中国的监管机构可能还没有采取措施来放松对非理性交易的限制，但各家公司现在正在学习如何在所谓 RULES FOR QUALITY GROWTH 的新常态下运作，这可能为国内公司在历经一年的政 Still, Beijing’s new approach is to focus on quality growth rather than rapid growth. 策限制后加强在海外的活动奠定基础。这反过来又为 It has become a cliché to point out that the age of double-digit growth is over. And 国内外的律所创造了更多离岸业务。 one of the ways in which the government is pushing for high-quality growth is its 2017年底相对较好的经济数据也是助推器。2018年 curb on irrational investments. 1月中旬公布的官方数据显示，2017年中国经济增长 At the heart of these efforts to curb investment was a clear push to not only put in 率为6.9%，高于政府6.5%的增长目标和2016年6.5% place more rules on everything from the flow of currency to risk management but to 的实际增幅。2016年的增幅为26年来最低，而2017 enforce those rules and share information more effectively among regulators. And 年的增速则是自2010年以来的首次增长。 those rules are now becoming part of the norm. On Jan. 26, a group of regulators issued a set of (for now) temporary rules that 追求高质量发展 would be used to oversee outbound investments. While companies were only 不过，中国政府的新策略仍然是关注质量增长而非增 expected to file records with local or central planners (or both) before launching 长速度。两位数增长的时代已经结束，这早已是老生 projects, they are now expected to file information on the whole lifetime of the 常谈了，而政府推动高质量增长的方式之一是遏制非 deal. Regulators plan to pay particular attention to any deal worth more than $300 理性投资。 million as well as deals done in “sensitive countries and region” and “sensitive industries.” 抑制非理性投资的政策核心不仅包括制定更多从货币流通到风险管理的规则，更是要执行这些规则并在 “Chinese outbound investors will need NDRC approval for deals in ‘sensitive’ 监管机构之间更有效地进行信息共享。这些规则现在 countries and industries, and for deals over $300 million, even if the deal is transacted entirely via offshore entities,” says Bickley. “Apart from infrastructure 正在成为常态。 investment in support of One Belt, One Road, we would expect investment to be 1月26日，多家监管机构联合发布了一套（目前还 strategic in technology such as AI and in education and healthcare.” 是）暂行的规则，用于监管对外投资。此前公司只需 At the same time, various regulatory agencies have put in place information- 要在开展项目前向地方发改委或国家发改委（或两 sharing mechanisms that will allow them to work more closely together. 者）提交备案，现在却需要在项目全周期提供项目信 This information sharing mechanism will make it possible to cases involving, for 息。监管机构将重点关注中方投资额3亿美元以上的 example, tax evasion to be passed to the right authorities, such as police or industry 对外投资以及“敏感国家和地区、敏感行业”的对外投 departments. 资。 “Over the process, market rules and international practices must be followed,” “即使交易完全通过离岸实体进行，中国对外投资者 State Administration of Foreign Exchange spokeswoman Wang Chunying said 仍需要国家发改委的批准才能投资‘敏感’国家和‘敏感’ during a press conference earlier in the month. 行业，或交易金额超过3亿美元的项目，”Bickley说。“ Another effort that was also announced would see curbs on the use of insurance 除了支持‘一带一路’的基础设施投资外，我们认为对外 funds to invest abroad, in a set of rules that will take effect on April 1. According 投资会战略性地投向人工智能等科技领域，以及教育 to data from the China Insurance Regulatory Commission (CIRC), there is plenty 和医疗保健行业。” of cash that insurance companies could draw from to invest abroad. Income from 同时，各监管机构已经建立了信息共享机制，使得 insurance premiums across the country increased 19.2 percent year-on-year from 它们能更紧密地合作。 January to November 2017 to hit 3.44 trillion yuan while the industry reported 这种信息共享机制将使逃税等案件能转交给公安、 combined assets of 16.64 trillion yuan, up 10 percent from the beginning of 2017. 行业主管或其他有关部门。

36 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 OFFSHORE “The Chinese government is looking to find the right balance between restricting companies from irrational investment “在此过程中，必须遵守市场规则和国际惯例，” in ‘trophy assets’ and accepting that overseas investment 国家外汇管理局发言人王春英在本月早些时候的新 is integral to China’s international expansion and strategic 闻发布会上表示。另一项宣布的举措将限制使用保险资金在国外投 investment projects such as its Belt and Road initiative.” 资，这一规则将于4月1日生效。根据中国保险监督 – Christopher Bickley, Conyers Dill & Pearman 管理委员会的数据，保险公司有大量资金可以进行海外投资。2017年1月至11月，全国保费收入同比增长19.2%，达3.44万亿元人民币，保险业合计资 “中国政府试图在限制公司收购‘炫耀性资产’等非理性投资产为16.64万亿元人民币，比2017年初增长10%。和接受海外投资是中国国际扩张和战略投资项目（如‘一带 2017的放缓根据商务部去年11月中旬公布的数据，去年1月至一路’）不可或缺的一部分这两者之间找到适当的平衡。” 10月，中国的非金融对外投资猛跌41%至863亿美元。该部在公布此数据时称已经有效遏制了“非理 —Christopher Bickley，康德明律师事务所性”对外投资。商务部统计显示，这些投资的大部分涉及租赁和 THE SLOWDOWN OF 2017 商业服务、制造业、批发和零售以及信息技术，由约5,200家公司在超过154个不同国家进行。 Between January and October of last year, China’s non-financial outbound investment plummeted 41 percent to $86.3 billion, according to figures from the Ministry of 商务部部长钟山在去年十月的十九大上说，遏制 Commerce (Mofcom) released in mid-November. The ministry released the figures 交易的一个关键因素是加强风险管理，这是监管 even as it claimed to have curbed “irrational” investments abroad. 机构在面对巨大的对外投资交易增长量时考虑的一 The bulk of these investments, which were done by some 5,200 companies in 个重要因素。中国在海外拥有价值6万亿美元的资 more than 154 different countries according to Mofcom, went to businesses engaged 产，到2017年的五年间，中国的对外直接投资增 in leasing and commercial services, manufacturing, wholesale and retail as well as 加了约6,600亿美元。中国现在已经是资本净出口 information technology. 国。 Speaking during the 19th National Congress of the Communist Party of China in 这通常是好消息。中国的投资帮助创造了约150 October, Minister of Commerce Zhong Shan said a key factor in curbing deals was 万个海外就业岗位，直接贡献了超过300亿美元的 strengthening risk management, a key consideration for regulators given the sheer 税收收入。根据商务部的数据，自2010年以来， uptick of investment abroad. China has assets worth $6 trillion abroad and overseas 中国资本流入海外市场逐年加速增长，2016年达到 direct investment (ODI) has increased by some $660 billion in the five years to 2017. 1,701亿美元的峰值，比2015年同期大涨44.1%。 Altogether, China is now a net exporter of capital. 尽管如此，钟山仍然指出，风险往往是缺乏经验 Often, this is good news. Chinese investments have helped create some 1.5 million 的结果，在“推进过程中存在着困难”。他指出，非 jobs abroad and directly contributed to tax payments worth more than $30 billion. 理性的交易占用了中国大量的外汇储备。 Since 2010, the flow of capital out of China and into markets abroad had been 对外投资持续快速的增长让希望稳定人民币汇率 accelerating year after year to peak at $170.1 billion in 2016, up 44.1 percent from a 的有关部门感到头痛。因此，有关部门于2017年8 year earlier, according to Mofcom. 月颁布了新的对外投资规则，间接禁止了从房地产 Still, Zhong pointed out that risks are often the result of inexperience, saying that 到酒店的一系列非理性收购，同时限制房地产、酒 there have been “difficulties in the process of progress.” Irrational deals, he pointed 店、电影、娱乐和体育等行业的投资。 out, have taken up large chunks of the country’s foreign currency reserves. 采取这一举动的部分原因是2016年下半年中国的 The constant and rapid increases did not sit well with authorities that wanted 外汇储备急剧下降。到2017年初，尚没有统一或 to stabilize the renminbi (RMB). So, new rules for overseas investments were 正式的监管政策来处理跨境资本流动造成的风险并 implemented in August 2017 that implicitly barred irrational acquisitions in a range 稳定外汇市场。于是2017年伊始，包括中国人民银 of industries, from real estate to hotels and restricted investments in property, hotel, film, entertainment and sports. 行、国家外汇管理局、国家发改委和商务部在内的所有主要监管机构都一致同意推进四个目标，即加 The move was spurred, in part, by a rapid drop in China’s foreign exchange reserves 强海外投资的真实性合规性审核，加强交易认证， in the second half of 2016. By the beginning of 2017, there was no unified or formal regulatory policy to deal with the risks created by cross-border capital flows and 要求提供更多交易信息，以及加强对以人民币计价 stabilize the foreign exchange market. As 2017 started, all the major regulators 的境外借贷的监管。 including the People’s Bank of China, the State Administration of Foreign Exchange Bickley表示：“国家发改委于12月颁布的新措施 (SAFE), the National Development and Reform Commission (NDRC) and Mofcom, 扩大了监管部门的监督范围，但同时也使得更一目 agreed to move forward on addressing four goals including checking overseas 了然的交易更容易成功。” investments for their authenticity and compliance, strengthening the authentication of 在接下来的几个月中，中国的监管机构可以说基 deals, requiring more information on deals and strengthening regulation on overseas 本禁止了一切它们认为是“非理性”的境外交易。宽 lending denominated in RMB. 泛地说，这些就是任何与公司核心业务没有明显关 “The recent measures by the NDRC announced in December have expanded 联的交易。 regulatory oversight but have at the same time made it easier for more straightforward 安邦保险收购华尔道夫酒店，就是非理性交易的 deals to be done,” says Bickley. 典型一例。 Over the months that followed, regulators in Beijing all but put a ban on any 另一例则是海航收购Automotive Holdings Group

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 37 OFFSHORE

outbound deals that they considered to be “irrational.” In broad strokes, this meant 的冷藏运输业务。对海航来说，无休止的400亿美 any deals that were not obviously related to the typical business of a company. 元的收购是要付出很大成本的。该集团于2016年 Anbang’s deal to acquire the Waldorf Astoria, an insurance company buying into 开始以惊人的速度收购资产，但同时也产生了大量 the hospitality business, is a case in point. 的债务和利息支出，为其资产负债表造成了重大风 Another was the deal that HNA did for the refrigerated transport business of 险。2017年11月，海航发行了有史以来最昂贵的短 Automotive Holdings Group. For HNA, the cost of an insatiable $40 billion push was 期美元债券，并且不得不支付额外利息，以推迟偿 significant. The company started acquiring assets at breakneck speed in 2016 but it 还与香港某建筑项目有关的贷款。 also acquired plenty of debt and interest payments that added significant risks to its 这些交易引发的风险都是中国有关部门不愿意看 balance sheet. In November 2017, the company issued the most expensive short-term 到的。它们不仅希望遏制非理性的交易，而且希望 dollar bonds ever and had to pay additional interest to push back the repayment of a 减少非理性的放贷，以更好地控制经济中的流动债 loan linked to a construction project in Hong Kong. 务数额。 These are examples of risks that Chinese authorities are not really keen to live with. 2017年11月，中国监管机构颁布新规定进一步加 They not only want to curb irrational deals but also lending to get a better handle on 大遏制非理性投资的力度，规定包括对违规公司可 the amount of debt floating in the economy. 以作出的39种处罚，并允许将进行了非真实交易的 In November 2017, Chinese regulators doubled down on their efforts to curb 公司列入黑名单。新规的目的是防止企业通过卖空 irrational investments by issuing new rules that included 39 possible penalties for 人民币进行非法境外投资或获利。 firms that violated rules and opened the possibility of blacklisting firms that made 直到2017年底，数据显示中国的经济增长和人民 moves seen as not authentic. The aim of the new rules was to prevent firms from engaging in illegal outbound investments or profit by short-selling the RMB. 币汇率都稳定下来之后（且经济增长实际上还略高于既定目标），禁令才有所松动。尽管如此，闸门 It wasn’t until the end of the year and the emergence of data showing that Chinese 并没有被放开。相反，新规很可能代表了一种“新常 growth and the RMB had both stabilized (and the economy actually grown at just a little bit above target) that the clampdown loosened somewhat. Still, the taps have 态”，这一常态帮助稳定了市场。 not opened. Rather, the new rules are likely to represent a new form of “business as “禁令没有被取消真的不足为奇，而且禁令的各种 usual,” one that has already helped stabilize the market. 市场影响都已经发生了，”陈律师说。“我们已经学 “It’s really not surprising [that the ban hasn’t been lifted], and whatever effect it was 会了如何适应新的规则。” going to have on the market has already taken place,” Chan says. “We have learned 陈律师指出：“这些管控措施特别针对与娱乐、 to adapt and got used to the new rules.” 体育和房地产等行业原有业务无关的投资，在遏制 “The controls were quite specific on investments not related to the original business 这些领域的随意性和非理性投资方面确实取得了成 in sectors such as entertainment, sports and real estate,” Chan notes. “And it did 效。监管机构在这方面可以说取得了巨大的成功。” help curb random and irrational investment in these areas, [the regulators] were very 陈律师补充说：“我们确实看到房地产行业的对外 successful from that aspect.” 投资持续减少，但与其他形式投资相关的业务仍然 “We do see a continuous decrease of outbound investment in the real estate sector, 可观。虽然禁令依旧存在，银行在全球各地仍然在 but in terms of other forms of investment, the work is still there,” adds Chan. “Even 进行大量的投资，包括离岸结构。例如，非洲现在 though the ban is still there, banks are still doing a lot of investment including offshore 就是一个业务重点，中非发展基金近期一直是非常 structures, in various places around the world. Africa, for example, is an emphasis 活跃的投资工具。” at the moment; the China- Africa fund has been very active lately as an investment 对外投资的禁令也让人产生了不少疑问。 vehicle.” “已经有客户向我们询问这一禁令可能造成的影 The ban has created plenty of questions marks. 响，不仅是中国客户。但对于正常的溢价投资，金 “We’ve had clients sending enquiries about the effect the ban could impose- and 融交易不成问题，”陈律师说。 this is not exclusive to PRC clients. But for the normal, premium investment, financial transactions have not been an issue,” Chan says. 这一情况可能会延续。 This is likely to continue apace. “除非有什么特别的变化，否则今年就将是去年的延续，”她补充道。 “Unless there’s any particular change, it will be a continuation of what happened last year,” Chan adds. 有趣的是，对于那些因这一禁令而导致某些业务 Interestingly, the ban has had some somewhat unexpected and not always positive 被暂停、放缓或延迟，甚至是彻底取消的律所来 side-effects for law firms that saw some mandates paused, slowed or delayed, if not 说，这个禁令的副作用有些出乎意料且并不总是好 cancelled outright. Given the size of these deals, it is not entirely surprising that 的。考虑到这些交易的规模，有关参与方选择慢慢 stakeholders might choose to take their time and, perhaps, even wait until the winds 来，甚至等到风向变了之后再进行交易，也并不令 change. 人惊讶。 “Our payment period got longer due to the additional paperwork required after the 陈律师说：“客户给我们的付款周期拉长了，因为 ban was in place,” Chan says. “We were required to have formal engagement letters 禁令实施之后需要准备额外的文件。内地的客户要 or other forms of written evidence with our mainland Chinese clients to substantiate 求我们提供正式的业务合作书或者其他形式的书面 the payments, and the banks will have to do a thorough check, which would result in 证据来证实付款的真实性，银行也必须彻底检查相 delays in payment.” 关款项，这都会导致付款拖延。”

BELT AND ROAD 一带一路 These efforts to curb irrational deals happened just as the government was putting 遏制非理性投资的举措，正值政府全力推进任何与“ the pedal to the metal on anything related to the flagship Belt and Road Initiative. 一带一路”相关的项目。“一带一路”最早由习近平主

38 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 OFFSHORE

First launched by President Xi Jinping in 2013, the Belt and Road Initiative 席在2013年发起，是一项大规模的外交政策倡议，旨在通 is a massive foreign policy initiative aimed at boosting trade and investment 过丝绸之路经济带和21世纪海上丝绸之路，促进超过65个 in more than 65 countries along two modern silk roads, one maritime and 国家间的贸易和投资。 one overland. 根据商务部的数据，2017年全年，“一带一路”相关项目的 Throughout 2017, investments in Belt and Road related projects grew 投资增长至144亿美元，项目遍布约59个国家。投资总额与 to $14.4 billion with deals recorded in some 59 countries, according to 2016年相比几乎没有变化（2016年“一带一路”沿线国家的 Mofcom data. The total investment was virtually unchanged from 2016 投资总额为145亿美元），但中国在“一带一路”沿线国和项 (when investment in Belt and Road countries added up to $14.5 billion) but 目中的投资份额则从2016年仅有3.5%上升至12%。这一差 the share of total Chinese investment that went to Belt and Road initiative 距显然与2017年对外投资总额的明显下降有关。 locations and projects increased to 12 percent of the total, up from just 3.5 percent in 2016. The difference, of course, had to do with the visible drop in “与‘一带一路’方向一致的投资也在增加，但其中并没有很 total outbound investment recorded in 2017. 多是通过离岸工具进行的，”陈律师说。“投资人在投资印度 “Investment in line with the Belt and Road initiative is also increasing, 和印尼这样的国家时，不倾向于使用传统的离岸工具。” but not a lot is via offshore vehicles,” Chan says. “They don’t tend to use 2017年“一带一路”项目的总投资额未能匹敌2015年创纪 the traditional offshore vehicles for investments in countries like India and 录的185亿美元，但此类项目总体受到对外投资监管审查收 Indonesia.” 紧的影响较小。 Total investments in Belt and Road projects in 2017 did not match the 贝克∙麦坚时国际律师事务所北京办事处首席代表贾殿安 record $18.5 billion investment in 2015, but those projects were generally 表示，“‘一带一路’将继续成为中国对外投资的主要推动力。 less affected by the increased regulatory scrutiny on foreign investment. 根据该所的一带一路报告，与中国有关的“一带一路”项目未 “The Belt and Road Initiative will also continue to be a major driving force 来五年内将达到3,500亿美元。 in Chinese outbound investment,” says Stanley Jia, chief representative of 已有很多中国公司在积极开展“一带一路”项目，特别是在 Baker McKenzie’s Beijing office. According to Baker McKenzie’s Belt and 基础设施和电力方面。中国企业非常积极地在南亚和中东地 Road report, China-linked Belt and Road initiative projects will be worth 区投资电力行业。它们还在帮助发展东南亚、东欧和拉丁美 $350 billion over the next five years. 洲的铁路系统。 There are already a lot of Chinese companies actively developing their 贾律师说：“这类跨境交易可能涉及多层次的有关融资、 Belt and Road projects, particularly in infrastructure and power. Chinese 合同和环境方面的当地法规。这不仅拉动了对并购和项目 companies are investing in South Asia and the Middle East in the power 融资的咨询服务需求，还带动了反垄断和竞争法、合规、监 sector very actively. They are also helping to develop rail systems in 管、就业和税务等其他相关领域的咨询业务。” Southeast Asia, Eastern Europe and Latin America. 他补充道：“对律所来说，具备合适的业务能力组合将是 “Cross-border transactions of this kind can involve multi-layered local 抓住这一机会的关键。” regulations for financing, contracts, and environmental considerations,” Jia says. “This drives up demand for advisory services not only in M&A and 国务院2017年8月颁布的一系列准则旨在规范健康的对 project finance, but also in other related advisory areas, including antitrust 外投资，强调对外投资的质量，同时也鼓励企业投资更多 and competition, compliance, regulatory, employment and tax.” 促进“一带一路”建设或与海外高科技公司合作的基础设施项 “For law firms, having the right mix of capabilities will be the key to 目。该准则还鼓励与外国的农业和服务业进行投资合作，特 unlocking this opportunity,” Jia adds. 别是在“一带一路”沿线国，但限制了对房地产、酒店、电影 A set of guidelines released in August 2017 by the State Council aimed to 院、娱乐和体育俱乐部的投资。 regulate healthy foreign investment – with emphasis on healthy – but also Carey Olsen律师事务所的合伙人Anthony McKenzie表 encouraged firms to invest in more infrastructure projects that promoted the 示：“随着‘一带一路’的推进，离岸实体可能发挥重要的作 Belt and Road Initiative or facilitated cooperation with high-tech companies 用。” abroad. The guidelines also encouraged investments and cooperation 离岸实体在亚洲跨境交易中已经长期成熟的应用，特别是 in agriculture and service sectors in foreign countries, particularly in Belt 在难以找到有经验的当地法律顾问的司法管辖区，或者在向 and Road countries, but restricted investments in real estate, hotels, movie 国际第三方投资者寻求融资的交易中。 theatres, entertainment and sports clubs. “鉴于每个项目的成本与中国的银行能提供的贷款之间 “Offshore entities are likely to have a significant role to play as the Belt 可能存在巨大的资金缺口，这很可能会创造对外投资的机

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 39 OFFSHORE

and Road initiative develops,” says Anthony McKenzie, partner at Carey Olsen. 会，”McKenzie说。“离岸实体通常被视为能够提供 Offshore entities have a long-established use in Asian cross-border transactions, 作为此类投资的媒介所必需的公正性和稳定性。” especially in jurisdictions where it is difficult to find experienced local legal advisors, or where financing is sought from international third-party investors. 未来可期 “Given that there may be a significant funding gap between the cost of each 2018年伊始，变化就初见端倪。许多拥有大量现金 project and the amount on offer from PRC banks, it is likely that opportunities for 的公司正在摩拳擦掌，想用新的策略回到并购的轨 foreign investment would be created,” McKenzie says. “Offshore entities are often 道上，以更好地适应新的现实。离岸律所也正在积 seen as providing the necessary impartiality and stability to be the medium for such 极准备帮助它们。有些行业可能比其他行业获益更 investment.” 多。评论人士认为，2018年对外并购预计将在数量 GOING FORWARD, LOOKING UP 和“规范性”方面均有所增加。由于投资者适应新规 As 2018 starts, change is in the air. Companies, many flush with cash are chomping at 则，更多的交易量加之更严的审查可能会导致项目 the bit to get back on the M&A trail with new strategies to better fit the new reality. And 延迟。 offshore law firms are getting ready to help them. Some sectors are likely to benefit in “离岸实体现已被纳入对外并购的监管框架，也是 more spectacular fashion than others. 投资领域公认的组成部分。它们将继续提供中立的 Commentators believe overseas M&A is predicted to increase in both volume and 平台，使得中国企业可以通过这个平台构建海外投 “orderliness” in 2018. More deal volume balanced by more scrutiny may lead to delays 资战略，”康德明的Bickley说。“随着越来越多以国 as investors adjust to the new rules. 内产业为重心的公司希望在中国以外寻找机会，律 “Offshore entities are now included in the regulatory framework for overseas M&A 所需要专门花时间让这些公司熟悉‘离岸’的好处。” and an accepted part of the investment landscape. They will continue to provide a 限制措施的任何放宽都可能对市场产生几乎实时 neutral platform through which Chinese companies can structure their overseas 的影响。 investment strategies,” says Bickley from Conyers Dill & Pearman. “As more domestic industry focused companies look to opportunities outside of China, firms will need “如果禁令取消，哪怕只是取消一小部分，房地产 to dedicate time to familiarizing these companies with the advantages of ‘offshore’.” 行业将受益最大，因为它是遭到最大打击的行业，” 陈律师说。“房地产是中国投资者最热衷的投资项 Any relaxation of restrictions could have an almost immediate impact on the market. 目，在禁令实施之前，占到了中国对外投资的40% “If the ban is lifted, even if just a little bit, the real estate sector will benefit the most 到50%。” from it as it was the sector that got hit the most,” Chan says. “Real estate is the number one type of investment Chinese investors would go to, it accounted for 40 to 50 percent 陈律师还指出，离岸律所必须调整策略并帮助客 of China’s outbound investment before the ban came in.” 户处理这种情况。她说：“毅柏受禁令的影响不大， Chan also noted that offshore firms have to adjust their strategies and help their 因为我们在不同的司法管辖区拥有一整套不同的离 clients deal with the situation. “Appleby was not hugely affected by the ban because 岸服务。但是专注于某一个领域，特别是房地产， we have a whole range of different offshore services in different jurisdictions,” she 的小型律所，受到了很大的冲击。” says. “But the smaller firms that specialize in one area, especially real estate, were 开曼群岛和英属维尔京群岛的政策对投资者友 greatly hit by it.” 好，税收中立，政治稳定，且拥有监管完善的法律 The investor-friendly, tax neutral, politically stable, well-regulated legal systems 体系，使得它们仍然是对外投资和融资收购的首选 of the Cayman Islands and BVI continue to be the preferred jurisdictions for overseas 司法管辖区。 outbound and financing acquisitions. “提供开曼群岛和英属维尔京群岛法律咨询服务的 “Offshore law firms providing Cayman and BVI legal advice must be accessible in 离岸律所必须让中国公司能在同一时区内轻松与它 being able to be easily contacted in the same time zone by Chinese companies and to 们取得联系，并且要有能说双语的专业人员提供法 also offer legal services by a properly bilingual workforce who are able to effectively 律服务。这些人员要能与客户有效沟通并建立长期 communicate and build long-term relationships with their clients,” says Matt Roberts, 关系，”迈普达律师事务所驻香港的公司业务团队 partner in Maples and Calder’s corporate team in Hong Kong. “The provision of legal 合伙人Matt Roberts说。“提供法律服务是个人的服 services is a personal service and building long-term client relationships of trust and 务，建立起基于信任和信誉的长期客户关系是每一 goodwill are the goals of every good lawyer.” 位优秀律师的目标。” At the same time, it is important offshore law firms are aware of the needs of their 与此同时，离岸律所也要意识到中国客户的需 PRC clients and understand the business culture. 求，了解它们的商业文化。 “Having the ability for team members to visit the clients in person, and who are McKenzie说：“团队成员能亲自拜访客户，以及 able to converse in Mandarin is an increasingly important differentiator between 能用普通话与客户交流，这已是离岸律所之间日益 offshore firms,” McKenzie says. “Our clients in China now have direct access to our specialist lawyers who are in the same time zone as them and in the context of their 重要的竞争差异化因素。我们在中国的客户现在可 own commercial environment.” 以直接与我们的专业律师接触，律师和客户不仅在同一个时区，还浸润在客户的商业环境之中。 In the end, most observers expect good things in the future. “We are optimistic about the long-term growth of China M&A,” Jia says. “It is true 最后，大多数观察人士都认为未来的前景光明。 that China’s capital control and foreign investment restrictions have had some negative 贾律师说：“我们对中国并购业务的长期增长持乐 impact on the country’s outbound investment in select sectors. These measures, 观态度。确实，中国的资本管制和对外投资限制对 however, will help to foster a more sustainable ecosystem that would favour not only 国家在特定行业的对外投资产生了一些负面影响。 corporate China’s outbound investment strategies but also the country’s economic 但是，这些措施将有助于建立起更加可持续的生态 development in the long run.” 系统，不仅有利于中国企业的对外投资战略，而且还有助于国家长期的经济发展。”

40 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2018 ogier.com 9 locations 个办事处 5 laws 种法律 1 firm 家律所

Multi-jurisdictional. Multi-disciplinary. We provide BVI, Cayman, Guernsey, Jersey and Luxembourg legal services to clients in the Asian time zone working together with our Shanghai and Tokyo client services offices.

跨司法管辖区、多领域。我们协同上海和东京客户服务办事处、在亚洲时区内为客户提供英属维尔京群岛（BVI)、开曼群岛、耿西岛、泽西岛和卢森堡的法律服务。

Legal services in 奥杰 British Virgin Islands Cayman Islands Guernsey Hong Kong Jersey London Luxembourg Shanghai Tokyo SHANGHAI IN-HOUSE LEGAL SUMMIT 2018 21 June - Shanghai

HOT TOPICS: SPEAKING OPPORTUNITIES Wang Jin Anti-Monopoly - Anjie Law Firm [email protected] / (8610) 6627 1323 Anti-Bribery - Greenberg Traurig LLP SPONSORSHIP OPPORTUNITIES Yvonne Cheung Opportunity and Challenge of Special Assets Investment [email protected] / (852) 2847 2003 – Dentons WWW.LEGALBUSINESSONLINE.COM/IHS/SHIHLS2018

WORKSHOP SPONSORS ALB SUPPORTS

ONLINE LEGAL RECRUITMENT PROUDLY PRESENTED BY SPONSORS SPONSOR