Alb China 30 Largest Law Firms

亚洲法律杂志 - 中国版 CHINA

NOVEMBER 2017 CHINA EDITION

ISSN 2220-2706

9 772220 270006 ALB CHINA 30 LARGEST LAW FIRMS 中國最大30家律所 2017 OPPORTUNITIES ABOUND Real estate in Malaysia 海外机会马来西亚房地产业 CRYSTAL BALL An offshore look at 2018 水晶球 2018离岸前景 IN-HOUSE OPINIONS The results of our in-house survey 法务的意见法务调查结果 FAMILY FEELING Interview with Jingtian & Gongcheng 家的感觉竞天公诚访谈 CHINA GENERAL COUNSELS SURVEY 2017 中国总法律顾问调查

CONTENTS NOVEMBER 2017

42 COVER STORY FEATURES BRIEFS 18 34 42 47 4 ALB CHINA 30 REAL OPPORTUNITIES 2017 CHINA GENERAL ‘WE TREAT EACH OTHER The Briefing LARGEST LAW FIRMS 真正的机遇 COUNSEL SURVEY AS BROTHERS AND Deals 2017 SISTERS, AND THE LAW Even as Chinese authorities 2017中国总法律顾问调查 FIRM AS A FAMILY’ 中國最大30家律所2017 clamp down on outbound In recent years, general 6 The 30 largest law firms in investments, investment counsels (“GC”) have been ‘ 在竞天公诚没有家长，只 News China by headcount. Plus, the activity from the mainland into playing an increasingly 有兄弟姐妹，合伙人们以此 50 largest Asian law firms, and Malaysia remains substantial. important role. No longer just 为家。’ the 50 largest international legal experts, GCs have been 13 This year marks the 25th (non-Asian) law firms. 虽然中国政府采取措施限制 showcasing their business Appointments 对外投资，中国大陆投资者在 talents, and are more involved anniversary of Jingtian & Gongcheng. Zhao Yang, managing 虽然中国政府采取措施限制对马来西亚的投资活动仍然相 in business decision-making 外投资，中国大陆投资者在马 than ever before. Recently, ALB partner of the long-history law firm, 当活跃。来西亚的投资活动仍然相当活 has again invited GCs across talks about what makes Jingtian 跃。 36 the country to take part in our & Gongcheng stand out among its survey which aims to identify peers, how it has become a top- OFFSHORE OUTLOOK the challenges faced by GCs, notch firm in the capital markets changes in their relationship space and the firm’s experiences 离岸前景 with external lawyers and their working with Chinese companies As an eventful 2017 draws outlook for 2018. issuing US-dollar denominated to a close, offshore law firms 近年来，总法律顾问们扮演着 bonds in offshore markets. discuss some of the key 越来越重要的角色，他们不仅仅 business trends in Asia this 今年是竞天公诚成立25周年。赵是法律专家，也更多的展现了自 year, and what the year 2018 洋，这家历史悠久的律师事务所己的商业才华，越来越多地参与 holds. 管理合伙人，畅谈竞天公诚在同着商业决策。近期，A L B 再次邀行中脱颖而出的原因，如何成为资随着多事之秋的2017年即将结请全国总法律顾问们参与一项本市场领域的一流律所，以及律所束，离岸律师事务所讨论今年调查，旨在发现他们所面临的挑参与中国企业海外发行美元债的亚洲的一些主要业务趋势，以战、与外部律师关系的变化，以经验。及对2018年的展望。及其对2018年的展望。

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 1 FROM

A MATTER OF SIZE THE Does size really matter? It is a question we are asked (and we ask ourselves) whenever we begin to compile our annual Asia Top 50 – HEAD OF LEGAL MEDIA BUSINESS, ANA and China Top 30 – rankings. The short answer is not always: When it Amantha Chia comes to the quality of a firm, and the standard of services it provides, [email protected] EDITOR size is not necessarily the best indicator. Smaller firms have unique advantages in that they can be nimble and flexible. And in some cases, MANAGING EDITOR they can also offer closer, more personalised attention to their clients Ranajit Dam compared to their larger counterparts. [email protected] But size can be – and please note the use of can – an indicator of not CONTRIBUTORS just the breadth of services provided by the firm, but also how well it is Stella Dai Carmen Ho doing. Success usually leads to expansion, and an established brand Pearl Liu showing stable growth can be an attractive destination for younger Ma Yuan

attorneys. Clients are also left happier with the “one-stop shop” that ACCOUNT MANAGERS has all the answers as opposed to firm that has some of the answers, RANAJIT DAM Yvonne Cheung and then refers them elsewhere for others. Geographical reach is Account Director (China) Managing Editor, also a bonus. So despite the caveats mentioned, size does have its (852) 2847 2003 Asian Legal Business undeniable advantages, and it is those that we celebrate in our annual [email protected] Thomson Reuters list of the largest firms. Steven Zhao Account Manager (86) 10 6627 1360 “ 规模 ” 重要吗？ [email protected] Amy Sim 规模重要吗？每年我们进行亚洲50大及中国30大律所排名 Sales Manager (Japan, Singapore, Taiwan) 时，都会有人提出这个问题，我们自己也会思考。最直观的答案 (65) 6870 3348 [email protected] 是“并不尽然”。就一家律所提供的服务的质量和标准而言，规模并非是最贴切的指标。小型律所更为敏捷、灵活，优势独特。在 Henry Cheng Sales Manager (Hong Kong) 某些情况下，与大型律所相比，他们能为客户提供更贴心、更个 (852) 2847 2016 性化的服务。 [email protected] 但规模可能是（请注意是“可能”）衡量一家律所提供服务的广 Shyanne Chen Advertising Sales Manager (Indonesia and 度和经营状况的指标。成功通常意味着扩张，一个稳定发展的成 Malaysia) 熟品牌也能吸引更多年轻的律所加入。“一站式”服务能解决客户 (65) 6870 3253 所有的问题，而小律所也许只能解决部分问题，其他问题还得“另 [email protected] 请高明”，客户满意度高下自现。地域覆盖也是一个加分项。所 Sardor Yangibayev Янгибаев Сардор Sales Executive (Philippines, Thailand, Vietnam) 以，尽管规模不总是最重要的指标，它的确有不可否认的优势， (65) 6870 3190 这也是我们列出年度排行榜的初衷。 [email protected]

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

SENIOR DESIGNER Samson Pang 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 TRAFFIC MANAGER Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the Gloria Ng editor. Contributions are invited, but copies of work should be kept, as ALB can accept no responsibility for loss.

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2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 th

1992 COLLABORATION PROSPERITY 2017 AND SAFENESS

Since 1992 同兴隆共平安

位列亚洲法律杂志2017 亚洲最大50家律所中国律所30强

LONG AN HAS BEEN RANKED AS ONE OF THE ALB 2017 TOP 50 ASIAN LAW FIRMS AND TOP 30 CHINA LAW FIRMS

主要业务领域 KEY PRACTICE AREA

资本市场/证券私募股权与投资基金 Capital Markets/Securities Private Equity & Investment Funds

银行与金融兼并与收购 Banking and Finance Mergers & Acquisitions

知识产权房地产与建设工程 Intellectual Property Real Estate and Construction

公司法与法律顾问国际业务 Corporate & Legal Consulting International Business

劳动法家事与私人财富规划传承 Labor and Employment Family Law & Wealth Planning

税务破产重整与清算 Taxation Bankruptcy & Reorganization

医药与健康争议解决 Pharmacy and Healthcare Dispute Resolution

海事海商环境、能源与自然资源 Maritime Environment, Energy, and Natural Resources 信息网络与高新技术 Technology, Media and Telecoms and Entertainment

OFFICES 办公室

北京、上海、沈阳、深圳、广州、南京、天津、济南、苏州、南通、株洲大连、香港、太原、杭州、武汉、贵阳、成都、郑州、湖州、昆明、扬州 Beijing·Shanghai·Shenyang·Shenzhen·Guangzhou·Nanjing·Tianjin·Jinan·Suzhou·Nantong·Zhuzhou Dalian·HongKong·Taiyuan·Hangzhou·Wuhan·Guiyang·Chengdu·Zhengzhou·Huzhou·Kunming·Yangzhou

地址：北京市建国门外大街21号国际俱乐部188室 Tel : +86 10 6532 5588 Fax : +86 10 6532 3768 Email : [email protected] 邮编:100020 www.longanlaw.com BRIEFS BARGAINING CHIP China seen closely scrutinizing Qualcomm, Broadcom deal

BY A potential mega-merger ADAM JOURDAN between chipmaker Broadcom of Reuters Ltd and U.S. rival Qualcomm Inc is likely to face stern scrutiny in to develop its own semiconductor sensitivities - meant it would likely China, antitrust lawyers say, amid industry under local champions have to go through all three phases of a strategic push by Beijing into such as Tsinghua Unigroup and Mofcom’s merger approval, on paper semiconductors. Fujian Grand Chip Investment a 180-day process. Broadcom made an unsolicited to help cut reliance on global While Broadcom and Qualcomm $103 billion bid for Qualcomm operators including Qualcomm, have little overlap, the firms are last month, aimed at creating a Samsung Electronics Co Ltd and looking to complete a $5.5 billion $200-billion-plus behemoth that Intel Corp. purchase of Brocade Communications could reshape the industry at the Beijing’s push adds a political Systems Inc (BRCD.O) and a heart of mobile phone hardware. edge to the case. $38 billion acquisition of NXP But Chinese regulatory approval “(Mofcom) will consider industry Semiconductors NV (NXPI.O) could be a hold-up. Beijing and security for the whole country, as respectively. Washington have sparred over the semi-conductor industry has Mofcom approved the Brocade technology deals, including in chips, strategic importance to China,” a acquisition with conditions earlier with the Committee on Foreign second Shanghai-based antitrust this year with after a five-month Investment in the United States lawyer said, asking not to be named investigation. (CFIUS) knocking back a number of because Qualcomm was a client of Qualcomm declined to comment. takeovers involving Chinese firms his firm. “We expect China, as with other this year. China chipmaker rivals could countries, will welcome this deal as a The merger would face a lengthy also raise concerns about the deal, solution to the double-dipping issue, review from the anti-monopoly unit he added, putting pressure on and will find there are no significant of China’s commerce ministry, due Mofcom’s Anti-Monopoly Bureau to issues beyond this,” a Broadcom to strategic concerns, the huge size act. The most likely outcome would spokeswoman said, referring to the of the deal and because Qualcomm be restrictions on the deal rather patent charging issue. has come under fire before in the than it being blocked, he said. Recently Broadcom CEO Hock Tan country over competition concerns. Firms pursuing major takeovers said the company would move its “This is a critical industry for must notify China before closing headquarters to the United States China and Qualcomm has been a deal if the merging companies’ from Singapore, citing Trump’s efforts fined by the Ministry of Commerce combined global turnover in the to improve business conditions and (Mofcom) before so it’s on its radar,” previous year exceeded 10 billion reforming tax. Trump praised the said Wendy Yan, Shanghai-based yuan ($1.5 billion) or their combined move, calling Broadcom “one of the partner at law firm Faegre Baker China income exceeds 2 billion really great, great companies.” Daniels. yuan - both easily hit in this case. “Mofcom will be motivated by the Qualcomm agreed to pay a record Mofcom did not immediately government to look very closely not fine of $975 million in China in 2015 respond to a faxed request for just from a competition perspective to end a probe into anti-competitive comment. but also from a broader industrial practices related to so-called policy perspective,” said another “double dipping” by billing Chinese INDUSTRIAL POLICY Beijing-based antitrust lawyer customers patent royalty fees in The Shanghai-based antitrust involved in similar transactions. addition to charging for the chips. lawyer said the size and complexity The lawyer, who asked not to China is making a major push of the deal - and potential be named due to the sensitivity

4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 BRIEFS 谈判筹码中国将严审高通、博通合并案路透Adam Jourdan报道

反垄断领域的律师们表示，在中国战略商务部没有立即回应传真的置评请求。性推动进入半导体产业的背景下，芯片制造商产业政策博通（Broadcom）与高通（Qualcomm）的超大合并案很可能在中国面临严格的审查。前文提到的上海的反垄断律师表示，因其庞大的规模和复杂性——以及其潜在的敏感性—— 博通上个月向高通提出了1030亿美元的主这些都意味着这项交易很可能需要经过商务部动收购要约，旨在打造一家市值超过2000亿并购审批流程的所有三个阶段，理论上该审查美元的超级公司，从而重塑移动通信芯片行过程需要180天的时间。业。虽然博通和高通的业务几乎不存在重叠，但但中国监管批准程序可能会拖延这项交易。两家公司目前都有收购行动，分别是以55亿中国与美国之间一直围绕包括芯片在内的科美元的价格收购博科通讯系统有限公司，和以技类交易争论不休；美国外国投资委员会 380亿美元收购恩智浦半导体。 of the matter, said Beijing had （CFIUS）今年否决了若干有中国企业参与的 been making a big push in the 收购。经过为期5个月的调查之后，商务部今年早些时候有条件地批准了博通收购博科的交易。 area including with deals to 博通与高通的合并交易规模巨大，并且高通 buy international firms - some 曾因竞争问题在中国受到调查；出于战略上的高通拒绝就此发表评论。 successfully and some which had 考量，该项交易将面临中国商务部反垄断部门博通发言人称：“我们预计中国和其他国家一 hit obstruction. 的漫长审查。样，将会欢迎这项交易，可以作为解决双重收 “You should expect Mofcom will 美国斐格毕迪律师事务所上海代表处合伙人费问题的方案，除此之外并没有其他什么重大 take a very, very close look at this 严瑜指出：“半导体是中国的一个重要行业；问题。”这位发言人所提到的“双重收费”，是指 transaction,” he said. 而且高通此前曾被中国商务部处以罚款，所以高通收取专利费用的问题。 Mofcom has been flexing its 正处于严格监管之下。” 博通首席执行官Hock Tan最近表示，博通公 muscle more on global deals over 司将把总部从新加坡搬到美国，理由是美国总 the last few years, lawyers say, 2015年，高通同意支付9.75亿美元的罚款，了结对其进行的所谓“双重收费”的反垄断统特朗普正努力改善美国的商业环境和改革税 including putting restrictions on a 收制度。特朗普对此举表示赞赏，称博通是“ deal between Dow Chemical and 调查。这一罚款数额，创造了中国反垄断调查一家确实很棒的公司”。 DuPont earlier this year. 的历史之最。该反垄断调查案称，中国客户除一位曾经参与过类似交易的北京的反垄断律 However, blocking deals 了向高通支付芯片费用外，还要支付专利使用师表示：“商务部接受政府的督导，不仅要从 outright was a rare step for 费。竞争的角度，还要从更广泛的产业政策角度严 Mofcom, especially when Chinese 为了减少对高通、三星电子和英特尔等全球 companies were not directly 芯片制造商的依赖，中国正在通过培养本土企格审查这项交易。” involved, several Chinese lawyers 业大力推动自己的半导体产业发展，其中包括因为此项交易涉及敏感性问题，这位律师不 said. Instead, the firms may be 清华紫光和福建宏芯投资基金。愿透露姓名。他说，中国政府一直在大力推动 asked to sell certain business 正值中国战略性大力推动其半导体产业发中国半导体产业的发展，包括鼓励中国企业收 units or make pledges to Chinese 展，这使博通和高通的合并交易面临政治阻购国际公司——一些收购交易成功了，而另外 partners as conditions for it going 力。一些遇到了阻碍。 ahead. “由于半导体行业对中国具有战略重要性，他表示：“商务部将会对这项交易采取非常、 “This case will be subject to （商务部）将会从国家的层面考虑整个行业的非常严格地审查。这应该是意料之中的事。” more scrutiny from the Chinese 安全性，”另外一位上海的反垄断律师说。因律师们说，在过去的几年里，中国商务部 authorities (than normal),” said 为高通公司是其所在律所的客户，这位律师要在全球交易中展现出越来越大的影响力，包 Faegre Baker Daniels’ Yan. “I think 求不透露其姓名。括在今年早些时候对陶氏化学（Dow Chemi- it’s quite likely the deal will be cal）和杜邦（DuPont）的合并案附加限制性 subject to some restrictions from 他补充道，中国芯片制造商也可能会对此项条件。 Mofcom.” 交易表示担忧，并向商务部反垄断局施压，要求监管机构采取行动。他表示，但最有可能的但有几位中国律师也表示，中国商务部极少结果是对这项交易进行限制，而不是阻止。会直接阻止某项交易，尤其是没有中国企业直按照中国有关法律的规定，如果合并后的公接参与该交易的情况下。相反，作为批准交易司在上一年全球范围内的营业总额超过100亿的条件，这些公司可能会被要求出售某些业务元人民币（15亿美元），或者其在中国境内单元或向中国合作伙伴作出某些承诺。的营业总额超过20亿元人民币，那么拟合并斐格毕迪律师事务所上海代表处的严瑜律师的公司就必须在交易完成之前通知中国的有关称：“这项交易将（比通常情况）受到中国监机构——就这项交易而言，博通和高通任何一管机构更加严格的审查。我认为，商务部很可家的营收数据均会轻易超出这一范围。能会对这项交易附加一些限制性条件。”

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NEWS China widens foreign access to 中国巨大的金融市场向外资 its giant financial sector 进一步敞开大门 hina will raise foreign ownership limits in financial firms in a step 国将放宽对金融机构外资持股的限制，进一步 granting access to a tantalizing multi-trillion dollar financial ser- 允许外资进入诱人的、价值数万亿美元的金融 Cvices market, as the world’s second-biggest economy seeks to po- 中服务市场。作为世界第二大经济体，中国正在 sition itself as a major global finance hub. 试图成为全球主要的金融中心。 The move, announced vice finance minister Zhu Guangyao, came a 中国财政部副部长朱光耀在中美两国元首在北京会晤 day after U.S. President Donald Trump reiterated calls for better access 之后宣布了这一举措。美国总统唐纳德·特朗普（Donald to Chinese markets in meetings with Chinese President Xi Jinping. Trump）在与中国国家主席习近平会晤时再次呼吁中国进 Xi is driving broad economic reforms by opening up China’s capital 一步放宽市场准入。 markets, internationalizing the yuan currency, and seeking technical 习主席正在推动广泛的经济改革，包括开放中国的资本 know-how through the pursuit of massive inbound and outbound invest- 市场，人民币国际化，以及通过寻求大规模的对内、对外 ments. 投资获得专有技术。 The latest changes include raising the limit on foreign ownership in 最新举措包括：将期货、证券、基金合资公司中的外资 joint-venture firms involved in the futures, securities and funds markets 比例限额从目前的49%提高到51%。 to 51 percent from the current 49 percent. 朱副部长在新闻发布会上表示，具体的相关规定起草完 They will take effect immediately following the drafting of specific re- 成后，这些举措将立即开始实施。他又补充说，中国正 lated rules, Zhu told a news conference, adding China is “formulating a 在“制定金融业改革开放的时间表和路线图”。 timetable and roadmap for financial sector reform and opening up”. 外国商界对这一消息持谨慎欢迎的态度。 The foreign business community gave a cautious welcome to the 上海美国商会会长季瑞达（Ken Jarrett）表示：“金融服 news. 务业进一步开放的重要性一直居于榜首。” “Financial services further opening definitely has been high on our “这是朝着正确方向迈出的一步，但我们需要看看具体 list,” said Ken Jarrett, President of American Chamber of Commerce in 的规定。在中国，需要了解细则之后才能清楚其推进的速 Shanghai. 度。但（政府）最终决定放宽上限，这是值得欢迎的。” “It’s a step in the right direction. We’ll have to see the detailed rules. 由于西方国家政府和企业游说敦促中国去除投资壁垒， In China you always have to pay attention to the fine print to see how 取消限制外国公司在中国市场开展业务的严苛监管，面对 quickly it moves, but to finally ease up on the cap is something that is 这样的压力，中国政府计划放宽外资持股的限制。 welcome.” 路透早些时候报道称，中国计划首次允许外资银行在境 The plan to ease ownership restrictions comes as Beijing faces mount- 内证券公司最多持股51%，并可与本地非金融企业合作。 ing pressure from Western governments and business lobbies to remove 作为亚洲经济强国，中国一直不愿意让外国投资者进入 investment barriers and onerous regulations that restrict overseas com- 其金融行业；但是随着外资进入国内市场的步伐放缓，中 panies’ operations in its markets. 国已经承诺将加快放宽其金融市场准入。 Reuters reported earlier that China planned to allow global banks to 中国已经实行了严格的资本管制措施，遏制资本外流； take a stake of up to 51 percent in their onshore securities ventures for the 同时开辟外资进入国内市场的新渠道。 first time and tie up with local non-financial firms. 外资金融公司在中国金融领域仍然是小企业，但这个规 China has been sluggish to give foreign players more access to its fi- 模庞大的市场对于海外金融机构来说是一个极大的诱惑。 nancial sector, but has promised to quicken the pace as foreign invest- 在过去十年中，西方投资银行一直通过与中国本土金融 ment into Asia’s economic powerhouse slows. 机构合作努力发展业务；然而许多这些投资公司因为要与 It has implemented strict capital controls to contain capital outflows, 中国当地更大的企业进行竞争来赢得业务，一直处于亏损 while opening up new channels for foreign money to come into the do- 状态。路透通过对2014年中国证券业协会数据的调查发 mestic markets. 现，在过去的十年中，中外合资金融机构平均每年亏损 Foreign financial firms are still small players in the financial sector, 2100万元人民币。 and the sheer size of the market is a big lure for overseas players. 然而一些外国投资者表示，如果他们对合资企业有完全 Western investment banks operating through joint ventures with lo- 的控制权，他们会积极地在中国做更多的投资，开展更多 cal partners in China have struggled to make much headway in the last 的经纪和投资银行业务。 decade, with many of them loss-making as they struggle to win business 瑞银集团（UBS）持有瑞银证券有限责任公司（UBS against much larger local rivals. A Reuters survey of data from China’s

6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 BRIEFS

Securities Association in 2014 found that the average sino-foreign JV lost Securities）25％的股权。该集团称这一变化是中国金 21 million yuan a year over the prior 10 years. 融业进一步开放的重要进展。 However, several have said they would be keen to invest more in China 瑞银中国战略委员会主席、瑞银集团亚太执行委员会 and do more broking and investment banking if they had full control over 成员钱于军（Eugene Qian）表示：“中国是瑞银的重要 their joint ventures. 市场，正如前面所指出的，我们将继续寻求增持瑞银证 UBS, which holds a 25 percent interest in domestic firm UBS Securi- 券有限责任公司的股权。” ties Co Ltd, said the changes were an important step in further opening up 摩根士丹利已于今年早些时候将其在合资企业摩根士 China’s financial sector. 丹利华鑫证券的持股比例从33％上调至当时的上限49％ “China is a key market for UBS and, as indicated previously, we continue 。该公司表示这些改革措施将为中国金融业创造新的动 to work towards increasing our stake in UBS Securities Co Ltd”, said Eu- 力。 gene Qian, Chairman of UBS China Strategy Board and a member of the 该公司发言人称：“摩根士丹利致力于发展中国的业 Asia Pacific Executive Committee. 务。” Morgan Stanley, which earlier this year increased its stake in joint ven- 一些业内观察人士则表示，这些变化太少也太迟了。 ture Morgan Stanley Huaxin Securities from 33 percent to the then upper 安永（EY）亚洲金融服务业务主管包凯（Keith Pog- limit of 49 percent, said the reforms would create new momentum for the son）表示：“这看起来不错，但事实上变化太小，也来 finance industry in China. 得太迟了。” “Morgan Stanley is committed to growing our businesses in China,” said “如果你是一家国际投资银行，那么为了发展全球业 a spokesman for the firm. 务，并将中国作为你全球业务网络的一部分，你会去 Some industry watchers said the changes are too little too late. 中国开展业务，但并不是因为你认为你能在中国赚很多 “This looks good, but in reality it is pretty small and it is too late,” said 钱。” Keith Pogson, head of the Asia financial services team at EY. 尽管如此，市场对这一消息反应积极，保险公司和期

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“If you are an international investment bank, you will be there for the sake 货相关公司的股价强劲反弹。 of your global franchise and having it as part of your network, not because you 朱副部长表示，中国将取消对本地银行和资产管理 think you will make much money in China.” 公司中的外资持股限制。 All the same, markets reacted positively to the news, with insurers and 据悉，中国本地期货、证券、基金管理公司控股权 futures-related firms rallying strongly. 外资持股比例放宽至51%，该措施实施三年后投资比 China will drop foreign ownership restrictions on local banks and asset 例将不再受限制；而对于保险公司，五年后投资比例 management companies, Zhu said. 将不再受限制。 Full foreign ownership of local firms involved in the futures, securities and funds markets will not be permitted until after three years, while full overseas ownership of insurance firms will be allowed only after five years. 监管机构审查奇虎360超过75亿美元的上市计划 Regulator questions Qihoo 360 国监管机构正在审查杀毒软件制造商奇虎 over $7.5 billion listing 360科技有限公司75亿美元借壳上市方案披 hinese regulators are questioning anti-virus software maker Qihoo 360 中露。 Technology Co Ltd’s disclosures in its planned $7.5 billion backdoor 针对软件制造商奇虎360借壳电梯制造商江南嘉捷 Clisting. 电梯股份有限公司上市的消息，上海证券交易所（“上 The Shanghai Stock Exchange sent a letter of enquiry to elevator maker 交所”）正式发出问询函，要求江南嘉捷就奇虎360公 SJEC Corp, Qihoo 360’s listing vehicle, requesting more information about the 司的商业模式、财务状况及重组过程等作出进一步说 software maker’s business model, financial details and restructuring history, 明和解释，江南嘉捷在一份声明中表示。 SJEC said in a statement. 江南嘉捷宣布将通过资产互换和注资来收购奇虎 The scrutiny came a day after SJEC said it would acquire Qihoo 360 through 360，后者将通过这种方式在中国A股市场上市。江南 an asset swap and injection which would allow the formerly New York-listed 嘉捷宣布该声明一天后，上交所发来上述问询函。奇 software firm to list on China’s A-share market. Qihoo 360 was delisted from 虎360曾在纽约上市，于2016年7月从纽约证券交易所 the New York Stock Exchange in July 2016. 摘牌。 The deal, which requires approval from regulators, is being watched as a 这项交易需要监管机构的批准。目前普遍认为，此 litmus test for whether Beijing is relaxing curbs it imposed last year on A- 项交易如果获批，则标志着中国政府开始放宽去年起 share backdoor listings by overseas-listed Chinese companies. 实施的对海外上市的中国公司借壳回归中国A股市场 Chinese regulators have increased their scrutiny of company disclosures 的限制；反之则不然。

8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 SPONSORED ARTICLE

关于拟IPO企业通过贷款银行受托支付方式间接获得银行贷款相关法律问题分析孟文翔应知

在拟申请首次公开发行股票并上市（简刑，并处五万元以上五十万元以下罚金或向银行申请自主支付方式获取借款；二是称“IPO”）企业中，部分发行人存在因负者没收财产：（二）使用虚假的经济合同加强资金支付计划及原材料采购预算的管债率较高、银行借款放款日与供应商采购的；”值得注意的是《刑法》第193规定的理，使相关采购业务的货款支付进度满足原材料付款日存在一定时间差等原因导致贷款诈骗罪的犯罪主体是个人，单位不能第三方受托支付贷款的放款要求。资金使用率不足的情形，往往采用在委托构成贷款诈骗罪。但是根据最高人民法院 3．审计委员会及独立董事发表独立意见贷款银行将满足合同约定的提款条件之贷《全国法院审理金融犯罪案件工作座谈会款从借款人贷款户支付给供应商的处理方纪要》，对于单位十分明显地以非法占有（1）发行人董事会通过专项整改议案，加式，使供应商在收到款项后可立即将其转为目的，利用签订、履行借款合同骗取银强对贷款审批的内控制度，未来杜绝此事回至发行人，以达到提高发行人资金使用行贷款，符合合同诈骗罪构成要件的，应发生。效率的目的。以合同诈骗罪定罪处罚。即对单位判处罚（2）发行人审计委员会及独立董事对报告上述处理方式在实践中具体表现贷款银金，并对单位直接负责的主管人员和其他期内银行贷款情况发表明确意见：确认公行根据贷款申请人之支付委托书，审核贷直接责任人员判处相应刑罚。司受托支付所取得的贷款用途均用于公司款申请人所列示的支付对象、支付金额等在实践过程中，拟申请IPO企业采取受主营业务且已主动纠正；公司已杜绝该行信息与相应证明材料相符并同意后，直接托支付的方式间接获得银行贷款往往是为为的发生，公司流动资金贷款履行了必要将贷款资金通过发行人的结算账户划款至了缓解资金周转压力，无论是企业的实际的批准和程序，合法合规，风险可控，且支付委托书中所列示的供应商账户中，且控制人还是高级管理人员并非以非法占有无任何迹象表明公司可能因违约而承担相贷款用途主要为原材料采购或流动资金周为目的，因此在拟申请IPO企业中因为受托应责任，也不存在损害公司股东利益或造转。由于供应商对于发行人依赖性较强，支付方式间接获得银行贷款从而被追究刑成公司资产流失的情况。为了配合发行人的资金使用，相关资金在事责任的极为少见。从中国证监会的反馈 4．取得主管机关出具的证明文件到达供应商账户后即被转回至发行人账户。意见以及公告的IPO被否案例可以看出，监（1）中国银监会相关地方主管部门出具证管部门更多的是关注发行人通过此种方式一、中国证监会的审核重点明，证明发行人报告期内不存在因违反国取得贷款的行为是否证明了发行人内控制家贷款等相关法律、法规和规范性文件的参考中国证券监督管理委员会（简称“ 度的缺失以及配合发行人间接获得贷款的行为而受到行政处罚或适用违法违规情形中国证监会”）对京博农化科技股份有限公供应商是否与发行人之间存在关联关系。的行政处罚，亦不存在行政处罚记录的情司、山东双一科技股份有限公司IPO申请形。文件的反馈意见，针对发行人通过受托支三、核查及规范措施（2）中国人民银行地方支行出具证明，证付间接获得银行贷款的关注问题主要集中（一）强化核查方式明发行人已按合同约定偿还贷款并支付利在：采用受托支付方式的原因及必要性及中介机构对发行人的具体融资情况，应用途；受托支付的具体明细，包括贷款银息，且采取相应整改措施主动纠正了上述当进行下列核查：情况；发行人的上述行为未实际侵犯金融行、代为走账单位、单位性质（供应商或（1）核对银行对账单与财务账簿的往来是其他）、发放贷款入账时间、贷款金额、机构权益，未危害金融安全，也未对金融否匹配；（2）查阅银行贷款明细和每笔银稳定和金融支付结算秩序产生重大影响，走账单位转入发行人时间、贷款性质；选行贷款所对应的采购合同，查阅报告期各择上述代为走账单位的原因，与发行人是相关贷款银行未对发行人进行任何形式的期的采购清单，核查银行贷款对应的采购处罚，今后亦不予以追究。否存在关联关系，是否存在业务往来或相合同的实际履行情况；（3）查阅应收票据关利益安排；此种方式借款的合法合规性。明细，核对应收票据是否均由发行人客户 5．走访并取得银行机构的证明文件二、相关法律、法规分析背书。查阅应付票据明细，核对应收票据走访相关贷款银行并由其出具证明，证的付款对象是否均为发行人供应商；（4）明发行人在相关贷款银行贷款期间就申请拟申请IPO企业通过贷款银行受托支付查阅其他应收及其他应付明细，核对发行的各项贷款均能按照《贷款合同》的约定方式间接获得银行贷款，存在改变贷款用人的资金往来。按时还本付息，从未发生逾期还款或其他途的情况，与《贷款通则》、《流动资金违约的情形，且自相关供应商处归还至发贷款管理暂行办法》等相关规定的不符。（二）发行人明确整改措施行人的贷款均用于生产经营活动，因此相（一）《贷款通则》第71条规定：“借款人参考已过会的江苏武进不锈股份有限公关贷款银行对发行人的不规范贷款行为不有下列情形之一，由贷款人对其部分或全司IPO项目及再次申报并已过会的浙江迪贝予追究，履行期限尚未届满的各项贷款合部贷款加收利息；情节特别严重的，由贷电气股份有限公司IPO项目，针对受托支同继续有效，相关贷款银行不予要求提前款人停止支付借款人尚未使用的贷款，并付，企业所采取的整改措施主要包括：还款，且不予收取罚息或采取其他任何惩提前收回部分或全部贷款：（一）不按借 1．完善相关制度，确保内部控制设计合理、罚性法律措施。款合同规定用途使用贷款的。” 执行有效（三）针对中国证监会对此的反馈意见，（二）《流动资金贷款管理暂行办法》第9 制定《融资管理制度》、《货币资金贷款中介机构应关注问题条规定：“贷款人应按照合同约定检查、监管理制度》等与资金往来有关的内部控制结合已过会项目对此关注点所采取的规督流动资金贷款的使用情况。” 制度。范措施及中国证监会的反馈意见，发行人（三）《刑法》第193条规定：“有下列 2．披露目前银行贷款业务执行情况及中介机构还需对如下事项进行核查：情形之一，以非法占有为目的，诈骗银行（1）发行人与供应商之间签署协议，对之 1．核查发行人及其关联方与相关供应或者其他金融机构的贷款，数额较大的，商、其主要投资人及董监高是否存在关联处五年以下有期徒刑或者拘役，并处二万前未实际履行的合同确认解除，明确双方均无相应的权利义务，今后不存在任何法关系（最好列表说明），并取得相关供应元以上二十万元以下罚金；数额巨大或者商的无关联关系声明。有其他严重情节的，处五年以上十年以下律纠纷。（2）在生产经营过程中严格执行相关规 2．对相关供应商进行走访并取得《确认有期徒刑，并处五万元以上五十万元以下函》，确认该企业与发行人除上述受托支罚金；数额特别巨大或者有其他特别严重定，杜绝违规第三方受托支付贷款再次发生：一是与银行协商变更支付方式，通过付及原材料采购业务来往外，不存在其他情节的，处十年以上有期徒刑或者无期徒业务往来，也不存在其他利益安排。

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

since the 2015 stock market crash as part of efforts to better protect small 自2015年股市暴跌以来，中国监管机构采取了一系 investors. 列措施为了更好地保护小投资者；加大对公司披露的 In the letter of enquiry, which was published through an exchange filing, 审查力度就是其中的一项措施。 the Shanghai Stock Exchange asks how Qihoo 360 arrived at the conclusion 在问询函中，上交所要求奇虎360披露是如何得出 that it controls 94.8 percent of China’s PC anti-virus software market with 这样的结论，即：奇虎360控制中国PC杀毒软件市场 monthly active users averaging over 500 million. 94.8％的份额，其平均月活跃用户数超过5亿。 “Please disclose the data sources and methodology, and indicate if there “请披露数据来源和统计方法，说明是否存在重复计 were redundant calculations or dormant users.” 算或无效用户。” Regulators also sought explanations for why Qihoo 360’s earnings rose 此外，监管机构还要求奇虎360解释其今年上半年 so rapidly during the first half of this year. The company reported one billion 净利润大幅增长的原因。该公司报告称，其在今年 yuan in net profit during the January-June period, exceeding its full-year total 1~6月份期间实现净利润10亿元人民币，而其2016年 of 744.4 million yuan in 2016. 全年净利润总额为7.444亿元人民币。 The exchange also asked about the basis and rationale for Qihoo’s forecast 上交所还要求奇虎360披露其盈利预测的依据和理 that its profit would surge over 70 percent to 3.8 billion yuan in 2019, from an 由；该公司预计：其盈利业绩2017年度将达到22亿元 expected 2.2 billion yuan this year. 人民币，2019年则将大幅增长至38亿元人民币，相对 In addition, the exchange raised questions about whether, after frequent 于2017年增长幅度高达70%。 restructuring over the past three years, Qihoo 360’s ownership structure was sufficiently clear to qualify for a listing. 此外，鉴于奇虎360在过去三年中多次重组，上交所要求该公司说明其股权结构是否足够清晰，以符合上市要求。 Tencent’s China Literature in smashing debut, boosts outlook 腾讯旗下阅文集团精彩亮 for Hong Kong tech IPOs 相，引燃香港科技IPO市场 encent’s e-book unit China Literature Ltd saw its shares surge more than 80 percent in their debut, as Hong Kong investors embrace a rush 讯旗下电子书业务单元——阅文集团在香港 Tof tech listings, marking the biggest first-day gain for a large IPO glob- 上市，当天股价上涨超过80％；由于香港 ally this year. 腾市场投资者对科技股的浓厚兴趣，阅文集团 The company’s stunning debut has shown that Hong Kong has raised its IPO成为今年全球范围首个交易日涨幅最大的大型新 game as it strives to compete with the New York and Nasdaq exchanges - the 股。

10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 BRIEFS

more traditional home for Chinese tech IPOs seeking to attract inter- 阅文集团IPO首个交易日的惊人表现说明香港已经提升 national investors. 了自己的实力，力争与纽约和纳斯达克两大证券交易所抗 Before China Literature, the biggest first-day pops of the year be- 衡——打算吸引国际投资者的中国科技公司通常会选择这两 longed to Snap Inc, the U.S. social media platform, and Shanghai-list- 家老牌交易所上市。 ed Caitong Securities. Each gained 44 percent on debut, according to 汤森路透的一项数据统计显示，在阅文集团上市前，今年 Thomson Reuters data based on any company raising more than $500 首个交易日涨幅最大的纪录由美国社交媒体平台Snap Inc和 million. 在上交所上市的财通证券保持，这两只股票在上市当天均取 “As the first Tencent-controlled subsidiary tapping capital markets, 得股价上涨44%的成绩。汤森路透的这项数据统计范围仅包 China Literature has to perform well in the secondary market to set a 括融资超过5亿美元的公司。 good example for other Tencent units,” said an institutional investor 一位参与阅文集团IPO的机构投资者表示：“作为首家进入 who took part in the IPO, declining to identified as he was not autho- 资本市场的腾讯控股的子公司，阅文集团必须在二级市场上 rized to speak to the media. 表现良好，从而为腾讯其他的业务单元树立良好的榜样。” Company executives project a net profit of 400 million yuan ($60 由于未获得向媒体发表言论的授权，该投资者要求不透露其 million) for 2017 and 1 billion yuan for 2018, according to investors who 身份。 attended IPO roadshow meetings. 参加阅文集团IPO路演的投资者介绍说，公司高级管理 That implies China Literature is trading at 197 times its forecast 2017 层预计2017年将实现净利润4亿元人民币（6000万美元） earnings and 79 times its 2018 projections, versus Tencent that is trad- ，2018年将实现10亿元人民币的净利润。 ing at 51 times its 2017 forecast profits. 那么这将意味着阅文集团2017年和2018年的市盈率分别 Co-CEO Liang Xiaodong told reporters after the opening bell cer- 为197倍和79倍，而腾讯2017年的市盈率为51倍。 emony that the stock’s surge was a pleasant surprise. 上市仪式结束后，阅文集团联席CEO梁晓东对记者说，公 “Going forward, we will conduct M&As and forge strategic alliances 司股价大涨令人惊喜。 ... in a bid to stay ahead in our industry,” he said.

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LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 11 BRIEFS

China’s biggest e-book platform offers 9.6 million literary works from 他表示：“展望未来，我们将通过并购和建立战略联盟 6.4 million authors. Tencent began e-book publishing in 2004 and after …… 保持我们行业的领先地位。” an internal reorganization, formed the basis of China Literature in 2013. 作为中国最大的电子书平台，阅文集团拥有640万名作 Demand for the IPO, which raised $1.1 billion, was such that retail in- 者的960万部文学作品。腾讯于2004年开始电子书出版业 vestors bid for 625 times the shares on offer - tying up HK$521 billion ($67 务，2013年通过内部重组建立了阅文集团。 billion), equivalent to a fifth of Hong Kong’s cash in circulation, as they 阅文集团本次首发融资11亿美元，散户认购金额高达 waited to see whether their offers would be accepted. 5210亿港元（670亿美元），相当于香港流通中现金的五 China Literature’s IPO success comes as the number of tech offerings 分之一，超额认购625倍。 in Hong Kong is picking up. 阅文集团上市的成功源自于香港科技新股的发行数量正 Online insurance group ZhongAn raised $1.5 billion in September in 在回升。 Asia’s biggest-ever financial technology IPO. Its shares jumped 18 per- 在线保险公司众安在线于今年9月份上市，融资15亿美 cent in their debut. 元，成为亚洲历史上规模最大的金融科技类IPO；其股价 “Our team expects to see an increasing number of technology-related 在首个交易日上涨了18%。 issuers in the coming months,” Amy Lo, a partner at Clifford Chance, ad- viser to China Literature’s underwriters, said in a statement. 高伟绅律师事务所合伙人罗秀娴在一份声明中表示：“ 我们的团队预计未来几个月将涌现越来越多的科技行业发 “(ZhongAn) gave people size and returns, so retail and high net worth 行人。”高伟绅律师事务所为阅文集团IPO联合保荐人和承 individuals got excited. And that is being reflected in China Literature and 销商提供法律服务。 Razer,” said one banker involved in the China Literature deal, also declining to be identified. “（众安在线）实现了规模和利润增长，因此激发了散 Tencent owns 62 percent of China Literature, while Carlyle Group LP 户和高资产净值人士的热情，这反映在阅文集团和雷蛇 holds 12.2 percent. A further 6 percent is owned by Trustbridge Partners, 的上市交易中，”一位参与阅文集团上市交易的银行家表 which was founded by Shujun Li, the former CFO of Shanda Interactive. 示。他也要求不透露其身份。腾讯持有阅文集团62%的股权；凯雷集团持有12.2%的股权；由盛大互娱前首席财务官李曙君创立的挚信资本则持有阅文集团6%的股份。

China Literature Co-Chief Executive Officers Liang Xiaodong (L) and Wu Wenhui pose during a news conference on the company’s IPO in Hong Kong. REUTERS/Bobby Yip

12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 SPONSORED ARTICLE

PPP的纠纷解决机制影响其推广吕立秋，管理合伙人自从2014年政府大力推广公私合营 11条的规定，也在属性上被定性为行政协邮箱: [email protected] （PPP）的模式以来，社会和市场对公私议，即“行政机关为实现公共利益或者行政讼，因此在协议纠纷发生时往往束手无合营的认知普遍加强，市场上取得一定的管理目标，在法定职责范围内，与公民、策，导致争议可能久拖不决。在这些的项目推广和实施。但是总体来看，必须意法人或者其他组织协商订立的具有行政法忧虑中，PPP项目在迟疑的状态下推进，识到，相关领域的纠纷解决机制不明确，上权利义务内容的协议，属于行政诉讼法其社会效果和法律效果都有一定的不利影在一定程度上制约了PPP项目的发展，需第十二条第一款第十一项规定的行政协议” 响。要尽快予以关注和解决。。同时根据该条第二款的规定，行政协议有效地解决这个问题，必须对公司合 2015年5月1日实施了新修改的行政诉的类型不仅限于法律列举的协议类型，包营协议的纠纷解决机制予以关注，尽快研讼法，首次在法律层面上规定了行政协议括了“其他行政协议”。因此，PPP领域中究确定该类争议的法律适用规则和纠纷解纳入行政诉讼受案范围，明确规定“认为行的政府与社会资本签署的协议，基本上均决机制，比如在行政诉讼的框架下是否可政机关不依法履行、未按照约定履行或者符合行政协议的概念特征，在属性上应当以设计更为有效率的规则，或者缩小行政违法变更、解除政府特许经营协议、土地被定性为行政协议。协议的适用范围，或者考虑将PPP项下的房屋征收补偿协议等协议的”可以提起行由此引发的市场担心主要在于三个方协议提交商事仲裁领域进行仲裁的可能性政诉讼。其中，“特许经营协议”被认为是面：一是通过行政诉讼解决争议，考虑到等，这样可以让各方明确市场预期，更好 PPP中最普遍的协议，这样导致PPP项目公法的特殊规则，以及行政诉讼在解决更快地推进相关项目的开展。中的最主要的协议，在纠纷解决方面被纳协议争议方面还处于初始阶段，在判决结入了行政诉讼的受案范围；此外，其他类果上不像传统的民事诉讼、仲裁那样具有地址：中国北京市西城区金融大街5号新盛型的PPP协议，根据2015年最高人民法院可预测性；二是在协议的起草和谈判阶大厦B座18层关于适用《中华人民共和国行政诉讼法》段，有关条款的设计和谈判条件变更更加电话：86 10 66578066 若干问题的解释（法释〔2015〕9号）第复杂；三是对于政府一方，因为行政诉讼邮箱：[email protected] http：// www.guantao.com 制度的设计，其不能作为原告提起行政诉

APPOINTMENTS 律师转所信息 LATERAL HIRES

RIKA BEPPU CHONG ENG WEE JON COWLEY LUKE GRUBB KIM JUN-HEE Leaving Leaving Leaving Leaving Leaving Hogan Lovells RHTLaw Taylor Wessing Nike Latham & Watkins Hyundai Heavy Industries Joining Joining Joining Joining Joining Squire Patton Boggs Kennedys Legal Solutions Baker McKenzie Clifford Chance White & Case Practice Practice Practice Practice Practice Corporate Corporate International Commercial Technology International Arbitration and Trade Location Location Location Location Tokyo Singapore Location Singapore Seoul Hong Kong

NIKHIL NAREDI NG YEOW KHOON BENJAMIN SZETO TORGEIR WILLUMSEN Leaving Leaving Leaving Leaving Cyril Amarchand Mangaldas Withers KhattarWong N/A Wikborg Rein Joining Joining Joining Joining Shardul Amarchand Man- Shook Lin & Bok RHTLaw Taylor Wessing Simonsen Vogt Wiig galdas Practice Practice Practice Practice Litigation and Dispute Private Wealth Maritime Capital Markets Resolution Location Location Location Location Singapore Singapore Mumbai Singapore

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 13 LEAGUE TABLES Thomson Reuters China M&A Legal Advisory Review First Nine Months 2017 2017年前九个月中国并购交易法律顾问回顾报告 Asia Pacific (ex-Japan) Deals Intelligence 亚太地区 (不含日本) 并购交易情况 Announced M&A volume with Asian involvement for the first six months 2017年前九个月的亚洲已公布并购交易数量同比下降4%，为 of 2017 decreased by 14.2% compared to the same period in 2016, accruing 9,585笔，交易总额达7127亿美元。房地产业，工业和金融行业 US$432.8 billion in value from 6,204 deals. With a combined market share of 位列今年迄今最活跃行业前三位，总市场份额为47.5%。其中 48%, Real Estate, Industrials and Financials were the most active industries 房地产行业占比17.8%，工业和金融行业占比分别为16.9% 和 so far this year. Real Estate took an 20% market share, while Industrials and 12.8%。 Financials recorded 14.1% and 14% shares, respectively. 2017年前九个月已公布的亚洲最大交易是Nesta Investment The top announced Asian-involvement deal for the first half of 2017 was the Holding Ltd 同意以164亿美元收购亚洲最大的仓储服务提供商-位 sale of European warehouse firm Logicor to China Investment Corporation for 于新加坡的普洛斯（GLP）。 $13.7 billion. 据估算，2017年前九个月亚洲已完成并购交易的估算财务顾问 China outbound activity in the first half of 2017 posted US$64.3 billion from 费用为48亿美元，较去年同期增长79%。其中高盛以1.537亿美元 450 deals, a 0.7% increase in number of transactions, but a decrease of 49.2% 位列第一，摩根大通和CITIC分别以1.394亿美元和1.345亿美元位 in value compared to the same period last year. Australia's outbound activity 列其后。 was at US$7.9 billion from 161 deals, a decrease of 6.8% in volume and a 1.9% 2017年前九个月中国企业海外并购总额达1212亿美元，比去年 increase in deal count from the same period in 2016. 同期下降了27%，交易数量为633笔，比去年同期下降了6%。

ANY CHINESE INVOLVEMENT ANNOUNCED 已公布的中国参与的交易 (AE53) 2017.1.1 - 2017.9.30

Rank Value per Advisor (US$m) 法律顾问的交易金额 (单位：百万美元) # of Deals per Advisor 交易数量 Legal Advisor 2017 Rank 2016 Rank Rank Value((US$m) Market Sh (%) Market Share Ch. #of Deals Rank Market Sh (%) Change In #of Deals 法律顾问 2017排名 2016排名交易金额(百万美元) 市场份额市场份额变化交易数量排名市场份额交易数量变化 Clifford Chance 1 8 38,183.3 8.0 -1.5 ▼ 9* 0.4 -4 ▼ 高纬绅律师事务所 19 Kirkland & Ellis 2 54 30,873.3 6.5 5.6 ▲ 13 0.3 8 ▲ 凯易律师事务所 16 Fangda Partners 3 3 28,799.8 6.0 -6.2 ▼ 1 1.1 9 ▲ 方达律师事务所 53 Skadden 4 17 27,264.0 5.7 1.0 ▲ 11* 0.4 -4 ▼ 世达律师事务所 18 King & Wood Mallesons 5 1 27,082.1 5.7 -16.7 ▼ 3 0.9 -58 ▼ 金杜律师事务所 42 Davis Polk & Wardwell 6 4 24,401.4 5.1 -6.5 ▼ 29* 0.2 -17 ▼ 达维律师事务所 8 Morrison & Foerster 7 23 23,010.8 4.8 1.8 ▲ 29* 0.2 1 ▲ 美富律师事务所 8 WongPartnership LLP 8 72 18,122.4 3.8 3.4 ▲ 7 36* 0.2 2 ▲ Rajah & Tann LLP 9 102 18,073.7 3.8 3.6 ▲ 4 49* 0.1 0 - Shook Lin & Bok LLP 10 74 17,958.4 3.8 3.4 ▲ 3 61* 0.1 1 ▲ Machado Meyer Sendacz & 11 229 17,074.0 3.6 3.6 ▲ 44* 0.1 3 ▲ Opice 5 Simpson Thacher & Bartlett 12 2 16,487.5 3.5 -8.9 ▼ 15* 0.3 -3 ▼ 美国盛信律师事务所 13 Freshfields Bruckhaus Deringer 13 21 16,432.6 3.4 0.0 - 10 25* 0.2 -10 ▼ 富而德律师事务所 Allen & Gledhill 14 121 16,421.1 3.4 3.3 ▲ 1 112* 0.0 -4 ▼ Gleiss Lutz 15 10 14,336.6 3.0 -5.8 ▼ 4 49* 0.1 0 - Loyens & Loeff 16* - 13,742.4 2.9 2.9 ▲ 1 112* 0.0 1 ▲ Deloitte 16* 87 13,742.4 2.9 2.6 ▲ 1 112* 0.0 -1 ▼ Grandall Law Firm 18 16 12,334.0 2.6 -2.7 ▼ 4 0.7 -34 ▼ 国浩律师事务所 35 Zhong Lun Law Firm 19 20 11,016.1 2.3 -1.3 ▼ 2 0.9 -25 ▼ 中伦律师事务所 43 Linklaters 20 42 10,813.3 2.3 1.0 ▲ 15* 0.3 -7 ▼ 年利达律师事务所 13

NOVEMBER 2017 14 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 LEAGUE TABLES Jia Yuan Law Offices 21 22 9,500.2 2.0 -1.2 ▼ 7 0.5 -14 ▼ 嘉源律师事务所 24 Baker & McKenzie 22 70 8,488.7 1.8 1.3 ▲ 25* 0.2 -12 ▼ 贝克•麦坚时律师事务所 10 Sidley Austin LLP 23 39 8,099.3 1.7 0.2 ▲ 21* 0.2 -2 ▼ 盛德律师事务所 11 Shearman & Sterling LLP 24 95 7,210.5 1.5 1.3 ▲ 21* 0.2 2 ▲ 谢尔曼•思特灵律师事务所 11 Herbert Smith Freehills 25 50 6,946.2 1.5 0.5 ▲ 11* 0.4 2 ▲ 史密夫•斐尔律师事务所 18 Industry Total 总计 477,177.4 100.0 4,705 Industry % Change from Same Period Last Year -12.4% ▼ -3.7% ▼ 与去年同期相比的变化 Industry % Change from Last Quarter 6.7% ▲ 3.3% ▲ 与上季度相比的变化

*tie 并列排名

ANY CHINESE INVOLVEMENT COMPLETED 已完成的中国参与的交易 (AG54) 2017.1.1 - 2017.9.30

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

Gleiss Lutz 6 227* 47,004.9 14.5 14.5 ▲ 2 75* 0.1 1 ▲ Cleary Gottlieb Steen & Hamilton 7 85 46,954.8 14.5 14.1 ▲ 7 31* 0.3 4 ▲ 佳利律师事务所 Osler Hoskin & Harcourt LLP 8 79* 46,925.7 14.5 14.1 ▲ 4 45* 0.2 3 ▲ White & Case LLP 9 17 46,096.4 14.2 10.2 ▲ 19* 0.5 3 ▲ 伟凯律师事务所 11 Blake Cassels & Graydon 10 45 45,489.1 14.1 12.7 ▲ 7 31* 0.3 5 ▲ Darrois Villey Maillot Brochier 11 - 44,254.9 13.7 13.7 ▲ 1 113* 0.1 1 ▲ Cravath, Swaine & Moore 12 49 44,254.9 13.7 12.4 ▲ 1 113* 0.1 -1 ▼ Homburger 13 - 44,254.9 13.7 13.7 ▲ 2 75* 0.1 2 ▲ Bar & Karrer 14 - 44,254.9 13.7 13.7 ▲ 2 75* 0.1 2 ▲ Freshfields Bruckhaus Deringer 15 5 21,099.5 6.5 -0.4 ▼ 11 19* 0.5 -16 ▼ 富而德律师事务所 Weil Gotshal & Manges 16* 39 21,064.4 6.5 4.8 ▲ 7 31* 0.3 0 - Sullivan & Cromwell 16* 24 20,240.3 6.3 3.2 ▲ 19* 0.5 5 ▲ 苏利文•克伦威律师事务所 11 AllBright Law Offices 18 25 13,421.8 4.2 1.2 ▲ 12* 0.7 -11 ▼ 锦天城律师事务所 15 Kirkland & Ellis 19 13 13,277.6 4.1 -0.4 ▼ 7* 0.9 8 ▲ 凯易律师事务所 19 Beijing Dentons Law Offices 20 47 12,682.7 3.9 2.5 ▲ 10* 0.7 -32 ▼ LLP 北京大成律师事务所 16 Hogan Lovells 21 59 12,410.8 3.8 3.0 ▲ 17* 0.5 3 ▲ 霍金路伟律师事务所 12 Zhong Lun Law Firm 22 6 11,248.4 3.5 -3.3 ▼ 4 1.5 -25 ▼ 中伦律师事务所 32 Wachtell Lipton Rosen & Katz 23 116 10,380.0 3.2 3.1 ▲ 2 75* 0.1 1 ▲ Slaughter and May 24 27 8,851.8 2.7 0.0 - 39* 0.3 0 - 司力达律师事务所 6 Linklaters 25 56 8,547.2 2.6 1.6 ▲ 9 0.8 9 ▲ 年利达律师事务所 18 Industry Total 总计 323,652.4 100.0 2,213 Industry % Change from Same Period Last Year -18.6% ▼ -23.1% ▼ 与去年同期相比的变化 Industry % Change from Last Quarter -41.4% ▼ -6.2% ▼ 与上季度相比的变化

*tie 并列排名 5% 4% 8% 4% CHINESE INVOLVEMENT ANNOUNCED9% M&A BY TARGET INDUSTRY ($BIL) 已公布的中国参与的并购交易 - 按目标公司行业划分 (单位：10亿美元) 20% 12%

5% 13%4% 17% Industrials 工业 17% 8% 4% Financials 金融 12% 9% 20% Real Estate 房地产 20% 12% Materials 材料 8% 13% 17% High Technology 高科技 13% Media and Entertainment 媒体和娱乐 4% Energy and Power 能源和电力 9% Retail 零售 3% Healthcare 医疗保健 3% Real Estate Industrials High Technology Consumer Products and Services 消费产品和服务 2% Real Estate Industrials High Technology Financials Energy and PowerEnergy Materialsand Power Materials Consumer Staples 必需消费品 4% Telecommunications Consumer StaplesConsumerMedia Staples and Entertainment Media and Entertainment Healthcare Retail Consumer Products and Services Telecommunications 电信 5% Healthcare Retail Consumer Products and Services

NOVEMBER 2017 16 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SPONSORED ARTICLE

《中国国际经济贸易仲裁委员会国际投资争端仲裁规则》自2017年10月1日起施行 – 填补中国国际投资仲裁领域的空白

《中国国际经济贸易仲裁委员会国际构也没有受理投资争端的实践。在中国下，受资助方的信息披露义务、披露内投资争端仲裁规则》(简称《投资仲裁规从贸易大国向贸易强国转变和“一带一容和对象、披露时间等，仲裁庭在确定则》)将自2017年10月1日起施行。路”倡议实施的背景下，建立投资仲裁仲裁费用及其他相关费用时可以考虑是《投资仲裁规则》的出台，填补了中机制是平等保护投资者的合法权益，建否存在第三方资助的情形及当事人遵守国国际投资仲裁领域仲裁规则的空白，立公平有序的国际经济新秩序的现实需相关义务的情况。为企业提供解决与东道国投资争端的制要，也是提升中国在国际投资法制发展目前，《投资仲裁规则》已对外公度化保障，为营造更加国际化、法治中话语权的必然要求。布。贸仲委将继续加强宣传推广，引导化、便利化的营商环境迈出了坚实一《投资仲裁规则》明确规定了解决基企业熟悉了解贸仲委国际投资争端解决步。于合同、条约、法律法规或其他文件，机制，提升中国企业的法律风险防范和当前，随着国际投资活动的快速发涉及投资者与国家或政府间组织等产生应对能力，更好地服务“一带一路”倡议展，国际投资争端与日俱增。国际投资的国际投资争端，并设定了专门解决国的落实。仲裁是解决投资者与东道国之间投资际投资争端的《仲裁员名册》。根据《争端的主要方式。据了解，国际投资投资仲裁规则》，除非当事人另有约定争端解决中心(ICSID)、国际商会仲裁或仲裁庭另有决定，开庭审理应公开地址：北京市西城区桦皮厂胡同2号国际商会院(ICC)、瑞典斯德哥尔摩商会仲裁院进行。通过引入非争议方和非争议缔约大厦6层电话：010-82217788,64646688 (SCC)等国际知名仲裁机构都受理了较方提交书面意见，允许对外公开仲裁资传真：010-82217766,64643500 料，增强了仲裁程序的透明度。《投资多的国际投资争端案件。但是，中国尚邮编：100035 无一部国际投资争端仲裁规则，仲裁机仲裁规则》还规定了第三方资助的情况信箱：[email protected]

CHINA INVOLVEMENT ANNOUNCED M&A - TOP DEALS 已公布中国参与的并购 - 十大交易 (AE53) 2017.1.1 - 2017.9.30

Rank Value Target Macro / Mid Industry Dare Effective Date Target (% Sought/Acquired) Acquiror Acquiror / Target Nation (US$m) 目标公司的宏观行业 / 日期生效日期被收购方 (收购百分比) 收购方收购方/被收购方金额 (百万美元) 细分行业 Pending Global Logistic Properties Ltd China / Singapore Industrials / Other Industrials 2017-07-14 Nesta Investment Holdings Ltd 16,421.1 交易待定 (100%) 中国/新加坡工业 / 其他工业 Pending Logicor Ltd China Investment Corp China / United Kingdom Real Estate / Non Residential 2017-06-02 13,742.4 交易待定 (100%) 中国投资有限责任公司中国/英国房地产 / 非住宅 China Unicom (HK) Ltd Telecommunications / Pending China / Hong Kong 2017-08-22 中国联合网络通信（香港）股份有 China Unicom (BVI) Ltd 11,255.8 Telecommunications Services 交易待定中国/香港限公司(21.7%) 电信 / 电信服务 Pending China / Russian Fed Energy and Power / Oil & Gas 2017-09-08 Rosneft Oil Co (14.2%) China CEFC Energy Co Ltd 9,100.0 交易待定中国/俄罗斯能源和电力 / 石油和天然气 Real Estate / Other Real Guangdong Intl Tr Invest-Asts Guangzhou Wanxi RE Co Ltd China / China 2017-06-29 6/29/2017 8,104.8 Estate (100%) 广州市万溪房地产有限公司中国/中国房地产 / 其他 Dalian Wanda Coml Ppty Co-Asts Real Estate / Other Real Pending Sunac Real Estate Group Co Ltd China / China 2017-07-10 大连万达商业地产股份有限公司 6,500.1 Estate 交易待定融创房地产集团有限公司中国/中国 (100%) 房地产 / 其他 China United Network Commun Telecommunications / Pending Investor Group China / China 2017-08-16 中国联合网络通信股份有限公司 5,939.1 Telecommunications Services 交易待定投资者团体中国/中国 (19.2%) 电信 / 电信服务 Didi Chuxing Technology Co Ltd Investor Group Japan / China High Technology / Software 2017-04-28 5/26/2017 5,500.0 滴滴出行 (%) 投资者团体日本/中国高科技 / 软件 Real Estate / Other Real China Vanke Co Ltd Shenzhen Metro Group Co Ltd China / China 2017-01-12 1/24/2017 5,358.8 Estate 万科企业股份有限公司 (15.31%) 深圳市地铁集团有限公司中国/中国房地产 / 其他 Financials / Credit Pending JD Finance Investor Group China / China 2017-03-02 4,985.9 Institutions 交易待定京东金融 (68.6%) 投资者团体中国/中国金融业 / 信贷机构 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 17 COVER STORY

ALB CHINA 30 LARGEST LAW FIRMS 中國最大30家律所

2017NOVEMBER 2017 18 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 COVER STORY

OUR RESEARCH 我们的调查 • Firms were contacted in September 2017 and were asked to provide • 我们于2017年9月联系各律师事务所，请它们提 partner and lawyer numbers across their Asian offices as of Sept. 1, 供截止2017年9月1的亚洲办事处合伙人和律师 2017. 人数 • ‘Total No. of Lawyers’ refers to the total number of partners, • “律师总人数”是指合伙人、律师、法律顾问、咨 associates, counsel, consultants and foreign counsel. Paralegals, 询顾问和外籍法律顾问的总人数。法律助理、 trainees and pupils were not included in this figure. 实习生和实习律师不包括在总人数内。 • In the instance where a firm did not make a submission, figures were obtained either from the firm’s website, an official Law Society • 如果律所没有提交数据，我们将参考该所的网 resource, or from last year’s submission. ALB takes no responsibility 站、律师协会官方资源或者其去年提交的数据。 for the accuracy of these figures. 《亚洲法律杂志》对这些数据的准确性不承担 • The research did not include Australia and New Zealand. Only 任何责任。 lawyers and partners based in Asia were taken into account for this • 本次调查不包括澳大利亚和新西兰。只有在亚 research. 洲执业的律师和合伙人纳入本次调查。 • In the instance where two firms had the same number of total • 在两家律所的律师总人数相同的情况下，合伙 lawyers, the firm with the greater number of partners was ranked 人数量较多的一家排名靠前。 higher. ASIA’S TOP 50 亚洲50强 lthough Asia saw another busy year of lateral hires, 然亚洲律所今年平行招聘、新开和关闭办 office openings and closures, as well as a few mergers, 事处动作继续频繁，也有一些律所合并， Athere were no new international firm in this year’s top 虽今年的亚洲50强律所榜单中并没有新的国 50 in Asia. 际律所上榜。 U.S. firms accounted for 27 of the 50 largest firms in the 美国律所占亚洲50强律所中的27家，英国则有19家 region, while there were 19 UK firms. Four firms in the top 律所上榜。前50强律所中有四家拥有双总部：欧华律 50 have dual headquarters: DLA Piper (UK and U.S.), Hogan 师事务所（英国和美国），霍金路伟律师事务所（英 Lovells (UK and U.S.), Herbert Smith Freehills (UK and 国和美国），史密夫斐尔律师事务所（英国和澳大利 Australia) and CMS (UK and Germany). 亚）以及CMS律师事务所（英国和德国）。 There are four UK firms in the top 10, one less than last 前十大律所中有四家来自英国，较去年减少一家。 year after Jones Day edged out Eversheds for Ashurst’s #10 原因是众达律师事务所以一名律师的优势战胜安睿律 spot by one lawyer. Dual-headquartered firms DLA Piper, 师事务所，夺取了亚司特国际律师事务所去年第十的 Hogan Lovells and Herbert Smith Freehills are #4, #5 and 排名。双总部的欧华、霍金路伟和史密夫斐尔分列 #6, respectively. 四、五和六位。 Baker McKenzie continues to top the list for the fourth 贝克•麦坚时国际律师事务所连续第四年蝉联榜首， straight year despite having eight less lawyers than last 尽管律师人数比去年少了八人，而魔术圈的年利达律 year, while Magic Circle firms Linklaters and Clifford Chance 师事务所和高伟绅律师事务所今年则排名互易，分列 switched places this year, finishing #2 and #3, respectively. 第二和第三。 Notable moves included Eversheds, which catapulted from 值得注意的包括从26位一跃升至11位的安睿。今年 #26 to #11. The firm expanded by 86 lawyers from last year 早些时候，该所与新加坡伊莱雅士律师事务所合并， after merging with Singapore firm Harry Elias Partnership 律师人数因此比去年增加了86名。摩根路易斯律师事 ALB CHINA earlier this year. Morgan, Lewis & Bockius is another major 30 务所是另一家变化较大的律所，在加强了大中华区的 mover, moving up from #21 to #14, after bulking up in Greater China. 业务布局之后，该所排名从21位升至14位。 The top 50 Asian law firms table changed little, with just one 亚洲50强律所变化不大。中国大陆今年只有一家律 PRC firm –Zhongwen Law Firm at #44 – joining the group this 所新入榜，是第44位的中闻律师事务所。值得注意的 LARGEST LAW FIRMS 是，去年排名第50位的新加坡德尊律师事务所今年下 year. Notable dropouts included Singapore’s Drew & Napier, which was #50 last year. 榜。 PRC firms Yingke Law Firm and Dentons have cemented 中国的盈科律师事务所和大成律师事务所进一步巩 their places as the top two largest firms in Asia, with 5,462 固了其亚洲最大两家律所的地位，分别有律师5,462 and 4,966 lawyers, respectively, both increasing in strength by 名和4,966名，律师人数均增加了约800名。总部位于 about 800 lawyers. China-based firms continued to dominate 中国的律所继续在榜单中占大头，共有30家，比去年 the table, with 30 firms based in the PRC, two more than last 增加两家。韩国和印度各有六家律所上榜，日本则有 year. South Korea and India both have six firms, and Japan 五家。 has five.

LEGALBUSINESSONLINE.COM/CHINALEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 19 COVER STORY

Top 30 China Domestic 中国国内30强

Rank Change 2017 Rank from 2016 Firm Name Partners Associates Total No. of 2017年 Lawyers^ 与2016年的律所名称合伙人律师排名律师总数^ 排名变化 1 = Yingke Law Firm 盈科律师事务所 1860 3602 5462 2 = Dentons 大成律师事务所 1547 3360 4966 3 = Deheng Law Offices 德恒律师事务所 482 1812 2446 4 = AllBright Law Offices 锦天城律师事务所 508 1480 1988 5 = Zhong Lun Law Firm 中伦律师事务所 372 1276 1658 6 +2 King & Wood Mallesons 金杜律师事务所 326 1275 1645 7 = Grandall Law Firm 国浩律师事务所 400 1200 1600 8 -2 Zhongyin Law Firm 中银律师事务所 303 1109 1412 9 +3 Beijing DHH Law Firm 北京德和衡律师事务所 102 1059 1161 10 = Zhonglun W&D Law Firm 中伦文德律师事务所 402 712 1147 11 -2 Longan Law Firm 隆安律师事务所 150 850 1100 12 +1 JunHe LLP 君合律师事务所 182 446 686 13 +5 Jincheng Tongda & Neal Law Firm 金诚同达律师事务所 202 482 684 14 +1 Tahota Law Firm 泰和泰律师事务所 150 510 660 15 +2 Hiways Law Firm 海华永泰律师事务所 102 460 647 16 -5 Guanghe Law Firm 广和律师事务所 201 391 592 17 +3 Guantao Law Firm 观韬中茂律师事务所 153 406 567 18 -4 BeiJing TianTai Law Firm 天驰君泰律师事务所 210 338 562 19 +2 Fangda Partners 方达律师事务所 92 460 552 20 -4 Sichuan Mingju Law Firm 四川明炬律师事务所 75 452 527 21 +2 ETR Law Firm 广信君达律师事务所 124 324 448 22 -3 Jointide Law Firm 众成清泰律师事务所 131 303 446 23 +14 Duan & Duan 段和段律师事务所 143 267 410 24 +1 Global Law Office 环球律师事务所 84 285 369 25 -2 King & Capital Law Firm 京都律师事务所 113 229 347 26 -4 JunZeJun Law Offices 君泽君律师事务所 103 243 346 27 - New New 新上榜 Zhongwen Law Firm 中闻律师事务所 154 173 327 28 = East & Concord Partners 天达共和律师事务所 96 226 322 29 -2 Tian Yuan Law Firm 天元律师事务所 106 212 318 30 -4 Hylands Law Firm 浩天信和律师事务所 80 164 294

^Total No. of lawyers is the total number of partners and associates, as well as other counsel, consultants and foreign counsel. Paralegals, trainees and pupils were not included. ^“律师总人数”指的是合伙人、律师、法律顾问、咨询顾问和外籍法律顾问的总人数，不包括律师助理、实习律师和见习律师等。

NOVEMBER 2017 20 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 COVER STORY

Top 30 China International 中国国际30强

2017 Rank Rank Change Firm Partners Associates Total No. of 2017年 from 2016 律所名称合伙人律师 Lawyers^ 排名与2016年的律师总数^ 排名变化 1 up 上升 Baker McKenzie 贝克•麦坚时律师事务所 15 58 77 2 up 上升 DLA Piper 欧华律师事务所 13 49 62 3 New 新上榜 Simmons & Simmons 西蒙斯律师事务所 28 12 58 4 up 上升 Linklaters 年利达律师事务所 6 51 57 5 up 上升 Morgan, Lewis & Bockius 摩根路易斯律师事务所 10 11 56 6 down 下降 Clifford Chance 高纬绅律师事务所 9 37 53 7 down 下降 Hogan Lovells 霍金路伟律师事务所 11 41 52 8 up 上升 Jones Day 众达律师事务所 10 20 36 9 down 下降 CMS CMS中国 6 22 28 10 down 下降 Herbert Smith Freehills 史密夫•斐尔律师事务所 6 20 27 11 up 上升 K&L Gates 高盖茨律师事务所 14 12 26 12 New 新上榜 Covington & Burling 科文顿·柏灵律师事务所 8 14 26 13 down 下降 Allen & Overy 安理国际律师事务所 6 15 25 14 up 上升 Norton Rose Fulbright 诺顿罗氏律师事务所 7 11 24 15 up 上升 Clyde & Co 其礼律师事务所 10 13 23 16 down 下降 Bird & Bird 鸿鹄律师事务所 6 15 23 17 down 下降 Reed Smith 礼德律师事务所 8 7 22 18 up 上升 White & Case 伟凯律师事务所 7 13 22 19 up 上升 Taylor Wessing 泰乐信律师事务所 4 16 22 20 New 新上榜 Paul Hastings 普衡律师事务所 7 14 22 21 New 新上榜 Sheppard, Mullin, Richter & Hampton 盛智律师事务所 7 6 20 22 New 新上榜 Shearman & Sterling 谢尔曼·思特灵律师事务所 7 12 20 23 New 新上榜 Ashurst 亚司特律师事务所 3 16 19 24 down 下降 Ropes & Gray 瑞格律师事务所 4 7 18 25 down 下降 Mayer Brown JSM 孖士打律师事务所 6 11 17 26 down 下降 Freshfields Bruckhaus Deringer 富而德律师事务所 5 9 16 27 down 下降 Pinsent Masons 品诚梅森律师事务所 8 6 16 28 New 新上榜 Kirkland & Ellis 凯易律师事务所 7 9 16 29 down 下降 Sidley Austin 盛德国际律师事务所 6 7 13 30 down 下降 Orrick, Herrington & Sutcliffe 奥睿律师事务所 4 6 13

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Yingke Law Firm Dentons Founded in: 2001 Founded in: 1992 Offices across Asia: 52 Offices across Asia: 50 Headquartered in Beijing and with offices in 44 cities across China, Yingke Dentons (previously known as Dacheng) is one of the earli- Law Firm is a global legal services provider that has established Yingke est and largest partnership law firms in China, with services Global Legal Alliance partnership with 52 countries and 104 overseas cities. covering almost all of China’s provinces, municipalities di- Sticking to its “people-oriented” talent strategy, and pursuing excellence in rectly under the Central Government and autonomous re- terms of “economies of scale, internationalization, specialization and brand gions. The firm launched its global legal services network recognition”, Yingke has built a talent team composed of professional law- construction strategy in 2007, and merged with Dentons in yers, market professionals and management professionals to ensure that 2015. At present, Dentons serves more than 66 countries its overall strategic objectives be achieved. The firm’s practice areas cover and has operations all over the world. Relying on a robust international trade, overseas investment, corporate, capital markets and se- legal services network, the firm’s lawyers are able to share curities, cross-strait affairs, private equity, investment and financing, merger all kinds of resources, such as project information, profes- and acquisition, intellectual property, real estate, environmental protection, sional knowledge, practical experience, etc. across the globe maritime and admiralty, among others. While resolving legal issues for cli- to provide even better services for clients. Dentons’s major ents, Yingke also leverages its global legal services system to provide clients areas of practice include: general corporate, corporate ac- with business opportunities and promote collaboration among clients. quisition, merger and reorganization, securities and capital According to Mr. Li Zheng, Yingke’s global partner and executive director of markets, private equity and venture capital, restructuring China, from the perspective of specialization, Yingke insists on building spe- of State-owned enterprises and property rights transaction, cialization characterized by “department director accountability system” , banking and finance, etc. strengthen the building of specialization characterized by “department direc- Qian Hongji, senior partner of Dentons, believes that law tor accountability system” and “specialized committee of business depart- firms should provide lawyers with learning opportunities and ments” and encourage the cultivation of a large batch of lawyers specialized a platform for growth. They shall offer different development in professional services. The firm engaged many expert advisors in all fields paths to lawyers in light of different management systems from the universities all over the country, so as to achieve law firm specializa- and cultural atmosphere, rather than confining lawyers to a tion in terms of people, talents and resources. A large batch of lawyers and particular practice area or aspect. In this way, the personal famous lawyers gained support and many lawyers with special talents are development of lawyers can be aligned with the positioning engaged by Yingke. From the perspective of branding, Yingke kept good part- of their firms. nership with many television stations, newspapers, Internet media and other main media. Lawyers may explore more quality client resources and improve personal reputation by taking advantage of the influence and resources of the branding of Yingke.

盈科律师事务所大成律师事务所成立时间：2001年成立时间：1992年亚洲拥有办公室数量：52个亚洲办公室数量：50 盈科律师事务所是一家总部位于北京的全球化法律服务机构。盈科与海大成是中国成立最早、规模最大的合伙制律师事务所之外52个国家104个城市建立了全球律师联盟成员律所合作关系，同时在一，其服务范围几乎覆盖中国全部省、直辖市与自治中国44个城市设有办公室。盈科坚持”以人为本”的人才战略，将“规模区。自2007年开始，大成更启动了全球法律服务网络化、国际化、专业化、品牌化”做到极致。形成了由专业律师人才、专业建设战略，并于2015年与Dentons律师事务所实现了合市场人才、专业管理人才组成的人才队伍，保障了律师事务所整体战略并。目前大成律师事务所服务超过66个国家，业务遍目标的实现。其业务范围涵盖国际贸易、海外投资、公司、资本证券、及全球。依托完善的法律服务网络，大成律师能够在全两岸事务、私募、投融资与并购、知识产权、房地产、环境保护、海商球范围内共享项目信息、专业知识、业务经验等各类资海事等专业领域。在为客户解决法律问题的同时，盈科更凭借其全球化源，为客户提供更好的服务。大成律师事务所的主要专法律服务体系优势，为客户提供商业机会、促进客户合作。业领域包括：公司综合类业务、公司收购、兼并与重盈科律师事务所是一家总部位于北京的全球化法律服务机构。盈科与海组、证券与资本市场、私募股权与投资基金、国企改制外52个国家104个城市建立了全球律师联盟成员律所合作关系，同时在与产权交易、银行与金融等。中国44个城市设有办公室。盈科坚持”以人为本”的人才战略，将“规模大成律师事务所高级合伙人钱红骥称律所应该给律师提化、国际化、专业化、品牌化”做到极致。形成了由专业律师人才、专业供学习的机会和成长的平台，在不同的管理体制和文化市场人才、专业管理人才组成的人才队伍，保障了律师事务所整体战略氛围下，给律师带来不同的发展路径，而非局限在某个目标的实现。其业务范围涵盖国际贸易、海外投资、公司、资本证券、领域或工作环节上，从而使之个人发展方向与律所定位两岸事务、私募、投融资与并购、知识产权、房地产、环境保护、海商达成一致。海事等专业领域。在为客户解决法律问题的同时，盈科更凭借其全球化法律服务体系优势，为客户提供商业机会、促进客户合作。

NOVEMBER 2017 22 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SPONSORED ARTICLE

ETR Law- one of the most influential firms in South China Seizing opportunities brought by the One Belt One Road Initiative 广信君达－华南地区最有影响力的律所之一顺应“一带一路“带来的机遇

to their expertise to maximize their 广东广信君达律师事务所成立于1993年，是广东省最 potential. This enhanced both our 早成立的合伙制律师事务所之一。广信君达总部位于广 service practice and our internal 州，并在武汉、深圳、中山、东莞、清远、佛山、南沙、 management. Secondly, we created 日本东京等城市设有分所，在泰国曼谷设有办公室，拥有 an enabling environment for our 依托粤港澳大湾区的地缘优势。ALB采访了广信君达高级 lawyers that allows them to keep 合伙人黄永东律师，他分享多年的管理经验及介绍了律所 learning and improving their practice 如何顺应“一带一路”带来的机遇。 skills. Our regular learning salon is a platform for young professionals to ALB: 广信君达律师事务所成立至今，取得了闪光的成绩和 learn. Thirdly, we believe in an open, 令市场瞩目的发展，请您简单介绍下？ democratic and practical workplace. 黄永东律师：广信君达自2012年合并以来，是广东省第 We hold open days every now and then 一家实行特殊的普通合伙制的律师事务所。截至2017年 to welcome our peers to exchange our 10月31日，广信君达总部人数近700人，设有9个分所和 ideas. Fourthly, we emphasize on the 办公室，广信君达积极拓展专业领域，提高法律服务专业 cultivation of young lawyers. We have 水平，成为广东省乃至华南地区律师事务所拥有律师人数 Yongdong Huang, Senior Partner been bringing in returnee lawyers as 最多、业务创收最高和影响力最大的律师事务所之一。这黄永东律师高级合伙人 well as sending young professionals 有赖于各级司法行政机关、行业协会、律师同行和社会各 abroad for further training to meet the 界关心与支持。 Founded in 1993, ETR Law in one changing market needs. A lot of the of the oldest law partnerships in new generation returnee lawyers have ALB: 广信君达发展态势如此良好，请您谈一谈广信君达做 Guangdong Province. ETR Law is become the backbone of our firm. 大、做强、做优的经验？ headquartered in Guangzhou and 黄永东律师：广信君达一直探索做大做强做优的方式。 ALB: The One Belt One Road has branches in major cities such 专业化和公司化已成为律师事务所狠抓的重点，故律所团 Initiative has brought many as Wuhan, Shenzhen and Tokyo, as 队化的内部管理显得十分重要。广信君达建立律师团队专 opportunities as well as challenges well as an office in Bangkok. The 业化管理模式，有效提高律所专业服务水平和内部管理效 for China and other developing firm is also located in the heart of 率。其次，广信君达重视律师专业化的培训，定期举办各 countries. What has ETR Law done the Guangdong-Hong Kong-Macau 种学习沙龙和研讨会，营造学习与提升法律专业服务水平 to echo these opportunities and Greater Bay Area. Huang Yongdong, 的氛围，为年轻律师创造学习与发挥的平台。第三，广信 challenges? senior partner at ETR Law shared his 君达坚持开放、民主、务实的理念。律所不定期面向社会 insights on management and how the Huang: Going with the One Belt 各界举办开放日活动，邀请有志之士来我所交流指导。第 firm has embraced the opportunities One Road strategy, ETR Law has 四，广信君达注重年轻律师的培养并积极引进高素质海归 brought by the One Belt One Road established a branch in Tokyo and 律师，广信君达输送优秀律师到国外进修，提升年轻律师 Initiative. an office in Bangkok, Thailand. We’re 的国际化业务需求适应能力和涉外服务水平。目前，已有 also preparing for the branch in Hong ALB: Can you briefly introduce 一大批进修回国的年轻律师成为广信君达的主力和骨干。 Kong and offices in Los Angeles, some of ETR Law’s achievements Toronto and London catering to ALB: “一带一路”政策给中国及其他发展中国家创造前所未 over the years to us? clients’ global needs. The initiative 有的机会，但也面临许多风险和挑战。请问广信君达如何面 Huang: After its merger and has brought many opportunities to 对“一带一路”政策给律师行业带来的机遇与挑战？ restructuring in 2012, ERT Law ETR Law and we have received many 黄永东律师：顺应国家一带一路的战略发展，广信君达已 became the first limited liability requests for services from domestic 在日本东京设立分所，在泰国曼谷设立办公室。为响应国 partnership in Guangdong Province. companies at our Thai branch 际化业务的需求，广信君达也正筹备香港分所与美国洛杉 In the following years, we have looking for investment projects. We’re 机、多伦多、伦敦等地办公室。一带一路给广信君达带来 become one of the most influential committed to providing good service 了极大的机遇，泰国曼谷办公室设立以来，国内越来越多 law firms in South China. ERT Law to Chinese enterprises eyeing global 的企业家纷纷与广信君达合作，寻找泰国投资项目。广信 is currently one of the firms with the expansion and contribute to the One 君达为走出国门的中资企业提供优质高效的法律服务，为 biggest group of lawyers and highest Belt One Road Initiative. 一带一路建设保驾护航。 revenues in the area. ALB: How did you achieve the 地址：广东省广州市天河区珠江新城珠江东路6号广州周大福金融中心(广州东塔)29层、10层(邮政编 healthy development of the firm? 码：510623) Address: 29&10/F, Chow Tai Fook Finance Centre NO.6 Zhujiang Dong Road, Tianhe District Guangzhou, Huang: We have always been China, 510623 exploring a way to make our 总机Tel: 8620-37181333 传真Fax: 8620-37181388 firm stronger, bigger and more 邮箱Email: [email protected] 网址Website: www.etrlawfirm.cn professional. Firstly, it’s important 分支机构：武汉·深圳·中山·东莞·清远·佛山·南沙·日本东京·泰国曼谷 that we group our lawyers according Branch: Wuhan· Shenzhen· Zhongshan ·Dongguan · Qingyuan · Nansha· Tokyo · Bangkok

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

Deheng Law Offices AllBright Law Offices Founded in: 1993 Founded in: 1998 Offices across Asia: 26 Offices across Asia: 19 Founded in 1993 and formerly known as China Law Office, De- AllBright Law Offices is a leading Chinese law firm offering a full suite of Heng Law Offices is one of the largest full-service firms in China. legal services. A national firm headquartered in Shanghai, AllBright has Headquartered in Beijing, the firm has 25 domestic offices in cit- offices in 18 major Mainland cities (Beijing, Shenzhen, Hangzhou, Su- ies including Shanghai, Guangzhou and Shenzhen, as well as five zhou, Nanjing, Chengdu, Chongqing, Taiyuan, Qingdao, Xiamen, Tianjin, overseas outfits in places like New York, The Hague and Paris. Jinan, Hefei, Zhengzhou, Fuzhou, Nanchang, Xi’an and Guangzhou). The Boasting a global service network that covers the entire country firm also has an office in Hong Kong, and is in a joint venture with Ste- and over 160 major cities around the world, DeHeng has success- venson, Wong & Co in Hong Kong and Qianhai of Shenzhen. AllBright fully accomplished a series of major legal services projects with is committed to creating legal solutions and providing legal services for far-reaching social impact, and created many firsts in China’s le- domestic and foreign clients in a rapidly changing business environment. gal services field. AllBright believes in quality and efficient services and a teamwork ap- DeHeng takes pride in its top-notch lawyers team, and is a leader proach, provides detailed legal analysis and practical legal advice for in practice areas including corporate securities, finance, cross- each project and case, and proactively solves legal issues. The firm is border investment, financing and merger and acquisition, dis- considered a leader in practice areas such as corporate, commerce and pute resolution, international trade, construction and real estate, merger and acquisition, securities and capital markets, banking and fi- international engineering and project financing, competition law, nance, real estate and construction, dispute resolution (litigation and ar- labor and social security, intellectual property, corporate rescue bitration), international trade and intellectual property protection. and bankruptcy, government and public services, general health Law firms rely on human capital to drive business, and talents are the fields, environmental resources and protection, maritime and ad- most important productive force of law firms, said Li Xianying, senior miralty, taxation, etc. partner of AllBright. Therefore, when it comes to recruitment, AllBright According to Frank Li, managing partner of DeHeng Law Offices, bases its decisions on “suitability”. In other words, top talents must be DeHeng attaches great importance to the professional devel- suitable for industry characteristics, client needs, development require- opment of its lawyers, advocates an open and cooperative of- ments, etc. Second, once people are on-board, AllBright focuses on me- fice atmosphere, and has in place clear promotion paths and a ticulously grooming them from basic theory to professional skills step multi-level training structure. Lawyers at DeHeng, whether new by step. Third, to retain talents, AllBright not only offers competitive re- associates or senior lawyers and partners, will all be given ample muneration packages, but also provides lawyers with sufficient room for opportunities to participate in exchanges and discussion, and the development and a clear career expectation. resources and support to develop business and innovate products in specific industries and fields.

德恒律师事务所锦天城律师事务所成立时间：1993年成立时间：1998年亚洲办公室数量：26个亚洲办公室数量：19个创建于1993年，原名中国律师事务中心，是中国规模最大的锦天城律师事务所（“锦天城”）是一家提供全方位法律服务的、全综合性律师事务所之一。总部位于北京，在上海、广州、深国领先的中国律师事务所，是一家总部设在上海的全国性律师事务圳等地设立了二十五个国内分支机构，并在纽约、海牙、巴所。锦天城在中国大陆十八大城市（北京、深圳、杭州、苏州、南黎等地设立了五个海外分支机构，现已形成遍布中国和世界京、成都、重庆、太原、青岛、厦门、天津、济南、合肥、郑州、一百六十多个主要城市的全球服务网络，出色完成了一系列福州、南昌、西安、广州）及在香港开设分所，并在香港、深圳前具有深远社会影响的重大法律服务项目，创造了中国法律服海与史蒂文生黄律师事务所联营。锦天城致力于在瞬息万变的商业务领域的多项第一。环境中为境内外客户制定法律解决方案并提供法律服务。德恒拥有一流的律师队伍，优势领域包括：公司证券、金锦天城坚持优质、高效的服务理念和团队合作的方式，对客户的每融、跨境投资、融资并购、争议解决、国际贸易、建筑工程一个项目和案件提供细致的法律分析和切实可行的法律建议，积极与房地产、国际工程与项目融资、竞争法、劳动与社会保进取地解决法律问题。锦天城在公司、商业与并购、证券与资本市障、知识产权、企业拯救与破产、政府与公共服务、大健场、银行与金融、房地产与建筑、争议解决（诉讼与仲裁）、国际康、环境资源与保护、海事海商、税法等。贸易、知识产权保护等业务领域，具备行业领先优势。德恒律师事务所管理合伙人李忠表示德恒重视律师的专业能锦天城高级合伙人李宪英称，律师事务所是依赖人力资本经营的行力发展，提倡开放、合作的工作氛围，设定了清晰的晋升通业，人才是事务所第一生产力。首先，锦天城在选人上，立足于“适道，多层次的培训体系。来德恒，无论是新人，还是资深律合”，优秀的人才必须适合于行业特点、客户需求、发展要求等等。师与合伙人，都会被赋予充分参与交流与讨论的机会，被给其次，锦天城在用人上，立足于精心培育，从基本理论到职业技予资源与支持于特定专业与行业领域开拓业务和创新产品。能，循序渐进谆谆教诲。第三，在留人上，除了有竞争力的薪酬之外，锦天城有充分的发展空间和明确的职业预期。

NOVEMBER 2017 24 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 COVER STORY

Zhong Lun Law Firm King & Wood Mallesons Founded in: 1993 Founded in: 1993 (in China) Offices across Asia: 11 Offices across Asia: 14 Zhong Lun Law Firm is one of the earliest partnership firms set up A global law firm headquartered in Asia, King & Wood Mallesons upon approval by the Ministry of Justice. After years of rapid and (KWM) practices in key jurisdictions such as Mainland China, Hong steady growth and expansion, Zhong Lun now has offices in 15 cit- Kong, Australia, the United Kingdom, the United States and Europe, ies including Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, and has considerable size and legal resources in the world’s most Chengdu, Chongqing, Qingdao, Hangzhou, Tokyo, Hong Kong, Lon- dynamic economic regions. The firm is considered one of the most don, New York, Los Angeles and San Francisco, making it one of the innovative in the world, offering distinctive commercial thinking and largest full-service Chinese firms. In terms of practice fields, Zhong client experience. The main areas of practice of KWM include corpo- Lun excels in 28 areas including capital markets/securities, real es- rate merger and acquisition, securities and capital markets, private tate, merger and acquisition, litigation and arbitration, banking and equity and venture capital, banking and financing, competition and finance, and intellectual property. In addition, the firm enjoys good trade regulation, international trade, labor law, taxation, customs, partnership with many well-known domestic and overseas law firms, environmental law, dispute resolution, intellectual property, etc. enabling it to provide clients with quality and solid legal support for Wang Ling, Managing Partner of KWM China, said: “In the face of their business activities both at home and abroad. fierce competition for talents, our talent strategy has always closely Wang Jihong, senior partner with Zhong Lun, said that the firm has followed our development goals, with great importance attached to always attached great importance to, and never let up efforts at, tal- attracting, grooming and retaining top talents. While we continue to ent pooling. Partners and senior lawyers of the firm train and recruit ramp up external hiring of experienced lawyers, the firm regards the outstanding talents by mentoring, and actively share their develop- grooming and selection of high-quality graduates as an extremely ment achievements and intellectual fruits. Zhong Lun is home to important task in talent pool building. By offering systematic train- nearly 300 top partners who are experts in specific fields, and has ing programs and talent development schemes, we sharpen the pro- heavyweight partners who are well respected in the legal profession fessional skills and knowledge of our employees, and actively help to lead each of its main service areas, thus forming a good human and guide them in their career development. In addition to providing resources structure to ensure that the firm’s capabilities, practices competitive remunerations and benefits, the firm identifies and re- and spirit of ingenuity will be passed to next generations. wards outstanding employees by continuously improving appraisal and incentive mechanisms to enhance our ability to retain and attract high-performing employees.”

中伦律师事务所金杜律师事务所成立时间：1993年成立时间：1993年（中国）亚洲办公室数量：11个亚洲办公室数量：14个中伦律师事务所是中国司法部最早批准设立的合伙制律师事务所金杜律师事务所是一家总部位于亚洲的全球性律师事务所。作为之一。经过数年快速、稳健的发展壮大，中伦在北京、上海、在中国、香港、澳大利亚、英国、美国和欧洲重要法域拥有执业深圳、广州、武汉、成都、重庆、青岛、杭州、东京、香港、伦能力的国际化律师事务所，金杜在全球最具活力的经济区域都拥敦、纽约、洛杉矶及旧金山15个城市设立了办公室，成为中国有相当的规模和法律资源优势。金杜被认为是全球最具创新力的规模最大的综合性律师事务所之一。在专业领域方面，中伦擅长律所之一，能够提供与众不同的商业化思维和客户体验。金杜律资本市场/证券、房地产、收购兼并、诉讼仲裁、银行与金融、师事务所的主要业务领域包括公司并购、证券与资本市场、私募知识产权等28个业务领域。此外，中伦与多家境内外知名律师股权及投资基金、银行与融资、竞争与贸易监管、国际贸易、劳事务所拥有良好的合作关系，有能力为客户在境内外的商务活动动法、税务、海关、环境法、争议解决、知识产权等业务领域。提供有力的高质量法律支持。金杜中国管理合伙人王玲表示，“面对人才市场的激烈竞争，金中伦律师事务所资深合伙人王霁虹表示，中伦律师事务所一直注杜的人才战略始终紧紧围绕事务所发展目标，高度重视优质人才重人才储备工作，持之以恒，常抓不懈，中伦合伙人及资深律师的吸引、培养和保留。在加强从外部市场招聘有经验律师的同以“传帮带”式培养和吸纳优秀人才，积极分享发展成果和智力成时，事务所把培养和选拔高质量的毕业生作为人才队伍建设的一果。中伦汇聚了近三百位专精于各特定业务领域的优秀合伙人，项极为重要的工作；通过提供系统化的培训课程和人才发展计并在律师服务的主要领域均有行业内认可的重量级合伙人牵头，划，提高员工的工作技能和专业知识，积极帮助和指导员工的职形成良好的人员梯队结构，实现能力传承、业务传承以及“匠心” 业发展；在提供具有市场竞争力的薪酬福利待遇的同时，通过不精神的信念传承。断改进考核和激励机制，发现和奖励业绩优秀员工，提高事务所对于优秀员工的保留力和吸引力。”

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 25 COVER STORY

Grandall Law Firm Zhongyin Law Firm Founded in: 1998 Founded in: 1993 Offices across Asia: 24 Offices across Asia: 26 Grandall Law Firm is one of the largest cross-regional partnership firms One of the earliest partnership firms approved by the justice de- in China, and was first founded in June 1998 as Grandall Legal Group partment, Zhong Yin Law Firm is also one of the earliest law firms upon the merger of Beijing Zhang Yongtao Law Firm, Shanghai Wanguo practicing securities law in China, and has now developed into Law Firm and Shenzhen Tangren Law Firm. The firm currently has offices a large-scale specialized firm focusing on finance, securities and in 28 cities including Beijing, Shanghai, Shenzhen, Hangzhou, Guang- legal risk management. At present, the firm has 11 centers of le- zhou, Kunming, Tianjin, Chengdu, Ningbo, Fuzhou, Xi’an, Nanjing, Nan- gal practice in its head office, including finance and securities, le- ning, Jinan, Chongqing, Suzhou, Changsha, Taiyuan, Wuhan, Guiyang, gal risk management, corporate practice and dispute resolution. Urumqi, Zhengzhou, Shijiazhuang, Hong Kong, Paris, Madrid, Silicon Zhong Yin has established strategic partnership with firms in Valley and Stockholm, with practice fields covering securities and capital more than a dozen countries such as the United States, Germany, markets, corporate and commerce, finance and banking, international France and Canada, and trained a large number of lawyers with investment and all the other key areas of economic development. For all international outlook who are able to provide legal support for the numerous service areas it covers, Grandall places particular empha- clients in languages such as English, French, Japanese, Korean sis on outstanding professional services, commercial understanding of and German, which ensures that Zhong Yin’s clients have timely transactions, cost control and rapid response. access to comprehensive and efficient legal services around the Charles Guan, Managing Partner of Grandall (Shanghai), shared with world. Excellent professional services have made Zhong Yin the ALB that attracting and nurturing more top talents is what guarantees most recognized and trusted partner of its clients. and drives a firm’s sustained development, and the keys that enable his firm to attract and develop talents are excellent platforms and superior brand reputation, a multi-level training and development mechanism, a reasonable remuneration structure, a friendly working environment, and a competitive space for development and improvement.

国浩律师事务所中银律师事务所成立时间：1998年成立时间：1993年亚洲办公室数量：24个亚洲办公室数量：26个国浩律师事务所是中国最大的跨地域合伙制律师事务所之一。1998 中银律师事务所是经司法部门批准的我国最早的合伙制律师年6月，国浩律师集团事务所由北京市张涌涛律师事务所、上海市事务所之一，也是我国最早从事证券法律业务的律师事务万国律师事务所、深圳市唐人律师事务所基于合并而共同发起设所，是以金融证券和法律风险管理为主业的大型专业化律立，目前在北京、上海、深圳、杭州、广州、昆明、天津、成都、师事务所。目前，中银律师总部设有金融证券、法律风险管宁波、福州、西安、南京、南宁、济南、重庆、苏州、长沙、太理、公司业务、争议解决等十一个法律业务中心。中银律师原、武汉、贵阳、乌鲁木齐、郑州、石家庄、香港、巴黎、马德与美国、德国、法国、加拿大等十几个国家的律师机构建立里、硅谷、斯德哥尔摩等二十八地设有分支机构。国浩律师事务所了战略合作关系，培养的大量国际化律师人才能以英、法、业务遍及证券与资本市场、公司与商业、金融与银行、国际投资等日、韩、德等多国语言为客户提供法律支持，保障了中银律所有经济发展的重点领域。对涉及的众多服务领域，国浩律师事务师的客户在全球范围内迅速获得全面、高效的法律服务。卓所都特别强调出色的专业服务、对交易的商业理解、成本的控制以越的业务水平让中银律师成为客户最认可、最信赖的伙伴。及快速的反应。国浩律师（上海）事务所管理合伙人管建军表示，吸引和培养更多高素质的人才，是事务所持续发展的保障和动力，优秀的平台和出众的品牌美誉度、多层次的培训和培养机制、合理的薪酬体系、友好的工作环境、具有竞争力的发展和提升空间，是国浩吸引和培养人才的关键。

NOVEMBER 2017 26 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SPONSORED ARTICLE

探索国内大型律所的管理模式高级合伙人与管理合伙人一同谈京都律师事务所的管理之道

北京市京都律师事务所成立于1995年，管理团队专业化是国内较早设立的合伙制律师事务所之一。京都也同样拥有一套独特的职业管理合伙经过二十多年的发展，京都不仅在刑事诉讼人制度。领域居于全国领先地位，并且在公司事务、 “从律所管理的角度来讲，国内大中型律所证券与资本市场、投融资与并购、房地产与都在探索中。目前没有既定的成熟模式可以基础设施、能源与环保、风险防控、涉外及借鉴，而欧美的模式也不能照搬，”公丕国律国际业务、海商海事等方面为客户提供优质师说道，“管理是一门科学，律所有社会性和的法律支持与服务。目前京都所拥有近500 企业性的特殊性，管理学和律师行业特性如名执业律师，并在上海、深圳、大连和天津何结合是大型律所管理面对的一个难题。职设有分支机构。业管理合伙人制度就是京都律师事务所在这公丕国高级合伙人服务综合化方面的创新、探索和实践。” Senior Partner 22年前，京都以刑事诉讼起家，很快发目前多数大型律所的管理角色大多由律展成一家规模性、专业化的大型律师事务师担任，而京都律师事务所的制度则是确立所。而它的独特之处在于律所在刑事诉讼、拥有管理背景和经验的非法律人为律所合伙民商事诉讼和非诉讼领域都具有相当的规人。京都致力于结合专业化、市场化的管理模，是行业中服务综合化的领先者。模式和律师行业的特点，探索和制定适合中国律所发展的管理制度，同时接轨国际化的京都一直秉承走专业化道路的理念，专管理最佳实践，提升律所的战略规划、品牌业律师的安排也对口市场需求。在律师专业推广、市场发展和分配制度等诸多方面。化的基础上，整个律所提倡服务综合化，顺应逐渐增长的多元化法律服务需求。京都管理合伙人方堃说：“目前国内律师行业大多还是采用以律师个人为中心的业务 “我们强调律师个人能力和整体团队的有导向型管理模式，每个人都单独运作自己的机结合，提供真正意义上的综合化法律解决业务。但是一旦律所业务发展得多元化、综方案，”京都律师事务所管理合伙人方堃告合化、大型化，合伙人之间会形成业务分享诉ALB China。与合作，光靠自己形成的规则就不够了，需 “现在很多大型律所都比较侧重非诉讼业要一些制度性的改进。所以我们在优化现行务，而缺少诉讼业务的有机配合和支持，” 制度的过程中要考虑什么样的制度从管理规京都律师事务所高级合伙人公丕国律师说则到分配机制各个方面，能促进律师间的合方堃管理合伙人道。作，激发团队合作的潜能。” Manager Partner 如今大型企业集团需要的法律服务包括企业并购、融资证券、劳动争议、诉讼纠纷分所管理直营化处置、刑事风险防控等，很多律所因为缺少京都律师事务所目前正在筹备在南京开设结语：中国本土律师事务所发展历诉讼业务的基础，所以在非诉讼领域所能提分所，依循一贯的直接管理、直接投资的模史短，律所管理模式正在探索中，“ 供的服务也相对比较单薄。式来保证服务质量，促进分所与总所一起发因地制宜，因时制宜”才能走出一条 “当今市场中，客户需求也呈现多样化趋展。符合自身实际的发展道路。京都律势，很多方面比如刑事风险防控、合规等相 “开设分所的指导思想是先做强、再做大，师事务所在服务模式综合化、管理关服务已经成为企业特别关注的重要内容之指的是总所的综合实力、专业水平和制度设团队专业化、分所管理直营化等方一。”方堃说道。立方面要先做强，再设立分所，扩大规模。” 面的探索值得业内人士关注，也期公丕国律师说：“诉讼律师更擅长利用处公丕国律师说。待京都律师事务所在探索道路上营造出“京都发展加速度”的新常态。理案件的经验在非诉讼项目中，更有效地即将成立的南京分所是传播京都理念的发现一些风险点，从而达到预防风险的目平台，与当地律师共享经验、资源，共同合的。” 作、发展，为提升当地的整个法律行业服务公丕国律师也是大力促成京都律师事务水平出一份力。所民商诉讼研究中心成立的主力之一。民商另外，京都南京分所也将聘请当地优秀诉讼研究中心是一个开放式平台，并拥有国的律师加入，继续实现人才本土化，为在诉地址：北京市朝阳区景华南街5号远内外专家资源。讼、非诉讼领域有法律服务需求的中高端客洋·光华国际C座22-23层京都的另一个服务特点是实务与研究的户提供服务。 Add: 22-23 Floor, Tower C, Office Park, 融合，律所积极推动法律研究中心的建设发 “我们绝不走单纯的快速扩张道路，也不实 No.5 Jinghua South Street, Chaoyang District, Beijing, 100020 展，基于业务但超越业务去做法规方面的研行挂靠制度，”方堃说道，“京都分所将立足电话 Tel: 57096000 究。京都在实务与理论相结合方面作出的努南京，辐射东南沿海区域。” Email: [email protected] 力也得到了业内同行的认可。邮箱

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

Beijing DHH Law Firm Zhonglun W&D Law Firm Founded in: 1993 Founded in: 1992 Offices across Asia: 27 Offices across Asia: 18 Beijing DHH Law Firm is one of China’s largest full-service business law Headquartered in Beijing, Zhonglun W&D Law Firm is among firms with offices in major cities such as Beijing, Shanghai, Shenzhen, the first batch of partnership firms established upon approval by Qingdao, Jinan, Guangzhou, Chengdu, Harbin, Hong Kong, Washington, the Ministry of Justice. After years of development, the firm has Toronto, Moscow and St. Petersburg. It is the first Chinese firm to set up developed into a large global full-service law firm with excellent an office in Washington DC, and also a frontrunner in the Russian legal track records in 28 practice fields including corporate securities, services market. DHH advocates for legal cooperation in Europe, Austra- trusts, funds, energy and intellectual property. Zhonglun W&D lia, East Asia and the Association of Southeast Asian Nations, and many is committed to practicing and implementing its philosophy of of its lawyers have experience of practicing in multiple countries and “leading the times, creating the future, connecting the world, can provide services in multiple languages. The main practice areas of supporting China’s growth” throughout its work. The firm led the DHH include international trade and customs, cross-border investment, establishment of the world’s first international legal alliance ini- finance, insurance, funds, securities, corporate, intellectual property, real tiated by a Chinese law firm - Global Law Alliance, with members estate, dispute resolution, criminal defense, among others. from all over the world including the United Kingdom, the United Jiang Qi, Chairman of Beijing DHH Law Firm, said that pursuing “big States, Saudi Arabia, Cyprus, Italy, the Netherlands, Singapore, platform and high standards” is one of the key elements contributing to etc. the firm’s rapid development in the past three years, while “competent Tian Lei, senior partner of Zhonglun W&D and a member of its lawyers and strong performance” are the major drivers for the sustained executive committee, told ALB:” Partners, young associates and development of the firm going forward. To train “competent lawyers”, ef- paralegals are all treated equally as business partners in Zhon- forts shall be made in the four areas of training, teamwork, platform and glun W&D. Our resource sharing, business exchange, training resources. The prerequisite to attract “competent lawyers” is to provide and young lawyer overseas exchange programs provide the best better services for “competent lawyers” already with the firm, and DHH is platforms for talents, no matter what stage of career they are committed to becoming the firm with best services for its own lawyers in currently in.” China. Second, making efforts to forge chemistry between young and experienced lawyers on the same platform to effectively help newly-joined lawyers achieve performance growth is another factor in the success story of DHH.

北京德和衡律师事务所中伦文德律师事务所创立时间：1993年创立时间：1992年亚洲办公室数量：27个亚洲办公室数量：18个北京德和衡律师事务所是中国规模最大的综合商务型律所之一，在中伦文德律师事务所总部设立于北京，是司法部最早批准设北京、上海、深圳、青岛、济南、广州、成都、哈尔滨、香港、华立的第一批合伙制律师事务所。经过多年的发展，现已成为盛顿、多伦多、莫斯科、圣彼得堡等重要城市设立办公机构，是第一家大型、综合性和国际化的律师事务所，在公司证券、信一家在华盛顿地区设立办公机构的中国律所，也是俄罗斯法律服务托、基金、能源、知识产权等28个专业领域都有着出色的实市场的先行者，倡导在欧洲、澳洲、东亚及东盟的法律合作；众多践经验。中伦文德致力于用实践证明和贯彻“引领时代、开律师拥有多国执业经验，可用不同语言服务，主要业务包括国贸海创未来、连接世界、护航中国”的信念，主导设立了全球第关、跨国投资、金融、保险、基金、证券、公司、知识产权、房地一家由中国律师事务所发起的国际法律联盟组织——全球法产、争议解决、刑辩等。律联盟（Global legal Alliance)，会员已遍布英国、美国、北京德和衡律师事务所总所主任蒋琪表示，“大平台、严规范”是徳和沙特、塞浦路斯、意大利、荷兰、新加坡等地。衡过去三年迅速发展的要素之一,“好律师、强业绩”是引领徳和衡末中伦文德执行委员会委员、高级合伙人田磊律师表示：“中来持续发展的主要动力。培养“好律师”要从培训、团队、平台、资伦文德人将合伙人、青年律师和助理都平等地视作事业伙源四方面入手。引进“好律师”首先要为引进的“好律师”提供更好的服伴。资源分享、业务交流、培训和青年律师海外交流等制度务，德和衡立志做中国服务律师最好的律所。其次，努力形成新老为处于职业生涯各个阶段的人才都提供了最佳的平台！” 律师之间在同一平台上的化学反应，从而有效帮助引进律师形成业绩增长也是德和衡的成功经验。

NOVEMBER 2017 28 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 Top 50 International Law Firms 國際律所 50 强 2017 Rank Rank Change Firm Headquarters Partners Associates Total No. of 2017年 from 2016 律所名称总部合伙人律师 Lawyers^ 排名与2016年的排律师总数^ 名变化 1 = Baker McKenzie 贝克·麦坚时国际律师事务所 U.S. 美国 307 550 942 2 up 上升 Linklaters UK 年利达律师事务所 UK 英国 58 374 432 3 down 下降 Clifford Chance 高伟绅律师事务所 UK 英国 79 250 377 4 up 上升 DLA Piper 欧华律师事务所 UK英国/U.S. 美国 57 189 246 5 up 上升 Hogan Lovells 霍金路伟律师事务所 UK英国/U.S. 美国 51 178 233 UK 英国/ 6 down 下降 Herbert Smith Freehills 史密夫·斐尔律师事务 52 144 230 Australia 澳洲 7 up 上升 Mayer Brown JSM 孖士打律师事务所 U.S. 美国 78 140 227 8 up 上升 Norton Rose Fulbright 诺顿罗氏律师事务所 UK 英国 62 134 226 9 up 上升 Allen & Overy 安理国际律师事务所 UK 英国 45 165 221 10 up 上升 Jones Day 众达律师事务所 U.S. 美国 54 91 186 11 up 上升 Eversheds 安睿国际律师事务 UK 英国 43 140 185 12 up 上升 Morrison Foerster 美富律师事务所 U.S. 美国 61 119 180 13 down 下降 Ashurst 亚司特律师事务所 UK 英国 35 128 163 14 up 上升 Morgan, Lewis & Bockius 摩根路易斯律师事务所 U.S. 美国 45 66 148 15 down 下降 Freshfields Bruckhaus Deringer 富而德律师事务所 UK 英国 40 82 141 16 down 下降 White & Case 伟凯律师事务所 U.S. 美国 55 84 139 17 down 下降 Sidley Austin 盛德律师事务所 U.S. 美国 27 107 138 18 down 下降 Reed Smith 礼德律师事务所 U.S. 美国 44 74 135 19 down 下降 Stephenson Harwood 罗夏信律师事务所 UK 英国 36 94 132 20 up 上升 Latham & Watkins 瑞生律师事务所 U.S. 美国 35 95 131 21 down 下降 Taylor Wessing 泰乐信律师事务所 UK 英国 39 66 121 22 up 上升 HFW 夏礼文律师事务所 UK 英国 38 80 118 23 down 下降 K&L Gates 高盖茨律师事务所 U.S. 美国 53 58 111 24 up 上升 Clyde & Co 其礼律师事务所 UK 英国 36 65 102 25 down 下降 Bird & Bird 鸿鹄律师事务所 UK 英国 30 69 99 26 = Davis Polk & Wardwell 达维律师事务所 U.S. 美国 12 63 96 27 up 上升 Kirkland & Ellis 凯易律师事务所 U.S. 美国 35 56 91 COVER STORY

28 up 上升 Watson, Farley & Williams 华盛国际律师事务所 UK 英国 22 63 88 29 down 下降 Skadden, Arps, Slate, Meagher & Flom 世达律师事务所 U.S. 美国 18 68 86 30 = Simmons & Simmons 西蒙斯律师事务所 UK 英国 38 19 85 31 up 上升 Squire Patton Boggs 翰宇律师事务所 U.S. 美国 17 44 79 32 = Shearman & Sterling 谢尔曼·思特灵律师事务所 U.S. 美国 26 36 72 33 up 上升 Ropes & Gray 瑞格律师事务所 U.S. 美国 19 41 72 34 up 上升 Paul Hastings 普衡律师事务所 U.S. 美国 27 36 68 UK 英国/ 35 up 上升 CMS 德和信律师事务所 17 47 65 Germany 德国 36 up 上升 Simpson Thacher & Bartlett 盛信律师事务所 U.S. 美国 14 51 65 37 down Kennedys 肯尼狄律师事务所 UK 英国 26 38 64 38 up 上升 Berwin Leighton Paisner 博闻律师事务所 UK 英国 18 43 62 39 up 上升 O'Melveny & Myers 美迈斯律师事务所 U.S. 美国 15 22 57 40 down 下降 Orrick, Herrington & Sutcliffe 奥睿律师事务所 U.S. 美国 20 29 52 41 down 下降 Cleary Gottlieb Steen & Hamilton 佳利律师事务所 U.S. 美国 8 37 52 42 down 下降 Ince & Co 英士律师事务所 UK 英国 16 26 51 43 down 下降 Milbank, Tweed, Hadley & McCloy 美邦律师事务所 U.S. 美国 13 35 51 44 = Slaughter and May 司力达律师事务所 UK 英国 12 38 50 45 down 下降 Pinsent Masons 品诚梅森律师事务所 UK 英国 33 16 49 46 down 下降 Duane Morris & Selvam 杜恩·莫里斯律师事务所 U.S. 美国 18 19 44 47 up 上升 Troutman Sanders 长盛律师事务所 U.S. 美国 10 23 38 Paul, Weiss, Rifkind, Wharton & Garrison 48 up 上升 U.S. 美国 7 25 35 宝维斯律师事务所 49 down 下降 Winston & Strawn 温斯顿律师事务所 U.S. 美国 9 19 28 50 = Weil, Gotshal & Manges 威嘉律师事务所 U.S. 美国 8 14 25 ^Total No. of lawyers is the total number of partners and associates, as well as other counsel, consultants and foreign counsel. Paralegals, trainees and pupils were not included. ^“律师总人数”指的是合伙人、律师、法律顾问、咨询顾问和外籍法律顾问的总人数，不包括律师助理、实习律师和见习律师等。

Top 50 Asian Law Firms 亚洲律所 50 强 2017 Rank Rank Change Firm Headquarters Partners Associates Total No. of 2017年 from 2016 律所名称总部合伙人律师 Lawyers^ 排名与2016年的排律师总数^ 名变化 1 = Yingke Law Firm 盈科律师事务所 China 中国 1860 3602 5462 2 = Dentons Dacheng China 大成律师事务所 China 中国 1547 3360 4966 3 = DeHeng Law Offices China 德恒律师事务所 China 中国 482 1812 2446 4 = AllBright Law Offices China 锦天城律师事务所 China 中国 508 1480 1988 5 = Zhong Lun Law Firm China 中伦律师事务所 China 中国 372 1276 1658 China 中国/ 6 up 上升 King & Wood Mallesons 金杜律师事务所 326 1275 1645 Australia 澳洲 7 = Grandall Law Firm China 国浩律师事务所 China 中国 400 1200 1600 8 down 下降 Zhong Yin Law Firm China 中银律师事务所 China 中国 303 1109 1412 9 up 上升 Beijing DHH Law Firm 北京德和衡律师事务所 China 中国 102 1059 1161 10 = Zhong Lun W&D Law Firm 中伦文德律师事务所 China 中国 402 712 1147 11 down 下降 Long An Law Firm 隆安律师事务所 China 中国 150 850 1100 12 down 下降 Kim & Chang South Korea South Korea 韩国 130 730 860 13 up 上升 JunHe 君合律师事务所 China 中国 182 446 686 14 up 上升 Jincheng Tongda & Neal 金诚同达律师事务所 China 中国 202 482 684 15 up 上升 Tahota Law Firm 泰和泰律师事务所 China 中国 150 510 660 16 up 上升 Hiways Law Firm 海华永泰律师事务所 China 中国 102 460 647 17 down 下降 Rajah & Tann 立杰律师事务所 Singapore 新加坡 231 401 632 18 down 下降 Cyril Armarchand Mangaldas India 印度 100 501 613 19 up 上升 Lee & Ko South Korea South Korea 韩国 183 420 603 20 down 下降 Guanghe Law Firm 广和律师事务所 China 中国 201 391 592 21 down 下降 Bae, Kim & Lee South Korea 韩国 204 377 581 22 up 上升 Guantao Law Firm 观韬中茂律师事务所 China 中国 153 406 567

NOVEMBER 2017 30 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版

COVER STORY

23 down 下降 Nishimura & Asahi 西村·朝日法律事务所 Japan 日本 131 383 565 24 down 下降 Beijing Tiantai law Firm 天驰君泰律师事务所 China 中国 210 338 562 25 up 上升 Fangda Partners 方达律师事务所 China 中国 92 460 552 26 down 下降 Khaitan & Co India 印度 112 426 538 27 down 下降 Sichuan Mingju Law Firm 四川明炬律师事务所 China 中国 75 452 527 28 = Shardul Armarchand Mangaldas & Co India 印度 91 409 506 29 down 下降 Allen & Gledhill Singapore Singapore 新加坡 181 284 467 30 up 上升 ETR Law Firm 广信君达律师事务所 124 324 448 31 up 上升 Mori Hamada & Matsumoto Japan Japan 日本 106 341 447 32 down 下降 Jointide Law Firm 众成清泰律师事务所 China 中国 131 303 446 33 = Yulchon South Korea 韩国 150 269 420 34 New 新上榜 Duan & Duan 段和段律师事务所 143 267 410 35 down 下降 Shin & Kim South Korea 韩国 162 204 404 36 up 上升 Anderson Mori Tomotsune Japan 日本 122 227 397 37 up Nagashima Ohno & Tsunematsu Japan 日本 101 237 393 38 up 上升 Yoon & Yang South Korea 韩国 123 198 390 39 down 下降 AZB & Partners India 印度 65 310 375 40 up 上升 Global Law Office 环球律师事务所 China 中国 84 285 369 41 down 下降 WongPartnership Singapore 新加坡 122 243 367 42 = Luthra & Luthra India 印度 61 292 353 43 = King & Capital 京都律师事务所 China 中国 113 229 347 44 down 下降 JunZeJun Law Offices 君泽君律师事务所 China 中国 103 243 346 45 New 新上榜 Zhongwen Law Firm 中闻律师事务所 154 173 327 46 up 上升 East & Concord Partners 天达共和律师事务所 China 中国 96 226 322 47 down 下降 Tian Yuan Law Firm 天元律师事务所 China 中国 106 212 318 48 up 上升 TMI Associates Japan 日本 90 224 314 49 down 下降 J. Sagar Associates India 印度 89 203 297 50 down 下降 Hylands Law Firm 浩天信和律师事务所 China 中国 80 164 294 ^Total No. of lawyers is the total number of partners and associates, as well as other counsel, consultants and foreign counsel. Paralegals, trainees and pupils were not included. ^“律师总人数”指的是合伙人、律师、法律顾问、咨询顾问和外籍法律顾问的总人数，不包括律师助理、实习律师和见习律师等。

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“A quarter of the population of Malaysia are ethnic Chinese Even as Chinese authorities clamp down on outbound and the Chinese cultures have been deeply rooted in investments, investment activity from the mainland Malaysia. As such, many Chinese investors prefer to invest or stay in Malaysia due to the many similarities shared between into Malaysia remains substantial. Malaysia and China.” By David Ho – Lee Kien Han, Han & Partners 虽然中国政府采取措施限制对外投资，中国大陆投资 “马来西亚四分之一的人口是华人，中国文化已经深深植根于马来西者在马来西亚的投资活动仍然相当活跃。亚；所以许多中国投资者更愿意到马来西亚投资或者留在这里，因为马来西亚和中国有许多相同之处。” David Ho报道 — 李健涵，李健涵律师事务所

espite Chinese authorities clamping down on outbound investments, 然中国政府采取措施限制对外投资，中国大陆投资者在 investment activity from the mainland into Malaysia remains substantial. 马来西亚的投资活动仍然相当活跃。 D According to real estate agency Knight Frank, Malaysia is the third-favourite 虽莱坊房地产咨询公司（Knight Frank）的数据显示， choice for Chinese developers. Mainland Chinese also formed the majority of the 马来西亚是中国房地产开发商的第三大首选目标。此外，东南亚 residential land transactions in the Southeast Asian nation, of which 35 percent of 国家大多数住宅用地交易参与者是来自中国大陆的投资者；在过 all transactions were by foreign buyers in the last five years. 去的五年中，35％的住宅用地由外国买家购得。 “Apart from the conducive business environment in Malaysia, many investors are “除了有利的商业环境，马来西亚的地理优势和文化多样性也倍 also fond of geographical advantages and cultural diversities of Malaysia. Malaysia 受投资者青睐。马来西亚位于东南亚的中心地带，是进入东盟市 is located at the heart of the ASEAN, making it an ideal platform to access ASEAN’s 场的理想门户——东盟国家拥有6亿人口，GDP达2万亿美元。此 population base of 600 million and a total Gross Domestic Product (GDP) of USD2 外，马来西亚还被认为是自然灾害发生率较低的避风港，”马来西 trillion. In addition, Malaysia is considered as a safe haven with low occurrence of 亚本土律所李健涵律师事务所的管理合伙人李健涵律师介绍说。 natural disasters,” says Lee Kien Han, managing partner of Han & Partners. 许多在马来西亚的中国房地产开发商都将销售目标人群锁定在 Many of the Chinese developers in Malaysia target buyers from their homeland 来自中国的买家，他们的许多住房项目都是针对来自中国的购房 to sell the numerous houses they plan to build. “A quarter of the population of Malaysia are ethnic Chinese and the Chinese 者。 cultures have been deeply rooted in Malaysia. As such, many Chinese investors “马来西亚四分之一的人口是华人，中国文化已经深深植根于马 prefer to invest or stay in Malaysia due to the many similarities shared between 来西亚；所以许多中国投资者更愿意到马来西亚投资或者留在这 Malaysia and China,” Lee says. 里，因为马来西亚和中国有许多相同之处，”李律师说。 Notable real estate projects include Country Garden’s Forest City, a $100 billion 比较有名的房地产项目包括碧桂园的森林城市，该项目位于马 construction across four artificial islands in southern Malaysia. 来西亚南部，横跨四个人工岛屿，由碧桂园投资1000亿美元打 Once completed, it will house 700,000 people in an area four times the size of 造。 New York’s Central Park. The artificial city will have office towers, parks, hotels, 项目建成后将能够容纳70万人，占地面积相当于4个纽约中央公 shopping malls and an international school, all draped with greenery. Construction 园。这座智慧生态大城将包括办公大楼、公园、酒店、购物中心 began in February last year and sales have been brisk with about 8,000 apartments 和国际学校，全城绿化。该项目去年2月开始建设，销售旺盛，前 sold in the first 10 months. 10个月共售出8000套公寓。 GOVERNMENT WELCOME 政府表示欢迎 The Malaysian government have welcomed such projects and set up policies that 马来西亚政府对这些项目表示欢迎，并出台政策鼓励马来西亚的 are encouraging real estate development and building construction in Malaysia. 房地产开发和建设。 “To date, the Central Bank of Malaysia (BNM) maintains the Overnight Policy “迄今为止，马来西亚央行将隔夜政策利率（OPR）维持在 Rate at 3.00 per cent. The stable monetary policies implemented by BNM have 3.00%。此外，马来西亚央行推行稳健的货币政策，为房地产和 nurtured a favourable environment for real estate and construction sector and 建筑行业营造了良好的环境，同时允许相关的行业参与者和投资 allows the relevant industry players and investors to manage their fiscal risks and 者能够管理财务风险，使他们有更大的信心参与房地产和建筑行 enhance their confidence to be more involved in the real estate and construction 业，”李健涵律师事务所中国实务团队的李斯灿律师指出。 industry,” points out Alvin Lee Sze Chang, an associate with the Chinese practice “政府提出的2017年财政预算案也特别强调了与马来西亚中低 group of Han & Partners. “In addition, the Budget 2017 tabled by the government, had a strong emphasis 收入人士有关的房地产和建筑行业。此后，政府一直与外国和本 on real estate and construction sectors relevant to the middle and low-income 地企业合作，引进更多的保障性住房项目，包括一马房屋计划 Malaysians. Since then, the government has been partnering with foreign and （PR1MA），联邦直辖区可负担房屋计划（Rumawip），我的雪 local entities to introduce more affordable housing projects (i.e. PR1MA, Rumawip, 兰莪房屋计划（Rumah Selangorku）等，同时发展可促进连通性 Rumah Selangorku etc) and develop infrastructure that will boost connectivity (i.e. 的基础设施，例如轻轨和捷运线路，泛婆罗洲公路等，”李斯灿律 LRT and MRT lines, Pan Borneo Highway etc),” he adds 师补充说。 Chinese investors interested in or considering Malaysia as an opportunity may 对马来西亚感兴趣或将马来西亚作为投资机会的中国投资者 obtain relevant investment information from the Malaysian Investment Development 可以从多种渠道获得相关投资信息，包括：马来西亚投资发展局

34 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 MALAYSIA Authority (MIDA) and numerous Malaysia-China business associations, including Malaysia （MIDA），以及众多的马中商业协会，如马来西亚一带一 One Belt One Road Association and Malaysia-China Chamber of Commerce. 路总商会，马来西亚–中国总商会等。 “Chinese investors are encouraged to pay more attention to the real estate trends and “鼓励中国投资者更多地关注马来西亚的房地产趋势和投 investment opportunities in Malaysia, whether public or private projects. They should also 资机会，包括公共和私人项目。他们还应该与当地的商业分 explore different modes of investments with local business affiliates as well as taking 支机构探讨不同的投资模式，并利用投资激励措施，”李健 advantage of the investment incentives,” says Chiam Jef Fri, an associate with the Chinese 涵律师事务所中国实务团队的詹杰辉律师说。“例如，截至 practice group of Han & Partners. “For example, a company with Iskandar Development 2020年马来西亚依斯干达开发区（IDR）的企业在马来西亚 Region (IDR) status can enjoy up tax exemption up to year 2020 on income from rental or 依斯干达美迪尼（Medini）地区的核准区域内租赁或出售建 sale of buildings in the approved area within Medini, Iskandar Malaysia. 筑物所得的收入可享受免税待遇。” “Chinese investors should take note that the local regulatory framework in both Malaysia 詹律师补充说：“中国投资者需要注意，马来西亚和中国 and China can be significantly different,” Chiam adds. 的地方监管框架可能会有很大的不同。” Generally, the laws of Malaysia and China are respectively based on the common law 一般来说，马来西亚和中国的法律分别基于普通法系和大 system and civil law system respectively. The different legal systems of both countries 陆法系。两国不同的法律制度不可避免地会导致其法律的解 inevitably lead to different approach towards the interpretation, execution and enforcement of laws. Particularly in relation to real estate and construction industries, the property laws 释、执行以及执法方式的不同；特别是在房地产和建筑行业 and regulations prescribed by each local state government may vary from state to state 方面，马来西亚各个州关于财产的法律法规各不相同。 of Malaysia. 因此，如果投资者没有做尽职调查并寻求合格的法律专 Therefore, any investors who does not do their due diligence and seek advice of qualified 业人士的意见，可能会面临违反马来西亚法律的巨大风险。 legal professionals may be exposed to great risk of falling foul of the laws of Malaysia. “除了依靠马来西亚的商业分支机构给出的建议，中国投 “Apart from relying on the advice of their Malaysian business affiliates, Chinese investors 资者还应该聘请当地的法律顾问来确保他们的投资顺利实 should also engage local legal counsels to ensure the smooth implementation of their 施，”詹律师说。 investments,” says Chiam. 如果能找到适当的帮助，投资者在马来西亚的发展前景相 But once proper assistance is sought, it looks promising for investments in the country. 当看好。 “In line with the upward revision of Malaysia’s GDP forecast by World Bank, International “世界银行对马来西亚的GDP预测上调。国际货币基金组 Monetary Fund (IMF) has recently upgraded its forecast on Malaysia’s economic growth to 织（IMF）近期根据2017年可观的经济数据将马来西亚今年 4.8 percent for this year based on impressive economic data for 2017,” says Lee Kien Han. 的经济增长预期上调至4.8％，”李健涵律师说。 “With the solid outlook forecasted by these authoritative global financial institutions, “由于这些权威的全球金融机构预测马来西亚的发展前景 the market is confident that Malaysia is heading towards the right direction to a higher 稳健，市场相信马来西亚正朝着更高经济增长和发展的方向 economic growth and development,” he adds. 迈进，”他补充说。

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LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 35 OFFSHORE “Generally, a lot of purchases have been happening in ASEAN countries, particularly Singapore, Indonesia and Malaysia. OFFSHORE OUTLOOK Fintech and renewable energy have been and 离岸前景 will continue to be key sectors for As an eventful 2017 draws to a close, offshore law firms corporate M&A in discuss some of the key business trends in Asia this year, the ASEAN region.” and what the year 2018 holds. — Anthony McKenzie, Carey Olsen BY DAVID HO “总的来说，东盟国家，特别是新加随着多事之秋的2017年即将结束，离岸律师事务所讨论今年亚坡、印尼和马来西亚，有很多收购洲的一些主要业务趋势，以及对2018年的展望。业务。金融科技和可再生能源已作者：David Ho 经是、且将继续成为东盟地区企业并购的关键行业。” 2017年接近尾声了。今年， From a rebounding economy in Malaysia and — Anthony McKenzie, Carey Olsen local elections in Cambodia to political unrest in 亚洲地区事件频发，比如马来西亚 North and South Korea and demonitization in India, 经济复苏，柬埔寨举行了地方选 it’s been quite a ride for the region as yet another 举，韩国和朝鲜政局动荡，印度废 eventful year draws close to an end. 除纸币等。 We look at how the year has panned out through 我们从离岸律师事务所的视角来 the lens of offshore law firms and whether they think 回顾一下2017年的大事件，以及它 2018, the Year of the Dog in the lunar calendar, will 们觉得在农历狗年的2018年，情况 go to the dogs or be quite fetching. 是会恶化还是会相当令人振奋。 LOOKING BACK 回顾2017 After a somewhat sluggish 2016, things seemed to 在经历了2016年的低迷之 have picked up this year. 后，2017年势头似乎有所上升。 The International Monetary Fund’s (IMF) economic 国际货币基金组织（IMF）对亚 outlook for Asia and the Pacific estimates growth 太地区的经济展望估计，该地区今 for the region to increase this year to 5.5 percent, 年的增长率将达到5.5％，2016年 compared to 5.3 percent in 2016. The economic 则为5.3％。该地区主要市场的经 health of key markets in the region seem to be 济发展向好，似乎能支撑这一增长 supporting this increase. 预测。 The head of the China Desk of the economics 经济合作与发展组织（OECD） department at the Organization for Economic 经济部中国事务负责人日前指出， Cooperation and Development (OECD) recently 今年上半年中国经济的表现“超出 noted that the economic performance of China 预期” ，并预计一旦靴子落地之 during the first half of this year was “beyond expec- 后，下半年的经济表现可能会从上 tations” and estimates that the second half will likely 半年的强劲势头中继续受益。 benefit from the carry-over effects once all is said 在亚太其他地区，东盟 and done. （ASEAN）10个成员国的经济增

36 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 OFFSHORE

长看起来颇为健康，2017年第二季度录得自 2013年第三季度以来的最佳GDP表现。经济分析公司FocusEconomics预测区域第三季度 GDP增长为4.9％，基本保持第二季度5％的增长趋势。这一稳定的增长势头由外部需求作为后盾，该需求支持东盟地区出口的增长。东盟主要经济体三季度的贸易数据较为乐观：7月份马来西亚和菲律宾的出口增长较快，而8月份印尼重回贸易顺差。对离岸律所来说，健康的经济表现能转化为蓬勃的业务。例如，Collas Crill律师事务所称：“自2011 年在新加坡开业以来，2017年是我们新加坡 Elsewhere in the region, the economic with an aggregate deal value of HK$45.72 办事处最忙的一年。”该所最近在香港新设了 growth across the 10 members of the billion [$5.858 billion]. Active industry 一个代表处。 Association of Southeast Asian Nations sectors included construction and engi- 与此同时，今年在香港庆祝十周年的奥杰律 (ASEAN) looks to be healthy after the neering, consumer services and tech- 师事务所也业务繁忙。该所表示，其金融和公 second quarter of 2017 recorded the best nology,” he says. 司业务团队在“2017年下半年非常忙碌”，且预 GDP performance since the third quarter “The same is true globally, where 计工作将稳步带入新一年。 of 2013. Economic analysis company strategic M&A transactions have 康德明律师事务所合伙人兼香港办事处负 FocusEconomics expected regional GDP decreased. This is not surprising given geo- 责人Christopher Bickley说：“到2017年三季 to grow 4.9 percent in Q3, keeping up with political uncertainties. However, consor- 度，亚洲对离岸法律顾问处理资本市场业务的 the trend shown in Q2’s 5 percent growth. tium bids led by private equity have offset 需求依然强劲。” The steady momentum is backed by some of this decline,” Bickley continues. 但是，Bickley指出，并购活动并不十分活 external demand that is supporting Anthony McKenzie, a partner at Carey 跃。 increased export flows from the ASEAN Olsen’s Singapore office, shares a similar “亚洲市场的并购活动增长依旧缓慢，交易 region. Recent trade data for Q3 from major view. “During the first half of this year, 量和交易额均出现下滑。2017年前六个月， economies have been looking optimistic: there has been wider decrease across Asia. 香港联交所上市公司共有68次股权收购，总 export growth raced up in Malaysia and the Inbound activity in the Asia Pacific region 交易额为457.2亿港元[58.58亿美元]。活跃的 Philippines this July, and Indonesia’s trade made up most of the deal and volume,” 行业包括建筑和工程，消费服务和科技，”他 balance returned to a surplus showing in he says. 说。 August. But McKenzie says that M&A value and “放眼全球，情况也同样如此，战略并购交 For offshore firms, healthy economic volume in Southeast Asia is higher than it 易减少了。考虑到地缘政治的不确定性，这并 performances translates to booming was last year. He expects the growth trend 不奇怪。不过，由私募股权牵头的联合体竞标 business. to continue. 抵消了一部分的下滑，”Bickley继续说道。 Collas Crill, for example, is reporting that “Generally, a lot of purchases have been Carey Olsen律师事务所新加坡办事处合伙 “2017 has been one of the busiest years yet happening in ASEAN countries, particu- 人Anthony McKenzie也持类似看法。 “今年上 for our Singapore office since we opened in larly Singapore, Indonesia and Malaysia. 半年，亚洲各地区都出现了较大下滑。进入亚 2011.” The firm recently set up a new repre- Fintech and renewable energy have been 太地区的并购活动是大头，占了大部分的交易 sentative office in Hong Kong. and will continue to be key sectors for 量，”他说。 Meanwhile, Ogier, which has celebrated corporate M&A in the ASEAN region,” he 但McKenzie指出，东南亚的并购交易额和 a decade in Hong Kong this year, also says. 交易量都要高于去年。他预计这一增长趋势将 reports a bustling time. The firm says that But McKenzie observes that offshore 继续。 its finance and corporate teams are “having insolvency and restructuring has “been a “总的来说，东盟国家，特别是新加坡、印 a very busy second half of 2017” with work bit flat” this year. He believes this is due 尼和马来西亚，有很多收购业务。金融科技和 expected to flow steady into the new year. to the fact that Hong Kong and Chinese 可再生能源已经是、且将继续成为东盟地区企 “Through the third quarter of 2017, banks and bondholders have been 业并购的关键行业，”他说。 demand for offshore legal counsel in Asia reluctant to take enforcement on insol- 但是McKenzie也注意到，今年离岸破产和 remained strong for capital markets work,” vency proceedings. 重组业务“表现平平”。他认为这是由于香港和 says Christopher Bickley, partner and head GOING FORWARD 中国内地的银行和债券持有人不愿意对破产程 of Conyers Dill & Pearman’s Hong Kong The IMF expects the growth rate for Asia 序进行强制执行导致的。 Office. to remain strong at 5.4 percent in 2018, 展望2018 However, Bickley notes that M&A has as the region continues to be the leader IMF预计，2018年亚洲的经济增长率将保持在 not been quite as active. of global growth. 5.4％的强劲水平，该地区仍然是全球经济增 “Growth in Asian M&A activity remains “While there is a wave of protectionism 长的领跑者。 slow, with both deal volume and value and nationalism sweeping the globe at “目前全球范围内出现了一波保护主义和民 declining. The first six months of 2017 present, the opportunities offered by 族主义的浪潮，但南亚和太平洋地区发达和发 saw 68 equity acquisitions among Stock developed and developing markets in Exchange of Hong Kong listed companies, 展中国家市场的机遇令人鼓舞。从我们目前的

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 37 OFFSHORE “Significant construction projects are underway, driving demand for infrastructure investment. Offshore Financial Centre (OFC) vehicles have been at the core of the development and financing of Asian infrastructure projects and cross-border deals for over 30 years, which we expect will continue as China’s Belt & Road initiative progresses.”

— Christopher Bickley, Conyers Dill & Pearman “大的建设项目正在进行，推动了对基础设施投资的需求。离岸金融中心工具三十多年来一直是亚洲基础设施项目和跨境交易发展和融资的核心，我们预计这一趋势随着中国‘一带一路’倡议的推进将继续发展。” — Christopher Bickley，康德明律师事务所

South Asia and Pacific are encouraging. In For China, Bickley believes growth will 观察来看，马来西亚和泰国尤其将在相对程度上 particular, what we see at present would remain largely similar to this year. 引领发展，”Collas Crill香港办事处代表Simon suggest that Malaysia and Thailand will “The OECD predicts China’s GDP Fraser说。 lead the way on a relative basis,” says growth rate to decline further to 6.39 上述两国近期的发展似乎印证了Fraser的观 Simon Fraser, the Hong Kong represent- percent in 2018, whereas the IMF has 点。 ative for Collas Crill. predicted a rate of 6.5 percent. This is, 马来西亚的经济前景乐观，二季度GDP增速 Recent developments in the two however, stronger than the growth rate 明显超过预期。强劲的私人消费和出口改善拉动 countries seem to support Fraser’s view. of 6.0 percent in 2016. We expect 2018 了该国的经济活动。同时，该国货币令吉的升值 The outlook for Malaysia’s economy to be similar to this year,” said Bicklett. 也推波助澜。在近年的大跌后，令吉在上个月飙 has been optimistic after GDP growth In Hong Kong, Bickley says that as 升至近10个月以来的最高位。 notably overshot expectations in the long as the Hang Seng Index continues 在邻国泰国，军政府希望在明年下半年可能 second quarter. Robust private consump- to maintain its current levels, he expect 重返民主制度之前启动1.5万亿泰铢（450亿美 tion and an improved external sector the Hong Kong markets to remain strong 元）的投资计划。支持东部经济走廊计划的法 boosted activity in the country. The buzz for IPOs and capital markets work. He is 律，和对该计划至关重要的基础设施项目的建设 of activity is supported by an apprecia- not alone in his assessment. 可能会在今年年底之前落实。 tion of the ringgit. The currency surged “In the strategic markets that we are “但是，从近期的事件来看，缅甸将落在后 to a near 10-month high last month, after most closely focused on – which is to say 面。如果朝鲜半岛局势进一步升级，可能导致 suffering a slump in recent years. Hong Kong, Shanghai and Tokyo – we see 资本总体上从亚洲撤出，这会削弱近期的预 In neighboring Thailand, the military no reason for anything other than posi- 期，”Fraser警告说。 government is looking to kickstart a tivity and confidence, particularly in asset McKenzie则关注另一个东盟国家，即印尼。 1.5 trillion baht ($45 billion) invest- management work, and in the continued 他说，自今年早些时候获得评级机构评级升级以 ment plan before the country’s possible success of our dispute resolution and 来，印尼可谓出现了真正意义上的复苏。他还表 return to democracy late next year. Laws restructuring & insolvency practice,” said 示，澳大利亚证券交易所已经引起了他的亚洲客 supporting the Eastern Economic Corridor Nicholas Plowman, a partner at Ogier in 户的注意，这些客户已经在该交易所上市了注册 initiative and construction of infrastruc- Hong Kong. ture projects vital to it could be in place “I think the offshore law firms will 地在开曼群岛的公司。 by the end of the year. continue to evolve and grow in Hong 中国内地方面，Bickley认为经济增长将与今 “However, Myanmar will be a laggard, Kong, however they will need to remain 年基本持平。 based on recent events. And any further focused on the increasingly rapid pace “OECD预测，中国的GDP增长率将在2018年 escalation in tensions on the Korean of change in regulation and how that 进一步放缓至6.39％，而IMF的预测则为6.5％ peninsula could lead to a flight to safety impacts their businesses. With the likes 。然而，这都比2016年的6.0％的增长率强。我 from the region generally which would of Base Erosion and Profit Shifting (BEPS), 们预计2018年将与今年相似，”Bickley说。 weaken near term expectations,” Fraser Alternative Investment Fund Managers 在香港，Bickley表示，只要恒生指数继续维 cautions. Directive (AIFMD), Foreign Account Tax 持目前的水平，他预计香港市场在IPO和资本市 McKenzie has his eye on another ASEAN Compliace Act (FATCA) and the Common 场业务方面仍将保持很强的吸引力。他并不是唯 country – Indonesia – which he says has Reporting Standard (CRS), the offshore 一这么认为的人。 seen a real resurgence since it received an jurisdictions will need to work closely with “在我们最为关注的战略市场，即香港、上海 upgrade by a ratings agency earlier this their onshore counterparts now more 和东京，除了利好和信心，我们看不出有其他任 year. He also says the Australian Securities than ever to ensure the industry remains 何问题，尤其是在资产管理业务和我们持续取得 Exchange has attracted the attention of compliant and above reproach,” Plowman 成功的争议解决、重组和破产业务上，”奥杰香 his Asian clients, who have listed Cayman says. 港的合伙人Nicholas Plowman说。 corporations on the exchange. Plowman also says that Asia’s asset “我认为离岸律所将继续在香港发展壮大，但

38 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 “History shows that OFCs generally, in particular the BVI, have OFFSHORE played this conduit role in the case of foreign direct investment over many years, particularly in Asia. However, it is a supporting role. Whether this private capital is mobilised in Hong Kong, London or Singapore, the OFCs have always acted in a 它们需要继续关注变化日益加快的监管制度， complementary fashion with those jurisdictions and we would 以及这会如何影响它们的业务。考虑到如税基侵蚀和利润转移（BEPS），另类投资基金管 expect that investments made along the Belt and Road route 理人指令（AIFMD），海外账户税收合规法案 to be structured similarly through an OFC.” （FATCA）和共同申报准则（CRS）等类似监 — Stephen Adams, Collas Crill 管制度，离岸司法管辖区将需要比以往任何时候都更紧密地与在岸司法管辖区合作，确保保持合 “历史表明，离岸金融中心总体来说，尤其是英属维尔京群岛，多年来规和无可指责，”Plowman说。 Plowman还表示，亚洲的资产管理业务继续以在外商直接投资，特别是亚洲的外商直接投资领域，起到了管道作惊人的速度增长，他预计这一趋势将会持续，特用。但这只是一个辅助角色。无论私人资本是在香港、伦敦还是新别是来自中国和日本的资管业务。他也认为公私并购和一般资本市场业务的发展潜力巨大。加坡发动起来的，离岸金融中心一直与这些司法管辖区相辅相成。我 “客户对我们的争议解决服务需求增长，这非们预计‘一带一路’沿线的投资同样也会通过离岸金融中心来构建。” 常令人欣喜。我们的争议解决服务包括由本地区一些最有经验的执业者提供的英属维尔京群岛 — Stephen Adams, Collas Crill （BVI）和开曼群岛法律服务。亚洲离岸争议解决业务增长的主要驱动因素是几个重要领域的争 management space continues to grow infrastructure projects, observers are 议，即离岸信托结构引起的私人客户诉讼业务， at a phenomenal pace and he expects keeping a close eye on each move. 公开上市和私人拥有的离岸工具引起的股东纠 that to continue, particularly out of China “Despite the significant funding 纷，以及涉及离岸结构的重组和破产诉讼业务。 and Japan. He cites public and private commitment from China and the devel- 我预计，明年中国将继续作为离岸律所在亚洲的 M&A and general capital markets work opment of the Asia Infrastructure 重要市场之一，拉动这一业务，”Plowman补充 as presenting enormous growth potential. Investment Bank and the Silk Road Fund, 道。 “We have seen really positive growth among others, it is generally thought that in demand for our dispute resolution there is a substantial gap between the 放眼“一带一路” services, which cover British Virgin Islands funding committed and the funding that 自2013年底提出以来，中国的“一带一路”倡议 (BVI) and Cayman law delivered by some is required to build out the infrastructure 引起了相当大的轰动和兴奋。 of the most experienced practitioners in in Asia over the next decade or two. The “这一倡议旨在通过由中国出资的基础设施建 the region. The primary drivers for growth ability to encourage the investment of 设计划，连接亚洲、欧洲和非洲的68个国家。‘ in the offshore dispute resolution space private funds alongside the funds on offer 一带一路’倡议有趣且雄心勃勃。如今，民粹主 in Asia are the disputes in several key by China will be critical to the success of 义和反全球化似乎席卷全球，‘一带一路’与之形 areas, namely contentious private client the overall plan,” says Adams. 成了鲜明的对比，”Collas Crill新加坡办事处的管 work via offshore trust structures, share- McKenzie believes that the full invest- 理合伙人Stephen Adams解释说。 holder disputes arising out of both publi- ment potential will unfurl as the initia- 随着第一批基础设施项目开工建设，观察人士 cally listed and privately owned offshore tive progresses. He states that because 正密切关注着其进展。 vehicles and contentious restructuring the scale and ambition of this initiative “尽管中国承诺投入大量资金，亚洲基础设施 and insolvency work involving offshore is unprecedented, observers will need to 投资银行和丝路基金也成立了，普遍认为，所承 structures. I expect China will continue to understand where they stand in the bigger 诺的资金和未来十年或20年在亚洲建设基础设施 drive this work as one of the key markets picture of it to fully tap into the potential 所需的资金之间仍存在巨大的缺口。鼓励私人资 for the offshore law firms in Asia in the for them. 金与中国提供的资金一起投资对整个‘一带一路’ year ahead,” Plowman adds. “Though the Belt and Road isn’t 计划的成功至关重要，”Adams说。 opening up mainstream investment THE (BELT AND) ROAD AHEAD McKenzie认为，随着“一带一路”的推进，该倡 opportunities just right now, most people China’s Belt and Road initiative has 议的全面投资潜力将得以展现。他指出，由于这 are believers in it because it makes sense. created considerable buzz and excite- 一倡议的规模和雄心都是前所未有的，观察人士 A lot of our clients are making sure they ment since its inception in late 2013. 将需要明白自己在全局中所处的地位，以便充分 are part of the dialogue,” he says. “The initiative is designed to connect 挖掘“一带一路”对自身的潜在利好。 Bickley says the initiative will continue 68 countries in Asia, Europe and Africa “虽然‘一带一路’目前还没有带来主流的投资机 to impact economies worldwide, mostly through an infrastructure building plan 会，但大多数人都看好这一倡议，因为它是说的 in Asia, Africa and Europe. funded by China. The Belt and Road 通的。我们的很多客户都在确保他们是其中的一 “Significant construction projects are Initiative is an interesting and ambitious 份子，”他说。 underway, driving demand for infra- undertaking. At a time when populism Bickley说，“一带一路”将继续影响全球经济， structure investment. Offshore Financial and anti-globalism seems to be spreading 尤其是在亚洲、非洲和欧洲。 Centre (OFC) vehicles have been at the across the globe, the Belt and Road is “重大的建设项目正在进行，推动了对基础设 core of the development and financing an initiative in stark contrast,” explains 施投资的需求。离岸金融中心工具三十多年来一 of Asian infrastructure projects and cross- Stephen Adams, managing partner of 直是亚洲基础设施项目和跨境交易发展和融资的 border deals for over 30 years, which we Collas Crill’s Singapore office. 核心，我们预计这一趋势随着中国‘一带一路’倡 expect will continue as this initiative As work begins on the first wave of 议的推进将继续发展，”Bickley指出。 progresses,” notes Bickley.

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“In the strategic markets that we are most closely focused on – which is to say Hong Kong, Shanghai and Tokyo – we see no reason “由于中国经济放缓，加之资本流动的限制实 for anything other than positivity and confidence, particularly in 际上已经减缓了中国对外投资的步伐，‘一带一路’的时机显得尤其重要。我们已经看到，资本 asset management work, and in the continued success of our 流动的限制给面临资本催缴的现有合资和股权 dispute resolution and restructuring & insolvency practice.” 结构的投资者带来了一些困难。‘一带一路’表 — Nicholas Plowman, Ogier 明，中国政府希望中国企业能够进行优质的境外投资，特别是在基础设施领域，”Plowman “在我们最为关注的战略市场，即香港、上海和东京，除了利好和信说。 McKenzie则认为，“一带一路”带动的投资可心，我们看不出有其他任何问题，尤其是在资产管理业务和我们持以抵消中国的资本流动限制。续取得成功的争议解决、重组和破产业务上。” 由于“一带一路”投资沿线各国语言和文化不同，法律制度又处在不同的发展阶段，Adams — Nicholas Plowman，奥杰律师事务所也认为离岸金融中心具有重要的作用。 “传统上，离岸金融中心在跨境投资中被用作 “The timing of the initiative is particu- OFCs have always acted in a complemen- 策划投资结构的渠道。大多数离岸金融中心税 larly significant – as China’s economy is tary fashion with those jurisdictions and we 收中立、灵活、稳定，法律也有确定性，这些 slowing and when restrictions on capital would expect that investments made along 在许多时候在投资所在国都找不到，”他说。 flows exiting the PRC have actually slowed the Belt and Road route to be structured Adams指出，通过离岸金融中心构建外国投 the pace of outbound investment. We have similarly through an OFC,” Adams adds. 资的结构能为投资者提供他们所需的确定性， seen this latter dynamic cause some diffi- Plowman also believes that OFC 而这一确定性通过直接投资可能无法获得。从 culty for investors subject to capital calls vehicles offer flexibility for debt and equity 被投资国的角度来看，使用离岸金融中心使其 in existing joint venture and equity struc- financing, whether as investment funds, 能够获得一批可能在当地无法找到的能力强且 tures. The Belt and Road initiative signals capital market offerings or bond issues. He 有经验的专业人士。 that the PRC government wants its busi- predicts it will be popular with infrastruc- “历史表明，离岸金融中心总体来说，尤其是 nesses to make quality outbound invest- ture clients looking to independently raise 英属维尔京群岛，多年来在外商直接投资，特 ments, particularly in the infrastructure funds for Belt and Road related develop- 别是亚洲的外商直接投资领域，起到了管道作 space,” says Plowman. ment, particularly in Western China. 用。但这只是一个辅助角色。无论私人资本是 McKenzie believes Belt and Road “The traditional favourites of the PRC 在香港、伦敦还是新加坡发动起来的，离岸金 driven investments could balance out the market (Cayman and BVI) will continue 融中心一直与这些司法管辖区相辅相成。我们 restricted capital flow from China. to be used – BVI entities as holding 预计‘一带一路’沿线的投资同样也会通过离岸金 As the investments will take place in companies and Cayman entities as invest- 融中心来构建，”Adams补充道。 countries along the Belt and Road that ment funds, both private equity and hedge. Plowman也认为，无论是投资基金、资本市 have different languages, cultures and These jurisdictions have shown over time 场发行还是债券发行，离岸金融中心工具都提 legal systems in various levels of devel- that they have the qualities to support 供了灵活的债务和股权融资选择。他预计这一 opment, Adams also believes OFCs have international investment activities – 工具将受到基础设施客户的青睐，这些客户希 an important role to serve. including high level accounting and legal 望独立筹集资金进行“一带一路”相关的开发项 “OFCs have traditionally been used in professionals and reliable and trusted 目，尤其是在中国西部。 cross border investments as the conduit courts. However, the offshore centres used “中国市场传统上青睐的离岸金融中心（开曼 through which an investment is structured. in particular investments will depend on 群岛和英属维尔京群岛）将会被继续使用 - 英 Most OFCs offer tax neutrality, flexibility, the location of the project and the tax 属维尔京群岛实体将作为控股公司，而开曼群 stability and legal certainty that many treatment being sought.” 岛实体则作为投资基金，包括私募股权和对冲 times is not available in the country where Overall, McKenzie thinks that the region 基金。这些司法管辖区长期以来已经证明，它 the investment is made,” he says. will see slow yet steady growth in 2018. 们有能力支持国际投资活动，包括拥有高水平 Adams notes that the ability to structure “It will be neither boom or bust for 的会计和法律专业人士，以及可靠和值得信赖 a foreign investment through an OFC offers the region but likely a pattern of steady 的司法系统。然而，哪个离岸中心将用于哪些 investors the certainty they require which growth as the Belt and Road projects make 特定投资将取决于项目的地点以及希望获得的 may not otherwise be available through progress. A rebound in ASEAN economies 税收待遇。” a direct investment. From an investee will help maintain the region’s perfor- 总体而言，McKenzie认为2018年亚洲将会 country’s perspective, the use of an OFC mance until we see more practical imple- 经历放缓但稳定的增长。 enables it to have access to a pool of highly mentations of the visions in the initiative,” qualified and experienced professionals he says. “随着‘一带一路’继续推进，亚洲既不会特别 that may not be available locally. “Certainly there are geo-political 繁荣也不会出现萧条，很可能会是一个稳定增 “History shows that OFCs generally, tensions in the region and an expected 长的状态。在‘一带一路’的愿景更多地被付诸实 in particular the BVI, have played this slow down in China will mute growth 施之前，东盟经济体的反弹将有助于维持亚洲 conduit role in the case of foreign direct and expansion,” Fraser adds. “But when 的经济表现，”他说。 investment over many years, particularly compared with other regions of the globe, Fraser补充说：“当然，亚洲存在地缘政治关 in Asia. However, it is a supporting role. we feel Asia will be a relative outper- 系紧张，中国经济的预计放缓也会影响经济增 Whether this private capital is mobilised former.” 长和扩张。但与全球其他地区相比，我们认为 in Hong Kong, London or Singapore, the 亚洲还会是一个相对的领跑者。”

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2017 CHINA GENERAL COUNSEL SURVEY 2017中国总法律顾问调查

n recent years, general counsels (“GC”) have been playing an 年来，总法律顾问们扮演着越来越重要的角色， increasingly important role. No longer just legal experts, GCs have 他们不仅仅是法律专家，也更多的展现了自己 been showcasing their business talents, and are more involved in I 的商业才华，越来越多地参与着商业决策。近 business decision-making than ever before. Recently, ALB has again 近期，ALB再次邀请全国总法律顾问们参与一项调查，旨在发 invited GCs across the country to take part in our survey which aims to 现他们所面临的挑战、与外部律师关系的变化，以及其对 identify the challenges faced by GCs, changes in their relationship with external lawyers and their outlook for 2018. 2018年的展望。 The survey, which was done online, garnered responses from GCs from 本次调查结果基于一项在线调查产生，调查共有近百家国 nearly 100 State-owned enterprises (“SOE”), multinational corporations 企、跨国公司、民企的总法律顾问参加，其中过半企业为 (“MNC”) and private businesses. MNCs accounted for over half of the 跨国公司，民营企业和国有企业/央企的占比分别为27%和 respondents, with private enterprises and SOE/central enterprises 12%。本次参与调查的公司所属行业颇为全面，所属制造 making up of 27% and 12%, respectively. The surveyed companies 业占比最高(27%)，其次为其他行业(21%)，技术、媒体、 covered a wide range of industries, with manufacturing accounting 电信业(14%)，房地产、建筑业(12%)，银行及金融服务业 for the highest percentage (27%), followed by other industries (21%), (10%)。参与调查的被访者所在的法务和合规团队规模多在 technology, media and telecommunications (14%), real estate and 2到20人之间(73%)。 construction (12% ) and banking and financial services (10%). The legal 根据调查，公司法务和合规团队的规模未来将保持稳中有 and compliance teams of the respondents typically (73%) have 2 to 20 扩的态势(94%)，本次调查中，预计团队规模会进一步扩大 members. 的比例过半(52%)。团队规模的扩大也伴随着开支的上涨。 Our survey found that the size of in-house legal and compliance teams 有超过65%的受访者表示公司超过五分之一的法律预算都用 would maintain steady growth going forward (94%), with over half (52%) 于外部法律顾问上，约37%的受访者称用于外部法律顾问 of the respondents expecting further expansion of their teams. Naturally, 的费用比例超过公司法律预算的50%。在未来一年，总法律 team expansion is accompanied by rising expenditure. More than 65% of 顾问们预计，用于外部法律顾问的费用将稳中有升。有近半 the respondents said that over one-fifth of their legal budget was spent 数的受访者表示，来年他们的团队用于外部法律顾问的费用 on external legal counsels, with about 37% of the respondents claiming 将会增加(47%)；仅29%的总法律顾问判断费用将会保持不 that more than 50% of their legal budget was used for this purpose. GCs 变，无人认为所花费用会减少。 also generally estimated that costs for external legal counsels would

42 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 CHINA GENERAL COUNSEL SURVEY increase steadily in the coming year, with nearly half (47%) of those surveyed 在对外部法律顾问的评价上，总法律顾问们的态 predicting an increase, and only 29% of the GCs seeing no change in such fees. 度大体一致，约12%的受访者表示极其满意，84% Notably, no respondent thought fees for external legal counsels would decrease. 的受访者表示基本满意，但仍有一些改进的余地； The evaluation given by GCs to external legal counsels was generally consistent, 可改进的主要方面是“对方不了解我们公司或行 with approximately 12% of the respondents extremely satisfied. 84% of the 业”(24%)，“费用过高或解释不清”(23%)，或“对方 respondents were largely satisfied with external legal counsels, but also pointed 对我们的问题没有足够的关注”(21%)。 out some room for improvement, mainly “lack of understanding of our company or 在2018年聘用新的外部法律顾问时，总法律顾 industry” (24%), “fees that are excessively high or cannot be properly explained” 问们最在意的因素较之前有所变化。根据ALB之前 (23%), or “failure to pay enough attention to our problems” (21%). 的调查，影响最大的因素为外部法律顾问的响应速 When it comes to engaging new external legal counsels in 2018, the factors 度。而本次调查中，响应速度仅排在第二位(28%) that GCs are most concerned about have changed from previous years. According ，总法律顾问们现今最为在意的是外部法律顾问的 to previous surveys by ALB, the most influential factor is the responsiveness of 行业专业知识(31%)。“专业优先”将成为2018年选 external legal counsels. In this survey, however, responsiveness only came in second (28%), with industry expertise (31%) taking over as the top quality GCs 择外部法律顾问时的重要关键词。 look for in external legal counsels. “Priority to expertise” is expected to be the key 同时，2018年总法律顾问们在寻找外部法律顾 word when GCs choose external legal counsels in 2018. 问的渠道上十分自主和多元。“律所排名”是最受 Meanwhile, GCs have their own diversified ways of finding suitable external 总法律顾问们青睐的寻找外部律所的方式，除此 legal counsels. “Law firm ranking” was the approach most favored by GCs when 之外，总法律顾问们也相当注重其他外部法律顾 they look for external firms, although they also paid considerable attention to the 问(24%)及公司其他内部律师(21%)的意见。仅有 opinions of other external legal counsels (24%) and other in-house lawyers (21%). 14%的受访者选择了“从公司给的经过批准的法律 Only 14% of the respondents said they would “choose from a list of approved legal 顾问名单中进行选择”。 counsels provided by the company”. 对于总法律顾问们来说，现今面临的工作挑战非 For GCs, the challenges they face in their work today are very diverse, with the 常多样。其中最受瞩目的工作挑战是如何符合不断 most notable one being how to meet the requirements of ever-increasing and 增长变化的法规及标准的要求(15%)；同时，面对 changing regulations and standards (15%). At the same time, in the face of larger 更加规模化的律所、更加全球化的机会，协调全球 law firms and more globalized opportunities, coordinating global compliance 合规和法务运营成为总法律顾问们面临的第二大挑 and legal operations was the second most challenging aspect GCs face in their 战(14%)；此外，总法律顾问们认为最重要的工作 work (14%). Other important challenges chosen by GCs include practicing mobility 挑战还有：执业的流动性及工作满意度(11%)、建 and job satisfaction (11%), establishing an effective compliance and reporting 立有效的合规和汇报机制(11%)以及公司治理手段/ mechanism (11%) and corporate governance tools/standards (9%). 标准(9%)。

PART 1: SURVEY SUMMARY 调查概况

Respondent’s company 参与调查者公司类型 MNC • 跨国公司 53.85% POE • 民营企业 26.92% SOE • 国有企业/央企 11.54% Others • 其他 7.69% 注：受访者提交的其他公司类型包括公众上市公司、混合制上市企业和非政府组织。 Company’s industry sector 公司所在行业 Manufacturing • 制造 27.45% Others • 其他 21.57% Technology, Media, Telecommunications • 技术、媒体、电信 13.73% Real Estate, Construction • 房地产、建筑 11.76% Banking and Finance • 银行及金融服务 9.80% Fast Moving Consumer Goods (FMCG) • 快速消费品(FMCG) 5.88% Professional & Business Services • 专业化及商业服务 5.88% Energy • 能源 3.92% 注：受访者提交的其他行业包括物流、医疗、航运、出版及文化创意、企业社会责任等。 Job title 职务 General Counsel • 总法律顾问 48.08% Legal Director • 法务总监 38.46% Chief Legal/ Compliance Officer •首席法务/合规官 13.46%

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PART 2: TEAM AND WORK 团队与工作内容

How large is your legal/compliance team across China? 贵公司在中国的法务/合规团队规模多大？

6-20 people • 6-20人 38.46% 2-5 people • 2-5人 34.62% 51 or more people • 51人或更多 15.38% 21-50 people • 21-50人 11.54%

In 2018, do you expect your in-house legal/compliance team will grow? 2018年，您预计贵公司的内部法务/合规团队是否会扩大？ It will grow • 会扩大 51.92% It will remain the same • 保持不变 42.31% Not sure yet • 目前不确定 5.77% It will shrink • 会缩小 0.00% What percentage of your legal budget is currently spent on external legal advis- ers? 目前贵公司的法律预算中有多少比例用于外部法律顾问？ More than • 大于50% 36.54% 0-20% 36.54% 21-50% 26.92% In 2018, will your spending on external counsel change? 2018年，贵公司的外部法律顾问费用是否会变化？ It will increase • 是，会增加 47.06% It will remain the same • 否，保持不变 29.41% Not sure yet • 目前不确定 23.53% It will decrease • 是，会减少 0.00% Which areas of law do you mainly cover internally? (Top 5) 通常由您团队内部处理的法律事务是哪些？(前五项) Arbitration and dispute resolution • 仲裁及争议解决 11.20% Company/ Commercial • 公司/一般商业事务 18.80% Competition / Anti-Trust • 竞争法/ 反垄断 5.60% Employment law • 劳动法 11.60% Intellectual property, technology, data protection • 知识产权、技术、数据保护 15.20% Insolvency & Restructuring • 破产及重整 2.80% M&A/Corporate finance •并购/公司金融 11.20% Regulatory • 合规 16.00% Real Estate & Environmental • 房地产及环境 4.80% Tax • 税务 2.80% Which areas of law do you tend to send to law firm(s)? (Top 5) 通常哪些法律事务您会交由外部法律顾问处理？(前五项) Arbitration and dispute resolution • 仲裁及争议解决 20.47% Company/ Commercial • 公司/一般商业事务 1.86% Competition / Anti-Trust • 竞争法/ 反垄断 13.02% Employment law • 劳动法 6.98% Intellectual property, technology, data protection • 知识产权、技术、数据保护 11.16% Insolvency & Restructuring • 破产及重整 9.30% M&A/Corporate finance •并购/公司金融 18.60% Regulatory • 合规 4.65% Real Estate & Environmental • 房地产及环境 4.65% Tax • 税务 9.30%

44 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 SPONSORED ARTICLE

Good Reputation is Granted by the Clients- an Interview with JT&N’s Yang Chen 品牌的口碑是客户给予的－专访金诚同达杨晨律师 BUILDING A LASTING, STRONGER, AND BIGGER BRAND • 做久、做强、做大、做出品牌

ALB: What is the management model 总部设在北京的金诚同达律师事务所设立于1992年。 of JT&N? How is it different from 律所在多个领域，特别是政府合作方面，有着闪亮的成 other firms’ management style? 就。ALB专访金诚同达高级合伙人杨晨律师，谈谈他对 YANG: We value democracy in firm 律所管理模式及创新的心得。 management. All partners, regardless of their seniority, all have the same ALB：作为国内规模最大、最富活力的律师事务所之一，可 voting power. We also select our central 否介绍一下金诚同达律师事务所的发展现状及服务特点？ management committee by a secret 杨晨律师：在我们25年的发展中，金诚同达最大的特 ballot, which allows it to be accepted 点就是融洽的工作氛围和稳定的合伙人团队。这在很大 and representative. This is one of the 程度上保证我们可以为客户持续地提供优质服务。金诚 reasons behind our harmonious working 同达不但擅长国际贸易、并购、保险和针对日本市场的 environment and stable team. 业务，还在服务政府的领域处于领先位置。除了处理反 ALB: Innovation is a hot topic right 倾销、反补贴、WTO争端解决案件之外，我们还代表 now, what has JT&N done in terms of 中国政府和欧盟进行双边投资协定谈判，以及协助政府 innovative firm management? 的立法工作，包括与跨境投资相关的立法。 YANG: Law also needs to be A L B：请问金诚同达律师事务所的管理模式是怎样的？ accompanied by technology. JT&N has 您认为是什么样的管理风格令金诚同达不同于中国的其 incorporated new technologies into Chen YANG, Senior Partner 他律所？杨晨高级合伙人 the daily operation of the firm, such as archiving, administrative, and financial 杨晨律师：金诚同达的管理比较民主，合伙人的表决权 management. We’re also actively 完全一致。在重大事项上我们会实行无记名投票，合伙 Founded in 1992, Jincheng Tongda & exploring new legal management 人可以充分行使他们的权力。我们的中枢管理委员会就 Neal (JT&N) is one of the largest and platforms. JT&N also emphasizes on 是通过这种形式选举产生，所以管理委员会有着广泛 most respected law firms in China. The the integration of management across 的民意基础和代表性。这也是我们工作氛围和谐、队伍 firm has made great achievements in the whole group. We only have eight 稳定的原因之一。 various practice areas, especially in branches which is not a lot compared assisting government departments. to some peers, but they are all directly ALB：加速推进创新型建设是今下发展的核心思想，在这 Yang Chen, senior partner at JT&N managed by the headquarter. The few 方面，请问金诚同达进行了哪些管理创新工作？ shared his thoughts on management previously established affiliates are 杨晨律师：适应当今社会发展，法律也要拥抱科技。金 and innovation with Asian Legal also in the process of transforming into 诚同达采用科技手段来为法律服务，从而提高工作效率 Business. directly managed offices in terms of 和提升客户体验。我们正在推进新管理系统，如文档、 ALB: As one of the largest and most cost, profit and personnel control. 行政、财务管理系统的引进，同时也在不断尝试新的律 active law firms in China, can you tell ALB: Can you tell us more on the 所管理平台。我们也很注重事务所的管理一体化。比起 us more about the development and future plans of JT&N? 其他急速扩张的事务所，金诚同达在国内的8个办公室 services of JT&N? 并不算多，但最大的区别是这些分所全部是直营的，而 YANG: Our ultimate goal is to make YANG: The harmonious working 不是加盟的。早期设立的少数加盟所也正在逐渐转变为 the firm lasting, stronger, bigger and environment and a stable partnership 总部直接投资，一体化管理成本、利润、人员的直营 obtain good reputation. A good brand team for 25 years probably speak the is not something you can create via 所。 loudest for our firm. This has enabled us marketing, it’s only granted to you by to provide continuous good services to ALB：您可否谈一谈金诚同达未来的发展方向和发展计 your customers. And a good reputation our clients. JT&N has not only developed 划？ will come naturally after you’ve made its expertise in international trade, your firm lasting, stronger and bigger. 杨晨律师：我们最根本的目标还是要做久、做强、做 M&A, insurance and Japan-related 大、做出品牌。品牌口碑不是靠宣传出来的，而是靠客 legal services, but also earned a leading 服赋予的。做久、做强、做大之后，良好的口碑也就自 position in assisting the government in 然而然地延伸出来了。 solving antitrust, anti-subsidy and WTO dispute resolution cases. We are also helping the Chinese government with its 地址：北京市朝阳区建国门外大街1号国贸大厦A座10层，邮编:100004 Bilateral Investment Treaty negotiation Address: 10th Floor, China World Tower A, No. 1 Jianguo Menwai Avenue, Chaoyang District, Beijing with the European Union as well as the 电话/Phone: +86 10 5706 8585 drafting of China’s first articles related 传真/Fax: +86 10 8515 0267 to cross-border investment. 电子邮箱/Email: [email protected]

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PART 3: RELATIONSHIP WITH LAW FIRMS 与律师事务所的关系

How satisfied are you with the external counsels you are using? 您对目前使用的外部法律顾问的满意程度如何？ Generally satisfied, although there are a few areas for improvement • 84.31% 基本满意，但有一些改进的余地 Extremely satisfied •极其满意 11.76% Not satisfied; there are one or more significant areas of concern• 3.92% 不满意，有一个或多个重大问题 What are your main concerns when it comes to the external counsel you are using or used to use? (Top 3) • 涉及您目前使用或使用过的外部法律顾问时，您的主要关切是哪些方面？ (最重要的三项) They don’t understand our company/industry• 对方不了解我们公司/行业 23.78% Fees are too high or unexplained • 费用过高或解释不清 23.08% They are not responsive enough to our concerns• 对方对我们的问题没有足够的关注 20.98% They are slow, inefficient, or give bad advice•对方速度慢，没有效率，给的建议很糟糕 19.58% Partners are either not involved or don’t provide input • 12.59% 合伙人未参与其中，或未给出意见 If you were to employ new external counsel in 2018, what factors would most influence your selection? (Top 3) •如果2018年您需要雇佣新的外部法律顾问，对您作选择影响最大的因素有哪些？(最重要的三项) Expertise in your industry • 在贵行业的专业知识 30.77% Responsiveness • 响应速度 28.21% Brand name/Reputation of the law firm or lawyer •律所或律师的品牌名称/声誉 17.95% Favorable fees/billing policies • 优惠的费率/开票政策 15.38% Geographical reach/office locations •地理覆盖范围/办公地点 7.69% How do you plan to locate external counsel in 2018? (Top 3) • 2018年，您计划通过何种方式寻找外部法律顾问？(最重要的三项) Law firm rankings •律所排名 24.49% Referrals from other external counsel • 由其他外部法律顾问介绍 23.81% Referrals from other in-house lawyers • 由公司其他内部律师介绍 21.09% Law firm marketing (seminars, client alerts, etc) •律所营销手段 ( 研讨会、客户提醒等 ) 16.33% From list of company-approved external counsel• 14.29% 从公司给的经过批准的法律顾问名单中进行选择 Do you use any legal process outsourcing firms or other alternative providers? 贵团队是否使用了法律程序外包公司或其他替代性的服务提供商？ No • 没有使用 69.23% Yes • 是的，有使用 30.77% What challenges are most important to you? (Top 5) 对您来说最重要的工作挑战是哪些？(前五项) Keeping up with increasing / changing regulation / standards 14.58% 符合不断增长变化的法规及标准的要求 Coordinating global compliance / operations 协调全球合规/ 法务运营 13.75% Career mobility and job satisfaction 职业的流动性及工作满意度 11.25% Establishing effective compliance and reporting programs 建立有效的合规和汇报机制 10.83% Corporate governance initiatives / standards 公司治理手段/标准 9.17% Pressure to do more with less budget and / or staff 7.08% 来自预算/员工减少的情况下做更多工作的压力 legal costs management 法律支出管理 6.67% Data breaches and protection 数据保护 5.42% Ensuring an ethical corporate culture 保证公司文化符合道德标准 5.42% Protection of Intellectual Property or related disputes 知识产权保护或相关争议解决 5.42% Technology developments 技术发展 4.58% Human relations & employment issues 人际关系及劳动问题 2.92% Outside counsel retention and management 外部法律顾问的延续和管理 2.92%

46 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 NOVEMBER 2017 MP INTERVIEW

‘We treat each other as brothers and sisters, and the law firm as a family’ ‘ 在竞天公诚没有家长，只有兄弟姐妹，合伙人们以此为家。’

This year marks the 25th anniversary of Jingtian & Gongcheng. Zhao Yang, managing partner of the long-history law firm, talks about what makes Jingtian & Gongcheng stand out among its peers, how it has become a top-notch firm in the capital markets space and the firm’s experiences working with Chinese companies issuing US-dollar denominated bonds in offshore markets. By Pearl Liu

今年是竞天公诚成立25周年。赵洋，这家历史悠久的律师事务所管理合伙人，畅谈竞天公诚在同行中脱颖而出的原因，如何成为资本市场领域的一流律所，以及律所参与中国企业海外发行美元债的经验。

记者：刘芳菲

ALB: What makes Jingtian & Gongcheng’s culture. Since the law ALB：竞天公诚从其他律所中脱颖而出的原因 Gongcheng outstanding among firm was set up, we have upheld the 有哪些？ ideas of professionalism, helping other law firms? 赵洋：除了专业服务方面竞天与其他律所各有所长， each other, equality and tolerance. Zhao Yang: In terms of business, 竞天公诚（“竞天”）的资本市场业务尤为突出外，我 Jingtian & Gongcheng has rich Being the managing partner, I’ve 想强调的是竞天的工作氛围。 expertise in capital markets; but dedicated myself to maintaining and 无论现在竞天工作的同事，还是曾在竞天现已离 to your question, what I want to passing down the culture so that 开的老友，大家对竞天最为称道的就是这种氛围，很 highlight is the work environment. every individual can work in a cozy environment. There is no parent in 多人说这种氛围只能意会，无法准确描述，总之在这 Both our current staff and those Jingtian & Gongcheng and we treat 种氛围下工作感觉宽松舒适。 who have left the firm say that the each other as brothers and sisters 我想这种氛围是和我们的律所文化紧密相连的， most valuable thing about Jingtian & and the law firm as a family. I believe Gongcheng is our work environment, 不是一朝一夕可以养成的，是长期积淀的结果。从创 that this can inspire the younger which is difficult to depict in words. 始合伙人开创基业，到中青年合伙人发扬光大，竞天 generation to be innovative, which All we can say is that we feel 专业、互助、平等、包容的律所文化薪火相传。 in turn can maintain our leading extremely comfortable working here. 我作为管理者，也一直悉心维护和传承这样的文 position among peers and can better 化，争取让每个人都能在宽松舒适的环境下开心的工 This is not forged overnight and serve our clients. I believe it is fostered by Jingtian & 作，也让这种氛围激发年轻律师创新，让我们走在法

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We are all beneficiaries of this kind We now also pay attention to 律服务市场的前沿，更好地服务客户。在竞天没 of environment and also the creators fostering business in some new 有家长，只有兄弟姐妹，合伙人们以竞天为家。 and supporters of such an atmosphere. practice areas that we expect to 大家既享受这样的氛围，同时也是这样的氛围 We are all very proud of our law firm’s grow rapidly, including compliance, 的创造者，我们为竞天拥有这样优秀的律所文化 culture. intellectual property (IP), asset 而感到骄傲。 securitization, labor, insurance, tax ALB: Jingtian & Gongcheng and asset management. has strong capabilities in some ALB：竞天在一些业务领域拥有很强的实 practice areas and capital markets ALB: Jingtian & Gongcheng 力，其中资本市场业务处于领先地位。律所 is its leading area. Why has the has helped several Chinese 当初为什么选择侧重这一特定领域？ law firm chosen to focus on this companies issue offshore 赵洋：竞天的发展与国家的发展同步，与时代的 particular practice area? USD dominated bonds. Is 脉搏紧密相连。竞天的初创阶段正是中国证券市 Zhao Yang: Jingtian & Gongcheng has there a trend of more Chinese 场从无到有迅速发展的火红年代，市场对证券律 kept pace with the development of the enterprises issuing bonds 师有紧迫的需求，而竞天的创始合伙人主要来自 country. We were established in the in international markets? 于一些大的国办所，多少有过类似的经验或知 context of a booming Chinese securities What does the law firm find 识，在初期成功争取到一些有代表性的资本市场 markets. The market has high demand particularly challenging in these 项目后，他们付出艰苦努力把项目做好做扎实， for lawyers with related knowledge and cases? 赢得非常好的口碑，奠定了坚实的市场地位。 skills. Most of the founding partners of Zhao Yang: Chinese companies’ US 我们随后的大批中青年合伙人青出于蓝而胜于 Jingtian & Gongcheng were originally dollar bond issuances overseas have 蓝，积极开拓进取和服务创新，成功承办了大量 from large state-run law firms at that seen rapid growth since 2010. We 标志性项目，特别是在TMT、医疗、教育、金融 time and had accumulated expertise saw a short fall back in 2015 and a 科技和文化娱乐等新型行业，占有了更大的市场 and experience, which helped us get re-acceleration in 2016. In the context 份额，竞天的资本市场的领先地位越发巩固。 good resources, remarkable cases of a tightening domestic fundraising and win a good reputation among our environment, the low cost of overseas ALB：除此之外，律所还看好哪些潜力巨大 peers. That set a solid foundation for fundraising and the encouraging our capital market practice. policies on bringing in foreign capital, 的业务领域？ Later, our young lawyers further US dollar bond issuances in overseas 赵洋：竞天并不是只有资本市场业务领先，实际 explored new sectors, including markets conducted by Chinese firms 上我们的争议解决、房地产、并购、海外投资、 technology, media and telecoms are still quite vigorous this year. 银行金融、基金、反垄断等业务也有非常强的实 (TMT), healthcare, education, fintech, Along with the fast development, 力，特别是在海外投资和“一带一路”业务，我们 culture and entertainment, and have the regulatory environment has 一直处于领先梯队，参与和完成了一系列在市场 successfully dealt with a large number changed. The National Development 有代表性的项目。 of such cases. We have captured larger Reform Commission and the State 我们同时也看好合规、IP、资产证券化、劳 market share and thus strengthened Administration of Foreign Exchange 动、保险、税务、资管等多个领域，在着力培育 the leading position of Jingtian & have introduced new rules to guide 和发展新领域新业务。 Gongcheng in capital markets. and regulate the market. ALB: Are there other practice We see some challenges ahead for ALB：竞天曾帮助多家中国企业海外发行美 areas that the law firm sees great legal professionals helping clients 元债。会有更多的中国企业在国际市场发行 potential? doing US dollar bond issuances 债券吗？在这种情况下又会面临哪些挑战？ overseas. First, new regulations have Zhao Yang: We are also in the impacted overseas bond structures, 赵洋：中国企业海外发行美元债从2010年开始提 front line of dispute resolution, real which require lawyers to absorb the 速，2015年短暂回落，2016年重新升温。受中国 estate, mergers and acquisitions, subtle changes of new regulations 境内融资环境趋紧、境外融资成本较低、中国政 bank financing, funds and anti-trust and assist with designing practical 策鼓励外汇流入等因素影响，2017年中国企业海 related areas. Jingtian & Gongcheng bond structures and in compliance 外发行美元债的热情依然较高。 is particularly competitive in overseas with the updated rules. Second, 随着情势的快速发展，监管环境也发生了变 investment and Belt & Road Initiative we need to help our clients plan in 化。中国发改委和外管局也相应地发布了一些法 related practice areas. We have been advance to ensure funds overseas 规，予以引导和规范。 involved in and completed several can flow in and out for better utilizing 在美元债发行项目的执行过程中，中国律师将 remarkable cases in the above two the money it raised. Third, as far as 面临如下几个方面的挑战：一是新法规对境外发 areas and are currently among the top- we see currently, most issuers are 债结构产生了较大影响，也对境内律师准确把握 notch law offices. large enterprises, who issue various 法律法规的新变化，协助设计合理可行的发债架

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“Most of the founding partners of Jingtian & Gongcheng were originally from large state-run law firms at that time and had accumulated expertise and experience, which helped us get good resources, remarkable cases and win a good reputation among our peers. That set a solid foundation for our capital market practice. Later, our young lawyers further explored new sectors, including technology, media and telecoms (TMT), healthcare, education, fintech, culture and entertainment.” – Zhao Yang, Jingtian & Gongcheng

“竞天公诚的创始合伙人主要来自于一些大的国办所，多少有过类似的经验或知识，在初期成功争取到一些有代表性的资本市场项目后，他们付出艰苦努力把项目做好做扎实，赢得非常好的口碑，奠定了坚实的市场地位。我们随后的大批中青年合伙人积极开拓进取和服务创新，特别是在TMT、医疗、教育、金融科技和文化娱乐等新型行业。” — 赵洋，竞天公诚律师事务所 financial products for fundraising position among our peers. This 构、准确分析结构的合规性提出了挑战；二是需要 in both domestic and international involves the adjustment and reform 协助客户设计可行的境外资金回流、出境方案，以 markets. Lawyers need to pay more of internal structures. 便有效利用募集资金；三是很多发行人都是大型企 attention to dealing with paper for Actually, most Chinese law firms 业，会同时在境内外发行各种金融工具来融资，所 domestic and offshore fundraising. It are still at a stage of forging better 以如何协调处理好境内外融资文件的关系，对参与 requires lawyers to have comprehensive management structures that suit 项目的律师将是很大的挑战，需要参与的律师具有 experience in global financial markets. them and Jingtian & Gongcheng 全面的金融市场经验；四是需要随着政策变化，及 Fourth, lawyers should adjust the focus is not an exceptional case. A huge 时调整法律尽职调查的侧重点，确保中国发行人在 of their legal due diligence along with reform will impact all aspects of a 重大方面符合法律规定；五是要积极参与债券市场 policy changes to make sure Chinese firm and we must cautiously deal 的创新，除了传统的长期、公募债之外，目前市场 issuers are in compliance with updated with the relationship between 上短期美元债以及私募发行美元债、票据等新型产 regulations. The last point is to actively reform and development, between 品越来越多，我们认为这是美元债券市场未来富有 participate in the innovation of the debt the short-term interest and long- 潜力的业务领域。 market. Besides traditional long-term term interest of partners. Reform notes and public offering notes, we can only move forward when our ALB：在您看来，作为管理合伙人最大的挑战 see short-term US dollar bills, private partners reach a consensus. offering notes and commercial paper 是什么？以及您认为担任管理合伙人与做律师 Working as a managing partner is emerging. We believe that this has high 业务有什么不同？ quite different from the routine work growth potential in US dollar bond of a lawyer. We need to put more 赵洋：作为竞天的管理者，面临的挑战在于，如 issuances in the near future. effort and time into our law firm’s 何整合全所的资源，最大化地发挥出竞天的专业优 ALB: In your perspective, what are strategic planning. We must perform 势、团队优势，均衡发展竞天的业务领域，巩固和 the most challenging tasks for a as a leader and an assist at the same 提高竞天的领先地位，这最终会涉及到内部制度调 managing partner? And how do time, working with other partners 整和改革的问题。 you find it different from working in exploring new sectors and 中国律所尽管每家的情况不同，但无不在探索 capturing market share. We need to as a managing partner and a 着适合自己的管理模式，改革永远在路上，竞天也 integrate resources and provide a lawyer? 不例外。重大的改革会牵一发而动全身，必须正确 strong backup for our lawyers while 处理好改革与发展的关系，处理好合伙人短期利益 Zhao Yang: The challenge being the controlling risks at the same time. It 与长期利益的关系，需要在合伙人广泛共识的基础 managing partner is how to better requires a managing partner having 上由易而难，逐步推进改革。 integrate resources, give full play to a higher sight and level, better Jingtian & Gongcheng’s advantages coordination and communication 做律所管理工作与做律师业务完全不同。作为 and balance the development of our ability. 管理合伙人，需要把握事务所的战略发展方向； different practice areas to strengthen 要引领和协助合伙人们开疆拓土、占领市场；要 and further improve our leading 整合资源做好后台支持，同时严控风险。这要求管理者要有一定的高度和视野，有必要的协调和沟通能力。

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7 SEPTEMBER SHENZHEN 2017 SHENZHEN IN-HOUSE LEGAL SUMMIT PANEL DISCUSSION: DAY-TO-DAY CHALLENGES FACED BY IN-HOUSE LAWYERS Thomson Reuter’s ALB Shenzhen 2017 In-house Legal Summit was successfully held recently. At the panel discussion session of the Summit, Mr. Zhang Wei, General Counsel at Vanke Group, and Mr. TK Song, General Counsel of Midea Group International Legal and Compliance, shared their views on the topic “Day-to-Day Challenges Faced by In-House Lawyers”. Ms. Vivian Yuan, Head of Practical Law China at Thomson Reuters, moderated the session and brought some very interesting questions for discussion, for example: “how in- house lawyers improve their work efficiency with limited sources” and “how to promote digital innovation in legal teams”.

Vivian Yuan: Almost all companies now ance in terms of rights, responsibilities and it to me. Lawyers are risk-averse people, but have rather tight budget management. benefits. If a project was done well, no doubt many times we have to look at the problems I wonder what suggestions you have for the front-line company would be pleased in a more systematic way and the results ob- in-house lawyers to improve their work with the services the legal team provided; tained after tolerating some risks are more efficiency with quite limited resources. but if the result turns out not to be so good, economical. And as legal department directors, the front-line company and the legal team TK Song: I have been a lawyer mainly work- could you share with us how you deal would start blaming each other and trying ing in the information technology sector. Be- with this challenge? to shirk their responsibilities. In response to fore joining Midea Group three years ago, I Zhang Wei: I have worked as an in-house this problem, I started to define clearly the worked with American companies. I joined lawyer for many years, so I quite understand scope of responsibilities of the legal team to Midea when the group was at the time start- what “limited resources” mean. For compa- make our role less perplexing and our work ing to become more globalized, with an in- nies, resources are always limited, or rather more focused – our work is to coordinate ternational headquarters newly established. tight. In response to this issue, first of all, I front-line companies in their work and pro- The legal department at the headquarters choose an approach which I call it the “less vide them with necessary help, instead of was of course brand new, too, where there approach”. working on their behalf. As a result, now ev- were plenty of things we could do and large eryone is more focused on his main job and Less people. When there is not enough scope for us to grow. However, there were the whole team works more systematically. work to do, the insufficient workload, this still quite limited resources available to us. leaves team members feeling that they need Clear division of internal responsibilities. When I just joined Midea, the group set a to try very hard to find a position in the team People may specialize in different areas and goal that the group’s share in the interna- so that they could stay, which is not condu- furthermore, practice makes perfect. Once tional market would triple in three years. I cive to the internal stability of the team. So you stay focused in one area, you will work understood that the goal could be achieved I choose the “less approach” to make my more efficiently in the area, thus saving the only through investments and M&As. I be- team reasonably small by keeping capable time costs. lieve that to achieve a high goal with the and competent members only. Then, ev- A good rapport among team members, limited resources, we must plan along the ery team member has enough work to do, the best way of communication. Working general direction of the company’s strategy; keeping the workload at 100% to 120%, so together for a long term helps build a good for me, I should put 80% of all our resources everyone would be busy with their own work. rapport among team members, which will on investments and M&As. This way helps to keep the team stable and greatly reduce the communication costs. For example, we negotiated about at meanwhile saves resources. Never investing in a one-thousandth re- least 120 investment projects over the past Less work contents. Taking Vanke as an sources in order to make a one ten-thou- two and a half years, but only five or eight example, when I joined Vanke, I found that sandth achievement. For example, if in or- of them were successful. But I believe that there were problems with the work contents der to make an 80-point achievement, we the cost spent on those negotiations was not of the legal team at Vanke’s head office. need to make a 100-point investment, but a wasted; instead, it was well worth it. The le- 90% of the team’s work was to serve front- 90-point achievement requires a 200-point gal team at the group is relatively small; the line companies, which led to a quite imbal- investment, then the latter case is not worth group does not really know what your work

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direction is. If you plan your resources toward in order to achieve the company’s stra- ness goals in legal documents. Based on the right direction, which is along the group’s tegic goals? this role positioning, I would like share the development strategy, and show “absolute TK Song: The main work area of our team following experience in terms of promoting professionalism” in what you do, the group is overseas markets. When our team was cooperation between the two sides. would see your value, and provide you with newly set up three years ago, we did not First, we must establish long-term coop- resources that help accomplish your plans. have much international experience, thus erative relations, if possible, try to maintain Of course it is impossible to have limitless having some difficulties in choosing the right cooperative relations with one to three law resources. We need to learn how to allocate foreign law firms as our overseas partners. firms in each specific project. Through long- resources wisely. On the one hand, we need Now we already made improvements after term cooperation, external lawyers would to consider our position in the company and going through some systematic changes and have in-depth understanding of the com- expectations that the company has for us, as adjustments. pany’s strategies, business models and work well as the competition environment where First, we divide the areas where the group style, thus in-house lawyers and external the company is; on the other hand, we need operates into four major regions: Western lawyers could work together more easily. take into account the company’s strategic Europe, Eastern Europe and Central Africa, Secondly, when choosing a partner law development direction. Once we are clear the Americas, and Southeast Asia. We estab- firm, we must select a firm according to pro- about all these, we know where to invest our lish partnerships with certain local law firms fessional standards. I think the legal services limited resources. in each of these four regions, while these sector is very transparent – you get what you Vivian Yuan: As general counsels, how partner law firms have solid connections pay for. In my opinion, if the budget allows, do you promote the digital innovation of with other local law firms in their respective we should stick to the professional-compe- legal teams? regions, thereby a network is formed through tency-first principle when selecting a partner which we work in those regions. law firm. In this way, we could reduce the Zhang Wei: First, we need be good at draw- workload of the both sides to a certain ex- ing on the strengths of some successful soft- And starting from there, we took one step tend and improve the quality of our work in ware. Secondly, in the era of the Internet, further last year; in each of the four regions, future cooperation. there are some emerging companies in the we have established partnerships with local legal services sector. Their main functions prestigious law firms that have good govern- Thirdly, when working with a law firm are providing the basic platforms and then ment relations. in our day-to-day work, in-house lawyers standardizing the most basic services. Con- After M&As, we have many new lawyers should also take the role of “translator”. sidering that, we need to learn to use these joining our team; then we use the new re- In-house lawyers usually play a dual role in existing platforms and technologies. sources they have brought in to choose the a project. First of all, we are the final gate- keeper of the entire legal work; at the same TK Song: Talking about digital innovation, I law firms that fit our needs the best. Once time, we also serve as a bridge between the think historical data are very important. We the resources are integrated, I believe we company’s business personnel and partner had a lot of difficulties when we started set- could build a legal professionals’ network for law firms, which requires us to communi- ting up the international legal department the entire group. cate with our internal staff in a timely man- because we did not have historical data. The But choosing a right law firm is just one ner. The direct communication between the absence of historical data made us rather part of our job. To have successful coopera- business personnel of the company and passive during the negotiations. After three tion with local law firms, it is also important external lawyers could have some terrible years, we have accumulated some resources to have the right external lawyers who work results since the two parties are very differ- in this area. with you every day. If an external lawyer can- ent in the backgrounds, thus it is difficult for not understand your ideas, it is quite possible The data system must be backed by them to understand each other. That’s why that what he does would not work toward strong IT. It is essential to accumulate data in-house lawyers must play a good “trans- the goal you have planned. I think the best concerning historical risks and other rel- lator” role – we need to translate business solution to this problem is that the two par- evant resources. China is still in a phase of needs into the language of law and pass it on ties, in-house lawyers and external lawyers, rapid growth. Its GDP growth rate remains at to external lawyers, and accurately translate meet regularly. The two sides need to spend 7~8%. Many enterprises are still fighting for the feedback from external lawyers into the enough time to communicate with each oth- the market and do not care about the risks at language that our business personnel could er, so that the external lawyers could have all. But gradually China will enter the phase understand. of moderate growth. When the GDP growth better understanding about our culture, And last, when selecting a partner law drops to 4% or 5%, the data concerning his- strategic goals, negotiation habits, etc., thus firm, we should try to find a law firm that torical risks will become very important. In facilitating the cooperation. shares the same values with us, and the two my opinion, if you do not start accumulating Zhang Wei: For in-house lawyers and exter- parties agrees with each other in what we do; data now, it would too late to do so when you nal lawyers, I think their roles are different. thereby it would be easier for the two sides really need to use those data. The role of an in-house lawyer is actually to form mutual trust. Then, when in-house risk management, while an external lawyer Vivian Yuan: In your opinion, how to lawyers have difficulties, the two sides would is actually his helper. An external lawyer is promote and facilitate cooperation be- work together more efficiently to overcome responsible for presenting a company’s busi- tween in-house lawyers and law firms the difficulties and achieve the success.

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专家分享：内部法律顾问所面临的日常挑战

在近期结束的第二届汤森路透ALB深圳企业法律顾问峰会上的专家分享环节，万科集团的法务部总经理张伟先生和美的集团的国际法务及合规总监宋庭光先生，就“内部法律顾问所面临的日常挑战”这一话题进行了精彩的分享。本次讨论的主持人是汤森路透 Practical Law China总监袁玲女士，她分别就“内部法律顾问如何在资源有限的情况下提高工作效率”，和“如何推动法律团队的数字化创新”等问题进行了提问。

袁玲：目前，各个公司的预算管理都非第三，要在内部进行相对比较明确的举例说明，过去两年半我们谈了至少常严苛，请问一下作为内部法律顾问，分工。术业有专攻，你做的多了，自然一百二十几个投资案，但是真的能够成该如何在资源有限的情况下提高工作效熟能生巧，效率就高，节省时间成本。功的就是五个八个。但是我们投资在这率？两位法律总监又是如何去应对这个件事上的成本并非荒废，反而我觉得是第四，默契是最好的沟通。长期在一挑战的？非常有价值的。因为我们只是一个小团起合作，时间长了就会形成默契，会大队，集团不知道你的方向在哪。如果，张伟：在内部法务领域工作了多年，我大的降低了沟通成本。对这个问题比较有心得体会。对于公司你把自己的资源开展在对的地方，然后第五，是绝不为万分之一的贡献，投来讲，资源永远比较紧张。针对这个问把你的专业性做到绝对，公司看到了你入千分之一的资源。假如我们用100分题，首先我会考虑选择做减法来解决。的价值，自然会给你资源。的投入能做出80分结果，但如果想得到但是资源也不可能无穷尽的来，所以第一点，减人。当工作量不饱和时 90分的结果，却需要200分的投入，那依旧要学会如何去调配资源。一边是公候，每个人都要争着显示存在感，不利么后者在我看来是不值得的。律师是风司对你的期待跟定位，以及公司所在的于团队内部稳定。所以我用基本的减险厌恶者，但很多时候我们要系统看问竞争环境，另外一边是公司战略发展方法，把工作能力较差的员工减下来，使题，容忍一定风险后得到的结果反而更向，如果能够明确这些条件的内容，每个人的工作量都达到百分百饱和或百加经济。分之一百二的饱和，这样每个人忙于自你就会知道可以把有限的资源放在哪里宋庭光：我是专业律师出身，一直都在己的工作，有利于团队稳定也更节约资去。 IT界，之前服务于美国企业，三年前加源。入美的集团。我加入美的主要服务于美袁玲：作为资深的内部法律顾问，你们第二点，减事。以我在万科为例，刚的的国际化需求。当时，美的集团新建会怎样推动法律团队的数字化创新? 到万科的时候，我发现万科总部法务团立了一个国际总部，我们在其中是一张张伟：第一要善于借鉴一些成功软件的队工作的内容方向有问题，团队百分之白纸，有很多的空间可以自己去选择要长处。第二，现在互联网时代，法律服九十的工作是服务一线的城市公司，这做什么。但尽管如此，我们所能利用的务领域也出现了一些新的公司，它们主使得团队人员权、责、利不匹配、不对资源依旧很少。要的功能是提供基础平台，然后把最基称。如果项目做得好，一线公司欣然笑我刚进集团时，他们跟我树立了一个础的服务进行标准化。那么我们也要善纳；但如果结果不好，那么两方就会互目标，就是三年国际的市场要翻三番。于利用这些已有的平台和技术。相推诿，互相指责。针对这一问题，我当我听到这个目标的时候，我就意识到利用物归其位的方法，明确工作责任的宋庭光：在数字化创新方面，历史数据想成功实现这个目标，一定要通过投资归属，把事减下来，我们只负责配合一我认为是非常重要的。我们设立国际法并购。我秉承的原则是，有限的资源应线公司工作，给他们提供帮助，而非全务部门之初，遇到的困难很多是因为没该砸在你认为是公司战略的大方向上，权代理他们的工作。这样一来，节省了有历史数据而造成的，历史数据的缺失就我而言，我可以把80%资源全部都放每个人的精力，让大家专注在更系统、使得我们在谈判时非常被动。三年之在投资并购上。更主要的工作上。后，我们已经开始积累这方面资源了。

NOVEMBER 2017 52 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SHENZHEN IN-HOUSE LEGAL SUMMIT

TK Song –General Counsel of Midea Group International Legal Zhang Wei -General Counsel- Vanke Vivian Yuan- Head of Practical Law China-Thomson Reuters and Compliance 张伟-法务总经理-万科集团袁玲-Practical Law China总监-汤森路透宋庭光–美的集团国际法务及合规总监

数据系统必须要透过强大的IT来支集团的律师网就已经配合起来了。第三，在和外部律所日常工作配合援，历史的风险、资源是一定要累积下但选择律所只是一方面，要达到与外时，我觉得内部律师要做好“快译通”的来的。中国现在还是处于一个快速成长部律师事务所成功合作的目标，每天和角色。内部法务在一个项目通常担任双的阶段，GDP还是在7%、8%的增速，你打交道的特定的这位外部律师也非常重角色，首先我们是整个法律工作最后很多商业人员还在争抢市场，根本不去重要。律师作为个人，如果不能参悟你的把关人，但同时我们也是公司商业人顾及风险。但是慢慢中国会进入中度成的想法，那么他的工作很容易和你的设员和外部律所之间的一个桥梁。这就要长阶段，如果GDP增速降至4%或者5% 想相悖。我觉得针对这一点，最好的解求我们，第一要和内部人员的沟通很及的时候，风险数据就变得很重要。所决方法就是，两方常常见面。一旦你时，第二，让商业人员和外部律师直接以，我的看法是，现在如果不开始累积们两方花费充分的时间成本用于沟通，去沟通的结果会是灾难性的，囿于各自数据，到你真正的要用到那些数据的时对方就会越来越了解你的文化、谈判习的背景悬殊，他们很难沟通顺利。针对候再去做，就已经来不及了。惯、战略目标等等，进而合作也会更加这一点，内部法务一定要扮演好“翻译” 顺利。的角色。商业的需求，你要翻译成法律袁玲：在你们看来，该如何促进内部律的语言传递给外部律师，然后外部律师张伟：内部律师和外部律师，我想他们师和外部律师事务所之间的成功合作，的反馈，也得准确翻译成商业人员能够的角色定位是不一样的。内部律师的角从而实现公司的战略目标？听懂的语言。色定位其实是风险管理，外部律师其实宋庭光：我主要针对的是海外。三年是帮手。外部律师负责在一些专业的项最后，选律所尽量选择和自己志同道前，在选择海外合作的律所方面，我目、在专业项目的一些工作中，把公司合、互相欣赏的，这样一来双方才更容们内部的律师基本上没有什么国际化经的商业目的落实在法律文件上。基于这易形成互信。那么当内部律师碰到困难验，所以在评判外部事务所的时候没有样的角色定位，在促进两方合作上我有的时候，两边才更有可能协同合作、共好的基础。但现在通过一些系统化的梳以下几点体会。度困难，从而实现合作的成功。理，我们的情况有了改善。第一，一定要建立长期的合作关系，首先，我们将业务开展的区域划分成如果有可能，尽量在每个专项里边保留四大板块：西欧、东欧跟中非、美洲，一到两家，两到三家律所，然后经常合以及东南亚。每个大区域有我们配合的作。两方沟通时间长了，这些外部律师律所，而这些律所所在区域的大部分国对公司的战略、公司的业务模式、公司家又都会有他们熟悉的律师事务所，我的工作风格等等都会有很深刻的理解，们再通过这个网络开展我们的工作。配合起来才会更容易。其次，去年开始，我们再进一步，去第二，在选择合作律所的时候，一定找在每个地方有经验、政府关系非常好要要坚持以专业来选律所，以专业来选的律所进行合作。人。我觉得律师这个行业非常透明，一再次，在经过并购之后，会有很多新分价钱一分货。在实际操作时，我认为进我们团队的律师，所以我们大量地使在预算允许的范围内，还是要坚持专业用他们的资源去选择我们最适合的律优先。这样在日后的合作里才能相对减所。这个资源一旦被整合之后，我觉得轻两方工作量，提高工作质量。

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 53 the success of overseas investment. Ms. Wang was followed by Mr. William J. EVENTS Qiu, who is also a partner with Zhong Lun Law Firm. Mr. Qiu elaborated on cross-border M&A & A-share listing related topic. He ALB CROSS-BORDER LEGAL analyzed the topic from three aspects: trend of cross-border mergers and acquisitions, PRACTICES AND INVESTMENT FORUM A-share listing of acquired overseas assets, and ESOP in cross-border M&A. WRAPPED UP In his speech entitled “The Forensic Response to a Regulatory Investigation”, Global diversification remains an their burgeoning cross-border investments, Mr. Eddie Lam, managing director of FTI important investment strategy in today’s legal issues have become the top priority. He Consulting, spoke in detail about the differ- increasingly diversified and globalized expressed that ALB hopes to take this Forum ent skill sets required in an investigation, business environment since the world has as an opportunity to provide these Chinese developing a practical yet defendable inves- become increasingly interdependent in enterprises with business-specific and high- tigative response, identifying the sources many ways: socially and economically. Thus value information, and meanwhile set up a of information for the investigation, and it is imperative to promote cross-border bridge between law firms and in-house legal conveying investigative findings appropri- trade and outbound investment. In the teams. ately. Mr. Lam has 18 years of experience in context of the Belt and Road Initiative, the The Forum then heard professional advice investigation and compliance. Asian Legal Business (ALB), in cooperation on investment in the Philippines offered by Ms. Audray Souche, a partner with DFDL with a number of domestic and foreign law two lawyers with Villaraza & Angangco: Ms. Thailand, then delivered a presentation firms, held the Cross-Border Legal Practices Franchette M. Acosta, Senior Partner, and “Investment and Financing in the Mekong and Investment Forum on October 19, 2017, Ms. Maria Concepcion P. Simundac, Partner. Region: Latest Legal Developments and at JW Marriott Hotel Beijing Central. They shared profound knowledge with the Perspectives”, which helped the audiences The Forum, in an attempt to facilitate audiences on setting up investment vehicles, to gain a thorough knowledge concerning the exchange of experiences among legal foreign investment limits and structures, investment in the Mekong region in terms professionals and help in-house legal teams capital requirements and investment incen- of the top foreign investors in the area, the in China learn how to discover key risks tives and other regulatory issues, with the concepts, conditions and key issues related inherent in cross-border transactions and focus on two sectors: housing and tourism. project financing, and her sector in focus. deliver better outcomes for their businesses, After the refreshment break, Ms. Jihong All attendees had a pleasant time at the brought together a number of legal experts Wang, Partner and Co-Head of Construction Networking Luncheon, a time for them to from all cross Asia, who shared with the par- & Infrastructure Department of Zhong Lun have discussions about some interested top- ticipants the profound and unique insights Law Firm, spoke about due diligence issues. ics, to talk with their old acquaintances and concerning cross-border legal practices and Her speech started with the purpose and catch up with all their news, or to meet new investment hotspot topics. role of due diligence investigation, then went people and make new friends. The Forum started at 9:00 in the morning. on into the methods and scope of due dili- After lunch, all attendees moved back to Mr. Lei Ouyang, Chief Counsel of Thomson gence investigation, and consulting firms in- the ballroom for the afternoon session of the Reuters China made the opening speech, volved in due diligence investigation. Finally, Forum, which started with the presentation pointing out that considering Chinese Ms. Wang concluded and explained why due given by Mr. John Yong Ren, Founder and companies’ attempt of “going out” through diligence investigation is the foundation for Managing Partner of T&D Associates. In his

Ouyang Lei, Chief Counsel, Thomson Reuters China Franchette M. Acosta, Senior Partner, Villaraza & Maria Concepcion P. Simundac, Partner, Villaraza & 欧阳磊，法务总监，汤森路透中国区 Angangco (V&A Law) Angangco (V&A Law)

Jihong Wang, Partner of Zhonglun Law Firm; Co-head of William Qiu, Partner, Zhonglun Law Firm Eddie Lam, Managing Director, FTI Consulting Construction & Infrastructure department 邱建, 合伙人, 中伦律师事务所王霁虹, 合伙人& 房地产和基础设施部联席负责人, 中伦律师事务所 NOVEMBER 2017 54 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 presentation, Mr. Ren analyzed the latest rule of the Ministry of Commerce (MOFCOM) on reviewing the filings of concentration EVENTS of operators and the centralized review practices from four aspects: determination of control, calculation of turnover, time limit ALB跨境法律实务 for MOFCOM to issue the first RFI, and the upfront buyer and fix it first. Furthermore, 及投资论坛 Mr. Ren spoke about new features and future trends of MOFCOM’s merger review. The presentation was highly informative and benefiting to all the audiences. 圆满落幕 A short refreshment break was followed 在“一带一路”的战略大背景下，在 by the most welcomed session of the event 茶歇结束后，中伦律师事务所合伙人、世界多极化、经济全球化的大趋势下， – panel discussion, which was moderated 房地产和基础设施部联席负责人王霁虹律 by Ms. Hairong Li, a partner with Zhong Lun 在世界各国之间的联系变得日益紧密的师给参会嘉宾带来了关于尽职调查这一领 Law Firm. She posed a question: how to 今天，推动贸易与对外投资，变得势域的内容。她从尽职调查的目的与作用切 enhance cross-border partnerships and con- 在必行。基于此，《亚洲法律杂志》入，谈及方法、内容和咨询机构，解释了 nectivity in the context of China’s Belt and （ALB）联合多家国内外律所，于10 Road Initiative. Ms. Hannah Cao, General 为何尽职调查乃是海外投资成功基石这一月19日在北京粤财JW万豪酒店成功举 Counsel of Silk Road Fund, Ms. Min Yan, 说法。 General Counsel of Borgward and Head of 办了跨境法律实务及投资论坛。继王律师演讲后，中伦律师事务所合伙 Overseas Operations of Beiqi Foton Motor 本着帮助中国内部法律顾问学习如何人邱建律师对跨境并购及A股上市的话题给 Co.,Ltd, and Mr. Ke Wang, General Counsel, 在跨境交易中发现关键风险，为其业务予了详尽细致的讲解。他分别从跨境并购 Xinhua Hydropower Co., Ltd. joined the dis- 发展带来良好结果的目的，ALB聚集了 cussion as panelists. They shared about their 的趋势、境外并购资产的A股上市、跨境并多位来自亚洲各地的法律专家，对诸多 opinions from their respective industry per- 购与股权激励几个分论点进行了剖析。 spectives and their own experiences, which 跨境法律实务及投资热点话题给出了深接下来，FTIConsulting的常务董事 were very inspiring and thought provoking. 刻而独到的见解。 Eddie Lam以“监管机构调查的辩护回应”为 Time flew by quickly. As the moderator, 早上9点，汤森路透中国区法务总监 panelists and audiences were still having 主题，凭借他在调查合规方面的18年从业欧阳磊向全体嘉宾致辞，阐述了目前 lively discussions on their views, the meet- 经验，从调查中所需的不同技能、制定实中国企业跨境投资方兴未艾，法律问 ing unknowingly has come to an end. It has 用且有辩护性的调查回应、确定调查信息题成为“走出去”过程中的重中之重这一 been our honor to organize and hold this 的来源、适当传达调查结果四方面，进行 event that has benefited all the attendees 现状。并说明了ALB希望借此论坛的契了详明的解读。 and participants. We, as the organizer of 机，为上述企业提供有针对性的、高价 the Forum, want to thank everyone for your 值的信息参考及搭建律所和法务之间桥随后，来自湄公河畔的DFDL的合伙人 participation and support, and hope to have 梁的目的。 Audray Souche 给大家带来了“湄公河地区 more opportunities to get together and see 的投资和融资: 最新的法律发展和前景”这随后，Villaraza & Angangco 的高级 you all in the future. 一话题。让在场嘉宾对湄公河地区的顶级合伙人Franchette M. Acosta和合伙人投资者，项目融资的观念、条件、关键问 Maria Concepcion P. Simundac 就菲题，及其专注领域有了非常深刻的了解。律宾投资给出了专业建议。她们围绕建立投资工具、外国投资限制和结构、资午餐期间，参会嘉宾充分交流，也许是本要求和投资激励及其他监管问题几个对某个话题的探讨，也许是老朋友间的叙方面侃侃而谈。并着重介绍了房地产与旧，也许是对新朋友的了解。气氛和谐愉旅游这两个板块。快。

Audray Souche, Partner and Managing Director, DFDL Thailand

从左至右 Left to Right: LI Hairong, Partner, Zhonglun Law Firm 李海容, 合伙人, 中伦律师事务所; Hannah Cao,General Counsel, Silk Road Fund曹晖，法律总监，丝路基金有限责任公司; YAN Min，General Counsel of Borgward, Head of overseas operations of Beiqi Foton Motor Co.,Ltd 颜敏，宝沃汽车总法律顾问, 福田汽车海外业务负责人; Wang Ke, General Counsel, Xinhua Hydropower Co., Ltd王珂，总法律顾问，新华水力发电有限公司

John Yong Ren, Founder and Managing Partner, T&D Associates 任勇, 创始人、主任, 天地和律师事务所

LEGALBUSINESSONLINE.COM/CHINA ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 55 EVENTS

下午的论坛由天地和律师事务所创始人、主任任勇开场，他深度解析了商务部最新的《经营者集中审查办法》和集中审查实践做法。任律师对控制权的认定、营业额的计算、商务部发出补充问卷的时间限制、买家前置规则和先行修正四个关键问题逐一分析，层层深入，进而谈到商务部审查经营者集中案件的新特征和未来趋势前瞻。在座嘉宾无不受用。短暂茶歇后，进入到最为受欢迎的话题讨论环节。中伦律师事务所合伙人李海容律师首先抛出话题：如何加强中国“一带一路”战略的跨境伙伴关系和互联互通。讨论嘉宾丝路基金有限责任公司法律总监曹晖女士；北汽福田汽车海外业务负责人、宝沃汽车总法律顾问颜敏女士；新华水力发电有限公司总法律顾问王珂先生分别从各自的行业视角、切身经历等给出了有诸多有借鉴意义的分享。在热烈讨论和台上台下持续地互动中，会议不知不觉已到尾声。意犹未尽就是对此次会议最好的评价。ALB真诚感谢各位嘉宾的参与和支持，并期待在今后有更多的机会与各位见面。

WORKSHOP SPONSORS DFDL Villaraza & Angangco DFDL was established in 1994 and founded on a unique vision: To create an integrated legal, tax and invest- Villaraza & Angangco was founded in the year 1980. With more than 60 ment advisory firm, with in-depth knowledge of the jurisdictions where we operate to provide tailored, efficient lawyers recognized by their peers to be at the top of the legal profession, and practical services across our core areas of expertise. the Firm offers professional services of the highest caliber. With decades of Our integrated and expanding network of 11 offices throughout 9 countries in Asia stands as a testament to experience, its lawyers are equipped to skillfully handle the most intricate these goals. problems and provide comprehensive solutions that deliver results. The Firm Our dedicated professionals possess the acumen and insight necessary to assist you, our clients, in navigating is at the forefront of the Philippine legal landscape and has gained the trust the various legal complexities and challenges while simultaneously reaping the vast opportunities that this of leading multinational corporations, financial institutions and conglomer- dynamic region continues to offer. We strive to provide commercially ates. V&A Law is a full service law firm with recognized expertise in litigation, focused and innovative advice, drawing on over 20 years of wide rang- corporate and intellectual property law. ing experience and finely tuned local knowledge. Website: www.thefirmva.com Website: www.dfdl.com

FTI Consulting Zhong Lun Law Firm FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage Founded in 1993, Zhong Lun Law Firm was one of the first private law part- change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational nerships to receive approval from the Ministry of Justice. After years of rapid and transactional. Individually, each practice is a leader in its specific field, staffed with experts recognized development and steady growth, today Zhong Lun is one of the largest full for the depth of their knowledge and a track record of making an impact. Collectively, FTI Consulting offers service law firms in China. With over 260 partners and over 1200 professionals a comprehensive suite of services designed to assist clients across the business cycle – from proactive risk working in fifteen offices in Beijing, Shanghai, Shenzhen, Guangzhou, Wuhan, management to the ability to respond rapidly to unexpected events and dynamic environments. Our APAC Chengdu, Chongqing, Qingdao, Hangzhou, Tokyo, Hong Kong, London, New offices include: Australia, China, Hong Kong, India, Indonesia, Japan, York, Los Angeles and San Francisco, Zhong Lun is capable of providing cli- Korea, Malaysia, Philippines, Singapore, Cayman Islands, and British ents with high-quality legal services in more than 70 countries across a wide Virgin Islands. range of industries and sectors through our specialized expertise and close teamwork. Zhong Lun’s outstanding work has achieved broad recognition and its practice T&D Associates groups and lawyers are frequently cited and recommended in their respective markets by distinguished legal media groups such as Chambers & Partners, T&D is a leading local boutique law firm specializing in the area of antitrust and antidumping in China. As one IFLR, The Legal 500, The Lawyer, Asian Legal Business, China Law & Practice of the largest anti-trust teams in China, our team was established in 2013 (5 years before effectiveness of the and others. AML), the first anti-trust team in China. Website: T&D was honored to be listed as PRC Competition/Antitrust Law Firm of the Year for 2010, 2011, 2012, 2013, www.zhonglun.com 2014, 2015, 2016 and 2017 (Eight times) by Chambers. T&D provides the following legal service in antitrust area: • Merger control filings (MOFCOM): T&D handled more than 300 cases. • Antitrust investigations (NDRC&SAIC): T&D has rich experience with Dominance/Cartel case, especially lots of high-profile cases. • Antitrust compliance Website: www.tdlawyers.com

ALB SUPPORT ONLINE LEGAL RECRUITMENT SPONSOR PROUDLY PRESENTED BY

NOVEMBER 2017 56 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WHO WILL WIN THE ALB 2017 TOP 15 IN-HOUSE TEAMS IN CHINA?

2017 TOP15 中国最佳公司法务团队颁奖典礼即将拉开帷幕 December 2017 • Beijing • We Will Show You the Answer 2017年12月• 北京• 答案即将揭晓

With increased business complexity and heightened attention 随着企业业务复杂性的增大和对风险管理关注度的 to risk management, the role of in-house counsels has 提高，内部法律顾问在公司中的角色变得愈发重 broadened over time. ALB always pays attention to the role 要。ALB始终关注着法务团队在法律行业中的角色和 and influence of the legal team in the legal industry. Through its annual selection, ALB presents the top legal teams from 影响，通过历年评选，ALB向业界呈现了来自各行各 all walks of life. All these teams are widely recognized for their 业顶尖的法务团队。这些团队的工作复杂程度、创新 work complexity, innovative thinking, excellent performance 思维、卓越表现以及对行业的影响力均受到了广泛的 and influence on the industry. Who will win the ALB 2017 Top 认可。本年度最佳法务团队的美誉将如何归属？答案 15 In-House Teams in China? We will show you the answer soon. 即将隆重揭晓！ The award is exclusively sponsored by Zhong Lun Law Firm 该奖项由中伦律师事务所独家赞助。

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