Introduction The Biden administration has just completed its first full year in office, and the talk has been tough. New leadership at DOJ, the SEC, the FTC, the CFTC, and other regulatory and law enforcement agencies have issued statements and policy revisions signaling their intention to train more focus on white-collar and regulatory enforcement. We … Continued
*Originally distributed on December 31, 2021 The second half of 2021 was an extraordinary time for Chinese companies seeking to list overseas, as well as for other relevant market participants. The Didi incident further deepened the anxiety and “mistrust” by US securities regulators on the risks associated with investing in China-based companies or that have … Continued
Since early 2020, a consortium of well-funded plaintiffs’ law firms have pursued an aggressive campaign of derivative litigation in the New York courts against major European companies, including Deutsche Bank, UBS, Volkswagen, Barclays, Novartis, and Bayer (represented by this Firm). While the lawsuits differed in detail, they shared a strategic purpose: to drag international companies … Continued
Executive Summary/Highlights The boom in global M&A activity reached new heights in the third quarter of 2021, resulting in a record volume of global M&A through the first three quarters. M&A activity has surged on the back of pent-up demand for deals following the Covid-19 shutdown in the early part of 2020 and the subsequent … Continued
Executive Summary/Highlights Global M&A activity reached historic levels in the first half of 2021, amounting to one of the highest first-half deal volumes on record. The surge in M&A activity following the early-pandemic shutdown has continued for the last 12 months, driven by a bull market, economic stimulus, corporate priorities to adapt to changes in … Continued
*Originally distributed on May 27, 2021. Developments this week highlight the urgent imperative for boards and management teams to address climate-related challenges as part of their regular risk assessment practices: A Dutch court held Royal Dutch Shell partially responsible for global warming and ordered the company to reduce its carbon emissions. Engine No. 1, an … Continued
On April 10, 2021, the State Administration for Market Regulation (“SAMR”) imposed administrative penalties on a leading Internet company for abusing its dominance in the China online retail market by engaging in exclusive dealing conduct. This article will sort out the key points of this case from four different aspects: relevant market definition, market dominance evaluation, “either or” (exclusive dealing) conduct, and the penalty amount. It will also offer suggestions on compliance for Internet platform undertakings.
Executive Summary/Highlights Global M&A volume reached record highs in Q1 2021. As Covid-19 vaccines became more widely available and economies reopened, M&A volume reached the largest first quarter deal volume on record since records started being kept in 1980. In Q1 2021, global M&A volume was US$1.34 trillion, a 1.7% increase from Q4 2020 (US$1.32 … Continued
Global M&A activity in 2020 was a remarkable tale of two halves, with historically low M&A volume in the first half of the year, especially in the months following the initial outbreak of the coronavirus pandemic, followed by an explosion of activity in the second half of the year.
The Recent Judicial Development of “Piercing the Corporate Veil” in China 1. Summary of “Piercing the Corporate Veil” and the relevant regulations “Piercing the corporate veil” (also known as “forward disregard of corporate personality”, hereinafter referred to as the “forward disregard”), originated in the United States. The doctrine is used to prevent shareholders … Continued
