China

CHINESE UPDATE — Cross-border Data Transfer Assessment Measures Released for Public Comment

Highlights: The Cyberspace Administration of China (“CAC”) released a draft of the Measures on Security Assessment of the Cross-Border Transfer of Personal Information and Important Data (the “Draft”) on April 11, 2017 allowing for one month of public comments to be offered. Security assessments on the cross-border transfer of personal information and important data was … Continued

Editors’ Note: Contributed by Fang He, a partner at JunHe’s Beijing headquarters, and by Adam Li, a partner at JunHe’s Shanghai office; both are members of XBMA’s Legal Roundtable. Ms. He specializes in M&A, foreign direct investment and outbound investment from China. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies. This article was authored by Ms. Dong Xiao, a partner in JunHe’s Beijing headquarters who specializes in the areas of foreign direct investment, mergers and acquisitions, Internet, high-tech, and data privacy and information law. Associates, Mr. Cai Kemeng and Ms. Guo Jinghe helped with this article.

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CHINESE UPDATE — SASAC to Strengthen Supervision on Outbound Investment of Central Enterprises

Highlights: SASAC issued new regulations recently, under which SASAC has adopted the concept of Negative List, and further strengthened its supervision of outbound investment by central enterprises. Main Article The State-owned Asset Supervision & Administration Commission of the State Council (“SASAC”) published the Measures for the Supervision and Administration of Outbound Investment of Central Enterprises … Continued

Editors’ Note: Contributed by Mr. Adam Li, a partner at JunHe, and member of XBMA’s Legal Roundtable. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies.  Authored by Ms. Fang He, a partner at JunHe and a member of XBMA’s Legal Roundtable.  Ms. He has broad experience in M&A, outbound investment, foreign direct investment, and private equity.  Ms. Qingxin Yang, an associate at JunHe, helped preparing the article.

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CHINESE UPDATE — China Adopted Cybersecurity Law

Highlights: After deliberations over more than a year’s time, the Standing Committee of the National People’s Congress (“NPC Standing Committee”) finally adopted the Cyber Security Law (“CSL”) on November 7, 2016.  The CSL is the first omnibus law in China governing cyber security issues and has incorporated a number of new legal concepts and requirements … Continued

Editors' Note: Contributed by Fang He, a partner at JunHe’s Beijing headquarters, and by Adam Li, a partner at JunHe’s Shanghai office; both are members of XBMA’s Legal Roundtable. Ms. He specializes in M&A, foreign direct investment and outbound investment from China. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies. This article was authored by Ms. Dong Xiao, a partner in JunHe’s Beijing headquarters who specializes in the areas of foreign direct investment, mergers and acquisitions, Internet, high-tech, and data privacy and information law.  Associates, Mr. Cai Kemeng and Ms. Guo Jinghe helped with this article.

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CHINESE UPDATE – Limitations on Overseas Direct Investment, A First Step of Temporary Capital Controls?

Main Article: During this sensitive time when capital control measures are about to come out, through an interview of officials of the State Administration of Foreign Exchange (“SAFE”), the Xinhua News Agency on December 8 revealed the details and direction of policy on the recent tightening of overseas direct investment (“ODI“).  The effects on ODI … Continued

Editors’ Note: Contributed by Adam Li, a partner at JunHe, and member of XBMA’s Legal Roundtable. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies. This article was authored by Natasha Xie, a partner based in JunHe’s Shanghai offices who specializes in foreign direct investment, M&A, banking and finance.

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CHINESE UPDATE – Outbound Investment — Managing risks and exiting with grace

Executive Summary/Highlights: China’s outward foreign direct investment (FDI) has increased substantially over the past decade.  At US$111.5 billion in total in 2015, outbound FDI exceeded inbound FDI for the second year running.  Aided by the creation of new / simplified regulatory channels, China’s outbound FDI is expected to grow more than 10% per year for … Continued

Editors’ Note: Susan Ning, a member of XBMA’s Legal Roundtable, contributed this paper.  Ms. Ning heads King & Wood Commercial and Regulatory Group and is widely recognized as one of the leading experts in the field, with many years of experience working with MOFCOM to secure merger clearance.  This article was authored by King & Wood Mallesons partner Neil Carabine, of the firm’s Hong Kong office.

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CHINESE UPDATE – Significant Changes in Law Ease Controls Over FDI and M&A

Highlights: From October 1, 2016, a new FDI administration system will be launched in China.  Under the new system, MOFCOM approval will not be required for incorporation or acquisition of a foreign invested enterprise (“FIE”), unless its business is on the Nationwide Negative List released by the State Council.  This will increase efficiency for incorporation … Continued

Editors’ Note:  Contributed by Adam Li, a partner at JunHe, and by Fang He, a partner at JunHe’s Beijing headquarter; both are members of XBMA’s Legal Roundtable. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies. Ms. He specializes in M&A and outbound investment from China. This article was authored by Daniel He (He, Kan), a partner based in JunHe’s Shanghai offices who specializes in mergers and acquisitions, foreign direct investment, general corporate law and regulatory compliance.

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CHINESE UPDATE — Impact of China’s Law on the Activities of Overseas NGOs

Highlights: The new Law on NGO provides guidance for the registration, operating activities, financial management, and penalties, etc. of or for Overseas NGOs within China. Main Article The Law of the People’s Republic of China on the Management of Activities of Overseas Non-Governmental Organizations within the Territory of China (“Management Law”) was adopted at the … Continued

Editors’ Note:   Contributed by Qi Li (Adam), a partner at JunHe and a member of XBMA’s Legal Roundtable.  Mr. Li has broad experience in cross-border mergers & acquisitions, corporate, and general China practice.  Authored by Mr. Jason Liu and Ms. Piwei Sun. Mr. Jason Liu is a partner at JunHe’s Infrastructure & Project Financing practice group. He is specialized in infrastructure and utility concession transactions, bidding law, energy conservation, environmental protection, project construction, and foreign investment. Ms. Piwei Sun is a senior associate at JunHe’s Infrastructure & Project Financing practice group. She is specialized in infrastructure and utility concession transactions, foreign investment and project financing.

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CHINESE UPDATE – NDRC Will Deregulate Outbound Investment Review and Relax Sensitive Project Review

Highlights NDRC launches Draft for Comment for Order 9, which proposes further relaxation measures on PRC outbound investment. The controversial “road-pass” requirement might be alleviated. Approval procedure and application documents for the approval of Sensitive Projects may be simplified. Main Article Chinese National Development and Reform Commission (“NDRC“) launches Draft for Comment of Measures for … Continued

Editor's Note: Contributed by Ms. Fang He, a partner at JunHe and a member of XBMA's Legal Roundtable. Ms. He has broad experience in cross-border M&A, private equity, trust and assets management. This article was authored by Ms. Fang He and Ms. Runze Li. Ms. Li is an associate at JunHe.

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CHINESE UPDATE – PRC Authorities Tighten Review on Outbound Investment Transactions

Highlights Due to RMB depreciation and foreign exchange fluctuation, PRC authorities have tightened review on the truthfulness of outbound investment, for purposes of combating exchange arbitrage and underground private banks. SAFE launched a new system to supervise individuals’ foreign exchange activities since January 1, 2016, and will list violative individuals on a “Supervised List”. SAFE … Continued

Editors’ Note: Contributed by Ms. Fang He, a partner at JunHe and a member of XBMA’s Legal Roundtable. Ms. He has broad experience in cross-border M&A, private equity, trust and assets management. This article was authored by Ms. Fang He and Ms. Runze Li. Ms. Li is an associate at JunHe.

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CHINESE UPDATE – Developments on Foreign Investment Administration – On the Catalogue of Industries for Guiding Foreign Investment (2014 Revision)

Highlights: Foreign investment projects in China are categorized into encouraged, permitted, restricted and prohibited projects.  The 2014 revisions to the Catalogue of Industries for Guiding Foreign Investment were made with the intention to substantially reduce the restricted projects, to loosen the restrictions on foreign shareholding percentage, and to primarily promote the opening-up of the manufacturing … Continued

Editors’ Note:  Contributed by Adam Li (Li, Qi), a partner at Jun He and a member of XBMA’s Legal Roundtable. Mr. Li is a leading expert in international M&A, capital market and international financial transactions involving Chinese companies. He has broad experience with VIEs and other structures for foreign investment in China.  This article is authored by Jun He partner Catherine Miao and associate Vivian Pan.  Ms. Miao’s practice area includes finance, FDI, enterprise restructuring, M&A, and overseas investment by domestic enterprises.

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