China

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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CHINESE UPDATE – The Draft Foreign Investment Law and Its Impact on VIEs

Executive Summary: China’s Ministry of Commerce released for comment major legislation, the draft Foreign Investment Law, to overhaul the regulation of foreign direct investment.  The article below discusses how these major changes could impacting foreign investment enterprises and variable interest entities. MAIN ARTICLE The best way to understand the draft Foreign Investment Law (“Draft”), circulated by … Continued

Editors’ Note:  Contributed and authored 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.

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CHINESE UPDATE – China’s Ministry of Commerce Promulgates Revised Measures for Overseas Investment Management

Executive Summary: A series of new regulations have gradually deregulate the approval process for Chinese overseas investment since the beginning of 2014. On September 6, 2014, China’s Ministry of Commerce released revised regulations that narrow the scope of types of foreign investment that need to be verified and approved, establish the management mode of “adopting … 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. Authored by Alex Hao, a resident partner at Jun He's New York office. Mr. Hao has significant experience in corporate, M&A, finance and FDI matters involving China.

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CHINA UPDATE: China Antitrust Authority Blocks Second Transaction in Its History

Main Article: The Anti-Monopoly Bureau of the Ministry of Commerce in China (“MOFCOM”) issued a decision last month prohibiting the formation of the P3 Network, a long-term container shipping alliance among A.P. Møller-Maersk, Mediterranean Shipping Company and CMA CGM, which are Danish, Swiss and French companies, respectively.  In the six years since the adoption of … Continued

Editor’s Note: This article was authored by antitrust partner Ilene Knable Gotts and associate Yuni Yan Sobel of Wachtell, Lipton, Rosen & Katz.

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CHINESE UPDATE – Update on Cross-Border RMB Investment – MOFCOM Further Opens Up RMB Inbound Investment

Highlights: The RMB-dominated cross-border investment had always been a significant channel to promote the internationalization of RMB. Foreign investors have always been seeking more convenient channels to “spend” their RMB proceeds derived from their investment in China, international trade or other sources in onshore or offshore markets. China’s authorities have made significant developments in 2011 … Continued

Editors’ Note: Contributed by Ms. Fang He, a partner at Jun He and a member of XBMA’s Legal Roundtable. Ms. He has broad experience in international M&A. Authored by Ms. Wei Chen of Jun He. Ms. Chen specializes in cross-border M&A, foreign direct investment, outbound investment, private equity investment and national security review. Ms. Chen has expanded experience in other fields such as the securities market, offshore IPO listings and follow-up offerings. This article was first posted on hk.lexiscnweb.com.

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