Asian Legal Business China July 2015

LAW FIRM LISTING: IS SHANDONG DEHENG SETTING A PRECEDENT? 律师事务所挂牌：山东德衡为中国律师界设置了先例

JULY 2015WWW.LEGALBUSINESSONLINE.COM

STOCK PANICChina unleashes unprecedented measures

股市恐慌：

中国出台前所未有的

救市政策

PAGE 42

REIT WAY Wanda experiments with Internet finance

房地产投资信托基金：

万达试验互联网金融产品

PAGE 30

TAIWAN REFORMS Anti-competitive behavior targeted

台湾地域报告：

着眼反竞争行为

PAGE 36

INSIDE

04

14n APPOINTMENTS

n THE BIG STORY

06n DEALS SPOTLIGHT

亚洲法律杂志 - 中国版 CHINA 9 772220 270006

ISSN 2220-2706

中国十五佳律师新星

TOP 15RISING LAWYERS

2015

CONTENTS 1WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

Wanda’s Fashion

万达之路Dalian Wanda Group, China’s biggest real estate developer, is no longer interested in just being a developer. Its high-profile steps in the past six months are a convincing indicator that that the conglomerate is moving elsewhere. How risky is its quasi-REITs product? How will this global juggernaut handle its transformation into an asset-light business? How will it navigate the choppy waters of Internet finance? Shangjing Li reports

中国最大的房地产开发商大连万达集团对仅当个开发商已经不再感兴趣。该集团过去6个月中的高调举动证明了一点，即这家企业集团正在四面出击。其准房地产投资信托（REIT）产品的风险性如何？这家全球巨头将如何把握自身向轻资产型企业的转变？它又将如何顺利驶过互联网金融汹涌的波涛？记者李尚晶报道。

Peak panic mode

恐慌峰值模式China’s attempts to stave off a full-blown crash have included unleashing unprecedented emergency support measures, reports Alex Richardson

中国进行多种尝试避免股市全面崩溃，包括采取前所未有的紧急救市措施，Alex Richardson报道

Taiwan’s sweeping Fair Trade reforms

台湾的大规模公平交易改革Antitrust law enforcement activity is on the rise in Asia, as local authorities seek to clamp down on anti-competitive behaviour. This is also true in Taiwan, where a recent amendment to its Fair Trade Act laid out a new path for key areas of competition law and transformed the island’s business landscape. Kanishk Verghese reports

随着当地政府部门视图取缔反竞争行为，亚洲的反垄断执法活动日益增多，台湾也是如此。最近台湾地区《公平交易法》修正案为竞争法的关键领域开辟了一条新路，并改变了该地区的商业格局。Kanishk Verghese报道。

FEATURES

COVER STORY

NEWS

THE BIG STORY 04

DEALS 06

NEWS 07

REGIONAL UPDATES 13

APPOINTMENTS 14

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Top 15 Rising Lawyers 2015 16ALB China showcases 15 ambitious young lawyers across China who have appeared on our radar because of their potential to become the next power players in the legal industry. Their growing record of achievements, coupled with their expanding client portfolio, make a solid case for why they have what it takes to climb to the top.

ALB 2015中国十五佳律师新星《亚洲法律杂志》（ALB）向您推荐15位来自全国各地的年轻律师，他们良好的发展态势让我们看到了这些人在未来成为法律界“大咖”的潜质。这15名新星律师凭借着卓越的表现、良好的口碑、日益扩大的客户群诠释了他们的潜力和优秀，荣登榜单。

REUTERS/Pichi Chuang

2 ASIAN LEGAL BUSINESSJULY 2015

PUBLISHERAmantha [email protected]

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中国十五佳律师新星

TOP 15RISING LAWYERS

2015

EDITORIAL 3WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

THE LATEST NEWS, UPDATES ANDCOMMENTARY ABOUT CHINA’SLEGAL INDUSTRY DELIVERED TOYOUR PHONE DAILY

Follow ALB on WeChat最新的法律界新闻、资讯和时评会及时送达到您的手机请关注我们的微信公众号微信账号WeChat ID: ALB_China

Even though Chinese civilization dates back thousands of years, its relatively recent reemergence on the global stage means there is a sense of newness to its companies – and its law firms. Chinese com-panies, particularly technology firms like Huawei and Tencent, are changing the way the world does business. Similarly its law firms are transforming the traditional paradigms of the legal industries with its fresh approaches. And at the heart of this movement are exciting young lawyers who are challenging the established norms as they look to achieve higher levels of client satisfaction.

The ALB Top 15 Rising Lawyers list showcases 15 of the brightest young legal minds in the country that are already making a name for themselves as they do quality work using groundbreaking new ap-proaches. Apart from making their clients happy and firms proud, they also symbolize China’s trendsetting approaches to doing busi-ness, and look set to become household names in the years to come. We look forward to seeing them rise even further.

LOOK TO THE FUTURE 着眼未来中国有着上千年的璀璨历史，但是直到近些年的重新崛起，

才让这个国家的公司以及律师事务所再次在国际舞台上崭露头角。像华为、腾讯这样的科技企业正在改变世界的商业模式。同样，中国的律所也在用自己的方式给世界律界重新树下标杆。在这样一个近似“运动”的过程中，我们看到了一批年轻律师的崛起，他们通过给顾客提供更满意的服务来挑战着既有的套路。

《亚洲法律杂志》2015年律师新星榜单为您挑选出了中国15个年轻智慧的律师，他们虽然年轻，可凭着高质量和有创造性的律师服务，已经在行业内小有名气。除了让客户满意律所自豪，更重要的是，他们的发展路径或代表着中国律所的发展方向。我们由衷地祝愿这些冉冉升起的律师新星们在未来成为家喻户晓的律师，升得更高。

RANAJIT DAMManaging EditorAsian Legal BusinessThomson [email protected]

4 BRIEFS 07.2015

THE BIG STORY

Eight years after Australia’s Slater & Gordon became the first law firm in the world to undertake an IPO, a Chi-

nese law firm has become “listed.”Earlier this month, Qingdao-based

Shandong Deheng Law Firm started selling shares on the Qingdao Blue Ocean Equity Exchange, also known as the Four Board or the regional over-the-counter (OTC) market in China, setting a precedent for more than 20,000 law firms in the country.

But unlike Slater & Gordon in Australia or Gateley in the UK which also had its IPO in May this year, Shandong Deheng is not issu-ing public shares.

“When I talk about ‘listing’, I used a quo-tation mark.” said Hu Ming, the managing partner of Shandong Deheng, noting that it is far from what a traditional IPO is.

Through a private placement which is only open to partners working in the firm, Shandong Deheng aims to raise 40 million to 60 million yuan, or $6.5 million to $9.7 million by selling 10 million shares, accord-ing to the filing. The proceeds will be used to fund the firm’s online legal services busi-ness, labeled Deyi Online.

Deheng’s recent move created a buzz in China’s legal industry, after it talked itself up as becoming the first law firm to be “listed.” However, like most parts in the world, China is still miles away from being a jurisdiction that allows law firms to have non-lawyers as stakeholders.

INSIDE DEALS: YOUR MONTH AT A GLANCE 06 / APPOINTMENTS 14

In Deheng’s case, it chose a relatively low-key regional OTC to trade shares, because neither of the main boards in Shang-hai or Shenzhen, not to mention the ChiNext or the increasingly popular New Three board, currently allow partnership-based entities to get listed. Re-gional OTCs presently don’t come under the scrutiny of China Securities Regulatory Com-mission.

Besides, according to Luan Shaohu, the chairman of the Deheng Legal Group, Shan-dong Deheng’s parent, the Blue Ocean board has minimal requirements when it comes to information disclosure, and companies can even apply to be exempt from disclosure un-der certain circumstances.

Shandong Deheng announced its list-ing plan last July, and received the official approval from Qingdao Blue Ocean Equity Exchange almost a year later. The regional OTC even adjusted its rules to accommodate Shandong Deheng—previously it did not al-low partnership-based entities onboard.

The law firm was established in 1993 in Qingdao, after which the partners expanded it to Beijing, and later spun that office off as a new firm called Beijing DHH that targets high-end work. A group holding company, Deheng Legal Group, was set up as the hold-ing entity of the two firms which operate in-dependently. Since then, the group has initi-ated many innovative methods of expansion,

including establishing Deyi to provide online legal services, and pursuing this “listing.”

“I think more and more firms will now embark on this revolutionary path,” Hu told ALB. “Deheng is not doing this only for our-selves; we are doing it to benefit China’s le-gal industry.”

Law firms in China and abroad are explor-ing whether partnership-based entities can list on stock markets. The UK introduced the concept of “alternative business structures” for law firms in 2011, including membership-based organizations and publicly listed enti-ties. The latter has been possible in Australia since at least 2007, when Slater and Gordon Lawyers became the first law firm to list in that country.

But do law firms in China really have the desire to follow suit? Given the regulatory requirements surrounding the structure of Chinese law firms, Chen Feng, the managing partner of Dacheng Law Offices in Shanghai, said no.

“Inside our firm, we have discussed what listing our firm would entail, and we reached a consensus that we won’t do it,” Chen said.

He noted that China has different set of

Small step, big stridesDeheng’s ‘listing’ might be a way for Chinese law firms to rethink how they raise capitalBy SHANGJING LI

5BRIEFS

在澳大利亚Slater & Gordon律师事务所成为全球首家进行IPO的律所八年之

后，一家中国律所也成功“上市”了。本月早些时候，位于青岛的山东德衡律

师事务所开始在中国的“四板”市场（也称区域股权交易市场），即青岛蓝海股权交易中心发售股票，开创了国内20,000多家律所之先河。

但与澳大利亚的Slater & Gordon律所或同在今年5月进行IPO的英国Gateley律所不同，山东德衡律师事务所并不公开发行股票。

山东德衡的管理合伙人胡明表示，“当我谈论‘上市’的时候，我一般用引号。我会说挂牌，”由此指出这与传统的IPO之间存在差异。

从申报材料来看，通过只向在该所工作的合伙人开放的定向私募，山东德衡希望出售1000万股股票，募集4000万至6000万元人民币，即650万至970万美元。募集资金将用于为该所名为“德翼法律服务广场”的在线法律服务业务提供资金。

由于该所将自己宣传成首家“上市”律所，德衡近期的举动在中国法律界形成热议。但与世界上绝大多数地区一样，中国离成为允许非律师担任律所股东的司法管辖区仍前路漫漫。

就德衡的情况而言，它选择了相对低调的区域场外交易市场进行股票交易，因为无论是上海还是深圳的主板市场目前都不允许合伙制实体上市，更遑论创业板或日益受到追捧的新三板。区域场外交易市场目前不受中国证券监督管理委员会的监管。

此外，按山东德衡的母公司德衡法律集团主任合伙人栾少湖的说法，蓝海板对信息披露的要求最少，在特定情况下公司甚至可以申请免于披露信息。

山东德衡去年7月宣布上市计划，在几乎一年之后才收到青岛蓝海股权交易中心的正式批准。该区域场外交易市场甚至调整了自身的规则来适应山东德衡的情况，因为此前该交易中心也不允许合伙制实体上板。

德衡律所事务所于1993年在青岛成立，之后合伙人将其扩展到北京，稍后又将北京办事处作为一家新律所剥离，称为北京德和

rules for lawyers, given law firms are not registered with industrial and commercial bureau like most other companies, and thus a listing is hard to implement. Meanwhile, most law firms in China are still using a commission-based revenue system, unlike other companies that provide services and that makes the former inherently unready to pursue a listing.

“Most law firms in China don’t see the need to get listed, and nor do they consider it as a practical option. I don’t see why they would alter laws on a national level to help us list,” he said.

But Deheng’s move will no doubt be closely watched by other law firms keen to raise capital, as it sets a precedent for them.

Chen, the managing partner of the world biggest law firm at the moment, gives credit to Shandong Deheng’s innovative move, say-ing that it might be spearheading a change in how law firms are operated and financed.

“It is a catalyst for change. But how effec-tive it is remains to be seen,” he said.

衡律师事务所，瞄准高端业务。德衡法律集团是一家集团控股公司，作为这两家独立运营的律所的控股实体而成立。从那以后，该集团在扩张方面推出了许多创新方法，包括建立“德翼法律服务广场”提供在线法律服务以及寻求本次“上市”。

胡律师对ALB表示，“现在从国际上来看尤其在互联网加的大背景下，颠覆性的改革会越来越多。这些事情我们不仅仅是为自己做，我们也是为律师行业在做事情。”

中国境内外的律所都在探索合伙制实体是否能在股票市场上市。英国于2011年针对律所提出了“替代性商业结构”的概念，包括了会员制组织和公开上市实体。至少从2007年开始，澳大利亚就允许公开上市实体的存在，当时Slater&Gordon律师事务所成为该国首家上市律所。

德衡开拓先河之后，会有更多的中国律所走上上市道路吗？鉴于围绕中国律所结构的监管要求，大成律师事务所上海管理合伙人陈锋表示，情况并不一定如此。

“在我们所内，我们讨论过要不要上市的问题，最终我们的原则是不大会上市。”陈律师称。

他指出，中国对律师有不同的规则，因为律所不像绝大多数其他公司那样在工商局登记，上市难以实施。同时，中国的绝大多数律所仍采用提成制的收入体系，各方面跟公司制的企业还相差很远，这使得律所本质上并未准备好寻求上市。

陈律师表示，目前国内绝大大多数律所因为规模和创收的限制，并没有上市的需求，“我认为在律所事务所里有这样想法的不是很多，这样如果从国家层面上做立法的变更，我认为短期内不会，”他说。

但由于德衡为渴望融资的其他律所开创了先例，它的一举一动无疑将受到其他律所的密切关注。

陈律师作为目前全球规模最大的律所大成的管理合伙人，对山东德衡的创新之举给予了肯定。“从另外一个角度，这件事对未来事务所从司法行政管理到工商登记管理，有一定的推动和催化作用，但效果如何有待观察，”他说。

一小步，一大步德衡“上市”或促使中国律所重新思考如何融资作者：李尚晶

REUTERS/John Kolesidis

6 BRIEFS ASIAN LEGAL BUSINESSJULY 2015DEALS

DEALS: YOUR MONTH AT A GLANCE

$1.96 BILLION IPOLEGEND HOLDINGS’ HONG KONG IPO • LegendHoldingCorp is the largest

shareholder in personal-computer maker Lenovo Group Ltd.

• Should Legend go public, it couldbecome the third-largest IPO in Hong Kong this year after Huatai Se-curities, and GF Securities.

• Apart from Lenovo, which wentpublic in Hong Kong two decades ago, Legend also controls Chinese private-equity firm Hony Capital.

$9 BILLION PRIVITASATIONQIHOO 360 GO-PRIVATE BID• Qihoo, which listed in the United

States in 2011, may be the largest Chinese tech company to receive a go-private offer in recent months.

• Tech executives at several Chinesecompanies are betting on higher valuations back home, where the main stock index surged more than 50 percent this year.

$4.85 BILLIONIPOGUOTAI JUNAN’S SHANGHAI IPO • Shanghai-headquartered Guotai

Junan, China’s largest brokerage by revenue and third largest by profit, has followed in the footsteps of other Chinese brokerages tapping into the country’s capital markets to fund their booming margin-trading busi-ness.

• GuotaiJunan’sIPOisthefourthinthemainland market to raise more than $1 billion in the past 12 months.

DEAL NAME FIRM JURISDICTION VALUE(US$ MLN) DEAL TYPE

Legend Holdings’ Hong Kong IPO

Cleary Gottlieb Steen & Hamilton

China,Hong Kong

1,960 IPOJia Yuan Law Offices

Davis Polk & Wardwell

JunHe

Hewlett-Packard’s joint venture with Tsinghua Holdings

Allen & Overy Hong Kong, China

2,300 JVFangda Partners

Jianguang Asset Management’s agreement to buy Netherlands-based NXP Semiconductor’s power amplifier business

Deacons

Hong Kong, China, Netherlands

1.800 M&ADe Brauw Blackstone Westbroek

Houthoff Buruma

Qihoo 360 go-private bidTian Yuan Law Firm

U.S., China 9,000 PrivatisationJingtian & Gongcheng

Baidu’s public offering of 3% and 4.125% notes

Maples and Calder

U.S., China 1,250 DebtSkadden, Arps, Slate, Meagher & Flom

Chongbang Holdings’ fundraising

Appleby

China, US 920 Debt

Baker & McKenzie

Clifford Chance

Deacons

Jones Day

Guotai Junan Securities’ Shanghai IPO

Haiwen & Partners China 4,850 IPO

Xinhua online arm Shanghai IPO

King & Wood Mallesons China 240 IPO

Deheng Law Offices

Red Star Macalline’s IPO

Paul Hastings

China,Hong Kong

925 IPO

Davis Polk & Wardwell

Commerce & Finance Law Offices

Llinks Law Offices

7BRIEFSWWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

Chengdu’s Tahota looks east with Jinan launch

Expansion-hungry Chengdu-based law firm Tahota has established a presence on China’s eastern seaboard after opening an office in Jinan, the capital of the coastal Shandong Province.

Comprising more than 20 lawyers, including 10 partners, the new office will mainly focus on finance, investment, government compliance, cultural indus-try, corporate, and real estate, according to a news statement.

Apart from its home base in Chengdu, Tahota also has offices in the Chi-nese cities of Beijing, Chongqing, Shenzhen, Lhasa, and Hong Kong. It is also preparing to open new offices in Kunming, Shanghai and Washington DC, its first outside the Greater China region.

Tahota was named West China Law Firm of the Year at the ALB China Law Awards 2015, the seventh time the firm received the award.

Grandall third Chinese firm to open in Silicon Valley

Grandall Law Firm has opened in Silicon Valley, becoming the third outfit from China to open an office in the U.S. technology hub after the legacy King & Wood PRC Lawyers and JunHe Law Offices estab-

lished presences there in 2001 and 2010, respectively.Led by Lindy Zhang, Grandall’s new office consists of more than 10 lawyers

from Hong Kong, Taiwan, the U.S. and China, 80 percent of whom are admit-ted to California bar.

Zhang told ALB in an interview that the new office would mainly cater to the increasing demand of Chinese companies investing abroad. Corporate, real estate, immigration and tax will be the major focus.

In addition, Zhang noted the new office will also help local startups in Sili-con Valley to register companies, design equity structures, and take their busi-nesses to China.

“Almost 90 percent of the high-tech M&A projects we advise on are in Sili-con Valley, and that is why we chose the to open an office here,” Zhang said.

Grandall also opened a new office in Jinan Province last year. With these two offices, the firm currently has 18 offices including four international ones.

NEWS

济南办事处成立，成都泰和泰向东部扩张

在沿海山东省省会济南设立办事处之后，快速扩张的成都泰和泰律师事务所已经在中国的东部沿海地区有了办事处。

据新闻稿，新办事处由包括10名合伙人在内的20多名律师组成，主要业务将涉及金融、投资、政府合规、文化产业、企业和房地产等领域。

总部设在成都的泰和泰在北京、重庆、深圳、拉萨和香港等中国城市均设有办事处。此外，它还准备在昆明、上海和华盛顿特区开设新的办事处，而华盛顿办事处将成为它在大中华区外的首个办事处。

泰和泰荣获《亚洲法律杂志》“2015中国法律大奖”年度最佳西部律所奖，这也是该所第七次获此殊荣。

国浩成为第三家在硅谷开设办事处的中国律所继金杜律师事务所和君合律师事务所分别于2001年和

2010年在硅谷开设办事处之后，国浩律师事务所成为在这一美国科技中心开设办事处的第三家中国律所。

在张凌云的带领下，国浩的硅谷办事处由来自香港、台湾、美国和中国大陆的10多名律师组成，他们当中80%的人具有加利福尼亚州律师资格。

张律师在采访中告诉《亚洲法律杂志》，新办事处主要会迎合进行海外投资的中国企业不断增长的需求。企业、房地产、移民和税务将成为新办事处的业务重点。

此外，张律师指出，新办事处还将帮助硅谷当地的新办公司注册公司、设计股权结构、将业务扩展到中国。

“我们提供咨询意见的高科技并购项目有近90%都在硅谷，这也是为什么我们选择在这里开设办事处的原因。”张律师说。

国浩去年在济南也开设了一家办事处。随着这两家办事处的成立，国浩目前共有18个办事处，包括四家国外办事处。

8 BRIEFS ASIAN LEGAL BUSINESSJULY 2015

Mayer Brown JSM, Jingtian & Gongcheng to form HK alliance

Beijing-based Jingtian & Gongcheng is on the verge of forming an as-sociation with Mayer Brown JSM in Hong Kong, as the Chinese firm establishes its first presence outside mainland China.

Under this arrangement, Mayer Brown JSM will provide office space and other resources to secondees from J&G in Hong Kong. The two firms will continue to operate as separate entities, and they are not contemplating a merger, a spokesperson told ALB. The association is still awaiting approval from the Law Society of Hong Kong.

The alliance is the most recent example of a Chinese law firm teaming up with a foreign law firm as the country sees an increase in capital outflows and business opportunities across different jurisdictions. Early this year, Dacheng Law Offices and Dentons formed the world’s biggest law firm. And in April, Baker & McKenzie entered into a joint venture with Fenxun Partners in Shang-hai.

Jingtian currently has four offices in China including Beijing, Shanghai, Shenzhen and Chengdu. The firm, which is growing fast, particularly its capi-tal markets practice, is the latest mainland law firm to enhance their pres-ence in Hong Kong. In May Llinks opened in the SAR, some months after Beijing-headquartered Han Kun Law Offices.

“We look forward to forming an association in Hong Kong with Jingtian & Gongcheng, one of China’s most prestigious law firms,” said Mayer Brown Chairman Paul Theiss in a statement. “This is an exciting development for the clients of both firms.”

China’s Yingke Opens in GreeceYingke Law Firm has opened an office in Greece, the firm’s 27th outpost

overseas.The new office will operated under a strategic partnership between Yingke

and Greece law firm Machas & Partners, an Athens-based law firm founded in 2011 that also has offices in Monaco and London.

Under the agreement, the new firm will provide services to clients both in China and Greece in the areas of antitrust, merger & acquisition, banking and finance, litigation and arbitration and labor law.

Mei Xiangrong, the managing partner of Yingke said during the launch ceremony that the motivation behind the new office was that Greece needs China and vice versa.

“China has become a comprehensive strategic partner of Greece, not only assisting the country to overcome its financial crisis and debt prob-lems, but also contributing to the stability of Eurozone and provid-ing solid support through bilateral and multilateral relationships,” Mei said.

Starting with Greece, Yingke aims to open offices in eastern and southern Europe in the coming years, according to a news state-ment.

孖士打和竞天公诚成立香港联盟随着总部位于北京的竞天公诚律师事务所打算在中国大

陆外设立首个办事处，该所很快将要与孖士打律师行成立香港联盟。

根据这项安排，孖士打将在香港向竞天公诚的调派人员提供办公场地和其他资源。这两家律所将继续作为独立的实体运作，它们不会考虑合并，一位发言人告诉《亚洲法律杂志》。该联盟仍有待香港律师会的批准。

随着中国面临越来越多的跨司法管辖区的资本流出和商业机会，该联盟是近期又一家中国律所与外国律所合作的例子。今年年初，大成律师事务所与德同国际律师事务所合并成立全球最大的律师事务所。而在四月，贝克•麦坚时国际律师事务所与奋迅律师事务所在上海宣布联营。

竞天公诚目前在中国有四家办事处，包括北京、上海、深圳和成都。该所发展迅速，特别是它的资本市场业务，同时也是又一家在香港拓展业务的内地律所。先是总部设在北京的汉坤律师事务所在香港设立了办事处，数月后，通力律师事务所也于今年五月如法炮制。

“我们期待与中国最负盛名的律所之一竞天公诚在香港成立联盟。”孖士打全球董事会主席唐博礼在一份声明中表示。“对我们两家律所的客户来说这是一项激动人心的进展。”

中国盈科在希腊设立办事处盈科律师事务所在希腊设立了办事处，这是该所第27家

海外办事处。新办事处将会在盈科与希腊Machas & Partners律师事务

所的战略合作关系框架下运作。Machas & Partners于2011年成立，总部设在雅典，在摩纳哥和伦敦有办事处。

根据协议，新办事处将会在反垄断、并购、银行与金融、诉讼与仲裁和劳动法领域向中国和希腊的客户提供服务。

盈科的合伙人管理委员会主任梅向荣在启动仪式上说，新办事处的成立动机是因为希腊和中国互相需要。

“中国已经成为希腊的全面战略合作伙伴，不仅帮助该国克服金融危机和债务问题，还为欧元区的稳定作出贡献，以

及通过双多边关系提供有利的支持。”梅律师说。

据新闻稿，以希腊为起点，盈科的目标是在未来几年内在东欧和南欧开设数家办事处。

9BRIEFSWWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

China’s draft cybersecurity law could up censorship, irk business

China’s parliament has published a draft cybersecurity law that con-solidates Beijing’s control over data, with potentially significant consequences for internet service providers and multinational firms

doing business in the country.The document strengthens user privacy protection from hackers and data

resellers but elevates the government’s powers to obtain records on and block dissemination of private information deemed illegal under Chinese law.

Citing the need “to safeguard national cyberspace sovereignty, security and development,” the proposed legislation will allow China to bolster its networks against threats to stability and better regulate the flow of informa-tion.

Earlier in July, China’s largely rubber stamp parliament passed a sweep-ing national security law that tightened government control in politics, cul-ture, the military, the economy, technology and the environment.

But cybersecurity has been a particularly irksome area in relations with economic partners like the United States and the European Union, which see many recently proposed rules as unfair to foreign firms.

Joerg Wuttke, president of the European Union Chamber of Commerce in China, said the business lobby was still reviewing the draft law but that it was “worried.”

“The chief concern is that, as with many Chinese laws, the language is vague enough to make it unclear how the law will be enforced,” Wuttke said.

Under the draft law, internet service providers must store data collected within China on Chinese territory; data stored overseas for business purposes must be government-approved. Network equipment must also be approved under testing standards issued by China’s cabinet.

The government also reiterated its longstanding objective of requiring in-ternet users to log in with their real names to services like messaging apps - though such drives have failed in the past.

The parliament said government agencies would issue additional guide-lines for network security in “critical industries” such as telecoms, energy, transport, finance, national defense and military matters, and government administration.

Parliament will take feedback on the proposed legislation until early Au-gust, and it will likely undergo a series of readings and possible adjustments before being adopted.

Nicholas Bequelin, East Asia Director at Amnesty International, said the draft law would institutionalize censorship practices that were not explicitly formulated before.

Article 50, for example, would give authorities the legal power to cut ar-ea-wide internet access to maintain order in the case of “sudden” incidents, much as it did for 10 months in 2009 after nearly 200 people died in ethnic riots in Urumqi, the capital of the western region of Xinjiang.

中国网络安全法草案可能强化网络审查，影响企业运营

中国全国人大公布了网络安全法草案，该草案加强了政府对数据的控制，并且可能对互联网服务供应商以及在中国开展业务的跨国公司带来重大影响。

该草案加强了针对黑客和数据倒卖的用户隐私保护，但也提升了政府获取私人信息记录，以及阻止私人信息传播的权力。根据中国法律，这些私人信息被认为是违法的。

为了“维护国家网络空间的主权、安全和发展”，此次立法草案将允许中国针对影响其稳定的威胁加强网络监管，并且更好地规范信息流动。

7月初，中国全国人大通过了国家安全法，大规模地加强了政府在政治、文化、军事、经济、技术、环境等领域的管制。全国人大多数时候都是走过场的。

但是，网络安全在中国与美国和欧盟等经济合作伙伴的关系中一直是个特别微妙的领域，美国和欧盟等经济合作伙伴认为许多最近提出的规则都对外国公司不公平。

中国欧盟商会主席约尔德·伍德克表示，欧盟商会虽仍在研究该法律草案，但已对草案表示“忧虑”。

“最主要的问题是，与中国许多法律一样，该草案的语言含糊不清，让人不清楚该法将如何被执行。”伍德克表示。

根据该草案，互联网服务供应商必须将在中国收集的数据存储在中国境内；为了商业目的将数据存储境外必须获得政府批准。网络设备也必须按照中国国务院颁布的测试标准获得批准。

政府还重申了要求网民实名登录信息应用程序等服务的长期目标，虽然这些要求在过去都失败了。

中国人大表示，政府部门将颁布电信、能源、交通、金融、国防和军事、政府管理等“关键行业”的网络安全补充指南。

人大将在八月初之前听取有关该草案的反馈意见，并且在正式通过该法之前，可能会举行一系列的听证，作可能的调整。

国际特赦组织东亚分部主任林伟表示，该草案将制度化之前未明确规定的网络审查工作。

例如，该草案第50条授权有关部门在发生“突发”事件时，为了维持秩序而切断区域互联网接入。在发生导致近200人死亡的新疆乌鲁木齐族群骚乱后，有关部门在2009年的10个月时间里切断了新疆的互联网接入。


U.S. regulators plan first-ever inspection of audit firm in China

U.S. regulators are planning their first-ever inspection of an audit firm in China under a pilot program, marking a step toward reso-lution of a stalemate over accounting oversight of Chinese firms

listed on U.S. markets.The inspection is expected to take place this year, subject to final agree-

ments, a spokesman for the Public Company Accounting Oversight Board (PCAOB), the main U.S. audit regulator, told Reuters.

The PCAOB has been seeking access to China for audit inspections for years, following a rash of botched audits that led to massive losses for inves-tors in Chinese shares in the United States. China had balked at granting access for audit inspectors, citing sovereignty concerns.

Under U.S. law, auditors that check the books of U.S.-listed companies must be registered with the PCAOB and open to inspections.

“They’ve gotten very little here, but they’re making progress,” said Paul Gillis, an accounting professor at Peking University in Beijing.

“The whole issue is becoming less relevant as these companies flee the U.S. markets to return to China, and that’s really the best for all parties,” he said.

Chinese companies have been pulling out of the United States and re-turning home, where share prices had surged before a recent pullback. In the media and internet sectors alone, 17 U.S.-listed Chinese companies have said this year they will go private, spurred by a chance to re-list on Chinese exchanges, according to a report from Mizuho Securities.

The U.S. Securities and Exchange Commission, which regulates U.S. stock markets, has also de-registered dozens of Chinese companies in response to accounting scandals that began surfacing in 2010.

The PCAOB two years ago said China had agreed to grant access to Chi-nese companies’ audit documents for U.S. enforcement actions against audi-tors.

Regulators from the United States and China committed to the pilot in-spection program in talks held in Washington, D.C., the U.S. Treasury Depart-ment said in a report.

Senior officials from China and the United States meet annually at the U.S.-China Strategic and Economic Dialogues to work on economic coopera-tion.

美国监管机构计划对中国审计事务所进行首次检查美国监管机构将计划根据试点项目对一家中国审计事务

所进行首次检查，标志着为解决中国赴美上市公司的会计监管问题迈出了重要的一步。

虽然最终协议尚未确定，但该检查预计将在年内进行，美国主要监管机构公众公司会计监督委员会（PCAOB）的发言人告诉路透社。

随着一连串的审计失败导致投资者在投资赴美上市中国公司的股票上遭受巨额损失，PCAOB数年来一直寻求进入中国进行审计检查。中国以主权问题为由，拒绝审计检查人员入境。

根据美国法律，检查美国上市公司账簿的审计人员必须在PCAOB注册，并且能够接受其检查。

“虽然成效甚微，但它们至少取得了一些进步。”北京大学的会计学教授Paul Gillis说。

“随着这些公司（在美上市的中国公司）离开美国重返中国市场，整个问题就变得不那么重要了，这对于大家来说都是最好的。”他说。

在最近的下跌之前，中国股价一路飙升，因此许多中国公司都在退出美国，返回中国市场。根据瑞穗证券的报告，因为有机会在中国交易所重新上市，仅在媒体和互联网领域，就有17家在美国上市的中国企业表示今年将进行私有化。

针对2010年开始浮出水面的会计丑闻，监管美国股票市场的美国证券交易委员会已经注销了几十家中国公司。

PCAOB两年前表示，中国已经同意就美国的审计执法行动，授权它们获取中国企业的审计文件。

美国财政部在报告中称，美国和中国监管机构在华盛顿特区举行的会谈中都承诺将开展试点检查项目。

中国与美国的高级官员一年一度在中美战略与经济对话中会面，共同推动经济合作。

SPONSORED ARTICLE 11WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

EAST & CONCORD PARTNERS 天达共和律师事务所

由腾格里沙漠排污案透视污染环境罪认定

天达共和武汉分所

2014年9月，经媒体报道，有企业在腾格里沙漠腹地向沙漠中偷排工业污水。该报道引起中央高层重视。12015年4月，宁夏中卫市沙坡头区人民法院对宁夏明盛染化有限公司(以下简称明盛染化公司)污染环境案作出一审判决。2此案是腾格里沙漠排污事件后首例追诉的污染环境罪案件。本文将以此案为契机，透视污染环境罪认定的三个关键点。

一、污染环境罪的立法思想与保护法益从传统刑法观念出发，本罪设置于刑法分则第六章第

六节，即属于妨害社会管理秩序罪中的破坏环境资源保护罪的具体罪名。因此，污染环境罪所保护的法益应当是国家对生态环境的管理秩序。但是。在生态中心主义思潮下，现代社会的利益结构也在发生着改变,逐渐由以往的“国家利益—个人利益—社会利益”三元利益结构向“国家利益—个人利益—社会利益—生态利益”四元利益结构演变，与此相适应的法益也应当向“国家法益—个人法益—社会法益—生态法益”四元法益结构转变。生态法益，是指法律机制表达或实现的包括人在内的多种生态主体对生态要素及生态系统的利益需求。3《刑法修正案（八）》第四十六条将重大环境污染事故罪修订为污染环境罪即是法律生态化立法思想的具体体现。污染环境罪所保护的法益为生态环境的可持续发展。

二、污染环境罪的主观罪过对于污染环境罪主观罪过的认识，主要有两种观点：

一是认为本罪是故意犯罪；二是本罪的主观构成要件既可以是故意也可以是过失。4

从保护环境的角度讲，故意或过失污染环境的行为都应当处罚。但是，从罪刑法定的角度讲，必须严格按照法律条文的字面意思解释适用刑法。笔者认为，本罪处罚的是故意污染环境的犯罪行为。一方面，故意污染环境的行为的法益侵害性大于过失污染环境的行为；另一方面，从本罪的罪状来看，也是倾向于打击故意污染环境的犯罪行为。需要强调的是，有一种“严格责任说”的观点认为，《刑法修正案（八）》修订后的污染环境罪可以适用“严格责任”，即入罪时只需要评价行为人污染环境的客观行为或结果，无需考虑行为人主观上是否具有罪过。这一观点虽然借鉴了英美法系中的“严格责任”理论。但是与我国刑

1 http://env.people.com.cn/n/2014/1223/c1010-26257113.html。2015年6月29日访问。

2 宁夏回族自治区中卫市沙坡头区（2015）沙刑初字第49号刑事判决书。3 彭夫:《增设虐待动物罪之思考》,《云南社会主义学院学报》2013年第4期。4 杨宁:《论污染环境罪的罪过形式》，《人民检察》2013年第21期。

BEIJING OFFICE A: 20/F Landmark Building

Tower 1, 8 Dongsanhuan Beilu, Chaoyang District, Beijing, 100004, P. R. China

北京总部地址：北京市朝阳区东三环

北路8号亮马河大厦1座20层电话 T: +8610 6590 6639 传真 F: +8610 6510 7030

邮箱 E: beijing@east-concord. com

邮编 : 100004

法主客观相统一的归罪原则相违背，万不可取。

三、污染环境罪的定罪量刑标准（一）污染环境罪的刑档设置及具体量刑根据刑法第三百三十八条的规定污染环境罪有两个刑

档：一是，“严重污染环境的”处三年以下有期徒刑或者拘役，并处或者单处罚金；二是，“后果特别严重的”处三年以上七年以下有期徒刑，并处罚金。2013年6月，最高人民法院、最高人民检察院颁布了《关于办理环境污染刑事案件适用法律若干题的解释》（以下简称《司法解释》）。该《司法解释》第一条和第三条分别规定了十三种“严重污染环境”的情形及十一种“后果特别严重”的情形，而且，两个条文也都设置了“兜底条款”以备司法实践中可能出现而当前尚未考虑到的复杂情形。

（二）污染环境罪的法定量刑情节《司法解释》第四条与第五条分别规定了从重处罚情

节与从轻处罚情节。例如，对于阻挠环境监督检查闲置、拆除污染防治设施等行为应当酌情从重处罚；对于及时采取措施，防止损失扩大、消除污染，积极赔偿损失的，可以酌情从宽处罚。这两个条文所规定的量刑情节为法定量刑情节，在司法实践中也有所体现。明盛染化公司及廉某某污染环境案中，（2015）沙刑初字第49号刑事判决书即依据《司法解释》第五条之规定对明盛染化公司及廉某某酌情从宽处罚。

（三）污染环境罪的罪数关系污染环境罪与投放危险物质罪具有法条竞合关系。在

犯罪构成上，本罪与投放危险物质罪具有重叠与交叉，也就是说，两罪在行为方式与危害结果上具有相似性。因此，试图明确区分污染环境罪与投放危险物质罪的理论观点均难以站住脚。《司法解释》也持此观点。《司法解释》第八条规定，“违反国家规定，排放、倾倒、处置含有毒害性、放射性、传染病病原体等物质的污染物，同时构成……投放危险物质罪等犯罪的，依照处罚较重的犯罪定罪处罚”。

天达共和武汉分所成立于2014年11月，位于湖北省武汉市武昌区美丽的东湖之滨、楚河汉街旁的万达总部国际A座32楼。本分所拥有一支理论精深、经验丰富、德才兼备的律师队伍，包括7位合伙人，近30名专业人员，均毕业于国内外知名法学院，其中2名律师拥有法学博士学位，硕士研究生占全体人数一半以上。

武汉分所与北京总所从制度设计、行政管理、业务开拓、案件管理和日常运营上实行一体化、公司化管理，以满足客户的不同需求。专业分工及团队协作是武汉分所为客户提供法律服务的鲜明特点，以确保为客户提供优质高效的服务，在法律服务市场的竞争中保持了相当的优势。

刘兆君, 合伙人 Zhaojun Liu, Partner

电话 T: +8627 8730 6528 Ext 6000

邮箱 E: liuzhaojun@east- concord.com

彭夫, 律师 Fu Peng, Lawyer

电话 T: +8627 8730 6528 Ext 6077

邮箱 E: pengfu@east-concord. com


U.S. regulator freezes Chinese executive’s assets over suspicious Qihoo trades

The U.S. securities regulator has obtained a court order to freeze the assets of a Chinese online gaming CEO over what it described as “suspicious” trading activity ahead of a $10 billion deal by U.S.-listed

Qihoo 360 Technology Co Ltd.In a statement, the Securities and Exchange Commission (SEC) said

Guangzhou-based Luo Haijian made more than $1 million trading options in Qihoo ahead of the news that the Chinese tech company had received a buyout offer at a 16.6 percent premium to its June 16 closing price.

In a New York court filing, the SEC says 33-year old Luo, who is the chief executive of 4399 Co Ltd, bet Qihoo’s stock price would rise in the short term by purchasing $700,000 of “out of the money” call options through a U.S. brokerage account prior to the buyout announcement.

Qihoo received the buyout offer on June 17 from a consortium led by its chairman and CEO Hongyi Zhou, adding the mobile security software maker to a long list of Chinese tech companies that have received offers to drop their New York listings and head back home. Qihoo’s stock opened 9 percent higher on the news.

Luo subsequently sold all his call options and asked his broker to transfer $600,000 of his proceeds to a Singapore bank account, the complaint says.

“The suspicious timing and size of Luo’s trades spurred us to move swiftly to freeze his proceeds and ensure that potentially illegal profits cannot be siphoned out of this account beyond a U.S. court’s jurisdiction while our in-vestigation continues,” Andrew Calamari, regional director of the SEC’s New York office, said in an SEC statement.

Luo, who had no prior history of trading Qihoo securities using the U.S brokerage account opened in March, traded the options “while in posses-sion of material, nonpubic information, concerning the buyout offer,” the SEC complaint alleges.

Luo could not be immediately reached for comment.The court order freezes assets in Luo’s brokerage account and prohibits

him from destroying any evidence. The SEC is seeking a final judgment order-ing Luo to disgorge his gains with interest and penalties, the SEC said.

This is the second time this year the SEC, regarded as one of the most aggressive securities watchdogs in the world, has investigated trading of U.S-listed stocks by Chinese residents.

In April, the regulator charged two Beijing residents with insider trading, alleging they profited by purchasing call options on Chinese internet com-pany 58.com ahead of its merger with rival ganji.com.

因涉嫌奇虎内幕交易，美国监管机构冻结中国高管资产美国证券监管机构已获得法院命令，冻结一家中国在线

游戏网站首席执行官的资产。该机构称，该名首席执行官涉嫌在美国上市公司奇虎360科技收到价值100亿美元的私有化要约前，进行了“可疑的”交易活动。

美国证券交易委员会（SEC）发布声明称，在奇虎公司收到私有化要约的消息公布前，中国广州居民骆海坚通过交易奇虎股票期权获利超过100万美元。奇虎收到的私有化要约报价较其6月16日收盘价溢价16.6%。

SEC在提交给一家纽约法院的文件中称，今年33岁的骆海坚是中国在线游戏网站4399的首席执行官，他在上述私有化消息宣布前，通过一个美国经纪账户，购买了70万美元的奇虎股票价外看涨期权，押注奇虎的股价将在短期内上涨。

移动安全软件制造商奇虎在6月17日收到由公司首席执行官兼董事长周鸿祎牵头的财团提出的私有化要约，之前已有多家在美上市的中国科技企业收到此类要约，计划从纽约退市，重返中国股市。受该消息提振，奇虎股价当天开盘上涨9%。

骆海坚随后卖掉了他所有的看涨期权，并要求他的经纪人将60万美元的收益转到他的新加坡账户，SEC在控诉称。

SEC纽约办公室地区负责人Andrew Calamari在SEC声明中说：“骆海坚交易的时点和规模很可疑，促使我们迅速行动，冻结他的收益，并确保在我们继续调查期间，骆海坚可能的非法获利无法从这个账户转出美国司法管辖区。”

骆海坚之前从未通过这个三月份开立的美国经纪账户交易过奇虎的证券，他在“掌握了有关该私有化要约的重大、非公开信息的情况下”，购买了看涨期权，SEC指控称。

路透社无法立即联系到骆海坚对此置评。法院指令冻结了骆海坚经纪账户内的资产，并禁止他销毁

证据。SEC称目前正在获取最终判决，命令骆海坚吐出不当获利，并缴纳利息和罚金。

作为世界上最积极的证券监管机构之一，这次是SEC今年第二次调查中国居民交易美国上市股票。

今年四月，SEC指控两名北京居民进行内幕交易，声称他们在中国互联网公司58同城与其竞争对手赶集网正式宣布合并前，通过购买看涨期权获利。

2015年6月12日，国家发改委公布由其起草的《政府核准和备案投资项目管理条例》（征求意见稿）（以下简称“《意见稿》”），就各类企业在境内投资项目和境内企业境外投资项目的管理规定向社会公开征求意见（2015年6月22日截止），意将近些年企业投资项目核准制度改革的最新成果以行政法规形式巩固明确下来，通过提高立法层级提高企业投资项目管理的权威性和执行力。

《意见稿》重点内容包括：　一、总则：就各类企业在中国境内不使用政府投资

建设的固定资产投资项目和中国境内各类企业及其通过境外企业或机构实施的境外投资项目，《意见稿》明确了除关系国家安全和生态安全、涉及全国重大生产力

布局、战略性资源开发和重大公共利益等项目按规定核准，企业投资项目应当实行备案制。项目核准、备案机关及其他行政机关不得非法干预企业的投资自主权。

二、项目核准程序、审查及效力：《意见稿》明确要求项目核准机关应当制定审查工作细则，明确审查具体内容、审查标准、审查要点、注意事项及不当行为需要承担的后果等。项目核准文件和项目调整书面确认意见自文件印发之日起有效期为2 年，并可申请延期，延长的期限不超过1年。

三、项目备案：《意见稿》规定实行备案管理的企业投资项目，项目单位应当通过在线平台向项目备案机关提交项目备案申请；项目备案信息应通过在线平台实现互通共享，项目单位可以通过在线平台打印备案文件。

四、境外投资项目的特别规定：《意见稿》就境外投资项目的备案范围，提出除涉及敏感国家和地区、敏感行业的境外投资项目按规定核准外，境外投资项目应当实行事后备案制。也就是说未来中国企业进行的不涉及敏感国家和行业的所有境外投资在项目实施前将无须进行任何发改委流程。

在核准审查的内容和条件方面，《意见稿》主要体现负面排除机制，即只要项目不违反国家法律法规、产业政策和境外投资政策，不危害国家主权、安全、公共利益就应当予以备案。

五、监督管理和法律责任：境外投资项目，项目开工前，项目单位应当登录在线平台报备项目开工基本信息。项目开工后，项目单位应当按年度在线报备项目建设动态进度基本信息。项目竣工验收后，项目单位应当在线报备项目竣工基本信息。

对于提供虚假项目核准或备案信息、违反法律法规擅自开工建设、不按照批准内容组织实施；未通过竣工验收擅自投资生产运营以及其他违法违规行为。项目单位的相关信息将被列入项目异常信用记录。异常信用记录分为一般异常信用记录和重大异常信用记录，将纳入国家统一的信用信息共享交换平台，记录不良的项目单位还可能被列入“黑名单”向社会公示。

《意见稿》对于境内投资和中国海外投资均释放积极信号，清晰地展现了中国政府落实企业投资自主权，发挥市场配置资源的决定性作用的决心，未来的监管思路仍将是进一步简政放权。相信在发改委新的重大改革举措出台后，商务部门、外汇等配套措施也会很快跟进。

SPONSORED UPDATESINGAPORE

SPONSORED UPDATESHANGHAI

MS. DEBBIE TAN, Legal Associate (Corporate Practice) T: +65 6322 2213 F: +65 6534 0833 E: [email protected]

MS. DIANTHA HO, Legal Associate (Corporate Practice) T: +65 6322 2235 F: +65 6534 0833 E: [email protected]

A: 俊昭法律事務所 143 Cecil Street, Level Ten, GB Building, Singapore 069542 W: www.loopartners.com.sg

2015年7月1日公司法令修改引入“免于审计小公司“

发改委就《政府核准和备案投资项目管理条例》（征求意见稿）公开征求意见

根据会计与企业管制局（ACRA）2015年4月15日通知，公司法令修改将于两个阶段予以生效。第一阶段为2015年7月1日，第二阶段将为2016年第一季度。

在2015年7月1日公司法令第一阶段生效同时，为了减少小公司合规负担，深入推进以风险为基础的方法，公司法令引入”免于审计小公司（Small Company Concept for Audit Exemption）”概念，符合规定的小公司将免于提供审计的财务报告，该类免于审计小公司将于2015年7月1日以后开始的财务年度免于提交经审计的财务报告。

目前，若豁免私人公司（exempt private company）年度收入为500万新元或更少，其免于提供经审计的财务报告。2015年7月1日后，该豁免私人公司将被免于审

计小公司取代，即若一个公司被豁免提交经审计的财务报告，不必成为一个豁免私人公司，仅需为免于审计小公司。免于审计小公司的条件为：1. 在免于审计该年为私人公司；且2. 在刚刚过去两个财务年度符合下述三个条件中的两个：

2.1 整个年度收入不高于1000万新元；2.2 所有资产不高于1000万新元；2.3 在财务年度最后一日聘请的全职员工不超过50名。

若免于审计小公司是一个集团的一部分，则1. 该公司须符合免于审计小公司的条件；且2. 整个集团是一个“小集团”。“小集团”必须在刚刚过去的两个连续财

务年度，其合并财务符合上述2.1-2.3的其中两个条件。该“小集团”将在其后的财务年度一直免于财务审计，除非其不再符合“小集团”的条件。

若一个公司符合“免于审计小公司”，该公司将在随后的财务年度一直免于提交经审计的财务报告，除非其不再符合“免于审计小公司”定义，即：1. 在该财务年度该公司不再为一个私人公司；2. 在刚刚过去两个连续财务年度不再符合上述2.1-2.3其中两个条

件。ACRA也对现有公司在过渡期进行了约定，若现有公司在其符合“

免于审计小公司”的第一个或第二个财务年度，将被视为“免于审计小公司”。

对在2015年7月1日以后设立的新公司，若设立时为私人公司，且在设立后的第一个或第二个财务年度符合上述2.1-2.3其中两个条件，即为“免于审计小公司”。

免于审计小公司仅是免于审计其财务数据，该类公司仍须根据有关规定，履行财务资料申报义务。

关于该免于审计小公司更多详情，可登陆ACRA网站（www.acra.gov.sg）予以了解。

陶丽, 主任合伙人 T: +86 21 6211 2390, +86 21 6211 2357 F: +86 21 6211 2387 E: [email protected]

A: VICTORY LEGAL GROUP 双胜律师事务所 Unit J, 14 Floor, Huamin Empire Plaza, No. 726, Yan An West Road, Shanghai, 200050 PRC

W: www.victorylegalgroup.com

罗怡德, Senior Advisor T: +86 21 6211 2390, +86 21 6211 2357 F: +86 21 6211 2387 E: [email protected]

13REGIONAL UPDATESWWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business


LATERAL HIRESNAME LEAVING GOING TO PRACTICE LOCATION

PROMOTIONSNAME FIRM PROMOTION POSITION LOCATION

Thomas BolkartSchlockermann Rechtsanwälte

Winners Law Firm Dispute Resolution Tianjin

Charles Ching Freshfields Bruckhaus

DeringerWeil, Gotshal &

Manges LLPCorporate Shanghai

Fang Jianwei Davis Polk & Wardwell Global Law Office Dispute Resolution Shanghai

Joseph LeeCadwalader,

Wickersham & TaftSimmons & Simmons

Corporate Hong Kong

Liao Yueyue CNOOC JunHe Corporate Beijing

Wang WeiKing &

Wood MallesonsJunHe Bankruptcy Guangzhou

Zhang Ning O’Melveny & MyersOrrick,

Herrington & SutcliffeM&A Beijing

Belle Chiou Baker & McKenziePharmaceuticals &

HealthcarePartner Taipei

Nancy Lai Baker & McKenzie Tax Partner Shanghai

Amy Ling Baker & McKenzie Tax Partner Shanghai

Vivian Wu Baker & McKenzie Compliance Partner Beijing

APPOINTMENTS

T H E W H O, W H E R E , W H E N & H O W O F A S I ATo list your deals, firm profile, listing, please contact

Amantha ChiaPublisher and Head of Sales

T: +65 6870 3917 / M: +65 9642 9895 / E: [email protected] Science Park Drive, Singapore 118229

Shyanne ChenAdvertising Sales Manager (Indonesia, Malaysia)


Henry ChengAccount Manager (Hong Kong, Korea)

T: +852 2847 2016 / M: +852 9720 2770 / E: [email protected]/F, Cityplaza 3, Taikoo Shing, Hong Kong

Yvonne CheungAccount Director (China)

T: +852 2847 2003 / M: +852 9365 7710 / E: [email protected]/F, Cityplaza 3, Taikoo Shing, Hong Kong

Amy SimSales Manager (Japan, Singapore, Taiwan)


Sardor YangibayevSales Executive (Philippines, Singapore, Thailand, Vietnam)


DEAL FIRMS OF ASIA 2015P R O F I L E S O F K E Y T R A N S AC T I O N A L L AW F I R M S I N T H E R E G I O N

OFFSHORE CENTRES 2015E X P E R T S K E E P YO U U P TO D AT E O N O F F S H O R E F I N A N C I A L C E N T R E S

ISLAMIC FINANCE 2015A N I N T R O D U C T I O N TO A T R E N D S W E E P I N G T H E W O R L D

ASIAN LEGAL BUSINESSJULY 2015RISING STARS16

TOP 15

《亚洲法律杂志》（ALB）向您推荐15名来自全国各地的年轻律师，他们良好的发展态势让我们看到了这些人在未来成为法律界“大咖”的潜质。这15名新星律师凭借着卓越的表现、良好的口碑、日益扩大的客户群诠释了他们的潜力和优秀，荣登榜单。以下名单按照获奖者姓氏首字母顺序排列。**The Chinese translation of this story was prepared by CLS Communication** ** 此文中文翻译由CLS Communication提供 **

RISING LAWYERS

ALB CHINA SHOWCASES 15 AMBITIOUS YOUNG LAWYERS ACROSS CHINA WHO HAVE APPEARED ON OUR RADAR BECAUSE OF THEIR POTENTIAL TO BECOME THE NEXT POWER PLAYERS IN THE LEGAL INDUSTRY. THEIR GROWING RECORD OF ACHIEVEMENTS, COUPLED WITH THEIR EXPANDING CLIENT PORTFOLIO, MAKE A SOLID CASE FOR WHY THEY HAVE WHAT IT TAKES TO CLIMB TO THE TOP. THE NAMES BELOW ARE IN ALPHABETICAL ORDER.

中国十五佳律师新星作者：马源

By Marian Ma


2015

RISING STARS 17WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

METHODOLOGY

Individuals need to either be under the age of 40 or have no more than 15 years of legal professional experi-ence to be considered as a rising lawyer. We received hundreds of applications from law firms across China in the past two months. The list was chosen base on the following criteria:

1. significant achievements

2. important deals or cases

3. significant work in the last 12 months

4. clients the candidate has acted for

5. significant accolades the candidate has received for work in the form of public recognition, awards etc.

评选方法律师新星须为40岁以下或法律从业经

验不超过15年的个人。过去两个月中，我们收到了来自全国各地律所的数百份申请。名单按下列标准选定：

1. 重大成就 2. 代理的重要交易或案件 3. 过去12个月内进行的重大工作4. 该候选人代理过的客户 5. 该候选人因工作获得的公众认可、奖

项等重大荣誉

NAME 姓名 FIRM 公司 PRACTICE 业务领域 POSITION 职位

Bian Hao 卞昊

Haiwen & Partners海问律师事务所

M&A, Asset Restructuring并购，资产重组

Partner合伙人

Guo Rui 郭锐

AllBright Law Offices锦天成律师事务所

Dispute Resolution, Corporate Law争议解决，公司法

Senior Partner高级合伙人

Hu Qi 胡琪

Grandway Law Offices北京国枫律师事务所

Corporate Law, IPO 公司法，IPO

Partner合伙人

Hu Zhengzheng 胡铮铮

Jingtian and Gongcheng竞天公诚律师事务所

IPO, Private Equity, M&A, Debt Financing IPO，私募股权，并购，债务融资

Partner合伙人

Li Haiping 李海平

Skadden, Arps, Slate, Meagher & Flom美国世达国际律师事务所

Corporate finance, M&A and public company representation 资本市场，并购，上市公司业务

Partner 合伙人

Li Zheng 李铮

Zhonglun W&D Law Firm北京市中伦文德律师事务所

Cross-Border Investment Law, Corporate Law, Finance Law, Real Estate Law 跨境投资法、公司法、金融法、房地产法


Steve Lin 林邦

Kirkland & Ellis凯易律师事务所

Corporate Law 公司法

Partner 合伙人

Bernie Liu 刘赟春

Llinks Law Offices通力律师事务所

Corporate Law, M&A, PE, Real Estate 公司法，并购，私募股权，房地产

Partner 合伙人

Su Liyun 苏丽云

Guang Da Law Firm广东广大律师事务所

Criminal Law, Legal-Risk Prevention 刑法，法律风险防范

Professional Lawyer执业律师

Jason Xu许嘉

Freshfields Bruckhaus Deringer富而德律师事务所

Equity, Capital Markets 股票，资本市场

Counsel法律顾问

Xu Xiaodan徐晓丹

King & Wood Mallesons金杜律师事务所

Labor and Employment Law 劳动及就业

Partner 合伙人

Steven Yu 郁雷

Global Law Office环球律师事务所

Private Equity, Venture Capital, M&A 私募股权，风险投资，并购

Partner 合伙人

Zhang Ne 张讷

Co-effort Law Firm协力律师事务所

Capital Market, Innovation Funds, Investment, M&A 资本市场，创新基金，投资，并购


Zhang Ping 张平

Han Kun Law Offices汉坤律师事务所

Private Equity fund, VC/PE Investment and Financing, M&A 私募基金、私募股权投资与融资、并购

Partner 合伙人

Leo Zhou 周亮

Dacheng Law Offices北京大成律师事务所

Banking and Finance, Foreign Investment, Public- Private Partnership 银行与金融，外商投资，公私合伙制



卞昊律所：海问律师事务所

执业领域：并购，资产重组

职位：合伙人

卞昊相信熟能生巧，他的法律职业生涯始于2003年，如今已是国内并购和资产重组项目方面的专家。卞律师擅长处理股权相关事务，曾为中国南车收购中国北车项目提供法律支持，协助平安银行收购深圳发展银行，并帮助中国移动投资上海浦东发展银行。他曾代理多家知名公司，如中国移动、中国国际金融有限公司、华能国际电力股份有限公司、淡马锡、中国建设银行、平安银行、中国再保险集团以及西班牙对外银行。

Bian HaoFirm: Haiwen & Partners

Practice: M&A, Asset Restructuring

Position: Partner

With faith that practice makes perfect, Bian Hao started his law career in 2003. Today, he is an expert in M&A and as-set-restructuring projects in the country. Adept at handling equity-related matters, Bian has provided legal support to the acquisition of China CNR by China South Locomotive,

assisted Ping’An Bank’s acquisi-tion of Shenzhen Development Bank, and helped China Mobile with its investment in Shanghai Pudong Development Bank. He has represented several presti-gious companies such as China Mobile, China International Capi-tal Corporation, Huaneng Power International Inc, Temasek, China Construction Bank, Ping’An Bank, China Reinsurance Company, and BBVA.

Bian Hao卞昊

Guo Rui郭锐

Guo RuiFirm: AllBright Law Offices

Practice: Dispute Resolution, Corporate Law

Position: Senior Partner

Guo Rui handles complicated cases of dispute resolution as well as significant commercial projects, such as the real es-tate-related conflict at the Shanghai Bund (involving Fosun, SOHO, Zendai and Greentown), the right of reputation report issues with Qihoo’s “Black Box” case, and the bankruptcy and reorganisation of China Metal Recycling. The 39-year-old part-ner also advised on the construction of civilian projects such as Hongqiao pivot and Pudong goods pivot. His professionalism has attracted a roster of clients from various sectors, including Zhenhua Heavy Manufacturing, Shandong Chenming Paper Industry, Kaiyuan Hotel Group, Taiwan Cement and Shanghai Electric. His focus on enhancing his clients’ value and improv-ing the rule of law has landed him a place in the Shanghai Lawyers Association’s list of Top 20 Excellent Young Lawyers in 2014. He was also named as one of the Top Ten Outstanding Young Lawyers of Pudong New District in 2010.

郭锐律所：锦天成律师事务所

执业领域：争议解决，公司法

职位：高级合伙人

郭锐主要处理复杂的争议解决案件和重大商业项目，如上海地王案（涉及复星、SOHO、证大和绿城）、奇虎 “黑匣子”报道名誉权纠纷以及中国再生金属资源(控股)有限公司破产重组。这位39岁的合伙人还为虹桥枢纽和浦东货运枢纽等土木工程项目的建设提供建议。郭律师的专业素养吸引了一大批来自各行各业的客户，包括振华重工、山东晨鸣纸业、开元酒店集团、台湾水泥和上海电气。注重为客户增加价值和改善法治的精神，使得他在2014年获得了上海市律师协会20佳杰出青年律师称号，他还曾获得2010年浦东新区十佳杰出青年律师称号。

19SPONSORED ARTICLEWWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

CO-EFFORT LAW FIRM LLP 协力律师事务所

“律师在资本市场应该扮演主导作用”作为协力所公司证券部负责人，张讷律师致力于资本市场、创新基金、投融资以及并购重组业务。在去年，他帮助多个有代表性的中小企业成功登陆新三板。这些案件数量大，难度高，需要很强的专业性和创新能力，张讷律师也因此受到业界的一致好评，荣登ALB律师新星榜。

ALB：能否分享一下过去的一年里最有挑战的一个案子？张讷律师：印象最深的是无锡的腾旋科技，这家企业非常优质，是高新技术企业，可是问题也比较集中。首先是资产独立性的问题，他的资产在另外一家公司的名下，在股改前我们需要帮他做资产重组，转移资产。但是转移资产税收成本非常高，所以我们就帮他设计了一个资产重组的方案，帮他降低了百分之七八十的税；其次是公司人员独立性的问题，该公司旧的企业还在，新的企业是挂牌主体，但公司很多员工的关系仍然在旧的企业，并不在挂牌主体；此外他也存在同业竞争和财务问题。最后是他的核心知识产权面临国外一家500强企业诉讼，持续经营能力受到了质疑。面对所有这些问题，我们入场后都帮他提出了很好的解决方案，最后的诉讼也取得了胜利。

ALB：公司证券部的负责人，可不可以介绍一下协力证券部业务特点？张讷律师：公司证券部是我们协力比较重要的一个部门，我们各个分所都有证券部的成员，本部有20多人，由我统一管理。众所周知，证券业务是一个产业链，因此我们除了提供传统的挂牌上市服务，整个产业链上的其他步骤我们都有提供服务，从基金组建、挂牌上市前PE投资、债券投资、到挂牌上市后增发、并购重组，我们为企业提供的是全过程多层次的服务。

ALB：律师在公司上市业务中应该扮演什么样的角色？张讷律师：我认为律师在资本市场应该扮演主导作用。目前资本市场的中介服务现状是由券商主导，券商的主要服务内容是股票发行承销以及行业追踪，而企业在挂牌上市过程中会产生多方面的需求，前期经营规范、风险防范、集团结构调整、并购重组、引入投资人，挂牌上市后的进一步规范和发展壮大，这些方方面面的需求本质都是适用法律和规则，更需要律师利用自己的专长设计方案适用规则。因此，帮助企业挂牌上市由律师主导，对企业将大有裨益。

我作为律师，我们的目标是改变这个产业的生态结构，将来最终实现律师成为上市项目主导方。我这样的期待是有依据的，第一是国外已经实现了，第二是目前我们已经看到新三板将来会把券商牌照放开。律师成为主导，这是我的目标。律师要做行业的整合者和主导者的角色。

As the head of the securities department of Co-effort Law Firm, Zhang Ne focuses on capital market, innovative fund, financing and investment, merger and acquisition, and restructuring practices. Last year, he helped a number of representative small and medium-sized enterprises successfully list on the New Third Board. Dealing with such a large number of difficult cases requires both professional expertise and innovative ability, which has won Mr. Zhang wide praise within the industry and ALB’s Rising Lawyer award.

ALB: Can you share with us the most challenging case in the past year?Zhang: The Wuxi Tengxuan Technology case is the one that comes to mind. This is a high-quality high-tech company that faces a number of issues. First is the issue of asset independence. Since Tengxuan Technology’s assets are in the name of another company, we needed to help it restructure assets for transfer purpose before the equity reform. However, asset transfer involves hefty tax costs. So we drew up an asset restructuring scheme that helped lower 70-80% of the tax costs. Second is the issue of staff independence. The old part of the company was still there, even as the new part is a listed entity. The employment record of a lot of the staff members was still in the old company rather than the listed entity. In addition, Tengxuan Technology also faced peer competition and financial problems. Lastly, it was embroiled in a lawsuit filed by an overseas Fortune 500 company over core intellectual property rights, casting doubts on its ability to continue operations. Despite all these problems, we proposed very good solutions once onboard, and also helped Tengxun Technology win the lawsuit eventually.

ALB: As the head of the securities department of Co-effort Law Firm, could you tell us the characteristics of the department’s practices?Zhang: The securities department is very important in Co-effort Law Firm. Securities department staff can be found in all of Co-effort’s branches, and there are over 20 such members at our headquarters. All of them are managed by me. As we all know, securities business is an industrial chain. In addition to traditional listing services, we also provide services in every other stage of the industrial chain, from fund establishment, to pre-listing PE investment, bond investment, post-listing rights issue, merger and acquisition, and restructuring. In other words, we provide enterprises with multi-level services throughout the whole process.

ALB: What kind of role should lawyers play in a company’s listing?Zhang: I think lawyers should play a leading role in the capital market. Therefore, it will be good for companies if the listing process is led by lawyers. Currently, the intermediary services in the capital market are led by brokerages, whose main service is to underwrite share offerings and track industries. However, companies have various demands during the listing process, such as business operation standardisation, risk prevention, group structural adjustments, M&A and restructuring, and bringing in investors in the earlier stages, and further standardisation and development after listing. To meet these demands, the core issue is how to leverage rules and laws. Therefore, lawyers are needed to help design schemes that complies with the rules with their expertise.

As lawyers, our goal should be to change the ecosystem of the industry to achieve the ultimate goal that lawyers should become IPO project leaders in the future. My hope is justified as this goal has already been achieved in foreign countries and controls on brokerage licenses are set to be relaxed on the New Third Board, as we have already seen. Lawyers are to lead the industry. This is my goal. Lawyers should aim to be the consolidator and leader of the industry.

“LAWYERS SHOULD PLAY A LEAD-ING ROLE IN THE CAPITAL MARKET”

Zhang Ne, Senior Partner

张讷，高级合伙人

地址：上海市陆家嘴环路 958号华能联合大厦35层

邮编：200120 电话：86-21-68866151 传真：86-21-58871151


Hu QiFirm: Grandway Law Offices

Practice: Corporate Law, IPO

Position: Partner

In nine years of legal practice, Hu Qi has been steadily gaining recognition for her “excellent legal expertise” and “diligent pro-fessionalism”, said Liu Guang, CEO of NetPosa. Qi has partici-pated in several M&As, including Zhong Nan Heavy Industry’s acquisition of Da Tang Brilliant and DSM’s buyout of Aland (Ji-angsu) Nutraceutical, and she has advised on a number of suc-cessful listings such as the IPO of NetPosa, Founder Securities, Zhong Nan Heavy Industry and Yotrio Group. She also served as the issuer’s counsel in IPO of Ningbo Jifeng Auto Parts in 2015, the issuance scale of which was valued at around $76 million. Apart from her legal work, Qi also actively participates in the activities of the Beijing Bar Association as a guest of honor and speaker, and she is always willing to challenge herself by en-gaging in other types of corporate cases.

胡琪律所：北京国枫律师事务所

执业领域：公司法，IPO

职位：合伙人

东方网力科技股份有限公司首席执行官刘光认为在胡琪9年的法律执业生涯中，她一直稳步赢得客户对其“优秀法律专业知识”和“勤奋敬业”的认可。胡律师曾参与多起并购案，包括中南重工收购大唐辉煌以及帝斯曼全盘收购江苏江山制药，并为东方网力、方正证券、中南重工和浙江永强等多家公司的成功上市提供咨询。2015年，她还担任宁波继峰首次公开发行股票并上市的发行人法律顾问，此次发行价值约为7600万美元。除了法律工作之外，胡律师还积极参与律师协会的各种活动，担任嘉宾和演讲者，并渴望参与其他类型的公司案件挑战自己。

Hu Qi胡琪

Hu Zhengzheng胡铮铮

Hu ZhengzhengFirm: Jingtian and Gongcheng

Practice: IPO, Private Equity, M&A, Debt Financing

Position: Partner

Believing that legal-service providers should pro-tect the rights and promote the interests of clients, Hu Zhengzheng has been introducing companies to potential investors for win-win collaborations. His 11-year career reflects his familiarity with onshore and offshore capital markets as well as expertise in different deal types, allowing him to build a client portfolio that includes Sequoia Capital, Saif Part-ners, Citic Holdings, Morgan Stanley and JPMorgan Chase & Co. He has helped over 30 China compa-nies go public in local and foreign markets, includ-ing Baofeng’s China listing and the Hong Kong IPOs of Wanzhou (Shuanghui) and Forgame. He has also

worked on M&A deals and closed several debt-financing deals – Southern Grid’s takeover of CLP Power and China Life’s sub-ordinated RMB debt worth around $4.8 billion, among others – on behalf of over 20 listed companies. His achievements have earned him a reputation for “being always at the top level in the industry” not just with clients, but also among colleagues.

胡铮铮律所：竞天公诚律师事务所

执业领域：IPO，私募股权，并购，债务融资

职位：合伙人

法律服务提供者应保护客户权利、促进客户利益为信念，胡铮铮不断协助潜在投资者和众多优秀企业成功对接，以实现双赢合作。从业11年，他熟悉境内和境外资本市场并掌握不同交易类型的专业知识，这使得他建立起包括红杉资本、赛富投资基金、中信控股、摩根士丹利和摩根大通等公司在内的客户群。他帮助30多家中国公司在国内外市场上市，包括暴风影音在国内上市以及万州国际（双汇）和云游控股的香港IPO。他还曾代表20多家上市公司参与并购交易并完成多笔债务融资，其中包括南方电网收购中华电力，以及中国人寿发行价值48亿美元左右的人民币次级债。客户和同事都认为他取得的成绩让他 “始终处于业内顶尖水平”。


DACHENG LAW OFFICES 大成律师事务所

大成：全球最大律所踏上新征程

北京大成律师事务所地址：北京市朝阳区东大桥路9号侨福芳草地D座7层

邮编：100020 电话：+86 10 5813 7799 传真：+86 10 5813 7788 E-mail：

[email protected] 网址：

www.dachenglaw.com

北京大成（广州）律师事务所地址：广东省广州市体育西路103号维多利广场A座45、

51楼邮编：510620 电话：+86 20 8527 7000 传真：+86 20 8527 7002 E-mail：

[email protected] 网址：

guangzhou.dachenglaw.com

2 0 1 5 年 1 月 2 7 日，亚洲最大律师事务所——北京大成律师事务所（以下简称“大成”）与全球十大律所之一的Dentons签署协议，两个律所合并后将成为全球律师业规模最大的律师事务所。合并后，新律所将按照“一个律所”的原则组建联合管理团队，在全球设立120个办公室，遍布五大洲。

“全球排名第七位的Dentons律师事务所在全球拥有丰富的境外客户资源，可以使大成得到业务水平和专业水平的双提升。对于Den-tons而言，大成也具有同样的优势。”大成律所高级合伙人周亮律师对ALB表示。

而此前，大成已经是中国成立时间最早、规模最大的综合性律师事务所之一。“志存高远海納百川跬步千里共铸大成”大成官网的这段话正是这些年来大成发展历程的真实写照。

大成成立于1992年，目前已经拥有4000余名律师及其他专业人员。大成主要的专业领域包括：银行与金融、跨境投资、证券与资本市场、私募股权与投资基金、公司收购、兼并与重组等等。

经过20多年的辛勤耕耘，大成的专业水准已经得到业内的认可，获奖不断。2015年，大成律所周亮律师因在银行与金融业务、涉外业务突出而成为ALB中国十五佳律师新星奖的第二年轻获得者，有望建立该领域最顶尖的专业团队。此外，大成律师还荣获了2015年度英国金融时报“2015年度亚太地区最具创新能力的十大律师”殊荣。

大成和周亮律师团队是我国最早全面从事人民币国际化金融产品设计和合规工作的律所和团队之一，作为大成的高级合伙人，周亮律师隶属于大成银行与金融业务、跨境投资业务团队，在该领域拥有丰富的实战经验。周亮律师一直协助中国建设银行（亚洲）股份有限公司、中国建设银行香港分行及中国工商银行（亚洲）有限公司对超过10款跨境和离岸人民币产品及其他金融产品进行设计和合规工作，并在众多国家级跨境投资项目中频频现身。

银行与金融、跨境投资是中国未来发展最主要两个领域，银行与金融领域是整个经济体的血液，跨境投资领域将随着我国“一路一带”的政策而向全国覆盖。对于专注于这一领域的律师，周亮律师认为敏锐的触角、快速的应变与学习能力和永无休止的创新精神是必备素质。

对于银行与金融业务、跨境投资业务的客户，周亮律师则建议在国家政策变动中寻找新业务亮点或降低融资成本的突破口，深入发掘国家政策放松所释放的新产品研发空间。

On January 27, 2015, Dacheng Law Offices (“Dacheng”), the largest law firm in Asia, and Dentons, a top 10 global law firm, signed an agreement to combine to create the world’s biggest law firm by headcount. After the merger, the new firm will set up a joint management team under the “one firm” principle and have 120 offices over five continents across the globe.

“Dentons, ranked seventh in the world, boasts rich resources of overseas clients globally. This would help raise Dacheng’s service quality and level of expertise. For Dentons, Dacheng comes with the same strength.” Zhou Liang, an attorney and senior partner with Dacheng, told ALB.

Before the merger, Dacheng is already one of the first and largest full-service law firms in China. The slogan of “excellence, inclusiveness, perseverance and teamwork” as shown on its website is a true reflection of Dacheng’s development over the years.

Founded in 1992, Dacheng is home to over 4,000 attorneys and other professionals worldwide. Its main practice areas include: banking and finance, cross-border investment, securities and capital markets, private equity and investment funds, merger, acquisition and corporate restructuring, etc.

After more than 20 years of hard work, Dacheng has been well recognized for its professional expertise in the industry, and has won numerous awards. In 2015, Zhou Liang, an attorney with Dacheng, becomes the second youngest winner of the “2015 ALB Top 15 Rising Lawyers in China” award due to his outstanding performance in banking and finance as well as foreign-related practices. He is set to establish a top-notch team in these practice areas. Additionally, an attorney from Dacheng is one of the ten recipients of the “2015 FT Asia-Pacific Innovative Lawyers Awards” by the Financial Times of UK.

Dacheng and the attorney team led by Zhou Liang are one of the earliest law firms and teams in China to work on the design and compliance of financial products for Yuan internationalization. As a senior partner of Dacheng, attorney Zhou Liang is a member of its banking and finance as well as cross-border investment teams, with rich practical experiences in the fields. Mr. Zhou has been assisting the China Construction Bank (Asia), the Hong Kong branch of the China Construction Bank and the Industrial and Commercial Bank of China (Asia) on the design and compliance of more than ten cross-border and offshore RMB products and other financial products. He has also been involved in many state-level cross-border investments.

Banking and finance, as well as cross-border investment are the two primary fields for China’s future development. The former is the life blood of the national economy, while the latter will be rolled out across China with the implementation of the “One Belt, One Road” initiative. As an attorney specializing in these two fields, Mr. Zhou believes shrewd appreciation, quick response and learning ability, and relentless innovation are the must-have quality for lawyers.

Mr. Zhou suggests clients in banking and finance, as well as cross-border investment to look for new business opportunities or breakthroughs to lower financing costs amid State policy changes, and to explore the development of new products as the government relaxes policies.

DACHENG: A NEW JOURNEY FOR THE WORLD’S LARGEST LAW FIRM

Zhou Liang, Senior Partner

周亮，高级合伙人


Li HaipingFirm: Skadden, Arps, Slate, Meagher & Flom

Practice: Corporate finance, M&A and public company rep-resentation

Position: Partner

Li Haiping is a “uniquely strong advisor” in the Shanghai le-gal market, according to a fellow partner at Skadden. With bar qualifications in both New York and Hong Kong and le-gal background in China, Haiping provides high quality full spectrum legal services to her China-based U.S. and Hong Kong listed company clients. She has extensive experience in advising companies, underwriters and shareholders in U.S. capital market transactions. Her recent initial public offering clients include household names in China such as Momo, Ju-mei, JD.com, Xunlei, Tuniu, 58.com, YY and Vipshop. On M&A front, Haiping has advised U.S. public companies in many high profile mergers, acquisitions, business combinations, investments and dispositions. Her recent M&A deals include representing Ctrip.com in its partnership and investment with global travel service providers, such as Priceline Group, Expe-dia Inc., Royal Caribbean Cruises Ltd.; advising 58.com in its investment in Ganji.com and Anjuke; and representing Youku in its merger with Tudou. In addition, Haiping’s pro bono work brought her a Distinguished Award from the Law Society of Hong Kong in 2014.

李海平律所：美国世达国际律师事务所

执业领域：资本市场，并购，上市公司业务

职位：合伙人

按一名世达合伙人的说法，李海平是上海法律界“绝无仅有的具备强大实力的法律顾问”。而凭借美国纽约州和香港的双料律师执业资格和中国法律背景，李海平律师为她的美国和香港上市公司客户提供全方位、高质量的法律服务。李律师在代表公司、股东和承销商进行美国资本市场上市、股权和债务发行等诸方面拥有丰富的经验。事实上，她成功帮助中国很多家喻户晓的企业在美国成功上市，最近的例子包括陌陌、聚美优品、京东、迅雷、途牛旅游网、58同城、欢聚时代和唯品会。李律师在跨境兼并、收购及投资，以及其他公司法事务方面也有骄人的成绩。她最近的跨境收购及投资交易包括：代表携程旅行网与跨国集团的战略合作和投资，例如Priceline集团、Expedia和Royal Caribbean Cruises Ltd，代表58同城投资赶集网和安居客，及代表优酷网兼并土豆网。此外，李律师所参与的公益工作还为她在2014年赢得了由香港律师会颁发的杰出贡献奖。

Li Zheng李铮

Li Haiping李海平

Li ZhengFirm: Zhonglun W&D Law Firm

Practice: Cross-Border Investment Law, Corpo-rate Law, Finance Law, Real Estate Law

Position: Senior Partner

Li Zheng began practicing law in 2004 and has successfully represented and assisted Beijing Capital Land Co.,Ltd., Beijing Real Estate Trad-ing Center Ltd., Ministry of Commerce of the People’s Republic of China, other financial in-stitutions and large enterprises in areas such as Cross-Border Investment, Corporate, Finance, Real estate, IP, antitrust, international trade and WTO dispute resolution. He also played an active role in the negotiation and legal services of the China Center project which is located in One World Trade Center or “Freedom Tower” in New York City. Apart from the non-litigation

service, he also advised several litigation services, the loan-contract dispute of HuaRong International Trust Co.,Ltd., and the cross-border trademark dispute of Beijing Vantone Hold-ing Co., Ltd. With Li’s impressive range, it is no wonder that clients see him as a “one-stop” professional, someone who provides high-quality and comprehensive legal services.

李铮律所：北京市中伦文德律师事务所

执业领域：跨境投资法、公司法、金融法、房地产法


李铮从2004年开始律师生涯，在跨境投资、公司、金融、房地产、知识产权、反垄断、国际贸易和WTO争议解决等领域，成功代理和协助了首创置业股份有限公司、北京房地产交易市场有限公司、中华人民共和国商务部以及其他金融机构和大型企业。他还积极参与了位于美国纽约的世贸中心一号楼（“自由塔”）中国中心项目的谈判及非诉法律服务。除了非诉讼服务，他的团队还提供多种诉讼、仲裁代理服务，解决了华融国际信托有限公司的金融贷款合同纠纷及北京万通控股股份有限公司跨境商标侵权纠纷等。李律师所擅长的领域如此众多，也难怪客户将其视为能提供优质全面法律服务的“一站式”专业人士。


JINGTIAN & GONGCHENG 竞天公诚律师事务所

竞天公诚：资本市场的法律守护星

地址：北京市朝阳区建国路 77 号华贸中心3号写字楼 34 层

邮编：100025 电话：(86-10) 5809-1000 传真：(86-10) 5809-1100 电邮：[email protected]

2015年6月，中国核能电力股份有限公司在上海证券交易所成功挂牌上市，这是近五年A股市场募集资金最多的IPO项目。2015 年3月，北京暴风科技股份有限公司在深交所创业板成功挂牌上市，随后连续近四十个涨停，成为中国资本市场中“红筹回归A股IPO”的风向标。以及万达院线IPO、国信证券IPO、南北车合并……… 这些项目成功的光环背后，都萦绕着竞天公诚律师事务所（下简称“竞天公诚”）的影子。

作为中国一家以证券和资本市场业务为主的综合性律师事务所，竞天公诚在证券与资本市场领域一直处于顶尖地位。因其出色的业绩表现，LegaL500将其评为“资本市场（北京）领域第一级推荐律所”。钱伯斯更是评价其“在股权与债券资本市场的充足人才配备及杰出表现使其稳居同行前列”。

由从事境内外私募、上市、并购、发债等业务的专业律师组成的证券与资本市场团队是竞天公诚最主要的业务团队，目前大约包括超过四十名合伙人，以及超过一百名的律师和律师助理。从成立之初到现在的二十几年中，资本市场业务就始终是竞天公诚在律师行业里最受市场关注和认可的方面，大型项目、开创性项目层出不穷。

过去的一年，竞天公诚承接了中国核电、暴风科技等上市项目，在2013年度、2014年度以及2015年度截至目前，竞天公诚担任发行人或承销商律师的香港上市项目数量，均占香港全部上市项目的三成以上，并且持续为红杉资本、光大集团、苏宁等处于市场领先地位的客户提供法律服务。

对于竞天公诚的出色表现，其证券与资本市场团队合伙人胡铮铮律师认为，竞天公诚所提供的贴身性服务可以满足不同客户在不同项目中的多元化需求，其文化和氛围对年青且有能力和想法的律师提供了良好的发展空间，同时资深合伙人们为竞天公诚在目前市场中的地位奠定了优秀的基础。

胡铮铮律师拥有英国莱斯特大学法学院硕士学位和南京大学法学院本科学位，承办过多起中国企业在香港联交所、纽交所、纳斯达克、境内沪深交易所及其他地区证券交易市场上市项目，并曾协助多家境内外私募股权基金完成多宗涉及中国境内权益资产的并购和私募交易。

In June 2015, China National Nuclear Power Co., Ltd. successfully went public on the Shanghai Stock Exchange, making it the IPO that raises the most funds on the A-share market in five years. In March 2015, Beijing Baofeng Technology Co., Ltd. successfully listed on the ChiNext board of the Shenzhen Stock Exchange and gained by its daily 10% limit for nearly 40 consecutive days, becoming the bellwether of the return of red chip stocks to the A-share market via IPO in the Chinese capital market. Additionally, Wanda Cinema Line IPO, Guosen Securities IPO, CSR-CNR merger ... Behind all these success stories lies one name: Jingtian & Gongcheng.

As a full-service law firm focusing on securities and capital market practices in China, Jingtian & Gongcheng has been a leader in the fields of securities and capital markets. Jingtian & Gongcheng is recommended by LegaL500 as a “Top-tier Firm in Capital Markets (Beijing)” for its excellent performance. “This firm’s deep bench and stellar performance in both equity and debt capital markets keeps it at the top of the table.” said Chambers about the firm.

The securities and capital markets team, which is in charge of domestic and overseas private equity investments, listing, merger and acquisition, bond issuance and other practices, is the most important team at Jingtian & Gongcheng. It now has more than 40 partners and over 100 attorneys and paralegals. During the two decades from its establishment, capital markets practices have been the most recognized and watched business of Jingtian & Gongcheng in the legal profession, with a continuous pipeline of large and innovative projects.

In 2013, 2014 and 2015 YTD, Jingtian & Gongcheng has taken more than 30% market share of HK IPO each year, in terms of deal number as either issuer’s legal counsel or underwriter’s legal counsel. In addition to the listing of China National Nuclear Power and Beijing Baofeng Technology, it has continued to provide legal services for market leaders like Sequoia Capital, Everbright Group and Suning.

Hu Zhengzheng, a partner at the securities and capital markets team of the firm, believes the reasons for Jingtian & Gongcheng’s excellent performance are that the firm provides customized services that can meet the diversified needs of various clients and projects, its culture and atmosphere provide ample room for the development of young and capable lawyers and that senior partners have laid a solid foundation for the firm’s current market position.

Hu Zhengzheng holds LL.M from the University of Leicester Law School in 2004 and LL.B from Nanjing University Law School. Mr. Hu has been in charge of a number of IPO deals of Chinese enterprises on HKEx, NYSE, NASDAQ, Shanghai and Shenzhen stock exchanges as well as stock exchanges in other regions, and has helped a number of domestic and overseas private equity funds complete M&A and private equity deals involving equity assets inside China.

JINGTIAN & GONGCHENG: A LEGAL GUARDIAN IN CAPITAL MARKETS

Hu Zhengzheng, Partner

胡铮铮，合伙人


Steve LinFirm: Kirkland & Ellis

Practice: Corporate Law

Position: Partner

Steve Lin is only 33, but he is one of the most senior attor-neys at the Beijing office of Kirkland & Ellis. Since he started practicing law in 2009, he has gained extensive experience in the TMT, renewable energy, healthcare and education sectors. He recently represented Qihoo 360 Technology on its issuance of $1 billion in convertible senior notes due 2020 and 2021. This was the largest-ever convertible bond issued by a U.S.-listed Chinese technology firm at the time. Lin also advised iDreamSky Technology Ltd – one of China’s biggest indepen-dent mobile-game publishing platforms – on its $133 million public offering of American depositary shares on NASDAQ. Aside from his work, Lin is involved with China Magic Circle, an organization that provides real-world education and practical training to legal professionals and students.

林邦律所：凯易律师事务所

执业领域：公司法

职位：合伙人

林邦律师只有33岁，但已是凯易律师事务所北京分所最资深的律师之一。从2009年开始执业以来，他在科技、媒体和电信（TMT）、技术、可再生能源、医疗和教育领域积累了丰富经验。最近他代理了奇虎360科技有限公司发行2020年和2021年到期的10亿美元可转换高级票据。该交易是当时在美国上市的中国科技公司规模最大的可转换债券发行。林律师还为中国最大的独立手游发布平台之一的深圳市创梦天地科技有限公司在纳斯达克公开发行1.33亿美元美国存托股票提供咨询。工作之余，林律师还参与了向法律专业人士及学生提供现实世界教育和实践训练的组织“华麦”。

Steve Lin林邦

Bernie Liu刘赟春

Bernie LiuFirm: Llinks Law Offices

Practice: Corporate Law, M&A, PE, Real Estate

Position: Partner

With his outstanding professional knowledge and sense of service, it’s no surprise that Bernie Liu is so “adept at instruct-ing rookies,” says another partner at the firm. Trainee lawyers benefit immensely from Liu’s depth of experience, as he has advised a large number of foreign companies in their M&A deals, such as Hong Kong-based LimeTree Capital’s purchase of garages and car parks across China. He also helped sev-eral well-known real estate companies with concerns such as acquisition, land transfer, development and reconstruction, project assignment and capital raising. One of the deals he worked on was the sale of China Resource Land’s office build-ing project to Harvest Capital Partners for approximately $483 million. Additionally, Liu handles PE investments in a variety of sectors, including automobile, mineral resources, and en-tertainment. He represented Vision Knight Capital when it in-jected an undisclosed amount of funding into Allyes Group, a China-based provider of digital marketing solutions. This was Vision Knight’s largest single investment since it was estab-lished in 2011.

刘赟春律所：通力律师事务所

执业领域：公司法，并购，私募股权，房地产

职位：合伙人

同所的另一名合伙人认为，凭借杰出的专业知识和服务意识，刘赟春律师能够如此“善于指导新人”。由于刘律师曾为多家外资公司的并购交易提供咨询，如香港的LimeTree Capital在中国各地购买车库和停车场等，见习律师可从他的丰富经验中收益。他还在收购、土地转让、开发与改造、项目转让及募资等问题上向多家知名房地产公司提供帮助。他曾参与的其中一笔交易是华润置地以约4.83亿美元的价格向汉威资本管理有限公司出售写字楼项目。此外，刘律师还处理包括汽车、矿业资源和娱乐业在内的多个行业的私募股权投资。他代理嘉御基金向国内数字营销解决方案提供商好耶集团注资（金额未披露）。这是嘉御基金自2011年成立以来金额最大的单笔投资。


Su Liyun Firm: Guang Da Law Firm

Practice: Criminal Law, Legal-Risk Prevention

Position: Professional Lawyer

A deep-rooted desire to use the law to protect the rights of people is what drove Su Liyun to pursue and practice law. Fo-cusing her attention on gambling, corruption, bribery, fraudu-lent declaration and other related misconduct has made her an expert in dealing with complicated criminal cases. One such case involved a senior bank officer who committed financial fraud, embezzling and misappropriating funds worth around $16 million. She has dealt with more than 1,000 criminal is-sues over a span of four years, which has reaped provincial and civic honors from different organizations. Her dedication and professionalism has won her recognition from the Sino-Global Legal Alliance (SGLA): she was named “Best Criminal Defender.” Clients see her as a representative of justice, while for her colleagues she is a “responsible, knowledgeable and irreplaceable lawyer.”

苏丽云律所：广东广大律师事务所

执业领域：刑法，法律风险防范

职位：执业律师

用法律保护人民权利是苏丽云深植于心的愿望，这一愿望激励着她学习法律并实践法律。苏律师重点关注赌博、腐败、贿赂、欺诈性声明和其他相关不当行为，使她成为处理复杂刑事案件的专家。其中一起此类案件涉及一名银行高级职员，犯下的金融诈骗、贪污和挪用资金达1600万美元左右。她在四年时间内处理了1000多起刑事案件，获得不同机构颁发的省级和民间荣誉。她的执着与敬业为她赢得中世律所联盟的认可，获得“最佳刑事辩护律师”称号。客户视她为正义的化身，而对同事而言，她是一名“负责任、知识渊博、不可替代的律师”。

Su Liyun 苏丽云

Established in 1999 始创于1999 年

• Managing Partner: Wu Mingde• Number of partners: 262• Number of associates: 937

• 管理合伙人 : 吴明德• 现有合伙人 : 262• 现有律师 : 937

锦天城律师事务所

AllBright Law Offices

Contact Us 联系我们

Shanghai 上海14th Floor, Citigroup Tower

33 Hua Yuan Shi Qiao Road, Pudong New AreaShanghai 200120, China

上海市浦东新区花园石桥路33号花旗集团大厦14层邮编 200120

Tel 电话: +86 21 6105 9000Fax 传真: +86 21 6105 9100

28th Floor, Hong Kong PlazaNo. 283 Mid. Huai Hai Road

Shanghai 200021, China上海市卢湾区淮海中路283号香港广场28层

邮编 200021Tel 电话: +86 21 2326 1888Fax 传真: +86 21 2326 1999

Beijing 北京Tel 电话: +86 10 8523 0688

Chengdu 成都Tel 电话: +86 28 8593 9898

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www.allbrightlaw.com

Firm Overview: We are one of the leading full-service Chinese law firms in the People’s Republic of China (“PRC”). As the only national law firm headquartered in Shanghai, we provide a comprehensive range of legal solutions and services to both domestic and in-ternational clients from our offices in Shanghai, and our additional offices in Beijing, Chengdu, Chongqing, Hangzhou, Hong Kong, Nanjing, Qingdao, Shenzhen, Suzhou, Taiyuan and Xiamen.While size is only one of many indicators of the success and resourcefulness of a law firm, since the creation of our firm via a merger of three firms with a common vision we have been leading in this respect among our peers in China, and we are now one of the largest in Asia. Through cooperation, teamwork, and a dedication to excellence, we are committed to providing practical solutions for our clients with respect to both litigation and transactional matters.We have currently more than 930 registered lawyers (including 262 partners and senior international consultants), many of whom hold advanced doctoral degrees. Many of our lawyers are admitted in inter-national jurisdictions such as various states in the United States, in England and Wales, Australia, in France and in Japan, and are fluent in English, Japanese, French, German, Korean and other major languages. Partners and counsels in our partner Hong Kong law firm are similarly highly qualified.

AwardsWe are consistently recognized by various institu-tions and in major rankings as one of the top PRC law firms:• Chambers and Partners has designated us as a

leading Chinese law firm for three consecutive years, and has also rated both the firm as a whole and several partners of the firm as “Band 1” / “leaders in the field” in many core practice areas including corporate and mergers and acquisitions (“M&A”), private equity and venture capital, capital markets, international trade, banking and finance, dispute resolutions, intellectual property and tax.

• Legal 500: The Guide to Asia’s Commercial Law Firms ranked us as one of the top firms in Shanghai for Foreign Direct Investment, Corporate and Commercial Law, and highlighting us as the “corporate and commercial firm other firms aspire to be.”

• IFLR 1000/AsiaLaw Profile has for many years rated AllBright as “1st Tier” in core practice areas such as corporate and M&A, private equity, capital markets, and banking and finance.

• Asia Legal Business (ALB) has granted us many awards in its annual China Law Award events,

where we are frequent finalists in all major award categories.

• Government and Association Awards. AllBright has won awards from the All China Lawyers Association on several occasions, such as “National Leading Law Firm” awards, “Leading Law Firm in Shanghai” awards, and the “Leading Partnership Award” from the Shanghai Bureau of Justice.

事务所简介 : 锦天城律师事务所（“锦天城”）是一

家提供全方位法律服务的、全国领先的中国律师事

务所，是唯一一家总部设在上海的全国性律师事务

所。锦天城在中国大陆十大城市（北京、深圳、杭州、

苏州、南京、成都、重庆、太原、青岛、厦门）及香港

开设分所，并在香港与史蒂文生黄律师事务所联营，

史蒂文生黄律师事务所在广州也设有办公室。锦天

城致力于在瞬息万变的商业环境中为境内外客户

制定法律解决方案并提供法律服务。

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，积极进取地解决法律问

题。

锦天城有执业律师 930 余位，其中合伙人（含高级

国际法律顾问）262 位。除以中文（普通话、上海话、

粤语、闽南语）为日常工作语言之外，我们的许多律

师还精通英文、日文、德文、法文等主要语种，并拥

有美国多州、英国、法国及日本等地的执业资格。

我们的荣誉

锦天城多次被中国司法部、地方司法局、律师协会

以及国际知名法律媒体和权威评级机构列为中国

最顶尖的法律服务提供者之一，位居全国十大品牌

律师事务所前列。

• 锦天城多次获得中华全国律师协会颁发的“全国

优秀律师事务所”荣誉称号、上海市律师协会颁

发的“上海市优秀律师事务所”、上海市司法局授

予的“上海市司法行政系统先进集体”等荣誉。

• 钱伯斯法律评级机构（Chambers and Partners）近期连续三年授予锦天城 “领先的中国律师事

务所”证书，并在多个领域（公司商事、收购兼

并、私募基金 /风险投资、资本市场、银行与金融、

国际贸易、争议解决、知识产权及税务等各主要

领域）均给予本所各领域相关律师个人优良的评

级。

• 《法律 500 强》(Legal 500) 在《中国商业律师

事务所指南》中评价锦天城是一家在外商直接

投资、公司和商业法律领域顶尖的上海律师事务

所，是“其他律师事务所希望成为的公司和商业

律师事务所”。

• 《国际金融法 1000 强杂志 / 亚洲领先律师年

鉴》(IFLR 1000 / AsiaLaw Profile) 多年来多次

在多个主要领域（收购兼并、私募基金 / 风险投

资、资本市场、以及银行金融等）给予锦天城“第

一流”(1st Tier) 等优良评级。

• 《亚洲法律事务》(ALB) 在其每年举办的“中国

法律年度大奖”中多次授予锦天城重大奖项和

提名。










Tel 电话: +86 21 6105 9000Fax 传真: +86 21 6105 9100



邮编 200021Tel 电话: +86 21 2326 1888Fax 传真: +86 21 2326 1999







Suzhou 苏州Tel 电话: +86 512 6936 5188


























题。






我们的荣誉














级。













提名。










Tel 电话: +86 21 6105 9000Fax 传真: +86 21 6105 9100



邮编 200021Tel 电话: +86 21 2326 1888Fax 传真: +86 21 2326 1999







Suzhou 苏州Tel 电话: +86 512 6936 5188


























题。






我们的荣誉














级。













提名。

Contact Us 联系我们Shanghai 上海

14th Floor, Citigroup Tower33 Hua Yuan Shi Qiao Road, Pudong New Area

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28th Floor, Hong Kong Plaza No. 283 Mid. Huai Hai Road Shanghai 200021, China

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Suzhou 苏州Tel 电话: +86 512 6936 5188






Established in 1999

• Managing Partner: Wu Mingde

Firm Overview: We are one of the leading full-service Chinese law firms in the People’s Republic of China (“PRC”). As the only national law firm headquartered in Shanghai, we provide a comprehensive range of legal solutions and services to both domestic and international clients from our offices in Shanghai, and our additional offices in Beijing, Chengdu, Chongqing, Hangzhou, Hong Kong, Nanjing, Qingdao, Shenzhen, Suzhou, Taiyuan and Xiamen.While size is only one of many indicators of the success and resourcefulness of a law firm, since the creation of our firm via a merger of three firms with a common vision we have been leading in this respect among our peers in China, and we are now one of the largest in Asia. Through cooperation, teamwork, and a dedication to excellence, we are committed to providing practical solutions for our clients with respect to both litigation and transactional matters. We have currently more than 930 registered lawyers (including 262 partners and senior international consultants), many of whom hold advanced doctoral degrees. Many of our lawyers are admitted in international jurisdictions such as various states in the United States, in England and Wales, Australia, in France and in Japan, and are fluent in English, Japanese, French, German, Korean and other major languages. Partners and counsels in our partner Hong Kong law firm are similarly highly qualified.

AwardsWe are consistently recognized by various institutions and in major rankings as one of the top PRC law firms:•ChambersandPartnershasdesignatedusasaleadingChinese

law firm for three consecutive years, and has also rated both the firm as a whole and several partners of the firm as “Band 1”/ “leaders in the field” in many core practice areas including corporate and mergers and acquisitions (“M& A”), private equity and venture capital, capital markets, international trade, banking and finance, dispute resolutions, intellectual property and tax.

• Legal500:TheGuidetoAsia’sCommercialLawFirmsrankedusas one of the top firms in Shanghai for Foreign Direct Investment, Corporate and Commercial Law, and highlighting us as the “corporate and commercial firm other firms aspire to be.”

•IFLR1000/AsiaLawProfilehasformanyyearsratedAllBrightas “1st Tier” in core practice areas such as corporate and M&A, private equity, capital markets, and banking and finance.

•AsiaLegalBusiness(ALB)hasgrantedusmanyawardsinitsannual China Law Award events, where we are frequent finalists in all major award categories.

•Governmentand Association Awards.AllBrighthas wonawards from the All China Law yers Association on several occasions, such as “National Leading Law Firm” awards, “Leading Law Firm in Shanghai” awards, and the “Leading Partnership Award” from the Shanghai Bureau of Justice.


Xu Xiaodan Firm: King & Wood Mallesons

Practice: Labor and Employment Law

Position: Partner

Women leaders still face considerable challenges in the work-place, but this hasn’t stopped Xu Xiaodan from doing her job with utmost confidence. As part of KWM’s dispute resolution & litigation team, she has represented many domestic and overseas well-known companies in handling disputes arising out of termination or ending of employment, salary payment, bonus, non-compete, infringement of company trade secret, employment discrimination, labor dispatch and work-related injury. Her notable cases include a litigation case arising from 57 employees’ stock ownership whose claims were amounted up to about $54.8 million, a case relating to the recognition and enforcement of an ICC arbitral award in China worth $20 million. A member of KWM’s Public Interest Committee, she also has extensive practical experience in general labor con-sulting area. Her dedication and deep understanding of her practice area has won her not just appreciation from clients, but also recognition from the Beijing Bar Association as a leading labor and employment lawyer.

徐晓丹律所：金杜律师事务所

执业领域：劳动及就业

职位：合伙人

女性领导人在职场仍然面临相当多挑战，但这并未阻止徐晓丹律师以无比的自信从事自身的工作。作为金杜律师事务所争议解决与诉讼团队的一份子，徐律师代表国内外众多知名企业处理因劳动关系解除或终止、工资薪酬、奖金佣金、竞业限制、商业秘密、就业歧视、劳务派遣及工伤待遇等等引起的争议。她经手的著名案件包括索赔总额达5480万美元左右的57名员工持股引起的一宗诉讼，以及处理某ICC仲裁裁决在中国境内的承认和执行，裁决项下的总金额为2,000万美元。作为金杜公益委员会的委员，她在处理复杂劳动法非诉事务领域也积累了丰富的实践经验。她对自己执业领域的执着和深刻理解不仅为她赢得了客户的称赞，还被北京市律师协会评选为“北京市优秀劳动法专业律师”。

Xu Xiaodan 徐晓丹

Jason Xu许嘉

Jason XuFirm: Freshfields Bruckhaus Deringer

Practice: Equity, Capital Markets

Position: Counsel

Educated in China and the UK, Jason Xu is a Hong Kong-trained corporate solicitor belonging to a new generation of legal professionals who are confident and familiar with the ways of both East and West. Xu has maintained a well-bal-anced practice over the years, focusing on IPOs, public and pri-vate M&As, regulatory compliance and other corporate work. He was involved in $5.47 billion A- and H-share rights issue of China Merchants Bank, China Everbright Bank’s $3 billion H-share IPO, China Cinda Asset Management’s $2.5 billion H-share IPO, and Sinopec’s $3.1 billion share placement. These four deals were shortlisted as finalists for the ALB China’s Equity Market Deal of the Year in 2014. That same year, Xu was the lead associate advising on CITIC Pacific’s $36.5 billion acquisition of CITIC Limited from CITIC Group – the largest conglomerate in China – and its subsequent share offering to institutional investors. In addition, he has worked with almost all major investment banks active in Asia, including Goldman Sachs, Morgan Stanley, UBS, Credit Suisse, Bank of America Merrill Lynch, JPMorgan Chase & Co, and HSBC.

许嘉律所：富而德律师事务所

执业领域：股票，资本市场

职位：法律顾问

许嘉是分别在中国和英国接受教育，同时于香港受训的香港事务律师，属于充满自信、熟悉东西方两种方式的新一代法律专业人士。许律师的执业领域多年来始终相当均衡，侧重于IPO、公开及私人并购、监管合规和其他企业事务。他曾参与中国招商银行54.7亿美元A股和H股增发配股、中国光大银行30亿美元H股IPO、中国信达资产管理有限公司25亿美元H股IPO和中石化31亿美元配股。这四笔交易均入围ALB 中国版的2014年股票市场年度交易决选名单。同年，在中信泰富以365亿美元从中国最大的企业集团中信集团收购中信股份以及该公司对机构投资者的后续股票发行中，许律师都担任主办律师。此外，他与活跃在亚洲地区的几乎所有主要投行都进行合作，包括高盛、摩根士丹利、瑞银、瑞信、美银美林、摩根大通和汇丰。


Steven YuFirm: Global Law Office

Practice: Private Equity, Venture Capital, M&A

Position: Partner

For over a decade, Steven Yu has collaborated with both in-ternational and domestic PE firms/VC funds in hundreds of China-based portfolio investments, especially in the TMT-related sector. He has also represented industrial giants in their investments in national and international companies, especially via VIE structure. For instance, he counseled on Ping’ An Trust’s $800 million strategic investment in Jahwa Group which holds the stake of a Shanghai-listed A Share company in 2011 and represented Greenwoods to participate in the $22 million Series B and $90 million Series C preferred share investments in Dada via VIE structure in 2015. With his keen acumen and efficient professionalism, it’s not surprising that he has earned the trust of big companies such as IDG, SIG, Northern Light Venture Capital, Greenwoods, Ping’ An Venture Capital and Matrix. He was recently one of the speak-ers at the 2015 ALB In-house Legal Summit (Guangzhou and Shanghai). Steven is forging ahead in the legal field driven by his belief “an unchangeable heart itself from the very begin-ning, is the true enlightenment that makes one accomplish his most real dream.”

郁雷律所：环球律师事务所

执业领域：私募股权，风险投资，并购

职位：合伙人

十多年来，郁雷律师与国内外私募股权公司/风险投资基金就数百个中国投资项目进行合作，尤其是在TMT相关领域。同时，他代表行业巨头对中国境内外公司展开战略投资（尤其是通过可变利益结构（VIE结构）的方式）。例如，2011年他作为平安信托的法律顾问协助其完成对家化集团8亿美元的战略投资，后者持有一家上海A股上市公司股份；以及在2015年他代表景林投资参与通过VIE结构对达达的2200万美元B序列优先股投资和9000万美元C序列优先股投资。凭借敏锐的洞察力和高效的职业素养，郁雷律师毫不意外地赢得了IDG、SIG、北极光创投、景林投资、平安风险投资和经纬中国等大公司的信任。最近，他作为发言人之一出席了ALB公司法务法律峰会（广州和上海场）。“不忘初心，方得始终”，这是郁雷律师在法律人生道路上不断前行所秉持的信念。

Steven Yu郁雷

Website: www.glo.com.cn

E-mail: [email protected]

Office: Beijing｜Shanghai｜Shenzhen

We are the first Chinese law firm. Our history dates back to 1979, when we became the first law firm in the PRC. We are a leading Chinese law firm. We have long been recognized by both international and domestic league tables and legal institutions as an elite Chinese law firm, including The Legal 500, Chambers and Partners, Asian Legal Business, etc.

We are one of the largest Chinese law firms. We have more than 240 lawyers practicing in Beijing, Shanghai and Shenzhen offices, most of whom have gained qualifications and hands-on experience in law schools and firms throughout Asia, North America, Europe and Australia.

We provide premium and one-stop services. We are proud of our ability to deliver exceptionally high-quality, ‘one-stop’ services across a diverse set of practice areas for a comprehensive range of industries and sectors. We are creative. Our record of legal innovation is unique in the PRC. Our expertise has helped set the agenda for change through precedents involving many of the country’s ‘firsts’. We provide solutions. We bring our clients the legal and cultural understanding and insight needed for long-term success in the PRC, and legal viable, commercially amicable and acceptable solutions to clients’ each matter.


Zhang Ne张讷

Zhang NeFirm: Co-effort Law Firm

Practice: Capital Market, Innovation Funds, Invest-ment, M&A

Position: Senior partner

In recent years, Zhang has focused on the listings on the New Three Board, helping companies such as Txuan Technology and Xuzhou Microstarfsof, and assisting listed companies with their private placement and M&A services. In particular, he helped Golumbus Commercial with its reorgani-zation, stock ownership incentive, brought inves-tors, laid solid groundwork for its listing on the New Three Board. Apart from his outstanding M&A work in Chinese market, Zhang has also led his team in M&A deals for international companies such as LG and Rockfield and Decathlon as well as

created several “first-ever cases” for his clients. Familiar with the operation mode and investment of funds, he has won the recognition of several renowned investment organizations. As if these achievements weren’t enough, he has published at least six articles in core industry journals, edited the Commer-cial and Legislation Observation newsletter at the firm, and was chosen as one of “Top Ten Young Lawyers” in Shanghai’s Pudong District in 2013.

张讷律所：协力律师事务所

执业领域：资本市场，创新基金，投资，并购


近几年，张律师以新三板上市为重点，帮助腾旋科技和徐州中矿微星软件股份有限公司等公司上市，并为诸多挂牌企业提供定向增发收购兼并等持续服务。尤其，他帮助江苏哥伦布商业管理股份有限公司重组、股权激励并引入投资人，为该公司挂牌新三板以及商业发展打下坚实基础。除了在中国市场杰出的并购工作之外，张律师还带领团队为LG、Rockfield和迪卡侬等国际公司处理并购交易，并为客户创造了多笔“首创交易”。他熟悉基金的运营模式和投资，赢得了多家知名投资机构的认可。除了这些成绩，他还在核心业内期刊上发表了至少6篇文章，编辑所内的商业与立法观察简报，并获得2013年上海市浦东新区“十大杰出青年律师”称号。

Zhang PingFirm: Han Kun Law Offices

Practice: Private Equity fund, VC/PE Investment and Fi-nancing, M&A

Position: Partner

In the last 10 years, Zhang Ping has been active in pri-vate equity fund, VC/PE investment, VC/PE financing, and M&A, assisting in the establishment of more than 100 private equity funds, such as Qiming Ventures, Shengjing 360, BlueFocus, Bona, China Everbright Lim-ited and GE Ventures. He also provided legal service to various well-known PE funds, listed companies in their local and overseas equity investment, bond investment and mezzanine investment, among others. Additionally, he helped his clients with their domestic and foreign equity financing, debt financing, M&A deals, including

successful investments in approximately two hundred VC/PE projects by Sequoia Capital, IDG and Qiming Ventures as well as ICBC Financial Leasing’s distribution of foreign bonds worth over $1 billion in 2014. Clients praise his “professional-ism, business sense, and thoughtfulness”.

张平律所：汉坤律师事务所

执业领域：私募基金、私募股权投资与融资、并购

职位：合伙人

过去10年中，张平一直从事私募基金、风险资本/私募股权投资、风险资本/私募股权融资和并购，协助成立了启明创投、盛景网联、蓝色光标、博纳影业、光大控股和通用创投等100多家私募基金。他还为各家知名私募股权基金、上市公司的境内外股权投资、债券投资和夹层投资等事务提供法律服务。此外，张律师还帮助客户进行国内外股权融资、债务融资、并购交易，其中包括红杉资本、IDG和启明创投等成功投资约200个风险资本/私募股权项目以及工银租赁2014年发行超过10亿美元外国债券。客户称赞他“具备职业素养和商业意识，并考虑周全”。

Zhang Ping张平


执业领域：公司法、金融法、房地产法、国际投资与贸易法

客户评价：李铮律师在提供法律服务的过程中，表现出极

高的专业水准和敬业精神。他遵循着诚信为本、专业至上、提高效率和及时沟通的原则，从每一个客户的自身需求出发，第一时间解决客户之所需，并善于防范风险于未然。李铮律师实现了专业法律服务的最大化融合，能够为客户提供高质量、全面、专业的一站式法律服务。一位客户这样评价李律师：他具有让谈判对手产生信任的能力，是一名十分出色的交易促成律师。

执业介绍：李铮律师从事法律工作16年，执业范围涵盖：公司法、金融法、房地产

法、国际投资与贸易法等律师实务领域。目前，他担任着17家内、外资企业的常年法律顾问。同时，他还经常为

内、外资公司、企业提供设立、尽职调查、并购和融资等专项法律顾问服务，为企业、公司提供国内及涉外诉讼、仲裁等法律服务。

李铮律师能够熟练运用英语提供法律服务。

李铮律师认为：任何事情，做起来都比想象中的简单，所以不要畏惧，只需要在正确

的方向上实干就好!

执业领域：房地产法、公司法、金融法、资

本市场、外商投资

客户评价：钱伯斯将陈文律师评为房地产

与建筑工程领域唯一的业界元老

执业介绍：陈文律师从1992年开始执业，

主要从事金融、房地产和公司的法律事务，包括：房地产开发，房地产项目转让、销售和后期服务等房地产法律服务；银行信贷、项目担保、票据、支付结算、基金、信托和融资租赁等金融法律服务；公司并购、股权转让、公司上市、债转股等公司法律服务。陈文律师为上百家的房地产公司及包括国家开发银行、中国工商银行、中国建设银行、北京商业银行等大型金融机构提供法律服务，并多次参与了与房地产、金融有关法律法规的研究与立法工作。

陈文律师认为：陈文律师经过多年的法律执业认为，能够引领法律服

务的方向，站在法律服务的前沿，并在所服务的法律领域起到积极作用，这其中的意义远远超过那些自己承办过的标的额达几十亿元的案件。

李铮律师北京市中伦文德律师事务所高级合伙人律师

陈文律师北京市中伦文德律师事务所创始合伙人律师、董事长

Leo ZhouFirm: Dacheng Law Offices

Practice: Banking and Finance, Foreign Investment, Public-Private Partnership

Position: Senior partner

The 34-year-old Leo Zhou Liang is one of the youngest se-nior partners at the firm, and strongly believes that hewing closely to “the Rule of Law” is the only way for the future of Chinese development. He has the distinction of being one of the first lawyers in China to comprehensively develop expertise in design and compliance work of financial prod-ucts relevant to RMB internationalization since it has been launched on a large scale in 2009. As such, he has assisted China Construction Bank (Asia) and the Hong Kong branch of China Construction Bank with the design and compliance work of more than 10 cross-border and offshore RMB prod-ucts and other financial products. He has also helped with reforms at commercial banks in Guangdong Province, in-cluding public-infrastructure financing projects and foreign investment. His excellent track record has attracted clients from Fortune 500 companies and major international en-terprises such as Cardinal Health, Tesco and HSBC NF Fund, among others. His clients praise his expertise in the field of cross-border financial transactions, and also his “humility, diligence, and wisdom in commercial transactions.”

周亮律所：北京大成律师事务所

执业领域：银行与金融，外商投资，公私合伙制


34岁的周亮是律所最年轻的高级合伙人之一，他深信坚守“法治”是中国今后发展的唯一出路。自2009年启动大规模人民币国际化以来，他就成为国内全面发展人民币国际化相关金融产品的设计与合规工作专业知识的首批律师之一。因此，他协助中国建设银行（亚洲）股份有限公司和中国建设银行香港分行进行了10多个跨境和境外人民币产品和其他金融产品的设计和合规工作。他还帮助广东省多家商业银行进行改革，包括公共基础设施融资项目和外商投资。他的优异业绩吸引了康德乐、乐购和汇丰南丰基金等财富500强公司和大型国际企业。客户称赞他在跨境金融交易领域的专业知识，也对他的“谦逊，勤奋，充满商业交易智慧”表示赞许。

Leo Zhou周亮

**The Chinese translation of this story was prepared by CLS Communication** ** 此文中文翻译由CLS Communication提供 **

REAL ESTATE30 ASIAN LEGAL BUSINESSJULY 2015

DALIAN WANDA GROUP, CHINA’S BIGGEST REAL ESTATE DEVELOPER, IS NO LONGER INTERESTED IN JUST BEING A DEVELOPER. ITS HIGH-PROFILE STEPS IN THE PAST SIX MONTHS ARE A CONVINCING INDICATOR THAT THAT THE CONGLOMERATE IS MOVING ELSEWHERE. HOW RISKY IS ITS QUASI-REITS PRODUCT? HOW WILL THIS GLOBAL JUGGERNAUT HANDLE ITS TRANSFORMATION INTO AN ASSET-LIGHT BUSINESS? HOW WILL IT NAVIGATE THE CHOPPY WATERS OF INTERNET FINANCE? SHANGJING LI REPORTS

中国最大的房地产开发商大连万达集团对仅当个开发商已经不再感兴趣。该集团过去6个月中的高调举动证明了一点，即这家企业集团正在四面出击。其准房地产投资信托（REIT）产品的风险性如何？这家全球巨头将如何把握自身向轻资产型企业的转变？它又将如何顺利驶过互联网金融汹涌的波涛？记者李尚晶报道。

万达之路

WANDA’S FASHION


REAL ESTATE 31WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

Though a bit later than promised, Dalian Wanda Group’s first online investment proj-ect finally made its debut.

In June, the company jointly launched a product called “Stable Earner No. 1” with online payment service provider 99Bill. Those who want to invest in the product can do so online or through a mobile app on their phones. Only a minimum investment of 1,000 yuan or $161 is required, which means that for the first time, investing in commercial real estate will be open to ordinary investors.

Those who signed up for the crowd-funding project can expect annualised returns of 12 per-cent, generated through rental fees and property appreciation.

The revolutionary move comes six months after Wanda acquired 68.7 percent of the third-party payment service provider 99Bill Corp, China’s fourth largest third-party payment company.

Many property developers in China have ramped up diversification into e-commerce and shifted away from their core business since last year in face of thinning margins and slowing sales.

Wang Jianlin, Wanda’s billionaire chairman, said in a recent staff meeting that by 2016, revenue from the company’s service sector will surpass revenue from the real estate segment. “Technically speak-ing, Wanda is no longer a real estate company from next year onward,” he said.

As such, it comes as no surprise that the com-pany is making the shift to finance – Internet finance, to be exact.

虽然比承诺的时间晚了一些，大连万达集团的首个在线投资项目最终还是亮相登台

了。6月，该公司与在线支付服务提供商

快钱网共同推出了一款名为“稳赚一号”的产品。想投资该产品的人可在线或通过手机app进行操作。最低投资仅需1000元人民币（约合161美元），这意味着，商业地产投资将第一次向普通投资者开放。

参与此次众筹项目的人可预期获得通过租金费用和地产增值产生的12%的年化回报率。

这项革命性的举措在万达收购了快钱68.7%的股权六个月之后面世。快钱是中国排名第四的第三方支付公司。

面对利润不断缩水和销售日益放缓，从去年开始，许多中国房地产开发商加快了多元化发展步伐，从自身核心业务转移，投身电子商务。

万达亿万身家的董事长王健林在近期一次员工会议上称，到2016年，公司服务行业的收入将超过房地产行业的收入。“从技术上讲，万达从明年起就不再是一家房地产公司了。”他称。

因此，该公司正转向金融（准确地说，是互联网金融）就一点也不令人感到意外了。

“IF THE REITS SYSTEM GETS OFFICIALLY INTRODUCED IN CHINA’S MARKET, I THINK IT WOULD BE GOOD NEWS FOR BOTH INVESTORS AND DEVELOPERS. THE HIGH STANDARD OF REITS WILL STANDARDISE OUR MARKET. WE REALLY SHOULD CALL FOR QUICK INTRODUCTION OF REITS.” Chen Yongxing, Zhong Lun W&D

“如果中国市场正式推出REIT体系，我认为对投资者和开发商而言都是好消息。REIT的高标准能规范我们的市场。我们应该呼吁REIT尽快出台。”陈永兴，中伦文德律师事务所

The logo of Wanda Plaza is seen in Shanghai. REUTERS/Aly Song

WANDA’S FASHION


REITS OR NOT?Launching Stable Earner No.1 was widely regarded as an important step in this direction. The online investment product has raised five billion yuan or $807 million since it was introduced.

The 12 percent annualised return comprises 6 percent right to yield each year and earnings from property appreciation according to public documents acquired by ALB.

First, Stable Earner No.1 is likely to pursue listing as a real estate in-vestment trust, which in turn would allow investors to enjoy 70 percent of the project appreciation. Meanwhile, the product can be transferred to another party. If this crowdfunding product fails to pursue an IPO within seven years, Wanda will repurchase it when it is due, which is aimed for another 6 percent of the returns.

Stable Earner No.1 was branded as a real estate investment trust (REITs) product or, to be precise, a pre-REIT or a quasi-REIT product.

“Wanda’s wealth management product is like a REIT,” Wang said in a speech in April. “If investors are in urgent need of cash and need to exit the investment, we have spoken to authorities in two financial reform trial zones to set up a title transaction platform.”

For many industry insiders, however, using the “REITs” label is only a marketing maneuver to attract buyers. The product itself inherently lies on the red line.

Alexander Li, a partner Allbright Law Offices, said the Stable Earner No. 1 is not REITs. He insists it is a kind of debt-based crowd-funding product, similar to asset-backed securities or ABS abroad. Besides, in terms of liquidity, Wanda’s product lags way behind than traditional REITs, which is tradable in public market.

Stable Earner No. 1 product does not guarantee returns of principals and gains. The proceeds will be used to finance five Wanda Plaza commercial

People walk in front of a logo of Wanda Plaza in Shanghai. REUTERS/Aly Song

REIT，做还是不做？推出稳赚1号被广泛视为是朝这个方向迈出的重要一步。这款在线投资产品自面世后已筹集到50亿元人民币，折合8.07亿美元。

根据ALB获得的公开资料，12%的年化回报率包括每年6%的收益率和房地产升值收益。

首先，稳赚1号有可能寻求作为REIT挂牌上市，这样一来投资者就能享受到项目升值的70%的收益。同时，该产品还可以转让给其他人。如果这款众筹产品未能在7年之内实现IPO，万达将在其到期时进行回购，从而保证另外6%的回报率。

稳赚1号打着REIT产品的旗号，准确而言，是一款预REIT或准REIT产品。

“万达的理财产品与REIT很像。”王健林在4月份的一次演讲中称。“如果投资者急需现金，需要退出投资，我们已经与两家金融改革试验区的相关部门谈过，会设立一个产权交易平台。”

但对许多业内人士而言，使用“REIT”这个标签只是用来吸引买家的一种营销手段。这款产品本身处于敏感地带。

锦天城律师事务所合伙人李鹏飞律师表示，稳赚1号并不是REIT。他强调，这是一种基于债务的众筹产品，与国外的资产担保证券（ABS）类似。此外，就流动性而言，万达的产品远不如能在公开市场进行交易的传统型REIT。

稳赚1号并不能保证回本和收益。筹集到的资金将用于为尚未开工或甚至都尚未确定的五座万达广场商业地产项目提供资金。


property projects, which haven’t begun or even identified yet.

At present, China does not have specific laws regulating Wanda’s hybrid product. The most relevant law draft was released last December by the Securities Association of China. It addresses equity-based crowdfunding, indicating that fundraising should be a private placement for less than 200 real-name investors.

But Wanda’s quasi-REIT product is aimed at individuals with a mere 1,000 yuan threshold. “The product is highly likely to reach more than 200 investors. Such a move could face a sudden shut down if clear rules are rolling out,” Li said.

Lawyers have agreed that equity-based fundraising is filled with many risks. Taking this “observe first, regulate later” attitude is fundamentally risky for investors.

Wang Jianlin used to decry a lack of funding options in public. Specifically, he mentioned that China lacks REITs, which use pooled capital from investors to purchase and manage property.

Talks of introducing REITs in China started years ago, with major cities such as Shanghai and Tianjin drafting proposals in 2010 to the central bank and the State Council to seek approvals.

In June, the China Securities Regulatory Commission approved its first REIT public offering, which will consist of office properties owned by China Vanke and managed by Penghua Fund Management REITs. It is the only REITs project approved by China and will be set up in the newly established free trade zone in Qianhai, Shenzhen.

“If REITs system gets officially introduced in China’s market, it would be good news for both investors and developers. The high standard of the product will standardise our market as well. We really should call for quick introduction of REITs,” said Chen Yongxing, managing partner of Zhong Lun W&D.

“ITS MODEL IS NOT VERY APPLICABLE TO SMALL DEVELOPERS. FOR STARTERS, WANDA HAS A BRAND VALUE IN SELLING ITS FINANCIAL PRODUCT. PEOPLE KNOW WANDA, KNOW WANG JIANLIN. FINANCIAL PRODUCTS FROM SMALL DEVELOPERS WOULD NOT FACE SUCH A HUGE MARKET DEMAND AND WOULD BE HARD TO SELL.” Wang Tao, East & Concord

“它的模式并不十分适用于小型开发商。首先，万达在销售自己的金融产品方面具备品牌价值。大家知道万达，知道王健林。小型开发商因为没有品牌效应，市场上对他的认可不高，很难卖出。”汪涛，天达共和律师事务所

目前，中国并没有监管万达这种混合产品的具体法律。相关性最大的法律草案去年12月由中国证券业协会发布。该草案提到了以股权为基础的众筹，表明集资应是面向200名以下的实名投资者的定向发行。

但万达的准REIT产品门槛只有区区1000元人民币，瞄准个人。“这款产品极有可能超过200名投资者。一旦明确的规定出台，这类产品很可能会被突然叫停。”李律师称。

律师们认同基于股权的集资充满许多风险。抱着这种“先看看，再监管”的态度，在根本上对投资者是有风险的。

王健林过去常在公开场合抱怨缺少融资选择。他尤其提到中国缺少可用从投资者处汇集的资本购买和管理房地产的REIT。

中国在数年前就开始出现关于推出REIT的言论，上海和天津等大城市于2010年向央行和国务院递交了起草方案，寻求批准。

上个月，中国证监会批准了首个REIT产品公开发行，由万科集团拥有的写字楼组成，由鹏华基金REIT进行管理。这是中国唯一一个获批的REIT项目，将放在新设的深圳前海自贸区。

“如果中国市场正式推出REIT体系，我认为对投资者和开发商而言都是好消息。REIT的高标准能规范我们的市场。我们应该呼吁REITs尽快出台。”中伦文德律师事务所管理合伙人陈永兴律师表示。


THE WANDA-FUL WAYWanda has been seeking to transform its bricks-and-mortar retail empire to an “asset-light” brand, looking for outside investment to finance its malls and selling them off after five or seven years.

“What is the definition of a real estate company? Besides property development, a true real estate company nowadays should be equipped with great financing power,” said Chen from Zhong Lun W&D. “Unlike real estate companies abroad, most Chinese companies face great restrictions in financing. From this perspective, Wanda’s financial innovation is very much acknowledged.”

Since last year, Wanda embarked on a series of high-profile moves. Its commercial property branch Dalian Wanda Commercial Properties raised $3.7 billion in its Hong Kong initial public offering, which made it the largest listing in Asia last year. It also strengthened its online payment platform by buying into 99bill Corp, coming up with “Stable Earner No. 1” six months later.

By the end of 2014, the conglomerate built more than 109 office-retail complexes called Wanda Plazas in 80 cities across China while 26 new projects are expected to open this year.

But Wanda’s chairman is eyeing a light-asset model, which means that the construction of Wanda Plazas is funded only by external investors, while Wanda takes care of site selection, project construction, merchant recruitment and property management. Using the brand appeal of Wanda Plaza and its “Huiyun” intelligent business information management system, the company is transitioning from a real estate giant to a business investment service operator.

The decision switch to the light-asset model was made after considering that the model could help diversify the property giant’s business opera-tions and help it earn corporate revenues from rentals rather than from property sales, which is subject to great market volatility. The strategy thus guarantees a steady long-term development for the company.

万达式道路万达一直以来都试图把自己的砖头加水泥的零售帝国转型为“轻资产”品牌，寻找外部投资为其商场提供资金，并在五到七年后将其售出。

“房地产公司的定义是什么？除了房地产开发，如今真正的房地产公司应具备强大的融资能力。”中伦文德的陈永兴律师表示。“与国外的房地产公司不同，绝大多数国内公司在融资方面面临很多限制。从这个角度看，万达的金融创新值得认可。”

从去年起，万达就开始采取一系列高调举动。该公司商业地产部门大连万达商业地产在香港首次公开发行时筹集到37亿美元，成为去年亚洲最大的股票上市。该公司还通过购买快钱的股权加强了在线支付平台，六个月之后推出了“稳赚1号”。

到2014年底时，万达在全国80个城市建了超过109座名为万达广场的商务零售综合楼宇，预计今年将有26个新项目开张。

但万达董事长正关注轻资产模式，这意味着建造万达广场的资金只来自外部投资者，而万达负责选址、项目施工、商户招租和物业管理。利用万达广场的品牌吸引力和该公司“慧云”智能商业信息管理系统，万达正从一家房地产巨头转型为商业投资服务运营商。

在考虑轻资产模式能帮助万达实现业务经营多元化，以及帮助该公司从租金而非市场波动性较大的房地产销售那里获得收入之后，万达做出了向轻资产模式转变的这一决定。因此这一战略能确保公司长期稳定发展。

“如果开发商想积极扩张，首先要做的就是盘活资产，确保充沛的现金流。这也解释了为何轻资产模式已成为如今商


“INTERNET FINANCE IS EVERYWHERE. AND THE BIGGEST INVESTMENT IN OUR LIFE USUALLY GOES TO REAL ESTATE. FOR DEVELOPERS, INTERNET FINANCE LOWERS THEIR COST, AND FOR INVESTORS, INTERNET FINANCE LOWERS THE THRESHOLD OF INVESTING IN REAL ESTATE, THUS SATISFYING PEOPLE’S NEED TO INVEST, NO MATTER HOW SMALL THE AMOUNT. THEREFORE, INTERNET FINANCE AND REAL ESTATE WILL DEFINITELY TEAM UP AND BE A TARGET TO PURSUE.”Alexander Li, AllBright Law Offices

“互联网金融最容易切入的地方是我们的日常生活，而生活中最大宗的交易主要集中在房地产投资上。互联网金融对于开发商而言，可以降低其营销和资金成本；对投资者而言，降低了房地产投资门槛，满足了老百姓小份额的投资理财需求。因此，互联网金融＋房地产，必然成为资本追逐的游戏。”李鹏飞，锦天城律师事务所

“If developers want to expand aggressively, the first thing to do is to activate the asset and ensure ample cash flows. This explains why the light-asset model has become a much-wanted path for commercial developers and operators today,” said Li, a partner at Allbright Law Offices told ALB.

Moreover, early this month, Wanda has announced plans for six new acquisitions – an equal mix of foreign and domestic purchases – in the second half of 2015 to further move away from the real estate market and rebrand itself as a “service company.”

Aiming to get 65 percent of its net profit from service by 2018, Wanda said it will set up a financial holding company to “complete acquisitions of banks, security and insurance companies, and form the Wanda financial group with the existing Wanda Investment Company.”

The company is no doubt turning “Internet Plus” finance, a government-backed buzzword, encouraging the integration of offline business with e-commerce.

But is Wanda’s strategy doable or advisable for other real estate devel-opers? Few lawyers would agree.

“Its model is not very applicable to small developers. For starters, Wanda has a brand value in selling its financial product. People know Wanda, know Wang Jianlin. Financial products from small developers would not face such a huge market demand and would be hard to sell,” said Wang Tao, a partner at East & Concord.

But whether more developers will follow in Wanda’s footsteps is not the question anymore, as moving online and towards finance has become inevitable.

“Internet finance is everywhere. And the biggest investment in our life usually goes to real estate. For developers, Internet finance lowers their cost, and for investors, Internet finance lowers the threshold for investing, thus satisfying people’s need to invest, no matter how small the amount. Therefore, Internet finance and real estate will definitely team up and be a target to pursue,” says Allbright Law Offices partner, Alexander Li.

业地产开发商和运营商一心想走的道路。”锦天城合伙人李鹏飞对ALB表示。

此外，本月初，万达宣布了2015年下半年的6项全新收购计划，国内外收购各占一半，将进一步远离房地产市场，把自身重塑为“服务公司”。

以到2018年从服务行业获得65%净利润为目标，万达称将成立一家金融控股公司，“完成对银行、证券和保险公司的收购，与现有的万达投资公司组建万达金融集团”。

该公司无疑正在转向“互联网＋”，这是一个由政府倡导的热门词汇，鼓励线下商业与电子商务进行整合。

但万达的战略对其他房地产开发商是否可行或可取？少数律师表示认同。

“它的模式并不十分适用于小型开发商。首先，万达在销售自己的金融产品方面具备品牌价值。大家知道万达，知道王健林。小型开发商因为没有品牌效应，市场上对他的认可不高，很难卖出。”天达共和律师事务所合伙人汪涛律师说。

但无论是否会有多少房地产开发商追随万达的脚步，向互联网和金融转型都在所难免。

“互联网金融最容易切入的地方是我们的日常生活，而生活中最大宗的交易主要集中在房地产投资上。互联网金融对于开发商而言，可以降低其营销和资金成本；对投资者而言，降低了房地产投资门槛，满足了老百姓小份额的投资理财需求。因此，互联网金融＋房地产，必然成为资本追逐的游戏。”锦天城律师事务所李鹏飞律师说道。

TAIWAN REPORT36 ASIAN LEGAL BUSINESSJULY 2015

台湾的大规模公平交易改革


’s sweeping Fair Trade reforms

TAIWAN REPORT 37WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

Taipei 101 building (R), the landmark of Taiwan, is seen shortly before the city participated in Earth Hour. REUTERS/Stringer

ANTITRUST LAW ENFORCEMENT ACTIVITY IS ON THE RISE IN ASIA, AS LOCAL AUTHORITIES SEEK TO CLAMP DOWN ON ANTI-COMPETITIVE BEHAVIOUR. THIS IS ALSO TRUE IN TAIWAN, WHERE A RECENT AMENDMENT TO ITS FAIR TRADE ACT LAID OUT A NEW PATH FOR KEY AREAS OF COMPETITION LAW AND TRANSFORMED THE ISLAND’S BUSINESS LANDSCAPE. KANISHK VERGHESE REPORTS

随着当地政府部门视图取缔反竞争行为，亚洲的反垄断执法活动日益增多，台湾也是如此。最近台湾《公平交易法》修正案为竞争法的关键领域开辟了一条新路，并改变了该地区的商业格局。Kanishk Verghese报道。




Taiwan’s amended Fair Trade Act (TFTA) came into effect in February, bringing with it some of the biggest changes to the Act since its inception in 1992. The amendments, which focus

primarily on merger control, cartel enforcement and unfair competi-tion, have changed the way business is conducted in Taiwan. But while the legal community has welcomed the reforms, it has also pointed out areas where further fine-tuning is needed.

Some of the TFTA’s most significant reforms have been in the area of merger control, lawyers say. Firstly, the assessment of whether a company needs to file a pre-merger notification with the Taiwan Fair Trade Commission (TFTC) has been broadened to include the company’s controlling entity, affiliates and any brother and sister companies under common control. Secondly, in Taiwan, where it is common for businesses to be controlled by a single person or non-corporate entities, individuals can now be defined as a party to a merger and subjected to pre-merger filing requirements.

Lawyers point out, however, that some grey areas remain. For example, the TFTC uses a market share ratio and a turnover ratio when conducting its merger control assessments. The amended TFTA features a new clause stating that when calculating the turnover threshold, the total turnover of the party, as well as its group com-panies, has to be included, says Dr. Matt Liu, a partner at Taiwanese law firm Tsar & Tsai.

The TFTC had proposed to remove the market share threshold from the assessment, but Taiwan’s legislature rejected the proposal, much to the surprise of the TFTC and the legal industry. As a result, calculating the market share threshold has become a difficult task, as the new clause applies only to the turnover threshold, explains Liu. “This gives rise to the question of when calculating the market share threshold, do we consider the market share of all the group compa-nies, or just the entity that is a party to the merger? We have received different opinions from the TFTC officials on this issue, so it is not very clear. The TFTC has to issue a ruling making this clear,” he says.

台湾新修订的《公平交易法》（TFTA）于今年2月生效，带来了一些自该法1992年制定以来最大的变动。此次修正案主

要侧重于兼并控制、反卡特尔和不公平竞争，改变了在台湾开展商业活动的方式。尽管法律界欢迎此次改革，他们也指出了需要进一步调整的地方。

律师们表示，TFTA一些最重大的改革是在兼并控制领域。首先，在评估一家公司是否需要向台湾公平交易委员会（TFTC）进行预兼并申报时，评估范围已扩大到包括公司的控制实体、关联公司和受共同控制的任何姊妹公司。其次，在台湾，企业由单一个人或非法人实体控制很常见，现在个人可被定义为并购的一方并受到预并购申报要求的制约。

但律师们指出，仍存在某些灰色地带。例如，TFTC在进行兼并控制评估时使用市场份额率和营业额率。台湾常在国际法律事务所合伙人刘致庆律师表示，TFTA修正案有一个新条款，称在计算营业额标准时，该兼并参与方的总营业额及其集团公司的营业额都应包括在内。

TFTC提出在评估中取消市场份额门槛，但台湾“立法院”否决了这项议案，非常出乎TFTC和法律界的意料。刘律师解释称，这样计算市场份额门槛就成为一件难事，因为新条款只适用于营业额门槛的计算。“这就提出了一个问题，在计算市场份额时，我们是要考虑所有集团公司的市场份额，还是仅仅考虑参与兼并一方的份额？对于这个问题，我们从TFTC官员那里得到了不同的意见，因此非常不明确。TFTC需要发布一项决定以明确这一点。”他表示。

“THE CHANGE WAS MADE BECAUSE THE TFTC RECENTLY LOST SOME CARTEL ENFORCEMENT CASES IN COURT, WHICH RULED THAT THAT THE TFTC FAILED TO FULFIL ITS BURDEN OF PROOF. THE NEW AMENDMENT GIVES THE TFTC A MORE POWERFUL WEAPON FOR CARTEL ENFORCEMENT, AND PUTS THEM IN A BETTER POSITION TO WIN THOSE CASES.” Stephen Wu, Lee and Li

“出现这种变化是因为TFTC近期在法庭上输掉了一些反卡特尔案件，法院判决TFTC未能满足举证责任。新修正案给了TFTC针对反卡特尔案件的更有力的武器，使其更有希望打赢官司。” 吴志光，理律法律事务所


举证责任的转移最新的TFTA还包括了帮助TFTC打击卡特尔的强化措施。这些措施包括提高违反反垄断规定的行政罚款金额，把进行调查的法定时效从三年延长到五年，可以直接向行政法院上诉，以及推出一套暂停和终止体系。

另一大修正允许TFTC根据它对市场条件、产品或服务的特点以及成本的分析，推定竞争者之间存在共谋串通。法案修正之前，TFTC负有证明竞争者之间存在卡特尔协议的举证责任。新TFTA把举证责任转移到了受指控的一方。“出现这种变化是因为TFTC近期在法庭上输掉了一些反卡特尔案件，法院判决

SHIFTING THE BURDEN OF PROOFThe updated TFTA also contains enhanced measures to help the TFTC combat cartels. These include larger administration fines for antitrust violations, an extension of the statute of limitations for conducting investigations from three years to five years, a direct appeal process to the Administrative Court, and the introduction of a suspension and termination system.

Another significant amendment allows the TFTC to presume the existence of collusion between competitors based on its assessment of market conditions, product or service characteristics, and cost analyses. Prior to the amendment, the burden of proof lay with the TFTC to demonstrate the existence of a cartel agreement among competitors. The new TFTA shifts the burden of proof to the accused

A TALE OF TWO CASESPrior to the amendment of the TFTA, the onus was on the TFTC to demonstrate the existence of collusive pricing between competi-tors. But with the new TFTA, the burden of proof now lies with the accused parties. Lawyers say the amendment was proposed and passed because in recent years, some key court decisions have gone against the TFTC.

A widely reported example is the ‘Coffee Case’. In November 2011, the TFTC fined four major convenience store chains in Taiwan for jointly raising the price of their freshly brewed coffee by NT$5 ($0.16) during the same week. The identical amounts and timing of the increases suggested that there was a collusive agreement, or a “meeting of the minds”, among the chains, claimed the TFTC.

However, the Taiwan’s highest administrative court decided in April 2014 that the price hikes could be explained by ‘conscious par-allel pricing’ or ‘the act of price following’. “The TFTC was unable to prove that there was a cartel agreement in place. Since the burden proof was on the TFTC, it failed to prove its case, and therefore lost the case,” says Stephen Wu, a partner and head of the competition law practice group at Lee and Li.

Another case that drew media attention is the ‘Milk Case’. In October 2011, the TFTC slapped three major dairy producers in Taiwan with administrative fines for simultaneously raising the price of fresh milk by NT$6 per litre. The TFTC asserted that it was impossible for this to have taken place without collusion, and that the inelastic de-mand for fresh milk as well as the three producers’ combined market share provided an added incentive to collude.

Throughout the investigation, the accused parties did not provide sufficient evidence to prove that no price collusion had occurred. Interestingly, although the TFTC found no direct evidence of a meet-ing of the minds, it won the case. “Given the similarity between the Coffee Case and the Milk Case, the lawmakers and the media ques-tioned how the TFTC won one case and lost the other,” says Wu. “As a result, they decided to change the law to shift the burden of proof to the accused parties, and to equip the TFTC with a more power-ful weapon so in the future it can win both of these types of cases.”

双案记在TFTA法修正之前，TFTC负有证明竞争者之间存在串通定价的举证责任。但按照新TFTA，举证责任现在由受指控一方承担。律师们称，修正案之所以提出并获得通过，是因为TFTC近些年在一些重要的法庭案件中落败。

广为报道的一个案例是“咖啡案”。2011年11月，因在同一周内一同把各自的现磨咖啡价格上调5元新台币（0.16美元），TFTC对台湾四家主要的连锁便利店处以罚款。TFTC称，相同的涨价金额和调价时机表明连锁店之间存在串通协议或“合意”。

但“最高行政法院”于2014年4月判决称，价格上调可解释为“有意识的平行定价”或“价格跟随行为”。“TFTC无法证明存在卡特尔协议。既然举证义务在TFTC，它又无法对此加以证明，因此就输掉了案子。”理律法律事务所合伙人兼竞争法事务部负责人吴志光律师称。

引起媒体注意的另一个案件是“牛奶案”。2011年 1 0 月，因同时把鲜奶价格每升上调 6 元新台币，TFTC对台湾三家主要乳制品生产商处以行政罚款。TFTC声称，没有串通是不可能发生这种情况的，对鲜奶的非弹性需求以及这三家生产商的合计市场份额更是为串通提供了诱因。

在调查中，被指控方没有提供充足的证据证明未发生价格串通。有意思的是，尽管TFTC未发现有直接证据能证明合意的存在，它还是打赢了官司。“鉴于咖啡案和牛奶案的相似性，立法者和媒体质疑TFTC怎么会赢了一个案子而输掉另一个。”吴律师称。“因此，他们决定修改法律，把举证责任转移到被指控方，使TFTC有更有力的武器，从而在今后能赢得这两种类型的案子。”


IT WILL BE INTERESTING TO OBSERVE HOW STRINGENT THE COURT WILL BE ON REQUIRING THE TFTC TO PROVE THE REASONABLENESS OF THEIR INDIRECT EVIDENCE, AND WHETHER THE COURT WILL CHANGE THE STANDARD OF BURDEN OF PROOF IN THE FUTURE. THERE IS ROOM FOR A COMPANY TO ARGUE THAT THE INDIRECT EVIDENCE THE TFTC PUTS FORWARD IS INSUFFICIENT, SO I DON’T THINK THE TFTC WILL ALWAYS PREVAIL, EVEN UNDER THE NEW PROVISION.” Matt Liu, Tsar & Tsai

“观察法庭将多严格地要求TFTC证明其间接证据的合理性以及未来法庭是否会变更举证责任的标准，将会很有意思。公司尚有余地辩称TFTC提出的间接证据是不充分的，因此我认为即使是按照新规，TFTC也不会始终占上风。” 刘致庆，常在国际法律事务所

parties. “The change was made because the TFTC recently lost some cartel enforcement cases in court, which ruled that that the TFTC failed to fulfil its burden of proof. The new amendment gives the TFTC a more powerful weapon for cartel enforcement, and puts them in a better position to win those cases,” says Stephen Wu, a partner and head of the competition law practice group at Lee and Li.

The business community and some lawyers have criticised the cartel enforcement amendment, citing its lack of economic foundation and potential to create situations where accused parties are seen as guilty of price collusion until proven innocent. “Companies now face a difficulty. If you increase your price, and a competitor increases their price at almost the same time, then the TFTC can assume that you are conducting a car-tel, unless you can prove your decision is justifiable based on actual cost analysis or other documents convincing enough to show that the decision was made without any coordination among competitors,” says Wu. “Other jurisdictions like the U.S. and the EU have this assumption, but their com-petition agencies, instead of the accused parties, are required to prove both economic evidence and behavioural evidence,” he adds.

For his part, Tsar & Tsai’s Liu says that even though the burden of proof has been shifted to the companies, the TFTC still needs reasonable grounds to presume the existence of a cartel. “It will be interesting to observe how stringent the court will be on requiring the TFTC to prove the reasonable-ness of their indirect evidence, and whether the court will change the stan-dard of burden of proof in the future. There is room for a company to argue that the indirect evidence the TFTC puts forward is insufficient, so I don’t think the TFTC will always prevail, even under the new provision,” says Liu.

Furthermore, the TFTC’s powers remain limited after the Taiwan’s leg-islature rejected a proposal to grant the Commission the right to conduct dawn raids. “I thought the dawn raid proposal would be passed by the legislature. When you look at international practices, dawn raids are a very important weapon for agencies to conduct cartel enforcement,” says Liu. “In Taiwan, we only have a leniency programme. But if you don’t have search and seizure power, it is not very useful because when you have only one leniency applicant and the other companies deny their conduct and

TFTC未能满足举证责任。新修正案给了TFTC针对反卡特尔案件的更有力的武器，使其更有希望打赢官司。”理律法律事务所合伙人兼竞争法事务部负责人吴志光律师称。

商业界和一些律师批评反卡尔特的修正条款，称其缺乏经济基础，可能造成受指控的一方在被证明清白之前都会被视为进行了价格串通。“公司现在面临一种困境。如果你提价，而竞争对手几乎在同时也提价，那么TFTC就可以推定你们之间结成了卡特尔，除非你能证明自己的决定根据实际成本分析是合理的，或者有其他很有说明力的文件表明该提价决定是在未与竞争对手进行任何协调的情况下做出的。”吴律师称。“像美国和欧盟等其他司法管辖区也有这种假设，但在那些地方，竞争法执法部门而不是受指控的一方必须提供经济和行为证据。”他补充道。

常在国际法律事务所的刘律师表示，即便举证责任被转移到了公司一方，TFTC仍需要合理的依据来推定卡特尔的存在。“观察法庭将多严格地要求TFTC证明其间接证据的合理性以及未来法庭是否会变更举证责任的标准，将会很有意思。公司尚有余地辩称TFTC提出的间接证据是不充分的，因此我认为即使是按照新规，TFTC也不会始终占上风。”刘律师称。

此外，在“立法院”否决了授予TFTC突击检查权的提案后，TFTC的权利依然有限。“我以为‘立法院’会通过突击检查提案。纵观国际上的做法，突击检查是开展反卡特尔执法中非常重要的武器。”刘律师说。“在台湾，我们只有宽恕政策。但如果你无搜查和没收权，那么宽恕政策就不太有效了，因为当你只有一个希望得到宽大处理的申请人而其他公司都


are uncooperative, it is very difficult for the TFTC to collect sufficient evidence to prove the existence of a cartel,” adds Liu. It is highly likely that the proposal for dawn raids will be a top priority when the next round of amendments is tabled, which could be in another three to five years.

However, the TFTC is set to gain another advantage. In June, four months after the amended TFTA took effect, the Taiwan’s legislature passed a new provision requiring the TFTC to set aside 35 percent of the money it receives from fines and penalties for a ‘whistleblower reward fund’. The fund will create a financial incentive for companies, employees or insiders to come forward with information on anti-competitive behaviour. “With the whistleblower reward soon to be in place, businesses should regularly conduct internal investigations. Otherwise, they could be exposed to the risk of employees providing informa-tion and acting as government witnesses against the company,” says Liu.

STRENGTHENING INTERNAL CONTROLSWith companies in Taiwan now exposed to whistleblowers and tasked with shouldering the burden of proof in cartel enforcement cases, lawyers advise businesses to keep detailed and transparent records, particularly of their internal pricing procedures. “Most companies deem their cost analyses as highly confidential information and are reluctant to disclose that information to the TFTC. Now that the law has changed, I urge companies to prepare a detailed cost analysis before increasing the price of their good or service, and provide this documentation at the very beginning if the TFTC decides to investigate,” advises Wu.

While the amended TFTA has enhanced Taiwan’s competition regime, companies need to pay special attention to the new merger control require-ments, and carefully document their pricing strategies and cost analyses to avoid getting ensnared in a TFTC investigation. Businesses should also look to future court decisions on cartel cases under the new TFTA for further clarity. With the onus now on the companies to justify their pricing strategies, will the TFTC consistently prevail in these cases? Only time will tell.

否认自己的行为且不合作时，TFTC要收集足够的证据证明存在卡特尔就非常困难。”刘律师称。突击检查提案极有可能在下一轮修正案日程确定之后成为重中之重，但下一次修订可能要在三五年之后。

但TFTC也势必得到另一个优势。在TFTA修正案生效四个月之后，“立法院”于6月通过了一项新规定，要求TFTC在其收到的罚款和罚金中拿出35%用于设立“举报人奖励基金”。该基金将为公司、员工或内幕人士带来经济激励，刺激他们挺身而出提供有关反竞争行为的信息。“随着举报人奖励即将到位，公司应当定期进行内部检查。否则，它们可能会面临员工提供信息并作为政府的证人站在公司对立面的风险。”刘律师表示。

加强内控由于台湾企业现在面临举报人风险，还肩负着反卡特尔案件中的举证责任，律师们建议企业要保存详细透明的记录，尤其是公司内部定价流程。“绝大多数公司把自己的成本分析视为高度机密的信息，不愿向TFTC披露。但现在法律变了，我敦促公司在提高商品或服务的价格之前，先编写详细的成本分析，如果TFTC决定着手调查，就在第一时间提供这份文件。”吴律师建议。

TFTA修正案强化了台湾的竞争法制度，公司需要特别注意新的兼并控制要求，并仔细书面记录自身的定价策略和成本分析，以避免遭遇TFTC调查。企业还应当关注今后法庭按照新TFTA对反卡特尔案作出的判决，以便获得更清晰的信息。既然公司现在肩负着证明自身定价策略合理的义务，TFTC是否始终能在这些案件中获胜？只有时间会告诉我们答案。


CAPITAL MARKETS42 ASIAN LEGAL BUSINESSJULY 2015

CHINA’S ATTEMPTS TO STAVE OFF A FULL-BLOWN CRASH HAVE INCLUDED UNLEASHING UNPRECEDENTED EMERGENCY SUPPORT MEASURES, REPORTS ALEX RICHARDSON

中国进行多种尝试避免股市全面崩溃，包括采取前所未有的紧急救市措施，Alex Richardson报道

PEAK PANIC MODE恐慌峰值模式


CAPITAL MARKETS 43WWW.LEGALBUSINESSONLINE.COM: ALB_China : Connect with Asian Legal Business

PEAK PANIC MODE

An investor sits in front of an electronic board showing stock information at a brokerage house in Hangzhou.

REUTERS/China Daily

Chinese stocks rebounded earlier this month, after Beijing unleashed an un-precedented series of support measures

to stave off the prospect of a full-blown crash that was threatening to destabilize the world’s second-biggest economy.

In an extraordinary flurry of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China’s state-backed margin finance company, which in turn would be aided by a direct line of liquid-ity from the central bank.

Investors, who had ignored official measures to prop up the market as equity indexes slid around 12 percent in the first week of July, final-ly reacted, with the CSI300 index of the largest listed companies in Shanghai and Shenzhen jumping 4 percent, while the Shanghai Com-posite Index gained 3 percent.

Blue chips, the explicit target of the stabili-sation fund, outperformed stocks on the small-cap ChiNext indexes.

The rapid decline of China’s previously booming stock market, which had recently fall-en around 30 per cent from a mid-June peak, had become a major headache for President Xi Jinping and China’s top leaders, who were al-ready struggling to avert a sharper economic slowdown.

In response, China has orchestrated a halt to new share issues, with dozens of firms scrap-ping their IPO plans in separate but similarly worded statements over the weekend, in a tactic authorities have used before to support markets.

China Vanke Co Ltd, the country’s largest de-veloper, said in a statement to the Hong Kong Stock Exchange that it planned to repurchase up to 10 billion yuan ($1.6 billion) worth of its domestic shares to protect investor interests.

China’s state media rolled in behind the of-ficial moves with supportive reports and com-mentaries.

“Rainbows always appear after rains,” said an editorial by the People’s Daily, the mouth-piece of the ruling Communist Party. “(China has) the conditions, ability and confidence in maintaining capital market stability,” the news-paper said.

Oliver Barron, China policy research analyst at NSBO, said it wasn’t just faith in the markets at stake.

“After the market continued to fall despite myriad support measures, the government reached peak panic mode and must have wor-ried that investors would not only lose confi-dence in the markets, but in the government itself,” he said.

继中国政府推出前所未有的一系列支持措施以期避开可能的股市全面崩

溃之后，本月早些时候中国的股市出现反弹。股市的全盘崩溃很可能会使全球第二大经济体陷入混乱。

在一连串数不胜数的政策举措中，多家券商与基金管理公司郑重宣布将大量购入股票，此举得到了国家支持的融资融券公司的帮助，而该公司又会从央行直接获得流动性援助。

那些此前无视了官方救市措施的投资者终于做出回应，代表沪深两市规模最大上市公司的CSI300指数跳升4%，而上证综指则上涨3%。对比之下，7月第一周的股票指数下跌12%左右。

作为市场稳定基金明确目标的蓝筹股则跑赢创业板小盘股指数。

之前还兴兴向荣的中国股市急速下跌，已成为原本就在努力避免经济大幅放缓的习近平主席和中国最高领导层的心头大患，中国股市近期已比6月中旬的峰值跌去了约30%。

作为应对，中国精心策划了暂停新股发行。上周末，数十家公司纷纷发表各自的声明宣布IPO计划搁浅，措辞相似，有关部门之前曾用这种战术来支持市场。

中国最大的房地产开发商万科集团周一在一份致香港联交所的声明中称，该公司计划回购高达100亿元人民币（16亿美元）的国内股票，以保护投资者利益。

中国国家媒体在官方采取行动之后也参与进来，纷纷发表支持性报道和评论。

执政共产党的喉舌人民日报周一在一份社论中称，“彩虹总在风雨后”。“（中国有）条件，有能力，有信心维持资本市场稳定。”该报称。

OliverBarron是蓝橡资本英国的中国政策研究分析师，他认为现在岌岌可危的不仅仅只是市场信心问题。

“在出台无数救市措施之后市场仍然下跌，这使得政府达到恐慌峰值模式，它们肯定担心投资者不仅会对市场失去信心，对政府本身也会失去信心。”他认为。

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TOO FROTHYChina stocks had more than doubled over the past year, despite a cooling economy and weakening corporate earnings, resulting in a market that even China’s bullish securities regulators eventually admitted had become too frothy.

But the slide that began in mid-June, and which the China Securities Regulatory Commission initially tried to downplay as a “healthy” correction, quickly showed signs of getting out of hand.

A surprise interest-rate cut by the central bank at the end of June, relax-ations in margin trading and other “stability measures” did little to calm in-vestors, many of whom have borrowed heavily to play the stock market.

In a series of initial announcements, China’s top brokerages pledged to collectively buy at least 120 billion yuan ($19.3 billion) of shares to help steady the market, and would not sell holdings as long as the Shanghai Composite Index remained below 4,500, a level last seen on June 25.

The China Mutual Fund Associa-tion said 25 fund companies also pledged to buy shares. Another 69 fund firms said they would do the same.

In addition, 28 compa-nies that had been ap-proved to launch IPOs all announced they had sus-pended their plans.

The U-turn is con-sistent with past IPO freezes in China when share markets were falling sharply, though they are usually spun as spontaneous company decisions, not as govern-ment directives.

China state-owned in-vestment company Central Huijin said it had recently been buying exchange-traded funds and would continue to do so.

The combined effect of the policies is to signal to China’s army of retail in-vestors, who conduct around 85 percent of share transactions, that the government is now standing behind the stock market.

CONTINUE VETTINGChina’s securities regulator said it will not stop vetting new initial public of-ferings, after share sales were postponed by 28 companies earlier this month because of recent market volatility.

Citing unidentified sources, the Wall Street Journal previously reported that the government had decided to suspend IPOs to help to stabilize the stock market.

In a statement posted on its official weibo, the China Securities Regulatory Commission said there will not be new IPOs in the near term but it will not stop vetting new deals.

“After the 28 companies suspended their IPOs, there will be no new IPOs in the near term. Going forward, the approvals will not stop but the number of IPOs and the fundraising size will be greatly reduced,” the commission said.

泡沫过多尽管经济不断降温，企业盈利日趋疲软，中国的股市在去年仍然翻了一番以上。形成这样的市场，即便是乐观的中国证券监管部门最终也不得不承认泡沫过多。

中国证监会最初还试图将6月中旬开始的大跌淡化为“健康的”市场调整，但此次下跌迅速显露出失控的迹象。

6月底央行突然降息、放宽融资融券交易规则以及其他“稳定措施”对投资者的安抚效果微乎其微，其中许多人大量借钱炒股。

在上周六宣布的一系列初步公告中，中国最大的几家券商承诺至少合计购买1200亿元人民币

（193亿美元）的股票以帮助稳定市场，并且只要上证综指仍低于6月

25日达到的4500点，就不会出售所持股票。

中国证券投资基金业协会称，上周六有25

家基金公司承诺购买股票。另有69家基金公司在上周日称也会采取同样的行动。

此外，28家获批进行 I P O的公司集体宣布将暂停IPO。

这一大反转与以往中国股市大跌时就

冻结IPO的做法一致，但以前的

IPO关闸通常都被说成是公司自发的

决定，而不是政府指令。上周日，中国国有投资

公司中央汇金称其近期一直在购买交易型开放式指数基金，

并将继续此类操作。多项政策的综合效应是向占股票交易量

85%左右的中国散户投资大军发出信号，政府正在全力支持股市。

IPO审批仍在继续中国的证券监管部门表示将不会停止审查新的IPO材料。此前28家公司在本月初因近期的市场动荡而推迟股份出售。

《华尔街日报》此前在报道中援引来源不明的消息称，政府已决定暂停IPO，帮助稳定股市。

在中国证监会官方微博发布的一份声明中，该机构称近期内不会有新的IPO，但新交易的审查不会停止。

“28家公司暂停IPO之后，短期内不会有新的IPO。今后，审批不会停止，但IPO的数量和融资规模将大幅降低。”证监会称。

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HIDING IN THE SHADOWSChina’s ‘grey market’ lenders are lining their pockets even as the bourses bomb, find Engen Tham and Shu Zhang

躲在暗处正当股市崩溃之时，中国的“灰色市场”贷款人却仍大发其财，记者Engen Tham和Shu Zhang报道。

China’s vast network of “grey market” lenders have reaped big profits from lending money to individuals and companies to buy stocks, but

as markets slump their customers face heavy losses after borrowing up to 10 times their starting capital.

Global investors are increasingly worried about the scale of leverage in China’s stock market, fearing the impact of a crash on the ordinary retail inves-tors who dominate it could destabilize the world’s second biggest economy just as growth is slowing.

The risks have been magnified by the grey or shadow market – a network of state-owned commercial banks, including the largest five state-owned lenders, as well as trust companies, fund manag-ers, and an endless variety of self-styled stock matching endowment firms. Many of the latter, which are essentially grassroots finance firms, were founded in the last year and often have backing from government enterprises but operate outside the remit of China’s se-curities or banking regulators.

This financing, which can carry annualised interest rates of up to 17 percent, was the financial rocket fuel that powered a 110 percent gain in Shanghai stocks between November and early June, by al-lowing borrowers to substantially leverage their capital.

These firms continue to benefit from interest payments and fees, even as more than $2.5 trillion was wiped from China’s market capi-talization over a period last four weeks.

Excessive leverage can be lethal in stock markets, because as overextended borrowers sell shares to meet “margin calls” they drive prices down further, creating a vicious cycle.

Light regulation of shadow lending underscores Beijing’s quan-dary as it looks to both protect the army of mom-and-pop investors, who comprise 80 percent of the stock market, while supporting a rally that has helped raise more than $63 billion from primary and secondary equity sales in China and Hong Kong this year alone.

“This needs to be controlled,” said Jiahe Chen, chief strategist at Cinda Securities, adding that when markets were falling high lever-age could create a domino effect.

GREY NETWORKCalculating the size of China’s grey financing network is tricky, bank-ers say, due to its loose regulation. Total margin debt at brokerages stood at 2.2 trillion yuan in late June, but the amount of grey market leverage may exceed that amount.

For China’s trust companies alone, stock assets increased by 225 billion yuan ($36 billion) from the previous quarter in the first three months this year, reaching 777 billion yuan by March 31, according to China Trust Association data.

That helped drive a 33 percent year-on-year gain in total profit for China’s 68 trust firms in the first quarter of 2015.

Typically, banks cooperate with trust firms and stock matching endowment companies to raise cash by issuing wealth management products (WMPs) that are sold to banking clients.

These products generate funds that are then used to finance in-

中国数量众多的“灰色市场”贷款人通过借钱给个人和公司购买股票而获利颇丰，但随着市场暴跌，在借了比启动资金高出10倍的款项后，它们的客户现在

面临严重亏损。全球投资者对中国股市的杠杆规模日渐担心，害怕由于中

国经济增长正在放缓，市场崩溃对主宰股市的普通散户投资者带来的影响可能会使得这个全球第二大经济体陷入混乱。

风险已被灰色或影子市场放大，这个市场里有国有商业银行，包括五家最大的国有银行，以及信托公司、基金管理公司和层出不穷的自封的股票配资公司。后者中许多根本上是草根金融公司，去年才成立，通常获得政府企业的支持，但在中国证券或银行监管部门的监管范围之外运作。

这种融资的年化利率可高达17%，通过允许借款方对资金进行大幅杠杆，成为去年11月到今年6月初沪市指数110%暴涨的金融助推剂。

即使在持续四周的时间内中国股市市值蒸发了2.5万亿美元，这些公司仍继续从利息和手续费中获利。

过高的杠杆率在股市中是致命的，因为过度借款的借款方会卖出股票进行“补仓”，拉动价格进一步走低，形成恶性循环。

对影子借贷的宽松监管凸显了中国政府面临的窘境。它既要保护占股市80%的大爷大妈投资者大军，又要支持仅今年一年就从内地以及香港的一二级市场股票出售筹集到630亿美元资金的市场上涨。

“这需要得到控制”，信达证券首席策略师陈嘉禾认为。他还表示当市场下跌时，高杠杆会造成多米诺效应。

灰色网络银行家们表示，由于监管宽松，计算中国灰色融资网络的规模非常困难。6月底券商的融资融券总额达到2.2万亿元人民币，但灰色市场杠杆的金额可能超过该数字。

按中国信托业协会的数据，仅中国的信托公司而言，今年头三个月的股票资产比前一个季度增加2250亿元人民币（360亿美元），3月31日达到7770亿元人民币。

这拉动了中国的68家信托公司在2015年一季度实现总利润年同比增加33%。

通常情况下，银行与信托公司和股票配资公司合作，通过发行出售给银行客户的理财产品筹集现金。


dividual and corporate stock market investors at ratios of up to 1:10, according to executives familiar with the businesses.

The arrangement highlights a persistent faultline running through China’s financial system, despite Beijing’s efforts to regulate the shadow system – people buying WMPs through mainstream banks may be, knowingly or not, left highly exposed to the vagaries of the stock market.

Trust companies have also used such products to back real estate loans, corporate junk bonds and short-term over-the-counter debt in-struments.

“Riskier clients go to trust companies because they can’t get loans from banks,” said Edmond Law, banks analyst at UOB Kay Hian (Hong Kong) Ltd, adding that investors in trust products backed by lending to these clients were at higher risk.

‘GOOD MONEY FOR NOTHING’The financing firms limit their own risk by requiring investors to add cash or sell shares once their accounts lose anywhere from 50 to 70 percent of their original investment value, executives said.

Two large and two smaller trust firms told Reuters that large state-owned banks such as Bank of China Ltd (BoC) and Bank of Commu-nications Co (BoCom) Ltd , as well many smaller lenders, indirectly channel money into the stock market this way.

“Banks are making good money for nothing,” said an executive at a Shenzhen-based stock-matching endowment firm. His firm, a subsid-iary of a central-government owned state enterprise, raises funds by selling WMPs through Bank of China.

It works like this: BoC raises 40 million yuan by selling the WMP to its clients, after a stock matching firm provides 20 million yuan in col-lateral. That creates a 60 million yuan pool that the stock matching firm can use to sell leverage to its customers.

BoC charges 10 percent annualised interest for such products, al-lowing the stock matching firm the opportunity to earn as much as 5 percent, based on the 15 percent annualised interest it charges cli-ents.

Using trust firms as conduits, banks also invest money in funds that pile capital directly into stock markets, according to banking execu-tives familiar with the situation.

BoC and BoCom declined to comment when contacted by Reuters.A mid-level banker with one of the top five state-owned banks said

that lending to trust companies involved very little risk to lenders themselves, as agreements were structured so banks are paid first if the markets tank.

“There are things that banks can’t do directly because of risk to as-set quality or reputation,” he said. “So we use trusts as channels.”

据熟悉这些业务的高管表示，这些产品募得的资金之后按最高可达1:10的比率为股市的个人和企业投资者提供资金。

这种做法突显了在整个中国金融体系内一直存在着的一条断层。尽管中国政府努力监管影子体系，但有意无意中，通过主流银行购买理财产品的人很可能将面临股市各种各样的大量风险。

信托公司还用这类产品来为房地产贷款、企业垃圾债券和短期场外债务工具进行担保。

“风险较高的客户来找信托公司融资，因为它们无法从银行获得贷款”，大华继显（香港)有限公司的银行分析师罗浩业说。他还表示，投资者如果持有向高风险客户放贷来进行担保的信托产品，他们面临的风险就更高。

“空手套白狼”高管称，一旦投资者账户亏掉初始投资金额的50-70%，融资公司就会要求投资者增加资金或出售股份，以此来限制自己的风险。

两家大型和两家小型的信托公司对路透社表示，诸如中行和交行等大型国有银行以及众多小型贷款机构就是通过这种方式间接向股市注资。

“银行空手套白狼”，深圳一家股票配资公司的高管称。他所在的公司是一家央企的子公司，通过从中行出售理财产品来筹集资金。

运作方式是这样的：在股票配资公司提供2000万元担保之后，中行通过向客户出售理财产品筹集4000万元。这样一来就创造出6000万元的资金池，股票配资公司可用来向客户出售杠杆。

中行对此类产品收取10%的年化利息，在按向客户收取15%的年化利息的基础上，股票配资公司就有机会获利高达5%。

据熟悉情况的银行高管称，利用信托公司为渠道，银行还可直接把资金投入直接投资股市的基金中。

路透社就此事联系中行和交行时，双方均拒绝置评。在五大国有银行之一的某家银行任职的一位中层银行家

称，向信托公司放贷给贷款方带来的风险极小，因为按协议安排，如果市场崩盘，银行将首先获得付款。

“由于资产质量或声誉有风险，有一些事情银行无法直接去做。”他表示。“因此我们用信托作为渠道。”

湯森路透 THOMSON REUTERS

汤森路透 “律所高速发展之财务管理”会议成功举办

Vivien Guo， Dentons技术支持经理

安杨， Elite 3E系统实施顾问

贾颖，君合律师事务所 IT 经理

在现代化技术迅猛发展的今天，法律服务市场瞬息万变。今天的律师事务所比以往都更需要利用信息建设优势，摸索出更高效的管理模式，提升财务管理水平，从而拥有持续的市场竞争力。

然而，当前多数律所的财务管理仍然相对传统，很多财务管理的作用未能发挥出来。各大律所在提供准确的财务数据和财务管理支持方面都遇到了阻碍，急需全面的解决方案。如何提升财务管理水平成为当下法律界重要的议题之一。

在此背景下，汤森路透于6月10日在北京国贸大酒店举办了“律所高速发展之财务管理”主题会议。会议邀请了国内领先律所的IT经理对大数据时代下律师事务所财务管理的新模式、新方法、新运行态势进行分析和研究，结合律师事务所的实际需求，展开深入的交流和探讨。

会议开始由君合律师事务所的 IT 经理贾颖，国际知名律所Dentons技术支持经理Vivien Guo 分别从中资所和外资所的角度进行了IT系统在律所行业是如何发展和建设的经验分享以及对未来发展方向的探讨。

贾颖是君合律师事务所IT主管，负责事务所整体IT方面的工作，包括IT战略规划，企业架构规划，相关IT制度及信息安全策略制定，信息化建设与管理，IT团队建设与管理等。具有18年律师事务所工作经验。

作为Dentons 亚太区的技术支持经理，Vivien Guo 同样在律所信息技术领域有着丰富的经验，她在律所信息技术领域工作了15年，其中最近5年在Dentons 的亚太地区，负责建立和管理律所在亚洲区办公室的IT系统。她的知识和经历融合了国际律师事务所的IT体系结构的第一线工作经验和对亚洲地区性特点的深度了解。

君合律师事务所2012年确定与Elite 合作，2013年Elite 3E系统正式上线。贾颖表示，君合一直都在做数据分析，之前律所的人事数据、财务数据、业务数据，如律师工作小时等，都存在于各自独立的系统，数据之间无法打通，形成了信息孤岛。为满足管理层的数据分析要求，行政人员不得不在多个系统间筛选数据，进行大量的人为干预，这样数据的安全性和准确性受到了一定的制约，而且增加了行政部门的工作量，降低了工作效率。

3E上线后，这种情况得到了根本的改变。尽管上线初期合伙人、律师以及各行政部门人员都经历了很长一段时间适应，但带来的好处也是显而易见的，首先，借鉴

国际所的先进管理经验与流程，帮助君合财务和业务管理理念国际化，同时，以3E为基础，在此之上开发管理运营工具，实现灵活管理。在数据分析方面，消除了数据割裂与信息孤岛，增强了数据安全，君合可以从业务领域、财务状况、律师团队、律师个人以及客户、案件等多个领域进行多维度分析。

3E对于支持管理层管理决策，事务所发展，甚至事务所改革发挥了重要作用。

在产品本土化方面，贾颖也对3E进行了肯定。她表示，国外律师事务所的权限是打开的，强调资源共享，然而在国内由于文化差异，资源的权限控制得很严，这些不同之处都能通过3E二次开发来满足。同时她也提出了一些问题，比如需要对中国市场更大力度的支持，加强中文培训、技术支持，提高问题解决速度，另外，3E的中英文匹配和中文翻译还有待改进。

Dentons技术支持经理Vivien也从国际律所的角度分享了他们财务管理支持的经验。她介绍了国际所入驻中国后的业务发展过程和需求变化。Dentons使用的是3E的前身 Enterprise。Vivien说，律所的发展需要一个包括财务系统在内的完整的体系，公司的发展方向是依靠这个完整的体系来支持的。

最后Elite 3E系统实施顾问安杨从实务的角度解释了Elite 3E如何能给律所管理提供强大的支持他详细介绍了计时模块， metric报表等，展示了该系统如何满足律所独特的财务需求，以及为何能够显著提高利益冲突检索的准确性和效率。

会议引发了现场各大律所IT和财务负责人的热烈探讨，最终取得圆满成功。

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