alb top 15 female lawyers - | asian legal business

HITTING THE BRAKESOverseas expansion hits roadblocks

刹车境外扩展遭遇路障

EVENT COVERAGEALB’s In-house Legal Summit in Shenzhen

精彩活动ALB深圳企业法律顾问峰会

NEW WORLDCan law firm networks be the future of global legal services?

新世界律所网络是否是全球法律服务的未来？

ONLINE ALLURE Malaysia e-commerce draws Chinese investment

网络的诱惑马来西亚电子商务业吸引中国投资

亚洲法律杂志 - 中国版 CHINA

OCTOBER 2017CHINA EDITION

9 772220 270006

ISSN 2220-2706

2017中国最佳女律师 ALB TOP 15 FEMALE LAWYERS

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

CONTENTSOCTOBER 2017

COVER STORY FEATURES BRIEFS4The BriefingDeals

8News

15Appointments

3216ALB China Top Female Lawyers 20172017年中国最佳女律师Through self-recommendation and after months of survey, ALB has picked the top 15 female lawyers of 2017 based on their years of practice, major achievements, significant transactions and cases and other relevant information.

Soft yet tenacious, women can bring great charm to the profession of lawyers. With relentless efforts, each of our top 15 female lawyers has firmly established herself as a role model in the profession. ALB talked to our winners about what it is like to be a woman and a lawyer at the same time.

这次评选我们通过律师自己申报以及数月的调查，根据参报人的执业时间、主要成就、代理的重大交易和案件以及其他相关信息，评选出了业内15名优秀的女性律师。女性柔中带刚的特质为律师这一职业赋予了极大的魅力，以下女律师在自己的执业生涯里凭借不断地努力，谱写出一首女性的赞歌。本次我们同她们展开对话，了解女性身份在她们执业过程中带去何种感受。

30E-Commerce Boom电子商务热潮Online shopping is really taking off in Malaysia, and Chinese investment is helping drive it. By David Ho

马来西亚的网络购物市场兴起，来自中国的投资帮助推动了其增长势头。David Ho报道。

32Local Expertise, Global Reach当地专才，全球影响Nowadays, law firm networks are helping clients obtain legal advice and services across the world. The question is: as the traditional paradigm comes under threat, can they provide a new model for the delivery of legal services globally? By David Ho

如今，律所联盟正帮助客户在世界各地获得法律咨询和服务。随之而来的问题是，随着传统模式面临挑战，这些律所联盟能否为在全球范围内提供法律服务打造一个新模式？作者：David Ho

40Hitting the Brakes 踩刹车Recent restrictions may have put a dampener on the overseas expansion plans of Chinese companies, but lawyers feel these will lead to healthier, more rational outbound investment in the long term. By Pearl Liu

近期的限制可能会对中国公司的海外扩张计划造成阻碍，但律师们认为长期来看这能使中国的对外投资更健康、更理性。作者：刘芳菲

44ALB Shenzhen 2017 In-House Legal Summit Brought to a Successful Close 2017 ALB深圳企业法律顾问峰会圆满落幕The second Thomson Reuters ALB Shenzhen In-house Legal Summit was successfully held on September 7 in Futian Shangri-La, Shenzhen, attracting hundreds of in-house counsels from different industries. As usual, the summit ran two parallel streams of Stream A and Stream B from which participants may choose according to the topic of their interest.

9月7日,第二届汤森路透ALB深圳企业法律顾问峰会在深圳福田香格里拉酒店成功举办，吸引了百余位来自不同行业的法务代表出席。本次峰会分为A、B两个会场同时进行，参会者可根据感兴趣的话题自由选择会场。

OCTOBER 20172 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版

HALF THE SKYThe ALB China Top 15 Female Lawyers 2017 continues ALB’s

commitment to profiling and promoting the advancement of women in Asia’s legal industry. Earlier this year, the Asia edition profiled key female partners and general counsel across the region. We have also held panel discussions on challenges facing women undertaking legal careers and covered the launch of organizations aimed at providing a platform for women in the legal profession to network. With this latest ranking, the dialogue continues.

The challenges that women in China’s legal sector face today do not revolve so much around discrimination as they do around having to make choices, usually between career and family. While there will be certainly star female lawyers, we hope that firms can do even more in terms of taking obstacles to career advancement out of the path of women, so more can come through the ranks going forward.

半边天ALB 2017年中国15佳女律师榜单一如既往展示了出色的女性

律师以及女律师亚洲法律行业中的全面崛起。今年上半年，《亚洲法律杂志》亚洲版也选出了亚洲区域的优秀女性律师和总法律顾问，我们还举办了研讨会探讨女性在法律行业所面临的挑战，也报道过一些专门为女性建立的法律社交平台。随着新榜单的发布，关注女性的话题还在继续。

在中国，女性律师面临的问题并不是受到歧视，因为她们能力突出，经常是自己做选择，在家庭和事业中选择其一。虽说优秀的女律师早已经光芒万丈，可我们依旧希望能够为他们扫清更多职业障碍，让更多的女性律师能够登上榜单。

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FROMTHEEDITOR

RANAJIT DAMManaging Editor,Asian Legal BusinessThomson Reuters

The Firm

Co-effort Law Firm LLP was founded in 1998 and was organized as one of the first limited liability partnership law firms in China. Co-effort Law Firm LLP is headquartered in Shanghai currently with 14 branch offices in China and abroad. The firm has established a global legal service network to secure and facilitate clients' investment and business operations worldwide. Through concerted efforts of all the lawyers and staff, the firm has grown into a reputable law firm and recognized for its excellence in diversified practice areas since its founding. The firm provides professional, efficient yet business oriented legal solutions showing the clients' way forward and powering their success.

OfficesShanghai Beijing Suzhou Changsha Wuxi Nantong Zhengzhou Xuzhou Nanjing Xiamen Osaka Milan Paris Singapore Berlin

[email protected] www.co-effort.com

The Firm

Co-effort Law Firm LLP was founded in 1998 and was organized as one of the first limited liability partnership law firms in China. Co-effort Law Firm LLP is headquartered in Shanghai currently with 14 branch offices in China and abroad. The firm has established a global legal service network to secure and facilitate clients' investment and business operations worldwide. Through concerted efforts of all the lawyers and staff, the firm has grown into a reputable law firm and recognized for its excellence in diversified practice areas since its founding. The firm provides professional, efficient yet business oriented legal solutions showing the clients' way forward and powering their success.

OfficesShanghai Beijing Suzhou Changsha Wuxi Nantong Zhengzhou Xuzhou Nanjing Xiamen Osaka Milan Paris Singapore Berlin

[email protected] www.co-effort.com


BRACING FOR A CRASHAs China makes a hard turn towards greener cars, oil majors face a bumpy road ahead

China’s moves to slash reliance on the internal combustion engine signal tough times for the country’s oil majors. A push into new energy vehicles (NEVs) – including battery-powered and hybrid cars – could curb demand for black gold. Sinopec and PetroChina will be hardest hit. The policy will also add to downward pressure on global crude prices.

The People’s Republic is ultimately hoping to outlaw traditional gasoline-fueled cars entirely, cleaning up the air and relieving it of dependence on oil imports. There is no official deadline for the move, but Wang Chuanfu, founder of Chinese electric vehicle maker BYD, reckons the ban could come as early as 2030.

As a battery maker poised to profit from the shift, Wang’s guesstimate is certainly self-

interested, and probably wishful thinking. Electric cars accounted for less than 2 percent of China’s market share in 2016, and a bottleneck in battery production will hamper the transition.

But there is no doubting China’s determination to push the pace. The Ministry of Industry and Information Technology says NEVS should account for a fifth of auto sales by 2025. As soon as 2019, regulators want automakers to make NEVs at least 10 percent of

total sales. That means China’s $440 billion retail fuel market is in for a bumpy ride.

GIANT PROBLEMSinopec will be hit hardest. Gasoline sales made up around a quarter of total revenue at the group’s listed unit China Petroleum & Chemical Corporation in 2016, and the energy giant runs almost a third of the country’s 100,000 or so service stations. These hubs boast more than 23,000 convenience stores,

BY KATRINA HAMLIN of Reuters Breakingviews

DEALS交易

BRIEFS

Commonwealth Bank of Australia’s sale of its life insurance arm to AIA Group

澳大利亚联邦银行向AIA集团出售其人寿保险业务

Deal Type: M&AFirms: Debevoise & Plimpton, Ashurst,

Bell GullyJurisdictions: Hong Kong, Australia,

New Zealand

交易类型 : 并购参与律所: Debevoise & Plimpton律师事务所；

澳大利亚Ashurst律师事务所；新西兰Bell Gully律师事务所

管辖地: 中国香港，澳大利亚，新西兰

Star India-BCCI deal for IPL’s global media rights

Star India与BCCI购买印度板球超级联赛赛事全球媒体转播权

Deal Type: M&AFirms: Cyril Amarchand Mangaldas

Jurisdictions: India

交易类型 : 并购参与律所: 印度Cyril Amarchand Mangaldas

律师事务所管辖地: 印度

GIC Group’s purchase of DLF’s stake in DLF Cyber City Developers

新加坡政府投资公司与印度地产开发上DLF协议购买DLF子公司DLF Cyber City Developers

股份Deal Type: M&A

Firms: Shardul Amarchand Mangaldas & Co, Ernst & Young, AZB & Partners, Wadia Ghandy & Co

Jurisdictions: India, Singapore

交易类型 : 并购参与律所: 印度Shardul Amarchand Mangaldas & Co律师事务所；安永；AZB & Partners律师事务

所；Wadia Ghandy & Co律师事务所管辖地: 印度，新加坡

$3.05 BLN $2.5 BLN $1.9 BLN


a valuable sideline. Non-fuel sales could grow by as much as 25.5 percent a year in the period 2016 to 2019, according to research by brokerage CLSA. There are plans to launch a Hong Kong IPO for the group’s marketing unit, but the outlook has clouded of late. There is no public prospectus, and the offering – expected to raise around $12 billion – now looks unlikely to materialize this year.

PetroChina will feel the pinch too. It controls some 20,000 petrol stations, and sold more than 62 million tonnes of gasoline last year, worth about 357 billion yuan at 2016 prices. PetroChina is slightly

less dependent on refining than Sinopec – gasoline sales made up roughly a fifth of revenues. However, investors appreciate the higher margins the company earns from refining and other downstream operations when oil prices are subdued, as they are now.

If one fifth of auto sales are absorbed by the NEV market in 2025 as planned - assuming China hits its target of 35 million units sold that year - that would rob gas stations of 7 million automobiles, enough cars to support the equivalent of 3,500 gas stations, according to a conservative Breakingviews calculation.

When combined with new environmental and industrial policies, a successful EV push could make a real dent in long-term global oil demand. Absent government intervention, S&P projects China’s oil consumption would probably balloon to 41 million barrels of oil a day by 2050, compared to 10.9 million barrels a day in 2015. On the other hand, if Beijing manages to meet all its ambitious published targets for electric vehicles, emissions reductions and industrial efficiency upgrades, oil demand would attain barely half those levels, the study shows. Sinopec, PetroChina, and even upstream operator CNOOC could be vulnerable.

TRICKY MANEUVERThere is time to plan. It might be decades before the fleet of combustion engines

actually shrinks. Even so the big Chinese players are already looking to diversify. Downstream operators might recalibrate refineries to focus on petrochemical products like plastics, while pushing further into natural gas. Sinopec says it is exploring geothermal energy and biomass, too. Offshore markets could help as well; exports of gasoline and diesel from Chinese refineries have been rising for the past few years.

Another strategy might be restructuring the retail business to accommodate electric vehicles. Perhaps the gigantic network of service stations could be converted into charging stations; drivers waiting for cars to charge, or swapping batteries, might shop at the convenience stores too. Sinopec is working with State Grid to offer charging services, state-backed China Daily reported earlier this year. Unfortunately in these areas the oil incumbents have little or no advantage over other competitors. Gas stations aren’t particularly convenient places to recharge compared to, say, parking lots.

Whichever route they take, energy conglomerates will still enjoy massive financial scale and unparalleled influence in the halls of government. It seems unlikely Beijing will stand aside and let them collapse. Even so, investors will watch closely to see if the oil majors can shift gears before it’s too late

BRIEFS

ZhongAn’s planned IPO in HK

众安保险计划在香港上市Deal Type: IPO

Firms: Skadden, Arps, Slate, Meagher & Flom, Grandall Law Firm, Cleary Gottlieb Steen &

Hamilton, Han Kun Law OfficesJurisdictions: Hong Kong, China

交易类型 : 首次公开发行参与律所: 世达律师事务所；

国浩律师事务所；佳利律师事务所；汉坤律师事务所

管辖地: 中国香港，中国大陆

NTPC’s 6.6% stake sale

印度国家电力集团（NPTC）出售其6.6%股份Deal Type: M&A

Firms: Squire Patton Boggs, AZB & Partners, Luthra & Luthra Law Offices, Herbert Smith Freehills

Jurisdictions: India, U.S.

交易类型 : 并购参与律所: 翰宇国际律师事务所；

AZB & Partners律师事务所；Luthra & Luthra律师事务所；

史密夫·斐尔律师事务所管辖地: 印度，美国

Google’s acquisition of HTC’s Pixel unit

谷歌收购HTC手机Pixel业务Deal Type: M&A

Firms: Cleary Gottlieb Steen & Hamilton, Gibson, Dunn & Crutcher

Jurisdictions: Taiwan, U.S.

交易类型 : 并购参与律所: 佳利律师事务所；

Gibson, Dunn & Crutcher律师事务所管辖地: 台湾，美国

$1.5 BLN $1.42 BLN $1.1 BLN

Labourers work at a PetroChina refinery in Suining, southwest China’s Sichuan

province. REUTERS/Stringer


准备好应对转型之痛随着中国加速向环保汽车转型，石油巨头们前路坎坷。

中国采取一系列举措削减对内燃发动机的依赖，预示着中国石油巨头企业将面临困境。大力推动新能源汽车的发展——包括电动汽车和混合动力汽车——可能会遏制对“黑金”的需求，中国石化和中石油将受到最大的冲击。同时，这些举措也将加剧全球原油价格的下行压力。

中国最终希望完全取缔传统的燃油汽车，在清洁空气的同时减轻对石油进口的依赖。此举官方并没有最后期限，但中国电动汽车制造商比亚迪的创始人王传福认为，燃油车禁售令可能在2030年就会提出。

由于电动汽车制造商已经准备好从转型中获利，所以王先生的猜测肯定是从其利己的观点出发，或许只是一厢情愿的想法而已。2016年，电动汽车在中国市场上所占的份额不到2%；电池生产的瓶颈也阻碍了转型。

但是中国推动转型的决心坚定不移。中国工业和信息化部表示，到2025年，新能源汽车将占到中国整体汽车销售额的五分之一。到2019年，监管机构将要求汽车企业在其总销量中新能源汽车达到至少10%。这意味着中国4400亿美元的零售燃油市场的前景将十分艰难。

路透Breakingviews记者Katrina Hamlin报道

大问题能源巨头中国石化将受到最大的冲击。2016年，汽油销售占到集团上市单位中国石油化工股份公司总收入的四分之一左右；在中国现有的10万多个加油站中，由中国石化经营的占到了近三分之一；据称这些加油站拥有23000多个便利店，是很赚钱的副业。根据证券经纪公司里昂证券（CLSA）的研究，2016年至2019年期间，非燃油汽车销售量每年可能增长高达25.5%。中国石化集团的营销单位计划在香港上市，但前景蒙上了阴影。目前没有公开招股说明书，预计募集资金约为120亿美元；但现在看来，这个目标今年似乎不太可能实现了。

另一个石油巨头企业中石油也将感受到由此带来的压力。中石油经营大约2万个加油站，去年销售的汽油量超过6200万吨，按照2016年的油价计算，实现销售额约为3570亿元人民币。与中国石化相比，中石油对炼油产业的依赖略低——汽油销售额约占其总收入的五分之一。但投资者十分看好中石油在油价低迷时从炼油和其他下游业务获得更高的利润。

根据Breakingviews的保守计算，如

果到2025年，汽车销售的五分之一被新能源汽车市场吸收——假设中国实现了当年销售3500万台新能源汽车的目标——这将意味着从加油站抢走了700万辆汽车的客流，这一数量足够支撑相当于3500个加油站的业务量。

结合新的环境和产业政策，电动汽车的成功推进可能会对全球石油需求造成长远影响。据标准普尔估计，如果没有政府干预，2050年中国的石油消费量可能会攀升至每天4100万桶，而2015年仅为每天1090万桶。从另外一个角度看，研究表明，如果中国政府成功实现了其所有雄心勃勃的目标，包括电动汽车占有量，减排目标以及工业效率升级，那么石油需求最多仅能达到前述水平的一半；但这样一来，中国石化、中石油甚至上游运营商中海油可能会陷入非常不利的境地。

变通还有时间筹划。真正缩减内燃机的使用可能还需要几十年的时间。尽管如此，中国的大型企业已经开始寻求多样化发展。下游运营商可能重新调整炼油厂业务，转而专注于石油化工产品，如塑料，同时进一步推进天然气业务。中国石化表示也正在探索开发地热能和生物质能。海外市场也能够帮助减轻压力，中国炼油厂生产的汽油和柴油出口量在过去几年里一直呈上升趋势。

另一个策略是可以对零售业务进行重组以适应电动汽车。可以把庞大的加油站网络改成汽车充电站，驾驶员在等待汽车充电或更换电池的时侯也可能会在便利店购物。《中国日报》今年早些时候报道称，中国石化将与国家电网合作提供汽车充电服务。但遗憾的是，在这些领域，石油企业与其他竞争对手相比几乎没有优势，例如：与停车场相比，加油站并不是非常方便的充电场所。

无论能源集团作出何种选择，在政府看来他们仍就拥有巨大的金融规模和无比的影响力。中国当局不太可能坐视不管，任由这些集团破产。但投资者们也会密切关注石油巨头企业能否及时进行调整，以免为时太晚。

BRIEFS

Best Inc’s NYSE trade debut

Best Inc在纽约证券交易所挂牌上市Deal Type: IPO

Firms: Simpson Thacher & Bartlett, Latham & Watkins, Maples & Calder

Jurisdictions: Hong Kong, U.S., Cayman Islands

交易类型 : 首次公开发行参与律所: 盛信律师事务所；

瑞生国际律师事务所；迈普达律师事务所

管辖地: 中国香港，美国，开曼群岛

AYC Finance’s fixed-for-life senior perpetual notes guaranteed by Ayala Corp

AYC Finance Limited发行固定利息且不可重置票据Ayala Corp.担保

Deal Type: M&AFirms: Milbank, Tweed, Hadley & McCloy,

Maples and Calder Jurisdictions: Singapore, Philippines

交易类型 : 债券资本市场参与律所: 美国美邦律师事务所；迈普达律师事务所

管辖地: 新加坡，菲律宾

$450 MLN $400 MLN


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IPO中“三类股东”核查之道众所周知，“三类股东”以契约为载体，以合同

保证股东权利的行使，其委托代理关系的本质可能被认定为“委托持股”，而“股权清晰”则是IPO的一道红线，所以含“三类股东”企业的IPO近期已成为市场一个热点。

根据中国证监会2017年9月21日发布的《公开发行证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组(2017 年修订)》，交易对方为契约型私募基金、资产管理计划、信托计划的，重大资产重组申报文件比照对合伙企业的要求穿透披露至最终出资人，同时还应披露最终出资人与参与交易的其他有关主体的关联关系(如有)；交易完成后契约型私募基金、资产管理计划、信托计划成为持股5%以上股东的，还应当披露最终出资人的资金来源，利润分配、亏损负担及表决权行使的有关协议安排，停牌前六个月内及停牌期间财产份额或收益权变动情况及未来变动安排(如有)。但尚未出台含“三类股东”企业IPO的核查与披露的标准。

笔者认为，尽管“三类股东”可以按照《中国证券登记结算有限责任公司证券账户管理规则》开立专用证券账户并登记于上市公司或新三板挂牌公司的《证券持有人名册》，但IPO中“三类股东”的核查和披露还存在一定难度。

一. “三类股东”的核查困境“三类股东”非独立的法律主体，出资人信息缺乏权威的、持续的、公示性信息来源，只能由管理人提供，其实际出资人隐藏在契约背后，导致中介机构较难独立完成穿透式核查。

另外，“三类股东”出资人购买、转让或赎回份额十分便利，在IPO审核过程中，可能存在“三类股东”出现到期兑付、份额或收益权转让等情形，导致实际出资人时刻处于变化之中，中介机构对“三类股东”的持续核查较为困难。

基于“三类股东”管理人、产品及出资人相分离的特点，如果不能保证全面核查，可能引发潜在风险，导致利益输送更加便利。笔者建议基于现有的审核理念，监管部门尽快出台“三类股东”核查和披露规则，使 “三类股东”可以公示且可持续穿透披露直至最终权益所有人结构，供社会公众查阅。

二. “三类股东”的核查界限在“三类股东”可以公示且可持续穿透的基础上，中介机构应独立、充分、持续核查以下方面：(一) “三类股东”设立的合法性核查“三类股东”是否依法设立且按有关监管规定办理了登记备案程序。(二) “三类股东”法律关系建立的有效性核查资产管理合同、信托合同或基金合同的签署是否为当事人真实意思表示，约定是否明确，是否存在导致合同无效的情形；核查合同条款中各方权利、义务的约定是否明晰，委托财产的范围是否明确，特别关注委托人转让份额及退出的约定以及“三类股东”的存续期，避免因“三类股东”

的终止及清算导致拟上市公司股权结构发生重大变化。(三) “三类股东”的规范运作核查“三类股东”是否存在越权交易的投资行为，日常运作、信息披露等事项是否符合相关法律、法规、规章、规范性文件及合同的约定。(四)“三类股东”资金来源的合法性穿透核查“三类股东”实际出资人的资金来源，是否涉及通过委托、信托或相关安排代他人持有相关权益。(五) “三类股东”的关联关系穿透核查“三类股东”实际出资人的适格性，防止不适格主体通过“三类股东”规避；核查出资人中是否存在拟上市公司控股股东、实际控制人、董监高或其他关联方等，避免隐藏关联方进行利益输送。(六) 资产管理人管理的其他产品关注“三类股东”与其管理人和管理人名下其他产品的关系，核查是否存在利益输送或利益冲突等。(七) “三类股东”对拟上市公司股权结构稳定

性的影响基于“三类股东”的实际出资人可自由转让与退出，关注“三类股东”的股权变更对拟上市公司控制权和股权结构稳定性的影响。(八) 影响股权结构和权属的纠纷和潜在纠

纷核查“三类股东”的实际出资人、管理人与拟上市公司及其关联方之间是否存在纠纷或潜在纠纷，是否可能对拟上市公司的股权结构或股东权属状态产生不利影响。

三. 对“三类股东”持股比例上限的考量在“三类股东”实际出资人变动对拟上市公司控制权认定不产生影响的前提下，建议参照《企业会计准则第36号—关联方披露》、《上市公司信息披露管理办法》和沪深交易所股票上市规则等对关联人的认定标准，以5%的持股比例(同一管理人、受托人管理的产品持股合并计算)为上限对拟IPO企业“三类股东”加以限制。另外，为避免实

际出资人变动对控制权的稳定及持续经营造成不利影响，“三类股东”不得直接或间接在控股股东层面持股。

“三类股东”是依法、依合同约定建立的委托代理关系，在“三类股东”可以公示且可持续穿透核查的基础上，无论是出于资本市场不同板块之间的监管标准的统一，还是对有法、有据、依约设立的主体资格合法性的认可，就含“三类股东”的拟上市公司的核查和披露口径及标准，应当尽快给市场以明确预期。

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NEWS

Qualcomm files lawsuits in China to ban iPhones

Qualcomm Inc confirmed an earlier report that the chipmaker had filed lawsuits in China, seeking to halt the manufacture and sale of Apple Inc’s iPhones in the country.

Qualcomm filed the suits in a Beijing intellectual property court, claiming patent infringement and is seeking injunctive relief, a company spokeswoman confirmed, but did not provide further details.

The iPhone maker has always been willing to pay fair and reasonable rates for the patents it uses, Apple told Reuters in an email.

“In many years of ongoing negotiations with Qualcomm, these patents have never been discussed and in fact were only granted in the last few months,” Apple said.

Apple is waging a global legal battle on Qualcomm’s long-held practice of charging a percentage of the total price of iPhones and other Apple devices as a licensing fee for its patents.

Uber reviews Asia business amid U.S. bribery probe: source

Uber Technologies Inc, which is the subject of a U.S. federal probe into whether it broke bribery laws, has started a review of its Asia opera-tions and notified U.S. authorities about payments made by staff to

police officers in Indonesia, a person familiar with the matter told Reuters.The review comes after Uber said in August it was cooperating with a pre-

liminary investigation led by the U.S. Department of Justice (DOJ) into whether its managers violated U.S. laws against bribery of foreign officials, specifically the Foreign Corrupt Practices Act.

Uber has hired law firm O‘Melveny & Myers to review its Asia operations. It previously hired the firm to investigate how it obtained the medical records of an Indian woman who was raped by an Uber driver in 2014, Reuters reported in June.

Bloomberg first reported Uber’s review of its Asia operations. It said O’Melveny & Myers was examining records of payments made in Asia and in-terviewing employees.

高通在中国起诉苹果，要求禁售iPhone

芯片制造商高通公司证实此前报道，确认已在中国提起诉讼，试图阻止苹果公司在中国生产和销售其iPhone手机。

高通的一名女发言人证实，该公司已向北京知识产权法院提起诉讼，称苹果侵犯了其专利权，并申请禁止令救济，但未提供更多细节。

苹果在发给路透社的电邮回复中表示，该公司一直为其所使用的专利支付公平合理的价格。

苹果表示：“在与高通进行的多年谈判中，这些涉案专利从未被讨论过。事实上高通在前几个月才向苹果授权了这些专利。”

苹果正在打一场全球法律战，目的是挑战高通长期以来从iPhone和其他苹果设备的总价中抽取一定比例作为专利授权费的做法。

消息人士称，面临美国贿赂调查，优步审查亚洲业务

一位知情人士对路透社表示，优步科技公司已开始对其亚洲业务进行审查，并向美国有关部门通报了其员工向印尼警方支付款项的情

况。优步由于涉嫌违反贿赂法正受到美国联邦调查。优步此前在8月表示，它正在配合美国司法部牵头的

一项初步调查，调查其管理层是否违反了美国禁止贿赂外国官员的法律，特别是《反海外腐败法》。

优步已经聘请了美迈斯律师事务所来审查其在亚洲的业务。路透社曾在6月报道，优步此前聘请了该所调查其是如何获取一名印度女性的医疗记录的，该女子在2014年遭一名优步司机强奸。

彭博社是报道优步亚洲业务审查的首家媒体。其报道称，美迈斯正在检查优步在亚洲的支付记录，并与优步员工进行谈话。

彭博社援引知情人士的话说，去年晚些时候，优步

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It quoted people with knowledge of the matter as saying that late last year, an Uber employee in Jakarta made multiple, small payments to police on the understanding that Uber would be permitted to continue operating from an office located in a non-business zone.

Uber fired the employee and placed the head of the Indonesian business who approved the expense report on a leave of absence, Bloomberg said, cit-ing the sources. The head has since left the company, it reported.

Jakarta Police spokesman Argo Yuwono told Reuters there was no inves-tigation into any payments. He also said jurisdiction over location permits re-sided with the local government, not police.

The DOJ is focusing on suspicious activity in China, India, Indonesia, Ma-laysia and South Korea, Bloomberg reported. Uber’s law firm is also reviewing financial arrangements with Malaysia’s government that may have influenced lawmakers there, it said.

Uber’s financial relationship with Malaysian government-linked agencies includes a $30 million investment by the country’s second-largest pension fund, Kumpulan Wang Persaraan (KWAP). Uber also participated in an en-trepreneurship programme initiated by the state-backed Malaysian Global Innovation & Creativity Centre (MaGIC).

The investment and participation were followed by passage of ride-sharing laws in July.

KWAP declined to comment when contacted by Reuters. MaGIC said “we strongly refute involvement in any quid-pro-quo arrangements.”

The DOJ investigation is the latest in a series of worldwide legal wrangling at Uber, which has also made headlines with allegations of sexual harass-ment in the workplace and executive misconduct.

Last month, Uber appointed Dara Khosrowshahi, who led travel-booking website operator Expedia Inc for 12 years, as chief executive to succeed Travis Kalanick who was ousted in June.

在雅加达的一名员工向当地警方支付了多笔小额款项，以便优步能被允许继续在位于非商业区的办公地点开展业务。

彭博社进一步援引该人士的话称，优步已经解雇了这名员工，并将批准此类款项的印尼业务负责人停职。其此后报道，该负责人已经离开了优步。

雅加达警方发言人Argo Yuwono对路透社表示，没有对任何支付款项的调查。他同时说，办公地点许可的管辖权属于当地政府，而非警方。

彭博社报道，美国司法部正重点关注优步在中国、印度、印尼、马来西亚和韩国的可疑活动。优步聘请的律所也在审查公司与马来西亚政府之间的财务安排，这些安排可能对该国议员产生了不正当影响。

优步与马来西亚政府关联机构之间的财务关系包括该国第二大养老基金Kumpulan Wang Persaraan（KWAP）对优步的3000万美元投资。优步还参与了由政府支持的马来西亚全球创新与创意中心(MaGIC)发起的创业项目。

在优步的上述投资和参与之后，今年7月，马来西亚通过了有关专车的法律。

KWAP对路透社的询问拒绝置评。MaGIC则表示:“我们坚决驳斥任何关于我方参与利益交换的指控。”

美国司法部的调查是优步在全球范围内面临的一系列法律纠纷中的最新一起。该公司此前因工作场所的性骚扰和高管的不当行为而登上新闻头条。

上个月，优步任命Dara Khosrowshahi为首席执行官，取代6月下台的Travis Kalanick。前者此前担任旅游预订网站运营商Expedia的首席执行官长达12年。

BRIEFS


Hong Kong regulator aims for ‘northbound’ China investor ID system in 2018

Hong Kong’s securities regulator plans to implement a real-time inves-tor identification system around mid-2018 for “northbound” trading under the Stock Connect program with China, its chief said, a move

aimed at detecting potential misconduct.“Northbound” trading means foreign investors from Hong Kong buying

and selling shares in Shanghai and Shenzhen under the ‘Connect’ scheme, as part of Beijing’s efforts to open its markets more widely for foreign investors.

The move to monitor such trading is in line with global efforts to mitigate market volatility through greater transparency, and it comes as China seeks to woo foreign institutions to invest more in its stock markets.

Ashley Alder, CEO of Hong Kong’s Securities and Futures Commission (SFC), told the Thomson Reuters Pan-Asian Regulatory Summit that the iden-tification system would be developed in conjunction with the China Securities Regulatory Commission.

“The SFC and the CSRC are now working on a new system with Stock Con-nect that would give both regulators a direct, real time line of sight in cross-border trades,” he said.

“This is expected to begin for northbound trade around the middle of next year and at about the same time we expect the mainland regulator will pro-vide an equivalent level of transparency for us for southbound trading.”

To help detect potential market misconduct, investor identification pro-cesses that let securities regulators track stock trades in real time are already used by some markets in Asia, such as China, South Korea and Taiwan.

Alder also said the SFC saw “enormous” potential for trading of risk man-agement products in Hong Kong.

“This is because larger, more diverse capital flows will demand better over-all risk management tools subject to a world class regulatory environment,” he said.

WEIGHTED VOTING RIGHTSAt the same event, David Graham, chief regulatory officer and head of listing at Hong Kong Exchanges and Clearing Ltd, said weighted voting rights need to be adopted to lure so-called new economy firms to list on a planned third trading board.

Graham said having weighted voting rights “is a feature that we need to adopt. The question is how you adopt it, what are the safeguards, what’s the investor protection.”

HKEX, which operates the stock exchange, unveiled a proposal in June for the board that would allow companies with share structures providing special voting rights, and let firms that have not yet made a profit get listed.

The Hong Kong exchange, Asia’s third-biggest equity bourse by mar-ket value, is eager to increase its exposure to high-growth sectors to remain among the world’s top destinations to list shares.

Public consultation for the new board ended in August.Last month, HKEX CEO Charles Li told Reuters there might be a need for

another round of consultation to decide how the new board and weighted vot-ing rights would be implemented.

香港监管机构拟于2018年启动“北向通”中国投资者身份识别系统

香港证券监管机构的负责人表示，该机构计划在2018年年中推出与内地股市互联互通机制下“北向通”投资的实时投资者身份识别系

统，旨在发现潜在的不当行为。“北向通”下，香港的外国投资者可以通过“沪港通”

和“深港通”买卖上市和深市股票，这是中国向外国投资者进一步放开市场的举措之一。

监管此类交易的举措符合世界各国通过提高透明度来降低市场波动性的大趋势，同时正值中国寻求吸引外国机构加大对其股票市场的投资。

香港证券及期货事务监察委员会（SFC）的行政总裁欧达礼在汤森路透的泛亚监管峰会上表示，该身份识别系统将与中国证监会共同开发。

他说：“SFC和证监会正就互联互通机制合作打造一个新系统，让两地的监管机构都能直接、实时地观察跨境交易。”

“预计这一系统将于明年中开始在‘北向通’下实行。我们相信内地监管机构将在那时也为我们在‘南向通’下提供同等水平的透明度。”

为了帮助发现潜在的市场不当行为，证券监管机构可实时跟踪股票交易的投资者身份识别程序已经被亚洲的一些市场所采用，比如中国大陆、韩国和台湾。

欧达礼还表示，SFC认为在香港交易风险管理产品的潜力“巨大”。

他说：“这是因为，更大规模、更多样化的资本流动就要求在世界级监管环境下更好的的综合风险管理工具。”

同股不同权在同一峰会上，香港交易及结算有限公司（HKEX）的监管事务总监兼上市主管戴林瀚表示，需要采用加权投票权，以吸引所谓的新经济公司在计划中的创新板上市。

戴林瀚说，加权投票权“是我们需要采纳的。问题是如何采纳，有哪些保障，投资者保护的措施是什么。”

运营香港联交所的HKEX今年6月曾提议设立一个新板，允许拥有提供特别投票权这种股权结构的公司以及尚未盈利的公司在该板上市。

按市值计算，香港交易所是亚洲的第三大股票交易所。其渴望通过增加对高增长行业的敞口，捍卫全球顶级上市目的地的地位。

有关新板的公开征求意见于8月结束。上月，香港联交所执行总裁李小加对路透社表示，

可能需要进行第二轮公开征求意见，以决定新板和加权投票权的具体落实问题。

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社会资本参与国有企业办医疗机构重组改制相关法律事宜之探讨一、前言为深化国有企业改革，推进医疗公共服务专业化运营， 2017年7月28日，国务院国有资产监管管理委员会、中央机构编制委员会办公室、教育部、财政部、人力资源和社会保障部、国家卫生和计划生育委员会等六部委进一步联合发布《关于国有企业办教育医疗机构深化改革的指导意见》（“《指导意见》”），要求对国有企业办教育机构、医疗机构分类处理、分类施策、深化改革，于2018年年底前基本完成企业办教育机构、医疗机构集中管理、改制或移交工作。

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新举办人；合资公司Ⅱ与医疗机构开展业务合作，为

其提供管理咨询、供应链以及其他相关配套服务。

三、社会资本参与医疗机构重组改制涉及的法律重点关注事项1、合资公司设立相关法律事宜

由于医疗机构重组改制的主要作用在于推进剥离国有企业办社会职能、解决运营费用负担沉重等历史遗留问题，同时实践中医疗机构未进行法人主体登记的情况亦较为多见，因此原举办人在与社会资本共同设立合资公司Ⅰ时，多以归属其所有但由医疗机构实际使用的资产（“出资资产”）对合资公司Ⅰ出资，社会资本则多以相应金额的货币配比出资。

根据中国相关法律规定，国有企业以非货币财产对外投资，应当对相关资产进行评估。经国务院国有资产监督管理机构批准经济行为的事项涉及的资产评估项目，由国务院国有资产监督管理机构负责备案；经国务院国有资产监督管理机构所出资企业及其各级子企业批准经济行为的事项涉及的资产评估项目，由中央企业负责备案。2、医疗机构举办人变更为合资公司Ⅰ涉及的主要审批事宜

鉴于现行有效的法律法规未就非营利性医疗机构举办人是否可进行变更及相关流程进行明确规定，而从实际操作角度，相关变更需经国有资产管理部门（“国资主管机构”）、卫生与计划生育委员会（“业务主管部门”）、事业单位登记管理局/机构编制委员会、民政管理部门（“登记主管部门”）等多个行政管理部门认可，总体而言，相关审批主要涉及以下方面：（1）医疗机构法人主体登记相关事宜

根据中国相关法律规定，1）为社会公益目的，利用国有资产举办的，从事卫生等活动的社会服务组织属于事业单位，经县级以上各级人民政府及其有关主管部门批准成立后，应当依照规定进行登记或者备案，并由登记管理机关颁发《事业单位法人证书》；2）民办非企业单位是指利用非国有资产举办的从事非营利性社会服务活动的社会组织，其合法财产中的非国有资产份额不得低于总财产的三分之二。（2）国资主管机构相关审批

鉴于：1）虽然医疗机构不属于上述法规规定的“企业”，原举办人对医疗机构享有的举办权亦有别于“企业国有产权”，但举办权也系国有及国有控股企业出资形成的权

益，且合资公司成为医疗机构举办人将产生原举办人无法继续“控制”医疗机构的实质结果；2）《指导意见》中亦要求医疗机构在改革中防止国有资产流失；3）部分登记主管部门办理后续登记/备案时，要求国资主管部门进行前置审批；综上我们理解，医疗机构及其原举办人应就合资公司Ⅰ登记/备案为医疗机构举办人的相关经济行为，与国资主管机构进行充分沟通，包括审批事项以及操作流程等，以便利后续操作。（3）业务主管部门、登记主管部门相关审批

根据目前情况，合资公司Ⅰ登记/备案为医疗机构举办人，一般通过“变更登记/备案”、“注销新设”两种形式进行。

1）变更登记/备案方式：医疗机构取得国资主管机构相关经济行为批复文件，并经业务主管部门审批同意进行举办人变更后，办理举办人变更相关手续，合资公司Ⅰ经登记主管部门变更登记或备案，取得重组改制后医疗机构举办权。

2）注销新设方式：通过注销新设的方式进行相关操作，即医疗机构取得国资主管机构相关经济行为批复文件后，办理清算手续（如需），并经国资主管机构、登记主管部门核准办理注销登记；合资公司Ⅰ经业务主管部门、登记主管部门登记或备案，取得重组改制后医疗机构举办权。

综上，虽然社会资本参与医疗机构重组改制在法律法规层面尚无统一明确的操作路径，相关重组改制方案的制定和实施均需结合具体医疗机构情况，并根据相应主管部门的实践尺度进行个案分析和处理，但从整体而言，相关重组改制工作仍有基本路径可循，在此基础上根据具体情况进行个性化安排，最终实现社会资本参与医疗机构重组改制，这对于医疗机构建立现代医院管理制度，提升运营效率具有重要意义。

2

就社会资本参与医疗机构重组改制整体而言，主要涉及以下流程：

1、社会资本与原举办人共同出资，分别设立合资公司Ⅰ、合资公司Ⅱ，合资

公司Ⅰ、合资公司Ⅱ均由社会资本控股；

2、合资公司Ⅰ经主管部门批准成为医疗机构新举办人；

3、合资公司Ⅱ与医疗机构开展业务合作，为其提供管理咨询、供应链以及其

他相关配套服务。

三、社会资本参与医疗机构重组改制涉及的法律重点关注事项

1、合资公司设立相关法律事宜

由于医疗机构重组改制的主要作用在于推进剥离国有企业办社会职能、解决运

营费用负担沉重等历史遗留问题，同时实践中医疗机构未进行法人主体登记的情况

亦较为多见，因此原举办人在与社会资本共同设立合资公司Ⅰ时，多以归属其所有

但由医疗机构实际使用的资产（“出资资产”）对合资公司Ⅰ出资，社会资本则多以

相应金额的货币配比出资。

控股

100% 举办管理咨询

供应链以及配套服务

合资公司Ⅰ

社会资本

合资公司Ⅱ

非营利性医疗机构

供应链及配套服务公司

原举办人参股

就社会资本参与医疗机构重组改制整体而言，主要涉及以下流程：

社会资本与原举办人共同出资，分别设立合资公司Ⅰ、合资公司Ⅱ，合资公司Ⅰ、合资公司Ⅱ均由社会资本控股；

合资公司Ⅰ经主管部门批准成为医疗机构


China’s bitcoin market alive and well as traders defy crackdown

Weeks after Beijing banned fundraising through token launches and ordered some bitcoin exchanges to shut, casting a chill over the cryptocurrency industry, traders say that the market is far from dead.

While several exchanges have announced that they will close, traders have now moved to buy and sell bitcoin directly with each other on peer-to-peer marketplaces and messenger apps. Industry insiders say some overseas-based initial coin offerings (ICOs) are still being marketed.

Although the crackdown has dissuaded large swathes of less-experienced investors from participating in the trade, market participants point to the lim-its Chinese regulators ultimately face in controlling the industry, where many users are anonymous and difficult to track.

In the short-run, the crackdown has also created an arbitrage opportunity for investors, with the price of bitcoin in China now trading at a discount to overseas exchanges.

“They can’t set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene,” said a Chinese bitcoin investor named Victor, who declined to give his full name citing current sensitivities.

“I can do over-the-counter trades or I’ll go offshore...My wallet is my wallet. I’ve never registered my identification card.”

The Chinese government on Sept. 4 ordered ICOs to cease and soon after ordered some cryptocurrency exchanges to shut. Over 15 exchanges, including the three largest players OkCoin, Huobi and BTCChina, have since announced that they will close their mainland businesses.

Trading has spiked generally on peer-to-peer marketplaces, according to data website Coindance.

Michael Foster, co-founder of localethereum.com, an over-the-counter marketplace for ethereum trading, said mainland China users accounted for a fifth of its 5,000 signups since it opened for registrations.

交易者无视禁令，中国的比特币市场活跃依旧

几周前，中国宣布禁止代币融资，并下令关闭部分比特币交易场所，让比特币行业遭遇寒流。但是，交易者们却表示该市场远远未到寿终正寝的那天。

虽然有几家交易场所宣布将关闭，交易者们现在已经开始通过P2P市场和社交应用程序直接互相买卖比特币。业内人士表示，一些海外市场的首次代币发行（ICO）仍在市场上销售。

尽管此次打击行动让大量缺乏经验的投资者望而却步，但市场参与者指出，中国监管机构到头来在控制该行业方面还是面临诸多限制，因为许多行业用户都是匿名的，难以追踪。

短期内，此次打击行动还为投资者创造了套利机会，因为中国的比特币价格现在比海外交易场所的低。

“他们不能制定规则来阻止我投资我想要投资的东西。他们说这是在保护我，但只要我觉得这是好的，他们就没办法干预。”一位自称维克多的中国比特币投资者表示。他因该事件目前敏感而拒绝透露自己的全名。

“我可以在场外交易，也可以离岸交易…我的钱就是我的钱。我从来没有注册过我的身份证。”

9月4日，中国政府发布公告，要求终止ICO，并在其后随即要求一些加密数字货币的交易场所关闭。超过15家此类场所，包括最大的三家币行网、火币网和比特币中国随后宣布将关闭它们的大陆业务。

根据数据网站Coindance的数据，P2P市场上的交易量普遍激增。

以太坊交易的场外交易市场localethereum.com的联合创始人Michael Foster表示，自开放注册以来，中

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“The fact that bitcoin is still being traded is an indication that China isn’t looking to eliminate them, but reposition things in a way to have better control over them,” said Marshall Swatt, the founder of New York-based Coinsetter, a bitcoin exchange acquired by larger peer San Francisco-based Kraken in 2016.

Other Chinese cryptocurrency players said traders were also moving away from using Tencent’s WeChat app, to encrypted messenger app Telegram to avoid regulatory scrutiny.

Some said they were still seeing overseas-based ICOs being marketed in China. The Sept. 4 shutdown of ICOs stipulated that Chinese citizens were not allowed to invest in ICOs. Overseas ICOs have been returning money on a voluntary basis.

“The trend of digital currency transactions moving offshore is inevitable,” Zeng Danhua, the co-author of a bitcoin investment guide, told a television program filmed by Chinese financial news outlet Yicai.

“The regulators may have needed to shut the platforms to guard against financial risks, and there may be a bitcoin bubble, but its investment value persists.”

A private solution for China’s zombie company problem? Unlikely

China’s latest push to revive its bloated state-owned sector is set to pick up pace this year, with bankers and investors expecting possible spin-offs and asset sales to follow a key Communist Party Congress in Oc-

tober.But the effort is likely to only involve a limited role for private money, even

as Beijing has been promoting it as crucial for reforming state-owned enter-prises (SOEs), according to people familiar with China’s plans.

Beijing would likely lean on cash-rich SOEs like China Life Insurance and Citic Group Corporation to bail out the largest of the struggling companies, the people said.

They cited China Life stepping in to help China Unicom raise $12 billion last month.

A limited role for private capital would raise questions about the depth of any overhaul of the SOEs. China hopes to speed up the reforms in order to meet ambitious economic growth targets and manage its corporate debt bur-den.

“The current model allows winners, companies doing better, to partially own those doing worse,” said Alicia Garcia-Herrero, chief Asia Pacific econo-mist at Natixis. “In other words, this is a reshuffling of profit, loss among SOEs to a large extent.”

China Life is in talks with China Three Gorges New Energy, a unit of the country’s top hydropower developer, according to sources familiar with the matter.

They said it could also be critical to others in line for so-called mixed own-ership, the injection of private capital into state enterprises. Those companies include China Southern Power Grid, China State Shipbuilding Corp and China Nuclear Engineering & Construction Corporation.

China’s state-run companies dominate the country’s key industries, from

国内地用户占了5000个注册用户的五分之一。“比特币仍在交易。这表明，中国并不寻求消除比特

币，而是要对市场重新定位，以便更好地进行控制。”位于纽约的比特币交易平台Coinsetter的创始人Mar-shall Swatt说。该平台于2016年被规模更大的同行Kraken收购，后者总部位于旧金山。

其他中国加密数字货币的市场参与者表示，交易员也在从使用腾讯的微信应用程序转向使用加密的Tele-gram信息应用程序，以规避监管机构的审查。

一些人士称，仍有海外的ICO在中国市场销售。根据9月4日发布的公告，ICO必须停止，中国公民不允许投资ICO。海外的ICO已经自愿返还了投资资金。

“数字货币交易转向离岸进行的趋势不可避免。”某比特币投资指南的合著者曾丹华在接受中国财经新闻机构第一财经的电视节目采访时表示。

“监管机构可能需要关闭平台来防范金融风险，比特币泡沫也确实可能存在，但比特币仍有投资价值。”

中国的僵尸企业问题能否靠社会资本解决？不太可能

中国重振其臃肿的国有经济的最新举措料将在今年提速。银行家和投资者预计，在10月份召开的重要的党代会之后，可能会出现业务

分拆和资产出售。但知情人士称，尽管中国一直表示社会资本在国有

企业改革中至关重要，但此类资本在其中发挥的作用可能会非常有限。

上述人士表示，中国政府很可能会依赖中国人寿保险和中信集团等现金充裕的国有企业为陷入困境的大型企业纾困。

他们提到，中国人寿八月就帮助中国联通筹资120亿美元。

社会资本作用小，这将引发对国企改革深度的质疑。中国希望加快改革步伐，以实现雄心勃勃的经济增长目标，并妥善管理企业债务负担。

法国外贸银行的首席亚太经济学家Alicia Garcia-Herrero说：“在目前的模式下，赢家或者说发展得更好的公司可以部分地拥有那些挣扎中的公司。换句话说，这在很大程度上是对国企盈亏的重新洗牌。”

据知情人士透露，中国人寿正在与中国三峡新能源公司进行谈判。后者是中国最大的水电开发公司旗下公司。

上述人士还表示，这对其他那些有意进行所谓的“混合所有制”改革（向国企注入私人资本）的社会资本来说也至关重要。这些公司包括中国南方电网公司、中国船舶工业集团公司和中国核建集团。

中国的国有企业主导着国家的关键行业，从银行业到保险业、能源和电信业等。它们在海内外投资方面

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banking to insurance, energy, and telecoms. They retain an edge over their private rivals in investing both locally and overseas, in part thanks to easier financing.

But they also produce lower returns than their private counterparts and ac-count for the biggest proportion of the bad loans on the books of the country’s banks.

The fund raising by Unicom, a state-owned telecoms group, had sparked hopes for the mixed ownership effort, as outlined in a 2015 government plan.

The partial privatization of Unicom in August, involving 14 investors, in-cluding the tech giants Alibaba and Tencent, was welcomed by markets.

But, as Beijing balanced the need for cash with the need for control, China Life ended up with a 10.6 percent stake in the company, nearly a third of the total sold. New investors, including China Life, were given three of 15 board seats.

“For the SOE reforms to really take off, the ownership of these companies should be truly diversified both in terms of equity holding as well as gover-nance,” said a Beijing-based lawyer who works with the National Develop-ment and Reform Commission, China’s top economic planning body, and pri-vate companies.

“That will be difficult to achieve: there is no incentive for private enterprises to invest in most of these state-owned firms,” said the lawyer, who declined to be named due to the sensitivity of the issue. “So it will be basically a case of using one SOE’s cash balance to try and revive another.”

CAPITAL RAISING, BY INVITATIONPrivate capital is still expected to play an increasing role.

Responding to stagnating foreign direct investment and even a possible decline this year, China said last month that it would become more open to international investors - its latest statement about opening up to foreign cash.

That includes areas like banking, insurance and securities, where foreign ownership limitations have long grated on overseas companies trying to pen-etrate the China market.

And bankers - with one eye on next month’s Party Congress - expect the post-October wave of state enterprise reform to be more than just tie-ups. It could, some said, extend to smaller sales of unwanted, undervalued assets that may be more attractive to private investors, if they are allowed control.

都较私人企业更有优势，这在一定程度上要归功于更容易获取的融资。

但它们的投资回报率也比私营企业低，而且在中国各银行账目上的不良贷款中占比最大。

国有电信集团——中国联通的融资引发了市场对混合所有制的期待，政府在2015年的一份计划中提到了该制度。

8月，中国联通进行部分私有化，涉及了科技巨头阿里巴巴和腾讯在内的14家投资者。该私有化受到市场欢迎。

但是，由于中国政府寻求在现金和控制中取得平衡，中国人寿最终获得了中国联通10.6%的股份，几乎是总销售股份数量的三分之一。包括中国人寿在内的新投资者获得了15个董事会席位中的3席。

一位驻北京的律师表示：“国企改革要想真正起飞，无论是在股权还是公司治理方面，这些公司的所有权都应该真正多元化。”。该律师与中国最高经济规划机构——国家发改委和私营企业都有业务合作。

该律师说：“但这很难实现：私营企业没有动力投资这些国企。因此，基本上就是用一家国企的现金来试图重振另一家国企。”由于问题敏感，该律师拒绝透露姓名。

靠邀请来融资但社会资本预计仍将扮演越来越重要的角色。

面对停滞甚至可能在今年下滑的外商直接投资，中国八月表示，将对国际投资者进一步放开市场，这是中国对外资开放的最新声明。

这将包括银行、保险和证券等领域。这些行业外资所有权的限制长期以来一直困扰着试图打入中国市场的海外公司。

银行家们也在关注10月举行的“十九大”，他们预计10月后的国企改革浪潮将不仅仅只是合并那么简单。他们中的一些人表示，改革可能会扩大到小规模出售那些没人想要的、被低估的资产，这种出售可能对社会资本更有吸引力，如果他们能获得控制权的话。

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The Party Congress “will be a very important inflection point,” Wei Sun Christianson, China chief executive and Asia Pacific co-chief executive for Morgan Stanley, said at a conference this month, referring to possible sales or spin-offs in the aftermath.

“All of that creates opportunities for investors.”For now, the playing field is favoring the likes of China Life.China Three Gorges New Energy, its next likely investment, according to

the people familiar with the matter, is planning to raise about $1.5 billion from new investors.

Other potential investors in China Three Gorges, the next enterprise to re-ceive outside cash, are also state-backed – and there is tepid interest from private investors in the company, said one of the people who has knowledge of the process.

We “will actively participate in the next round of mixed-ownership re-forms,” China Life’s chairman, Yang Mingsheng, said at an earnings news conference last month.

But while some mixed-ownership candidates hold little appeal for private cash, some private players will be considering more than just returns when they weigh their role in China’s reform push.

“In China, you can’t always think about how to make money,” said one pri-vate investor who joined Unicom’s fundraising drive.

“You also need to take part in such reforms to show your support for the government’s policy.”

“‘十九大’将是一个非常重要的转折点，”摩根士丹利中国区首席执行官兼亚太区联席首席执行官孙玮在本月的一次会议上表示，她认为“十九大”后可能会出现资产出售或业务分拆。

“所有这些都为投资者创造了机会。”但目前，中国的竞争环境仍有利于中国人寿这样的

公司。据知情人士透露，中国三峡新能源公司计划从新投

资者手中筹集约15亿美元资金，它很可能是中国人寿的下一个投资对象。

了解这一过程的一名人士表示，下一家将获得外部资金的企业——中国长江三峡集团公司的其他潜在投资者也是受政府支持的，而私人投资者对该公司的兴趣不高。

我们“将积极参与下一轮混合所有制改革，”中国人寿董事长杨明生在8月的一次业绩发布会上说。

不过，尽管一些进行混合所有制改革的国企对社会资本的吸引力不大，一些私人投资者在考虑自身在中国改革进程中的作用时，看重的不仅仅是回报。

“在中国，你不能总想着怎么赚钱。”一位参与中国联通融资活动的私人投资者表示。

“你还需要参与这些改革，以显示你对政府政策的支持。”

BRIEFS

APPOINTMENTS 律师转所信息

ETELKA BOGARDI

LeavingHong Kong Monetary

Authority

JoiningNorton Rose Fulbright

PracticeCorporate

LocationHong Kong

DOUG MURNING

LeavingKirkland & Ellis

JoiningDLA Piper

PracticeFinance and Projects

LocationHong Kong

SHOBNA CHANDRAN

LeavingClifford Chance Asia

JoiningDentons Rodyk & Davidson

PracticeLitigation

LocationSingapore

SUNDARAM SUBRAMANIAM

LeavingBogaars & Din

JoiningRHTLaw Taylor Wessing

PracticeLitigation and Dispute

Resolution

LocationSingapore

ALAN LINNING

LeavingSidley Austin

JoiningMayer Brown JSM

PracticeLitigation and Dispute

Resolution

LocationHong Kong

JOE TAM

LeavingMayer Brown JSM

JoiningZhong Lun

PracticeBanking

LocationHong Kong

MAY LU

LeavingMWE China Law Offices

JoiningSimmons & Simmons

PracticeEmployment

LocationShanghai

RAYMOND WONG

LeavingKing & Wood Mallesons

JoiningSeyfarth Shaw

PracticeInternational Corporate

LocationHong Kong

GAVIN MARGETSON

LeavingHerbert Smith Freehills

JoiningBerwin Leighton Paisner

PracticeDispute Resolution

LocationSingapore

LATERAL HIRES

2017THROUGH SELF-RECOMMENDATION AND AFTER MONTHS OF SURVEY, ALB HAS PICKED THE TOP

15 FEMALE LAWYERS OF 2017 BASED ON THEIR YEARS OF PRACTICE, MAJOR ACHIEVEMENTS, SIGNIFICANT TRANSACTIONS AND CASES AND OTHER RELEVANT INFORMATION.

SOFT YET TENACIOUS, WOMEN CAN BRING GREAT CHARM TO THE PROFESSION OF LAWYERS. WITH RELENTLESS EFFORTS, EACH OF OUR TOP 15 FEMALE LAWYERS HAS FIRMLY ESTABLISHED HERSELF AS A ROLE MODEL IN THE PROFESSION. ALB TALKED TO OUR WINNERS ABOUT WHAT IT

IS LIKE TO BE A WOMAN AND A LAWYER AT THE SAME TIME.

这次评选我们通过律师自己申报以及数月的调查，根据参报人的执业时间、主要成就、代理的重大交易和案件以及其他相关信息，评选出了业内15名优秀的女性律师。

女性柔中带刚的特质为律师这一职业赋予了极大的魅力，以下女律师在自己的执业生涯里凭借不断地努力，谱写出一首女性的赞歌。本次我们同她们展开对话，了解女性身份在她们执业过程中

带去何种感受。

中国最佳女律师

ALB CHINA TOP FEMALE LAWYERS

16 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 OCTOBER 2017

COVER STORY

COVER STORY


2017 FIRM 律所 WINNER 获奖律师Chang Tsi & Partners 铸成律师事务所 Spring CHANG 苍雨春

Grandall Law Firm 国浩律师事务所 Deobrah DING 丁伟晓

DLA Piper UK LLP 欧华律师事务所 Lilian DUAN 段黎华

Co-effort Law Firm LLP 协力律师事务所 MA Chenguang 马晨光

Tian Yuan Law Firm 天元律师事务所 REN Yanling 任燕玲

AllBright Law Offices 锦天城律师事务所 Sharon SHI 史军

Paul, Weiss, Rifkind, Wharton & Garrison LLP 美国宝维斯律师事务所 Judie Ng Shortell 吴苏

King & Wood Mallesons 金杜律师事务所 TANG Lizi 唐丽子

Norton Rose Fulbright 英国诺顿罗氏律师事务所 WANG Yi 王昳

Zhonglun Law Firm 中伦律师事务所 WANG Jihong 王霁虹

Sullivan & Cromwell LLP 苏利文·克伦威尔律师事务所 Gwen WONG 黄梓筠

Jia Yuan Law Offices 嘉源律师事务所 YAN Yu 颜羽

East & Concord Partners 天达共和律师事务所 YAO Yi 姚毅

JunHe LLP 君合律师事务所 YI Fang 易芳

Dentons 大成律师事务所 ZHANG Ting 张婷

METHODOLOGY:Candidates of ALB China 2017 Top Female Lawyers can be of any nationality, provided they should be based in mainland China currently.The list was chosen based on the following criteria:1. Significant achievements; 2. Important deals or cases; 3. Main works done in the last 12 months; 4. Clients the candidate represents; 5. Significant awards the candidate has received for work in the

form of public recognition; 6. Comments from her clients and colleagues.

Winners are listed below by their surnames in alphabetical order.

评选方法：参评ALB 2017年中国最佳女律师榜单的候选人需为常驻中国大陆工作的女律师，国籍不限。获奖名单按照下列标准选定：1、主要成就； 2、参与的重大交易或案件； 3、过去12个月的主要工作内容； 4、主要客户； 5、所获奖项； 6、客户评价和同事评价。以下名单按照获奖者姓氏首字母顺序排列。

COVER STORY


02DEOBRAH DINGFirm: Grandall Law Firm Deobrah Ding is well respected for her strong track record in deal-ing with complex commercial disputes. Since embarking on legal practice, she has been constantly pursuing innovation, and actively exploring refined management of lawyers’ litigation projects, as well as the optimization and revolution of lawyers’ court debate skills. She has advocated and put into practice visual-based defense and state-ment in court debate, achieving good effects during court proceed-ings. Ding has served as Vice President of Shanghai Women Lawyers Association for a long time during which she has organized and ac-tively participated in large charitable activities such as “Water Cellar for Mothers” as well as exchanges between outstanding female law-yers across different provinces. To Ding, becoming a lawyer is one of the most attractive and most suitable career options of a woman as the lawyer profession is not only in line with a woman’s nature to stand for justice, being able to artistically express oneself also meets a woman’s pursuit of beauty. Defending the rights of clients pursuant to the law is chivalrous and romantic at the same time, and orderly rivalry in court makes sure that women are not disheartened by the perceived lack of physical strength. Relying on the rule of law to further promote social civiliza-tion in turn supports a higher level of idealist pursuit by women.

丁伟晓律师事务所：国浩律师事务所

丁伟晓律师在处理复杂商事争议领域具有良好的口碑与实力。执业至今，她不断追求创新，积极探索律师诉讼项目精细化管理，以及律师庭辩技术的优化和变革，在法庭辩论中倡议并实践可视化答辩陈词，取得了良好的庭审效果。她曾长期担任上海市女律师联谊会副会长，组织并积极参与捐助“母亲水窖”等大型慈善活动以及各省优秀女律师业务交流活动。她认为：对于女性而言，“律师”是极富魅力且最合适的职业之一。不仅符合女性支持正义的本性，追求语言艺术的表达也满足了女性对美的追求；依法捍卫当事人的权利，是富有侠义气质的浪漫主义情怀，法庭上的有序对抗从不会让你因为肌肉和骨骼的力量而感到沮丧。而让法治进一步推动社会文明，则支持了更高层面的理想追求。

01

苍雨春律师事务所：铸成律师事务所

作为铸成律师事务所的创始合伙人，苍雨春律师在二十多年的执业生涯中，积累了丰富的经验，并培养了一支优秀的专业队伍。苍律师在与知识产权相关的领域方面的专业水平尤为突出，包括商标、专利、版权及域名的注册、保护、知识产权

的管理和转让以及与知识产权相关的不正当竞争、消费者权益等各领域。她曾为来自不同国家的跨国公司提供建议并解决各类棘手的争议性和非争议性事务。行业涉及电子产品、消费品、奢侈品、航空运输、能源、机械、医药、服装和珠宝公司等多个领域。

她称：“作为铸成的女性创始合伙人，我与铸成团队同舟共济已有十五载。最大的

感受是对“责任感”的切身体会。我们要对社会负责、对客户负责、对团队和员工负责。及时、准确、深

入地为客户解决问题是我们信守的准则。”

SPRING CHANGFirm: Chang Tsi & PartnersA founding partner of Chang Tsi & Partners, Spring Chang has ac-cumulated a wealth of experience over more than two decades of practice, and has trained a highly-competent team of professionals. Chang is particularly strong in practice areas related to intellectual property (“IP”), including the registration and protection of trade-marks, patents, copyrights and domain names, IP management and transfer and IP-related unfair competition, consumer rights protec-tion and other fields. She has advised multinational companies from different countries and resolved various types of tricky contentious and non-contentious matters, covering a wide range of industries such as electronics, consumer goods, luxury items, air transportation, energy, machinery, pharmaceuticals, clothing and jewelry compa-nies, etc.

Chang told ALB: “As a founding female partner of Chang Tsi & Part-ners, I have been with the firm for 15 years. My biggest takeaway is a profound understanding of what really is the ‘sense of responsibility’. We must be responsible for the society at large, and for our clients, our teams and staff. Providing timely, accurate and well-thought-out solutions for clients is what we live by every day during our work.”

COVER STORY


03LILIAN DUANFirm: DLA Piper UK LLP Lillian Duan specializes in investment merger and acquisition (“M&A”) as well as joint venture structures in the real estate sec-tor, including cross-border real estate investment in China by overseas investment institutions and real estate funds and cross-border real estate investment overseas by Chinese investors. She has provided comprehensive legal services for the real estate in-vestment by the Canadian Pension Plan Investment Board, ARA Asset Management, CBRE Global Investors, J.P. Morgan Asset Management, Fosun Property, Ping An Real Estate and CMIG.Proud to be a female partner in a global firm, Duan is well re-spected, trusted and supported by those around her in the course of practice. She is grateful that such support has allowed her to savor professional growth and happiness when achieving and surpassing her own goals while at the same time striking a work-life balance.

段黎华律师事务所：欧华律师事务所

段黎华律师的工作重点为房地产领域的投资并购和合资安排，包括海外投资机构和房地产基金在中国的房地产跨境投资及中国投资者在海外的房地产跨境投资。段律师曾为加拿大养老保险投资委员会、ARA Asset Management、CBRE Global Investors、J.P. Morgan Asset Management、复星地产、平安不动产、中民投等在房地产领域的投资提供了全面的法律服务。段律师为能够成为一家全球律师事务所的女性合伙人而感到骄傲和自豪，并在执业过程中深受各方人士尊重、信任和支持，这份支持让她在兼顾家庭的同时在实现自我超越自我的过程中体会成长和幸福。

04MA CHENGUANGFirm: Co-effort Law Firm LLP

With 17 years of practice experience under her belt, Ma Chenguang has provided legal services for numerous well-known domestic and over-seas companies and financial institutions. She has extensive theoretical knowledge and practical experience in corporate and financial practice, and specializes in complex transactions and commercial litigation. At the same time, as one of the managing partners of Co-effort Law Firm, she has led the firm to stick to the development model of relying on specialization to drive the economies of scale in the face of fierce indus-try competition. Under her leadership, Co-effort has formed IP, finance M&A, corporate and securities, admiralty and marine and other key prac-tice fields, capable of providing clients with comprehensive services on the global scale. In addition, Ma is also a producer and host of BesTv’s “Legal Perspective of Financial and Economic Matters” program. She is also committed to the grooming of legal talents, and has helped run the SUIBE Co-effort Master Lawyer College, the first in China to train talented legal practitioners with an international vision.Ma has never felt being any different from her male counterparts because in her opinion it is all about lawyers and female lawyers should not be singled out. If there is indeed any special aspect to being a female lawyer, she believes that women are better at appreciating life’s true meaning in its different stages and are therefore better at enjoying themselves at work.

马晨光律师事务所：协力律师事务所

马晨光律师拥有十七年执业经验，曾为众多国内外知名企业及金融机构提供法律服务，她在公司与金融领域具备丰富的

理论知识和实务经验，并擅长复杂交易及商业诉讼。同时，作为协力律师事务所的管理合伙人之一，在行业发展面临巨大竞争的情况下，坚持以专业化带动规模化的发展模式，协力所先后形成了知识产权、并购金融、公司证券、海商海事等专业中心，在全球形成综合服务能力。

此外，马律师还担任BesTv《法眼看财经》节目的制片及策划主持人。她还致力于法律实务人才

培养，开办全国首家培养国际化专业法律实务人才的“协力巨匠律师学院”。

她认为，女律师不是一个职业，律师才是，所以专业上未曾觉得男女有

别。若定要说感受，可能女性更能在生命的不同阶段体会生活

本来的意义，从而享受工作的乐趣。

COVER STORY


05REN YANLINGFirm: Tian Yuan Law Firm Ren Yanling has been practicing law for more than 20 years, spe-cializing in legal services covering domestic and overseas corporate investment and financing, acquisition and reorganization, private eq-uity investment, etc., with in-depth understanding of the legal issues involved in real estate, port and wharf, film, television and culture in-dustries. Ren has been serving as Vice President of Beijing Women Lawyers Association and Vice President of Beijing Xicheng District Lawyers Association for many consecutive years, contributing to the development of the lawyer profession. In addition, she also actively participates in political engagements, and has, in her capacity as a Xicheng District CPPCC member and a CDNCA member, been com-mitted to protecting the legitimate rights and interests of women, children and vulnerable groups, advocating gender equality, sup-porting public welfare undertakings and tackling hotly-debated and complex social issues.Ren believes that women who choose to practice law have made an excellent career choice. Following a long period of training in legal professional thinking and after gaining work experience, female law-yers will be able to possess strong problem-solving abilities, carve out career development space by virtue of their professionalism, gain financial independence and respect, all of which are very important to women.

任燕玲律师事务所：天元律师事务所

任律师从事律师工作二十余年来，主要从事并擅长公司境内外投融资、收购与重组、私募股权投资等法律服务。她对房地产、港口码头、影视文化等领域涉及的法律问题有深度研究。任律师连续多年担任北京市女律师联谊会副会长、西城区律协副会长等职务，为律师行业发展献策献力。此外，她还积极参政议政，作为西城区政协委员、民建会员，致力于妇女儿童及弱势群体的合法权益保护、关注性别平等、支持公益事业、聚焦社会热点难点问题的解决。她认为：女性从事律师工作是非常好的职业选择，经过长期的法律专业思维训练和工作历练，女律师具有很强的解决问题的能力，靠专业能够赢得职场发展空间，财务独立且能够获得足够的尊重，这些对女性非常重要。

06SHARON SHIFirm: AllBright Law Offices A senior partner with AllBright Law Offices, Sharon Shi mainly spe-cializes in corporate investment and financing, cross-border M&A, international capital markets, compliance and dispute resolution. Qualified to practice in Mainland China, the Hong Kong Special Ad-ministrative Region and England and Wales, Shi has over two de-cades of experience with reputable global and Chinese law firms. With an in-depth understanding of both Chinese and foreign legal systems and business environment, Shi provides clients with system-atic legal support and meticulous services in managing cross-border projects and handling complex compliance issues, and is particularly strong in assisting Chinese enterprises with their overseas investment and handling multiple-jurisdiction projects.Shi conceded that in order to be recognized, female lawyers usually need to double their efforts, and in order to achieve work-life balance, they often feel like an octopus. It is true that women may not be as strong as men in terms of energy and physical strength. However, the meticulous style, serious attitude and tolerance and sensitivity of women are all unique advantages. The most important thing is that when opportunities present themselves, women should face up to the challenges, stay positive and aggressive, be resilient and never give up!

史军律师事务所：锦天城律师事务所

作为锦天城律师事务所高级合伙人，史军律师主要执业领域包括公司投融资、跨境并购、国际资本市场、合规和争议解决。她拥有中国内地，香港特区和英格兰及威尔士的律师执业资格，并拥有在国际和国内知名律师事务所工作二十多年的丰富经验。凭借对中西方法律体系和商业环境的深度了解，史律师在管理跨境项目和处理复杂合规问题的过程中为客户提供系统的法律支持和细致全面的服务，尤其擅长协助中国企业海外投资及处理涉及多个法律辖区项目。她表示，女律师要得到认可，须要加倍的努力，要平衡家庭和事业，常常觉得自己像八爪鱼。男女有别，我们的精力和体力有限，但女性的细心、认真及对周围人和事的包容和敏感，都是我们的优势。最重要的是女性面对机会、面对挑战，要以积极和进取的态度，坚韧不放弃！


SPONSORED ARTICLE

速，天元律所曾代表客户为某大型会展中心项目提供投融资法律服务。客户在项目伊始就提出了将该会展中心做成“国际一流”的目标。如何实现其“国际一流”的目标，如何实现“以展带城、以城促展、展城融合”，最大发挥会展业的效应，会展中心的投资、建设和运营模式至关重要。

任燕玲表示，在前述会展中心项目中，天元律所在投资模式以及激励和监督机制上有一定的创新。投资模式上，实现了会展中心建设、运营和周边配套商业用地一体化开发，一次性选择建设、运营和开发主体，一举三得；设计了对社会投资人的激励和监管机制，最终形成了一种新的投资模式—BOD(Build-Operate＋Development)模式。

任燕玲认为，当城市建设用地越来越稀缺，政府更应着力于精细化管理城市，如何选择适格的投资人，如何让政府和投资人基于“责、权、利”对等的原则下，建立长效和良性互动机制、激励与监督机制，实现各方互赢，愈显关键。

为什么天元律所可以涉猎房地产板块的这么多领域？任燕玲说，“之所以有能力提供房地产全链条的法律服务，归功于天元律所拥有一支法律功底强、实践经验丰富、研究能力突出的律师团队。”天元律所紧跟房企时代发展的脚步，正在成为大地产时代极具代表性的法律服务商。

原载于《中国经营报》，记者稚冬

涵盖地产全链条法律服务任燕玲告诉记者，天元律所为各类客户，包括开发商、政府部门、房地产基金、建筑企业、金融机构等提供全面、系统和专业的法律服务，服务范围包括土地一级开发、土地出让和竞买、房地产开发、项目投融资、项目转让、城市更新、特色小镇、境外投资、房地产企业上市和重大资产重组、不动产资产证券化、基础设施及PPP等，全面涵盖住宅和办公地产、商业地产/城市综合体、养老地产、旅游地产、体育场馆、会展中心、文化地产、工业地产(港口码头、物流用地等)等细分地产项目。

近年来，地价攀升、土地竞争愈烈，“联合体摘牌”成为趋势和共识。任燕玲表示，“联合体摘牌”项目对律师的时限要求很高，往往需要在摘牌前的数天内，通过谈判达成协议。因此，“联合体摘牌”项目需要律师熟悉此类交易模式、权责划分、基本条款，并洞悉各方诉求。

天元的房地产团队还涉猎了大量的物流地产和工业地产项目，代表外运长航等客户，为其投资和收购港口、码头、堆场等项目提供法律服务。

在当下城镇化发展进程加快、国有建设用地供给量趋紧的情况下，城市更新成为有效挖掘土地资源的重要手段和方法，天元律所亦参与到了城市更新项目的法律服务中。在任燕玲看来，城市更新前置了开发商介入的时间，也前置了律师介入的阶段。律师需要厘清土地的性质和权属问题，弄清楚拆迁补偿及安置的标准、土地的征收程序、更新改造项目的实施路径以及各实施阶段面临的法律风险。“在这么复杂的链条里，如何帮助客户管控法律风险，是我们很大的一个挑战和责任。”

从住宅、商业地产到物流地产、产业地产；从境内并购、非上市公司并购到跨境并购、上市公司收购；从土地一级开发到土地二级开发；任燕玲带领下的天元律所房地产团队涉猎的地产类型丰富、链条更为全面，擅长处理高难度的创新项目。

把握新形势下的地产业机会在土地成本不断攀升、行业利润率不断下降的新形势下，地产业正在探索多元化经营，经营维度伴随产业地产的投资也得以拓宽。

新形势下，任燕玲带领的天元律所房地产团队伴随大量房企涉水文化、旅游、养老、医疗卫生、体育中心、会展中心等产业地产项目而涉足此类法律服务。

值得一提的是，当下我国会展业发展迅

天元律所任燕玲：做“大地产”时代的法律服务商

天元律所的房地产法律服务始于1995年，发展至今，它已经成为中国房地产法律服务领域中重要的律师事务所。作为华润置地、远洋地产、中国金茂、中国建筑等多家知名开发商的常年法律顾问或专项律师，任燕玲律师带领的律师团队已经为百余项大型房地产类项目的投融资和收购提供了专业法律服务，业绩斐然。

并购是房企发展的加速器房地产法律服务遍及投资、建设、销售、物管等各个环节。但天元律所在房地产法律服务方面的核心业务是房地产行业的投融资和并购业务。任燕玲表示，这是天元律所的优势所在。

早在1999年，深圳市罗湖区宝安南路1881号还是一片老城区，家具城、花鸟鱼虫市场、打着官司的酒店在此汇聚，是一处“城市边缘的地方”。天元律所在当时，就代表华润集团为该项目的投资和收购提供了全程法律服务。几年后，此处拔地而起第一座万象城，成为了深圳市的城市名片。

从任燕玲的经验来看，投融资并购类的地产项目，法律尽职调查和交易方案设计阶段至关重要，尽早发现并消除可能损害客户利益的各种潜在风险，用专业充分把握和设计交易方案，才能避免让投资陷入“泥潭”，确保交易安全并实现交易各方意图。

近年来，房企为了赢得在规模和业绩方面的竞争优势，纷纷加大了对土地储备的投入，获取土地的方式呈现多样化趋势，其中地产并购交易活跃，涉及金额连年攀升。截至2017年7月底，房地产行业并购达到162起，涉及2240亿元，2017年全年有望创纪录。

任燕玲表示：“在核心一二线热点城市土地日益稀缺、拿地成本越来越高的背景下，多家房企之间以及房企与金融资本之间联合拿地比例不断上升。房企除了通过招拍挂竞买方式获取土地使用权之外，还结合各自优势，参与城市更新项目以协议出让方式获取土地、通过并购房企、参与国企混改、在产权交易所竞买国有地产公司股权等方式获取土地，拿地方式多样化。”

地产市场受调控影响大。在任燕玲看来，“每一个政策调控期，都会触发一轮新的并购整合。近年，土地储备的竞争导致行业集中度不断提升，一些中小房企成为了并购目标企业，房企的行业格局在重塑之中。”

任燕玲律师

地址：北京市西城区丰盛胡同28号太平洋保险大厦B座10层，邮编：100032Address: 10/F, China Pacific Insurance Plaza B, 28 Fengsheng HutongXicheng District, Beijing 100032, China

电话/Phone: +86 10 5776 3888电子邮箱 / Email: [email protected]

COVER STORY


07JUDIE NG SHORTELLFirm: Paul, Weiss, Rifkind, Wharton & Garrison LLP Judie Ng Shortell’s practice focuses on China-related private eq-uity investments and cross-border mergers and acquisitions. She also has particular experience in strategic acquisitions and special situations. Judie’s career highlights include advising Didi Chux-ing, alongside SoftBank Group Corp., in the US$2 billion financ-ing round of investment in Grab; Hony Capital’s acquisition of Piz-zaExpress; Tencent’s US$200 million cash investment in Zhuan Zhuan, a China-based used goods trading platform operated by 58.com; and Mengniu Dairy’s acquisition of Yashili International.Judie shared with ALB: “I am passionate about diversity in the workplace, especially when the focus is on the gender discussion. Paul, Weiss is one of the few law firms that has a dedicated Global Women’s Initiatives Director, in fact, our China offices has more female than male partners, and I’m immensely proud to be part of this.”

吴苏律师事务所：美国宝维斯律师事务所

吴苏律师的主要执业领域为并购、私募股权、数字新媒体等。吴律师在战略收购和特别投资机会方面具有尤为丰富的经验。为滴滴出行联合日本软银集团20亿美元战略投资支持Grab；为弘毅投资收购英国餐厅PizzaExpress；腾讯向58集团旗下二手交易平台转转投资2亿美元；蒙牛收购雅士利乳业全部股权等提供了全面的法律支持。吴苏律师表示：“我非常关注工作中的多元化氛围，尤其是企业性别多元化文化的塑造。宝维斯专门设有“女性人才战略全球总监”一职，这在众多律所中并不多见。事实上，在我们中国区的合伙人中，女性人数多于男性，作为其中一员，我格外骄傲。”

08TANG LIZIFirm: King & Wood Mallesons Boasting over 20 years of experience in securities legal services, Tang Lizi has advised over 100 enterprises during reorganization and restruc-turing, initial public offering (“IPO”) or follow-on issuance of A shares, H shares and red chips, and listing on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Hong Kong Stock Exchange, the New York Stock Exchange, Nasdaq, the Singapore Exchange, the Australian Securities Exchange and other well-known bourses, with the industries involved spanning across energy, mining, transportation, machinery manufacturing, chemical, pharmaceutical, agriculture, finance, insur-ance and high-end technology. Tang also has extensive project experi-ence in providing legal services for major asset reorganization of listed companies, M&A (including cross-border M&A) and domestic and over-seas bond issuance by enterprises, and has successfully acted for many listed companies or enterprises in completing their projects. To Tang, highly-professional legal services, coupled with years of experi-ence and careful and meticulous thinking, enables her to carefully plan for clients, understand their needs and constantly innovate to help cli-ents achieve business goals.

唐丽子律师事务所：金杜律师事务所

拥有20多年证券法律服务经验的唐丽子律师，曾负责过百余家企业的重组改制、首发或增发A股、H股、红筹股并分别在上交所、深交所、香港联交所、纽约证交所、纳斯达克、新交所、澳交所等知名的证券交易场所上市项目，所涉及的行业包括能源、矿业、交通、机械制造、化工、医药、农业、金融、保险、高科技等。唐律师在上市公司重大资产重组、并购包括跨境并购以及企业境内外发行债券等法律服务方面也具有丰富的项目经验，曾代表多家上市公司或企业成功完成相关项目。她表示，与高度专业的法律服务和多年经验相匹配，以缜密和细致的思考为客户进行周到“布局”，了解客户所想，并不断创新突破，助其实现商业目标。

COVER STORY


09WANG YIFirm: Norton Rose Fulbright Beijing-based corporate partner and head of the firm’s Beijing office, Wang Yi specializes in cross-border M&A across industries, including energy, infrastructure, telecommunications, mining, food and drug, agriculture, financial services and transportation. Over the past 17 years, she not only provides legal advice for international clients with business presence in China, but also helps large State-owned and private Chinese enterprises expand international markets under Chi-na’s “go global” strategy. Wang graduated with a Bachelor of Laws degree from China University of Political Science and Law in 1994, and was admitted to practice law in China in 1995. She jointed Norton Rose Fulbright in 2001, and became partner in 2009. Previously, she spent five years at the Beijing office of a French law firm.Being a woman, Wang said her biggest takeaway in her practice was that as China becomes more open and diversified, more and more Chinese female lawyers are able to transcend gender boundaries and become leaders in the field of legal services by virtue of strong practice capabilities and women’s unique traits of meticulousness, patience, perseverance and humility.

王昳律师事务所：英国诺顿罗氏律师事务所

王昳律师为常驻北京的公司业务律师, 也是北京代表处负责人。王昳擅长各行业跨境并购,包括能源、基础设施、电信、矿业、食品和药品、农业、金融服务和交通运输业。过去十七年间,她不仅为在华开展业务的国际客户提供法律咨询服务,也在中国“走出去”政策下,协助中国大型国有和民营企业拓展国际市场。她

于1994年自中国政法大学获得法学学士学位,1995年获得中国律师资格。王昳于2001年加入该所,2009年成为合伙人,之前在某法国律所北京办事处工作五年。她认为女性身份在她执业的过程中带给她最大的感受是：更加开放和多元化的

中国使得越来越多的中国女律师超越性别，凭借超强的执业能力以及女性特有的细腻、耐心、坚持和谦逊，成为法律服

务领域的领军人物。

10WANG JIHONGFirm: Zhonglun Law Firm Wang Jihong has extensive experience in the practice fields of in-frastructure, engineering and real estate, environment, energy and resources. She was involved in the drafting and revision of a series of legislations. Wang has provided legal services for projects with investment totaling more than RMB one trillion, including 14 years of full legal support throughout the entire progress of CCTV’s new site project (China’s largest single-steel structure landmark). Wang has also advised a series of “One Belt, One Road” projects involving more than a dozen countries. The projects that she is working on in-clude: investment by China Nuclear Industry 22 in Mongolia’s larg-est thermal power BOT project to date, investment by China Harbor Engineering in a hydropower project in Nepal, and joint investment by enterprises from China and Laos in the China-Laos railway project.Wang said that within the industry, clients usually felt male lawyers naturally bring a sense of security, and that as a result, female law-yers need to work harder just to win the same degree of recognition from clients or to stand out. The advantages of a female lawyer are that she is often more patient, careful and responsible in problem-solving. Most top female lawyers know how to show their tough side, but also know how to play softness to their advantage.

王霁虹律师事务所：中伦律师事务所

王霁虹律师在基础设施、工程地产、环境、能源与资源等领域有着丰富的执业经验。她参与了一系列法律法规的起草、修订。王律师先后为投资总额超过一万亿元的项目提供法律服务，其中为中央电视台新台址工程项目（中国最大的单体钢结构地标性工程）提供了长达14年的全程、全方位法律支持；与此同时，王律师为一系列涉及十几个国家的一带一路项目提供服务，其正在服务的项目包括：中核二二投资的蒙古目前最大的火电BOT项目、中国港湾投资的尼泊尔某水电项目、中国、老挝两国多家企业联合投资的老中铁路项目等。她认为，在律师业，客户通常觉得男性律师天然带来一种安全感，女性律师若想赢得客户同等程度的认可或脱颖而出，须付出更多努力。女性律师的优势在于处理问题时更耐心细致、认真负责。优秀的女律师往往知道如何展现出强悍的一面，也知道如何以柔克刚。

COVER STORY


11GWEN WONGFirm: Sullivan & Cromwell LLP One of the key partners for the firm’s Hong Kong practices, Gwen Wong is currently a managing partner with the Beijing representative office of Sullivan & Cromwell LLP. Specializing in cross-border M&A, corporate financing, regulatory compliance, etc., Wong has provided full legal sup-port for Mengniu’s acquisition of China Modern Dairy, the privatization of Nirvana Group and other major transactions. She will continue to focus on capital markets and cross-border M&A opportunities in Greater China and the Asia-Pacific region. “I’ve had the privilege of working with a lot of top female lawyers who are my seniors. Their broad vision and top-notch competency have opened the door for us as legal service professionals in China. Opportunities to cooperate with companies in Greater China and even around the world abound in China, which allows me to leverage my professional exper-tise and experience to lead transactions in different areas and face up to challenges. Being a woman is not an excuse for not challenging oneself. Nor does it mean that opportunities should never be given to women. I firmly believe that everything is possible.” said Wong.

黄梓筠律师事务所：苏利文·克伦威尔律师事务所

黄梓筠律师是苏利文开办香港法律业务的主要合伙人之一，现任该所北京代表处的管理合伙人。黄律师的执业领域主要包括跨境并购、企业融资、监管合规等，曾为蒙牛收购现代牧业、富贵集团私有化等重大交易提供全面法律服务。她将继续聚焦于大中华及亚太地区的资本市场和跨境并购机会。

黄律师表示：“我有幸遇到很多出色的女性前辈，她们的广阔视野和工作能力为我们开拓了在华提供

法律服务的前路。在中国，我看到了与大中华乃至全球各地企业合作的良机，使我有机会利用专业知识和经验驾驭不同领域的交易，迎接各种挑战。女性的身份不是不接受挑战的借口，也不代表这些机会不属于女性, 因为

我相信凡事皆有可能。”

12YAN YUFirm: Jia Yuan Law Offices As a founding partner of Jia Yuan Law Offices, Yan Yu has created a powerful management mechanism for her firm. She is particularly adept at practice fields of domestic financing, offshore financing and M&A. Yan acted as legal counsel for CITIC Group during its overall listing in 2014. A year later, she was domestic corporate le-gal counsel for CSR, the acquirer in the first ever case of merger by absorption between two A + H-share listed companies (CSR-CNR merger), and also advised Lenovo in its H-share IPO in the same year. In 2016, Yan served as China legal counsel for CR Pharma-ceutical in its red chip listing in Hong Kong.In Yan’s opinion, being a lawyer, as is generally known, requires patience, attentiveness and a strong sense of responsibility. How-ever, what is less known is that a lawyer also needs to be super-persuasive, and female lawyers are naturally stronger at persuad-ing clients, judges, regulatory authorities and their own teams.

颜羽律师事务所：嘉源律师事务所

作为嘉源的创始合伙人，颜羽为嘉源创造了具有强大生命力的管理机制。她尤其擅长境内融资业务、境外融资业务、并购业务等领域。颜律师于2014年担任中信集团整体上市法律顾问；于2015年担任第一例两家A+H股上市公司吸收合并案例（中国南车与中国北车合并）中吸收合并方中国南车的境内公司法律顾问；2015年，作为发行人律师，完成联想H股IPO；于2016年，担任了华润医药香港红筹上市项目的中国法律顾问。她认为：大家知道，律师是一个需要高度耐心、细心、责任心的职业，但大家不知道，律师还是一个需要超强说服力的职业，女性律师在说服客户、说服法官、说明监管部门及说服团队方面，具有天然的优势和能力。


SPONSORED ARTICLE

嘉源是一家提供全面法律服务的综合性律师事务所，尤其擅长资本市场、兼并与收购、金融领域法律业务和国际业务。成立十几年来，建立了有效的公司化管理模式和紧密合作的团队作业机制，已经为上千家不同性质的企业(其中包括十余家世界五百强企业和数十家中国五百强企业)的股票发行及上市、资产重组、并购、投资等项目担任法律顾问，其中部分项目在资本市场具有深远影响及创新意义。嘉源以综合素质高、整体业务能力强以及以善于完成高难度项目、解决疑难问题而著称业界，同时以具备服务于大型、超大型企业的卓越能力而显赫业界。

特色业务领域证券与资本市场、兼并与收购、银行与金融、私募股权投资与风险投资、国际业务、争议解决。

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COVER STORY


13YAO YIFirm: East & Concord Partners One of the founding partners of East & Concord Partners, Yao Yi has been active in the forefront of corporate securities and infrastructure practices throughout her career, having handled numerous major corporate M&A and reorganization projects over more than 25 years of practice so far. In particular, she has a wealth of experience in the field of infrastructure public-private partnership (“PPP”). Yao is cur-rently an expert included in the PPP expert databases of both the National Development and Reform Commission (“NDRC”) and the Ministry of Finance (“MOF”), and has participated many times in the PPP legislative discussions organized by the Legislative Affairs Office of the State Council, the MOF and the NDRC.“Actually, women possess natural advantages and traits to become lawyers, and it all comes down to whether we can make the best of our full potential. Being a lawyer is in essence about providing ser-vices. Therefore, those who are overly aggressive and seek revenge for even the smallest grievances may not necessarily make good lawyers. A successful female lawyer is without doubt a person who is flexible, wise and down-to-earth, who is understanding and willing to be un-selfish, and who is trustworthy and makes others around her comfort-able. I am on this way.” said Yao.

14YI FANGFirm: JunHe LLP Specializing in practice fields of infrastructure and project financing, banking and finance, and asset securitization, Yi Fang has provided full legal support for the Hangzhou Metro Line 5 PPP project, the Shanghai Jiading Nanxiang sewage treatment plant PPP project, the phase-2 expansion project of the Shanghai No. 5 Ditch LNG standby station, the West-East Gas Pipeline Project and the acquisition of ur-ban gas pipeline networks by Shanghai Gas Group. Yi wishes to con-tinue focusing on the practice areas of infrastructure, project financ-ing and banking where she has already established herself, and will keep exploring emerging fields such as PPP and asset management (asset securitization) which are similar to and intertwined with the ex-isting practice fields that she is strong in.Yi acknowledged that female lawyers would find it more difficult to gain recognition and trust when they just started out, and that women in general also have to overcome some traditional constraints imposed by their families and the society at large. However, she has never lost her love and full dedication for the lawyer profession throughout her career. “When we managed to win trust from others and break some shackles through good work, it is one of the happiest moments in life.” shared Yi.

姚毅律师事务所：天达共和律师事务所

作为天达共和律师事务所的创始合伙人之一，姚毅律师一直活跃在公司证券及基础设施建设领域第一线。在其已逾二十五年的执业生涯中，姚律师承办过许多重大的公司并购及重组项目，特别在政府与社会资本合作的基础设施建设领域具有丰富

的经验，姚律师现为国家发展改革委 PPP 专家库、财政部 PPP 专家库的双库专家，多次参加由国务院法制办、财政部和国家发改委组织的 PPP 立法研讨工作。她认为：“其实女性拥有做律师的

天然优势和条件，就看我们是否能够善用自己。律师本身是个服务行业，咄咄逼人，睚眦必报的斗士

未必是个好律师，而一个成功的女律师，必定是一个柔软的、睿智的、踏实的人；一个能够善解人意，愿意无私利他的人；一个让人觉得舒服和信赖的人。我还在努力。”

易芳律师事务所：君合律师事务所

易芳律师致力于基础设施与项目融资、银行金融、资产证券化等领域，她为杭州地铁5号线PPP项目、上海嘉定南翔污水处理厂PPP项目、五号沟LNG备用站二期扩建工程项目、西气东输项目、上海燃气集团城市燃气管网收购项目等提供了全面的法律服务。其表示，将继续在已经形成优势的基础设施、项目融资和银行等业务领域发挥优势和深耕细作，并在最新涌现的PPP、资管（资产证券化）领域继续探索和开拓，该等领域与之前的专业领域相近和相通。她表示，在执业初期，女律师会更难得到周围环境的认可和信任，同时女性还要克服家庭和社会对自身的一些传统束缚，于她而言，对律师职业的喜爱以及心无旁骛的投入贯穿于整个执业过程中。“当我们可以通过做好工作来赢得别人的信任和冲破一些束缚，那是人生一件十分快乐的事情，”她如是说。

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易芳

易芳律师长期专注于基础设施与PPP、资产证券化、银行金融领域，尤其在基础设施/项目融资领域业绩斐然。易芳律师是中国最早一批进入公共基础设施领域的律师，在其十多年的律师执业生涯中，主导和参与了众多国家级和上海市的各类大型基础设施项目，在该领域始终保持着领先性和代表性。

易芳律师毕业于华东政法大学，现执业于君合上海分所；其目前担任国家发改委PPP专家库专家并先后担任数家知名公司独立/外部董事。

易芳律师曾荣获上海市优秀女律师称号，并连续多年被《钱伯斯全球法律排名》、《钱伯斯亚太法律排名》、《亚太法律500强》和《国际金融法律评论》评选为基础设施与项目融资/能源和基础设施/银行领域的领先律师和受推荐律师，2016年被《亚洲法律实务》评选为亚太地区顶尖律师。

Tel: +86 21 5298 5488 Web: www.junhe.com Email: [email protected]

地址：上海市石门一路288号兴业太古汇香港兴业中心一座26层

COVER STORY


15ZHANG TINGFirm: Dentons Zhang Ting has acted for a number of reorganization and debt re-structuring projects that have the significance of being legal prec-edents in China, such as those involving China National Erzhong Group, Yunnan Coal Chemical Industry Group, Wuxi Suntech, Amoi Technology and Sinosteel Corporation, with the cumulative amount of debts handled totaling nearly RMB 400 billion. Two of the reor-ganization cases she has handled have been included as the “Top Ten Typical Reorganization and Liquidation Cases of the Supreme People’s Court”. Zhang specializes in the study of risk disposal by fi-nancial institutions, and has written research reports of close to one million words and provided administrative clean-up, receivership and bankruptcy services for a number of financial institutions. In addition, she is author to several publications such as Company Reorganization and Company Reorganization: Roles and Rules, and has been invited to write the Chambers China Bankruptcy Law Practical Guide. Zhang is an executive director of the Beijing Bankruptcy Law Society, a senior researcher at the Bankruptcy Law and Restructuring Research Center of China University of Political Science and Law, and a researcher at the Bankruptcy Law Research Center of Renmin University.Zhang believes that women have their own advantages of having sharp intuition and being rigorous, attentive, resilient and approach-able, but concedes that striking a balance between family and work is a big challenge.

张婷律师事务所：大成律师事务所

张婷律师承办了中国二重、云南煤化工、无锡尚德、夏新电子、中钢集团等多个有典型意义的重整、债务重组项目，累计

处理债务规模近4000亿元，两个重整案例入选“最高人民法院重整及清算十大典型案件”。专注金融机构风险处置研究，提供近百万字的研究报告，承办多家金融机构行政清理、托管、破产等项目。出版《困境公司如何重整》、《公司重整：角色与规则》等专著，受邀撰写《钱伯斯中国破产法实践指南》。任北京市破产法学会常务理事、政法大学破产重组研究中心高级研究员、人民大学破产法研究中心研究员等职务。

她认为：女性有自身优势，直觉敏锐、严谨细腻、有韧劲、有亲和力，家庭和工作间的平衡是较大挑战。

To find out more, contact Amantha Chia at [email protected] or (65) 6870 3917

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As the leader in bankruptcy reorgani-zation and liquidation practice in China, Dentons takes pride in having a top profes-sional team, and Zhang Ting is one of the firm’s experts in this field. In recent years, Zhang worked on a number of major influ-ential cases and published multiple profes-sional papers, contributing greatly to the overall efforts made by Dentons to build up its brand influence in bankruptcy reorgani-zation practice.

Specializing in corporate restructuring, bankruptcy liquidation, debt restructuring and the risk resolution of financial institu-tions, Zhang has 13 years of practice experi-ence under her belt in bankruptcy reorgani-zation. With solid professional foundation, excellent professional competency, rich practical experience and profound theo-retical understanding, she is proved to be one most influential and prolific lawyers for corporate reorganization cases.

The highlights of the large number of major cases that have been handled by Zhang include the reorganization of more than a dozen listed companies such as Yunnan Yunwei Group, the reorganiza-tion of several dozens of major non-listed companies with complex structures such as China National Erzhong Group and Yun-nan Coal Chemical Industry Group, and the debt restructuring of Sinosteel Corporation and many other large central enterprises

作为国内破产重整与清算服务的领先者，大成律师事务所拥有一支优秀的专业团队，张婷律师就是此领域的专家之一。近年，张律师承办了多个重大案例，出版多项专业理论成果，为大成破产重组领域品牌影响力做出了杰出贡献。

张律师主要执业领域是公司重整、破产清算、债务重组及金融机构风险处置，在破产重组领域拥有13年的执业经验。凭借扎实的专业基础、优秀的执业技能、丰富的实务经验和深厚的理论功底，她已成为中国最具影响力、承办公司重整案件最多的律师之一。

张律师曾承办大量重大经典案例，例如云维股份等十多家上市公司重整案，中国二重、云南煤化工等几十家非上市公司重整案，中钢集团等多家大型央企、国企债务重组项目，累计处理债务规模近4000亿元人民币。对于情况复杂的集团系列重整案，她总能根据公司之间的关联情况及重整目标，统筹规划各公司重整计划之间的有序衔接。两个重整案例入选“最高人民法院破产十大典型案件”。张律师还参与了多个金融机构风险处置，积累了丰富经验。

除了一线实践经验，张律师更具有卓越的理论水平和丰富的学术成果。“我的目标是成为一名学术专家型破产重组律师”，张律师说道，“我国破产法刚刚起步，立法目前仍处于比较粗线条的阶段，需要在实践中不断总结好的经验，推动立法完善。“

张律师是国内破产重组实务界学术成果最多的律师之一，先后出版《困境公司如何重整》、《公司重整制度中的股东权益》、《公司重整：角色与规则》等专著，《东亚金融机构风险处置法律评论》主编，《破产法文库》副总主编，《破产法茶座》主编，《法庭外债务重组》专家委员会成员。2016、2017年受邀撰写《钱伯斯中国破产法实践指南》。受邀参加最高院全国破产重整信息平台建设领导小组工作。她多年专注金融机构风险处置研究，是对证券、银行、保险、信托等各业务领域风险处置都有重要研究成果的唯一专家律师，提供了近百万字的研究报告及专家咨询意见。

Zhang Ting from Dentons Setting Her Sights on Becoming a Top Bankruptcy Reorganization Lawyer with Strong Academic Track Record 大成张婷律师：致力于成为一名学术专家型破产重组律师

Zhang Ting, Senior Partner张婷，高级合伙人

and State-owned enterprises, with the cumula-tive amount of debts involved totaling up to RMB 400 billion. When dealing with group reorganiza-tion cases which typically involve complex asset-liability profiles and many complicated issues, Zhang is always able to design a coordinated plan for the orderly connection between reorganization procedures and schemes according to the affilia-tion among companies and the objectives of re-organization. Two of the reorganization cases she has handled have been appraised as the “Top Ten Typical Reorganization and Liquidation Cases of the Supreme People’s Court”. Zhang has also par-ticipated in the risk disposal of a number of securi-ties companies, gaining rich experience in the risk disposal of financial institutions.

Apart from being at the forefront of legal practice, Zhang boasts excellent theoretical re-search competency and has made outstanding academic achievements. “My goal is to become a top bankruptcy reorganization lawyer with strong academic track record. Bankruptcy law is still in its infancy in our country, and the legislation is still presented in relatively broad terms. It is necessary to constantly summarize successful experiences in practice to promote improvement in legisla-tion.” said Zhang.

Among her peers in the domestic bankruptcy reorganization practice area, Zhang is one of the lawyers with the most academic achievements. She is author to several professional publications including Company Reorganization, Sharehold-ers’ Interest in Corporate Restructuring and Roles and Rules in Corporate Restructuring, and is ed-itor-in-chief of Legal Review of Risk Disposal by Financial Institutions in East Asia (Vol. 1), deputy editor-in-chief of Bankruptcy Law Library, editor-in-chief of Bankruptcy Law Teahouse and expert committee member for Out-of-court Deb Restruc-turing. Zhang was invited to write the Chambers China Bankruptcy Law Practical Guide for two consecutive years in 2016 and 2017. By virtue of her strong professional capabilities, she was also invited to join the leadership group of the Su-preme People’s Court for the construction of a national bankruptcy reorganization information platform. Zhang has spent years focusing on the research related to the risk resolution of financial institutions, and is the only expert lawyer who boasts major research achievements in the risk disposal of securities, banking, insurance, trust and other areas of financial business, with provid-ing close to one million words of research reports and expert advice.

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:100020Address: 7/F, Building D, Parkview Green FangCaoDi, No.9, Dongdaqiao Road, Chaoyang District, Beijing, China. 100020电话/Phone: +86 10 5813 7799电子邮箱 / Email: [email protected]

MALAYSIA


E-COMMERCE BOOM

Online shopping is really taking off in Malaysia, and Chinese investment is helping drive it.By David Ho

马来西亚的网络购物市场兴起，来自中国的投资帮助推动了其增长势头。David Ho报道

电子商务热潮

电商聚合平台iPrice集团的一份报告显示，马来西亚的电子商务市场价值已经达到246亿马来西亚林吉特(58亿美元)，并且很可能会有进一步的增

长。马来西亚本地律所李健涵律师事务所的管理合伙人李健

涵律师表示：“最近，马来西亚政府与全球最大的B2B电子商务平台阿里巴巴集团合作，推出了世界首个数字自由贸易区。”

“这是一个特别的自由贸易区，旨在促进电子商务发展，为中小企业和大型企业开展数字业务和服务提供一个平台，并提供物流服务，”他解释说。

电子商务行业预计将通过马来西亚的在线支付市场得到进一步发展。今年已经进入马来西亚在线支付市场的包括由阿里巴巴集团蚂蚁金服运营的支付宝以及韩国的三星智付。

“在电子和媒体行业发展的驱动下，到2021年，马来西亚的网络零售市场有望每年保持23%的增长率；这也表明电子商务在零售市场将继续保持快速增长，目前还远远没有充分发挥出其潜力，”李健涵律师事务所中国实务团队的李斯灿律师补充说。

“此外，消费者越来越依赖在线服务行业(或电子服务行业)，如在线旅行社，在线保险平台，在线许可和在线经纪服务等，这也可能推动服务业电子商务以合理的速度发展。”李斯灿律师表示。

在目前稳健的发展环境下，对于希望紧随电子商务行业发展浪潮的人来说，前景似乎相当乐观。

李健涵律师事务所中国实务团队的詹杰辉律师表示：“一般来说，投资者和企业可以通过承担和发掘数字自由贸易区提供的项目和机会参与到马来西亚新兴的电子商务市场中。中小企业可以参与由马来西亚对外贸易发展局引进的电子贸易。电子贸易是鼓励投资者和企业加入国际电子市场的平台。”

“在州一级层面，雪兰莪州政府已经成立了雪兰莪资讯科技与电子商务理事会(Sitec)。Sitec隶属于雪兰莪投资促进机构(Invest Selangor)秘书处，负责将雪兰莪州发展

Malaysia’s e-commerce industry has reached a value of RM24.6 billion ($5.8 billion) and is likely to experience further growth, according to a report by online shopping aggregator iPrice Group.

“Recently, Malaysia’s government has partnered with the world’s largest online business-to-business trading platform Alibaba Group to launch the world’s first Digital Free Trade Zone (DFTZ),” says Lee Kien Han, managing partner of local law firm Han & Partners.

“It is a special free trade zone that will promote the growth of e-commerce, provide logistics as well as a platform for both small medium businesses and larger enterprises to conduct their digital businesses and services,” he explains.

E-commerce is expected to grow further through the online payment market in Malaysia, attributable to the implementation of both Alipay, by Alibaba’s payment arm Ant Financial Services Group, as well as Samsung Pay this year.

“Malaysia’s online retail market is expected to grow by 23 percent per year through to the year 2021, driven by electronics and media, which indicates that e-commerce is still rapidly growing in the retail market and is far from unleashing its full potential,” adds Alvin Lee Sze Chang, an associate with the Chinese practice group of Han & Partners.

“In addition, the increasing reliance by the consumers in the online service sectors (or e-services) such as online travel agencies, online insurance platform, online licensing, online brokerage services and so on, is also likely to boost the growth of e-commerce in the service sector at a reasonable pace,” Alvin Lee notes.

Given the robust ecosystem, the outlook seems optimistic for those looking to hop on the country’s e-commerce industry bandwagon.

“Generally, investors and businesses can get involved in the burgeoning e-commerce market of the country by participating and exploring the opportunities offers in the DFTZ. Small and medium sized enterprises (SMEs) can participate in the e-trade introduced by the Malaysian External Trade Development Corporation (MATRADE), which serves as a platform to encourage investors and business to join the international e-marketplaces,” points out Chiam Jef Fri, an associate with the Chinese practice group of Han & Partners.

“At the state level, the Selangor state government has established the Selangor Information Technology and E-commerce Council (Sitec), under the secretariat of Invest Selangor, to develop the state as a regional trading hub for e-commerce and to uplift the startup eco-system. Sitec has introduced several programmes to assist SMEs in the state to embrace e-commerce and to widen their market.”


SPONSORED ARTICLE

随着“一带一路”战略全面执行，中国企业为了应付业务规模的跨越式增长，必须寻求不同管道集资扩张及强化信誉。由此，拥有优良表现的马来西亚交易所(“大马交易所”)能提供中企充分的融资管道来推动企业发展。有意考虑通過大马交易所 (1)主板或(2)创业板上市的中企须符合的标准包括(但不限于)- 大马交易所近日也推出了“杰出企业家加速平台”

(LEAP)，旨在为中小企业提供更快速及高效率的筹资平台。但是此平台目前只允许高净值公司和高资产净值人士进行投资，所以流动性尚未普及。

此外，有意通过以上途径上市的中企或其特殊目的公司也需事先符合中国对跨境投资的条规，包括按“75号文” 向中国外汇局完成境外投资外汇登记及按“10号文” 向中国商务部就特殊目的公司办理核准手续。

综上所述，随着中马关系的日渐紧密，中企通过大马交易所上市不失为一种发展企业规模的良策。

一带一路：马来西亚上市指南李健涵 (执行合伙律师)LEE KIEN HANManaging Partner

李斯灿 (律师)ALVIN LEE SZE CHANGAssociate

詹杰辉 (律师)CHIAM JEF FRIAssociate

欲知更多详情，请联络：李健涵律师事务所23-8, Menara Oval Damansara, No. 685, Jalan Damansara, 60000 Kuala Lumpur, Malaysia.电话 (马来西亚): 1700 818 433电话 (海外): +6017 300 4133传真 (海外/马来西亚): +603 2856 9215电邮: [email protected]网址: http://www.hanpartners.com.my

主板创业板上市途径(一) 盈利条件：

• 在过去3至5年的税后盈利，合计至少2千万马币；和

• 提交申请前的财务全年的税后盈利，至少6百万马币。

• 无需最低营运记录或盈利要求。

(二) 市值条件： • 上市后，公司市值至少达5亿马币；和• 提交申请前，公司注册成立拥有营业额至少

为期一个财务全年。(三) 基建工程条件(只适用于基建工程公司)：

• 在马来西亚境内或境外的基建工程成本不少过5亿马币；

• 获得马来西亚政府或机构颁发特许经营权或执照；和

• 特许经营权或执照至少还有15年的有效期。公众及土著股权条件

• 至少25%的股权在市场上流通；• 至少1000名公众股东，各股东持有至少100

股；和• 公众发行要求竭尽分配高达 50%的公开发行

于土著投资者。

• 至少25%的股权在市场上流通；和

• 至少200名公众股东，各股东持有至少100股；和

• 在上市初期无土著股权要求。

“Malaysia’s e-commerce market is likely to grow rapidly thanks to the range of new government stimulus policies. This year, the growth of e-commerce in Malaysia is around 10.8 percent and they are eyeing a 20.8 percent growth by the year 2020.” – Lee Kien Han, Han & Partners

“得益于政府新出台的一系列经济刺激政策，马来西亚的电子商务市场很可能会快速增长。今年，马来西亚的电子商务市场增长了约10.8%，预计2020年将实现20.8%的增长。”— 李健涵，李健涵律师事务所

RIGHT ASSISTANCEBut for those who are new to investing in Malaysia, getting the right assistance can make a huge difference in making the first few steps into uncharted territory. Fortunately, law firms like Han & Partners are there to help.

“We offer a large variety of legal services covering advisory on Malaysia’s e-commerce laws, drafting of documents such as terms of use for websites, assisting the investors to comply with the internet and data protection regulations, licensing and protection of intellectual property rights amongst other services,” says Alvin Lee.

“Apart from that, we also assist investors to set up their business operations in Malaysia, to understand the risks and take advantage of the steadily increasing number of state and federal laws, rules and regulations governing consumer oriented retail and business-to-business e-commerce,” adds Chiam.

Lee Kien Han says Malaysian authorities are expecting the opportunities in e-commerce to continue booming.

“Malaysia’s e-commerce market is likely to grow rapidly thanks to the range of new government stimulus policies. This year, the growth of e-commerce in Malaysia is around 10.8 percent and they are eyeing a 20.8 percent growth by the year 2020,” he notes.

成为电子商务的区域贸易中心，同时提升创业公司生态系统。Sitec已经推出了几项计划，协助该州的中小企业采用电子商务，并扩大其市场。”

正确的帮助对于刚刚来马来西亚投资的人来说，如果能够得到正确的

帮助，将会使他们在进入未知领域时最初的几步走得更加稳健。像李健涵律师事务所这样的律所就能为投资者提供帮助。

“我们提供多种多样的法律服务，包括马来西亚电子商务法律的咨询，起草网站使用条款等文件，协助投资者遵守互联网和数据保护条例，知识产权使用许可和保护等等，”李斯灿律师说。

“此外，我们协助投资者在马来西亚设立业务，了解风险；随着州和联邦政府不断出台更多的面向消费者的零售行业和B2B电子商务的法律法规，我们还帮助投资者更好地了解和利用这些新规，”詹律师补充说。

李健涵律师表示，马来西亚当局希望电子商务将会继续蓬勃发展。

“得益于政府新出台的一系列经济刺激政策，马来西亚的电子商务市场很可能会快速增长。今年，马来西亚的电子商务市场增长了约10.8%，预计 2 0 2 0 年将实现20.8%的增长。”李律师说。

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LOCAL EXPERTISE, GLOBAL REACH

Nowadays, law firm networks are helping clients obtain legal advice and services across the world. The question is: as the traditional paradigm comes under threat, can they provide a new model for the delivery of legal services globally?

By David Ho

当地专才，全球影响如今，律所联盟正帮助客户在世界各地获得法律咨询和服务。随之而来的问题是，随着传统模式面临挑战，这些律所联盟能否为在全球范围内提供法律服务打造一个新模式？作者：David Ho

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As business transactions become increasingly international, law firm clients require more and more cross-border

services. As a result, they have been tapping into the power of legal networks to meet such needs.

“Clients find it difficult to access the same depth and breadth of legal expertise in every jurisdiction in which they operate,” explains Michael Siebold, chair of Interlaw. “If their ‘home’ firm is part of a professional network like Interlaw, it gives them access to the same high-quality advice across all geographical markets.”

The numbers speak for themselves. At present, there are some 200 legal industry networks globally, offering an estimated $250 billion in services each year. Law firms across the world have been joining such networks, if not adopting similar structures as they look to offer a greater breadth of services.

For independent firms, joining a network gives them the platform they need to gain a competitive edge.

“An independent firm joining a law firm network gains the opportunity to compete against larger global firms,” says Caroline Kerr-Martin, marketing and business development manager for Multilaw. “Multilaw can open doors in more than 100 countries, enabling firms not only to serve their existing clients with international needs but also to find new markets without having to go down the more drastic route of a law firm merger.”

“The businesses of the clients are changing and need increased knowledge and insight and the network is a more effective way of really being able to deliver this,” says Antonia Grant, a partner

“Our member firms undergo a rigorous selection process to ensure that we maintain the highest standards of service and expertise all around the world. Regular reviews ensure clients have access to the very best advice no matter where they need it. The network operates on a high level of transparency and at most affordable rates – no hidden fee-sharing or ‘commissions’.”– Michael Siebold, Interlaw

“我们的会员所均经过严格的遴选，以确保我们在全球范围内都保持最高的服务和专业水准。定期的评审机制确保客户能够获得最好的法律建议，无论它们身处何处。我们律所联盟的运作高度透明，且会费实惠—没有隐藏的费用分摊或‘佣金’。”— Michael Siebold，Interlaw律所联盟

随着商业交易日益国际化，律师事务所的客户越来越需要跨境服务。由此，他们一直在利用律所联盟的力量来满

足自己的此类需求。“客户们发现，要在他们有业务的每一个司法

管辖区内都获得同样高水平的法律专业服务是很难的。如果它们的“主”律所是Interlaw这样的专业律所联盟的成员，那么它们就可以在各市场上获得同样高质量的法律建议。”Interlaw律所联盟的主席 Michael Siebold解释说。

律所联盟的数量说明了一切。目前，全球约有200个法律行业网络，每年提供的服务价值约2500亿美元。世界各地的律所希望能提供更广的服务，因此如果不自己采用类似结构的话，就都会加入这样的联盟。

对于独立律所来说，加入律所联盟为它们提供了获得竞争优势的平台。

“一家独立律所加入律所联盟后，就获得了与更大的全球律所竞争的机会。”Multilaw律所联盟的营销和业务发展经理Caroline Kerr-Martin说。“Multilaw可以为律所在100多个国家打开大门，让律所不仅可以服务有国际需求的现有客户，还可以在不需要进行更为激进的律所合并的情况下就打入新市场。”

“客户的业务正在发生变化，需要从律所获得更多的专业知识和洞见，而律所联盟是能真正做到这一点的一种更为有效的方式。”Lewis Silkin律师事务所的香港办事处合伙人Antonia Grant说。该英国律所是专业人力资源网络Lus Laboris的成员之一。

Grant补充说：“客户在消费法律服务方面更加成熟，无论在哪里，都能获得最好的专业建议。这样一来，有真材实料的中小律所就有机会在全球舞台上竞争，这将带来更大的好处。”

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“Bespoke technology will be a priority, not just to drive better engagement and communication among members but also to provide clients with solutions such as client extranet platforms, project management software and AI innovations. Global law firms have set the benchmark, and if networks want to compete effectively with them, they need to match them in this area.” – Adam Cooke, Multilaw

“定制科技将是要优先发展的领域，不仅推动会员所之间更好的交流和沟通，还向客户提供客户外联网平台、项目管理软件和人工智能创新等解决方案。全球性律所已经在这些方面设定了基准，律所联盟如果想要与它们有效竞争，就需要在这一方面迎头赶超。”— Adam Cooke，Multilaw律所联盟

at the Hong Kong office of Lewis Silkin. The UK-based law firm is a member of Ius Laboris, a specialist human resources network.

Grant adds, “Clients can be more sophisticated in their consumption of legal services, gaining access to the best technical advice wherever it may be. This way, small and mid-sized firms with genuine talent and expertise are given the opportunity to compete globally, which has much wider benefits.”

Other members see similar benefits. “Being a member of Meritas has given our law firm a wider exposure to clients in different countries that wish to establish their presence in Indonesia,” says Al Hakim Hanafiah, partner and founding member of Hanafiah Ponggawa & Partners. The Jakarta-headquartered firm has been a member of legal network Meritas for more than 12 years.

He continues, “Some of the industries that are receiving quite a bit of interest from Meritas member firms located in the U.S., Europe and Asia (especially China) are infrastructure, mining, oil & gas and manufacturing.”

Multilaw’s Kerr-Martin also points out that law firms can retain their domestic identity and independence while benefiting from the breadth of a global network for themselves and their clients. Multilaw, for instance, has 9,000 lawyers from about 90 firms around the world.

As she points out, “There are other key benefits such as being able to pitch for cross-border work, which is a significant advantage for member firms. Our firms regularly work together on business development initiatives. For example, a number of our Asia-Pacific firms collaborate with our Latin American firms throughout the region connecting investors to target companies.”

The ability to bid for cross-border

work is essential for any law firm looking to expand, and law firm networks recognise how important growth potential is to their member firms. In the past three years, Lex Mundi has undertaken various marketing and business development activities to showcase the services of their Asia-Pacific member firms to clients requiring advice throughout the region.

“Our Asia-Pacific business development strategy has resulted in member firms forging new relationships with foreign and Asia-Pacific MNCs requiring legal services outside of their home country, which would naturally help in their own firm’s growth strategy,” says Carl Anduri, president of Lex Mundi.

QUALITY CONTROLConsistency is integral to a service provider’s reputation, so quality control is an important factor to consider when choosing a law firm network.

“Our member firms undergo a rigorous selection process to ensure that we maintain the highest standards of service and expertise all around the world. Regular reviews ensure clients have access to the very best advice

其他成员所也体会到了类似的好处。“作为Meritas律所联盟的成员，我们所有机会更多地接触希望在印尼开展业务的各国客户。”Hanafiah Ponggawa & Partners 律师事务所的合伙人和创始成员Al Hakim Hanafiah说。这家总部位于雅加达的律所成为Meritas律所联盟的成员已逾12年。

他继续说，“基础设施、矿业、油气和制造业是一些在美国、欧洲和亚洲（尤其是中国）的Meritas成员所颇感兴趣的行业。”

Multilaw律所联盟的Kerr-Martin也指出，加入律所联盟，律所既可以保留自己的本土身份和独立性，同时又能凭借全球网络的广覆盖为自身和客户谋利益。Multilaw律所联盟在世界各地有约90家成员所，共9000名律师。

正如她指出的那样，“还有其他一些重大的好处，比如能承揽跨境工作机会，这对成员所来说是一个巨大的优势。我们的成员所经常在业务发展上互相合作。例如，我们的一些亚太成员所与拉美成员所合作，为投资者与目标公司牵线搭桥。”

对于任何想要扩张业务的律所来说，能竞标跨境工作的能力至关重要，而律所联盟也认识到增长潜力对其成员所的重要性。在过去3年里，Lex Mundi律所联盟开展了各类营销和业务拓展活动，展示其亚太地区成员所是如何为在全亚洲有法律服务需求的客户服务的。

“我们的亚太业务发展战略已经使得各成员所与国外和亚太地区的跨国公司建立了新关系，这些跨国公司在其总部所在地以外的国家需要法律服务，而这自然也有助于律所自身的发展战略。”Lex Mundi律所联盟的主席Carl Anduri说。

质量控制一致性是服务提供商声誉的重要部分，因此在选择加入哪个律所联盟时，质量控制是律所考虑的一个重要因素。

At Interlaw we don’t believe in barriers. We believe that we can make the world work for our clients through a shared culture of collaboration and professional courtesy.

With 7,000 lawyers based worldwide, we have people on the ground who can remove obstacles, and deliver competitive global business and legal solutions, wherever needed.

We make things work by being fluent in the language, laws and customs of each country through leading experts at the best law firms. Quality, efficiency, cost-effectiveness and great service: we put these things first.

If you believe that global challenges can only be overcome by a global team then join us to achieve something great.

Visit www.interlaw.org or email [email protected] for further information.

GLOBAL ADVANTAGE

INT.LAW.263 ALB Asia Advert - October 2017.indd 1 30/08/2017 11:15

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no matter where they need it. The network operates on a high level of transparency and at most affordable rates – no hidden fee-sharing or ‘commissions’,” says Siebold of Interlaw.

Legal network Meritas recruits members through an invitation-only process. Tanna Moore, its CEO, believes that networks also need to monitor member participation to maintain their quality and to avoid turning into a “directory listing.”

“We run regular checks to make sure our member firms are actively participating. I believe most firms understand that in order to reap the benefits of joining a law firm network, they have to be active members,” says Moore, “We have full time staff that will review a firm’s membership every three years as part our internal processes. This is beneficial for both the member firms and their clients.”

Another way that law firm networks can maintain and even enhance the quality of their services is to support the professional development and training of employees in member firms, according to Anduri of Lex Mundi.

“Lex Mundi provides a wide variety of training programs, including week-long intensive training programmes offered

through the Lex Mundi Institute. The institute also collaborates with the University of Cambridge’s Judge Business School to present an intensive five-day programme to enable partners to have a deeper understanding of the business concepts driving their clients. Lex Mundi also works with the member firms to enhance their project management skills and to enhance their knowledge management capabilities,” he says.

As with any business environment, competition is a concern. As Adam Cooke, executive director of Multilaw, explains, “We are typically competing with global law firms who have huge business development and marketing teams for work and have to do so with much less resources than the global firms are able to draw on. On the plus side, our leanness means we are often very competitive when it comes to the pricing of our legal service. We also face competition from the other networks when seeking members in certain jurisdictions.”

“我们的会员所均经过严格的遴选，以确保我们在全球范围内都保持最高的服务和专业水准。定期的评审机制确保客户能够获得最好的法律建议，无论它们身处何处。我们律所联盟的运作高度透明，且会费实惠—没有隐藏的费用分摊或‘佣金’。”Interlaw法律联盟的Siebold说。

Meritas律所联盟只通过邀请来招募成员所。该联盟首席执行官Tanna Moore认为，律所联盟还需要观察成员所的参与度，以保持它们的质量，避免律所仅在‘目录上挂个名’”。

“我们定期进行检查，以确保我们的成员所积极参与各项活动。我相信大多数律所都明白，若想要获得加入律所联盟的好处，它们就必须是联盟的活跃成员。我们有全职员工，负责每三年审查一家律所的会员资格，这是我们内部流程的一部分。这对会员所和它们的客户都是有利的。”Moore说。

Lex Mundi律所联盟的Anduri说，律所联盟保持甚至提高服务质量的另一种方式是支持成员所员工的职业发展和专业培训。

“Lex Mundi提供各类培训项目，包括通过Lex Mundi Institute提供的为期一周的强化培训课程。Lex Mundi Institute还与剑桥大学贾奇商学院合作，提供为期五天的集中课程，让合伙人更深入地了解推动客户业务的商业概念。Lex Mundi还与会员所合作，提高它们的项目管理和知识管理能力。”他说。

与任何商业环境一样，竞争是一个问题。Multilaw律所联盟的执行董事Adam Cooke解释说，“我们通常与全球律所竞争。它们有庞大的业务发展和营销团队，要比我们的资源多得多。从好的一面看，我们的结构精简，意味着我们在法律服务的定价上常常非常有竞争力。在某些司法管辖区吸引成员所时，我们也会面临来自其他法律联盟的竞争。”

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“We run regular checks to make sure that our member firms are actively participating. I believe most firms understand that in order to reap the benefits of joining a law firm network, they have to be active members.” – Tanna Moore, Meritas

THE TECHNOLOGY FACTORBut challenges remain, especially at a time when the world – and the legal industry by extension – is in a state of flux.

Moore notes that the emergence of legal technology as well as the reluctance of cautious law firms to embrace it quickly and fully can be a problem.

Other networks agree. “Law firms that are members of networks will be challenged by the advantages of scale enjoyed by international business law firms, the increasing importance of technology in meeting client demand for value, and the growing client demand for improvements in client service. Networks cannot be passive in the face of these challenges or they will become irrelevant to their member firms,” cautions Anduri.

“我们定期进行检查，以确保我们的成员所积极参与各项活动。我相信大多数律所都明白，若想要获得加入律所联盟的好处，它们就必须是联盟的活跃成员。”— Tanna Moore，Meritas律所联盟

But if utilised properly, Siebold believes the concept of “a virtual global law firm” that allows clients to immediately access high-quality legal advice in any jurisdiction, is within grasp, thanks to technology. But it requires a strategic plan that is backed by the necessary investment and supported by

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科技因素但是，挑战依然存在，尤其是在这个世界和法律行业自身都在不断变化的时代。

Moore指出，法律科技的涌现，以及律所因为过于谨慎而不愿意迅速全面地拥抱法律科技，都可能会成为问题。

其他律所联盟对此表示赞同。“律所联盟的成员所将受到国际商业律所的挑战，后者具有规模优势。

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“Our Asia-Pacific business development strategy has resulted in member firms forging new relationships with foreign and Asia-Pacific MNCs requiring legal services outside of their home country, which would naturally help in their own growth strategy.” – Carl Anduri, Lex Mundi.

dynamic member firms.“Technology and its rapid march

will be key. The networks that thrive will be those that fully embrace the connectivity that technology can bring and make best use of it – something that perhaps law firms are not known for. A higher degree of connectivity will ultimately bring more collaboration and cooperation that will result in more efficiencies and value for clients, attracting more business to the network,” says Grant of Lewis Silkin.

Cooke believes some of the top legal networks have already wisely placed technology high on their agenda.

“Bespoke technology will be a priority, not only to drive better engagement and communication among members but also to provide clients with solutions such as client extranet platforms, project management software and AI innovations,” he says. “Global law firms have set the benchmark, and if networks want to compete effectively with them, they need to match them in this area.”

A NEW INDUSTRY MODEL?Opinions on whether law firm networks could evolve into the new mainstream model of legal services remain divided. Some interviewees

“我们的亚太业务发展战略已经使得各成员所与国外和亚太地区的跨国公司建立了新关系，这些跨国公司在其总部所在地以外的国家需要法律服务，而这自然也有助于律所自身的发展战略。”— Carl Anduri，Lex Mundi律所联盟

are a little more cautious in stating whether networks could replace the traditional global firm structures completely.

“I don’t think law firm networks will displace global law firms completely, as I believe there is a space for everyone. Global law firms will continue to serve top-end customers with billion-dollar deals that feel more comfortable dealing with a single entity that has a strong brand name. But law firm networks will be taking up a big chunk of the lower to mid-range multi-jurisdictional work,” says Moore.

Some like Interlaw’s Siebold are confident that networks can create “a responsive, dynamic and quality alternative to the somewhat staid and flabby corporate law firm model” by investing in technology, its lawyers and its profile. He also cites the structure of law firm networks as a reason why they provide a sustainable model for the way forward.

“It is about taking the necessary steps to become the kind of legal partner that today’s multinational client is seeking. These clients want the reassurance of consistent high-quality legal advice in every jurisdiction in which they operate, and networks are most definitely the answer,” says Siebold.

He adds, “This breadth and depth

其他挑战还有科技在满足客户性价比要求方面的重要性日益增强，以及客户对服务质量要求的不断提高。在面对这些挑战时，律所联盟不能被动挨打，否则它们将会失去对成员所的吸引力。”Anduri警告说。

但是，如果使用得当，Siebold相信借助科技手段，“虚拟全球律所”的概念可以变为现实。这类律所能让客户在任何司法管辖区内都立即获得高质量的法律建议。但要实现这一点，就需要一个战略计划，并且必须由积极的成员所提供投资和支持。

“科技和它的快速发展将是关键。那些完全拥抱并充分利用技术能带来的通联性的律所联盟就能继续蓬勃发展，拥抱科技也许并不是律所的强项。更高的通联性最终将带来更多的合作，这将为客户带来更高的效率和更多的价值，为律所联盟吸引更多业务。”Lewis Silkin的Grant说。

Cooke认为，一些顶级法律联盟已经非常明智地将科技放在了首要位置。

他表示:“定制科技将是要优先发展的领域，不仅推动会员所之间更好的交流和沟通，还向客户提供客户外联网平台、项目管理软件和人工智能创新等解决方案。全球性律所已经在这些方面设定了基准，律所联盟如果想要与它们有效竞争，就需要在这一方面迎头赶超。”

新的行业模式？关于律所联盟能否演变为法律服务的新主流，各方的观点仍然存在分歧。一些受访者对律所联盟能否完全取代传统全球律所态度谨慎。

“我不认为律所联盟会完全取代全球律所，因为我相信大家都有自己的空间。全球律所将继续为高端客户价值上亿美元的交易服务，这些客户更愿意与一个品牌强大的单一实体打交道。但律所联盟将会占据中低端多司法管辖区业务的一大块。”Moore说。

Interlaw律所联盟的Siebold则有信心，通过投资科技、律师及其形象，律所联盟可以打造“一个反应快、活力足和质量高的替代模式，取代古板松散的公司律所模式”。他还认为律所联盟的结构是它们能为未来提供可持续发展模式的原因。

“关键是采取必要的步骤成为如今的跨国客户所寻求的法律合作伙伴。这些客户希望在它们有业务的每个司法管辖区都能获得高质量的法律服务，而律所联盟正是为此而生。”Siebold说。

他补充说：“这其中涉及的专业知识的广度和深度，在一个单一的公司实体下太难协调。这就是为什么国际律所现在将注意力转向了律所联盟模式，尽管它们这么做是出于自我服务的目的，而不是以客户为中心。”

而Grant则从她的律所的会员经历中，了解到为什么律所联盟是一种可行的模式。

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of expertise is just too unwieldy to co-ordinate under a single corporate entity. That’s why international law firm brands are now turning their attentions to the network model, albeit with a self-serving approach, rather than one where the client takes centre stage.”

Others like Grant draw from her firm’s membership experience as to why law firm networks make sense as a model.

“Networks have significant potential, and that’s because they work for both the firm and client. The law firms can really structure themselves to provide technical ability and focus. It allows firms to work in a more nuanced way, easily gaining the insight and cultural sensitivity, which is all important in the HR field and plugging in knowledge to ensure that all areas are covered,” she says.

Cooke believes that legal networks are already mainstream, and it’s not just independent law firms that have realised this. He pointed to

how a major player like Dentons – the world’s largest law firm – have launched its Nextlaw Global Referral Network in order to compete with the coverage offered by more extensive international networks.

As Cooke declares, “Global law firms have consistently failed in their promise to become truly global. Their model is just not sustainable above 50 or so countries. But there are another 130 or so countries where international clients want to do business, and it is only the networks that can offer this coverage. Networks are the future.”

One thing, however, is clear. Not only have legal networks proven that they are needed, they are also here to stay and will keep growing.

“In order to serve clients, all firms with a substantial clientele need to have broad international reach and will therefore become part of a network,” says Anduri. “We think that the number of networks will continue to grow.”

“律所联盟具有巨大的潜力，因为它们同时为律所和客户服务。律所可以真正地聚焦在提供专业服务上。律所联盟让律所能够以一种更为精细的方式工作，轻松地获得洞察力和理解文化的敏感性，这在人力资源领域是非常重要的，并且还能堵住知识上的盲区，确保所有领域都被覆盖。”她说。

Cooke认为，律所联盟已经是主流，且不是只有独立律所意识到了这一点。他指出，全球最大的律师事务所大成律师事务所已经推出了自己的Next-law全球业务转介网络，来与服务范围更广的国际律所联盟相抗衡。

正如Cooke所说的，“全球律所一直都未能实现真正的全球化。很简单，它们的模式在50个或者更多的国家是不可持续的。但是，还有大约130个国家的国际客户想要做生意，而只有律所联盟才能提供这种服务覆盖。律所联盟是未来的趋势。”

然而，有一件事是肯定的。律所联盟不仅证明了它们是需要的，它们非但不会消失还会进一步发展。

Anduri说：“为了服务客户，所有拥有可观客户量的律所都需要拥有广泛的国际服务能力，因而必然会成为律所联盟的一部分。我们认为律所联盟的数量将会继续增长。”

OUTBOUND


OUTBOUNDOUTBOUND

HITTING THE BRAKESRecent restrictions may have put a dampener on the overseas expansion plans of Chinese companies, but lawyers feel these will lead to healthier, more rational outbound investment in the long term.By Pearl Liu

踩刹车

近期的限制可能会对中国公司的海外扩张计划造成阻碍，但律师们认为长期来看这能使中国的对外投资更健康、更理性。

作者：刘芳菲

OUTBOUND


HITTING THE BRAKES

Chinese investors with deep pockets are spreading across the world, and the lavish expenditures of Chinese tycoons

have frequently dominated newspaper headlines. But this year, there has been some turbulence as regulators have stepped on the brakes of expansion.

Statistics from the Ministry of Commerce show that China’s non-financial overseas investment halved in the first half of 2017 to $48.19 billion, and in June alone, outbound investment dropped 11.3% year-on-year to $13.6 billion.

Regulators, from central authorities to local governments, have ramped up their scrutiny on outbound investments to prevent financial risks and stem capital flight.

In July, the China Banking Regulatory Commission asked the country’s state banks to closely review credit and financial risks posed by serial dealmakers including some top-deal-making conglomerates: HNA Group, Dalian Wanda Group and Fosun International.

Following that, many potential bids and deals have been either dropped or are pending financing.

In 2016, Beijing introduced tighter controls over funds moving out of the country and increased scrutiny of domestic companies’ foreign investments.

While there are speculations on the central government’s message, last month the State Council, National Development Reform Commission, the Ministry of Commerce, People’s Bank of China and the Ministry of Foreign Affairs together issued a joint statement, the Guidance Opinion to Further

Direct and Regulate Outbound Investment, which sets out a clear national policy on the country’s outbound investment.

“It provides more clarity on how China will regulate its outbound investments,” says Justin Cai Junxiang, partner with Zhong Lun Law Firm. “There have been many documents issued by different authorities supervising outbound investment; however, the new guideline is addressed by the State Council, which means this will then be adopted as the basic framework.”

The new guideline, similar to that for inbound investment, further shows that China will adopt the negative-list approach when handling outbound investment projects, explains Zhang Danian, chief representative of Baker McKenzie’s Shanghai office.

THREE CATEGORIESNow, under the new framework, outbound investments made by Chinese companies are tagged with three labels: encouraged investments, restricted investments and prohibited investments.

“Such categorizing is not unexpected. We saw that outbound investments in

财力雄厚的中国投资者在世界各地投资，中国大亨的高额支出也经常占据报纸头条。但今

年，由于监管机构开始限制企业的海外扩张，对外投资出现了一定的波动。

商务部的统计显示，2017年上半年中国的非金融对外投资下降了一半至481.9亿美元，仅6月，对外投资就同比减少11.3%至136亿美元。

从中央到地方的监管机构纷纷加大对对外投资的审查，目的是防范金融风险，阻止资金外逃。

7月，中国银行业监督管理委员会要求国有银行密切审查包括海航集团、大连万达集团和复星国际等从事了大量交易的企业集团的信用和金融风险。

此后，许多潜在的竞标和交易都或被放弃或正在等待融资。

2016年，中国政府对资金汇出加强了管制，并加大了对国内企业对外投资的审查力度。

虽然坊间对中央政府的意图多有猜测，上个月国务院、国家发展改革委、商务部、中国人民银行和外交部联合颁布了《进一步引导和规范境外投资方向指导意见》，明确了有关中国对外投资的国家政策。

中伦律师事务所合伙人蔡军祥说：“该指导意见就中国将如何规范对外投资指明了方向。监管对外投资的不同部门此前出台了许多文件，但是，新的指导意见是国务院发布的，因此将被作为基本框架。”

贝克∙麦坚时上海代表处的首席代表张大年解释说，该指导意见与此前有关外商对华投资的指导意见相似，进一步表明在处理对外投资项目时，中国将采取负面清单制。

三大类在新框架下，中国企业的对外投资被分为三类：鼓励类投资、限制类投资和禁止类投资。

“这一分类并不意外。我们看到多个部门此前已经点名房地产、酒店、娱乐业、体育俱乐部等境外投资，表明此类投资受到严格的政府监管。”蔡律师说。

“然而，政府在实践中很有可能会限制或禁止中国公司在海外投资一些其他领域，如对环境不友好的项目、赌博和色情业等，但并未系统性地公开发布有关政策，这可能会造成公司在政策合规方面的不确定性。新的指

OUTBOUND


property, hotel, entertainment and sports clubs had been mentioned by different authorities previously that they are under strict government supervision,” says Cai.

“However, there are some other areas, like environmentally unfriendly projects, gambling and pornography, that the government in practice will very likely restrict or prohibit Chinese companies from doing investment overseas, but it has not systematically issued such policies to the public, which may create uncertainties for companies to follow. This new guideline will make it much easier for companies to execute and for authorities to supervise.”

Restricted investments include investments in high-risk countries or countries that do not have diplomatic relations with China; investments in real estate, hotels, cinemas, entertainment and sports clubs; setting up of offshore funds or investment platforms that cannot be substantiated by projects; and projects that do not comply with the technology standards, environmental standards, energy standards or safety standards of the destination countries.

Prohibited investments include investments that could harm national interest and safety, including unapproved military-related technology and projects; prohibited technology, arts and products; gambling and pornography; and investments that are banned under any international trade pact or treaty.

In a press conference on the newly issued guidance, the National Development and Reform Commission expressed concerns that many recent investments have been made “irrationally”, and that investors focus on non-real economy investments in certain sectors, such as real estate, which poses a threat to domestic financial stability due to the significant outflow of capital involved.

“Some enterprises did not think thoroughly before going overseas and were just following the wave like blind sheep. They accumulated a large amount of debt to support their impulsive foreign investment, most of which was through banks, and ended up with a high leverage rate. Their ability to repay the debt is questionable and thus these categories cannot be encouraged by the government,” said Fang Jian, a partner with Linklaters.

“Also those investments such as excessively buying property or land overseas cannot make any contribution to the country for moving up the value chain,” said Fang. “Restructuring the economy is currently the major national strategy, and each individual policy and regulation centers on that.”

INVESTMENT ENCOURAGEDFang’s claim can be seen to be true in the encouraged category, which includes investments related to the Belt and Road Initiative; export of advanced technology and manufacturing capability; establishment of R&D centers overseas; oil and gas, mining and natural resources; agriculture and related industries; and commerce and

“A growing appetite for cutting-edge technology, manufacturing capabilities, consumer brands and safe haven assets in advanced economies is likely to drive the growth of China’s outbound investment as Chinese companies seek to diversify their businesses and make inroads into international markets”- Zhang Danian, Baker McKenzie

“对发达经济体的前沿技术、制造能力、消费品牌和避风港资产的日益增长的渴求可能会拉动中国的对外投资增长，因为中国公司想要实现多元化发展，进军国际市场。” - 张大年，贝克∙麦坚时

导意见将使公司更容易执行，也更便于有关部门监管。”

限制类投资包括赴与中国未建交的国家或高风险国家开展境外投资；房地产、酒店、影城、娱乐业、体育俱乐部等境外投资；在境外设立无具体实业项目的离岸基金或投资平台；以及不符合投资目的国技术、环保、能耗或安全标准的项目。

禁止类投资包括可能会损害国家利益和安全的投资，包括未经批准的军工技术和项目；禁止技术、工艺和产品；赌博和色情业；以及被任何国际贸易协定或条约禁止的投资。

在就新颁布的指导意见举行的新闻发布会上，国家发改委表示，近期的许多投资都是“非理性的”，这令人担忧，且投资者的注意力放在一些行业的非实体经济投资，如房地产业，此类投资涉及大量资本外流，对国内金融稳定构成威胁。

“有些企业在对外投资之前并没有深思熟虑，只是盲目地随大流。为支撑其冲动之下作出的对外投资，这些企业积累了大量债务，其中大部分是银行贷款，导致最终杠杆率高企。此类企业偿还债务的能力令人忧虑，因此政府不能鼓励这种对外投资。”年利达律师事务所的合伙人方健说。

方律师补充说，“过度的房地产或海外土地投资也不能为国家的价值链提升作出任何贡献。目前，经济体制改革是国家的重大战略，其他各项政策和法规都是以此为中心的。”

鼓励类投资方律师的观点与指导意见规定的鼓励类投资不谋而合。此类投资包括与“一带一路”建设有关的境外投资；带动优势产能和技术标准输出的境外投资；鼓励在境外设立研发中心；油气、矿产等自然资源；农业以及相关产业；以及商贸、文化、物流和金融等领域境外投资。

“展望未来，技术相关的投资将会是拉动中国对外投资的主力军，包括新兴领域的高科技，如人工智

OUTBOUND


“There are some other areas, like environmentally unfriendly projects, gambling and pornography, that the government in practice will very likely restrict or prohibit Chinese companies from doing investment overseas, but it has not systematically issued such policies to the public, which may create uncertainties for companies to follow. This new guideline will make it much easier for companies to execute and for authorities to supervise.” - Justin Cai Junxiang, Zhong Lun Law Firm

“政府在实践中很有可能会限制或禁止中国公司在海外投资一些其他领域，如对环境不友好的项目、赌博和色情业等，但并未系统性地公开发布有关政策，这可能会造成公司在政策合规方面的不确定性。新的指导意见将使公司更容易执行，也更便于有关部门监管。” - 蔡军祥，中伦律师事务所

trade, culture, logistics and finance.“Looking ahead, those that are technology related,

including high technology in new areas, for example artificial intelligence, big data and bio medtech, and innovative technologies in traditional manufacturing sectors that can reduce the overcapacity problem that industries like mining and steel production are facing, will be the main booster for overseas Chinese deals,” says Fang.

Linklaters expects Chinese outbound direct investment in the coming decade to reach $1.5 trillion, up 70 percent from the level during 2007-2016, while Made in China 2025 and the Belt and Road Initiative are the major driving forces for the continued growth.

Zhang with Baker McKenzie agrees with the positive prediction and says that globalization has added further impetus to this trend as some Chinese companies have transformed themselves into global organizations.

“A growing appetite for cutting-edge technology, manufacturing capabilities, consumer brands and safe haven assets in advanced economies is likely to drive the growth of China’s outbound investment as Chinese companies seek to diversify their businesses and make inroads into international markets,” says Zhang.

He adds that China has been looking to the Middle East and Russia for natural resource assets to meet its domestic energy needs. The agriculture sector, especially in areas that are conducive to modern and green agriculture development, has been another hot bed for investment activities.

Cai with Zhong Lun says that the desire and driving force of Chinese investors stepping out is still quite strong.

“Many of our companies have been developed to a stage that needs further diversification and expansion to up and down streams in order to keep a sustainable growth,” says Cai. “Such needs result in an investable trend of companies going to acquire new business and enter new markets overseas.”

Experts believe that any conclusion of whether the regulatory environment has been ramped up or loosened with policies like the guideline would be too general.

“Different regulatory approaches are taken towards different investments. In the long term, we see that the government still supports outbound investment,” says Cai.

“Under the new guideline, China does not plan to regulate outbound investment activities by way of a stringent administrative approval system. Instead, the authorities opt for a recordable system approach, which will simplify and speed up the filing process,” says Zhang with Baker McKenzie.

能，大数据和生物医药技术，以及应用于传统制造业的、可以减少矿产和钢铁生产等行业产能过剩的创新科技等。”方律师说。

年利达预计未来十年中国的对外直接投资将达到1.5万亿美元，比2007年到2016年期间增长70%，而“中国制造2025”和“一带一路”将会是这一持续增长的主要动力来源。

贝克∙麦坚时的张律师同意这一乐观的预测，并表示全球化进一步推动了这一趋势，一些中国企业已经变身为全球性公司。

“对发达经济体的前沿技术、制造能力、消费品牌和避风港资产的日益增长的渴求可能会拉动中国的对外投资增长，因为中国公司想要实现多元化发展，进军国际市场。”张律师说。

他补充说，中国一直在寻求中东和俄罗斯的自然资源来满足国内的能源需求。农业，特别是有利于现代和绿色农业发展的领域，是投资活动的另一个热点。

中伦的蔡律师认为，中国投资者走出去的愿望和动力仍然相当强烈。

“我们许多客户已经发展到了一定阶段，需要进一步多元化和扩张，以便保持可持续的增长。这种需求使得公司不可避免地会收购新业务和进入新的海外市场。”蔡律师说。

专家认为，任何关于监管环境是否会随着这一指导意见和其他政策的出台而收紧或放松的结论都太为笼统。

“政府对不同的投资采取了不同的监管手段。长远而言，我们认为政府仍然支持对外投资。”蔡律师说。

“根据新的指导意见，中国并不打算通过严格的行政审批制度来规范对外投资活动。相反，有关部门选择了备案制，这将简化和加快申请过程。”贝克∙麦坚时的张律师说。

OCTOBER 2017

SHENZHEN IN-HOUSE LEGAL SUMMIT

44 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版

The second Thomson Reuters ALB Shenzhen In-house Legal Summit was successfully held on September 7 in Futian Shangri-La, Shenzhen, attracting hundreds of in-house counsels from different indus-tries. As usual, the summit ran two parallel streams of Stream A and Stream B from which participants may choose according to the topic of their interest.The summit officially kicked off at 9am. Stream A started with a keynote address by Ray Worthy Campbell, Professor of Law with Peking University School of Transnational Law, where he shared in-sights on technology and the changing face of legal services.Professor Campbell was followed by Sun Yunzhu, Partner with East & Concord Partners, who gave a keynote speech under the title of An Overview of Mergers

& Acquisitions of Companies and Mergers & Acquisitions Financing. Starting from the fundamental legal elements of M&A busi-ness, Sun gave a comprehensive account by focusing on several key points such as the selection of subject and company strate-gies, corporate valuation, deal structure designing, financing portfolio in M&A deals, and completing contractual M&As in the EPC pattern.After refreshment break, Dawn Zhang, Co-Managing Shareholder of Greenberg Traurig, LLP, walked the audience through some key aspects in CFIUS filing, while Wayne H. Elowe, Chair of the Corporate and Securities Practice in Atlanta of the same firm, discussed on how to become a competitive suitor in the US market from the perspectives of understanding the deal process and what US sellers look for in a

buyer, managing the legal and commercial issues in a deal, purchase agreements and getting to closing.Stream B was equally exciting. He Juan, Associate Professor of Law with the Graduate School at Shenzhen, Tsinghua University, was the guest of honor for key-note address, and she presented the topic of Competition in Business and the Game of Intellectual Property to the audience.Gao Ping, Partner from Anjie Law Firm, soon followed with the hot topic of risks of shareholding entrustment and dispute resolution. Her speech covered the causes for and risks of shareholding entrustment, and the general rules for adjudicating such cases. The audience surely benefited greatly from her presentation where she ef-fortlessly blended her 15 years of commer-cial adjudication experience. George Zhang,

BROUGHT TO A SUCCESSFUL CLOSE

7 SEPTEMBER SHENZHEN

SHENZHEN 2017IN-HOUSE LEGAL SUMMIT

Chairperson: Bian Jie, Thomson Reuters大会主持人：边洁, 汤森路透

Sun Yunzhu , Partner, East & Concord Partners孙云柱，合伙人，天达共和律师事务所

Ray Worthy Campbell, Professor of Law , Peking University School of Transnational LawRay Worthy Campbell , 教授, 北京大学深圳研究生院国际法学院

Dawn (Dan) Zhang, Co-Managing Shareholder, Greenberg Traurig Law Firm张丹，联合管理合伙人，美国GT国际律师事务所

Wayne H. Elowe, Chair of the Corporate and Securities Practice in Atlanta, Greenberg Traurig Law FirmWayne H.Elowe, 亚特兰大分所公司和证券团队负责人，美国GT国际律师事务所

Gao Ping , Founding Partner, Anjie Law Firm高苹, 创始合伙人,安杰律师事务所

HE Juan, Associate Professor of Law, Graduate School at Shenzhen, Tsinghua University何隽, 副教授, 清华大学深圳研究生院

George Zhang, Partner, Anjie Law Firm章剑舟, 合伙人,安杰律师事务所



another partner from Anjie Law Firm, focused his speech on the fight for the com-pany chop in equity disputes. Beginning his address from the role of company chops in China’s legal context, Zhang also touched on judicial decisions on disputes related to company chops, how to keep company chops safe, new regulations on company chop carving and the legal implications thereof.Three partners from V&T Law Firm, Zhang Xiaofeng, Lv Huijie and Song Yang, took the stage thereafter with presentations on PPP and Urban Renewal. Combining rich experience in PPP practice, Zhang first gave a detailed analysis of PPP development by discussing lawyers’ PPP practice under new situations. His colleague Lv Huijie followed with a speech on Practical Problems in Urban Renewal in Shenzhen by focusing on the practical issues and difficulties of urban renewal that are of concern to the audience. Finally, Song gave a detailed account of le-gal due diligence of urban renewal projects, offering professional legal advice from how to proceed with legal due diligence to the key points of legal risk prediction.After lunch, the participants returned to the venue refreshed for the presentation on Bankruptcy Reorganization - Legal Approach of Supply-side Reform by Lawrence Zhu, Senior Partner of AllBright

Law Offices, where he provided detailed analyses from the perspectives of the important role of bankruptcy law in supply-side reform, the advantages and features of bankruptcy and reorganization, difficulties in handling bankruptcy cases and neces-sary measures to improve and promote the bankruptcy law. Zhu was followed by Sean Lam and Patricia Woodbury, both Managing Directors, Risk & Investigations from FTI Consulting, who presented on the topic of Forensic Response to an Investigation Involving Regulators. Their presentation covered de-tails on the following four aspects: different skillsets required in investigation, develop-ing a practical yet defendable investiga-tive response, identifying the sources of information for investigation, and conveying investigative findings appropriately. During the final panel discussion session, Zhang Wei, General Counsel of Vanke and TK Song, General Counsel of Media Group International Legal and Compliance, shared their thoughts and experiences on the day-to-day challenges faced by in-house lawyers. The discussion was moderated by Vivian Yuan, Head of Practical Law China, Thomson Reuters, who interviewed the two general counsels with questions on how can in-house counsels raise work ef-ficiency with limited resources, how to push

for digital innovation of in-house teams and how to promote successful coopera-tion between in-house teams and external firms to achieve companies’ strategic goals. The general counsels shared many practical legal advice with approachable and humorous languages, creating a lively atmosphere. The Q&A session was also re-peatedly extended as enthusiastic audience raised their questions and interacted with the panelists. This year’s Shenzhen In-house Legal Summit concluded successfully, and was highly appraised by all attendants. We, as the organizer, would like to sincerely thank everyone who has participated and made this event a success, and look forward to seeing you again at our next event..

Zhang Xiaofeng, Partner, V&T Law Firm张晓峰，合伙人，万商天勤律师事务所

Song Yang , Partner, V&T Law Firm宋阳，合伙人，万商天勤律师事务所

Lv Huijie, Partner, V&T Law Firm吕慧杰，合伙人，万商天勤律师事务所

Lawrence ZHU, Senior Partner , AllBright Law Offices朱林海，高级合伙人，锦天城律师事务所

Sean Lam , Managing Director, Risk & Investigations, FTI Consulting林金源, 风险及调查部常务董事,FTI Consulting

Vivian Yuan, Head of Practical Law China, Thomson Reuters袁玲，Practical Law China总监，汤森路透

Patricia Woodbury, Managing Director, Risk & Investigations, FTI ConsultingPatricia Woodbury，风险及调查部常务董事，FTI Consulting

Zhang Wei, General Counsel, Vanke张伟, 法务部总经理, 万科集团

TK Song, General Counsel, Midea Group International Legal and Compliance宋庭光, 国际法务及合规总监, 美的集团

OCTOBER 2017



2017 ALB深圳企业法律顾问峰会圆满落幕

9月7日, 第二届汤森路透ALB深圳企业法律顾问峰会在深圳福田香格里拉酒店成功举办，吸引了百余位来自不同行业的法务代表出席。本次峰会分为A、B两个会场同时进行，参会者可根据感兴趣的话题自由选择会场。

早上9点峰会正式开始，A会场由北京大学深圳研究生院国际法学院 R a y Worthy Campbell 教授的主题演讲作为开场。他与大家分享了技术与法律服务的不断变化的一些先进思想。

随后，天达共和律师事务所深圳办公室负责合伙人孙云柱律师以“浅议公司并购与并购融资”为题进行主旨演讲。孙律师从并购业务的法律基础要素切入，围绕着标的选择与公司战略、公司估值、交易结构设计、并购交易中的组合融资、运用EPC模式完成契约型并购等内容展开系统全面的论述。

茶歇过后，美国G T 国际律师事务所联合管理合伙人张丹与大家分享了美国外国投资委员会申报的一些要点问题。美国 G T 国际律师事务所亚特兰大分所公司和证券团队负责人Wayne H. Elowe 则围绕交易流程、美国卖方寻找怎样的买方、管理交易

的法律和商业问题、收购协议、交割事项等方面，给出了如何才能成为在美国市场具有竞争力的收购方的方法。

B会场同样精彩。主题演讲嘉宾是来自清华大学深圳研究生院的副教授何隽。她为现场法务代表准备的演讲题目是商业竞争与知识产权博弈。

紧随其后，安杰律师事务所合伙人高苹律师为大家带来了股权代持的风险和纠纷解决这个热点话题。她从股权代持的发生原因讲到股权代持的风险，再到这类案件审理的一般规则。她把自己从事商事审判工作十五年的经验糅合进来，相信听众十分受用。安杰律师事务所合伙人章剑舟，则将讲解重点放在了股权纠纷中的公章争夺上。他从印章在中国的法律地位切入，进而谈及与印章相关的司法判例、印章管理及刻章新规对印章法律地位的影响。

随后，万商天勤的三位合伙人张晓峰律


师、吕慧杰律师、宋阳律师以“PPP及城市更新”为题进行了专题演讲。张晓峰律师首先围绕“新形势下的PPP实务操作”结合自己在PPP领域丰富的执业经验，对现阶段新形势下的PPP发展做了详细的分析。吕慧杰律师就“深圳城市更新中的实务问题“，围绕听众所关心的城市更新实务操作中的问题和难点进行了重点解读和分享。宋阳律师针对“城市更新项目的尽职调查”做了详细的讲解，从如何做法律尽职调查到法律风险预判的重点都给出了专业的法律建议。

午餐过后，与会者们以热情饱满的精神状态回到会场，聆听了锦天城律师事务所高级合伙人朱林海律师对“破产重整——供给侧改革的法律途径”的讲解。朱律师从破产法在供给侧改革中的重要作用、破产及重整的优势特点、办理破产案件中的疑难问题和完善推动破产法的必要性措施几个方面进行了详尽的剖析。

接下来，FTI Consulting的风险及调查部常务董事林金源先生和Patricia Woodbury女士登台，以“法庭对监管机构调查的回应”为主题，从调查中所需的不同技能、制定实用且有辩护性的调查回应、确定调查信息的来源、适当传达调查结果四方面，进行了细致解读。

最后的专家分享环节，万科集团的法务部总经理张伟先生和美的集团的国际法务及合规总监宋庭广先生，跟在坐的法务代表分享了关于“内部法律顾问所面临的日常挑战”的心得与经验。主持人汤森路透Practical Law China总监袁玲分别就“内部法律顾问如何在资源有限的情况下提高工作效率”，“如何推动法律团队的数字化创新”和“如何促进公司内部律师与外部律师事务所之间的成功合作从而实现公司的战略目标”对两位进行提问。两位总法分享了诸多法律实务经验，深入浅出的分享方式，风趣的语言时常将现场气氛带动到至高点。提问环节也因现场观众的热情而一再延长，现场互动不断。

此次会议获得圆满成功，受到参会者的广泛好评。真诚感谢各位嘉宾的参与和支持，并期待在下次ALB的活动中与各位再次见面。。

BEIJING 2017IN-HOUSE LEGAL SUMMIT

23 NOVEMBERBEIJING

LIMITED SPACE • COMPLIMENTARY PASSES* AVAILABLE • RESERVE NOW

For speaking opportunities and general enquiries, please contact:

加入峰会演讲嘉宾或峰会信息咨询，请联系：

Erin Wang 王璇 Phone: +86 10 6627 1317Email: [email protected]

For sponsorship opportunities, please contact:

关于更多峰会赞助机会请联系：

Yvonne Cheung 张裕裕 Phone: +852 2847 2003Email: [email protected]

Steven Zhao 赵树群 Phone: +86 10 6627 1360Email: [email protected]

WORKSHOP SPONSORS

PROUDLY PRESENTED BY

ASSOCIATE SPONSOR

SUPPORTING ORGANIZATIONSALB SUPPORTS ONLINE LEGAL RECRUITMENT SPONSOR

金诚同达律师事务所

Event website 活动官方网站:

http://www.legalbusinessonline.com/ihs/beijing-ihs-2017

Asian Legal Business is proud to present the Beijing In-House Legal Summit 2017. ALB’s signature annual summit gathers together in-house counsels, legal practitioners and industry experts to discuss M&A, culture, sports & entertainment, outbound investment, dispute resolution, employment law, voluntary liquidation, anti-monopoly and anti-unfair competition etc.

《亚洲法律杂志》将于2017年11月23日在北京举办北京企业法律顾问峰会。本次年度盛会将汇集法律顾问、法律从业人员和行业专家讨论并购、文化、体育与娱乐、对外投资、争端解决、劳动法、自主清盘、反垄断和反不公平竞争等诸多热点问题。

Gao Ping, Founding Partner, Anjie Law Firm 高苹，创始合伙人，安杰律师事务所

Shi Jun, Senior Partner, AllBright Law Offices 史军，高级合伙人，锦天城律师事务所

Calvin Ding, Shareholder, Greenberg Traurig, LLP 丁林林，合伙人，美国GT国际律师事务所

Perry CAI, Partner, Jincheng Tongda & Neal 蔡滢炜，合伙人，金诚同达律师事务所

Wang Xiujuan, Partner, Anjie Law Firm 王秀娟，合伙人，安杰律师事务所

Gong Xiaoyan, Partner, East & Concord Partners 宫晓燕, 合伙人，天达共和律师事务所

Koji Ishikawa, Shareholder, Greenberg Traurig, LLP 石川耕治，合伙人，美国GT国际律师事务所

Dr. Isabelle I H Wan, Senior Partner & Leader, Employment Law Practice, TransAsia Lawyers 万以娴博士，资深合伙人、劳动法业务部门负责人，权亚律师事务所

Xia Yibin, Senior Partner, Anjie Law Firm 夏毅斌，高级合伙人，安杰律师事务所

Guan Bing, Partner, East & Concord Partners 管冰，合伙人，天达共和律师事务所

Charmaine Rose H. Lim, Partne, Gulapa Law

SPEAKERS

Greenberg TraurigGreenberg Traurig is an international law firm, multi-practice law firm with approximately 2000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia and the Middle East. Greenberg Traurig provides integrated, business-focused legal services for clients worldwide and we help clients bridge markets and cultures by providing innovative strategic ad-vice and efficient legal services.

Greenberg Traurig’s China Practice regularly advises international clients entering the Chinese market, as well as those with established business interests in the region. In addition, we repre-sent Chinese companies in their transactions and other business dealings in the United States and abroad.

Website: www.gtlaw.com

PROUDLY PRESENTED BYALB SUPPORT

SUPPORTING ORGANISATIONS

SPONSOR ONLINE LEGAL RECRUITMENT SPONSOR

East & Concord Partners East & Concord Partners is one of the largest national full-service law firms covering over 20 prac-tice areas. It was formed in 2014 as a result of a merger between East Associates Law Firm and Concord & Partners, two of the oldest partnership law firms in China, established in 1993 and 1995 respectively. The firm is headquartered in Beijing, with branch offices in Shanghai, Shen-zhen, Wuhan and Hangzhou. East & Concord Partners currently has over 300 legal professionals, most having qualifications and hands-on experiences from law schools and firms throughout the world. Moreover, all of our senior partners have over 30 years of experience in the legal field. Our working languages include Chinese, English, Japanese and French.

Contact Mr. Qi Zhou Managing PartnerT: +8610 6590 6639 E: [email protected]

FTI Consulting FTI Consulting is an independent global business advisory firm dedicated to helping organiza-tions manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. Individually, each practice is a leader in its specific field, staffed with experts recognized for the depth of their knowledge and a track record of mak-ing an impact. Collectively, FTI Consulting offers a comprehensive suite of services designed to assist clients across the business cycle – from proactive risk management to the ability to respond rapidly to unexpected events and dynamic environments. Our APAC offices include: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Cayman Islands, and British Virgin Islands.

OCTOBER 2017



Beijing Office (HEADQUARTERS):19/F, Tower D1, Liangmaqiao Diplomatic Office Building, No. 19 Dongfangdonglu, Chaoyang District, Beijing 100600Tel: +86 10 8567 5988 Fax: +86 10 8567 5999

Shanghai Office:33/F, K.Wah Center, No. 1010 Huaihai Road (M), Xuhui District, Shanghai 200031Tel: +86 21 2422 4888 Fax: +86 21 2422 4800

Shenzhen Office:38/F, Tower 3, Kerry Plaza, No. 1-1 Zhongxinsi Road, Futian District, Shenzhen 518048Tel: +86 755 8285 0609 Fax: +86 755 8285 0605

WORKSHOP SPONSORS

AnJie AnJie Law Firm was founded by a group of senior lawyers committed to providing a high quality of service to international and domestic clients. Our attorneys are highly-regarded advisors with years of legal experience in a wide variety of fields, including insurance, intel-lectual property, antitrust, private equity, mergers & acquisitions, employment, TMT, capital markets, government policies, general corporate and regulatory matters, and high-stakes litigation and arbitration. Clients consistently give high marks to our services, acknowledg-ing our attorneys’ effectiveness, reliability, and creativity. AnJie has quickly established its reputation as a first tier, elite law firm in China. Since its inception, AnJie Law Firm has been awarded “Rising Firm of the Year” (2013) by Asian Legal Business (ALB), and ranked within ALB’s list of “China’s Fastest 10 Growing Firms”. More recently, AnJie was awarded “Employer of Choice 2016” by ALB, “2016 Employer of Choice Career Outlook China: PRC Firm” by LEGALBAND and “2016 Fast 10 Growing Law Firms in China”, again by ALB. In addition, AnJie has been recognized both as a “Recommended Leading Firm”, and “Firm of the Year” in major practice areas including Antitrust/Competition, M&A, Arbitration & Litigation, and Intellectual Property, by Chambers & Partners, ALB, Asialaw, Legal 500 and other renowned ranking institutions.

Headquartered in Beijing, we have opened branch offices in Shanghai and Shenzhen, and continue to growing rapidly, with more than 300 professionals and supporting staff cur-rently working across our three offices. As successful practitioners in their fields, our lawyers continue to demonstrate excellence in their legal work and commitment to their profession. Most of our lawyers have practiced in leading international law firms and gained many years of experience before joining AnJie. Certain of them have worked in national ministries of the People’s Republic of China and in international organizations, and have built their careers while maintaining harmonious connections with various government bodies and interna-tional organizations. V&T Law Firm

V&T is a comprehensive full-service law firm with branch offices in Beijing, Shenzhen, Shanghai, Chengdu and Wuhan, with a team of over 300 lawyers and legal professionals.

V&T brings together leading lawyers, specializing in corporate & capital markets, banking & fi-nance, private equity & funds, intellectual property, international practice, real estate, construc-tion and infrastructure, dispute resolution, criminal defense & agency, governmental affairs. Based on the deep understanding from clients, V&T’s professional ability and efficient solutions have made the firm become a long-term reliable partner of our clients.

Please contact: Ms. Wu Jing, Marketing and Brand Operations DirectorE: [email protected]: 0755-8302 6386Address: 45th Floor, Landmark 4028 Jintian Road, Futian District Shenzhen, Guangdong 518035, P.R. China

Allbright Law Offices We are one of the leading full-service Chinese law firms in the People’s Republic of China (“PRC”). As a national law firm headquartered in Shanghai, we provide a comprehensive range of high quality legal services to both domestic and international clients from our eigh-teen offices, respectively in Shanghai , Beijing , Chengdu , Chongqing , Fuzhou , Hangzhou , Hefei, Jinan, Nanchang, Nanjing, Qingdao, Shenzhen, Suzhou, Tianjin, Taiyuan, Xi’an, Xia-men, Zhengzhou and Hong Kong.While size is only one of many indicators of the success and resourcefulness of a law firm, we certainly lead in this respect among our peers in Shanghai. We are the largest law firm based in Shanghai (and in the whole Eastern China region).

Address: 11, 12/F, Shanghai Tower, No.501, Yincheng Middle Road, Pudong New Area, Shanghai 200120, P.R.ChinaTel: +86 21 2051 1000Fax: +86 21 2051 1999Website: www. allbrightlaw.com

CROSS-BORDER FINANCING AND M&A FORUM

9 November 2017 - Shanghai, China

Erin Wang 王璇

http://www.legalbusinessonline.com/conferences/ALB-Dentons-CBFMAF更多详细信息，欢迎访问ALB官方活动网站：

关于论坛信息咨询，请联系：扫描二维码参加论坛：

扫码关注大成上海办公室:

在“一带一路”上升为重要国家战略的大背景下，跨境融资、并购成为各方关注的新热点。中国企业跨境融资、并购方兴未艾，将是全球的活跃主角。然而，在中国企业进行跨境融资、并购时将遇到的一系列问题也不容小觑。基于此， ALB与大成律师事务所联合举办的跨境融资与并购论坛，将为面临跨境融资、并购难题的企业提供有针对性的、高价值的信息参考。届时，多位专家将对跨境融资的模式与风险管理、跨境并购的结构设计、海外基础设施或能源并购实务，及跨境融资、并购中的法律问题等进行深入剖析。我们欢迎：• 高级公司法务• 商界领袖、高级管理人员、董事、区域经理

参会理由：• 与融资并购专家及企业总法律顾问面对面交流互动• 自助茶歇及鸡尾酒会• 扩展人脉的绝佳机会• 免费门票

ALB大成跨境融資與併購論壇

大成上海办公室大成作为全球最大的律师事务所，为世界各地客户提供高品质与高价值的法律服务。大成在Acritas全球精英律所品牌指数榜上名列前茅，并荣膺BTI客户服务30强奖项；在客户服务方面推出系列创新举措，包括创立下一代法律实验室及下一代法律全球转介网络等，赢得知名商业及法律媒体的广泛赞誉。大成挑战现状，倡导多中心文化，汇聚全球优秀人才，服务客户，回馈社会。

大成上海办公室成立于2001年，是沪上成立最早的合伙制律师事务所之一。大成上海办公室目前拥有员工近700人，拥有400余名执业律师，其中合伙人170余名。

*免费参会名额对律师事务所及其他相关服务提供商不适用。**每家企业限两名参会代表。***所有参会登记需经许可方可生效，受有关条款及细则约束。

论坛时间：11月9日 l 论坛地点：丽思卡尔顿酒店(上海浦东陆家嘴世纪大道8号) l 参会形式：免费(仅针对公司法务)

Phone: +86 10 6627 1317 Email: [email protected]

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客户经理：张裕裕，电子邮件：[email protected]

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赵树群，电子邮件：[email protected]

全球領先律師事務所的首選超过60%的全球百强律所(Global 100)选择汤森路透Elite产品以实现更高效的所务管理，我们全球各地的团队为客户提供行业解决方案。汤森路透是全球领先的专业信息服务提供商，公司有五万多名员工，分布在全球100多个国家、300多个城市。

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