9 772220 270006 ISSN 2220-2706 CHINA’S BEST LAW FIRM EMPLOYERS 年度雇主榜单同时揭晓 WHEN IP ENCOUNTERS GEN AI 当知识产权遭遇人工智能 AGING POPULATION BRINGS NEW WORK 银发社会带来新法律需求
AMANTHA CHIA 谢京庭 amantha.chia@tr.com / +65 6973 8258 RESEARCH TEAM 调研团队 LawAwards@tr.com +86 10 5669 2009 +86 10 5669 2010 https://www.legalbusinessonline.com/awards/china-law-awards-2024 23RD MAY • BEIJING 5月23日 • 北京 As the nomination is closed on 1 March, the judging work of the 21st Annual ALB China Law Awards 2024 will commence soon. Winners will be announced in a gala ceremony in Beijing on Thursday, 23rd May 2024. Recognizing your organization’s accomplishments over the past year, ALB would like to invite you to join the ALB China Law Awards 2024 ceremony. The event will bring together legal and business elites across China. Joining the awarding ceremony are ideal opportunities for law firms and in-house teams not only to establish competitive networks, but also to showcase their expertise and leading position in the legal community. Join the grandest legal celebration in China and celebrate with the legal and business communities! 第21届ALB中国法律大奖提名已于3月1日结束，评审工作即将陆续开展。奖项最终花落谁家，将在2024年5月23日（星期四）在北京 举行的颁奖盛典上隆重揭晓。 二零二四年ALB中国法律大奖旨在肯定和宣传过去一年在法律界取得巨大成就的法务团队、律所及个人，致力于鼓励更多的法律 团队及从业者在自己的领域做出杰出贡献。颁奖典礼将聚集法律界的大咖与新星，为您的人脉扩展起到积极作用。与此同时，参加 颁奖典礼也可以向整个法律界展示您及团队的专业水平和风采。 我们期待与您同赴盛典，共享荣耀时刻!
1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS BRI EFS 4 Briefs 焦点故事 10 Appointments 律师转所信息 11 Deals 交易 With contributions from: • Grandway Law Offices 国枫律师事务所 • Guantao Law Firm 观韬中茂律师事务所 COVER STORY 12 2024 ALB China Top 15 Cybersecurity & Data Protection Lawyers 2024 ALB China 十五佳网络安全和数 据保护律师 For the second consecutive year, ALB proudly presents a curated list of the Top 15 Cybersecurity and Data Protection Lawyers, recognizing their exceptional professional acumen, global vision, and an illustrious track record of delivering comprehensive, cutting-edge solutions. ALB连续第二年关注 网络安全和数据保护 领域的优秀律师，十 五位上榜者不仅拥 有过硬的法律专业 素养，也具备敏锐的 全球视野，为客户在 不断变化的数字商业 时代提供综合性法律 解决方案。 Ranking by ALB, text by Charlie Wu With contribution from: • Dacheng Law Offices 大成律师事务所 FEATURES 12 China’s ageing population set to increase opportunities for legal work 中国“银发经济”促生 全新法律服务需求 China is grappling with an escalating demographic crisis. This has led to a population decline in a country in desperate need of a robust labour force. But on the other side of the coin, some sectors are poised to see growing commercial opportunities. 中国正面临着日益严 峻的人口问题，这对 中国未来的稳健劳 动人口数量构成威 胁，但在硬币的另一 面，人口变化却给另 一些产业带来了发展 新机遇。 20 Rein in the robots 规制人工智能 In response to the many Gen AI-related intellectual property issues that are being hotly debated around the world, experts share with ALB the latest moves by Chinese regulators and courts. 针对全球热议的诸 多Gen AI相关知识 产权问题，该领域专 家分享了中国监管者 和法院的最新回应。 26 2024 ALB China Employer of Choice 2024 ALB China 年度雇主 Amidst the prevailing economic landscape, the legal services industry is grappling with escalating pressures and formidable challenges. However, some elite firms, fortified with highly competitive talent pools, are confronting these obstacles head-on. 在当前大环境下，法 律服务业面临不断 叠加的压力和挑战， 而一批极具人才竞争 力的优秀律所直面困 境，积极制定策略、解 决问题，引领全体雇 员同心协力、共克时 艰。 With contribution from: • Lantai Partners 兰台律师事务所 12 CHINA’S AGEING POPULATION SET TO INCREASE OPPORTUNITIES FOR LEGAL WORK 中国“银发经济”促生全新法律服务需求 Image: Rob Nazh/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 RANAJIT DAM, Managing Editor, Asian Legal Business, Thomson Reuters HEAD OF LEGAL MEDIA BUSINESS, ASIA & EMERGING MARKETS Amantha Chia 谢京庭 amantha.chia@thomsonreuters.com MANAGING EDITOR Ranajit Dam 邓文杰 ranajit.dam@thomsonreuters.com CHINA EDITOR Hu Yangxiaoxiao 胡阳潇潇 yangxiaoxiao.hu@thomsonreuters.com SOCIAL MEDIA SPECIALIST Victor Wu 吴嘉林 victor.wu@thomsonreuters.com EDITORIAL ASSOCIATE Charlie Wu 吴卓言 charlie.wu@thomsonreuters.com SENIOR CONTENT MANAGER Wang Jin 王瑾 jin.wang@thomsonreuters.com CHINA RESEARCH Bian Jie 边洁 jie.bian@thomsonreuters.com SENIOR DESIGNER John Agra john.agra@thomsonreuters.com TRAFFIC/CIRCULATION MANAGER Rozidah Jambari rozidah.jambari@thomsonreuters.com PUBLISHING COORDINATOR Tracy Yang 杨紫薇 tracy.yang@thomsonreuters.com SALES MANAGERS Yvonne Cheung 张裕裕 China Key Accounts (852) 2847 2003 yvonne.cheung@thomsonreuters.com Steven Zhao 赵树群 China Key Accounts (86) 010 5669 2021 s.zhao@thomsonreuters.com Steffi Yang 杨绮繁 South and West China (86) 010 5669 2041 qifan.yang@thomsonreuters.com Hiroshi Kaneko Japan, Korea (81) 3 4520 1192 hiroshi.kaneko@thomsonreuters.com Jonathan Yap Indonesia, Singapore (65) 9832 8945 jonathan.yap@thomsonreuters.com Krupa Dalal India, Middle East, Singapore (91) 22 6189 7087 krupa.dalal@thomsonreuters.com Romulus Tham Southeast Asia (65) 6870 3035 romulus.tham@thomsonreuters.com Simon Wan Hong Kong (852) 3462 7730 simon.wan@thomsonsreuters.com In today’s digital landscape, where information is currency and cybersecurity breaches are a constant threat, the role of lawyers specializing in cybersecurity and data protection has never been more critical. As technology advances and regulations evolve, businesses must navigate complex legal frameworks to safeguard their assets and ensure compliance. In this issue, we present the ranking of China’s Top 15 Cybersecurity and Data Protection Lawyers for the second year, showcasing the leading legal minds dedicated to addressing the challenges of our increasingly interconnected world. These professionals have demonstrated exceptional expertise in advising clients on matters ranging from data privacy regulations to cybersecurity risk management strategies. From multinational corporations to emerging startups, every organization faces unique cybersecurity and data protection concerns. Our featured lawyers possess a deep understanding of these nuances and offer innovative solutions tailored to their clients’ specific needs. As China continues to play a pivotal role in the global digital economy, the insights shared by these legal luminaries serve as invaluable resources for businesses striving to navigate the complex intersection of law, technology, and cybersecurity. 在如今的数字社会之中，信息就是金钱，网络攻击也日渐频发，使得专注 于网络安全与数据保护领域的律师扮演越来越重要的角色。伴随科技进步、监 管升级，商业主体需要在复杂的法律框架内寻求保卫自身数字资产，同时确保 业务合规。 因此，本期杂志将连续第二年呈现ALB China 十五佳网络安全和数据保护 律师榜单。在日益连通的世界之中，新挑战纷至沓来，都需要律师动用顶尖的法 律智慧加以应对。上榜律师展现出杰出的专业能力，就数据隐私合规、网络安全 风险管理策略等一系列问题为客户提供咨询。 未来，中国将继续引领全球数字经济发展，这些法律俊杰分享的观察和体 会，将帮助商业主体直面法律、科技、网络安全问题交汇带来的复杂挑战。 KEEPING CHINESE COMPANIES SAFE 保卫公司安全 Asian Legal Business is available by subscription. Please visit www.legalbusinessonline.com for details. Asian Legal Business has an audited average circulation of 11,402 as of 30 September 2016.Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Asian Legal Business can accept no responsibility for loss. MCI (P) 004/02/2024 issn 0219 – 6875 KDN PPS 1867/10/2015(025605) Thomson Reuters Alice @ Mediapolis, 29 Media Circle, #09-05, Singapore 138565 / T (65) 6775 5088 10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269 www.thomsonreuters.com
PROUDLY PRESENTED BY SPEAKING OPPORTUNITIES 演讲事宜请联系 Wang Jin 王瑾 jin.wang@tr.com / (8610) 5669 2009 SPONSORSHIP OPPORTUNITIES 赞助机会请联系 Amantha Chia 谢京庭 amantha.chia@tr.com / (65) 6873 8258 Innovation has always been an important “gene” for Shenzhen’s development, and the business needs driven by technological innovation have made Shenzhen enterprises full of vitality. At present, Shenzhen has entered a golden development period driven by “dual districts” and superimposed by “dual districts”, and various policy advantages have also injected more innovative impetus into Shenzhen’s development. At the same time, how should corporate legal advisors cooperate with corporate innovation strategies, respond quickly to business needs, and at the same time comprehensively prevent legal risks and efficiently achieve corporate business goals in a rapidly developing and complex environment. Asian Legal Business is proud to present the 9th ALB Shenzhen In-House Legal Summit on 30 May, 2024. This annual summit gathers senior-level corporate counsels, business leaders and private practitioners from Shanghai and its surrounding areas to gain insights into the frontiers of business, and discuss and share the role of in-house counsels in helping enterprises develop business. 创新始终是深圳的重要发展“基因”，在以科技创新为核心的驱动下带动的商业需求使深圳企业充满活力。当前，深圳 进入了“双区”驱动、“双区”叠加的黄金发展期，各项政策优势也为深圳发展注入着更多创新动力。与此同时，企业法 律顾问又应如何在快速发展和复杂多变的环境下，配合企业创新方略，迅速响应商业需求，同时全面防范法律风险， 高效实现企业商业目标。 带着这些热点问题，《亚洲法律杂志》将于2024年5月30日再次来到深圳，举办第九届ALB深圳企业法律顾问峰会。本 次大咖云集的年度盛会将汇集百余位深圳及其周边地区的资深法务、商业精英、业界专家，解读法律热点，洞察商业 前沿态势，深度挖掘时代赋予深圳的发展新机遇。 30 May - Shenzhen 5月30日 - 深圳 ALB SHENZHEN IN-HOUSE LEGAL SUMMIT 2024 2024 ALB 深圳企业法律顾问峰会 FOR MORE INFORMATION, KINDLY VISIT 更多信息欢迎访问本次活动页面 https://www.legalbusinessonline.com/ihs/SZIHLS2024 PROUDLY PRESENTED BY WORKSHOP SPONSOR
4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 The first quarter of 2024 saw a flurry of cross-border transactions involving Chinese companies and global pharmaceutical giants like AstraZeneca and Novartis in the space of innovative drugs. Legal experts say the industry’s focus on out-licensing transactions signals a growing international recognition of China’s R&D prowess in innovative drugs, promising both market confidence and strategic partnerships. 2024年第一季度，中国多家创新药企与全球制药巨头进行了 一系列跨境交易。法律专家表示，对外授权许可交易的增加体 现了国际社会对中国药企研发实力日益认可，这既带来了市场 信心，也带来了更多战略合作。 BY VICTOR WU 作者：吴嘉林 In the still sluggish deal-making market of the first quarter of 2024, the innovative drugs industry stands out as an exception. Over the past three months, Chinese innovative drug companies have engaged in multiple deals with overseas pharmaceutical giants such as AstraZeneca and Novartis, from mergers and acquisitions to out-licensing transactions. This activity demonstrates the international market’s recognition of China’s research and development prowess in innovative drugs, boosting market confidence amidst the current climate in the medicine sector. Yu Zhengchun, senior partner at Allbright Law Offices, has valuable insights to share. “Between January and February, Chinese innovative drug companies completed over 30 cross-border deals with overseas pharmaceutical firms, including M&A, equity financing, and equity cooperation, with out-licensing deals being predominant.” This momentum follows that of 2023, which saw over a hundred outlicensing deals in China alone, reaching historic highs in both deal value and down payment ratios. FROM CHINA TO THE WORLD 中国创新药“出海”加速 BIG STORY According to Yu, deals between Chinese and foreign pharmaceutical companies typically take two forms: M&A, including equity and asset acquisitions, and equity cooperation, encompassing full equity transfers or partial equity partnerships. “Regardless of the form, cooperation partners leverage their respective strengths to jointly advance the R&D and commercialization of innovative drugs, significantly improving the success rate and efficiency of the entire process.” Given the high-risk, high-investment nature of innovative drugs, out-licensing has become the new trend in R&D, with some innovative drug pipelines in China gaining recognition from multinational pharmaceutical companies. OUT-LICENSING UNDER SCRUTINY Alan Zhou, leader of the life science and healthcare practice at Global Law Office, observes that Chinese innovative drug companies have long shown enthusiasm for out-licensing transactions. In 2017, Global Law Office represented BeiGene in completing out-licensing and equity transactions with Celgene Corporation, with a deal value of nearly USD 1.4 billion. This breakthrough surprised the industry and served as early proof of the international recognition of the R&D capabilities of Chinese innovative drug companies. Zhou believes that after this landmark deal, more Chinese pharmaceutical companies began to “go global” through the out-licensing model. While there have been many influential out-licensing projects since then, such as Legend Biotech and Johnson & Johnson, license-in transactions were decisively more popular than out-licensing before 2021. However, in 2022, “with continuous improvement of indigenous R&D capabilities, as well as factors such as the cooling of domestic and Hong Kong capital markets and the impact of industry policies, the innovative drugs industry entered a period of adjustment,” says Zhou. “The demands of innovative drugs companies shifted more towards ‘selling,’ resulting in a rapid growth of the number of out-licensing deals, which exceeded the number of license-in transactions by a large margin.” Yu also acknowledges that in the current climate, where equity financing remains quite difficult for Chinese innovative drug companies, “getting a higher down payment through out-licensing is also an important way out.” However, he notes that multinational pharmaceutical companies are mainly interested in pipelines with the potential for “firstin-class” drugs, which excludes most Chinese innovative drug companies. Furthermore, there have been cases of pipelines going global “in clusters” in
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA projects do not target only one product but are based on comprehensive cooperation across the entire product line.” It is precisely because of such complexity that despite the hot market, sometimes it is necessary to make deals more “solid” and uphold a relatively calm “long-term” spirit, which puts forward many new requirements on lawyers advising such deals. First is to have a “panoramic view”. “We need to consider deal-related issues against the entire market. Lawyers must have a rich skillset to help clients arrange the entire project in various aspects such as regulation, compliance, deal-making, intellectual property, etc. Advising an out-licensing deal well often requires an all-around and one-stop team,” says Zhou. Second is to have an international perspective. Zhou admits that some domestic innovative drugs companies are not yet familiar with international deal-making, business practices, valuation models, etc., which requires transactional lawyers to undertake some commercial functions to “help clients clarify business demands and complete project implementation”. Third is to have outstanding coordination ability. According to Huang, outlicensing often involves many functional departments within an innovative drugs company, such as operations, finance, and supply chain. “Lawyers need to have strong coordination skills, have indepth contact with various departments, understand their concerns and needs, and ultimately coordinate the interests of all parties and reflect those interests in legal texts. The most challenging part of advising out-licensing deals is these value-added services.” In addition, despite the bustling market environment, Zhou has already dealt with many cases of “product return” or even disputes in out-licensing deals, such as the failure to achieve predetermined targets in product milestones such as R&D, examination and approval, and sales making it impossible to trigger milestone payments, or significant changes in industry environment, policy adjustments, or controlling power of one side to the transaction. BIG STORY recent years. For example, “in 2023, the pipelines for out-licensing were mainly in ADC, mono/dual antibody drugs, CGT drugs, and GLP-1 drugs, with GLP-1 drugs being particularly popular. This year is not expected to be very different,” says Yu. Certainly, the ability to “go global” is essentially attributed to the growing strength of Chinese pharmaceutical companies, which has led to the production of excellent drugs. According to Charlene Huang, partner at Global Law Office, “multinational pharmaceutical companies have recognized China’s R&D capabilities and hope to introduce drugs to overseas markets as soon as possible through cooperation as supplements to their own product pipelines.” In fact, everyone can benefit from out-licensing. On one hand, with high down payments, innovative drug companies can compensate for financing difficulties, promote pipeline R&D, lower R&D risks, and learn from overseas clinical development experience and commercialization capabilities, thus obtaining high milestone payments and shares from overseas market sales in the future. On the other hand, for licensees, purchasing “licenses” can also amortize R&D risks and costs and enrich product pipelines. If pipelines with great market potential successfully go to market, they can also quickly grab market share and earn handsome returns. “LONG-TERMISM” NEEDED Although the logic of out-licensing deals is relatively straightforward, Zhou notices that the out-licensing process is becoming more complex as it continues to grow in popularity. “First, out-licensing deals are often bundled with equity deals, making mixed transactions more common. For example, several projects handled by our team also include M&A and investment. Second, an out-licensing deal may require both parties to discuss how they will jointly complete the entire process of clinical R&D for early-stage development, production and CMO, commercial operations, etc. Both sides need to engage in a slew of negotiations and cooperation. Third, some more in-depth As a matter of fact, “the overall success rate of innovative drugs R&D is not high, and there are often disputes over long-term cooperation after a deal is completed. Whether the contract terms written by lawyers before the transaction can protect the interests of clients in the disputes that may inevitably arise later cannot be achieved simply by copying contract templates,” reminds Zhou. “To become a top transactional lawyer for out-licensing, one must go through not only the ‘beautiful moments’ of official deal announcement but also the potentially ‘ugly’ moments of litigation and arbitration.” “In my experience, transactional lawyers need to predict as much as possible the difficulties that may arise in future integration when preparing agreements, and include solutions in the agreements and help both sides establish a proper communication mechanism. This way, even if disputes occur in the future, companies can quickly find effective solutions based on that mechanism,” says Huang. 对2024年第一季度仍显冷清 的交易市场来说，创新药行业构成了 一股“清流”。 过去三个月，从并购交易，到对 外授权许可（license-out），中国创 新药企业频频与阿斯利康、诺华等海 外医药巨头“交手”，展现出国际市 场对于中国创新药研发水平的认可， 也以产业板块之力，提振了当下市场 信心。 锦天城律师事务所高级合伙人 虞正春律师对此颇有感触。“1至2 月，中国创新药企业与海外药企完成 了超过30起以上的跨境交易，包括 并购、股权融资、权益合作等多种类 型，其中以license-out交易为主。” 他说。 这延续了2023年的势头——实 际上，过去一年中国license-out合 作项目超过百起，交易金额及首付款 比例都创下历史新高。 虞律师解释道，中外药企的交易 形式主要包括两类：一类是并购交 易，主要包括股权并购、资产并购；
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 出了很好的药”，环球律师事务所合 伙人黄旭春律师说，“跨国药企看到 了中国的研发能力，从而希望通过合 作将药品尽早引入到境外市场，作为 对自身产品管线的补充”。 实际上，license-out合作能够 实现“各取所需”：一方面，创新药企 业通过获得高额首付款，补偿融资困 难，推进管线研发、降低研发风险， 吸纳海外临床开发经验及商业化能 力，未来进一步取得高额的里程碑付 款以及海外市场销售分成； 另一方面，对于引进方，购买“授 权”也能够分摊研发风险和成本、丰 富产品管线，如市场潜力大的管线顺 利上市，也能够快速抢占市场，获得 丰厚回报。 更需“长期主义精神” 虽然license-out交易逻辑相对清 晰，但伴随热度加增，周磊律师观察 到license-out交易过程正变得日 趋复杂。 “一是license-out交易往往 会与股权交易捆绑，混合交易变得更 加普遍，例如我们团队处理的几个项 目中还包含着并购和投资交易；二是 license-out交易可能需要讨论双 方共同完成早期开发临床研发、生产 和CMO、商业化运营等全流程，双方 要进行一揽子谈判和合作；三是部分 涉及更深入的项目并不只针对单一 产品，而是基于整个产品线的全面合 作。”他介绍道。 正是因为这样的复杂性，市场热 度越高，有时候反而要把交易做得 越“扎实”一些，要秉持相对冷静的“ 长期主义精神”，这对服务于此类交 易的律师提出了许多新要求。 一是“看得全”。“要把交易相关 问题放到整个市场里去考虑。律师技 能要丰富，在监管、合规、交易、知识 产权等多方面帮助客户安排好整个 项目。服务好一笔license-out交易 往往需要全能、一站式的团队。”周 律师说。 二是有国际化视野。周律师坦 言，部分国内创新药企对国际交易、 商业惯例、估值模型等还不熟悉， 这就需要交易律师承担部分商业职 能，“帮助客户厘清商业诉求、完成 项目落地”。 三是突出的协调能力。黄旭春律 师说，license-out交易往往涉及创 新药企业内部的运营、财务、供应链 等诸多职能部门，“律师需要具备很 一类是权益合作，主要包括完全权益 转让或者部分权益合作。 “无论哪种方式，都是合作方利 用各自不同的优势共同推进创新药 的研发及商业化，从而极大提升该 过程的成功率及效率。”而基于创新 药高风险、高投入的特点，licenseout合作成为了创新药研发的新趋 势，中国部分创新药管线也得到了跨 国药企的认可。 放大镜下的out-licensing交易 据环球律师事务所生命科学及医 疗业务牵头人周磊律师的行业经 验，实际上，中国创新药企业对于 license-out许可交易的热情要来 的更早一些。 2017年，环球曾代表百济神州 与新基公司完成license-out和股 权交易，近14亿美元的交易金额创 下彼时令行业惊讶的突破，也开始为 中国创新药企的研发能力的国际评 价提供了证明。周律师认为，在这一 里程碑式的案例后，更多中国药企开 始通过license-out的方式“出海”。 尽管此后还有很多比如传奇生 物和强生等具有行业影响力的license-out项目，但在2021年以前， 跨境许可交易还是呈现license-in 比license-out火热的一边倒趋势。 而到了2022年，“随着自主研发能力 持续提升，以及国内和香港资本市场 降温、行业政策影响等因素，创新药 行业进入调整期，创新药企的诉求 更加向‘卖出’倾斜，license-out交 易数量快速增长，并大幅超过了license-in交易的数量”，周律师说。 虞正春律师也坦言，在目前中国 创新药企业股权融资难度较大的环 境下，“通过license-out拿到高额 的首付款，也是破局的重要渠道”。 不过他表示，被跨国药企看中 的，主要还是具有“首创新药模式” （First-in-class）潜力的管线，这 就把大多数的中国创新药企业排除 在外。 此外，近年还出现了某些管 线“扎堆出海”的情况，例如“2023 年，我们观察到license-out合 作的管线主要布局在ADC、单/双 抗药物、CGT药物、GLP-1药物等 赛道——其中GLP-1药物尤其火 爆。2024年也没有太大差异”，虞律 师说。 当然，能够实现“出海”，“本质 上是因为中国本土药企力量加强，做 强的协调能力，深度接触各个部门、 听懂他们的顾虑和需求，最终协调好 各方利益，并体现到法律文本中。服 务license-out交易中最难的就是 这些增值内容”。 此外，在如火如荼的市场环境 下，周磊律师已经处理了很多license-out交易出现“退货”甚至争 议的情况，例如产品在研发、审批、 销售等里程碑节点上没有达成预定 目标，无法触发里程碑付款或者由于 重大行业环境变化、政策调整和交易 一方的控制权变化等重大情势变更。 实际上，周律师提醒道：“创新药 研发成功率整体并不高，交易完成后 的长期合作过程中常面临争议。律 师在交易前写下的合同条款能否在 此后难免发生的争议中保护好客户 利益，这不是靠抄写模板就能达成 的。” “经历了签约官宣时的‘繁花盛 景’，还要经历可能‘丑陋’的诉讼仲 裁争议，才能成为一名好的许可交易 律师。”他说。 “从我的经验来说，交易律师特 别需要在准备协议时，尽量预测未来 磨合过程中可能出现的困难，并在协 议里预留下解决问题的方案，随后帮 助双方企业搭建好沟通机制。未来即 使发生争议，企业也可以迅速根据机 制，找到有效方案。”黄旭春律师说。 其他关键问题：IP和数据 实际上，一款创新药是否有“价值”， 除了其本身的创新性，也取决于创新 药企业是否对其展开了充足、有效的 知识产权保护。 “律师在服务license-out交 易时，会着重关注企业对产品是否有 专利保护，该专利保护能否确保产品 在市场上处于优势地位、其他产品无 法轻易越过屏障去构成竞争；还会从 商业秘密、专有技术和不竞争的角度 出发，确保产品有市场竞争力。”黄 旭春律师说。 医药类跨境合作还要特别注意 敏感个人信息及人类遗传资源信息 的跨境传输问题。“在license-out 项目中可能涉及临床试验数据、药 品不良反应信息跨境传输等情形，涉 及受试者的个人健康数据、包含人 类生物学组学数据的人类遗传资源 信息等。中国创新药企业应提前关注 各国的相关监管制度，及早部署，合 规开展跨境合作。”虞正春律师提醒 道 。 BIG STORY
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 刘倩 国枫律师事务所合伙人 liuqian@grandwaylaw.com BROUGHT TO YOU BY GRANDWAY LAW OFFICES 2024年2月28日，美国政府依据《国际紧急经济权力法》 （IEEPA）发布了一项保护美国人个人敏感数据免遭“受关注 国家”利用的行政命令。同时，美国司法部发布了执行该行政 命令的拟议规则制定的预通知（ANPRM）Fact Sheet，概述了 实施该命令的规则。根据IEEPA和ANPRM的内容，美国政府 增强对某些敏感数据向中国和其他几个国家的跨境传输审 查机制。这是美国历史上首次创建了美国人数据跨境传输的 审查机制。美国成为继中国之后，第二个政府基于国家安全 理由明确介入商业数据跨境流动的国家。 这对于目前很多中国企业“出海潮”的格局，无疑又增 添了一个新的挑战。虽然目前只有美国提出了这一政策，但 也不能排除未来会有更多的国家制定类似法案。数据合规可 能将会被越来越多的国家所关注，成为企业出海中的重要事 项。在企业出海过程中，除了关注目的地国家相关数据合规 和数据保护相关的要求之外，首先应该满足我国自身的数据 跨境传输的合规要求。 以新能源汽车为例，2023年，中国整车出口首次超过日 本跃居世界第一，根据中国汽车工业协会公布的数据，2023 年我国汽车出口量接近500万辆。其中，新能源汽车出口超 120万辆，同比增长超过77%，从目前国内汽车行业的体量 和“内卷趋势”来看，新能源车企要想做大做强，出海几乎是 必经之路。但是新能源车在研发、生产、销售和运维过程中都 会产生数据的跨境传输，包括但不限于在研发阶段研发数据 共享至境外研究人员、在销售过程中需要收集车主和驾驶人 等用户个人信息和驾驶信息甚至在充电装置的使用中会需 要汽车充电网的运行信息，后续如果在境外设立子公司也会 产生境外企业日常管理员工个人信息等。 根据中国国家网信办发布的《数据出境安全评估申报指 南（第一版）》，数据出境主要包括两种情况：（1）境内运营中 收集和产生的数据传输、存储至境外；（2）境内运营中收集和 产生的数据传输、存储在境内，但是境外的机构、组织或者个 人可以查询、调取、下载、导出。因此，无论新能源车企是通过 企业出海中的 数据合规问题 软件介质（即时通讯软件、电子邮件等）或者硬件介质（光盘、 硬盘、U盘、存储条、笔记本电脑等）将数据传输至境外，还是 为了满足日常管理及业务开展需要使用外部供应商的信息 系统或软件平台，若汽车企业存储数据所使用的信息系统或 软件平台的服务器或云端部署在境外，即使该企业本身位于 境内，也属于数据出境。此外，虽然新能源车企没有主动将数 据提供给境外机构，但境外机构、组织或者个人可以查询、调 取、下载、导出的，也构成数据出境。例如，新能源汽车企业使 用境外技术服务商提供的服务，境外技术服务商在维护该系 统时，具有特殊的访问权限，可以调取、下载和导出存储在境 内服务器的数据。因此，新能源车企如果计划或者已经进行 了出海动作，应该做好数据跨境合规的相关安排。 2022年9月1日，国家网信办发布的《数据出境安全评估 办法》（下称《评估办法》）正式生效实施。据悉，该《评估办法》 是基于《网络安全法》《数据安全法》和《个人信息保护法》等 法律法规制定的。与此前的法律法规相比，《评估办法》提出 了我国数据出境“安检”的具体要求，标志着我国数据出境规 则的基本形成。目前，我国数据出境主要包括三种路径，分别 是网信部门安全评估、个人信息保护认证和标准合同备案。 就新能源汽车而言，《汽车数据安全管理若干规定（试 行）》系统地明确了汽车数据出境的准则和要求，即汽车数 据处理者向境外提供重要数据，不得超出出境安全评估时明 确的目的、范围、方式和数据种类、规模等。虽然目前业内普 遍将车辆数据分为四大类，包括车辆数据、用户数据、应用服 务和外部环境数据，但随着汽车产品网联化的特征越来越明 显，对应的汽车数据种类也越来越丰富，摄像头、激光雷达、 电池等关键零部件的运行状态，定位和导航数据，基础设施 基本数据、5G-V2X等车路协同信息、环境感知数据等，如需 进行数据出境，均可能触发《评估办法》中对于重要数据的合 规要求。新能源企业应该对照《评估办法》梳理自身数据处 境场景和数量级，聘请专业的顾问进行相应的数据处境合规 梳理。
8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 US FIRMS ORRICK, WEIL CLOSE IN SHANGHAI, TAIPEI, BEIJING AS GREATER CHINA RETREAT CONTINUES 美国奥睿、威嘉 先后调整大中华区运营 U.S. law firm Orrick Herrington & Sutcliffe will consolidate its China offering into its Beijing office after deciding not to renew its lease in Shanghai, a spokesperson for LLP has confirmed. It has also terminated its lease and operations in Taipei. Two partners from the Shanghai office, Ethan Ma and Jeffrey Sun, along with two associates and one staff, will be affiliated with the Beijing office. Eight other employees (including one associate and one consultant) will be offered market severance. Orrick currently has no resident lawyers in Taipei. In August 2020, Orrick closed its Hong Kong office. The firm currently has offices in Beijing, Singapore, and Tokyo within the Asia-Pacific region. The Beijing office will continue to provide litigation and IP services, including both U.S. federal court and ITC litigation for Chinese companies, and support with cross-border corporate transactions, the spokesperson noted. With the relocation of the partners from Shanghai, Orrick’s Beijing office will have five partners. “These moves reflect a rebalancing of our Asia Pacific platform, including the launch of our Singapore office in 2021, to align with client demand,” the spokesperson said. They added that while the Beijing office will primarily focus on the tech sector, the Singapore team “is focused on serving the fast-evolving energy transition market throughout South and Southeast Asia, including in collaboration with our Tokyo energy team.” Meanwhile, Weil, Gotshal & Manges is also retreating from the Chinese market, saying that it is moving towards ending its presence on the mainland. The law firm confirmed to Reuters that it closed its Beijing office on Dec. 31 and is “engaged in discussions on the office in Shanghai with a view to consolidating its Asia operations” in Hong Kong. “We will be working out the details in the coming months, but we remain dedicated to our award-winning Asia practice and to providing top service to our clients in the region,” a Weil spokesperson said in a statement. The spokesperson did not say whether Weil laid off its Beijing staff or how many employees it had there. The firm’s website now lists six employees, including one partner, in Shanghai, although two of them are also members of Weil’s Hong Kong office. Weil has more than 20 lawyers and other employees in Hong Kong, according to its website. U.S.-founded law firms Akin Gump Strauss Hauer & Feld, Latham & Watkins, Perkins Coie and Proskauer Rose have also closed at least one of their China offices since June, according to media reports. Reuters in November found that 32 of the 73 largest U.S. law firms in China shrank their attorney presence in the country in the last decade, according to data from Leopard Solutions, which tracks law firm hiring. In Beijing, 26 of the 48 largest U.S. law firms drew down their presence since 2018. 美国奥睿律师事务所的一位发 言人向ALB证实，该所决定将中国运 营整合至北京办公室，上海办公室在 今年7月底租期届满后将不再续约。 此外，奥睿也已经结束了在台北的租 约及运营。 人员安排方面，上海的两位合伙 人马宇峰、孙捷，将和2位律师、1位工 作人员迁至北京办公室。另外8名员工 （包括1位律师、1位顾问、6位工作人 员）将接受市场标准的离职补偿金。 奥睿目前在台北已没有常驻律师。 奥睿指出，未来北京办公室将继 续提供市场领先的诉讼及知识产权 服务，包括在美国联邦法院诉讼和美 国国际贸易委员会诉讼中代理领先 的中国企业，并继续支持跨境交易。 伴随上海办公室合伙人的迁移， 未来奥睿北京将拥有5名合伙人。“ 今年刚刚有两位顶尖知识产权诉讼 律师Josh Pond、Tim Carroll加 入我们的美国办公室，他们专门处理 ITC 337调查及联邦和州法院诉讼。 未来他们将和中国知识产权业务负 责人王翔，以及马宇峰紧密合作，服 务大中华区客户。我们也将持续为 中国客户提供跨境并购、风投业务服 务。” 2020年8月，奥睿关闭了其香港 办公室。该所目前在亚太地区拥有北 京、新加坡、东京三家办公室：北京 办公室主要聚焦于科技板块，新加坡 办公室则“聚焦于南亚和东南亚快速 演变的能源转型市场，通过和东京的 能源团队合作而展开服务”。 与此同时，总部位于美国纽约的 威嘉律师事务所也于近日表示，该所 正逐步结束在中国内地的业务。 该所向路透社证实，其已于去 年12月31日关闭了北京办公室，并 正在“就上海办公室的去留进行讨 论，以期整合其在香港的亚洲法律业 务”。 威嘉的新闻发言人在一份声明 中表示：“我们将在未来几个月内确 定细节，也仍将继续致力于我们屡获 殊荣的亚洲法律业务，并为该地区的 客户提供顶级服务。” 然而，该发言人没有透露威嘉是 否裁减了北京办公室的员工，也没有 透露北京办公室共有多少名员工。据 该所官网显示，目前其在上海办公室 共拥有六名员工，包括一名合伙人， 但其中两名还是香港办公室的成员。 根据该所官网信息，香港办公室共有 20 多名律师和员工。 自去年6月以来，美国的艾金· 岗波、瑞生国际、博钦和普士高等律 所都至少关闭了一家中国办公室。 此外，据Leopard Solutions 的数据显示，在过去十年中，美国73 家最大的律所中有32家缩减了其在 中国的律师人数。在北京，48家最 大的美国律师事务所中有26家自 2018年以来缩减了在华业务。 NEWS
9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BROUGHT TO YOU BY GUANTAO LAW FIRM AND GALLANT 闫芃芃 Grace P Yan 观韬中茂香港办公室管理合伙人 yan@guantao.com 黄永昌 Philip Wong 何耀棣律师事务所主管合伙人 philipwong@gallantho.com Guantao Hong Kong Office and Gallant entered into association in Hong Kong on 1 April. ALB was briefed by Grace Yan, managing partner of Guantao HK, and Philip Wong, managing partner of Gallant. ALB: Please introduce Guantao Hong Kong Office and Gallant to us. Grace P Yan: Guantao Hong Kong was established in 2008. After three years’ association with Peter C. Wong, Chow & Chow, we were localized as a Hong Kong solicitor’s firm in February 2016 with the capacity to provide both Hong Kong SAR and Chinese law advice. Our practice areas include corporate finance, conveyancing, dispute resolution, company secretarial, China attesting and notary public. Philip Wong: Gallant was established in 1977 and is headquartered in Hong Kong. We are one of the largest and most well-established independent full service notable firms in Hong Kong. We are among the first batch of 12 law firms worldwide granted permission in 1992 by the Ministry of Justice of the PRC to set up a representative office in mainland China. We provide comprehensive legal services including banking and finance, mergers and acquisitions, capital markets, real estate and tenancy, arbitration and litigation, etc. ALB: What is the significance of the association? Grace P Yan: Following the signing of the “Strategic Alliance Agreement” between Guantao and Gallant previously, we kicked off a new chapter of our strategic co-operation. During the association, Mr. Philip Wong, senior partner of Gallant, will join Guantao HK as consultant and I will also join Gallant as consultant at the same time. The association will enhance our capability of providing cross-border one-stop legal services effectively and efficiently. With the support of Guantao network of 30 offices, we are confident that we will serve our clients’ need better. Philip Wong: The future market opportunities lie in the integration of mainland and Hong Kong. Through association, we can effectively integrate talents, knowledge, information and markets, thereby significantly improving our ability to provide coordinated services, expand our scope of business and enhance our responsiveness in satisfying the growing demand for cross-border legal services, especially in relation to the Guangdong-Hong Kong-Macao Greater Bay Area business development. ALB: What are the specific cooperation plans? Philip Wong: Hong Kong has become a unique and successful crossroad of the East and West. Upon this heritage, along with mainland China’s continuing robust economic growth and rising demand for international business, forming an association with Guantao is an important strategic move. The primary goal is to assist quality clients in their cross-border, regional and international business growth, the success of which demands integrating resources, creating an amicable environment for our mainland lawyers to better understand the laws of Hong Kong as well as the Common Law, fostering better communication and trust between mainland clients and Hong Kong lawyers, and attracting talent and suitable technologies. We will establish a joint venture law firm within this region. Comprehensive training is necessary, including language proficiency, cultural understanding, global perspectives, compliance considerations and jurisdictional issues. Grace P Yan: We will combine our legal talents in Mainland China and Hong Kong with common law and civil law qualifications and experience, coupled with the language and culture advantages. We will deepen our cooperation in the areas of cross-border dispute resolution, wealth management, investment and M&A, cross-border compliance and regulatory matters, etc. to serve our domestic and overseas clients better. 观韬香港与何耀棣联营： 有效整合，提升跨境服务能力 Guantao Hong Kong joins hands with Gallant, eyeing to enhance cross-border services with effective integration 4月1日，观韬中茂律师事务所香港办公室与何耀棣律师事务所宣 布在香港开启联营，迈入战略合作新阶段。观韬中茂香港办公室管 理合伙人闫芃芃律师、何耀棣律师事务所主管合伙人黄永昌律师 向ALB介绍了相关情况。 ALB：请介绍一下观韬中茂香港办公室、何耀棣律师事务所的整体 情况。 闫芃芃律师：观韬香港成立于2008年，经过与王泽长•周淑娴•周永 健律师行三年的联营，于2016年2月完成本地化，可同时提供香港 法及中国法的法律服务，涵盖公司业务、纠纷解决、房地产、公司设 立及秘书服务、国际公证、中国委托公证等。 黄永昌律师：何耀棣律师事务所成立于1977年，总行位于香港，是 香港最具规模及最为人熟悉的独立华资律师事务所之一，是全球 首批获中国司法部授权于1992年在中国内地设立代表处的12间 境外律师事务所之一，提供银行金融、商业并购、资本市场、房地 产、仲裁诉讼、破产重组、知识产权等法律服务。 ALB：此次“牵手”联营有何重大意义？ 闫芃芃律师：观韬香港与何耀棣于2024年4月1日起在香港联营， 这是继早前观韬中茂与何耀棣签署了《战略联盟协议》后，双方开 启的战略合作新阶段。联营期间何耀棣的主管合伙人黄永昌律师 加入观韬香港担任顾问律师，我亦同时加入何耀棣担任顾问律师。 联营将大大提升我们提供一站式、优质、高效的跨境法律服务能 力。借助观韬境内外共30间办公室的网络平台，相信我们将会更好 地服务客户日益增长的跨境业务需求。 黄永昌律师：未来的市场发展机遇是中港融合，这是不可逆转的大 势所趋，也是我们的国家政策，通过与观韬联营的机遇，我们能把 中港两地人才、知识、信息和市场更有效整合，大力提升我们提供 中国内地与香港法服务的联动力、业务领域及回馈速度，更好地服 务日益增长的跨境法律服务需求，特别是有关粤港澳大湾区业务 的发展。 ALB：联营后，具体有哪些合作规划？ 黄永昌律师：凭籍香港得天独厚的中西文化优势，加上中国内地经 济长期高速发展的势头，及内地对跨境、国际及区域业务发展的殷 切需求，与观韬联营后我们将大力发展中国香港国际现代化的大 战略，全方位协助内地优质客户参与跨境、国际和区域上的业务发 展。我们将加快香港与观韬内地各办公室的融合与协调，加深内地 律师对香港法律及普通法的进一步认识，加强内地客户与香港律 师的专业沟通与信任，全面吸引专业人才和科技。我们亦会同时更 好使用粤港澳大湾区带来的机遇与政策红利，在大湾区内成立合 伙联营办公室，把中港两地律师的专业、营运及工作在同一办公室 内紧密结合，优势互补。这将涉及多方面的培训，包括语言、文化、 视野、合规、司法管辖等各领域。 闫芃芃律师：借助在香港联营，我们将汇聚中港两地的优秀法律人 才，兼具普通法及大陆法系国家和地区的执业资格及经验，以及语 言和文化的融合优势，我们将会在跨境纠纷解决、财富管理、投资 并购、跨境合规监管等诸多的业务领域深化合作，更好地服务我们 双方境内外的客户。
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 APRIL 2024 ALAN BAO 鲍琛 LEAVING 原就职律所 O’Melveny & Myers 美迈斯律师事务所 JOINING 现就职律所 White & Case 伟凯律师事务所 PRACTICE 业务领域 M&A 并购 LOCATION 地点 Beijing 北京 FENG CAIHONG 冯彩红 LEAVING 原就职律所 King & Wood Mallesons 金杜律师事务所 JOINING 现就职律所 Anli Partners 安理律师事务所 PRACTICE 业务领域 Cross-border Services 涉外业务 LOCATION 地点 Beijing 北京 MA TAO 马涛 LEAVING 原就职律所 King & Capital Law Firm 京都律师事务所 JOINING 现就职律所 Hylands Law Firm 浩天律师事务所 PRACTICE 业务领域 Dispute Resolution 争议解决 LOCATION 地点 Beijing 北京 SHI QI 史琦 LEAVING 原就职律所 TianTong Law Firm 天同律师事务所 JOINING 现就职律所 JunHe 君合律师事务所 PRACTICE 业务领域 Dispute Resolution 争议解决 LOCATION 地点 Xi’an 西安 DENNIS YEUNG 杨家奇 LEAVING 原就职律所 Akin Gump Strauss Hauer & Feld 艾金·岗波律师事务所 JOINING 现就职律所 Yang & Yang Solicitors 杨杨律师事务所 PRACTICE 业务领域 M&A 并购 LOCATION 地点 Hong Kong SAR 中国香港特别行政区 ZOU NING 邹宁 LEAVING 原就职律所 Win Zone Law Firm 众华律师事务所 JOINING 现就职律所 Grandway Law Offices 国枫律师事务所 PRACTICE 业务领域 Marriage & Family Affairs 婚姻家事 LOCATION 地点 Shanghai 上海 APPOINTMENTS
11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA $16.6BLN SINOPEC’s directed offering of A-shares Deal Type: ECM Firms: Haiwen & Partners Jurisdictions: China 中国石化A股定向发行项目 交易类型：股权融资 参与律所：海问律师事务所 管辖地：中国 $3.3 BLN Vinda International’s taking-private deal Deal Type: Privatization Firms: Clifford Chance, King & Wood Mallesons, Norton Rose Fulbright Jurisdictions: China, Hong Kong SAR 维达国际私有化交易项目 交易类型：私有化 参与律所：高伟绅律师事务所、金杜律师 事务所、诺顿罗氏律师事务所 管辖地：中国，中国香港特别行政区 $138MLN CapitaLand Investment Management’s issuance of panda bond Deal Type: DCM Firms: Baker McKenzie FenXun, Baker McKenzie Wong & Leow Jurisdictions: China, Singapore 凯德投资发行首单可持续发展挂钩熊猫债 交易类型：债券 参与律所：奋迅·贝克麦坚时律师事务 所、Baker McKenzie Wong & Leow 管辖地：中国，新加坡 $138MLN Nanshan Group’s issuance of industrial debenture Deal Type: DCM Firm: Hylands Law Firm Jurisdictions: China 南山集团发行产业债 交易类型：债券 参与律所：浩天律师事务所 管辖地：中国 $138MLN China Datang Corporation Renewable Power’s issuance of sustainable corporate bond Deal Type: DCM Firm: Dacheng Law Offices Jurisdictions: China 大唐新能源发行可续期公司债 交易类型：债券 参与律所：大成律师事务所 管辖地：中国 $138MLN Guotai Junan Securities’ issuance of subordinated debenture Deal Type: DCM Firm: Dacheng Law Offices Jurisdictions: China 国泰君安发行次级债券 交易类型：债券 参与律所：大成律师事务所 管辖地：中国 $138MLN Chang’an Huitong Investment Management’s issuance of corporate bond Deal Type: DCM Firm: AllBright Law Offices Jurisdictions: China 长安汇通集团发行公司债 交易类型：债券 参与律所：锦天城律师事务所 管辖地：中国 $110MLN Changxing Urban Construction Investment Group’s issuance of green bond on HKEX Deal Type: DCM Firm: DeHeng Law Offices Jurisdictions: China, Hong Kong SAR 长兴城市建设投资集团于 港交所发行绿色债券 交易类型：债券 参与律所：德恒律师事务所 管辖地：中国，中国香港特别行政区 $100MLN Ninghai County Investment Group’s issuance of dollar bond on MCEX Deal Type: DCM Firm: DeHeng Law Offices Jurisdictions: China, Macau SAR 宁海县城投集团于澳交所发行美元债券 交易类型：债券 参与律所：德恒律师事务所 管辖地：中国，中国澳门特别行政区 DEALS
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