9 772220 270006 ISSN 2220-2706 HAINAN FTP SHOWS EARLY MOMENTUM 海“南初自长贸成港” TOP LITIGATORS AT OFFSHORE FIRMS 征服最离佳岸诉市讼场律的师 THE BEST LAWYERS AS CHOSEN BY CLIENTS 客榜 户单 首同 选时 律公 师布
在数字经济时代持续发展及加强知识产权保护政策的形势下，企业的知识产权事务面临着更为复杂的挑战， 尤其是对于拥有全球业务的企业而言，了解全球知识产权动向和规则亦显得尤为重要。从企业专利与技术进 出口合规、开源与知识产权，到专利运营与专利诉讼、全球SEP最新动态，成为众多企业知识产权及 法律相关人士关注的重点。 在此背景下，ALB将携手汉坤律师事务所共同举办“2023 ALB汉坤知识产权论坛”，于8月17日在上海为业界 人士带来一场知识产权领域的思想盛宴。汉坤律师事务所具有丰富经验的法律专家们，将从以上四大主题 入手，就企业面临的知识产权核心问题与参会者进行充分的交流与探讨，帮助企业积极应对当前形势下的知 识产权问题，防范企业知识产权风险、最大化企业知识产权价值、提升企业核心竞争力。 www.legalbusinessonline.com/conferences/ALB-HanKun-2023 FOR MORE INFORMATION, KINDLY VISIT 更多信息欢迎访问本次活动页面 Wang Jin 王瑾 jin.wang@tr.com / (8610) 5669 2009 EVENT ENQUIRIES 活动事宜请联系 2023 ALB 汉坤知识产权论坛 ALB HAN KUN IP FORUM 2023 8月17日 - 上海 17 AUGUST - SHANGHAI
1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS BRI EFS 4 Big Story 焦点故事 8 Appointments 律师转所信息 10 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 2023 ALB China Fastest Growing Firms 2023 ALB China 十五佳成长律所 ALB once again shines the spotlight on the top 15 fastestgrowing firms and how they keep advancing despite these challenges by raising service quality and efficiency and exploring new opportunities. 中国律所取得快速 成长实属不易。ALB 再次聚焦十五佳成长 律所如何逆风前行、 提质增效、开辟新机。 Ranking by ALB, text by Victor Wu With contributions from: • Hylands Law Firm 浩天律师事务所 • Beijing JAVY Law Firm 北京嘉维律师事务所 FEATURES 22 Early momentum 海南：自贸港 “初长成” While the pandemic’s adverse effects may have impeded Hainan’s progress in recent years, the region has managed to steer itself away from excessive dependence on the real estate sector. The legal industry in Hainan is also progressively transitioning towards a trajectory of enduring and sustainable development. 过去几年疫情的负面 影响或许耽延了海南 自贸港的发展，但海 南依旧不断探索新兴 产业发展。海南法律 服务行业也逐渐迈上 寻求长期、健康发展 的道路。 28 2023 ALB China Client Choice 2023 ALB China 客户首选律师 This year, more than 1,800 corporate legal and business professionals took part in the ALB survey to select 20 lawyers of “Client Choice”. 今年，1800余位公司 法务及商务人士参与 ALB调研，评选出了 他们心目中的20位 “首选律师”。 With contributions from: • Guantao Law Firm 观韬中茂律师事务所 • Joint-Win Partners 上海正策律师事务所 • Lantai Partners 兰台律师事务所 40 Asia Top 10 Offshore Litigators 2023 ALB亚洲十佳离岸诉 讼律师 2023 As in other years, ALB showcases the exceptional work of offshore law firm dispute practitioners. 一如往年，ALB关注 并展现离岸律师事务 所中顶尖诉讼从业者 的杰出工作。 48 ALB China Regional Law Awards 2023: East China 2023 ALB中国区域市 场法律大奖：华东地区 Asian Legal Business (ALB) has recently announced the shortlist for the ALB China Regional Law Awards 2023: East China. 《亚洲法律杂志》于 近日公布了“2023 ALB中国区域法律 大奖：华东地区”入 围名单。 With contributions from: • Shanghai i-land law offices 上海中岛律师事务所 22 EARLY MOMENTUM 海南：自贸港“初长成” Image: Guitar photographer/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 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) 003/02/2023 issn 0219 – 6875 KDN PPS 1867/10/2015(025605) Thomson Reuters 18 Science Park Drive Singapore 118229 / T (65) 6775 5088 / F (65) 6333 0900 10/F, Cityplaza 3, Taikoo Shing, Hong Kong / T (852) 3762 3269 www.thomsonreuters.com 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 MEDIA PUBLISHING ADMINISTRATOR Amy Lai 黎凯盈 amy.lai@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 (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 In this issue, we delve into the dynamic landscape of China’s legal sphere, where innovation and growth have become synonymous with success. ALB Magazine is proud to present a comprehensive list and insightful write-ups on China’s fastest growing law firms, illuminating the exceptional stories that have reshaped the legal landscape. As China’s economic influence continues to expand, so too does the demand for legal expertise that can navigate the complexities of this evolving market. Our team has diligently researched and analysed the standout law firms that have not only kept pace but surged ahead, demonstrating a remarkable ability to adapt to ever-changing legal challenges. In our cover story, you will discover the stories of these law firms – stories that are as diverse as they are inspiring. Each firm showcases a commitment to excellence and an unwavering dedication to client service. We extend our gratitude to the featured law firms for sharing their journeys with us, as well as to the legal community for its continuous pursuit of excellence. Join us in celebrating these trailblazing law firms that exemplify the drive, innovation, and expertise that define the future of the legal profession in China. 本期杂志中，我们探访了中国法律服务市场的活跃景象，在这里，成功总 是伴随着创新与快速成长。我们很高兴地向您呈现中国十五佳成长律所的故 事——他们用自身的杰出经验，重塑着中国法律服务市场的面貌。 中国经济的影响力正逐日扩大，这一市场对于能够在复杂因素中扮演导航 角色的法律专业服务需求也在增长。通过深度调研分析，我们的团队评选出了那 些“快人一步”的律师事务所，他们以超凡的能力，应对着市场变化所带来的挑战。 在本期的封面榜单中，您将一览这些律所的故事——他们的故事各有不同， 却都引人入胜，并且都讲述了追求卓越、不懈服务的精神。 感谢上榜律所和ALB分享自己的成长故事，也感谢中国法律社群不断攀登 高峰的精神。和我们一起为这些律所喝彩吧：为他们的先驱性、创新力、专业态 度——正是这些精神，将塑造中国法律服务行业的未来。 SPEED AMIDST THE SLOWDOWN 放缓背景下的“加速度”
PROUDLY PRESENTED BY
4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 CERTAINTY IN AN UNCERTAIN WORLD 在乌卡时代寻找确定性 With the ongoing Sino-U.S. tech war and the continued conflict in Ukraine, it’s important for in-house lawyers to have a deeper understanding of geopolitical events and trends to allow them to provide valuable advice beyond just business strategies. ALB speaks to GCs in Asia to learn how they are navigating their companies through the turbulent geopolitical landscape. 中美之间的科技角逐仍在继续；俄乌冲突尚未偃旗息鼓；“友岸外包”（friend shoring）这类新词 汇兴起……如今，公司愈发需要企业法务团队在商业策略之外，提供更宏观的、尤其有关地缘政 治趋势的建议。ALB和亚太地区的总法律顾问展开对话，探寻他们如何在地缘政治风暴中为所在 公司平稳“掌舵”。 BIG STORY AS THE SINO-U.S. TENSIONS PERSIST WITH MOUNTING SECURITY RISKS IN EUROPE, HOW ARE YOU PLANNING TO MEET THE CHALLENGE OF THE EVER-CHANGING GEOPOLITICAL LANDSCAPE IN ORDER TO CHART A SOUND LEGAL STRATEGY TO HELP YOUR ORGANISATION STAY COMPLIANT WHILE ACHIEVING BUSINESS GOALS? 中美紧张局势继续、欧洲安全风险升级，您如何面对不断变化的地缘政治图景所引发的挑 战，以帮助公司制定可靠的法律策略，实现合规和追求商业目标之间的平衡？
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BIG STORY MARCO CHUNG, group head of legal and managing director, CLSA: GC’s role has always been about being a solution provider to the business and assessing the associated risks. Whilst the type of relevant risks evolves over the years, most strikingly in recent years, geopolitical risks almost trump everything else in big decisions. This is especially so when it comes to capital allocation decisions, which could take years to general return, and the geopolitics could change dramatically during this period. This risk could present itself in different shapes and forms, such as data law, privacy law, national security law, foreign investment law, sanctions law, and others. So, in order to assess the direction of various laws, understanding the geopolitics between the countries is important. Whilst there is no one size fits all approach, awareness, and education of these issues at the Firm are key, especially since most people are not historically accustomed to thinking of these issues when making business decisions. Even our lawyers need to see beyond the most immediate black letter of the law. This can be achieved in a couple of ways. Firstly, sufficient training at the Firm from top to bottom, so hopefully, this gets factored into their decision-making. Secondly, given that our lawyers would typically be across all key transactions and decisions, I would expect them to be the gatekeepers and flag these issues when they see them. Thirdly, I would expect us to bring in an external consultant when the issue is sufficiently thorny. I am increasingly seeing non-law firms, which are staffed with former government officials to provide these consultancy services. In my view, to successfully navigate this, the calculus in people’s decision-making will need to evolve. DANIEL LO, chief legal officer, Cake Group: Operating within the nascent Web3 industry means we are highly susceptible to geopolitical events, especially with crypto regulation and markets. This is especially so since the fallout from FTX, Terra Luna and Three Arrows Capital. Staying updated on upcoming digital assets legislation in key web3 jurisdictions such as the U.S., EU, the UK, Hong Kong, and Singapore is an ongoing task that my team and I undertake to decide on digital assets licensing plans. Developing and nurturing relationships with financial regulators, Web3 lawyers and compliance professionals, and industry associations is vital. Not only does it grant me insight into where the market is headed, but there is strength in solidarity when responding to regulators on proposed regulations with industry players. This is important because our input now can have an impact on what becomes industry standards going forward. All this information feeds into how I approach the next few years of legal strategy in uncharted waters, especially considering a company’s ambitions to expand globally and pursue a potential public listing. Deciding on whether to actively market a decentralised finance product in a jurisdiction or listing a particular token that may be scoped as a security is a constant challenge as governments and regulators decide on their stance. Learning how to balance the likelihood and severity of enforcement against the potential to succeed with a blue ocean strategy is a part of the regular risk consideration that a legal strategy for a Web3 company must include. YI WONG, general counsel, Lum Chang Holdings: First and foremost, one must put into perspective that the Sino-U.S. tech war is but a chapter in the larger looming prelude of a “cold war,” driven by both parties’ diametrically opposed political systems and associated values. This is further compounded by each side’s sense of exceptionalism, and a clash in pragmatic strategic ambitions. Specifically on technology, the limitations and restrictions in investments in technology, and declining cooperation between parties will translate to less compatibility of tech systems, differing sets of compliance checklists, which in turn give rise to uncertainty and higher business costs. As lawyers, it affects all levels and layers of the value chain - from critical security infrastructure to general supply chains to transnational payment systems, to specific industries (e.g., agritech, greentech, AI, biotech, etc.). So, in terms of procurement, vendor selection and management, and executing contracts in such scenarios must allow for flexibility in exiting (if not technically feasible to carry on), step-in rights to be thought through and costed in carefully, and ancillary business continuity plans to cater for these seismic shift possibilities too. We must also regularly screen ever-changing sanctions lists, and the resulting steps to be undertaken if a counterparty our organisations work with becomes untenable. Ultimately, one must acknowledge that geopolitical risks are here to stay and become a new reality of constant. Thus, as lawyers, we must brace for more export controls, sanctions and economic warfare affecting international risk exposure (currency control, taxation treaties being withdrawn) and bear these in mind when advising on transactions. Also, navigating the geopolitical situation moving forward requires a lawyer to have increased DANIEL LO YI WONG WINNIE MA MARCO CHUNG
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 sensitivities towards cultural norms which form the basis for decision-making because blocks and groups of nations and economies may have taken sides in the cultural aspect of the cold war (Chinese Confucianism versus Western free market capitalism versus Indian nonalignment). However, the silver lining is that there are always opportunities that belie risks. Investing in, hedging for, and finding good bargains from the current status quo are options forward, where organisations can take this opportunity to secure shorter-term contracts, better exit scenario clauses, and remain nimble and flexible in these times and beyond. WINNIE MA, general counsel and company secretary, Hang Lung Properties : Keeping up with legal developments is no longer sufficient. To stay ahead of the game, it is crucial to understand the geopolitical landscape and anticipate its impact on legal and regulatory developments. This foresight is necessary to help businesses prepare for what lies ahead. Interpreting laws requires delving into the underlying intentions, addressing social, economic, and even political issues, as well as discerning their desired outcomes.In some countries, the geopolitical landscape may also influence how laws are interpreted and applied. To be effective advisors, legal teams must possess knowledge beyond the realm of laws. There is no magic formula for success; it requires a proactive and diligent approach. While individuals are increasingly sharing their lives on social media, countries are becoming more protective of their information, be it technological or personal. The security assessments that Chinese companies have been required to conduct since earlier this year have prompted businesses to reevaluate their management practices, including their legal teams. For instance, is it still optimal for a U.S. organisation to have a centralized legal team in the U.S. with minimal support in China when transferring information to the home office becomes more challenging? Should certain legal decisions be made domestically to avoid the need for transferring sensitive information overseas? These are just a few of the many questions that legal teams may be contemplating. 钟卓勋，中信里昂证券有限公司，集团法律主管 及董事总经理：总法律顾问一职的作用就在于 为商业提供解决方案，并评估相关风险。伴随时 代发展，风险类型也在变化，近年地缘政治风险 尤其在重大决策过程中扮演至关重要的角色。 尤其资产配置决策，需要历经多年才能取得回 报，这期间地缘政治情况却可能发生翻天覆地的 变化。风险可能以各种形式发生，例如以数据法 规、隐私法规、国家安全法规、外商投资法规、出 口管制法规等方式呈现。想要判断不同法规的未 来走向，掌握国家间的地缘政治动态尤其重要。 虽然没有什么万能法则，但在公司层面提升 对于这类问题的意识至关重要。一般来说，公司 在做出商业决策时不太会考虑地缘政治因素， 甚至律师也不常透过法律的白纸黑字，思考背 后的含义。 提高意识的方法有几种。首先，在公司内从 上到下展开培训，以期大家将此因素纳入决策 之中；第二，公司律师要普遍参与到所有关键交 易和决策之中，因此要扮演好“守门员”角色，看 到问题就及时指出；第三，问题过于棘手时应考 虑聘请外部顾问，我看到许多非律所机构聘请了 前任政府官员，为企业提供咨询服务。 总的来说，想成功应对这类问题，人们做决 策时的思维逻辑需要相应演变。 DANIEL LO，Cake Group，首席法务官：身处瞬 息万变的Web3产业之中，我们对于地缘政治事 件，尤其加密货币监管及市场的变化尤为敏感。 尤其近年，FTX、Terra Luna和Three Arrows Capital相继破产或爆出负面消息。我和团队的 工作重点之一即追踪web3重点市场，例如美 国、欧盟、英国、香港、新加坡的数字资产立法变 化，以为我们接下来的数字资产持牌计划提供 建议。 和金融监管者、web3领域律师及合规人员， 以及行业协会建立起友好关系十分重要。这样做 不仅能帮我了解市场未来走向，在与同业、监管 者一起为新法规出谋划策的过程中，我们也培 育出一种团结感。我们今天的建议，有可能在未 来成长为行业新标准。交流过程中获取的信息 都将帮助我在接下来几年为公司制定合理的法 律战略，应对未知领域的挑战，帮助公司实现全 球发展、寻求上市的目标。 是否要在某个市场积极推广某款去中心化 金融产品？某种特定加密货币是否会被列为证 券？对于我们来说这些问题构成持续的挑战，因 为不同地区政府和监管者会有不同的看法。一 家web3公司在制定法律战略时要时常展开风 险考量，在遭遇执法的可能性和严重性，以及成 功推动商业蓝海战略的可能性之间寻找平衡。 YI WONG，林增控股有限公司，总法律顾问：首 先我们需要树立这样的觉悟——中美科技战可能 只是一场更大冲突的序曲，而双方间在例外论、 战略目标层面的对立会使事情变得愈发复杂。 尤其对于科技产业来说，针对科技的投资限 制和合作减量可能意味着未来两大经济体之间科 技体系的互不兼容，因此需要遵从不同的合规要 点，这就带来不确定性，以及更高的商业成本。 BIG STORY
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 对律师来说，上述变化影响甚广：从关键性 “安全基建”，到企业供应链，再到交易支付系 统，并涉及不同产业（例如农业科技、绿色科技、 人工智能、生物科技等）。因此，在采购、供应商 选择和管理、合同执行等阶段，都应该设立灵活 的退出机制（假如没可能继续展开合作），全程 考虑纳入并记算介入权成本，并针对可能的“地 缘政治地震”，提前制定商业延续性备案计划。 我们还需要经常查看变动的制裁名单，以此审 视各类合作的可延续性。 总结来说，我们需要承认地缘政治风险将长 久存在，成为某种“新现实”。因此，作为律师，我 们需要牢记对国际风险敞口（货币管制、税收条 约失效）有影响的出口管制、制裁及经济战问题， 在此基础上对公司交易提出法律意见。 此外，应对地缘政治问题，律师还需要对文 化保持敏感，因为许多决策和“站队”都是基于 文化基础做出的（中国儒家文化vs西方自由市 场资本主义文化vs印度不结盟政策）。 不过，一线希望在于：风险之下总隐藏着机 会。在现状中可以寻找投资、对冲、议价机会，商 业机构也可以就此签订短期合约、谈判更好的 退出条款，并且面对未来，培养敏捷、灵活的机 构策略。 马婉华，恒隆地产有限公司，总法律顾问及公司 秘书：只是追踪法律发展已不足够。想要占据先 机，还得理解地缘政治图景，并预测其对法律、监 管发展的影响。上述洞见能有效帮助公司为未来 做好准备。解读法律需要理解背后意图，考虑社 会、经济，甚至政治议题，并辨别法律执行所追 求的效果。在一些国家，地缘政治甚至会影响法 律的具体解释和适用。想要提供有效的建议，法 律团队就得具备超越法律的知识。对此没有什么 成功秘方，只能靠积极而不懈的努力。 如今，个人喜欢在社交媒体上晒出自己的生 活，但国家对于科技或个人信息却抱持越来越具 有保护性的态度。例如今年早些时候中国企业被 要求开展安全评估，企业因此要重新审视自身管 理实践，甚至法律团队现状。举例来说，针对跨境 信息传输的要求愈发严格，美国公司的法律团队 如果采取中心化结构，只在中国设立少数几个 支持性人员，这种做法还可行吗？如果跨境传输 敏感信息不再可能，有些商业决策是否要转为 在本地做出？这只是法律团队需要考虑的问题 中的少数几个。 BROUGHT TO YOU BY GUANTAO LAW FIRM 刑民交叉问题一直是司法实务中的难点。由于国企业破产法及司 法解释无法有效解决破产程序中刑民交叉难点问题，破产程序中刑民 交叉程序适用问题更为复杂。破产案件中，绝大多数由执行程序转入破 产程序，其中一些企业高管或主要负责人因非法集资罪等涉众类犯罪 已经被采取强制措施，也存在进入破产程序后管理人发现高管、股东或 主要责任人存在违法犯罪情形的企业。本文主要研究解决破产程序中 刑民交叉问题。 根据侵犯的法益和犯罪的客观行为的不同，可将企业在破产程序 中遇到的刑事犯罪分为以下三类：破产欺诈类犯罪、生产经营管理类犯 罪和涉众融资类犯罪，类型的不同处理方式亦有所不同。 （一）破产欺诈类犯罪遵循“先刑后民”为主，“刑民并行”为辅的 处理原则。 破产欺诈类犯罪包括虚假破产罪、妨害清算罪等直接破坏破产程 序来损害债权人合法权益的犯罪，同时包括虚假出资罪、抽逃出资罪和 职务侵占罪等一系列以非法侵占企业财产、虚假交易等手段逃避企业 债务的犯罪。 这类犯罪遵循“先刑后民”为主的原则，是因为牵扯到企业进入破 产程序的合法性和必要性存疑，一旦企业或自然人被认定存在通过欺 诈手段，利用破产程序躲避债务的行为涉嫌犯罪时，应当进入刑事程序 交由侦查机关进行审查。同时，在破产程序中企业法定代表人或股东 存在拒不配、妨害管理人执行职务严重至构成犯罪时，应当进入刑事程 序。在涉嫌破产欺诈类犯罪的行为仅导致企业的部分资产无法确认时， 破产程序应当尽量避免中止，对于破产程序中已经确认的资产可以先 行处置、分配，实行分别审理，以此提高破产程序效率。 （二）生产经营管理类犯罪应当别分审理，遵循“刑民并行”原则。 生产经营管理类犯罪可能发生在企业破产之前，甚至犯罪致使公 司资不抵债进入破产程序，如生产销售伪劣产品罪、非法经营罪、重大 责任事故罪等等，这类犯罪发生在公司经营过程中，刑法规定是对企业 的直接责任人进行处罚，破产程序的进行不需要刑事案件的结果作为 先决条件，因此应当刑民并行分别审理。 企业进入破产程序后，管理人在对资产、财务账册进行清点和审计 过程中，也可能发现企业在过去的经营管理过程中存在涉嫌犯罪行为， 此类犯罪包括税务类犯罪、贷款诈骗罪等，此类犯罪虽侵害了特定法益 而构成犯罪，但并不影响破债权的确认，因此仍按照刑民并行的原则分 别审理。 （三）涉众融资类犯罪的处置方法应当视具体情况处理。 此类犯罪涉及破产债权，刑事程序中追回赃款赃物的环节必定影 响破产程序中财产分配。一般分下列情形处理： ①企业以涉众融资行为作为主要经营活动，资产负债的清理实际上 必然以刑事判决为依据，应当先刑后民，待刑事程序结束后，涉及到刑事 判决中财产执行部分，再一并作为破产财产纳入企业破产程序处置； ②企业既有涉众融资类犯罪，又有正常经营活动而产生的债务。此 时，债权人无法通过刑事程序实现债权，只能破产程序，应当分别审理。 如果等待刑事程序终结在启动破产程序，企业实际已经陷入长期无人 管理的混乱状态，成为“僵尸企业”，债权审查确认周期也被大大延长， 无法实现司法应有正义。 破适产用程顺序位中及刑处民理交原叉则问题的 来云龙 观韬中茂律师事务所 管理合伙人 laiyl@guantao.com 成培曦 观韬中茂律师事务所 合伙人 chengpx@guantao.com
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9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 张明 ZHANG MING 国枫律师事务所合伙人 zhangming@grandwaylaw.com 罗细凤 LUO XIFENG 国枫律师事务所实习律师 luoxifeng@grandwaylaw.com BROUGHT TO YOU BY GRANDWAY LAW OFFICES 一、基本情况 在IPO审核实践中，股东适格性是被普遍关注问询的问题，发行人的机 构股东是否属于私募基金是其中之一。然而，单纯以投资为目的而设立的有 限合伙企业与私募股权投资基金往往难以区分，尤其是在某些合伙企业的出 资结构较为复杂、合伙人多为非自然人且其执行事务合伙人为非自然人时， 对于该合伙企业股东是否需要进行私募基金备案的疑惑更甚。 在此，笔者拟在私募股权基金现行法律规则的基础之上，结合相关案 例，就拟IPO企业中合伙企业股东的私募基金备案问题进行简要分析。 二、法律分析 （一）关于私募股权投资基金的定义 法律位阶 规定名称 具体内容 行政法规 《私募投资基金监督 管理条例》（自2023 年9月1日起施行） 第二条 在中华人民共和国境内，以非公 开方式募集资金，设立投资基金或者以进 行投资活动为目的依法设立公司、合伙企 业，由私募基金管理人或者普通合伙人管 理，为投资者的利益进行投资活动，适用 本条例。 部门规章 《私募投资基金监 督管理暂行办法》 第二条 本办法所称私募投资基金（以下 简称私募基金），是指在中华人民共和国 境内，以非公开方式向投资者募集资金设 立的投资基金。 ……非公开募集资金，以进行投资活动 为目的设立的公司或者合伙企业，资产 由基金管理人或者普通合伙人管理的， 其登记备案、资金募集和投资运作适用本 办法。 行业规范 《私募投资基金登 记备案办法》 第二条 在中华人民共和国境内，以非公 开方式募集资金设立投资基金，由私募基 金管理人管理，为基金份额持有人的利益 进行投资活动，适用本办法。 非公开募集资金，以进行投资活动为目的 设立的公司或者合伙企业，资产由私募基 金管理人或者普通合伙人管理的，其私募 基金业务活动适用本办法。 行业规范 《私募投资基金募 集行为管理办法》 第二条 ……本办法所称募集行为包含 推介私募基金，发售基金份额（权益），办 理基金份额（权益）认/申购（认缴）、赎回 （退出）等活动。 （二）IPO审核规则层面对于私募基金股东的要求 根据《监管规则适用指引—关于申请首发上市企业股东信息披露》以及 《监管规则适用指引——发行类第4号》等相关上市规则，拟IPO企业中，如 果存在私募投资基金持有发行人股份的情况，中介机构和发行人应核查并 披露私募基金及其管理人纳入监管情况。 如何判断合伙企业股东是否需要进行私 募基金备案——以IPO审核的视角 三、相关案例 经笔者检索，拟IPO企业存在单纯以投资为目的且未进行私募基金备案 的合伙企业股东仍旧成功上市的案例如下：（1）新巨丰（301296，已于202209-02在创业板上市）1；（2）纳芯微（688052，已于2022-04-22在科创板上 市）2（3）锡南科技（301170，已于2023-6-21在创业板上市）3。 经检索相关案例，对于拟IPO企业存在单纯以投资为目的、出资结构较 为复杂且未进行私募基金备案的合伙企业股东这一问题，监管机构关注的 点在于发行人及中介机构认定该合伙企业股东不是私募基金的依据是什么 以及依据是否充分。发行人及中介机构为回复该问题，基本思路是从私募 股权基金现行法律规则中提炼私募基金的基本特征，从论述该合伙企业入 股发行人的资金为自有自筹资金、不存在以非公开方式向合格投资者募集 资金的情形、不存在委托基金管理人管理其资产的情形等方面具体展开。 在能够充分解释该合伙企业不具备私募基金的基本特征的基础上，监管机 构接受不将单纯以投资为目的而设立的有限合伙企业认定为私募基金的定 性，该问题则并不构成首次公开发行股票并上市的的实质性障碍。 四、总结 结合前述规定与IPO案例，并参考中国证券投资基金业协会在公示案 例中4的分析，可以归纳出私募股权投资基金“非公开募集资金”、“资产由基 金管理人或者普通合伙人管理”、“以进行投资活动为目的”三个基本特征 及具体表现，具体展开如下： 1. 非公开募集资金 在区分单纯以投资为目的而设立的有限合伙企业与私募基金时，首先 应当看该合伙企业是否存在“非公开募集资金”的行为，“非公开”是指私募 基金的资金来源来源于特定投资者，这些特定投资者之间往往互不相识， 因投资共同的项目而被集合在一起，关于何为“募集”，我现行法律规则尚 未有明确定义，仅在《私募投资基金募集行为管理办法》中例举了推介、发 售、办理、认/申购、赎回（退出）等部分募集行为，单纯以投资为目的而设立 的有限合伙企业不会存在前述募集行为，当该合伙企业存在前述的募集行 为时，应当将有限合伙企业定义为私募基金并备案。 2. 以进行投资活动为⽬的 实践中，对于如何认定私募基金中的“投资”，并无明确的认定标准。笔 者认为，私募基金中的投资应当是指专业的资产管理人士进行的专业化投 资，而非宽泛意义上的投资，这对于区分单纯以投资为目的而设立的有限 合伙企业与私募基金至关重要。具体而言，即该合伙企业是否以投资运作 为目的设立，是否存在专业的资产管理人士按照事先约定的投资决策流程 对外投资，并对投资项目进行投后跟踪和管理等带有私募基金运作模式的 投资行为，“以进行投资活动为⽬的”往往和“资产由基金管理人或普通合 伙人管理”相伴随出现。 3. 资产由基金管理人或普通合伙人管理 私募基金是两方人士的集合，专业的资产管理人士具有丰富的投资及 管理经验但缺乏资金；投资者资金雄厚，但相对缺乏基金投资、管理经验， 因此，私募基金的运作模式表现为投资者将资金托付给专业的资产管理人 士进行专业化投资、管理，专业的资产管理人士收取管理费或超出其出资 比例的业绩报酬，且双方约定了明确的收益分配机制及投资者退出机制， 当该合伙企业存在前述约定或行为时，应当将有限合伙企业定义为私募基 金并备案。 1司（案 现例 名基 称本 为情 杭况 州：新华 巨点 丰私 的募 合基 伙金 企管 业理 股有 东限 珠公 海司 聚）、丰宁 瑞波 股梅 权山 投保 资税 管港 理区 合亿 伙曼 企特 业投（资有 管限 理合 合伙 伙），企未业在，中其 国中 基华 金点 业创 协世 会已 登在 记中 备国 案基 ，金其业有协限会合登伙记人备华案点。创监 世管 穿机 透构 后问 的到“合 珠伙 海人 聚包 丰括 瑞杭 的州 合华 伙点 人投 中资 包管 括理 已有 在限 中公 国基金业协会登记备案的私募基金是否实质上属于‘募集资金行为’，其自身未履行登记备案程序是否合法合规。” 2 基案金例备基案本的情依况据：是纳否芯充微分的”合伙企业股东上海重元优芯信息科技合伙企业（有限合伙）的合伙人多为非自然人且其执行事务合伙人为非自然人，监管机构问询到：“元禾重元优芯无需办理私募 3 机 案构 例问 基询 本到 情：“况请：发锡行南人科律技师的就合广伙州企瀚业毅股是东否广需州要瀚履毅行投私资募合基伙金企或业（私 有募 限基 合金 伙管 ）理的人合备伙案人程中序含发有表私明募确基意金见管”理 人 、其 合 伙 人 中 含 有 较 多 非 自 然 人 ，且 其 经 营 范 围 中 含 有“ 项 目 投 资 ”等 字 样 。监 管 4 gz详dt见/2中02国1证09券/P投02资02基1金09业01协6会32于1624082516年1680月.p公d布f 的《私募基金备案案例公示》之案例二，网址为：https://www.amac.org.cn/businessservices_2025/privatefundbusiness/
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 DEALS $2.95BLN Hua Hong Semiconductor’s listing on STAR Market Deal Type: ECM Firms: Llinks Law Offices, AllBright Law Offices Jurisdictions: China 华虹半导体科创版上市 交易类型：股权融资 参与律所：通力律师事务所、 锦天城律师事务所 管辖地：中国 $1.78BLN Shandong Gold Mining’s acquisition of Yintai Gold Deal Type: M&A Firm:Jingtian & Gongcheng, Grandway Law Offices Jurisdictions: China 山东黄金收购银泰黄金 交易类型：并购 参与律所：竞天公诚律师事务所、 国枫律师事务所 管辖地：中国 $980MLN Baimtec Material’s listing on STAR Market Deal Type: ECM Firm: Jia Yuan Law Offices Jurisdictions: China 航材股份科创板上市 交易类型：股权融资 参与律所：嘉源律师事务所 管辖地：中国 $800MLN Huatai Securities’ issuance of mediumterm notes overseas Deal Type: Note Firm: JunHe Jurisdictions: China 华泰证券发行首笔境外中期票据 交易类型：票据 参与律所：君合律师事务所 管辖地：中国 $726MLN Inner Mongolia Yitai Coal’s privatization Deal Type: Privatization Firm: Global Law Office, Kirkland & Ellis, Clifford Chance Jurisdictions: China, Hong Kong SAR 内蒙古伊泰煤炭私有化项目 交易类型：私有化 参与律所：环球律师事务所， 凯易国际律师事务所， 高伟绅律师事务所 管辖地：中国，中国香港特别行政区 $416MLN Sany International’s acquisition of Sany Oil Technology Deal Type: M&A Firms: Jingtian & Gongcheng Jurisdictions: China 三一国际收购三一石油装备 交易类型：并购 参与律所：竞天公诚律师事务所 管辖地：中国 $232MLN Hygeia Medical’s acquisition of Chang’an Hospital Deal Type: M&A Firm: Jingtian & Gongcheng Jurisdictions: China 海吉亚医疗收购长安医院 交易类型：并购 参与律所：竞天公诚律师事务所 管辖地：中国 $174MLN Kelun-Biotech’s listing in Hong Kong Deal Type: ECM Firm: Zhong Lun Law Firm, King & Wood Mallesons, Kirkland & Ellis, Sullivan & Cromwell Jurisdictions: China, Hong Kong SAR 科伦博泰香港上市 交易类型：股权融资 参与律所：中伦律师事务所， 金杜律师事务所，凯易国际律师事务所， 苏利文•克伦威尔律师事务所 管辖地：中国，中国香港特别行政区 $143MLN Kidswant Children Products’ issuance of convertible bonds Deal Type: Bond Firms: Han Kun Law Offices Jurisdictions: China 孩子王发行公司可转债 交易类型：债券 参与律所：汉坤律师事务所 管辖地：中国
12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 In the face of intense competition, both domestically and internationally, and complications within the partnership structure, Chinese companies face significant obstacles when it comes to achieving rapid growth. ALB highlights the top 15 companies that have overcome these challenges and achieved growth through improved service quality and efficiency, as well as by exploring new opportunities. RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU 日趋激烈的行业竞争，跌宕起伏的内外局势，合伙制下的管理难题，中国律所在这样的背景下取得快速成长实属 不易。ALB再次聚焦十五佳成长律所如何逆风前行、提质增效、开辟新机。 排名：《亚洲法律杂志》，作者：吴嘉林 In June 2023, Chinese Ministry of Justice released the ‘Statistical Analysis of Lawyers and Grassroots Legal Services in 2022,’ which showed that at the end of last year, there were more than 651,600 practicing lawyers in China, 76,800 more than the previous year, an increase of over 13 percent; and China is home to more than 38,600 law firms, including more than 2,100 new entrants. Specifically, a total of 500 firms now have at least 100 lawyers, an increase of over 20 percent. Although the legal services industry was not spared the substantial impact last year given growing uncertainties of the domestic and international environment and slowing economic growth, the data above show that China’s legal services industry has managed to maintain its rapid growth seen in recent years, and that the market is still large enough to be explored and developed by Chinese firms. In this ranking, we are highlighting those firms that have managed to overcome difficulties, stand out from competition and become industry leaders. The list of “15 Fastest Growing Firms” in China is based on indicators such as increases in the number of fee-earners, new key partners, new offices, new key clients, new practice areas and revenue. Those 15 firms have not only delivered outstanding report cards in the said key indicators, but they also each rank among the best in the country thanks to their respective undisputed competitive advantages and comprehensive strength in several fields. This year’s 15 winners include established firms headquartered in Beijing, Shanghai and Shenzhen, large firms in non-first-tier cities that are deeply involved in regional markets, as well as medium-sized firms that have just switched from the traditional boutique firm model to being full-service providers, with seven new entries. Given different size and market positioning, each firm has different development strategies and plans. ALB has invited several winning firms to share their continuous growth journey and the challenges they face. CHALLENGES AND OPPORTUNITIES The period under review for the 2023 ALB China Top 15 Fastest Growing Firms is from April 2022 to April 2023. Affected by the pandemic, activities in Shanghai COVER STORY
13 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA COVER STORY were paused for two months from spring to summer last year, while other cities were also affected by the pandemic to varying degrees. This impact can be said to have continued until the beginning of this year. Against this backdrop, one commonality among the 15 winning firms this time is that they have all successfully withstood the shock of the external environment, and that their annual revenue has bucked the trend of declining to register growth. Based in the epicenter of this storm, Ronly & Tenwen Partners saw a decline in business volume during the lockdown. Once the lockdown was lifted, however, all lawyers made extra efforts to catch up and business volume rebounded rapidly. Such rebound is inseparable from the rapid growth of the firm in recent times. “In recent years, we have maintained steady annual growth of 20 percent in our team,” says Pan Dingchun, director of Ronly & Tenwen. With the increase in the number of offices and colleagues, the reputation of the firm has been continuously consolidated, and revenue has also increased significantly. “Expansion at this speed proves to be working for us and has achieved good results.” According to Pan, Ronly & Tenwen added six offices in Shanghai Lingang, Beijing, Guangzhou, Suzhou, Changzhou and South Korea over the past 12 months, Before this, the firm only had offices in Hangzhou, Haikou and Taicang apart from its Shanghai headquarters. Beijing JAVY Law Firm is another firm that achieved growth in the number of lawyers, the number of offices and business turnover in the past 12 months. “The past three years saw our rapid development amid the outbreak and resurgence of the pandemic. JAVY created new opportunities despite the crisis, forged new grounds amid fluid situations, and achieved excellent results on multiple fronts,” says Cao Chunfang, deputy director and founding partner of JAVY. JAVY registered a year-on-year increase of 60 percent in its number of lawyers and staff to reach nearly 400, and added offices in Shanghai, Chongqing, Fuzhou, Nanning and Zaozhuang, with preparations ongoing for establishing presence in Tianjin, Taiyuan, Wuhan, Shenzhen and Hangzhou. In March this year, the firm rented a new building for its Beijing headquarters, doubling its office space to nearly 6,000 square meters in two detached buildings. “This has improved not only our work environment, but also our overall service capability and comprehensive strength.” On the other hand, Jiang Qi, chairman of the National Board of Directors of Beijing Hylands Law Firm, shares that apart from the pandemic, complex international political and economic dynamics since last year, such as the global economic recession, the power play between China and the United States, and the Russia-Ukraine conflict, have collectively resulted in a period of relative stagnation 创建于2007年，十多年的磨砺，公司化的管理、专业化的分工，格联律师事务所逐渐发展成为一家为世界客户提 供中国视野、为中国客户提供全球方案的国际化律师事务所。我们在上海、北京、成都、广东等全国各地的办公室，使 我们在地域上能够有效链接中国核心经济圈，我们有来自于国内外知名法学院校的数百名专业人员，以及我们全所 统一管理的一体化对外服务理念，使我们在经济活动越来越多样性的今天，不仅在海事海商、知识产权、跨境并购、复 杂商事诉讼仲裁等传统领域保持持续的竞争力，更使我们在区块链和大数据、金融刑事辩护与刑事合规、文娱体育等 新兴领域展现出独树一帜的深度服务能力。 得益于我们的律师在基金、证券、信托、融资租赁等金融类行业，以及船舶航运、医药、消费、互联网、集成电路等 标杆性非金融行业的丰富经验、深度理解和创新能力，我们的客户将极其复杂的商业交易、极为疑难的重大诉讼、极 富挑战的新颖课题交给我们处理。 格联律师事务所必将在时代的选择下迈向新的征程 Founded in 2007, after over one decade hardworking, through corporate-style management and expertised division, Glinks Law Firm has grown to be an internationalized law firm providing its worldwide clients with China vision and its Chinese clients with global solution. Our offices in Shanghai, Beijing, Chengdu, Guangdong and other places around China enable us to geographically link the core economic circles of China in an effective manner. Commercial activities becoming more and more varied, our hundred of professionals graduated from renowned law schools worldwide, and our determination to serve our clients as one firm thanks to our unified management regime, not only allow us to keep our competitive edge in traditional areas like maritime, IP, cross-border M&A and complicated commercial litigation/arbitration, but also equip us with unique capability to provide services in those emerging areas like blockchain/data privacy, defense of financial crimes/criminal compliance and entertainment & sports. Benefited from our lawyers’ extensive experience, profound understanding and creative thoughts in both financial industries like fund, securities, trust and financial lease and those benchmark non-financial industries like shipping, pharmaceutical, consumption, Internet and IC, our clients entrust us to handle those most complicated deals, most difficult disputes, and most challenging pilot projects. “Link Global, Link Great”, being the choice of the coming era, Glinks Law Firm is sailing on its new journey. 上海 北京 临港 南昌 顺德 成都 郑州 厦门 Shanghai Beijing Lingang Nanchang Shunde Chengdu Zhengzhou Xiamen
14 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2023 for the Chinese legal services industry. As a result, China’s legal profession, already highly competitive, has experienced involution, or excessive internal competition, that is not conducive to development. Already a full-service outfit, Hylands managed to maintain its growth momentum over the past 12 months, with feeearners up by 530 to reach 2010, new offices established in Fuzhou, Nanchang, Xi’an, Suzhou, Zhengzhou, Shijiazhuang, Taiyuan, as well as Miyun District and Changping District of Beijing, and a significant increase in revenue. Based on performance of the firm’s headquarters and more than 30 offices in the first half of this year, Jiang expects the growth of revenue to be maintained. These achievements are inseparable from the efforts made by the firm in recent years to build up middle office services and branding. “Hylands has presented itself with a brand new look in the world of Chinese law firms.” SYSTEM AND MANAGEMENT The gains brought about by strength in numbers point to the driving role of scale in the development of Chinese firms. Faced with fierce competition, many firms are emphasizing the importance of staying prudent and pursuing moderate and high-quality upscaling. To this end, the 15 winning firms have all worked hard in terms of systems and management. Switching from general partnership (GP) to special general partnership (SGP) is a clear path chosen by many of the winners, such as JAVY, Ronly & Tenwen, Beijing Celue Law Firm and Chance Bridge Law Firm. The biggest difference between GP and SGP lies in the debt liability of law firm partners, which improves a firm’s ability to withstand risks. Cao of JAVY says that the restructuring of the firm to a SGP in 2021 is a key milestone in the firm’s development and provides the institutional guarantee for its rapid growth. “SGP solves the worries of partners in terms of liability sharing, creating the basic conditions for all partners to build a business platform together.” On this basis, JAVY has made it clear in its first “Five-year Plan” that it will transition from a specialized boutique firm to a large-scale, one-stop firm. Although Hylands still adopts the GP model, Jiang concedes that the underpinning philosophy and basic logic of a partnership firm is that lawyers will work and do things for their own benefit, resulting in an inherent lack of organizational capabilities of the firm. “The tension between our lawyers’ growing professional competence and creativity and our firm’s lack of organizational capabilities is something we need to address urgently.” When it comes to the organizational structure of law firms, Jiang hopes that China could introduce limited liability partnership or LLP which would contribute to the upgrading of law firm management. “The risk of unlimited joint liability is like the sword of Damocles, hanging over the heads of 650,000 Chinese lawyers. The LLP model, on the other hand, advances joint management through the proportionate system, which can improve management efficiency and strengthen organizational capabilities.” At the management level, both JAVY and Hylands have established a system comprising “discussion, decisionmaking, execution and supervision”. JAVY’s Cao shares that “discussion” aims to reflect democracy in its broadest and most sufficient sense. The firm has set up an executive committee, an organizational strategy and development committee, an institutional development and coordination committee, and a partnership affairs committee, to study major issues that emerge out of the firm’s operations and management. Before decisions on major matters that affect the firm are made, all employees are organized to participate in internal consideration, communication, discussion and research. “Decision-making” is to improve the democratic decision-making mechanism featuring democratic discussion and voting. JAVY practices threetier decision-making partner meetings, namely meeting of all partners, meeting of senior equity partners, and meeting of the partner management committee. Further, “execution” is to step up implementation efforts. At JAVY, the partner management committee elects COVER STORY BEIJING CELUE LAW FIRM 北京策略律师事务所 BEIJING DOCVIT LAW FIRM 北京市道可特律师事务所 BEIJING HYLANDS LAW FIRM 北京浩天律师事务所 BEIJING JAVY LAW FIRM 北京嘉维律师事务所 CHANCE BRIDGE LAW FIRM 卓纬律师事务所 CHINA COMMERCIAL LAW FIRM 华商律师事务所 GLINKS LAW FIRM 上海格联律师事务所 HAI RUN LAW FIRM 海润天睿律师事务所 HUNAN TIANDIREN LAW FIRM 湖南天地人律师事务所
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