9 772220 270006 ISSN 2220-2706 CHINA’S TOP LAWYERS, AS CHOSEN BY CLIENTS 客户首选律师榜单同时公布 CHINA, MIDDLE EAST SEE STRENGTHENED TIES 中国、中东地区强化互联互通 PRC FIRMS EYE NEW OPPORTUNITIES IN MALAYSIA 中国律所加速马来西亚布局
ALB BEIJING IN-HOUSE LEGAL SUMMIT 2024 2024 ALB 北京 企业法律顾问峰会 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 FOR MORE INFORMATION, KINDLY VISIT 更多信息欢迎访问本次活动页面 https://www.legalbusinessonline.com/ihs/BJIHLS2024 21 NOVEMBER - BEIJING 11月21日 – 北京 In-House Counsels tasked with managing legal risks for their businesses face interesting times ahead. Today’s volatile business climate has created an environment filled with uncertainty, tight deadlines, and limited resources. This will force In-House Counsels to rethink their risk management plans, resource planning and more. Asian Legal Business is proud to present the 20th Beijing In-House Legal Summit on 21 November 2024. This annual summit gathers senior-level corporate counsels, business leaders and private practitioners from Beijing 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. 当今的企业法律顾问秉承时代和经济发展赋予的机遇，不断精进自身法律技能和业务能力，已成为企业决策和商业 布局中不可或缺的重要伙伴，同时，由于快速变化的市场环境、高速发展的业务赛道、不断推出的法律法规和监管要 求，企业法律顾问也面临着灵活响应商业需求，不断钻研行业实务，及时研判监管政策的挑战。面对充满机会和挑战 的经济社会环境，我们看到企业法律顾问对市场变化和业务情况作出快速反应，为企业的业务决策提出可行性的法 律意见和全方位的支持，以专业、创新的思维和视野发挥企业法律顾问在助力业务发展中的最大价值。 第二十届ALB北京企业法律顾问峰会将于11月21日在北京召开。作为一年一度的北京及周边地区企业法律人盛会， 不同行业的企业法律顾问、商界精英将齐聚一堂，聆听演讲嘉宾解读法律热点，洞察商业前沿态势，探讨并分享法律 顾问这一举足轻重的角色如何助力企业实现战略发展的总体布局。 WORKSHOP SPONSORS PROUDLY PRESENTED BY
1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS 区域市场法律大奖： 华东地区的入围名 单。这是ALB连续第 三年聚焦于华东地区 五省一市杰出的法律 个人及集体。 BRI EFS 4 Briefs 焦点故事 10 Appointments 律师转所信息 11 Deals 交易 With contribution from: • Grandway Law Offices 国枫律师事务所 COVER STORY 12 2024 ALB China Fastest Growing Firms 2024 ALB China 十五佳成长律所 In the dynamic landscape of China’s legal industry, the ALB China Fastest Growing Firms ranking for 2024 showcases the remarkable growth and innovation of law firms across the country. 体量规模、优势特色 各不相同的上榜律 所，都在过去一年中 找到了适合自己的发 展道路，坚持着独到 的发展策略，方才取 得令人瞩目的成就。 Ranking by ALB, text by Victor Wu With contributions from: • Beijing Shengchi Law Firm 北京声驰律师事务所 • Blossom & Credit Law Firm 北京市邦盛律师事务所 FEATURES 20 China Outbound Investment: Middle East 中国对外投资： 中东地区 China’s economic ties with the Middle East have been rapidly expanding. Lawyers say that while opportunities abound, companies must carefully consider the business logic of their investments and navigate the unique cultural and legal landscape of the Middle East to ensure success. 2023年以来，中国与 中东地区间往来日益 活跃，中东多国凭借 友好的投资环境、潜 力较大的当地市场 等，不断吸引各个产 业领域的中国企业前 往考察与落地，也为 中国律所提供了新的 服务机会。 26 2024 ALB China Client Choice 2024 ALB China 客户首选律师 This year, more than 1,944 in-house counsel and business professionals participated in the ALB survey to select their top 20 lawyers. We delve into the preferred traits of these client-choice lawyers and their strategies for future growth in the legal services market. 今年，1944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。ALB与上 榜者聊了聊赢得客户 青睐的秘诀。 36 ALB reveals finalists of the third East China Regional Law Awards 2024 ALB中国区域市 场法律大奖：华东地 区入围名单公布 After three months of rigorous research, ALB has recently announced the finalists for the ALB China Regional Law Awards 2024: East China. 经过近三个月的严谨 调研，ALB于近日公 布了2024 ALB中国 8 A NASDAQ NEAR HOME 香港打造“离家更近”的纳斯达克， 推动科创中心战略 Image: Rob Nazh/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 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 this issue, we are proud to present the 2024 ALB China Fastest Growing Firms ranking, showcasing the remarkable growth and innovation within China’s legal industry. After months of meticulous research, we have identified 15 firms that have demonstrated exceptional expansion and development over the past year. What stands out in this year’s ranking is the diversity of growth strategies employed by these firms. From aggressive mergers and team acquisitions to innovative talent cultivation programs and strategic regional expansions, each firm has carved its own unique path to success. Particularly noteworthy is the influx of new entrants, with over half of the ranked firms appearing on the list for the first time. This highlights the dynamic nature of China’s legal market and the continuous emergence of new players ready to challenge the status quo. As we delve into the stories behind these fast-growing firms, we uncover valuable insights into the challenges and opportunities facing the legal industry today. From navigating market competition to embracing technological advancements, these firms offer a glimpse into the future of legal practice in China. 本期杂志中，我们很骄傲地向您呈现2024 ALB China十五佳成长律所榜 单，展示中国法律行业的卓越成长和持续创新。经过数月的缜密调研，ALB评选 出了在过去一年中展现出非凡发展实力的15家律所。 今年，上榜律所采取的多样化成长策略特别值得关注。从大胆的律所合并和 团队吸纳，到创新的人才培养计划和战略性的地区扩张，每一家律所都开辟了自 己独特的成功之路。此外，上榜律所中，超过一半首次出现在该榜单中，这突显了 中国法律市场的活力，以及不断涌现的、准备挑战现状的新参与者。 通过深入探究快速成长律所背后的故事，我们也了解了法律行业今天面 临的挑战和机遇。从应对市场竞争到拥抱技术进步，这些律所帮助我们一窥中 国法律实践的未来。 CHARTING NEW HEIGHTS 开启新高度 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
www.legalbusinessonline.com/conferences/China-IP-2024 Wang Jin 王瑾 jin.wang@tr.com / (8610) 5669 2009 Amantha Chia 谢京庭 amantha.chia@tr.com / (65) 6973 8258
4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 BIG STORY The year 2024 marks the 50th anniversary of the establishment of diplomatic ties between China and Malaysia. As geopolitical tensions between China and the United States continue, China is shifting its focus towards the ASEAN region. China and Malaysia are capitalizing on the celebration of the anniversary to deepen cooperation in the areas of trade, investment, food, energy, digital economy, and environmental protection. As an ASEAN founding member and a gateway to the Regional Comprehensive Economic Partnership (RCEP), Malaysia plays an important role in regional cooperation, a role which continues to contribute to its international standing. And this year has been an economically strong one for the Southeast Asian nation, particularly in areas like capital markets. According to Deloitte, in the first EAST MEETS SOUTHEAST 马来西亚成中企出海“优选”，律所加速“陪伴式”布局 half of 2024, Malaysia has been the most active capital market in the ASEAN region, raising $450 million with 21 listings. “With a diversified industry mix and strong regional economic presence, Malaysia has attracted a large number of multinationals and investors with its fastgrowing digital economy, technology innovation, and infrastructure development projects,” says Will Fung, senior foreign counsel at Beijing-headquartered Grandall Law Firm. In mid-June, Grandall opened its Malaysian office headed by Fung. Fung emphasizes that “continued strong foreign investment and internal economic development will bring more opportunities to Malaysia, stimulating legal needs in cross-border investment and financing, commercial dispute resolution, trade, labor, compliance, and intellectual property rights.” Another Chinese firm, Yingke Law Firm, launched in Malaysia around the same time. Maggie Yao Yanfei, executive director of Yingke Malaysia, has expertise in corporate compliance and risk management. Yao tells ALB that the Malaysian office marks an important step for Yingke in facilitating its global “one-hour” legal services network with increasingly close ties between China and Malaysia. “China has been Malaysia’s largest trading partner for the past 15 years. In 2023, the Malaysian government approved 64 investments totaling $2.6 billion from China, creating more than 10,000 new jobs.” “Meanwhile, China and Malaysia have inked 14 memoranda of understanding (MoUs) in various areas of cooperation this year and renewed a five-year economic and trade cooperation pact for intensified As China shifts its business focus towards the ASEAN region, Chinese law firms are making strategic moves into Malaysia’s burgeoning legal market. These firms aim to provide comprehensive legal services to Chinese and Malaysian companies, facilitating deeper integration of professional services between both countries and supporting the expanding economic cooperation in the region. 凭借优越的地理位置、多元的经济结构、广泛的贸易联系，以及更低的商业成本，位于东南亚心脏地带的马来西亚正对中 国企业产生愈发强劲的吸引力，中国律所也加紧了布局这一东盟门户的步伐。 BY CHARLIE WU 作者：吴卓言
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BIG STORY investment cooperation in digital economy and green development. The two countries will see opportunities for cooperation in more areas,” says Yao. Yao notices a palpable increase from 2023 in the enthusiasm and interest of Chinese companies in making investments in Malaysia and they target trade and service connectivity, corporate business visits, cultural tourism promotion, M&A, and greenfield projects. BEST DESTINATION Li Chun, founding and managing partner at Grandall Law Firm and dean of Grandall Development Research, visited Kuala Lumpur last December to lay the groundwork for the opening of the local office. He emphasizes that Malaysia is a magnet for Chinese enterprises with its increasingly favorable environment for science and technology innovation. China’s semiconductor and big data sectors, for example, are seeking new paths of development amid U.S. tech sanctions. Li points out that “Penang, known as the Silicon Valley of the East, stands as a hub for global semiconductor packaging and testing, hosting 70 percent of Malaysia’s semiconductor-related companies.” Malaysia has announced the National Semiconductor Strategy this year, which includes providing at least $5.3 billion in financial support and targeting $106.2 billion in investment for its semiconductor industry. The government will focus on such key areas as chip design, advanced packaging, and semiconductor manufacturing equipment. In 2023, GDS, an operator of data centers in China, launched its hyperscale data center park in Johor, Malaysia. “Strategically located close to Singapore, Johor is set to become an important powerhouse of data centers in Southeast Asia.” Chindata also opened a customized hyperscale data center campus with 100 megawatts of capacity in Johor last year. “All this has driven up demand for legal services,” says Li. Malaysia is attractive to Chinese enterprises on the other hand for its geographic location that connects the world—sitting on the Straits of Malacca, Malaysia is an important hub for international trade and shipping. Malaysia also has a strong manufacturing base. At a time when the U.S. and Europe impose controls on manufacturing products from China, Chinese enterprises are moving their production bases to Malaysia so that they can capitalize on the country’s convenient transportation and logistics network to better support global customers. KEY NODE In 2013, Malaysia liberalized its legal services market to allow foreign firms to provide local legal services by forming joint ventures with Malaysian firms or to provide foreign law-related services by registering as “foreign law firms” within its jurisdiction. Fung notes that since then, “foreign lawyers and firms have been encouraged to practice in Malaysia. Driven by a high rate of globalization, the Malaysian legal market not only serves local businesses and individuals, but also attracts demand for legal services from around the world”. Given the actual demand of Chinese enterprises and a friendly environment, Chinese law firms are accelerating their presence in Malaysia, which has more farreaching significance for their expansion around the world. “Trends indicate that the next three to five years represent a strategic window of opportunity for China to unilaterally open up to ASEAN, and China will introduce more proactive opening-up policies towards ASEAN countries, including but not limited to facilitating the free flow of cross-border funds. Therefore, Chinese law firms need to expand their footprints in the ASEAN market so that they can get ready for more Chinese companies coming on the way.” “Chinese law firms can adopt a Malaysia-centric approach to integrate their resources and develop their business in Southeast Asia. With their foothold in Malaysia, they can also grow their business across South Asia including Indonesia, Singapore, Thailand, and Brunei.” With its religious and ethnic diversity, Malaysia allows Chinese law firms to prepare themselves for a broader market in a friendly environment. As Li points out, “Malaysia has Islam as its official religion, and its close ties with Islamic countries and other economies are also conducive for Chinese law firms to set up their offices and provide services there.” THE NEXT STEP Li believes that the Malaysian legal market will experience leapfrog development under the RECP agreement. “The industry needs to embrace new sources of capital and industry opportunities”, to break the bottlenecks facing local law firms, like the size is relatively small, the services are not diverse, and the professionals have balanced capabilities. Fung highlights the talent advantage in the Malaysian legal market. “Malaysia boasts a rich talent pool, and local lawyers either have studied overseas or received international training. In addition, Malaysia adopts the common system for solicitor qualifying exam as practiced in Commonwealth countries, and lawyers practicing in other Commonwealth countries will get involved as an advisor.” Fung also tells ALB that the Grandall Malaysia Office will provide a full range of services to clients, with its focus on complex cross-border transactions in the areas of technology, telecommunications, new energy green projects, semiconductors, logistics, and wealth management. According to Yao, Yingke Malaysia will further work with local law firms and tax authorities to provide the safeguard for corporate investment and development. “Yingke Malaysia can support our clients in pursuing diversified development of cross-border trade, investment, and M&A, with a business scope covering everything from investment consulting, company registration and structural planning to consulting and implementation of financial, tax and legal compliance. In the future, we will offer more market-oriented service products that can accurately meet the needs of investors in China, Malaysia and other countries.” “Yingke will not only help Chinese companies with their investment in Malaysia, but also provide legal protection for Malaysian companies in China. Looking forward, we will expand our global presence so as to support Malaysian companies in their provision of global services, which will surely facilitate deeper integration of professional services between both countries and bring more breakthroughs,” she adds.
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 2024年是中国和马来西亚建交 50周年。伴随中美地缘政治关系紧张， 中国的对外交往正不断转向东盟，中 马也借助建交周年，持续深化在贸易、 投资、粮食、能源、数字经济、环境保护 等领域的合作。 作为东盟创始国及《区域全面经 济伙伴关系协定》（RCEP）门户，马来 西亚在区域合作中扮演着重要角色， 这一角色也不断促进其自身国际地 位的提升。 根据德勤公布的数据，2024年上 半年，马来西亚成为了东南亚最具活 力的资本市场：共吸引21家企业上市， 募资额达到4.5亿美元。 “马来西亚拥有多元化的产业结 构和强大的区域经济影响力，其快速 发展的数字经济、科技创新和基础设 施建设项目，吸引了大量跨国公司和 投资者。”国浩律师事务所资深外籍 法律顾问方维城律师观察到。6月中 旬，总部位于中国的国浩刚刚成立了 马来西亚办公室，由方律师担任主任。 “持续强劲的外部投资和内部经 济发展将给马来西亚带来更多机遇， 其在跨境投融资、商事争议解决、贸 易、劳动、合规、知识产权等方面的法 律需求也日益旺盛。”方律师说。 同样在6月中旬落地马来西亚的 还有来自中国的盈科律师事务所。盈 科马来西亚执行主任要艳菲是一名 国际注册会计师(FCCA)，专业领域 涵盖企业合规与风险管理。要主任告 诉ALB，伴随中马交往日益密切，布局 马来西亚成为了完善盈科“全球一小 时法律服务生态圈”的重要举措。 “过去15年，中国都是马来西亚 的最大贸易伙伴国。2023年，马来西 亚政府批准了来自中国的64项投资， 总价值高达26亿美元，创造了1万余 个新就业机会。” “此外，中马两国还在今年签署 了14项合作备忘录协定，并在经贸领 域制定了‘马中经贸合作五年规划’， 同时加强数字经济和绿色发展领域的 投资合作。预期两国将在更多领域实 现合作。”要主任说。 要主任观察到，2023年至今，在贸 易服务互通、企业商务考察、城市文旅 推广、投资绿地项目及并购项目等方 面，中资企业对马来西亚的投资热情 与关注度经历了高速增长。 中企出海的“最优选择” 去年12月，国浩创始暨执行合伙人、国浩 发展研究院院长李淳律师曾赴吉隆坡考 察设立马来西亚办公室，他特别观察到 马来西亚发展过程中愈发浓厚的科技创 新色彩对于中国企业的吸引力。 以【在美国封锁之下，】中国正寻 求新发展之路的半导体、大数据等产 业为例，李律师指出，“马来西亚槟城 是全球半导体封测产业重镇，有‘东方 硅谷’之称，汇聚了马来西亚70%的 泛半导体产业链企业。”同时，马政府 也在今年推出了‘国家半导体产业战 略’，计划提供至少53亿美元补贴，吸 引约1062亿美元的投资，主要投向芯 片设计、先进封装和半导体制造设备 等关键领域。 此外，2023年中国数据中心运营 商万国数据的超大规模数据中心园区 落地马来西亚柔佛州。“得益于紧邻新 加坡的战略性区位，柔佛州有望成为 东南亚数据中心产业的重要基地。”秦 淮数据也在去年于柔佛州开建了百兆 瓦级别的超大规模定制化园区。 “因此，相关法律服务的需求也 在增长。”李律师说。 马来西亚对于中国企业的另一重 吸引力，则在于其联通世界的地理位 置——坐拥马六甲海峡，马来西亚是 国际贸易和航运的重要枢纽。 作为“东南亚四小虎”之一，马来 西亚拥有雄厚的制造业基础，在中国 制造产品不断遭遇美欧出口管制的情 况下，将生产基地向马来西亚转移成 为了中国企业的优选，再利用该国便 利的交通和物流网络，中国企业能够 更有效地服务于全球客户。 律所布局的关键节点 2013年，马来西亚正式开放法律服务 市场，外国律所可以以联营方式与本 地所展开合作、提供本地法律服务； 亦或注册为“外国律所”，提供外国法 相关服务。 方维城律师指出，自此之后，“马 来西亚鼓励外国律师和律所进入市 场。作为国际化程度较高的国家，马 来西亚法律市场不仅服务于本国企 业和个人，还吸引了来自全球的法律 服务需求”。 中国企业的实际需求、友好的落 地环境为中国律所加速布局马来西亚 打下基础，与此同时，布局此地对于中 国律所下一步的全球化发展具备更深 远的意义。 “潜在趋势表明，未来3-5年可 能是中国向东盟单边开放的战略窗 口期，中国将推出面向东盟国家的更 多积极主动的开放政策，包括但不限 BIG STORY 于出台跨境资金进出自由便利的利好 政策。因此，在大批中资企业走进东盟 前，律所也需要率先入驻东盟市场，做 好前期铺垫。”方律师说。 “中国律所可以以马来西亚为中 心，整合并进一步开拓在东南亚地区 的业务和资源。并以马来西亚为据点， 辐射印度尼西亚、新加坡、泰国、文莱 等东南亚市场的法律业务。” 此外，马来西亚的宗教文化与种族 多样性也可以帮助中国律所在友善的 环境中“练习”对接更广阔的市场。如李 淳律师所指出的，“马来西亚以伊斯兰 教为官方宗教，其与伊斯兰国家以及其 他经济体之间的联系密切，同样有利于 中国所前往布局并提供延伸服务”。 下一步发展 借助RCEP带来的红利，李淳律师相信 下一步马来西亚的律师行业将经历跨 越式发展，“行业需要迎接新的资本、 新的产业机会”，打破现有的律所体量 不大、业务相对单一、律师能力较为均 衡等瓶颈。 方维城律师认为，马来西亚律师 行业的人才优势值得注意，“马来西 亚拥有丰富的人才资源，本地执业律 师通常有海外学习经历或接受过国际 培训。此外，马来西亚律师资格考试使 用英联邦国家通用体系，因此经常会 有其他英联邦国家执业律师以顾问身 份加入”。 方律师告诉ALB，新成立的国浩马 来西亚办公室将为客户提供全方位服 务，并重点关注于科技、电信、新能源 绿色项目、半导体、物流、财富管理等 领域的复杂跨境交易。 要艳菲主任则介绍道，盈科马来 西亚将与马来西亚当地律所、财税机 构等展开深入合作，协同为企业的投 资和发展提供专业保障。 “盈科马来西亚的业务范围涵盖 从投资咨询、公司注册、架构规划，到 财、税、法律合规的咨询和落地服务， 以满足企业跨境贸易、投资、并购等多 元化发展。未来，我们也将以市场为导 向，发展出更多、更精准满足中国、马 来西亚以及其他国家投资者需求的服 务产品。”她说。 此外，“盈科不仅协助中资企业在 马来西亚的投资保障需求，同样也提 供马来西亚企业在中国的法律保障。 未来，我们希望通过盈科全球布局，为 马来西亚企业提供全球服务助力，这 必将带来中马专业领域服务的更深融 合与突破”，要主任展望道。
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 何帅领 国枫律师事务所合伙人 heshuailing@grandwaylaw.com 王珊珊 国枫律师事务所授薪合伙人 wangshanshan@grandwaylaw.com BROUGHT TO YOU BY GRANDWAY LAW OFFICES 近年来破产重整案件数量大幅增长。根据最高人民法 院工作报告公布的数据，2022年度破产案件从1.3万增长 到4.7万件，破产重整案件从732件增长到2801件，增长了 近四倍。2023年度，从法院审结的破产案件角度统计，审结 破产案件达2.9万件，同比增长68.8%，审结破产重整、和 解案件1485件，762家陷入困境企业成功重整，盘活资产 8790亿元。从近三年法院受理重整的上市公司数量来看， 上市公司重整计划被法院裁定批准的数量，2021-2023年 分别是19家、11家和15家。破产重整，从政府、管理人、债务 人的角度而言，是新一轮的招商引资，从投资人的角度而 言，是对特殊资产项目的投资。破产重整既是企业“涅槃重 生”的机会，也是投资者获得超值回报的机会。 在破产重整投资中，投资人在期望获得高收益的同时 也面临着较高的风险。由于重整项目的特殊性，除一般的 股权投资风险外，重整投资人面临的投资风险也具有一定 的特殊性。本文重点讨论作为重整投资人进行产业或财务 投资的常见风险与防范措施。 一、破产重整投资的主要风险 1、重整计划无法执行完毕的风险 若重整投资协议已签且已支付投资款，而在重整计划 实施过程中遇到无法执行完毕的意外情况，尤其在部分投 资款已经用于清偿债务的情况下，投资人将存在投资失败 的风险。 2、相关行业资质无法获得/维持审批或许可的风险 很多重整项目，投资人的投资目的就是债务人的相关 行业资质，比如金融牌照、汽车生产、采矿许可、化工生产 许可、环保许可等等。若重整计划实施后债务人无法进行 取得、持续保有相关资质许可或批准，将严重影响债务人 的正常经营，导致投资失败。 3、债务人有效资产价值缩水/变现困难/无法使用等 风险 有的项目中投资人是冲着债务人剥离债务后的有效 资产来的，若资产价值缩水（之前评估偏离实际价值）、变 现困难、权属有争议、无法正常使用等，投资人将面临投资 减值亏损。 4、未申报债权引起的负债风险 根据《企业破产法》第92条之规定，在重整计划执行完 破与产防重范整措的施投资风险 后，未申报的债权人可以按照重整计划规定的同类债权的 清偿条件行使权利。重整计划执行完毕后，重整计划中未 就未申报债权预留偿债资金的或预留偿债资金使用完毕 时，该清偿义务实质上将由投资人用额外的自有资金或重 整后的企业利润承担，导致投资人遭受损失。 5、重整后经营及管理风险 重整完成后，重整后企业若仍然经营不善，投资人存 在无法实现投资目的的风险。在某些重整项目中，原股东 仍持股或债转股，若投资人与原股东或债权人持股平台的 经营理念不同、发生矛盾等，也将会导致公司管理风险，导 致投资人投资失败。 6、税务风险 重整过程中往往涉及资产转让、土地增值、债权债务 转让或减免等，该等事项将涉及企业所得税、增值税等税 务问题。如果重整后企业被征收高额税务，将会给投资人 带来投资风险。 二、破产重整投资的风险防范措施 由于破产重整项目的专业性和特殊性，破产重整投资 的主要风控措施包括： 1、聘请专业机构对重整企业进行详细地尽职调查，结 合破产重整的特点及上述风险点进行专项调查。法律尽职 调查须增加核查上述主要风险点，仔细核查重整计划内容 及程序、企业关键资质许可、纳入重整后企业的资产、或有 负债、税务风险、司法查封、经营状况等。 2、研究重整计划内容，关注重整计划中有关投资人的 权利义务。破产重整投资与一般投资不同，投资人须认真 研究重整计划，聘请熟悉规则的专业机构参与投资决策， 了解投资人在重整中的权利和义务。 3、在重整投资协议中设定相关条款，保护投资人权 益，防范相关风险。投资人在与管理人、债务人等签订协 议时应精心设定相关条款，明确各方权利义务，保护自身 权益。 4、积极与法院、管理人、当地政府、相关监管及税务部 门、原股东或债转股股东、拟保留的债务人核心经营管理 及技术人员等进行充分沟通。一个破产重整项目的成功， 涉及到各方的共同努力，投资人与各方的沟通协调尤其 重要。
8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 BIG STORY A NASDAQ NEAR HOME 香港打造“离家更近”的纳斯达克， 推动科创中心战略 BY CHARLIE WU 作者：吴卓言 In the first half of 2024, the global capital markets continued to feel uncertainties, and Hong Kong was no exception. Over the past six months, Hong Kong stocks remained subdued but still showed a number of positive signs of recovery. Hong Kong Exchange ranked 9th in global IPOs in the first half of 2024, raising HK$13.178 billion, according to Deloitte. There were 30 new listings in Hong Kong in the first half of 2024, including 29 companies listed through the Main Board and one GEM Board listing. Compared to the first half of 2023, the number of new listings decreased by 3 percent and the funds raised shrank by 26.19 percent from HK$17.855 billion. Despite modest results in the first half of 2024, the industry maintains a positive outlook for IPO activities to pick up in the second half. KPMG says there is newfound positivity in the Hong Kong IPO market as evidenced by the surge in IPO applicants. This upsurge has been supported by the CSRC’s five measures and A-share applicants switching their IPO plans to Hong Kong. This aligns with the HKEx’s resolve to build another STAR Market. TECH RISING STARS Hong Kong’s innovation and technology sector, in combination with its Shenzhen and Guangzhou counterparts (the Shenzhen-Hong Kong-Guangzhou science and technology cluster), was ranked as the world’s second-best in terms of performance by the Global Innovation Index 2023. Early last year, the HKSAR Government announced the Hong Kong Innovation and Technology Development Blueprint to establish a clear development path and formulate systematic strategic planning for Hong Kong’s I&T development over the next five to 10 years. It also highlights further cooperation with the mainland in terms of talent and funding. Meng Ding, a partner at Sidley Austin in Hong Kong described the combination of Chapter 18A and Chapter 18C as “an almost ‘full’ board focused on science and technology.” QuantumPharm, an innovative quantum physics-based, AI-powered and robotics-driven innovative R&D platform, was recently listed under Chapter 18C on the HKEx’s Main Board. Sidley advised the firm as Hong Kong and U.S. counsel. Ding explains the factors why Hong Kong is attractive to technology companies, especially high-tech companies from the mainland for listing. “The Chinese economy is transitioning into a more technology and innovation-focused economy. It is the country’s stated focus on putting more R&D resources and efforts in science and technology innovation and in developing its own advanced manufacturing sectors; Secondly, with Chapter 18A and Chapter 18C, Hong Kong’s capital market can potentially rival the NASDAQ’s dominance in these fields. A closer-to-home bourse is a factor in attracting hardtech companies to Hong Kong; Thirdly, both the PRC central government and the Hong Kong SAR government put an emphasis on developing Hong Kong into an innovation and advanced manufacturing hub itself and a super-connector between China and the outside world.” The introduction of ChatGPT has turned the spotlight on AI companies and industry leaders are scrambling for listings. Deterred by the stringent requirements of the STAR Market, more and more Chinese AI companies are seeking a listing in Hong Kong. Mobvoi, a leading AI company with generative AI and voice interaction technologies at the core of the business, was listed on HKEx’s Main Board recently, with Zhong Lun Law Firm as the Hong Kong and PRC legal advisor. Tang Zhoujun, a partner at Zhong Lun and the leader of the project, highlights multiple factors behind the choice of listing place. While considering the current international political landscape, geographic location, and cultural differences, companies need to make decisions based on various regulatory requirements for their industries, listing structure, network data security, and Hong Kong’s stock exchange demonstrates resilience in the face of global market uncertainties in early 2024, with experts anticipating a stronger second half. The introduction of Chapters 18A and 18C has positioned Hong Kong as an attractive destination for innovative and high-tech companies seeking public listing. Legal experts say these new listing routes, combined with Hong Kong’s growing reputation as a global innovation hub, are set to cement the city’s status as a premier IPO destination for cutting-edge enterprises. 继2018年推出18A章未盈利生物医药企业上市规则后，2023年，香港联交所 18C章针对未盈利特专科技公司的上市规则落地，通过放宽上市门槛、强调研 发投入、引入第三方投资规定等方式提供更灵活的上市支持。吸引更多优质科 创企业落地的同时，上述举措也不断推动香港实现打造全球科创中心的战略。
9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA disclosure obligations. “The valuation of Hong Kong stocks is expected to recover with the implementation of domestic policies and increased foreign liquidity. Hard tech AI companies boast valuation advantage in various capital markets, and AI enterprises listed in Hong Kong have brilliant price performance.” Tang says that the HKEx has built a platform for much-favored AI companies. “Mature commercial AI companies prefer international investors for market expansion while AI companies at early commercial stage may have little or no profitability. With the implementation of Chapter 18C, the HKEx adopts more lenient listing standards, and listing in Hong Kong is conducive, overall, to AI companies.” BIG STORY 2024年上半年，多种不确定因素 持续影响全球资本市场的发展趋势，香 港也不例外。过去六个月，港股表现较 为低迷，但仍有不少积极的回升迹象。 德勤数据指出，就全球IPO融资额来 看，截至2024年6月底，港交所排名第 九，共募资131.78亿港元。从新股数量 角度出发，上半年港股市场共有30只 新股上市，其中主板上市29家、GEM（ 创业板）上市1家。与2023年上半年相 比，今年同期港股新股数量下跌3%， 融资金额比2023年同期的178.55亿 缩水26.19%。 虽然香港IPO市场在2024上半年 的成绩不够乐观，但业内对其下半年的 活跃度抱有积极态度。毕马威预计，受 惠于中国证监会推出的五项新措施及 A股上市申请人有意转赴香港集资，香 港IPO申请数目大增，这是香港IPO市 场反弹的积极信号。 与这些A股上市申请人的想法不 谋而合的，还有港交所试图打造“第二 个科创板”的决心。 科技新星 根据2023年全球创新指数，由香港、 深圳及广州的创新及科技业组成的 广深港科技集群位列全球最佳科技 集群的第二位。去年初，香港特区政 府公布了《香港创新科技发展蓝图》 ，为未来5至10年的香港创科发展制 定清晰的发展路径和系统的战略规 划。其中透露出的一条重要信息，便 是从人才、资金等各方面，深化与内 地的创科合作。 盛德律师事务所香港办公室合伙 人丁锰律师告诉ALB，港股第 18A 章 和第 18C 章的结合，正在帮助香港资 本市场“形成一个几乎完整的，专注于 科技领域的上市平台”。 近日，基于量子物理的人工智能赋 能和机器人驱动的创新型研发平台晶 泰科技成功通过18C章在港交所主板 上市。盛德作为发行人香港及美国律 师提供了法律服务。 谈及目前香港市场吸引更多内地 科技公司——尤其是高科技公司上市 的原因，丁律师表示：“首先，中国经济 正在向更加注重科技和创新的方向转 型，在科技创新和发展本国先进制造业 方面投入更多研发资源和精力是国家 明确的发展重点；其次，18A 章与18C 章的结合，有望可能与纳斯达克在这些 领域的主导地位相媲美，一个‘离家更 近’的交易所是吸引高科技公司赴港的 重要因素；第三，中央政府和香港两地 政府都非常重视香港的创新科技发展， 香港或将成为中国与国际市场社会的 重要连接点。” 自ChatGPT问世之后，人工智能 企业备受关注，其中佼佼者也争相走 向上市之路。然而对中国AI企业来说， 科创板上市要求严苛、阻力较大，因此， 如今越来越多的中国AI企业将目光锁 定在了香港。 不久前，以AIGC与语音交互技术 为核心业务的出门问问就在港交所 主板上市，由中伦律师事务所担任发 行人的中国香港及内地律师。该项目 牵头人、中伦合伙人唐周俊律师告诉 ALB，其实，企业上市地的选择是多 重因素考量后的结果。一方面，企业 要考虑目前的国际政治格局、地理位 置和文化差异；另一方面，也需结合 自身所处行业、上市架构、网络数据 安全、信息披露义务等的不同监管要 求，综合做出决策。 “目前港股估值有望随国内政策 落地及海外流动性改善而修复，AI类企 业作为硬科技企业，估值水平在各资本 市场均具有一定优势，已上市的AI类 企业在港股的股价表现也较为亮眼。” 在唐律师看来，港交所已经为颇受 青睐的AI企业搭建起平台：“商业化较 为成熟的AI类企业更倾向取得国际投 资者的助力，以便进一步扩大市场规 模；而商业化尚处于初期的AI类企业 可能盈利规模较小，或暂未实现盈利， 随着18C章规则的落地，港交所有了更 为宽容的上市标准，整体而言利好AI类 企业赴港上市。” 面临挑战 “AIGC第一股”出门问问、“18C 第一 股”晶泰科技的先后成功上市为其他 寻求上市的高科技公司提供了范例， 但在此过程当中，中国企业其实也面 临着不小的挑战。 “首先，在目前的市场条件下，第 18C 章对申请人相对较高的市值要求 仍然是个挑战。此外，第 18C 章还要求 上市申请人拥有某些声誉良好的长期 投资者，这比其他一些上市规则章节的 要求更高。但从另一家角度看，在评估 18C 章候选公司在一级市场的接受度 方面，这同样也是一个值得肯定的要 求。”丁锰律师直言。 不过在丁锰律师看来，“长期投资 者”是“耐心资本”的同义词，和国家大 方针一致，严格的筛选机制将更有利于 促进资本对于科创发展的支持力度。 就AI企业上市过程来看，唐周俊律 师表示有两大方面需要注意。首先，AI 类企业在初期算法训练阶段及商业化 后，均面临着数据收集、数据处理、数据 删除等全流程的合规性问题，这也是港 交所和中国证监会的审核关注重点。 同时，AI类企业所从事的业务通常 涉及是否需要增值电信业务经营许可证 （ICP许可证）、网络文化经营许可证（ 文网文）、广播电视节目制作经营许可 证等系列资质证照的判断，上述资质证 照也直接决定了企业应选择以VIE架构 还是H股架构申请上市。随着中国证监 会备案新规的实施，由于需要沟通多个 主管部门并获得其出具的意见，VIE架 构企业相较直接持股的红筹架构企业 和H股架构企业来说，备案周期较长。 “因此，对于有上市意向的AI类企 业，我们建议需尽早对企业的合规性 展开判断，为可能需要进行的整改留 足时间；对于资质证照的必要性进行 分析，进而选择最优的上市架构，便于 企业选择和把握合适的发行窗口期。” 唐律师说。 伴随香港打造科创之城的努力以 及港交所对于科创企业的吸引，丁锰律 师对这两者之间形成的良性互动抱有 肯定的态度。 “长期来看，香港希望通过国际金 融中心、全球创新科技中心两大定位， 成为中国与世界之间的‘超级连接器’ 。金融与科创，这两个角色可谓相辅相 成。 ”丁律师说。
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 APPOINTMENTS RACHEL HAN 韩维娜 LEAVING 原就职律所 Dentons 德同律师事务所 JOINING 现就职律所 Dorsey & Whitney 德汇国际律师事务所 PRACTICE 业务领域 Capital Markets 资本市场 LOCATION 地点 Hong Kong SAR 中国香港特别行政区 KE AIYAN 柯爱艳 LEAVING 原就职律所 Grandway Law Offices 国枫律师事务所 JOINING 现就职律所 Zhong Lun Law Firm 中伦律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Shanghai 上海 LI QIAN 李谦 LEAVING 原就职律所 TianTong Law Firm 天同律师事务所 JOINING 现就职律所 Wang Jing & GH Law Firm 广悦律师事务所 PRACTICE 业务领域 Dispute Resolution 争议解决 LOCATION 地点 Shenzhen 深圳 LIU JIONG 刘炯 LEAVING 原就职律所 AllBright Law Offices 锦天城律师事务所 JOINING 现就职律所 Anli Partners 安理律师事务所 PRACTICE 业务领域 Arbitration 仲裁 LOCATION 地点 Beijing, Shanghai 北京、上海 CHRISTINE XU 许文嘉 LEAVING 原就职律所 Clifford Chance 高伟绅律师事务所 JOINING 现就职律所 Linklaters 年利达律师事务所 PRACTICE 业务领域 Capital Markets 资本市场 LOCATION 地点 Greater China Region 大中华区 ZHANG YAO 张尧 LEAVING 原就职律所 TianTong Law Firm 天同律师事务所 JOINING 现就职律所 Han Kun Law Offices 汉坤律师事务所 PRACTICE 业务领域 Restructuring and Insolvency 破产重组 LOCATION 地点 Shanghai 上海
11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA DEALS $2.5BLN Zijin Mining Group’s issuance of convertible bonds Deal Type: DCM Firms: Linklaters Jurisdictions: China, U.S. 中国紫金矿业发行可转换债券 交易类型：债券 参与律所：年利达律师事务所 管辖地：中国，美国 $1.42BLN Grandblue Environment’s take-private agreement with Canvest Environmental Protection Group Deal Type: Privatisation Firms: King & Wood Mallesons, Linklaters Jurisdictions: China, Hong Kong SAR 瀚蓝香港对粤丰私有化交易 交易类型：私有化 参与律所：金杜律师事务所、年利达律 师事务所 管辖地：中国，中国香港特别行政区 $1.15BLN MMG’s rights issue Deal Type: ECM Firms: Herbert Smith Freehills Jurisdictions: China, Hong Kong SAR 五矿资源供股项目 交易类型：股权融资 参与律所：史密夫斐尔律师事务所 管辖地：中国，中国香港特别行政区 $721MLN Global New Material International’s acquisition of Merck’s global surface solutions business Deal Type: M&A Firm: Baker McKenzie Jurisdictions: China, Germany 环球新材料收购德国默克部分业务 交易类型：并购 参与律所：贝克·麦坚时国际律师事务所 管辖地：中国，德国 $215MLN Beijing State-owned Assets Management’s acquisition of Credit Suisse Deal Type: M&A Firm: Fangda Partners, Guantao Law Firm Jurisdictions: China 北京国资收购瑞信证券股权 交易类型：并购 参与律所：方达律师事务所、观韬律师 事务所 管辖地：中国 $193MLN Cirrus Aircraft’s listing in Hong Kong Deal Type: ECM Firm: A&O Shearman, Jia Yuan Law Offices, Maples Group, Faegre Drinker, Hogan Lovells, Gravel & Shea Jurisdictions: China, Hong Kong SAR 西锐飞机香港上市 交易类型：股权融资 参与律所：A&O Shearman律师事务 所、嘉源律师事务所、迈普达律师事务 所、斐格毕迪律师事务所、霍金路伟律 师事务所、Gravel & Shea律师事务所 管辖地：中国，中国香港特别行政区 $136MLN Haier Smart Home’s acquisition of ESA Deal Type: M&A Firm: DLA Piper Jurisdictions: China, South Africa 海尔智家收购伊莱克斯对ESA全部股权 交易类型：并购 参与律所：欧华律师事务所 管辖地：中国，南非 $134MLN Chenqi Technology’s listing in Hong Kong Deal Type: ECM Firm: Clifford Chance, Maples Group, Haiwen & Partners, King & Wood Mallesons, Paul Hastings, Commerce & Finance Law Offices Jurisdictions: China, Hong Kong SAR 如祺出行香港上市 交易类型：股权融资 参与律所：高伟绅律师事务所、迈普达律 师事务所、海问律师事务所、金杜律师事 务所、普衡律师事务所、通商律师事务所 管辖地：中国，中国香港特别行政区 $133MLN Black Sesame’s Chapter 18C listing in Hong Kong Deal Type: ECM Firm: Clifford Chance, Zhong Lun Law Firm, K&L Gates, Wilson Sonsini Goodrich & Rosati, JunHe Jurisdictions: China, Hong Kong SAR 黑芝麻智能香港上市 交易类型：股权融资 参与律所：中伦律师事务所、高伟绅律师 事务所、高盖茨律师事务所、君合律师事 务所、美国威尔逊律师事务所 管辖地：中国，中国香港特别行政区
12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 AUGUST 2024 COVER STORY can be said to have its exclusive methods for development. BLOSSOM & CREDIT LAW FIRM: 1+1>2 Mergers, new team joining, and accelerated recruitment are common measures firms take to expand. These strategies can also help firms achieve exponential “self-renewal.” Blossom & Credit Law Firm, one of this year’s winners, welcomed a specialized team of over 200 members in 2023, achieving rapid growth. In 2022, Li Yinwu, then leading a credit legal services team in a large firm, finally decided to take the team to join Blossom & Credit after many rounds of discussion with the latter. With a twodecade track record and more than 200 lawyers and support staff, Li’s team is the largest credit legal services team in the industry, and aims to help enterprises quickly recover funds, accelerate cash flow, reduce overdue and bad debts, and improve credit legal risks management through ex ante credit and asset investigation, interim credit legal risks management skills training and credit management legal advisory, and ex post credit legal collection services. Commenting on his decision to join Blossom & Credit, Li tells ALB: “Blossom & Credit has been growing in Beijing for 20 years, and has gained rich experience, won many accolades, and made great achievements in capital marketsrelated areas. The more critical factor of ‘harmonious collegial relationship’ is also fully present in the firm.” Li is currently the firm’s managing partner after the integration. In addition to the credit legal service team, Blossom & Credit has also attracted other practice teams across the country in the past year, such as those for intellectual property, non-performing assets, marriage & family affairs, After more than two months of meticulous research, ALB has selected the 2024 ALB China Fastest Growing Firms ranking based on key indicators such as growth of fee-earners, number of new offices, new key partners and new important client wins, and growth in turnover of the applying firms. This year, eight firms made their debut on the ranking, accounting for over half of the total. Aggressive expansion of these eight firms can be seen based on several indicators, which shows that China’s legal industry is not lacking in development speed and momentum. Instead, relying on distinctive development strategies and precise market positioning, new players will continue to emerge in the market. It is also worth noting that even winners with considerable market influence and market size have achieved significant growth in multiple indicators through constant innovation. Each winning firm 体量规模、优势特色各不相同的上榜律所，都在过去一年中找到了适合自己的发展道路， 坚持着独到的发展策略，方才取得令人瞩目的成就。ALB与几家上榜律所聊了聊各自的“成长故事”。 In the dynamic landscape of China’s legal industry, the ALB China Fastest Growing Firms ranking for 2024 showcases the remarkable growth and innovation of law firms across the country. From aggressive expansion strategies to meticulous talent cultivation, these firms are redefining success in a competitive market through distinctive development approaches and precise market positioning. RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU 排名：《亚洲法律杂志》，作者：吴嘉林 FASTEST GROWING FIRMS 十五佳成长律所
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