9 772220 270006 ISSN 2220-2706 COMPLIANCE CHIEFS ON KEY ISSUES, NEW TOOLS 企业合规管理：痛点及创新 NEW TRENDS SHAPING INSOLVENCY LANDSCAPE 破产重整面临新趋势及机遇 OFFSHORE JURISDICTIONS UNVEIL VASP RULES 离岸市场加强虚拟资产监管
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1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS 理者为法律界同仁献 上新春贺语。 BRI EFS 4 Briefs 焦点故事 8 Appointments 律师转所信息 9 Deals 交易 With contributions from: • Grandway Law Offices 国枫律师事务所 COVER STORY 10 2024 ALB China Top 15 Litigators 2024 ALB China 十五佳诉讼律师 In recent years, both the number of lawyers and the number of lawsuits have been on the rise in China, and litigators are facing increasingly diverse, evolving business needs, as well as fiercer competition. 近年来，中国的律师 数量、诉讼案件量均 在上升，诉讼律师面 临着更为多元、多变 的业务需求，以及更 加激烈的竞争。 Ranking by ALB, text by Victor Wu With contributions from: • Han Kun Law Offices 汉坤律师事务所 • Hui Zhong Law Firm 汇仲律师事务所 FEATURES 20 From risk to opportunity 对话企业合规管理者： 从风险到机遇 In the face of expanding regulatory landscapes and mounting pressures, legal and compliance professionals are aiming for a “business-oriented’ mindset, emphasizing not just adherence to regulations but alignment with unique business situations. 面对不断增长的监管 压力，法律和合规专 业人士正致力于采 取“以商业为导向” 的思维模式，不仅强 调遵守法规，更强调 与独特的商业情境相 结合。 24 The road to efficiency 提高效率 As China’s insolvency and restructuring landscape continues to evolve, lawyers find themselves having to remain updated and agile in order to deliver the best result for their clients. 中国市场持续呼求完 善、成熟的破产重整 制度及实践，引导资 源高效配置，营造更 为优化的营商环境。 该领域专家分享了近 期破产重整领域最受 瞩目的板块，以及最 新发展趋势。 30 Safe harbours 避风港 Offshore jurisdictions passed legislation that indicated they were welcoming virtual assets service providers (VASPs). Lawyers share that this will allow VASPs to anchor in despite increased regulatory burdens. 2023年初，诸多离 岸司法管辖区颁布 了认可虚拟资产服 务提供者（VASPs） 的新立法。律师 们表示，即便面临 着加剧的监管负 担，VASPs仍将对 上述司法管辖区产 生更大兴趣。 36 Chinese New Year Greetings 新春贺语 ALB invites leaders from both domestic and international law firms for wishes of the new year. 如往年一样，ALB邀 请国内及国际律所管 30 SAFE HARBOURS 避风港 Image: Rob Nazh/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 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 (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 As we delve into the intricacies of China’s legal landscape, it’s imperative to recognize the pivotal role that litigators play in shaping the country’s legal system and ensuring justice is served. From commercial disputes to intellectual property battles, the cases handled by these exceptional litigators not only reflect the diverse legal challenges facing businesses and individuals but also showcase the remarkable talent within China’s legal community. Our ranking of China’s Top 15 Litigators celebrates the achievements and expertise of these top litigators, whose dedication to their craft has earned them esteemed reputations and widespread recognition. Through meticulous research and extensive consultations with industry experts, we have identified the individuals who stand out for their exceptional advocacy skills, strategic acumen, and unwavering commitment to upholding the rule of law. As we navigate the complexities of an ever-changing world, the role of the legal profession in upholding the principles of justice, fairness, and accountability has never been more critical. We hope that this issue serves as a testament to the excellence and professionalism exhibited by China’s top litigators and inspires a deeper appreciation for the vital work they do. 深入探讨中国法律格局的复杂性时，我们必须认识到诉讼律师在塑造国家 法律系统和确保正义得以实现中的关键作用。杰出诉讼律师处理的案件不仅反映 了企业和个人面临的多样化法律挑战，也展现了中国法律界所涌溢的卓越才华。 本月的15佳诉讼律师榜单颂扬了这些顶尖律师的成就和专业知识，对法 律的执着追求为他们赢得了崇高的声誉和广泛的认可。通过细致调研，以及对 行业专家的咨询，我们评选出了在诉讼技巧、战略眼光和坚定维护法治原则等 方面表现卓越的个人。 在这个不断变化的世界中，法律职业在维护正义、公平和责任原则方面的作 用比以往任何时候都更为关键。我们希望本期内容能够展现中国顶尖诉讼律师 的卓越精神和专业技能，并激发人们对此项工作重要性的更深层认识。 STARS OF THE COURTROOM 法庭“之星” 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
ALB China Capital Markets Forum 2024 2024 ALB 中国资本市场论坛 22 MARCH – BEIJING 3月22日 – 北京 https://www.legalbusinessonline.com/conferences/china-capital-markets-2024 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 Amantha Chia 谢京庭 amantha.chia@tr.com (65) 6973 8258 SPEAKING OPPORTUNITIES 演讲事宜请联系 SPONSORSHIP OPPORTUNITIES 赞助机会请联系 PROUDLY PRESENTED BY In the past year, the changes and development of the asset market have generated many hot topics of concern. For enterprises, the launch of the new overseas listing and filing model has brought many new changes and requirements to the overseas listing of domestic enterprises. At the same time, a series of in-depth reforms such as the independent director system of listed companies have also brought new thinking to the internal management and operations of listed companies. It is the emergence of these new internal and external reforms and new regulations that make enterprises face new opportunities and challenges. Under the background of the above capital market, ALB will hold ALB China Capital Market Forum 2024 in Beijing on March 22, 2024. The forum will focus on the hot points of the capital market such as the US capital market, the capital market environment of mainland China and Hong Kong, based on the legal needs of listed companies and enterprises to be listed, and timely grasp the trend of market regulation. Capture capital market opportunities. The forum will bring together senior capital market practice experts, corporate counsel, corporate executives and investors to explore the latest driving factors of the capital market and discuss solutions to meet challenges and seize opportunities. 近一年来，资产市场的变化与发展产生了许多令人关注的热点话题。对企业而言，境外新规的上市即备案制模式的开启给 境内企业的境外上市带来了很多新的变化和要求。 同时，上市公司独立董事制度等一系列的深入改革也对上市公司内部 的管理和运营带来了新的思考。正是这些内外部新的改革与新规的出现，使得企业也面临着新的机遇和挑战。 综合上述资本市场大背景下，ALB 将于2024年3月22日在北京举办 2024 ALB 中国资本市场论坛，聚焦境内外资本市场环 境相关热点要点，立足上市公司和拟上市企业的法律需求，及时把握市场监管走向，捕捉资本市场机遇。论坛将汇集资深 资本市场实务专家，企业法律顾问，公司高管，投资人，共同发掘资本市场最新的驱动因素，探讨应对挑战，把握机遇的解 决方案。
4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2024 BRI EFS On the morning of Jan. 29, the Hong Kong High Court issued a windingup order for China Evergrande Group, signaling the company’s eventual dissolution following the future disposal of assets and repayment of debts. It was a judgement nearly two years in the making. On June 24, 2022, Top Shine Global, serving as the petitioner, first submitted a request for China Evergrande’s liquidation to the Hong Kong High Court. Following this, the court approved seven postponements requested by Evergrande, largely due to the active progress in its overseas debt restructuring efforts. However, in the lead-up to the January 29th hearing, the prospects for a further delay diminished due to Evergrande Group’s controller, Hui Ka Yan, facing compulsory legal actions for alleged criminal activities, coupled with the absence of a fresh, feasible debt restructuring plan. Consequently, the court proceeded to declare the company’s liquidation on the same day. Subsequently, the appointed (provisional) liquidators will assume control from the existing management team. In the wake of the Hong Kong High Court’s liquidation order for China Evergrande, the conglomerate’s fragile domestic business and operations are under intense scrutiny. Historically, Hong Kong-listed entities of mainland real estate firms have predominantly acted as financial conduits, mobilizing capital through stock issuances or dollar-denominated bonds. These funds, with minor exceptions for overseas acquisitions, have been repatriated to fuel construction projects within China. Chen delineates the connection between China Evergrande and its mainland counterparts into two primary categories: equity investments and creditordebtor dynamics. Specifically, China Evergrande has either entered Evergrande’s numerous project companies through investment, becoming their shareholder, or formed a creditor relationship through loans. In the former case, the liquidators will replace China Evergrande as shareholders, while in the latter, the liquidators have the same rights as domestic creditors. Either way, Chen underscores that the liquidators’ actions will be bound by Chinese legislation, limiting the impact on Evergrande’s overall operations. Complicating matters further, the liquidators are braced for extensive cross-border legal endeavors, navigating the intricacies of mutual recognition and collaboration between mainland China and Hong Kong’s bankruptcy protocols. The 2021 Record of Discussions on Mutual Recognition and Assistance in Bankruptcy Proceedings between Mainland China and Hong Kong exemplifies this cooperation, allowing mainland courts to acknowledge the mandate of Hong Kong liquidators. Nonetheless, this initiative is currently limited to Shanghai, Xiamen, and Shenzhen. The quest to assert claims on behalf of China Evergrande beyond these locales faces a convoluted path, marred by legal ambiguities and potential impediments in rights enforcement. Chen reveals that Evergrande’s subsidiaries across various regions are already encountering bankruptcy liquidation petitions from mainland creditors. The ideal outcome for creditors, Chen notes, is to expedite Evergrande’s transition into a restructuring phase. Yet, the path is fraught with challenges: initiating bankruptcy proceedings prior to fulfilling the “guaranteeing housing delivery” commitments poses a significant hurdle. Additionally, the ongoing slump in the real estate sector, coupled with the hefty financial injection required for Evergrande’s revival, complicates the search for willing investors. However, the unfolding liquidation of China Evergrande could serve as a pivotal “catalyst” within the broader narrative of the Evergrande crisis. It opens the door for the liquidators, possibly at the behest of international creditors, to seek bankruptcy proceedings for Evergrande in mainland China—a move that could have far-reaching implications. EVERGRANDE LIQUIDATION COULD TRIGGER CROSS-BORDER LEGAL CHALLENGES, ECONOMIC FALLOUT 中国恒大清盘可能引发跨境法律挑战 1月29日上午，香港高等法院 对中国恒大颁布清盘令，标志着中国 恒大将在资产处置、清偿债务后注销 解散。 根据公开信息，2022年6月24 日，佳盛环球作为呈请人，第一次向 香港高等法院申请对中国恒大进行 清盘。此后法院曾七次接受中国恒大 的延期申请，主要基于其境外债务重 组正在积极推进之中。一旦债务重组 成功，企业将获得存续机会，法院因 此给予其机会及时间。 但在1月29日的聆讯前，由于恒 大集团实控人许家印已因涉嫌违法 犯罪被采取强制措施，债务重组也没 有新的可行性方案，再次延期希望渺 茫。最终法院在当天宣布了清盘结果。 下一步，（临时）清盘人将从管理 层手中接管企业，管理层同时需配合 清盘人移交资料，便于其掌握企业资 产，查清负债，后续清理和处置资产， 公平清偿各类债权人。 当天，恒大集团的另外两家香港 上市公司，恒大汽车和恒大物业暂时 停牌。北京德恒（重庆）律师事务所主 任陈昊律师告诉ALB，这是基于香港
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BRI EFS 上市公司的规则，两家企业在暂时停 牌后完成必要的信息披露，随后已于 1月30日复牌。 中国恒大作为恒大汽车、恒大物 业的控股股东，由于已经被清盘人接 管，下一步清盘人会在这两家公司中 代表中国恒大行使股东权利。不过， 这不必然意味着两家公司也会走向 清盘。实际上，在此前的债务重组方 案中，中国恒大将两家公司的股票作 为增信措施，说明境外债权人认可两 家公司在业务层面的独立性，也认可 它们具备更大的拯救希望。 作为恒大集团的境外上市实体， 中国恒大的清盘会对已经岌岌可危 的恒大境内业务和运营产生怎样的 影响？ 根据公开信息，大量内地房地产 企业的香港上市主体起到的主要是融 资作用，无论发行股票或者美元债， 除少量购置离岸资产外，筹集资金主 要返回了中国境内，支持内地项目的 建设。因此，陈昊律师指出，中国恒大 与内地“恒大系”企业之间的关系可以 概括为两类：一是股权投资关系，二是 债权债务关系。 因此，清盘人后续将面对巨量的 跨境工作，这涉及内地和香港破产程 序的相互认可及协助。根据2021年 签署的《内地与香港相互认可和协助 破产程序会谈纪要》，内地法院承认 香港清盘人的身份，并许可其正常履 职，行使股东权利。不过，目前相关工 作试点只在上海、厦门、深圳展开，对 于三地之外的中国恒大股东权利及债 权，清盘人主张实现的链条比较长， 且法律地位不清晰，可能遭遇权利行 使不畅的情况。 陈律师透露，目前恒大在各地的 项目公司已有被债权人申请破产清算 的情况，但他认为债权人未来会在政 府或司法机关引导下统一行动，以防 各自为战，导致破产清算过程的低效。 实际上，对债权人最有利的情况 是推动恒大尽快进入重整程序，但目 前面对两大困难：一是在“保交楼”任 务完成前，难以推动恒大系企业进入 破产程序，否则会干扰企业的正常运 营。结合有关部门宣布的2023年“保 交楼”任务完成进度分析，或许在不久 的将来，这重困难将得到化解； 二是从市场和商业角度看，由于 房地产行业目前仍处于下行周期，加 上恒大重整需要投入巨量资金，很难 寻找到合适的投资主体。 这次中国恒大的清盘或许在整个 恒大事件中会扮演“催化剂”作用，因 为不排除未来清盘人应境外债权人要 求，在内地申请恒大进入破产程序， 这一行动或许会对全盘产生影响。 In a stark contrast to international law firms, PRC law firms – even the giants amongst them – have traditionally been characterised as domestic players, dotting the vast internal market with offices and creating a self-sustaining ecosystem. And given the mainland’s distinct legal system, market rules and cultural norms, these firms have always seemed to prefer holding the home advantage against foreign players trying to crack the China market. But that appears to have changed in recent years, with some of the biggest names in the PRC legal industry extending their reach overseas. One of the notable cases is Han Kun Law Offices, which, in the span of a few months, has set up outposts in Singapore and New York to meet the needs of clients. Mike Chiang, a corporate partner versed in handling foreign direct investments and cross-border disputes in both countries, will be primarily responsible for the office operation and recruitment “based on client needs”, Han Kun tells ALB. Han Kun’s New York office is the firm’s latest overseas foray and its first in the United States, which came at a time when the tense China-U.S. relations appeared to have slightly eased after the leaders of the world’s biggest economies met in November. Perhaps catching the whiff of a potential détente enabled by Beijing’s bid to boost inbound investment, JunHe has also expanded its foothold across the Pacific. The Red Circle firm has launched an office in Seattle, its third U.S. outpost and the second on the West Coast. “Our New York office is three time zones away, and our Silicon Valley office mainly focuses on intellectual property. Our Seattle offices focus more on corporate and compliance work for our West Coast clients, especially those from Asian communities, big or small. They would be served better because of its proximity to Asia,” says JunHe, adding that its Seattle office is more focused on “entrepreneurship.” Partner Adam Li will be the only lawyer stationed in Seattle for the moment. Li is a corporate and commercial law specialist advising on cross-border joint ventures, distribution and licensing arrangements, amongst other areas, in sectors including automobile, bioscience, and manufacturing. COST, TALENT CONSIDERATIONS LOOM AS PRC FIRMS MAKE U.S. FORAYS 中国所进军美国市场的成本、人才考量
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2024 BRI EFS Peter Zeughauser, a legal consultant at Zeughauser Group, believes a significant U.S. presence for elite Chinese firms will become a key element – and a secret weapon - in crafting a successful global brand, which is something that more and more PRC law practices have started to contemplate on if not already act towards. “Other Chinese firms may feel that having a modest representative office in the U.S. is integral to their strategy of being a leading Chinese firm,” says Zeughauser. “Either way, having astute boots on the ground in the U.S. will help Chinese firms gain insights into, and keep their finger on the pulse of, how geopolitical tensions and tightening regulatory scrutiny will impact their Chinese clients.” But to penetrate the world’s most lucrative legal market is not an easy feat, with costs being one of the biggest stumbling blocks that have long bedevilled even the Magic Circle firms across the Atlantic, says Zeughauser. For PRC firms looking to tap into the U.S. domestic talent pool, they might be headed for a tough salary war. At the moment, both Han Kun and JunHe are running lean teams in their new U.S. offices. Han Kun says the staffing of its New York office will be based on “client needs, skill requirement and the intensity of assignment.” JunHe states that the size of its Seattle office “will be determined by the market” and the office’s performance. However, with foreign direct investment into China seeing a decline in the past year, and the U.S. government tightening scrutiny on outbound and inbound investment from China, particularly in strategic sectors – many of which Seattle is home to, there’s no doubt about the risks involved. “That was exactly why we started this office with a very small operation, with one but seasoned and well-rounded lawyer with a lot of international experience,” responds JunHe. “That gives us flexibility to stay connected, and the opportunities to work with our friend firms in the U.S., national or local, to provide full-service support,” the firm adds. 和国际律师事务所截然不同， 中国律师事务所——即便是其中的规 模佼佼者——通常也以中国本土作为 其优势市场，通过铺设覆盖全国的办 公室网络，形成自成一体的“内循环” 系统。 考虑到中国内地独特的法律体 系、市场规则、文化习俗，中国律所 更偏好于维护其本土优势，这也使得 外国律所较难撬动中国市场。但近些 年，这一“惯例”似乎被逐渐打破，一 些中国法律市场的领先者逐渐将触 角伸向了海外。 最典型的例子是汉坤律师事务 所，应客户需求，该所在几个月之内相 继开设了新加坡和纽约办公室。该所公 司业务合伙人、熟悉于新美两国外商直 接投资和跨境争议解决业务的蒋尚仁 律师将主要负责办公室运营，以及“根 据客户需求”展开招聘，汉坤告诉ALB。 汉坤纽约办公室是该所在美国的 第一家分支机构。去年11月中美两大 经济体领导人会面后，原本紧张的中 美关系似乎有所缓解，这家办公室正 是在这样的背景下开设的。 中国促进对内投资的举措带来 了一丝合作之风，君合律师事务所也 在这样的背景下向太平洋对岸迈出 了新的一步。君合于近期设立了西雅 图办公室——这是其在美国的第三家 分支机构，也是在美国西海岸的第二 家办公室。 “我们的纽约办公室在三个时区 以外，另一家硅谷办公室则主要聚焦 于知识产权业务。西雅图办公室旨在 为西海岸客户提供公司及合规服务， 服务对象主要是来自亚洲社区、规模 或大或小的企业。我们的‘亚洲特性’ 将为他们提供更好的服务。”君合告 诉ALB，同时补充道西雅图办公室将 聚焦于“创业精神”。 合伙人李骐律师目前是驻西雅图 的唯一一位律师。李律师是公司及商 事法律服务专家，专长于跨境合资、 分销与许可等领域，重点服务于汽车、 生物医药和制药业客户。 Pe t e r Zeughauser是 Zeughauser集团的法律咨询专家， 他认为，对于中国顶尖律所来说，在 塑造成功的全球化品牌过程中，触达 美国市场将是一项关键因素和“秘密 武器”，而对于越来越多中国律所， 打造优质品牌的重要性正日益提升。 “还有些中国律所认为，设立美 国办公室——无论规模大小，都是成为 中国市场领先律所战略的重要一环。 此外，涉足美国市场也能帮助中国律 所把脉地缘政治动向，加深对美国监 管审查的认识，从而更好地服务于中 国客户。”Zeughauser说。 不过，想在全球最具经济利 润的法律市场分一杯羹并不是件 容易事，即便对太平洋对岸的魔术 圈律所来说，成本把控也是一大痛 点。Zeughauser指出，那些意图“染 指”美国本土人才市场的中国律所可 能要面临严酷的薪资战。 “对于在美国的中国律所来说， 最大的风险在于无法与顶尖美国律所 竞争当地人才。这将使他们很难吸引 来自顶级客户的重要法律工作——这 就导致一个循环：只有从这类客户处 才能产生高额利润，从而使律所有更 多钱支付薪资。”Zeughauser说。 目前，汉坤和君合的美国办公室 都保持了十分精练的团队规模。汉坤 说，律所将基于“客户需求、所需技能 和工作强度”来决定是否扩充纽约办 公室人手；君合则表示其西雅图办公 室的规模“将取决于市场”，以及办公 室的业绩表现。 当然，过去一年进入中国的外商 投资额下降，以及美国政府针对投入 以及来自中国的投资依旧保持严格 的审查态度，尤其考虑到西雅图是许 多所谓“战略性产业”的大本营，中国 律所未来面对的经营挑战算不上小。 “所以我们起初没有把规模做 得很大，只派驻了一位拥有大量国际 业务经验的资深律师。”君合说，“这 让我们保持了一定弹性，既可以和当 地市场建立联系，又有机会寻求和美 国全国性或区域性友所展开合作，为 客户提供全面支持。” “中国和美国律所之间的文化 差异显著。我不认为对于中国所在 美发展前景，目前存在很确定的答 案，但上述疑云无疑会给中国所在 美吸引顶级客户及业务带来挑战。” Zeughauser说。 “The cultural differences between Chinese and U.S. firms are significant,” says Zeugahuser. “I don’t think we have answers yet as to how those will play out, but the cloud they present will stifle the efforts of Chinese firms to attract the best clients and matters in the U.S.,” he adds.
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 张宇 国枫律师事务所合伙人 zhangyu@grandwaylaw.com 陈斐然 国枫律师事务所律师 chenfeiran@grandwaylaw.com BROUGHT TO YOU BY GRANDWAY LAW OFFICES 新修订的《公司法》将于2024年7月1日起施行。其 中第五十二条首次规定了股东未按期缴纳出资的失权制 度。本文拟对该条款的理解与适用进行初步解析，以期提 供可能的思考和探讨空间。 一、股东失权条款的理解与适用 1、适用主体 第五十二条虽然规定在“有限责任公司的设立和组 织机构”一章中，但新《公司法》第一百零七条已明确，第 五十二条的规定同样适用于股份有限公司。 2、适用情形 在适用股东失权制度的情形上，第五十二条仅规定了 “股东未按照公司章程规定的出资日期缴纳出资”一种 情形，未包含股东抽逃出资的情形。而在公司法的实践 中，常见将股东抽逃出资与未履行出资义务作为并列情 形进行规制，如《公司法司法解释（三）》第十六条、第十八 条即采此例，原因在于抽逃出资的手段最终亦是为了达 到未履行出资义务的目的或效果。故第五十二条仅列举 一种情形，可能无法涵盖实践中出现的股东违反出资义 务的情形。 3、适用程序 在适用股东失权前，应履行前置催告程序。根据新《 公司法》第五十一、第七十五条、第一百二十八条的规定， 催告主体为董事会，不设董事会的公司，则由董事履行该 职权。催告的宽限期应不少于发出催缴书之日起六十日。 宽限期届满，股东仍未履行出资义务的，经董事会决议即 可以向该股东发出书面失权通知。但第五十二条未规定 如果董事机构不履行此项职权，可以替代履行职权的主 体选择。对此，如发生董事会被符合失权条件的大股东所 控制等董事机构不履行职权的情形，则无法启动股东失 权程序，此时可考虑通过新《公司法》第一百八十九条规 定的股东代表诉讼进行救济。 4、法律后果 自书面失权通知发出之日（而非收到失权通知之 日）起，符合情形的股东即丧失其未缴纳出资的股权。 通知发出后，丧失的股权应当在六个月内依法转让或者 相应减少注册资本并注销该股权。六个月内未转让或者 注销的，由公司其他股东按照其出资比例足额缴纳相应 出资。 新股《东公失司权法制》度 探 析 该规定留下了一系列操作性困境的空间，有待进 一步的司法实践给予回应。比如，（1）如何决定丧失的 股权采取转让或注销的方式处理？在已有意向受让方 拟收购股权并履行了股权转让的通知程序的情况下， 公司又作出减少注册资本的股东会决议，该适用何种 处置方式？（2）若适用股权转让，股权转让的价款如 何处理？（3）在六个月内均不能确定上述处置方式的， 失权股东仍体现为登记股东，如何实际维系其失权状 态？此时能否因失权股东的补缴出资而恢复其丧失的 股权？ 二、股东失权条款与股东除名条款的区别 在新《公司法》之前，《公司法司法解释（三）》第十七 条第一款规定了股东除名条款，即股东未履行出资义务 或者抽逃全部出资的情况下，经公司催告缴纳或者返还， 在合理期间内仍未缴纳或返还出资，公司有权以股东会 决议解除该股东的股东资格。股东失权条款与该条款实 际上存在适用上的竞合，但又存在“各司其职”的部分，故 在选择适用时，需详细分析具体情形并准确识别二者的 区别。当然，不排除届时最高人民法院将发布新的司法解 释统一该二种情形的适用。 1、适用主体不同：不同于股东失权条款，股东除名条 款仅规定了“有限责任公司”，不适用于股份有限公司。 2、适用情形不同：针对股东违反出资义务，对于履行 部分出资义务的股东，仅能适用股东失权条款；只有在完 全未履行出资义务或者抽逃全部出资的情形，才可以适 用股东除名条款。同时，循前所述，股东失权条款未规定 抽逃出资的情形，在抽逃全部出资的情形下，仅可适用股 东除名条款予，但抽逃部分出资的情形下，二者皆无法适 用。另外，司法实践中已有案例认可了有限责任公司通过 章程规定股东除名的其他重大事由的效力，即股东除名 条款不仅限于股东未履行出资义务的事由上。那么，股东 失权条款的适用，是否也能够允许公司章程自行规定股 东失权的其他情形亦是将来需要关注的问题。 3、适用程序不同：股东失权项下催告和发出失权通 知的主体为董事会；而股东除名采用股东会决议的方式。 同时，股东失权条款相较于股东除名条款规定了具体的 宽限期间和更加清晰明确的前置程序，可能更不易产生 争议。
8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2024 APPOINTMENTS ROSSANA CHU 朱静文 LEAVING 原就职律所 LC Lawyers 林朱律师事务所 JOINING 现就职律所 Yang & Yang Solicitors 杨杨律师事务所 PRACTICE 业务领域 Capital Market 资本市场 LOCATION 地点 Hong Kong SAR 中国香港特别行政区 HOU NINI 侯妮妮 LEAVING 原就职律所 Haiwen & Partners 海问律师事务所 JOINING 现就职律所 Chance Bridge Law Firm 卓纬律师事务所 PRACTICE 业务领域 Anti-trust 反垄断 LOCATION 地点 Shanghai 上海 MA QIANG 马强 LEAVING 原就职律所 Haiwen & Partners 海问律师事务所 JOINING 现就职律所 Jingtian & Gongcheng 竞天公诚律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Beijing 北京 MA XIAOYU 马晓煜 LEAVING 原就职律所 King & Wood Mallesons 金杜律师事务所 JOINING 现就职律所 Global Law Office 环球律师事务所 PRACTICE 业务领域 Tax 税务 LOCATION 地点 Shanghai 上海 BONNIE YUNG 容璟瑜 LEAVING 原就职律所 Mayer Brown 孖士打律师行 JOINING 现就职律所 Han Kun Law Offices 汉坤律师事务所 PRACTICE 业务领域 Corporate 公司业务 LOCATION 地点 Hong Kong SAR 中国香港特别行政区 ZHANG XIAOXIA 张晓霞 LEAVING 原就职律所 Tiantai Law Firm 天驰君泰律师事务所 JOINING 现就职律所 Merits & Tree Law Offices 植德律师事务所 PRACTICE 业务领域 Real Estate and Infrastructure 不动产与基础设施 LOCATION 地点 Beijing 北京
9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA DEALS $35BLN China Fortune’s trust program Deal Type: Trust Firms: Zhonglun W&D Law Firm Jurisdictions: China 华夏幸福设立“彩凤1号”信托计划 交易类型：信托 参与律所：中伦文德律师事务所 管辖地：中国 $6.2BLN Aoyuan’s overseas debt restructuring Deal Type: Restructuring Firms: Linklaters, Harneys, Allen & Overy, Weil, Gotshal & Manges Jurisdictions: China, U.S. 奥园集团美元债务重组 交易类型：重组 参与律所：年利达律师事务所、衡力斯 律师事务所、安理国际律师事务所、威 嘉律师事务所 管辖地：中国，美国 $1BLN Mixue’s planning listing in Hong Kong Deal Type: ECM Firms: Zhong Lun Law Firm, Davis Polk & Wardwell, Jingtian & Gongcheng, Freshfields, Jurisdictions: China, Hong Kong SAR 蜜雪冰城拟赴港上市 交易类型：股权融资 参与律所：中伦律师事务所、达维律师 事务所、竞天公诚律师事务所、富而德 律师事务所 管辖地：中国，中国香港特别行政区 $500MLN Guming’s planning listing in Hong Kong Deal Type: ECM Firm: Shihui Partners, Skadden, Arps, Slate, Meagher & Flom, Jingtian & Gongcheng, Cleary Gottlieb Steen & Hamilton Jurisdictions: China, Hong Kong SAR 古茗拟赴港上市 交易类型：股权融资 参与律所：世辉律师事务所、世达国际 律师事务所、竞天公诚律师事务所、佳 利律师事务所 管辖地：中国，中国香港特别行政区 $422MLN Shandong Hongtuo’s financing program Deal Type: Financing Firm: AllBright Law Offices Jurisdictions: China 山东宏拓实业完成战略融资项目 交易类型：融资 参与律所：锦天城律师事务所 管辖地：中国 $400MLN Zhen Ding Technology’s issuance of convertible bonds Deal Type: Bond Firm: Sullivan & Cromwell Jurisdictions: China, U.S. 臻鼎科技发行可转换债券 交易类型：债券 参与律所：苏利文•克伦威尔律师事务所 管辖地：中国，美国 $239MLN ICBC (Macau)’s issuance of first public bond Deal Type: Bond Firm: Linklaters, King & Wood Mallesons, STA-Lawyers, Jingtian & Gongcheng, Allen & Overy, CFP Lawyers Jurisdictions: China, Macau SAR 工商银行澳门分行发行高级无担保债券 交易类型：债券 参与律所：年利达律师事务所、金杜律师事 务所、STA-Lawyers、竞天公诚律师事务 所、安理国际律师事务所、CFB 律师事务所 管辖地：中国，中国澳门特别行政区 $140MLN CNPC’s issuance of Hainan Free Trade Port offshore RMB bonds Deal Type: Bond Firm: JunHe Jurisdictions: China 中石油集团发行首笔海南自贸港离岸 人民币债券 交易类型：债券 参与律所：君合律师事务所 管辖地：中国 $135MLN Holyview Microelectronics’ listing in Shanghai Deal Type: ECM Firm: AllBright Law Offices Jurisdictions: China 盛景微上交所上市 交易类型：股权融资 参与律所：锦天城律师事务所 管辖地：中国
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2024 After more than two months of research, ALB unveils its list of top 15 litigators at the start of the Year of the Dragon. With a wealth of experience and outstanding achievements, the ranked litigators include veterans who serve as managing partners and directors of professional committees, as well as key members who are below 40 years old but have already led on numerous major cases. A number of winners also boast diverse work experience at people’s courts and procuratorates. Most of the winners are based in Beijing, Shanghai and Shenzhen. Apart from traditional civil and commercial litigation, they also specialize in complex financial, corporate and international trade litigations, as well as cross-border dispute resolution. COMPETITION, AI AND JUDICIAL TRANSPARENCY The special economic and social development trends of the past year have brought about new challenges and opportunities to the practice of litigation. This year’s winners have a lot to share in this respect. “Affected by the overall economic climate and the macro environment, non-litigation business experienced a sharp drop in 2023 on the Chinese legal industry. Many non-litigators have turned to the field of dispute resolution, resulting in greater competition among dispute resolution lawyers. Moreover, many market players, especially Stateowned enterprises, are facing pressure to cut cost and increase efficiency, leading to a downward trend in legal service fees,” says Zhang Ruicun, Partner of Hui Zhong Law Firm. On the other hand, Zhang points out that market demand also increased in tandem with the increase in the number of dispute resolution cases. Therefore, 2023 was a year of both opportunities and challenges. Going forward, lawyers need to continuously adjust and adapt with a more positive mindset, and step up learning and research to forge ahead. “In the long run, several events that took place in 2023 will undoubtedly have a profound impact on the legal industry.” Citing artificial intelligence represented by ChatGPT as an example, Zhang believes that legal AI can help lawyers quickly and accurately handle a large number of tedious legal matters, thereby raising work efficiency, lowering legal COVER STORY In recent years, both the number of lawyers and the number of lawsuits have been on the rise in China, and litigators are facing increasingly diverse, evolving business needs, as well as fiercer competition. This year’s ALB China top 15 litigators share with ALB the new rules, trends and typical cases in their areas of focus, as well as how they are preparing to take on new challenges. 近年来，中国的律师数量、诉讼案件量均在上升，诉讼律师面临着更为多元、多变的业务需求，以及更加激烈的竞争。 本次十五佳诉讼律师榜单的上榜者与ALB分享了他们专注领域的新规则、新形势、典型案件，以及如何应对新挑战。 TOP 15 LITIGATORS 十五佳诉讼律师 RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU 排名：《亚洲法律杂志》，作者：吴嘉林
11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA service costs and facilitating information sharing and exchange. “Therefore, the importance of the basic skills and knowledge that lawyers previously relied on for their work has decreased. Lawyers need to constantly adapt to industry changes and improve their own capabilities to cope with future challenges. Lawyers will not be replaced by AI, but they may be replaced by peers with stronger professional competency, creativity and ability to learn and adapt.” The revisions made to the policy regarding the publication of judgments and rulings, which carry substantial implications for litigators, have garnered considerable scrutiny. According to Zhang, since 2023, the number of judgments and rulings made publicly available on the website of China Judgments Online has decreased sharply, causing confusion among the entire legal profession. The relevant documents issued by the Supreme People’s Court on launching a People’s Court Case Library and the operation of a National Court Judgments and Rulings Library have raised further concerns among the public about judicial transparency. “Since it started operation ten years ago, the China Judgments Online platform has released about 130 million judgments and rulings, becoming the world’s largest database for judgments and rulings. It is the greatest achievement of China’s judicial reform and judicial transparency movement. Judicial organs, the legal profession, legal researchers and even the whole society have benefited greatly from this work which has significantly uplifted the professional expertise of the entire legal industry, including all the players mentioned, and promoted the establishment of a community of legal profession.” Zhang is pleased to see that the Supreme People’s Court responded to the concerns of changes in the policy of publishing judgments and rulings by stating at the National Conference of High Court Presidents held on January 14 that it would “step up online publication of judgments and rulings”. “We look forward to witnessing the effective implementation of this guidance,” says Zhang. NEW RULES, NEW DEMANDS Zhou Wei, Partner of Zhong Lun Law Firm, specializes in capital market dispute resolution. In her opinion, the capital market entered a new era in 2023. “Under the general direction of ‘revitalizing the capital market and boosting investor confidence’, the capital market rules framework underwent a comprehensive upgrade whereby securities regulation has firmly established a risk bottom line, the investor protection system has been strengthened, the quality of listed companies has improved, and there is ‘zero tolerance’ for securitiesrelated violations. Gradually, a threedimensional accountability system comprising administrative law enforcement, criminal justice and civil compensation has been established to support the quality and stable development of the capital market.” Zhou, who has been involved in securities litigation and compliance for a long time, says that she feels privileged to witness, with other market players, the comprehensive improvement of China’s capital market legal system, as well as new developments and changes in theoretical research and judicial practice of securities litigation. She is also “keenly aware that capital market reform and development has put forward higher requirements on the professionalism and specialized expertise of lawyers”. In 2023, the government issued or revised numerous critical laws and regulations. Zhang of Hui Zhong believes that commercial dispute resolution lawyers and non-litigators should pay particular attention to and carefully study the Company Law which was revised at the end of 2023. “This is the second major overhaul of the Company Law since its promulgation in 1993 and its comprehensive revision in 2005. The revisions this time include significant adjustments to the registered capital system, shareholders’ responsibility for capital contribution, shareholders’ rights, responsibilities of directors and senior management personnel, and relevant systems of limited liability companies, with many major changes. However, how to understand and apply the new provisions needs to COVER STORY TOP 15 LITIGATORS 十五佳诉讼律师 DING WEIXIAO 丁伟晓 GRANDALL LAW FIRM 国浩律师事务所 GUO XIAOMING 郭小明 COMMERCE & FINANCE LAW OFFICES 通商律师事务所 HU KE 胡科 JINGTIAN & GONGCHENG 竞天公诚律师事务所 ALEX HUANG 黄海 LLINKS LAW OFFICES 通力律师事务所 LI QI 李琦 TIAN YUAN LAW FIRM 天元律师事务所 LI TAO 李涛 DACHENG LAW OFFICES 大成律师事务所 TIM LIU 刘一民 GLOBAL LAW OFFICE 环球律师事务所
12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 FEBRUARY 2024 COVER STORY be tested in practice, and legal professionals need to carefully study and thoroughly understand the new provisions.” With a long track record in financial disputes and disputes involving the Company Law, Zhang says that due to the current economic and financial environment, the frequent occurrence of private equity funds collapsing has led to a large number of investors attempting to safeguard their rights, resulting in a continuous rise in disputes involving the protection of the rights and interests of financial investors. “In these cases, due to information asymmetry, investors face difficulties in providing evidence. Further, the underlying assets of private equity funds are difficult to trace and recover, while fund managers have limited compensation abilities themselves, making it difficult for investors to win lawsuits and even more difficult for them to enforce their winning judgments and recover payments.” “In recent years, in corporate cases, there has been a gradual rise in the number of cases where creditors demand that the corporate veil be pierced and that the shareholders or actual controller of the debtor company, or its affiliated companies, bear joint and several liabilities. In particular, after the Supreme People’s Court promulgated the Minutes of the National Court Conference on Civil and Commercial Hearings, there have been more concrete rules on piercing the corporate veil, increasing the probability of creditors winning lawsuits, and the forms by which the corporate veil can be pierced have also become more diverse.” Zhang once represented creditors before the Supreme People’s Court where he successfully helped clients overturn the first-instance judgment and achieved a significant breakthrough of having the corporate veil pierced simultaneously in all dimensions in a single case. This is very rare in judicial practice. “Prior to this revision, there was no clear provision in the Company Law on the horizontal piercing of corporate veil. So arguments could only be based on analogies, basic principles, guiding cases, etc. It is therefore gratifying to see that this round of Company Law revision has added rules on the horizontal piercing of corporate veil in Paragraph 2 of Article 23.” Zhang shares that going forward, he will continue to be deeply involved in the field of commercial dispute resolution, and will take advantage of the opportunity of studying the revisions of the Company Law in this round to further improve his research and practical experience in cases involving corporate governance and financial disputes, so that he can continue to safeguard the rights and interests of parties and uphold the fairness of the justice system and the dignity of the law in an even more sincere and responsible manner with more indepth expertise, greater dedication and stronger strive for excellence. SECURITIES LITIGATION In addition to company law, there have also been many changes in securities law. Zhou explains some new development trends in securities litigation. “First, the rules for severely cracking down on securities violations and crimes have been further improved. So has the mechanism for transferring such violations suspected of constituting crimes. The percentage of securities violations such as information disclosure violations, insider trading and market manipulation that has been transferred for criminal prosecution has significantly increased. The system of party commitment has also been gradually applied in practice during administrative law enforcement. Therefore, lawyers need to assist clients to handle disputes properly in all aspects of civil, administrative, and criminal law fields.” The second trend comes from securities misrepresentation litigation that has attracted widespread attention. Zhou shares that the types of cases in this field are becoming increasingly diverse such that misrepresentation lawsuits have appeared on markets including the STAR Market, the NEEQ, the markets of public bonds, private equity bonds, corporate bonds, convertible bonds, interbank bonds, asset-backed securities, etc. Many institutional investors have joined the ranks of plaintiffs, while directors, supervisors and senior management personnel, as well as SONG SIYU 宋思宇 KING & WOOD MALLESONS 金杜律师事务所 YANG CHAO 杨超 HAIWEN & PARTNERS 海问律师事务所 YE JIAPING 叶家平 JINCHENG TONGDA & NEAL LAW FIRM 金诚同达律师事务所 ZHANG RUICUN 张瑞存 HUI ZHONG LAW FIRM 汇仲律师事务所 ZHANG XINGZHONG 张兴中 JUNHE LLP 君合律师事务所 ZHANG YAXING 张亚兴 HAN KUN LAW OFFICES 汉坤律师事务所 ZHAO QILONG 赵岐龙 KING & CAPITAL LAW FIRM 京都律师事务所 ZHOU WEI 周伟 ZHONG LUN LAW FIRM 中伦律师事务所
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