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
RkJQdWJsaXNoZXIy MjA0NzE4Mw==