9 772220 270006 ISSN 2220-2706 HOW GCs ARE HELPING BOOST CONSUMPTION 总法律顾问助力消费提振 HK FIRM LEADERS TALK HEADWINDS, OPPORTUNITIES 香港所管理者谈逆风与机遇 INVESTING IN SAUDI ARABIA? WHAT YOU SHOULD KNOW 投资沙特？您所需知的法律问题
18TH AUGUST • SHANGHAI 8月18日 • 上海 Asian Legal Business is pleased to announce that nominations are now open for the ALB China Regional Law Awards 2023: East China,with the winners being announced in a gala ceremony in Shanghai on Friday 18th August, 2023. Recognizing your organization’s accomplishments, ALB would like to invite you to nominate your own legal team or that of another organization that you have worked with in the past, for one or more of the 28 categories we will be presenting on the awards night. Joining the nomination process and attending the awarding ceremony are ideal opportunities for law firms and in-house teams not only to establish competitive networks, but also to showcase their expertise and leading position in the legal community. 《亚洲法律杂志》（ALB）欣然宣布，2023 ALB中国区域市场法律大奖: 华东地区提名已开放，这些象征着中国沿海地区法律市场领先地位的 奖项最终花落谁家，将于2023年8月18日（星期五）在上海举行的颁奖盛典上一一公布。 ALB诚邀华东地区的法律从业者参与到本次活动中，展示您及团队的专业程度与领先地位，并帮助您建立极具竞争力的人脉资源， 可以提名自己的团队、或者提名在过去一年中与您有工作交集的其它组织或团队，去赢得28个奖项中的一个或多个奖项。 YVONNE CHEUNG 张裕裕 China Key Accounts yvonne.cheung@tr.com +852 3952 5814 STEFFI YANG 杨绮繁 South and West China Key Accounts qifan.yang@tr.com +86 10 5669 2041 STEVEN ZHAO 赵树群 China Key Accounts s.zhao@tr.com +86 10 5669 2021 RESEARCH TEAM 调研团队 lawawards@tr.com +86 10 5669 2009 +86 10 5669 2010 www.legalbusinessonline.com/awards/china-law-awards-2023
1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS at the Park Hyatt Hotel in Beijing. 5月18日，第20届 ALB中国法律大奖颁 奖典礼于北京柏悦酒 店成功举办。 BRI EFS 4 Big Story 焦点故事 6 Appointments 律师转所信息 8 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 10 2023 ALB China Top 15 Cybersecurity & Data Protection Lawyers 2023 ALB China 十五佳网络安全和数 据保护律师 ALB is launching its inaugural list of the top 15 cybersecurity and data protection lawyers, aiming to recognize the leading professionals in this field. These lawyers possess extensive legal knowledge, a deep understanding of regulations, and strong business acumen, enabling them to offer highquality legal support for their clients. ALB首次推出十五 佳网络安全和数据 保护律师榜单，希望 专注发掘该领域的 优秀法律人：他们不 仅拥有扎实的专业 基础、敏锐的监管洞 察，同时也具备着犀 利的商业思维，为客 户多样化的网络安 全和数据保护需求 提供优质法律保障。 Ranking by ALB, text by Charlie Wu FEATURES 18 GC Conversations: boosting consumption 对话总法律顾问： 提振消费 ALB speaks with general counsel in the field of consumer goods to discuss how in-house teams support innovative business models amid ever-changing consumption scenarios in China. ALB对话消费品领域 的总法律顾问，探讨 中国消费场景、模式 不断变化下法务团 队对业务模式创新 的支持。 24 Cracking the kingdom 出海中东 China has embarked on new diplomatic outreaches in the post-pandemic era, and the Kingdom of Saudi Arabia is beginning to play an increasingly important role, becoming a new destination of choice for Chinese companies keen to invest overseas. 疫情后时代，中国重 新启动外交新格局， 中东地区开始在中 国外交版图中扮演 日益重要的角色，也 因此成为备受中国企 业青睐的海外投资新 目的地。 28 Waiting for the turnaround 机遇在转角处 Hong Kong’s dealmaking scene has been soft so far, and as a result, legal work hasn’t quite returned in the same way. Law firm leaders, however, still see a number of business opportunities in a city famed for its resilience. 尽管市场期待着 2023年的强势反弹， 但迄今为止，香港的 交易活动仍表现疲 软，香港的法律业务 也尚未恢复至同期 水平。律所管理者与 ALB分享了度过困难 时期的方法，以及他 们对“曙光终必来临” 的信心。 38 ALB holds grand gala to mark its 20TH China Law Awards 二零二三年ALB中国 法律大奖颁奖盛典成 功举办 On May 18, the 20th ALB China Law Awards ceremony was successfully held 4 HONG KONG’S CAPITAL MARKETS TRY TO LURE TECH FIRMS 香港资本市场意图吸引科技公司 Image: Guitar photographer/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 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 Cybersecurity and data protection have become paramount in today’s interconnected world. As technology continues to advance at an astonishing pace, the risks and vulnerabilities associated with our digital infrastructure have grown exponentially. Cyberattacks have the potential to disrupt businesses, compromise sensitive information, and cause irreparable damage to individuals and organizations alike. The need for robust legal frameworks, comprehensive compliance measures, and skilled legal professionals in this field has never been more pressing. The lawyers being celebrated in this inaugural list of China’s Top 15 lawyers have proven themselves as leaders in the realm of cybersecurity and data protection. Through their deep understanding of evolving cyber threats, complex privacy regulations, and cutting-edge technologies, they have played a vital role in safeguarding the interests of their clients. Their unwavering commitment to upholding the highest standards of legal expertise and their ability to navigate the intricacies of the digital landscape have made them invaluable assets in the fight against cybercrime. As we acknowledge the indispensable contributions of these cybersecurity and data protection lawyers, we also recognize the broader significance of their work. Their efforts go beyond individual cases and clients; they contribute to the collective goal of fostering a safer and more secure digital environment for all. Today, we celebrate their achievements and express our gratitude for their tireless dedication to protecting our data, privacy, and the integrity of our digital infrastructure. 网络安全和数据保护在当今相互联通的世界中显得至关重要。伴随科技 加速演化，数字基建所蕴含的风险性及脆弱性也成倍增长。网络攻击不但会干 扰商业活动、泄露敏感信息，还会给个人及机构带来无法弥补的损失。因此，构 建稳固的法律框架、采取全备的合规措施，并与技术高超的法律专家展开合作 变得极为重要。 本月ALB推出的全新十五佳榜单正是关注于在网络安全和数据保护领域 做出杰出贡献的行业领先律师。借由对网络攻击形式、复杂隐私立法和先锋科 技的深刻理解，他们在守护客户权益方面扮演了关键性角色。他们坚定不移地 展现出高超的法律技能，并能在复杂的数字图景中为客户保驾护航，可谓打击 网络犯罪过程中宝贵的“秘密武器”。 对这些网络安全和数据保护律师的贡献表示认可的同时，我们也明白：他 们的工作具备更为深远的意义。他们的努力并不局限于个体案件或客户，实际 上也为构造更安全的数字环境这一“大义”做出了贡献。让我们共同庆贺他们 的成绩、表达我们的谢意，因为他们一直在不知疲倦地保护我们的数据、隐私， 以及数字基建的完整性。 DATA PROTECTORS 数据保护者
ALB China Debt Restructuring Forum 2023 2023 ALB 中国债务重组论坛 24 AUGUST- BEIJING 8月24日 - 北京 PROUDLY PRESENTED BY WORKSHOP SPONSORS Due to the continuous upsurge of corporate bankruptcy and reorganization in China in recent years, some new ideas and new investment opportunities have also become active in the current market. In particular, service trusts have entered the field of bankruptcy and reorganization, enterprises have been moving towards group development and the bond market has developed in depth, making risk management entrusted service trust business, substantive merger and reorganization of affiliated enterprises, and bankruptcy reorganization of bond defaulting entities have been favored. Everyone's attention. In addition, as investors pay more attention to bankruptcy reorganization investment, other reorganization investment opportunities such as mutual benefit bond investment have also become investors' consideration options. Based on the above-mentioned market changes, ALB will hold the ALB China Debt Restructuring Forum in Beijing on August 24, 2023, focusing on relevant hotspots that enterprises are currently concerned about, and helping enterprises solve related debt restructuring issues. The forum will bring together senior debt market practice experts, corporate legal advisors, company executives, and investors to jointly discover the latest hotspots in the debt market, discuss solutions to challenges and seize opportunities. 由于近几年来国内一直持续着企业破产重整的热潮，一些新思路和新投资机会也相应地活跃在了当下市场上。特别是服务信托进入破产 重整领域，企业不断走向集团化发展以及债券市场的纵深发展，使得风险处置受托服务信托业务，关联企业实质合并重整和以债券违约 主体的破产重整等热点受到了大家的广泛关注。此外，随着投资人对破产重整投资的深入关注，也让共益债投资等其他重整投资机会成 为了投资人的考虑选择。 基于上述市场变化， ALB将于2023年8月24日在北京举办ALB中国债务重组论坛，聚焦当前企业关注相关热点要点，帮助企业解决相关债 务重组问题。论坛将汇集资深债务市场实务专家，企业法律顾问，公司高管，投资人，共同发掘债务市场最新的热点， 探讨应对挑战，把握 机遇的解决方案。 www.legalbusinessonline.com/conferences/china-debtrestructuring-2023 FOR MORE INFORMATION, KINDLY VISIT 更多信息欢迎访问本次活动页面 Wang Jin 王瑾 (8610) 5669 2009 jin.wang@thomsonreuters.com SPEAKING OPPORTUNITIES 演讲事宜请联系 Amantha Chia 谢京庭 (65) 6973 8258 amantha.chia@thomsonreuters.com SPONSORSHIP OPPORTUNITIES 赞助机会请联系
4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2023 BIG STORY Hit by a prolonged IPO slump induced by three years of strict pandemic curbs, Hong Kong has been struggling to get its magic back as a listing powerhouse. However, Nicolas Aguzin, the CEO of Hong Kong Exchanges and Clearings, remains unfazed, touting several new connections and schemes to bolster Hong Kong’s capability to attract capital. One of those schemes is the Specialist Technology Company listing regime, which provides a new listing pathway for the rapidly growing tech sector. The new listing rules in Chapter 18C of the Main Board Listing Rules cover five “specialist technology industries.” Companies under these categories will be eligible to apply for listing on the Hong Kong Stock Exchange even if falling short of existing financial track record requirements. “The new regime significantly relaxes the amount of revenue a company must have to be eligible to list in Hong Kong. Specialist technology companies at the pre-commercial stage, who have not yet recorded any revenue, are now permitted to list,” explains Kai Sun, a corporate partner at Skadden, Arps, Slate, Meagher & Flom. “In addition, specialist technology companies at the commercial stage, who have recorded revenue, of at least HK$250 million [$32 million] for the most recent financial year, will also be permitted to list and will be subject to more relaxed rules compared with pre-commercial specialist technology companies,” Sun adds. Bosco Yiu, a corporate partner at Paul, Weiss, Rifkind, Wharton & Garrison, deems the absence of minimum profit requirement as the most significant provision. In addition, “the minimum revenue requirement is half of that, which is under the ordinary regime for ‘commercial companies,’ and no minimum profit nor revenue requirement for ‘pre-commercial companies,” notes Yiu. Furthermore, measures including the introduction of requirements regarding free or public float are also seen as something novel, according to Donnelly Chan, a corporate partner at Linklaters. “Free float” refers to the shares of a company that can be publicly traded in secondary market, as opposed to restricted shares and closely held shares. The new listing regime requires a portion of the stock’s shares with certain market capitalisation value not to be subject to any disposal restrictions at the time of listing. “We acknowledge the SEHK’s rationale of introducing this requirement, which is to ensure liquidity in the shares of specialist tech companies postlisting to aid price discovery for these companies where there are inherent difficulties to form a valuation, and also to ease market manipulation and price volatility concerns,” explains Chan. Lawyers believe the launch of the new listing regime aims to sharpen the comparative advantage of a traditionally popular listing venue intensely squeezed by the tech-savvy Shanghai STAR Market. John Moore, a capital markets partner at Slaughter and May, points out that some listing qualifications under the specialist tech regime are indeed more stringent than those of the STAR market, including higher market capitalisation thresholds and requirements on sophisticated independent investments. While being stamped with plentiful votes of confidence, the 18C regime is not without areas where improvement is hoped for. Yiu of Paul, Weiss is wary that a rule regarding price-setting independent investors may undercut the regime’s application. “As the regime starts rolling, the SEHK should consider the market responses to the requirement that at least 50 percent of the total number of IPO shares be allocated to independent price setting investors, as similar requirement under the SPAC listing regime may have contributed to its relatively slow development,” he says. Moore believes more discretion is needed when advising pre-commercial companies, “to demonstrate, with evidence, a credible path to commercialising their specialist tech products and achieving the relevant commercialisation revenue threshold.” Chan of Linklaters underscores the thorough understanding of the relevant technologies developed by the potential IPO applicant as instrumental in the listing process. Also, “law firms with capabilities in advising pre-IPO investments would also be well placed to serve potential applicants who will need to secure pathfinder sophisticated independent investors,” he adds. 作为亚洲的IPO中心，香港正试 图重建自身吸引力。港交所CEO欧冠 升对此信心十足，不断对外推广着港 交所新的互联互通及上市计划，希望 持续推动香港吸引资本的能力。此类 上市计划之一便是“特专科技公司上 市新规”。 欧冠升表示，未来香港将成为“ 亚洲首屈一指的生物科技领域融资市 场”，港交所《上市规则》第18C章所针 对的，则是五种新的“特专科技公司” ，这些企业即便尚未满足既有的公司 营收规定，也可以在港交所申请上市。 “对于来自特专行业的公司，新 规极大程度放松了赴香港上市的营收 要求。甚至未商业化的特专公司，就 是那些完全没有营收的公司，都可以 借此申请上市——在此之前，只有未 BY SARAH WONG 作者：黄婉君 HONG KONG’S CAPITAL MARKETS TRY TO LURE TECH FIRMS 香港资本市场意图吸引科技公司
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BIG STORY 盈利的生物科技公司能够申请在港 上市。”世达国际律师事务所公司业 务合伙人孙凯律师解释道。 “此外，对于已商业化的特专企 业，其上市时最近一个会计年度所产 生的收入需超过2.5亿港元，对于这 类企业的上市要求甚至比未商业化 企业还低。”孙律师补充道。 姚嘉亮律师是宝维斯律师事务 所公司业务合伙人，他认为新规中未 对最低利润加以规定是最大的亮点。 此外，“已商业化企业的收入要求只 有一般主板的一半，对于未商业化企 业则没有规定最低利润或收入要求” ，姚律师注意到。 姚律师相信，新规对于那些投资 者基础坚实、研发资金充裕的成熟初 创企业最为友好。 年利达律师事务所公司业务合 伙人陈伟邦律师指出，新规引进的自 由流通规则也很新鲜。 “自由流通”指的是那些不面对 任何发售限制、公司可以在二级市场 公开交易的股份。新规要求，上市后 自由流通股份至少要达到6亿港元。 “我们理解港交所这样规定的 逻辑在于保障特专公司上市后股份 的流动性，协助他们展开价格发现， 对抗难以估值的问题，此外也能缓解 市场操纵和价格波动问题。”陈律师 解释道。 律师们相信，新规的出台旨在强 化港交所的吸引力——香港曾备受科 技公司欢迎，而这部分市场份额正在 逐渐被上海的科创板挤掉。 莫德华律师是司力达律师事务 所资本市场合伙人，他指出，香港的 特专科技新规实际上比科创板更为 严格，例如设定了更高的市值门槛， 对于独立机构投资者的股份分配比 例要求也更高。 不过，莫律师很高兴地看到，即 便不属于五大特专科技行业，只要满 足部分要求，例如具备高增长潜力、 采用新科技、研发为其贡献一大部分 的预期价值等，特定企业同样能够在 香港申请上市。这样的灵活规定有利 于提高香港的竞争力。 虽然被寄予众望，18C章也存在 继续优化的空间。 宝维斯的姚嘉亮律师比较担心对 于独立机构投资者的规定会影响上市 申请热情。“新规开始实施，港交所需 要观察‘发售股份总数至少50%应分 配予独立机构投资者’所引发的市场 反映。要知道，SPAC上市规则中也有 类似措辞，并一定程度导致了SPAC 机制遇冷。” 莫德华律师则相信，为未商业化 企业提供咨询要特别谨慎。这些企业 的收入低于2.5亿港元，“需要凭证据 证明这些公司的特专科技产品拥有可 靠的商业化途径，并且未来能够达到 商业化收入门槛”。 姚律师建议道，“律所可以组成 特别工作小组，吸纳那些有初创特专 科技企业投资及/或并购交易经验的 律师，以及那些和港交所沟通顺畅的 律师，使早期的上市流程更为高效”。 年利达的陈伟邦律师则强调，中 介机构特别需要深刻理解上市申请人 正在研发的技术。此外，“有为pre-IPO 投资提供咨询经验的律所也具备很大 优势，因为他们能协助申请人寻找合 格的独立机构投资者”，他说。 北京 Beijing 成都 Chengdu 深圳 Shenzhen 西安 Xi’an 武汉 Wuhan 广州 Guangzhou 杭州 Hangzhou 香港 HongKong 上海 Shanghai 南京 Nanjing E-mail: beijing@east-concord.com Tel: +8610 6590 6639 信任至上 Trust Comes first 一体化管理 Integrated Management 国际化视野 Global Vision SUCCESS IS ROOTED IN ENABLING OTHERS TO ACHIEVE www.east-concord.com 钟鸣律师是天达共和律师事务所合伙人，拥有北京大学硕士研究生学历，在银行与金融、公司并购/重组、不动产与 建设工程等相关法律服务等业务领域有着丰富的经验和诸多优秀的业绩。 钟鸣律师曾先后为东方资产、信达资产、招商平安、银河资产、吉林国资、深圳担保集团、华夏幸福、华润集团、 新加坡凯德集团、香港中旅集团、华融国际、海通国际等资产管理公司、房地产公司、国有企业、外资企业等提供 法律服务。目前担任多家资产管理公司、投资机构、产业集团、房地产公司的法律顾问，并负责承办其相关并购、 破产、重组、投融资等专项法律服务项目。 钟律师长期受到相关法律媒体的高度评价，2023年被《亚洲法律杂志》评选为“2023 ALB China华南地区律师新 星”，2023年被深圳市律师协会评选为“深圳优秀女律师”，2022年入围ALB年度华南华中地区青年律师大奖、 2021年被《亚洲法律杂志》评选为“2021 ALB China客户首选律师”，2020年被LEGALBAND评选为“客户首选：中 国女律师15强”、 2018年被《商法》评选为“A-List法律精英”。
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2023 APPOINTMENTS GE TAIHONG 葛太红 LEAVING 原就职律所 Jiangsu Top Hope Law Firm 江苏天豪律师事务所 JOINING 现就职律所 Co-Effort Law Firm 协力律师事务所 PRACTICE 业务领域 Japan Investment 涉日投融资 LOCATION 地点 Wuxi 无锡 GU JING 顾靖 LEAVING 原就职律所 W&H Law Firm 炜衡律师事务所 JOINING 现就职律所 Merits & Tree Law Offices 植德律师事务所 PRACTICE 业务领域 Dispute Resolution 争议解决 LOCATION 地点 Shanghai 上海 LI JING 李晶 LEAVING 原就职律所 Allen & Overy - Shanghai Lang Yue Joint Operation Office 安理国际-上海朗悦联营办公室 JOINING 现就职律所 Han Kun Law Offices 汉坤律师事务所 PRACTICE 业务领域 Private Equity 私募股权 LOCATION 地点 Beijing 北京 YOLANDA ZHANG 张艳 LEAVING 原就职律所 Jiali Law Firm 家理律师事务所 JOINING 现就职律所 AnJie Broad Law Firm 安杰世泽律师事务所 PRACTICE 业务领域 Capital Markets 资本市场 LOCATION 地点 Shanghai 上海 JUSTINA ZHANG 张卫华 LEAVING 原就职律所 TransAsia Lawyers 权亚律师事务所 JOINING 现就职律所 Kewei Law Firm 科伟律师事务所 PRACTICE 业务领域 TMT 科技、媒体与电信 LOCATION 地点 Beijing & Shanghai 北京、上海 ZHAO XU 肇旭 LEAVING 原就职律所 TianTong Law Firm 天同律师事务所 JOINING 现就职律所 Hylands Law Firm 浩天律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Shanghai 上海
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA The Hong Kong office of Shanghai-headquartered AllBright Law Offices has recently received approval from the Law Society of Hong Kong to localize its operations. It will practice under the name AllBright Law (Hong Kong) Offices LLP in the future and continue its association with local Hong Kong firm Stevenson, Wong & Co. AllBright entered into an association with Stevenson Wong in 2013, marking the first step of its internationalization strategy. In 2015, the two firms also established a joint venture law firm in Shenzhen’s Qianhai zone, becoming one of the first to do so. According to the website of the Law Society, AllBright has eight registered foreign lawyers in Hong Kong, with its senior partner, Du Xiaodong, who is based in Shenzhen most of the time, primarily responsible for relevant business. Du specializes in capital markets and has accumulated experience in the biotech sector. He also led the listing project of Keymed Biosciences in Hong Kong back in 2021. The localization of AllBright in Hong Kong will also further strengthen its presence in the Greater Bay Area, where the firm currently also has offices in Shenzhen and Guangzhou. 锦天城律师事务所香港分所近 日获得香港律师会批准本地化，未来 将以“锦天城（香港）律师事务所有限 法律责任合伙 AllBright Law (Hong Kong) Offices LLP”的名字拥有香 港本地律所执业资格，并继续与香港 史蒂文森黄律师事务所联营。 据悉，锦天城早于2013年便与 史蒂文森黄展开联营，是彼时锦天城 国际化布局的第一步。2015年，两家 机构还设立了锦天城史蒂文生黄（前 海）联营律师事务所，成为第一批在 前海成立的联营律师事务所。 根据香港律师会网站，锦天城在 香港注册有八名外地律师，不过其常 驻深圳的高级合伙人杜晓东律师主 要负责相关业务。杜律师是资本市 场专家，深耕于生物医药领域，他也 主导了2021年康诺亚在香港的上市 项目。 锦天城香港本地化也将进一步 加强其在粤港澳大湾区的布局，目前 锦天城在大湾区同时拥有深圳、广州 办公室。 ALLBRIGHT LAW OFFICES OBTAINS LOCAL LICENSE IN HONG KONG 锦天城成为最新一家取得香港执业许可的内地大型律所 张文亮 观韬中茂律师事务所 合伙人 zhangwl@guantao.com BROUGHT TO YOU BY GUANTAO LAW FIRM 上市公司独立董事制度是中国特色现代企业制度的重要组成 部分，2023年4月14日，国务院办公厅发布了《国务院办公厅关于上 市公司独立董事制度改革的意见》（国办发〔2023〕9号），同日，中国 证券监督管理委员会（以下简称“中国证监会”）发布《上市公司独立 董事管理办法（征求意见稿）》（以下简称“《独立董事管理办法》”或 “新规”），就上市公司独立董事制度的具体细化规则向社会征求意 见。《独立董事管理办法》主要内容包括： 1. 独立董事的责任承担 新规对独立董事的责任承担的判断做了进一步明确。根据第四 十四条，应结合独立董事履行职责与相关行为之间的关联程度，兼 顾其董事地位和外部身份特点等具体判断独立董事的责任承担。同 时根据第四十五条，针对性列举了可以认定独立董事没有主观过错 可以不予行政处罚的情形。 2.独立董事的自身要求 新规对独立董事的任职数量、资信资格、现场公司工作时间、自 查披露要求等进一步调整和细化，如独立董事的任职原则上最多在 三家境内公司担任独立董事；新增要求独立董事不存在重大失信等 不良记录；要求独立董事提交自查报告并随年报一同披露；要求每 年在上市公司的现场工作时间应不少于十五日等具体要求。 3.独立董事的提名和选举及独立董事会议 新规对独立董事的提名和选举进行了明确和规定，如上市公司 董事会设立提名委员会的，提名委员会应当对被提名人任职资格进 行审查，独立董事候选人经提名委员会全体成员过半数同意后，方 可提交董事会；上市公司股东大会选举两名以上独立董事的，应当 实行累积投票制等。 4.独立董事职权及独立董事专门会议 新规还规定了独立董事的具体履职事项，包括决议程序、董事 会专门委员会特定职权。同时，新规要求上市公司应当定期或不定 期召开全部由独立董事参加的会议，并明确了应当经其审议的具体 事项以及召集程序。 5.过渡期安排 根据中国证监会说明，要求各主体在一年过渡期新规要求进行 合规整改。 综上，新规对目前我国独立董事的相关制度进一步明确、细化 和调整，独立董事制度作为上市公司治理结构的重要一环，在促进 公司规范运作、保护中小投资者合法权益、推动资本市场健康稳定 发展等方面发挥积极作用。 上市公司独立董事规则的新近变化
8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2023 $844MLN Canadian Solar’s IPO on STAR Market Deal Type: ECM Firms: JunHe; AllBright Law Offices Jurisdiction: China 阿特斯科创板上市 交易类型：股权融资 参与律所：君合律师事务所、 锦天城律师事务所 管辖地：中国 $697MLN Formation of a New Energy Industrial Fund by State Power Investment Corporation and China Cinda Asset Management Deal Type: Fund Firm: DeHeng Law Offices Jurisdiction: China 国家电投创新投资和中国信达 共同设立新能源产业基金 交易类型：基金 参与律所：德恒律师事务所 管辖地：中国 $307MLN Tianma Intelligent Control Technology’s IPO on STAR Market Deal Type: ECM Firm: Jia Yuan Law Offices Jurisdiction: China 天玛智控科创板上市 交易类型：股权融资 参与律所：嘉源律师事务所 管辖地：中国 $280MLN Bank of China’s issuance of Yulan bonds in Macau Deal Type: Bond Firms: Linklaters; Jingtian & Gongcheng Jurisdictions: China, Macau SAR 中国银行在澳门发行玉兰债 交易类型：债券 参与律所：年利达律师事务所、 竞天公诚律师事务所 管辖地：中国，中国澳门特别行政区 $280MLN Fudian Bank’s issuance of agriculture bonds in Yunnan Deal Type: Bond Firm: Grandall Law Firm Jurisdiction: China 富滇银行在云南发行“三农”金融债 交易类型：债券 参与律所：国浩律师事务所 管辖地：中国 $263MLN Skyverse Technology’s IPO on STAR Market Deal Type: ECM Firms: JunHe; AllBright Law Offices Jurisdiction: China 中科飞测科创板上市 交易类型：股权融资 参与律所：君合律师事务所、 锦天城律师事务所 管辖地：中国 $259MLN Zhejiang Shuangyuan Technology’s IPO on STAR Market Deal Type: ECM Firm: T&C Law Firm Jurisdiction: China 双元科技科创板上市 交易类型：股权融资 参与律所：天册律师事务所 管辖地：中国 $251MLN Chongqing Xishan Science & Technology’s IPO on STAR Market Deal Type: ECM Firm: C&T Partners Jurisdiction: China 西山科技科创板上市 交易类型：股权融资 参与律所：世纪同仁律师事务所 管辖地：中国 $223MLN Horizon Construction Development’s IPO in Hong Kong Deal Type: ECM Firms: Baker McKenzie; Tian Yuan Law Office; Fangda Partners; Clifford Chance Jurisdictions: China, Hong Kong SAR 宏信建发港交所上市 交易类型：股权融资 参与律所：天元律师事务所、 贝克·麦坚时律师事务所、 方达律师事务所、高伟绅律师事务所 管辖地：中国，中国香港特别行政区 DEALS
9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 谢军 国枫律师事务所合伙人 xiejun@grandwaylaw.com 曹娟 国枫律师事务所律师 caojuan@grandwaylaw.com BROUGHT TO YOU BY GRANDWAY LAW OFFICES 在证券市场虚假陈述侵权民事赔偿案件中，基于推定 信赖原则，推定交易因果关系成立，即推定投资者是基于 对发行人违规披露的信息的信任而进行股票交易。交易 因果关系中断，指通过举证责任倒置，在发行人等被告， 能举证证明存在自甘风险、重大事件或违法交易等其他 影响投资者决策的替代性原因时，认定交易因果关系不 成立。交易因果关系中断，意味着被告无需对投资者进行 赔偿。本文通过案例研究，对诸如并购重组这类重大事件 如何能够被认定为替代性原因，从而导致交易因果关系 中断，进行分析。 一、并非所有在虚假陈述实施后出现的重大事件都能 导致交易因果关系中断 投资人喀什中汇银联创业投资有限公司（以下简称中 汇创投）诉中兵红箭股份有限公司（以下简称中兵红箭） 虚假陈述责任案，二审判决直接以中汇创投的交易行为 是受到虚假陈述实施后发生的收购、重大资产重组等其 他重大事件影响，与案涉虚假陈述行为无关为由，驳回了 中汇创投的全部诉请。但同样在虚假陈述实施后也存在 并购、重组事件，中安科股份有限公司（以下简称中安科） 因虚假陈述引发的3500余起民事赔偿案中，却没有任何 案件因此驳回原告诉请。原因值得剖析。 二、以重大事件为由认定交易因果关系中断的要点 结合前两案裁判观点，笔者分析并购重组等重大事件 构成因果关系中断的要点如下： 1.从“重大性”来看，并购重组等事件相较于虚假陈 述对于投资者的决策影响应具有压倒性优势 中汇创投诉中兵红箭案中，虚假陈述的内容为中兵 红箭2015年年报虚增利润2730.89万元，其每股收益更 正前为0.24元/股，更正后为0.21元/股。但在国防军工行 业发展良好的预期下，其收购兵器工业集团旗下6家企业 100%的股权，收购完成后其市场占有规模远超同行，未 来业绩有望快速增长。因此二审法院认为虚假陈述并未 对中兵红箭的基本面和业绩造成根本性改变，相反并购 重组以及股价即将迎来波段性上涨的技术面分析是中汇 重中大断事的件裁导判致要交点易分因析果关系 创投作出交易决策的依据。 中安科的虚假陈述涉及年报虚增营业收入、资产重组 中虚增置入资产评估值累计高达27亿余元，相形之下，虚 假陈述之后的其他并购重组，虽然判决中并未记载相应 交易额，但从表述来看重大性应不及案涉虚假陈述。因此 法院认为虚假陈述仍是投资者决策的重要因素。 2.从交易时点来看，相较于虚假陈述，投资者决策的 信赖基础显著倾向于“替代性原因” 中汇创投诉中兵红箭案中，虚假陈述的实施日为2016 年3月15日，而中汇创投在2016年12月14日至2017年3 月30日期间买入中兵红箭股票，在此期间中兵红箭的股价 涨幅与地面兵装行业板块指数涨幅基本一致，二审判决指 出中汇创投在虚假陈述实施日并未买入股票，而其买入 时的价格和行业板块指数完全不同于虚假陈述实施日的 价格及指数，足以说明虚假陈述并非其作出交易决策的 信赖基础。 但在中安科案中，投资者的买入时点在虚假陈述实施 日至揭露日之间，其买入时点与虚假陈述实施后的其他并 购重组等事件无明显的重合度或关联度。因此在推定交易 因果关系成立的前提下，无法得出因果关系中断的结论。 3.重大事件是否确定发生或是影响裁判者心理，引导 其完成“因果关系中断”心证的重要因素 两个案例对此都没有明确的裁判观点，但笔者注意到 中安科案中，判决指出“但无论如何，中安科已于2015年 1月完成本次资产重组（案涉虚假陈述）……应认定存在 交易因果关系”。与此关联，中安科虚假陈述后所进行的 并购重组均未完成。而中兵红箭案中被认定为替代性原 因的收购是最终完成产权过户的。巧合，还是必然，笔者 认为至少是影响裁判者内心确认的因素。 前文强调的压倒性、显著、确定，实际都指向了“百分 百原因力”这一结论，即只有其他事件能百分百替代虚假 陈述引发交易，才会被认定为因果关系中断。如何实现？ 毕竟除了交易外观分析，投资者究竟为何买入股票，只有 他自己知道。举证的重要性就凸显出来，像中兵红箭案中 的“入池研究报告”，这样明确体现中汇创投购买股票确 系替代性原因，就是因果关系中断的好证据。
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2023 RANKING BY ASIAN LEGAL BUSINESS, TEXT BY CHARLIE WU 排名：亚洲法律杂志 作者：吴卓言 With the rapid development of science and technology, the complexities surrounding cybersecurity and data protection issues are increasing. In response to this, China has introduced a range of laws, regulations, and regulatory policies in recent years. Consequently, there is a growing demand for legal services specializing in data and cybersecurity. This year, ALB is launching its inaugural list of the top 15 cybersecurity and data protection lawyers, aiming to recognize the leading professionals in this field. 伴随科技飞速发展，网络安全与数据保护问题变得愈发复杂，近年，相关法律法规与监管政策在中国不断落地， 数据与网络安全法律服务需求也日趋增加。今年，ALB首次推出十五佳网络安全和数据保护律师榜单， 希望专注发掘该领域的优秀法律人。 As human society enters the digital and information era, data has emerged as a significant factor of production. According to Deloitte, “Data has profoundly transformed our methods of production, lifestyles, and social governance models. With the continuous innovation of technologies for data collection, governance, application, and security, coupled with the rapid development of industries, technology has propelled data elements to become intrinsic conditions for the long-term growth of the national economy.” On one hand, data itself, as a production factor, requires protection, commonly known as “data protection.” On the other hand, the online environment in which data operates also demands safeguarding, referred to as “cybersecurity.” Presently, the capabilities of data protection and cybersecurity have become indispensable components for a company’s competitiveness and the foundation upon which companies achieve more efficient business operations. Moreover, the data and Internet-related industries are experiencing significant growth, as projected by the 2022 White Paper on China’s Cybersecurity Industry, which predicts robust expansion in China’s cybersecurity industry over the next five years. In this context, laws and regulations have kept pace with these advancements, leading to the emergence of numerous lawyers and firms specializing in these fields in recent years. Consequently, what new skills and capabilities are expected from data protection and cybersecurity lawyers? What are the latest developments and trends in terms of services provided to enterprises in these fields? A number of the ranked lawyers share their insights with ALB. INTENSIFYING REGULATION Recently, cybersecurity and data protection have undoubtedly become the focal point of legislation and regulation in China. At the legislative level, three main pieces of legislation—the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law—have come into effect, ushering in a new era of cybersecurity and data protection. Industries are undergoing significant transformations, and enterprises will face increasingly stringent compliance challenges. Internationally, according to the 2022 Global Cybersecurity Development Trend Research Report, the US, EU, Australia, and India have all recently enacted legislation or directives to promote the establishment of mandatory cybersecurity incident reporting mechanisms such as the Cyber Incident Reporting for Critical Infrastructure Act and the Information Technology Act. Additionally, the US’s Federal Information Security Modernization Act and the EU’s latest Digital Markets Act have laid the foundation for building a more robust cybersecurity compliance management platform. All of these developments present challenges to the overseas operations of Chinese companies. The frequent introduction of new data and cybersecurity laws and COVER STORY
11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA regulations has made understanding the latest regulatory trends, gaining deep insights into regulatory logic, and predicting future regulatory directions a hot topic among lawyers and in-house teams in recent years. Raymond Wang, Partner at Shihui Partners, highlights that amid the rapid development of digitization and the Internet, lawyers, legislators, and regulators face immense pressure. He notes, “The evolution of cybersecurity and data protection laws and regulations, transitioning from fragmentation to systematization and from general provisions to detailed rules, follows its inherent logic. I often participate in legislative support work and can sense the tremendous pressure faced by legislators and regulators when dealing with various risks arising from new technologies, industries, and even paradigms.” Therefore, Wang believes that while practicing in this new and evolving field presents a unique opportunity for lawyers, they must also adopt a fresh mindset. “We should not consider ourselves as merely providing answers to existing rules; instead, we should constantly contemplate the reasons behind rule changes and what remains unchanged. By doing so, we can distinguish stable components within the legal system from dynamic ones and promptly align ourselves with clients.” In other words, lawyers who choose to specialize in this field need to navigate the landscape where technology, regulation, and legal services progress hand in hand. Wang adds, “In a sense, predictable challenges are opportunities, whereas difficulties arise from the unpredictable.” NEW CHALLENGES FOR BUSINESS As the significance of data continues to grow, an increasing number of companies have prioritized digital transformation as a crucial goal. However, Deloitte’s 2021 Future of Cyber Survey highlights that, under pressure from competition, business leaders often prioritize the outcomes of digital transformation without fully considering cybersecurity risks. The multifaceted issues and challenges involved in digital transformation necessitate special attention from legal professionals. Li Tianhang, Partner at Hui Ye Law Firm, explains to ALB that over the past year, he has observed two types of enterprises with greater demands for data and Internet-related legal services. The first type pertains to multinational enterprises seeking assistance with data export, while the second type involves private enterprises seeking compliance with criminal law. Li and his team closely monitor data export issues. “In recent years, cybersecurity and data protection laws and regulations have been gradually strengthened. The implementation of the Personal Information Protection Law and the Measures for Data Export Security Assessment, in particular, has introduced new compliance requirements for data export. In the past year, enterprises engaging in cross-border data transfer have primarily sought data export compliance legal services. There is an urgent need for professional legal service providers, such as law firms, to assist these enterprises in completing relevant security applications.” With the implementation of the Measures for Standard Contracts on Personal Information Export on June 1, the criteria for identifying important data and the list of important data will soon be announced. Li predicts that the demand for compliance legal services related to data export will remain high and sustained in the future. “Data export legal services are relatively new, with limited past experience to reference. Therefore, while conducting internal research, the entire Hui Ye cybersecurity and data protection team has also enhanced communication with regulators. We strive to work in an indepth, detailed, and thorough manner, accurately assess internal risks, develop reasonable rectification plans, and endeavor to improve the success rate of applications for our clients,” says Li. Wang Yuwei, Partner at Guantao Law Firm and among the first lawyers in China to specialize in cybersecurity and data protection, has also observed the evolving demands of enterprises for data and cybersecurity services. Accordingly, COVER STORY WINNERS 获奖名单 CAI KAIMING 蔡开明 DENTONS CHINA 大成律师事务所 CHEN JIHONG 陈际红 ZHONG LUN LAW FIRM 中伦律师事务所 MARISSA DONG 董潇 JUNHE LLP 君合律师事务所 KEVIN DUAN 段志超 HAN KUN LAW OFFICES 汉坤律师事务所 LI TIANHANG 李天航 HUI YE LAW FIRM 汇业律师事务所 MENG JIE 孟洁 GLOBAL LAW OFFICE 环球律师事务所 SUSAN NING 宁宣凤 KING & WOOD MALLESONS 金杜律师事务所 Image: Chor muang/Shutterstock.com
12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2023 he has planned the development of himself and his team. “We are focusing on building a legal team specializing in cybersecurity, data privacy, and protection to support the development and innovation of new enterprises or emerging Internet products across various industries.” Notably, Wang adopts new methods and tools to provide services. “To assist companies in coping with increasingly stringent regulations, we guide and aid clients in gradually adopting automation tools and developing standardized data compliance products for key business scenarios. We collaborate with external legal technology teams to explore productization of compliance services and automate data compliance. Additionally, our team closely collaborates with regulators and legislators to promote the development of legislation and judicial practices in the field of data compliance in China, ultimately benefiting our clients.” INTERDISCIPLINARY CAPABILITIES To excel in the field of cybersecurity and data protection, lawyers have recognized the need for specific qualities and attributes. Wang Yuwei, reflecting on his early entry into the field, shares his insights and experiences of industry development trends. He views specializing in cybersecurity and data protection not only as a “career choice” but also as a “passion and responsibility.” Wang’s strong belief in the future potential of the internet, big data, AI, and his interest in technological advancements have fueled his commitment to this field. He continues to expand his knowledge by actively engaging with cutting-edge technologies, learning from industry innovators, and participating in top companies’ projects. Victor Wu, a Partner at AllBright Law Offices, emphasizes the importance of possessing comprehensive knowledge in serving the complex field. In addition to a solid foundation in legal theory and practical experience, Wu holds a PhD in e-commerce. He believes that a diversified knowledge background provides the basis for delivering effective legal services. It enables lawyers to understand clients’ business processes, data handling aspects, and effectively integrate technology, business, and law to offer grounded and compliant legal solutions. Wu further identifies three key traits that cybersecurity and data protection lawyers should possess. Firstly, they should have a strong grasp of information technology’s development and application and understand how different information technology applications impact business processes and data handling. Secondly, lawyers should possess a deep understanding of the essence and system of the digital economy. This knowledge allows them to comprehend how network applications and new technologies reshape business processes, identify crucial aspects of data protection and control, and develop effective solutions. Lastly, lawyers need to comprehend the specific characteristics of industries since data protection is closely linked to the data life cycle, specific industries, and business processes. Furthermore, the field of cybersecurity and data protection, with its constant influx of new technologies, models, and regulations, demands that lawyers adapt to these changes. Wu asserts that the ability to proactively study and research, as well as integrate knowledge effectively, empowers lawyers to navigate the evolving external environment. Experience in other industries also proves valuable for specialization in this field. Li Tianhang, drawing on his over 15 years of work in the public security industry, credits his solid foundation in becoming a top cybersecurity and data protection lawyer. He believes that all experiences contribute to personal growth, and his background in public security significantly aids his practice and professional development. Li outlines three key aspects of the benefits derived from his previous experience. Firstly, it establishes a regulatory perspective and thinking model. Li emphasizes that cybersecurity and data protection fundamentally involve compliance legal services, which require not only understanding static rules but also dynamic observance and defense. Approaching compliance from COVER STORY DAVID PAN 潘永建 LLINKS LAW OFFICES 通力律师事务所 SHEN XIAOYU 申晓雨 EAST & CONCORD PARTNERS 天达共和律师事务所 SUN CHUAN 孙川 MORRISON FOERSTER 美富律师事务所 RAYMOND WANG 王新锐 SHIHUI PARTNERS 世辉律师事务所 WANG YUWEI 王渝伟 GUANTAO LAW FIRM 观韬中茂律师事务所 VICTOR WU 吴卫明 ALLBRIGHT LAW OFFICES 锦天城律师事务所 SAMUEL YANG 杨洪泉 ANJIE BROAD LAW FIRM 安杰世泽律师事务所 ZHANG TAO 张韬 DEHENG LAW OFFICES 德恒律师事务所
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