9 772220 270006 ISSN 2220-2706 CHINA’S TOP I&R LEGAL PROFESSIONALS 首个破产重组律师榜单揭晓 DATA BECOMES A CRITICAL ASSET 中国持续探索数据资产价值 YANGTZE ECONOMIC BELT SHOWS PROMISE 长江经济带拥抱发展新机遇
As the nomination is closed on 1 March, the judging work of the 21st Annual ALB China Law Awards 2024 will commence soon. Winners will be announced in a gala ceremony in Beijing on Thursday, 23rd May 2024. Recognizing your organization’s accomplishments over the past year, ALB would like to invite you to join the ALB China Law Awards 2024 ceremony. The event will bring together legal and business elites across China. Joining 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. Join the grandest legal celebration in China and celebrate with the legal and business communities! 第21届ALB中国法律大奖提名已于3月1日结束，评审工作即将陆续开展。奖项最终花落谁家，将在2024年5月23日（星期四）在北京 举行的颁奖盛典上隆重揭晓。 二零二四年ALB中国法律大奖旨在肯定和宣传过去一年在法律界取得巨大成就的法务团队、律所及个人，致力于鼓励更多的法律 团队及从业者在自己的领域做出杰出贡献。颁奖典礼将聚集法律界的大咖与新星，为您的人脉扩展起到积极作用。与此同时，参加 颁奖典礼也可以向整个法律界展示您及团队的专业水平和风采。 我们期待与您同赴盛典，共享荣耀时刻! 23RD MAY • BEIJING 5月23日 • 北京 AMANTHA CHIA 谢京庭 amantha.chia@tr.com / +65 6973 8258 RESEARCH TEAM 调研团队 LawAwards@tr.com +86 10 5669 2009 +86 10 5669 2010 https://www.legalbusinessonline.com/awards/china-law-awards-2024
1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS compete in an overcrowded legal market. 随着中东和亚洲新兴 经济体之间的并购和 主权投资活动推动经 济增长，两地的经济 关系正愈发紧密。然 而，亚洲的律所和律 师面对“过度拥挤”的 中东法律市场，感到 竞争举步维艰。 BRI EFS 4 Briefs 焦点故事 6 Appointments 律师转所信息 7 Deals 交易 COVER STORY 8 2024 ALB China Top 15 Business Support In-House Teams 2024 ALB China 十五佳商业贡献力法 务团队 ALB unveils its first ever list of top 15 business support in-house teams whose members are top legal professionals as well as business leaders. ALB首度推出十五 佳商业贡献力法务 团队榜单，旨在凸显 这些法务界佼佼者、 商业界领航者的卓越 风采。 Ranking by ALB, text by Victor Wu FEATURES 16 Data: The new oil 探索数据资产 With data emerging as a crucial “new type of production factor,” China has rolled out various initiatives to tap into its economic potential. Pioneers in data trading are actively discussing the distinctive opportunities and challenges posed by this evolving field. 数据作为“新型生产 要素”的重要性不断 提升，中国采取各项 措施激发数据的经济 效益。部分法律领域 的“先行者”与ALB分 享了数据资产服务的 机遇和挑战。 22 2024 ALB China Top 15 Insolvency & Restructuring Lawyers 2024 ALB China 十五佳破产重组律师 ALB launched 2024 ALB China Top 15 Insolvency & Restructuring Lawyers for the first time, aiming to spotlight the best in this field. 今年，ALB首次推出 十五佳破产重组律 师榜单，希望专注发 掘该领域的佼佼者。 With contributions from: • Zhong Lun Law Firm 中伦律师事务所 32 ALB Regional Report: Yangtze River Economic Belt ALB区域市场报告：长 江经济带 The Yangtze River Economic Belt strategy is set to become the next regional development strategy to lead China’s high-quality growth. With the strategy focusing on the topics of ESG, energy, innovation and overseas investment, lawyers can expect to see an uptick in legal work. 长江经济带战略将成 为下一个引领中国高 质量发展的区域性发 展战略。ALB关注于 这一全新的区域联动 发展计划，并重点聚 焦ESG、能源、科创、 海外投资领域及相关 法律服务的发展。 38 Pivot to Asia 转向亚洲 The Middle East’s economic ties with emerging Asian economies is on the rise as M&A and sovereign investments between the regions drive growth. However, Asian law firms and lawyers are struggling to 30 2024 ALB CHINA TOP 15 INSOLVENCY & RESTRUCTURING LAWYERS 2024 ALB CHINA十五佳破产重组律师 Image: Rob Nazh/Shutterstock.com
2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 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 As we navigate the dynamic landscape of China’s legal and business sectors, it becomes increasingly evident that the role of in-house legal teams has undergone a profound transformation. Once perceived solely as gatekeepers, tasked with safeguarding legal interests, today’s in-house teams are strategic partners driving business growth and innovation. In this month’s edition of ALB China, we embark on a groundbreaking journey by introducing our inaugural list of the Top 15 Business Support In-House Teams. This compilation celebrates the remarkable evolution of in-house counsel, showcasing their pivotal roles in shaping corporate strategies and decision-making processes. Gone are the days when legal departments operated in silos, detached from broader business objectives. Instead, we witness a paradigm shift where legal professionals seamlessly integrate within the fabric of their organizations, contributing not only legal acumen but also strategic insights and business acuity. We invite you to join us in celebrating their achievements and drawing inspiration from their innovative approaches. Together, let us embrace the evolving role of in-house counsel as strategic partners, driving sustainable growth and excellence in the ever-changing realm of business. 工作于中国的公司法务团队正在经历显著的角色变更和“进阶”。曾经，他 们是公司的守门人、维护企业法律权益，如今，他们更多承担起战略伙伴的责任， 促进业务增长及创新。 因此，本月的ALB中国版杂志首次推出了“2024 ALB China 十五佳商业贡 献力法务团队”榜单。如今，我们见证公司法务团队无缝融合在所属机构的组织 肌理之中，以法律知识、商业洞察、战略思考为公司提供服务。 请和我们一起庆贺上榜团队的成绩，也从他们的创新实践中汲取灵感。我 们相信，法务团队未来将愈发成为公司促进增长、追求卓越、迎向变革过程中 的重要一环。 THE EVOLVING ROLE OF IN-HOUSE TEAMS “进阶”的公司法务团队 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 WORKSHOP SPONSORS 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 MARCH 2024 BRI EFS Beijing Health Guard Biotechnology, which developing vaccines against cancer-causing viruses, recently became the first company to be listed on exchanges in both Beijing and Hong Kong. Lawyers say that this “Beijing + Hong Kong” pathway an attractive option for mainland enterprises in certain industries. 中国内地疫苗公司康乐卫士近日成为第一家展开“北+H”上市 实践的企业。法律专家解读了这背后的机遇和挑战。 BY HU YANGXIAOXIAO 作者：胡阳潇潇 On March 15, 2023, Beijing Health Guard Biotechnology made its debut on the Beijing Stock Exchange. Within a year, this developer of clinical-stage HPV vaccines approached the Hong Kong Stock Exchange for listing, setting a precedent for the “Beijing + Hong Kong” listing route for biotech companies. In June of 2023, the BSE and HKEX ratified a memorandum of understanding, paving the way for eligible listed entities in both exchanges to seek listing on the counterpart’s platform. Health Guard emerged as the pioneering firm to navigate this arrangement. John Sun, a partner at DeHeng Law Offices in Shanghai, points out that the memorandum fosters a supportive stance from HKEX towards Beijing-listed companies that align with Hong Kong’s listing prerequisites. Yet, he emphasizes the broad nature of this framework, lacking in detailed guidelines or a dedicated review process. Consequently, BSE-listed firms must adhere to HKEX’s listing standards and the China Securities Regulatory Commission (CSRC)’s overseas listings rules by Chinese corporations. Viewed through this lens, the perceived notion that the “Beijing + Hong Kong” listing scheme reduces entry barriers for biotech entities is mostly misplaced. Furthermore, Sun regards the FROM BEIJING TO HONG KONG 探索“北+H”之路 “Beijing + Hong Kong” model not as a novel concept but rather as an expansion of existing frameworks, offering an alternative funding avenue for companies listed in both Beijing and Hong Kong. However, Sun highlights the advantages of the “Beijing + Hong Kong” listing strategy. He explains, “Companies can harness the financial markets of both regions for capital raising, bypassing the limitations of a single market’s regulatory framework and financing rules. This is particularly relevant in the current strict regulatory environment for A-share IPOs and refinancing. Possessing the status of a company listed in Hong Kong can facilitate more diverse financing options.” This strategy is especially beneficial for technology and R&D-focused companies, such as those in the biotech sector, which “need sustained cash flow. Opting for a secondary listing on the HKEX is an appealing choice to meet their financial requirements.” Furthermore, Sun notes, “For firms listed in Beijing, obtaining a dual listing on the HKEX can significantly boost their international profile and impact, aiding their global expansion strategies.” Regarding sectors beyond biotech considering the “Beijing + Hong Kong” route, Sun sees potential. “Listings on the BSE typically feature price-to-earnings ratios ranging from 10 to 20 times, whereas the HKEX accommodates a wider spectrum of valuations. Presently, companies in the consumer, healthcare, and IT sectors enjoy top valuations on the HKEX, making the ‘Beijing + Hong Kong’ pathway an attractive option for enterprises within these industries from the mainland.” THE OTHER WAY ROUND Since 2020, biotech companies like Shenzhen Hepalink and Hangzhou Tigermed have successfully pursued “A-share first, then H-share” listings. Sun emphasizes that the pathway for “Beijing first, then H-share” listings for biotech companies mirrors established listing norms, showing no significant . However, Sun also highlights a recent trend where companies such as Junshi Biosciences, BeiGene, and InnoCare Pharma have embarked on a “return to A-shares” movement by seeking listings on the mainland’s STAR Market after their initial listings in Hong Kong. Beyond meeting the STAR Market’s criteria, redchip companies are also faced with a minimum market capitalization requirement of 20 billion yuan, which could skyrocket to 200 billion yuan if they don’t meet specific standards like possessing independent R&D, leading international technology, and a strong competitive edge in their sector. Regarding the possibility of a similar trend with the BSE, Sun acknowledges that while the criteria for re-listing on the STAR Market are stringent, the pathway back to the BSE is muddled with regulatory uncertainties. “As it stands, Hong Konglisted companies aiming for a BSE listing must initially secure a position on the New Third Board, a scenario yet to see a precedent. The CSRC’s mention of a ‘direct IPO on the BSE’ policy in last September’s ‘Reform 19 articles’ remains pending actual implementation. Furthermore, the BSE is currently not open to red-chip company listings,” explains Sun. Even if regulatory conditions were to permit, the allure of the BSE needs bolstering, especially when juxtaposed with the STAR Market. “With the tightening of A-share IPOs, the BSE has upped its financial benchmarks for issuers, requiring a recent year’s net profit
5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BRI EFS (excluding non-recurring gains and losses) of 40-50 million yuan. Moreover, the prelisting process on the New Third Board elongates the BSE’s overall listing timeline, thereby diminishing the appeal for Hong Kong-listed firms to consider a BSE listing,” Sun points out. To boost the BSE’s appeal, Sun proposes a three-pronged strategy: “Firstly, facilitating the listing of red-chip firms by lowering entry barriers relative to the STAR Market; secondly, rolling out and actualizing a direct IPO framework for the BSE; and thirdly, enhancing the BSE’s market valuation and liquidity to heighten its attractiveness to Hong Konglisted companies.” 2023年3月15日，总部位于北京的 康乐卫士正式登陆北交所，不到一年，这 家处于临床阶段的疫苗开发商再次向港 交所递交上市申请文件，开启探索生物 科技公司的“北+H”上市之路。 去年6月，北交所和香港交易所曾签 署合作备忘录，支持双方市场符合条件 的已上市公司在对方市场申请上市。康 乐卫士也成为该备忘录下首家探索这一 机制的企业。 德恒律师事务所上海办公室业务合 伙人孙竣锽律师告诉ALB，在备忘录下， 对于满足香港上市条件的北交所挂牌企 业，“港交所持支持、欢迎的态度”，不过， 在操作层面，“这只是个很笼统的机制， 没有配合具体细则，在审核条件上也没 有给出特殊通道。所以北交所上市公司 发行H股，仍然要符合港交所的发行上 市条件，以及中国证监会出台的境内企 业境外上市的有关规定”。 因此，从这个角度看，市场上关于生 物科技公司“北+H”上市将降低上市门 槛的说法基本属于误判。并且在孙律师 看来，“北+H”也并非全然的创新，而是 之前“A+H”“三+H”模式的延伸，在北交 所开通的基础上为京港两地上市公司提 供了另一种融资渠道。 不过，孙竣锽律师指出，“北+H”上 市确实将带来益处。“公司可以利用两地 资本市场来融资，不受单一市场融资规 则和监管环境的限制，例如现在A股IPO 和再融资的监管都很严格，额外拥有港 股上市公司身份将便利多元化融资。” 尤其对于以生物科技公司为代表的 科技研发型公司而言，“他们需要持续的 现金流，在这种资金需求下选择二度港 股上市是个不错的选择”。 此外，“对于北交所上市公司而言， 去港股上市能够提高国际知名度和影响 力，有利于推进公司的国际化战略。总的 来说，‘北+H’机制能够便利更多企业充 分利用京港两地的资本市场，实现加速 发展”，孙律师说。 生物科技行业之外，未来是否会有 更多产业探索“北+H”之路？ 孙律师不排除这样的可能性，“北交 所的发行市盈率主要集中在10-20倍之 间，而港交所的估值跨度更大。目前在港 交所上市公司中，消费、医疗保健、资讯 科技行业的估值排名靠前，内地的此类 企业探索‘北+H’也是不错的选择。” 强化互通 2020年以来，以海普瑞、泰格医药等为 代表的生物科技公司先后实现“先A后 H”上市，孙竣锽律师指出，生物科技公 司的“先北后H”上市与“先A后H”上市统 一适用港股的发行上市规则，并没有实 质差异。 不过，孙律师进一步指出，过去几年 以君实生物、百济神州、诺成健华等公司 为代表，生物科技公司有过一轮“回A潮” ，也就是在香港上市后再度寻求内地科 创板上市。除了要符合科创板上市条件， 如果是红筹架构企业，还要满足市值200 亿元的门槛，若企业达不到“拥有自主研 发、国际领先技术，科技创新能力较强， 同行业竞争中处于相对优势地位”的标 准，市值门槛甚至要达到2000亿元。 虽然回归科创板要求不低，但与之 相比，回归北交所则尚存制度上的不确 定性。“H股上市公司想来北交所上市， 首先要在新三板挂牌，这在实践中还没 有先例。去年9月份中国证监会在‘深改 19条’里提到“北交所直接IPO”的政策， John Sun 孙竣锽 可能要等到这个政策真正实施后才行。 此外，北交所目前尚不接受红筹企业上 市。”孙律师说。 另外，即便制度上可行，对比回归科 创板，“北交所估值有待进一步提升，且 在A股IPO节奏持续收紧的形势下，北交 所对发行人的业绩要求有所提升，发行 人最近一年要达到四五千万元的扣非净 利润会比较稳妥。此外受新三板挂牌前 置程序的影响，北交所整体上市周期不 短，香港上市企业目前缺乏来北交所的 动力”。 对此，孙律师认为北交所未来想要 加强对香港上市企业的吸引力，可能要 做到三点： “第一，打通红筹企业上市通道，并 和科创板相较，降低红筹企业上市门槛； 第二，出台并实施北交所直接IPO机制； 最后，进一步改善北交所的估值和流动 性，让香港上市企业有更多期待。” 打破“圈子” 2023年至今，内地、香港的资本市场表 现普遍疲软，但企业发展需要融资是事 实，在这样的背景下，资本市场律师需 要和企业客户紧密联系，并审时度势， 助力企业选择合适的上市渠道，甚至展 开全盘性的上市策略规划。 孙竣锽律师对此感受颇深，他分享 道，近期就有客户和他们就上市地选择 问题展开密切沟通：该客户受经济环境 影响，2023年净利润难以满足北交所要 求，由于外部投资人股东希望实现退出， 因此给出了港股上市的建议，但对港股 目前的估值、流动性又有不少“纠结”。 “客户最终决定等到公司上半年 业绩情况出来后再做决定。目前在A股 上市收紧的情况下，是要继续等待A股， 还是转战港股、以空间换时间？这是不 少发行人面临的选择。” 面对这样的需求，孙律师发现他比 较独特的执业经历开始发挥作用——他 兼具A股和港股上市的从业经验，在加 入德恒前，就曾在一家从事境外上市的 知名律所执业，因此能就境内外两方面 情况，为客户提供更全面的法律服务。 “很多律所、律师是把A股和港股 业务分开的，两类业务各有自己的‘圈 子’，但客户的需求是多元的，我们正慢 慢尝试融合发展。” 孙律师说，不久前，德恒香港办公 室的管理合伙人就到上海办公室展开 座谈，希望两地深度合作，服务A股客户 潜在的港股上市需求。当然，“已经拥有 境外办公室或者涉外人才资源的律所， 更容易破开这个‘圈’”，孙律师说。
6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 APPOINTMENTS HUANG BENRAN 黄贲然 LEAVING 原就职律所 Zhao Sheng Law Firm 昭胜律师事务所 JOINING 现就职律所 Haiwen & Partners 海问律师事务所 PRACTICE 业务领域 M&A 并购 LOCATION 地点 Beijing 北京 KEVIN LIU 刘坷 LEAVING 原就职律所 Fangda Partners 方达律师事务所 JOINING 现就职律所 Dahui Lawyers 达辉律师事务所 PRACTICE 业务领域 Capital Market 资本市场 LOCATION 地点 Shanghai 上海 LILY MIAO 苗蕾 LEAVING 原就职律所 Mourant Ozannes 律师事务所 JOINING 现就职律所 Appleby 毅柏律师事务所 PRACTICE 业务领域 Banking and Finance 银行及金融 LOCATION 地点 Hong Kong SAR 中国香港特别行政区 WANG MIAO 王淼 LEAVING 原就职律所 Joint-Win Partners 正策律师事务所 JOINING 现就职律所 DOCIVT Law Firm 道可特律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Shanghai 上海 YU HAIYAN 余海燕 LEAVING 原就职律所 AllBright Law Offices 锦天城律师事务所 JOINING 现就职律所 Global Law Office 环球律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Chengdu 成都 ZHANG ZHANJIANG 张占江 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
7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA DEALS $7.3BLN Webull’s listing on NASDAQ through SPAC mergers Deal Type: ECM Firms: Kirkland & Ellis, Han Kun Law Offices, Oiger, Wilson Sonsini Goodrich & Rosati, Maples and Calder Jurisdictions: China, U.S. 微牛通过SPAC合并交易 实现纳斯达克上市 交易类型：股权融资 参与律所：凯易国际律师事务所、汉坤律 师事务所、奥杰律师事务所、美国威尔逊 律师事务所、迈普达律师事务所 管辖地：中国，美国 $6 BLN Lotus Technology’s listing on NASDAQ through SPAC mergers Deal Type: ECM Firms: Skadden, Han Kun Law Offices, Kirkland & Ellis, Fangda Partners, Shearman & Sterling, Haiwen & Partners Jurisdictions: China, U.S. 路特斯通过SPAC合并交易 实现纳斯达克上市 交易类型：股权融资 参与律所：世达、汉坤、凯易、方达、 谢尔曼·思特灵、海问 管辖地：中国，美国 $2BLN Sinopharm’s taking-private deal Deal Type: Privatisation Firms: Haiwen & Partners Jurisdictions: China, Hong Kong SAR 中国中药港元私有化交易 交易类型：私有化 参与律所：海问律师事务所 管辖地：中国，中国香港特别行政区 $1.8BLN McDonald’s acquisition of Carlyle’s stake in McDonald’s China Deal Type: ECM Firm: Kirkland & Ellis Jurisdictions: China 凯雷投资出售麦当劳中国股权 交易类型：股权融资 参与律所：凯易国际律师事务所 管辖地：中国，中国香港特别行政区 $1.3BLN Amer Sports‘ listing on NYSE Deal Type: ECM Firm: Davis Polk & Wardwell, Conyers Dill & Pearman, King & Wood Mallesons, Latham & Watkins Jurisdictions: China, U.S. 亚玛芬体育纽交所上市 交易类型：股权融资 参与律所：达维律师事务所、康德明律 师事务所、金杜律师事务所、瑞生国际 律师事务所 管辖地：中国，美国 $1.2BLN AstraZeneca’s acquisition of Gracell Deal Type: M&A Firm: Freshfields Bruckhaus Deringer, RuiMin, Cooley, AllBright Law Offices Jurisdictions: China, U.S. 阿斯利康合并亘喜生物 交易类型：并购 参与律所：锐敏律师事务所、富而德律 师事务所、锦天城律师事务所、科律律 师事务所 管辖地：中国，美国 $873MLN China Resources Pharmaceutical Group’s mixed-ownership reform Deal Type: Restructuring & Financing Firm: Jia Yuan Law Offices Jurisdictions: China 华润医药混改增资项目 交易类型：重组、融资 参与律所：嘉源律师事务所 管辖地：中国 $300MLN China Industrial Securities’ issuance of floating bonds Deal Type: DCM Firm: Commerce & Finance Law Offices Jurisdictions: China 兴证国际发行高级无抵押浮息债券 交易类型：债券 参与律所：通商律师事务所 管辖地：中国 $152MLN Han’s Scanner’s equity financing project Deal Type: ECM Firm: China Commercial Law Firm Jurisdictions: China 大族思特股权融资项目 交易类型：股权融资 参与律所：华商律师事务所 管辖地：中国
8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 COVER STORY 回顾过去，公司法务团队往往被看作是企业的“守门人”，而今，他们的角色已经日益转变为“战略伙伴”。 今天的法务团队不再局限于法律事务的处理，而是深度介入商业运作，成为企业决策不可或缺的一部分。 ALB首度推出十五佳商业贡献力法务团队榜单，旨在凸显这些法务界佼佼者、商业界领航者的卓越风采。 In the past, in-house teams were often seen as gatekeepers of businesses, but today their role has increasingly shifted to that of strategic partners. In-house teams are no longer confined to handling legal affairs, but are deeply involved in business operations, becoming an integral part of corporate decision-making. Keeping this in mind, ALB unveils its first ever list of top 15 business support in-house teams whose members are top legal professionals as well as business leaders. RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU 排名：《亚洲法律杂志》，作者：吴嘉林
9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA COVER STORY In many companies, in-house legal teams typically fall within the realm of back-office operations, often seen as the unsung heroes behind the scenes. While these teams play a crucial role in supporting the organization’s development, they are often labeled as a “cost centre,” seemingly disconnected from financial performance and commercial value. However, in today’s landscape of expanding businesses, heightened market competition, and evolving business models, the role and significance of internal teams are undergoing a transformation, with their value extending beyond traditional boundaries. Specifically, these teams are actively involved in major deals, leveraging their negotiation skills to enhance their organizations’ growth and profitability. They handle potential and existing legal disputes and arbitrations, safeguarding companies against financial and reputational risks. They engage in corporate operations, instilling compliance principles and elevating compliance standards. Moreover, they possess a deep understanding of business dynamics, innovating work methodologies to integrate legal expertise with business strategies, thereby directly contributing to revenue generation and even evolving into a “profit centre.” In light of these developments, ALB recently conducted a specialized survey on the commercial impact of internal teams. By evaluating market and peer feedback and meticulously scrutinizing the teams’ involvement in significant deals or projects, successful legal proceedings, innovative contributions to corporate operations, direct revenue generation, as well as the diversity and complexity of their work, ALB presents the inaugural ALB China Top 15 Business Support In-House Teams. These top 15 teams operate across various industries, including semiconductors, renewable energy, life sciences, electronics, real estate, agriculture, automotive, finance, investment, e-commerce, and manufacturing materials, among others. Geographically, three teams are headquartered in Beijing, three in Shanghai, with one each in Harbin, Qingdao, and Wuxi. The remaining six teams have members distributed across different locations, including Beijing, Shanghai, Jiaxing, Xuzhou, Changzhou, Changji, as well as members working in Europe and the United States. Regarding team size, one team comprises over 100 members, five teams have between ten to 100 employees, while the rest have between five to ten members. Fourteen teams have been established for more than five years, with five of them operating for over a decade. LEGAL DUTIES VERSUS COMMERCIAL VALUE “In the traditional sense, the role of an in-house team has primarily been that of a ‘gatekeeper’ and a ‘catalyst’: while ensuring high-quality business growth, the in-house team must also maintain the bottom line and manage risks. Moreover, it’s crucial for the team to elevate the company’s strategic assets while ensuring compliance,” says Gu Yi, Legal Director of Xinfengming Group Co., Ltd.’s Legal Department. He believes that the in-house team should adopt a more proactive stance within the company. “We can leverage our professional expertise and influence to take the lead in developing relevant strategies within the company. Simultaneously, we should harness both internal and external resources to showcase our ability for horizontal leadership and coordination, thereby enhancing the organization’s commercial value.” Gu asserts that while the in-house team may not directly generate commercial value, it unquestionably safeguards and enhances it, and can even emerge as a key contributor to corporate value in certain domains. “The responsibilities of the in-house team and its commercial contributions are mutually reinforcing. Making a commercial contribution doesn’t entail mimicking the actions of business units. Rather, it involves enhancing value based on our LEGAL & INTELLECTUAL PROPERTY, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA 中微半导体设备（上海）股份 有限公司法务与知识产权部 LEGAL & COMPLIANCE DEPARTMENT, AUSTAR LIFESCIENCES LIMITED 奥星集团法律合规部 LEGAL & COMMERCIAL DEPT. BUHLER GCR 布勒大中华区法务商务部 LEGAL DEPARTMENT, HARBIN ELECTRIC INTERNATIONAL CO., LTD. 哈尔滨电气国际工程有 限责任公司法律合规部 LEGAL DEPARTMENT OF HISENSE REAL ESTATE 青岛海信房地产股份 有限公司法务团队 LEGAL TEAM, HYLINK DIGITAL SOLUTIONS CO., LTD. 华扬联众数字技术股 份有限公司法务团队
10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 COVER STORY specific roles. For instance, we rely on our expertise in dispute resolution to prevent losses, coordinate compliance management to ensure smooth business operations, and support large-scale projects such as investments and financing to foster the company’s further development. All these fall under the purview of the in-house team.” Similarly, Wei Mengqi, General Counsel of SAIC-GMAC Automotive Finance Company Limited’s Legal Department, emphasizes the complementary nature of legal work and commercial contributions within an in-house team. He stresses that as comprehensive risk managers, in-house teams must possess a deep understanding of both the industry and the organization’s nature, mission, directions, and core business characteristics. Wei uses the automotive finance industry’s evolution as an example. “Initially, automotive finance solely supported sales activities by providing retail and inventory financing solutions. With industry reform, automotive finance companies have expanded their services to encompass the entire lifecycle of automobile purchase, supporting manufacturing, sales, and additional collaborative services such as travel, insurance, and after-sales.” Wei underscores that business acumen forms the foundation for the in-house team to delineate the boundary between business development and risk management. Moreover, commercial understanding and judgment differentiate in-house counsel from external lawyers. “In addition to mitigating legal risks, the in-house team devises comprehensive plans tailored to the company’s development, striving to optimize the balance between profits and risks. Furthermore, based on the company’s internal business model, the team constructs a legal risk control system spanning pre-, interim, and post-operations, fostering comprehensive risk prevention and efficient corporate governance. These aspects underscore the value of in-house legal work.” Reflecting on unique industry characteristics, He Yinsheng, Managing Director and Head of the Risk Control & Compliance Department at Sinopec Capital Co., Ltd., outlines the dual roles of an in-house team: “First and foremost, the in-house team acts as a partner to the investment team, providing professional support for executing investment deals. We undertake due diligence, negotiations, and agreement signings, thereby enhancing the success of investment projects. We also play a pivotal role in deal planning and risk assessment, striking a balance between risks and returns to facilitate successful investments. Furthermore, in post-investment phases, including business operations and capital operations, we oversee the entire project lifecycle, ensuring investments achieve their intended results and objectives.” “Additionally, the in-house team serves as a ‘whistleblower’ for investment project risks,” He adds. During pre-investment stages, the team collaborates with the investment team to demarcate project risk boundaries, ensuring compliance while making investments. Throughout the investment process, the team participates in decision-making, provides independent opinions, identifies and assesses risk factors, and ensures decision-making is based on sufficient information and proportionate risk measures. Postinvestment, the team monitors internal and external risk indicators and activates risk mitigation measures. Yao Ziran, General Counsel of Trinasolar Co. Ltd., emphasizes that an in-house team shouldn’t merely function as a “risk notifier”; it should be a “problem solver” and a “value creator.” “Every department, be it legal, finance, or marketing, should prioritize value creation and align itself with company management principles.” To this end, Yao led her team in transforming Trinasolar Legal’s functions and value. The team acquired corporate in-house legal qualifications from the Ministry of Justice, enabling them to LEGAL TEAM, JOYVIO GROUP CO., LTD. 佳沃集团有限公司法务团队 LEGAL & COMPLIANCE DEPARTMENT, KOOKMIN BANK CHINA CO.,LTD. 国民银行（中国）有 限公司法律合规部 LEGAL DEPARTMENT, NIO INC. 蔚来集团法务部 LEGAL DEPARTMENT, SAIC-GMAC AUTOMOTIVE FINANCE COMPANY LIMITED 上汽通用汽车金融有 限责任公司法务部 POIZON LEGAL DEPARTMENT 得物法务部 RISK CONTROL & COMPLIANCE DEPARTMENT, SINOPEC CAPITAL CO., LTD. 中国石化集团资本有 限公司风控合规部
11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA COVER STORY practice as private practitioners—a rare feat among in-house teams. Drawing from her experience in law firms, Yao implemented an hourly billing system within the company, redefining legal service standards and values. “At Trinasolar Legal, lawyers must transition from legal professionals to ‘corporate individuals’ immediately. They should not only identify risks but, more importantly, proactively resolve business issues and propose clear solutions based on professional knowledge.” Yao emphasizes that the billing mechanism’s primary aim is to reflect commercial value. “Serving business units isn’t just about highlighting problems; it’s about facilitating solutions. This approach fosters greater trust and reliance.” “After two years, the billing mechanism has gained recognition from business units. It has been further refined and simplified, making implementation smoother. It has stood the test of internal ‘clients,’ and the commercial value realized by the in-house team far outweighs the expenses incurred by business units.” Furthermore, this mechanism aids in time and resource allocation, enabling in-house team members to prioritize high-value matters, Yao concludes. PROACTIVE ROLE The in-house teams interviewed have garnered significant practical experience from handling complex tasks. They shared with ALB their approaches to realizing commercial value, as well as the strategies and designs involved. He states that Sinopec Capital primarily invests in new energy and new materials, with the listing of invested companies on the STAR Market and ChiNext being the main objective of capital operations. He highlighted the complexity of technology and industry policies in these sectors, along with the ever-changing listing review standards and criteria for recognizing technology and startup/innovative companies. He emphasizes the in-house team’s focus on internalizing regulations, monitoring policies, conducting capital operations, anti-subsidy investigations by the United States in 2023. Yao cites this process as an example, stating that while the imposition of duties may seem like the end, the in-house team can proactively seek further opportunities. He stressed the importance of understanding that antidumping and anti-subsidy measures are subject to annual review and highlighted the team’s efforts in challenging relevant U.S. authorities during reviews to seek more favorable outcomes. Last year, Trinasolar Legal developed customized response strategies for each case, leading to reduced rates of anti-dumping and countervailing duties through litigation. Yao also mentioned the in-house team’s active participation in industry exchanges and cooperation with peers to promote joint efforts in anti-dumping and countervailing work. Gu from Xinfengming Group emphasizes the need for in-house legal work to adapt to current social and economic dynamics by breaking through traditional structures. He highlighted the importance of aligning legal work with the overall interests of the company and ensuring consistency with strategic goals when handling individual cases. In one dispute case, Gu’s team thoroughly studied contract terms, searched for precedents, and carefully examined evidence materials, ultimately discovering decisive evidence. This led to the successful recovery of losses exceeding 10 million yuan for the company. Regarding corporate compliance management, Xinfengming’s in-house team closely collaborates with the company’s actual situations to formulate practical management standards and systems. Gu stresses the importance of embedding compliance awareness into business thinking and practices to establish a compliance system aligned with the group’s development needs. A VUCA WORLD “The post-pandemic era is rife with uncertainties, complexities, and changes. The world is undergoing unprecedentedly profound transformations. This further COMPLIANCE MANAGEMENT OFFICE OF RISK CONTROL AND COMPLIANCE DEPARTMENT, TBEA CO., LTD. 特变电工股份有限公司风 控合规部-合规管理处 TRINASOLAR LEGAL, TRINASOLAR CO.LTD 天合光能法务部 LEGAL DEPARTMENT, XINFENGMING GROUP CO.,LTD 新凤鸣集团法务部 and setting transaction guarantee conditions. He also notes its efforts in optimizing model terms of investment agreements and adjusting project positioning to mitigate potential risks to the company’s investment returns. Yao emphasizes that the in-house team must proactively serve the business side rather than react passively. Additionally, he points out that besides the commercial value developed or realized by business units, there’s often untapped commercial value within the company. The in-house team can explore and engage in those areas to create further value based on a deep understanding of the company. Trinasolar Legal actively responded to multiple rounds of anti-dumping and
12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 COVER STORY necessitates the in-house team to be forward-thinking and vigilant at all times, strengthening the company’s risk management and control, and learning to rely on its own certainties to respond to the uncertainty, complexity, and ambiguity of the surrounding environment,” summarizes Gu from Xinfengming, articulating the mindset that an in-house team should adopt in the current climate. Yao from Trinasolar believes that in the era of “VUCA” (Volatility, Uncertainty, Complexity, Ambiguity), one must first accept changes and crises and use mindset to guide actions. “If you keep complaining about the predicament and feel that it is difficult to make progress, such mindset already makes you lose half of the battle. During economic cycle transformation, fluctuation is the main theme, and there are actually more opportunities to overtake and make swift progress.” According to Gu, although economic globalization has encountered setbacks due to accelerating and escalating competition between major powers, globalization will always be an unstoppable trend. Openness and collaboration are still the development trends of the times, and “going global” is the general trend for businesses. The journey to “go global” is by no means smooth and is fraught with challenges, such as international or target country political stability, overseas compliance, antitrust, changes in laws and regulations, etc. “The journey of Xinfengming going global is also the journey of the in-house team continuously improving and upgrading itself. We take difficulties and challenges as opportunities to constantly dive deeper into our professional fields to gain an in-depth understanding of relevant laws and regulations and sharpen our professional capabilities.” “As a province with a large private economy, Zhejiang is home to many outstanding entrepreneurs who dare to be the first and are best at ‘making something out of nothing’. The same holds true for in-house counsel. Having grown up in Zhejiang, we make extensive use of the resources of the China International Chamber of Commerce for the Private Sector as the platform to advocate ‘going global as a team’ to ultimately maximize resources and minimize risks. On this basis, we will also gradually reconstruct our business, organization, and management systems,” says Gu. Yao and her team have also been exploring new opportunities through multiple channels, driven by the desire to enhance professional capabilities. The first is to develop legal strategy at the company level. “Formulating strategy is not something that a legal professional is familiar with. However, in a changing environment, if one just follows past practices or makes changes deliberately, the development of the team will become completely disorderly, resulting in a very low success rate. We must concentrate on defining a good strategy, prioritize the most important matters, and make systematic arrangements for the next five years in order to achieve growth.” “Second, we need to be more proactive in reaching out to internal departments, for example, to see what they are doing and what their strategic tasks are. If seven out of ten departments are working in a certain direction, then the in-house team can also think about how it can contribute in that direction. We can also consider whether the in-house team can take the lead in those remaining areas that no department is working on. Obtaining information and feedback from multiple channels can lay a solid foundation for the next strategy.” “Third, we need to push forward process development and digitalization, so that the massive amount of information can be separated from people’s subjective judgment and memory as much as possible to raise work efficiency and reduce ineffective communication among departments.” Yao says that last year, the in-house team straightened out changing in-house legal workflow and released the final processes at the end of the year, completing the digitalization of in-house legal processes. He shares that in the context of China-US decoupling, the in-house team seized the trend of the return, privatization, and delisting of China concept stocks, conducted early research, and sorted out the legal and compliance requirements of such transactions in advance under the regulatory framework for central enterprises, facilitating the smooth execution of new investment opportunities. “At the same time, in response to the downward trend of the domestic macro-economy, the downturn in hot industries, and the tightening of IPO regulatory policies, the in-house team adjusted pre-IPO deals in advance and effectively controlled the risk fermentation of invested projects by a combination of measures such as facilitating invested companies to seek IPOs on different markets, fulfill repurchase undertakings or offer compensation.” According to Wei from SAIC-GMAC Automotive Finance, the responsibilities of the company’s in-house team also need to change constantly. On the one hand, the team must understand the different missions of the industry at different stages of development, and take into account the characteristics of the industry chain and the stage of development in assessing legal risks and providing appropriate legal advice. On the other hand, the team needs to understand the drivers behind business needs and put forward systematic legal advice based on the business chain to offer the optimal solution for both business growth and risk prevention and control. CONTINUOUS CONTRIBUTION The common goal pursued by all the inhouse teams interviewed is to continue creating commercial value in the future. Yao emphasizes the importance of sustaining business contribution, stating, “What we focus on most is how to consistently, effectively, and systematically demonstrate our capabilities. Moving forward, we will develop strategic plans, identify appropriate procedures, and ultimately establish systematic
13 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA COVER STORY 在多数企业中，法务团队常居 于后台，发挥着“压舱石”和“幕后英 雄”的作用，他们虽然在企业发展过 程中起着保驾护航的重要作用，但却 不可避免地被视作“成本中心”，其作 用与公司的财务表现、商业价值等概 念相距较远。 然而，在当前时代中，随着企业 规模发展、市场竞争加剧以及商业模 式创新，法务团队的定位和职能正在 经历变革，其价值边界进一步得到延 展：他们深度参与重要交易，凭借谈 判技巧为公司的发展或利润做出贡 献；他们应对可能及已经出现的诉讼 仲裁，保护公司免遭财务或声誉损失； 他们参与公司运营，传达合规理念，促 进合规水平提升；他们深度理解业务， 创新工作方式，将法律与业务结合，直 接创造营收，甚至转变为“利润中心”。 在此背景下，ALB于近期开启了 针对法务团队商业贡献力的专项调 研：通过参考市场及同行评价，并严 谨考察各法务团队参与及完成的重 要交易/项目、赢得的仲裁/诉讼、以 创新方式参与公司运营的情况、直接 创造的营收、工作的多样性和复杂性 等关键信息，最终向读者呈现出首份 ALB China十五佳商业贡献力法务 团队榜单。 首届上榜的十五支法务团队所 在企业分布于各个行业领域，包括半 导体、新能源、生命科学、电气、房地 产、农业及食品、汽车、金融、投资、电 商、材料制造等。 在团队所在地分布上，有3个团 队位于北京，3个位于上海，各有1个 团队位于哈尔滨、青岛、无锡，另外6 个团队的成员分处不同地区，包括北 京、上海、嘉兴、徐州、常州、昌吉等， 其中3个团队有成员在欧洲、美国等 境外地区办公。 从团队规模上看，有1个团队超 过100人，5个团队人数在10至100 间，其余团队人数在5至10间；14个 团队已成立超过5年，其中5家已超 过10年。 本职工作 vs 商业贡献 “法务团队，传统意义上的角色主要 是‘守门员’和‘助推器’：在助力业务 高质量发展的基础上，守底线，控风 险；在保障业务合规的基础上，为企 业助推战略资产价值。但我认为在此 之上，法务也可以是企业战略架构搭 建的‘引领者’和各项资源的‘整合者’ 。”新凤鸣集团法务部法务总监顾易 认为，法务团队应在企业中扮演更具 主观能动性的角色。 “我们可以利用自身的专业性 和影响力，主动引领企业相关工作的 开展；同时我们可以充分利用内外资 源，展现横向领导力和统筹能力，整 合资源并加以利用，为企业提升商业 价值。” 顾易表示，法务可能不是商业价 值的直接创造者，但必然是守护者和 提升者，甚至在某些领域能成为实现 企业价值的核心贡献者。“法务部本 职工作和商业贡献之间的关系是相 辅相成的。商业贡献不是指我们去做 商务的事，而是我们基于自身岗位， 去更好地提升价值。比如运用专业知 识，在纠纷处理中避免公司损失；统 筹合规管理，促使各项业务平稳、良 性运行；助力投融资等大型项目，为 企业再发展谋得先机等，这都是法务 的职责所在。” 上汽通用汽车金融有限责任公 司总法律顾问魏梦奇同样认为法务 团队的法律工作与商业贡献是相辅 相成的，并指出法务作为企业风险的 综合管理者，在实践中应充分理解其 所处行业、企业性质，及主营业务的 使命、方向与特点。 他以汽车金融行业发展为例：“ 起初，汽车金融仅服务于汽车主机厂 及其下游经销商的销售环节，提供零 售和库存融资方案。而在产业深化改 革的背景下，汽车金融公司逐步形成 了主机厂、经销商和终端客户的全方 位金融服务体系——在供给端支持汽 车产销，在消费端构建购车相关全生 命周期金融服务，并将外延拓展至出 行、保险、售后等多维度协同服务。” frameworks to pave the way for future endeavors. Only by laying down the right foundations can we generate enduring value.” “We are actively advancing the development of in-house workflows,” Yao continues. “For instance, when handling an investment project, we meticulously outline every detail throughout its lifecycle, establish standardized processes, and integrate these processes into the company. This approach allows us to explore various avenues for commercial contribution within these processes, ensuring ongoing value delivery to the company.” Yao also expresses a desire to learn from other in-house teams and mature legal systems established by platforms like ALB to enhance their in-house management capabilities. Sinopec Capital’s in-house team remains committed to staying abreast of industry trends and seizing opportunities to create value. “We will monitor M&A opportunities resulting from tightening IPO regulations and industry downturns, while exploring legal and compliance mechanisms to optimize M&A investment risk management within the framework of central enterprises. Additionally, we will observe trends such as secondary funds and industry consolidation, seeking more effective strategies to enhance project exit flexibility. Focusing on key themes such as technological innovation and industry security in central Stateowned enterprise policies, we will intensify preemptive research on intellectual property rights, state-owned property rights valuation, and other aspects within investment fields like localization substitution.” Gu remarks, “The extent to which an in-house team can contribute to a company largely depends on the attention and support from senior management.” He acknowledges his team’s strong backing from senior management and their years of accumulated expertise, characterized by rigorous logical thinking and clear judgment—essential qualities for an in-house team’s survival. “To further enhance our capabilities and maximize our value,” Gu elaborates, “we must continuously improve our management skills. In the next phase, adopting the philosophy of ‘expanding beyond the traditional legal perspective,’ we will focus on innovating management models.”
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