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Table of Contents

Preface and Acknowledgments . . . V List of Authors. . . VII Abbreviations. . . XIX

Chapter 1. China’s Accession to WTO . . . 1

I. Overview . . . 2

II. Main Issues . . . 4

1. Legal System . . . 4

a) Transparency . . . 5

b) Uniform Application of Law . . . 6

c) Judicial Review . . . 6

2. Trade in Goods . . . 7

a) Right to Trade and Anti‐dumping Regulation . . . 7

b) Safeguard Measures against Chinese Products . . . 9

3. Trade in Services . . . 10

a) Banking . . . 11

b) Foreign Credit Card Services . . . 12

c) Financial Data . . . 12

4. Others . . . 12

a) Public Procurement . . . 12

b) Environmental Issues . . . 13

Chapter 2. Corporations and Partnerships. . . 15

I. Overview . . . 17

II. Main Issues Regarding Corporations . . . 17

1. Sources of Law . . . 17

2. Theory of the Legal Person . . . 18

3. TheUltra ViresDoctrine . . . 18

a) Function and History . . . 18

b) TheUltra ViresDoctrine in Mainland China . . . 19

c) Remaining Relevance of the Object Clause . . . 20

4. Compulsory Provisions and their Effect . . . 20

a) How to Identify Compulsory Provisions . . . 21

b) Effect of Compulsory Provisions on the Articles of Association . . . 21

c) Effects on the Business Operation of the Company . . . 21

5. Limited Liability Companies . . . 22

a) Establishment . . . 22

(1) Shareholders . . . 22

(2) Nominal Shareholders . . . 23

(3) Registered Capital . . . 23

b) Organizational Structure . . . 24

(1) Mandatory Organs . . . 24

(2) Optional Organs . . . 25

(3) Controversial Issues . . . 25

c) Transfer of Equity . . . 26

(1) Transfer by Contract . . . 26

(2) Mandatory Equity Buyback . . . 28

(3) Succession . . . 28

d) One‐Person LLC . . . 28

(1) Special Requirements . . . 29

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6. Joint Stock Limited Companies . . . 31

a) Establishment . . . 31

b) Organizational Structure . . . 31

(1) Shareholders’General Meeting . . . 31

(2) Board of Directors . . . 32

(3) Manager(s) . . . 32

(4) Supervisory Board . . . 33

(5) Independent Directors (Listed Companies) . . . 33

c) Issue and Transfer of Shares . . . 33

7. The Legal Representative . . . 34

8. Corporate Governance . . . 35

a) Fiduciary Duties . . . 35

(1) Directors’and Senior Officers’Duty of Loyalty . . . 35

(2) Directors’and Senior Officers’Duty of Care . . . 36

(3) Supervisors’Fiduciary Duties . . . 37

(4) Controlling Shareholders’Fiduciary Duties . . . 37

b) Minority Shareholder Protection . . . 37

c) Shareholder Lawsuits . . . 38

d) Restrictions on the Provision of Security . . . 39

9. Capital Increase and Capital Reduction . . . 39

10. Dissolution and Liquidation . . . 40

11. Liability . . . 40

a) The Company . . . 40

b) Investors and Promoters . . . 41

(1) Investors of an LLC . . . 41

(2) Promoters of a JSLC . . . 42

c) Shareholders . . . 42

(1) Liability to the Company’s Creditors . . . 42

(2) Liability to Other Shareholders and/or the Company . . . 42

d)De FactoControllers . . . 43

e) Senior Officers . . . 43

f) Directors and Supervisors . . . 43

g) Inapplicability of the Business Judgment Rule . . . 44

h) Indemnification for Management’s Civil Liabilities . . . 44

III. Main Issues Regarding Partnership Enterprises . . . 45

1. Forms of Partnership Enterprises . . . 45

a) General Partnership Enterprise . . . 45

b) Limited Partnership Enterprise . . . 46

c) Special General Partnership Enterprise . . . 46

2. Basic Differences to LLCs . . . 47

3. Partners . . . 47

4. Organizational Structure, Operation . . . 49

5. Admission, Withdrawal and Removal of Partners . . . 49

6. Transfer of Shares in Property . . . 50

7. Capital Increase and Capital Reduction . . . 50

8. Dissolution and Liquidation . . . 50

9. Liability . . . 51

a) The Partnership Enterprise . . . 51

b) General Partners . . . 51

c) Limited Partners . . . 52

d) Liquidators . . . 53

IV. Relevant Laws & Regulations . . . 53

Chapter 3. Foreign Investment Law. . . 55

I. Overview . . . 55

1. Concept of Foreign Direct Investment . . . 55

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a) Landmark Law on Equity Joint Venture . . . 56

b) Proliferation of FDI Regulations . . . 57

c) Recent Streamlining and Consolidation Reform . . . 59

II. Main Issues . . . 62

1. Investment Access . . . 62

a) Industry Direction and Catalogue . . . 62

b) Verification and Approval Procedures and Authorities . . . 64

2. Alternative Legal Vehicles for FDI . . . 66

a) Common Forms . . . 66

b) Alternative Forms . . . 69

c) Application of Company Law . . . 70

3. Business Regulation and Other Administrative Control . . . 72

a) Permitted Scope of Business . . . 72

b) Capital Requirement . . . 73

c) Industry‐Specific Regulations . . . 74

d) Taxation on Income . . . 75

e) Foreign Exchange Administration and Capital Transfer . . . 76

III. Concluding Remarks . . . 78

IV. Relevant Laws & Regulations . . . 79

Chapter 4. Securities. . . 81

I. Overview . . . 82

1. Introduction to Securities Regulation in China . . . 82

a) Growth of the Chinese Capital Market . . . 82

b) Creation of the Securities Regulation Framework . . . 83

2. Defining Securities . . . 84

a) Scope of Application of the Securities Law . . . 84

b) Categories of Listed Stocks . . . 87

3. Structure of Securities Markets . . . 88

a) Non‐Tradable Share Reform . . . 88

b) Emerging Multi‐Layered Markets . . . 91

II. Main Issues . . . 93

1. Securities Issuance . . . 93

a) Definition of Public Issuance . . . 93

b) The Initial Public Offering Process . . . 94

(1) Roadmap and Key Steps . . . 94

(2) Sponsorship and Book Building . . . 95

(3) Review and Approval by CSRC . . . 97

(4) Disclosure . . . 100

c) Secondary Issuances by a Listed Company . . . 101

2. Securities Trade and Takeover . . . 103

a) Stock Trade and Transfer . . . 103

(1) Securities Trading Places . . . 103

(2) Listed Trading on Stock Exchanges . . . 104

(3) Prohibitions from Trading . . . 107

(4) Brokerage Regulations . . . 108

b) Foreign Investors . . . 109

(1) Gradual Openness . . . 109

(2) Qualified Foreign Institutional Investors . . . 110

c) Stock Settlement and Clearance . . . 110

d) Takeover: Disclosure and Tender Offer . . . 112

(1) Disclosure of Interests . . . 112

(2) Tender Offer . . . 112

3. Securities Fraud Enforcement . . . 114

a) Fraudulent Disclosure . . . 114

(1) Securities Law Provisions . . . 114

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c) Market Manipulation . . . 121

III. Concluding Remarks . . . 122

IV. Relevant Laws & Regulations . . . 123

Chapter 5. Mergers and Acquisitions . . . 125

I. Overview . . . 125

1. Evolution History . . . 125

2. Fundamental Principles . . . 127

a) Compliance with Market Entry Requirements . . . 127

b) Safe‐Guarding of National Economic Security . . . 127

c) Protection of State‐Owned Assets . . . 129

d) Anti‐Monopoly Issues . . . 129

3. Approval Authorities . . . 130

II. Major Issues . . . 131

1. Applicability of M&A Regulations . . . 131

a) Applicable Scenarios . . . 132

b) Non‐Applicable Scenarios . . . 132

c) Border Line Scenarios . . . 133

d) Summary . . . 133

e) Case Study . . . 134

2. Transaction Price . . . 135

a) Legal Framework . . . 135

b) Equity/Asset Appraisal Requirement . . . 136

c) Payment of Transaction Price . . . 137

3. Equity Swap . . . 139

a) Qualification and Requirements . . . 139

b) Equity Swap Procedures . . . 141

4. Acquisition of Chinese Listed Companies . . . 142

a) Background . . . 142

b) Methods of LC Acquisition . . . 144

(1) Acquisition of Non‐Tradable Shares by Agreement . . . 144

(2) Strategic Investment in A‐Share LCs . . . 145

(3) Acquisition through QFIIs . . . 145

(4) Indirect Acquisition . . . 145

c) Strategic Investment Issues . . . 146

(1) Conditions of Strategic Investment . . . 146

(2) Requirements for Foreign Investors . . . 147

(3) Methods for Acquisition of A‐Shares . . . 148

(4) Procedure . . . 149

d) Interests Disclosure and Reporting Requirements . . . 150

(1) Transaction via Transfer by Agreement . . . 150

(2) Transaction via Acquisition by Tender Offer . . . 151

III. Concluding Remarks . . . 152

IV. Relevant Laws & Regulations . . . 152

Chapter 6. Antitrust . . . 157

I. Overview . . . 158

1. Evolution History . . . 158

2. Scope of Application . . . 159

3. State‐Owned Enterprises . . . 159

4. Enforcement Agencies . . . 160

5. Definition of Relevant Market . . . 161

a) State Council Guidelines . . . 161

b) Product Market and Geographic Market . . . 162

c) Methodology of Substitutability Analysis . . . 162

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a) Prohibitions . . . 163

b) Exemptions . . . 163

2. Abuse of a Dominant Market Position . . . 164

a) Prohibitions . . . 164

b) Market Dominance . . . 164

3. Intellectual Property Rights (IPR) . . . 165

4. Administrative Monopolies . . . 166

a) Prohibitions . . . 166

b) Enforcement . . . 166

c) Trade Associations . . . 167

5. Merger Control . . . 168

a) Government Agency . . . 168

b) Definition of Business Concentration . . . 169

c) Filing Obligation . . . 169

d) Filing Thresholds . . . 169

e) Standard of Review . . . 171

f) Filing Procedure . . . 171

g) Practice . . . 174

(1) Coca‐Cola/Hui Yuan Case . . . 174

(2) InBev/Anheuser Busch Case . . . 175

(3) Mitsubishi Rayon/Lucite Case . . . 176

6. Investigation . . . 177

a) Competence . . . 177

b) Investigation Powers . . . 178

c) Publication of Decisions . . . 178

7. Sanctions . . . 178

a) Administrative Penalties . . . 178

b) Civil Liability . . . 179

c) Criminal Penalties . . . 179

d) Leniency Rules . . . 179

III. Relevant Laws & Regulations . . . 180

Chapter 7. Secured Transactions . . . 183

I. Overview . . . 183

II. General Principles . . . 184

1. Accessoriness of Security Right to Secured Claim . . . 184

2. Liabilities of Security Grantor . . . 185

3. Secured Claim . . . 187

4. Restrictions and Limitations on Security Rights . . . 188

a) Upstream and Cross‐stream Security . . . 188

b) Creation of Security Rights in Favor of Foreign Creditors . . . 188

5. Co‐existence of Security Rights . . . 190

a) Multiple Security Rights Securing the Same Claim . . . 190

b) Security Rights in the Same Property . . . 191

III. Guarantee . . . 191

1. Guarantor . . . 191

2. Guarantee Contract . . . 192

3. Guarantor’s Liability . . . 193

a) General Scope of Guarantor’s Liability . . . 193

b) Ordinary Guarantee and Joint and Several Guarantee . . . 193

c) Maximum Amount Guarantee . . . 194

d) Guarantee Term . . . 194

e) Changes affecting the Secured Claim . . . 195

4. Guarantor’s Defences . . . 196

IV. Real Security Right . . . 196

1. Substitutes for Encumbered Asset . . . 196

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V. Charge . . . 200

1. Charged Property . . . 201

a) Chargeable Property . . . 201

b) Unity of Land Using Rights and Ownership of Building . . . 202

c) Fruits of Charged Properties . . . 202

d) Maintenance of the Charged Property . . . 202

2. Charge Contract . . . 203

3. Registration . . . 203

4. Chargee’s Rights . . . 205

a) Enforcement of Charge . . . 205

b) Ranking of Charges . . . 206

5. Transfer of Charge and Charged Property . . . 207

6. Special Forms of Charge . . . 209

a) Floating Charge . . . 209

b) Maximum Amount Charge . . . 210

VI. Pledge . . . 211

1. Pledged Property . . . 211

a) Pledgeable Assets and Rights . . . 211

b) Fruits of Pledged Assets or Rights . . . 211

2. Pledge Contract . . . 211

3. Creation of Pledge on Movable Properties . . . 211

4. Creation of Pledge on Rights . . . 212

a) Pledge on Commercial Papers . . . 212

b) Pledge of Interests in Funds and Shares in Companies . . . 214

c) Pledge of Accounts Receivable . . . 214

5. Pledgee’s Rights and Obligations . . . 215

a) Enforcement of the Pledge . . . 215

b) Maintenance of the Pledged Property . . . 216

c) Sub‐Pledge . . . 216

VII. Lien . . . 217

1. Creation of Lien . . . 217

2. Lienor’s Rights and Obligations . . . 217

a) Enforcement of Lien . . . 217

b) Maintenance of the Property Affected by the Lien . . . 218

VIII. Relevant Laws & Regulations . . . 218

Chapter 8. Bankruptcy . . . 221

I. Overview . . . 221

II. Main Issues . . . 223

1. Scope of Application . . . 223

a) Enterprise with Legal Person Status . . . 223

b) SOE . . . 224

c) Financial Institution . . . 226

d) Excluded Commercial Entities and Individuals . . . 226

2. Jurisdiction . . . 227

a) Territorial Jurisdiction . . . 227

b) Subject Matter Jurisdiction . . . 228

3. Bankruptcy Petition . . . 229

a) Criteria for Bankruptcy Liquidation . . . 229

b) Eligible Applicant . . . 230

(1) Debtor . . . 230

(2) Creditor . . . 231

(3) Director . . . 232

(4) Court & Regulator . . . 234

4. Bankcruptcy Commencement and Declaration . . . 234

a) Commencement . . . 234

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a) Restriction on Creditor . . . 235

b) Restriction on Debtor . . . 235

c) Restriction on Legal Proceeding . . . 236

d) Restriction on Senior Management . . . 236

6. Administrator . . . 237

a) Appointment . . . 237

(1) Types of Administrator Candidates . . . 237

(2) Selecting Mechanism . . . 238

(3) Disqualification and Replacement . . . 239

b) Powers and Duties . . . 240

c) Remuneration . . . 242

d) Relations with Creditors . . . 243

7. Creditors’Meeting . . . 244

a) Formation of the Creditors’Meeting . . . 244

b) Secured Creditors . . . 245

c) Procedure Rules of the Creditors’Meeting . . . 246

d) Powers of the Creditors’Meeting . . . 246

e) Creditors’Committee . . . 248

8. Debtor’s Assets . . . 248

a) Scope of the Debtor’s Assets . . . 249

b) Excluded Assets . . . 249

c) Unpaid Registered Capital . . . 251

d) Vulnerable Transactions . . . 251

(1) Void Transactions . . . 252

(2) Voidable Transactions . . . 252

e) Bankruptcy Set‐Off . . . 254

9. Reorganization . . . 256

a) Entry Application . . . 257

b) Management of the Debtor’s Business . . . 257

c) Stay on Claims . . . 258

d) Reorganization Plan . . . 259

e) Failure of Reorganization . . . 262

10. Priority of Claims . . . 263

a) Secured Creditors vs. Employees . . . 263

b) Other Claims . . . 264

III. Concluding Remarks . . . 265

IV. Relevant Laws & Regulations . . . 266

Chapter 9. Labor Relations and Labor Disputes. . . 269

I. Overview . . . 270

II. Main Issues of Individual Labor Law . . . 272

1. Definition of Employee and Labor Relationship . . . 272

2. Labor Contract . . . 274

a) Duty of Disclosure . . . 274

b) Data Protection . . . 276

c) Non‐Discrimination . . . 277

d) Form and Content . . . 278

e) Full‐Time Labor Contract . . . 279

f) Part‐Time Labor Contract . . . 282

g) Labor Dispatch Service . . . 282

h) Labor Conditions: Probation Period and Annual Leave . . . 284

i) Contractual Penalty in Special Cases . . . 285

j) Factual Labor Relationship . . . 287

3. Modification of a Labor Contract . . . 289

4. Termination . . . 290

a) Consensual and Mandatory Termination . . . 290

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d) Formalities . . . 294

e) Severance Payment/Damages . . . 296

III. Main Issues of Collective Labor Law . . . 298

1. Labor Union . . . 298

a) Nature . . . 298

b) Organization . . . 299

c) Basic Level Labor Union Committee . . . 299

d) Rights and Obligations of Labor Unions . . . 300

2. Enterprise Rules . . . 300

3. Collective Contracts . . . 301

a) General . . . 301

b) Parties . . . 302

c) Collective Bargaining and Collective Action . . . 302

d) Procedure . . . 304

4. Co‐Determination . . . 304

IV. Resolution of Labor Disputes . . . 306

1. Scope of Labor Disputes . . . 306

2. Basic System . . . 306

3. Mediation . . . 307

4. Arbitration and Litigation . . . 307

V. Concluding Remarks . . . 309

VI. Relevant Laws & Regulations . . . 309

Chapter 10. Intellectual Property in Transactions . . . 311

I. Overview . . . 313

1. Trademark . . . 313

a) Prerequisites for Protection . . . 313

b) Geographic Term as Trademark . . . 314

(1) Registration . . . 314

(2) Fair Use . . . 315

(3) Distinction to Geographic Indication . . . 316

c) Registration of Trademarks and Opposition Proceeding . . . 316

d) Trademark Rights . . . 317

e) Use Requirement and Defensive Trademarks . . . 317

2. Patent . . . 317

a) Prerequisites for Protection . . . 317

b) Registration of Patents . . . 318

c) Scope of Protection . . . 319

3. Copyright . . . 319

4. Trade Secrets . . . 320

5. Domain Name . . . 321

6. Enforcement . . . 322

a) Administrative and Criminal Enforcement, Customs Protection . . . 322

b) Litigation . . . 322

c) Arbitration . . . 322

II. Main Issues . . . 323

1. Protection of Unregistered Trademarks . . . 323

a) Well‐Known Marks . . . 323

(1) Extended Scope of Protection . . . 323

(2) Criteria of Well‐Known Trademarks . . . 324

(3) Authorities and Proceedings for the Recognition . . . 325

(4) Foreign Trademark Owners . . . 326

b) Agency Marks . . . 328

c) Other Types of Preemptive Registrations . . . 329

d) Protection under Anti‐Unfair Competition Law . . . 330

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b) Use of Trade Name as Trademark . . . 330

(1) Terminologies . . . 330

(2) Special Problem in China–Trademark for Retail and Wholesale Services . . . . 331

c) Conflict between Trademark and Trade Name in its Ordinary Use . . . 332

(1) Trade Name is Registered Prior to the Trademark . . . 332

(2) Trade Name is Registered after the Trademark . . . 332

d) Two Conflicting Trade Names . . . 332

e) Offshore Shadow Companies . . . 333

f) Remedy . . . 334

3. (Multiple) Assignment andBona FideAcquisition . . . 335

a) Trademark . . . 335

b) Patent . . . 338

c) Copyright . . . 338

4. Licensing . . . 338

a) Trademark License . . . 338

(1) Recordal of License . . . 338

(2) Third Party in Good Faith . . . 339

(3) Multiple Licensing . . . 339

(4) Recordal Procedure . . . 340

b) Patent License and Technology Transfer . . . 341

(1) Domestic Licensing vs. Cross‐Border Technology Transfer . . . 341

(2) Formation, Approval and Recordal . . . 341

(3) Warranty and Disclaimers of Warranty . . . 342

(4) Obligation to Exploit . . . 343

(5) Obligation to Maintenance of the Patent . . . 343

(6) Anti‐monopoly Requirements on Licensing Agreement . . . 344

c) Copyright License . . . 344

d) General Terms . . . 344

(1) Choice of Law . . . 344

(2) Right to Sublicense . . . 345

(3) Assignability of License . . . 345

(4) License in Bankruptcy . . . 345

(5) Termination . . . 346

e) Exhaustion and Parallel Import . . . 346

f) Original Equipment Manufacturer (OEM) . . . 346

g) Survival of License in the Event of Assignment . . . 347

5. Security Interest in Intellectual Property . . . 348

a) Status Quo . . . 348

b) Creation of Security Interest in IP assets . . . 349

c) Enforcement of Security Interest in IP assets . . . 349

6. IPR as Contribution in Kind and R&D Center in China . . . 350

7. IPR in Employment Contracts . . . 350

III. Relevant Laws & Regulations . . . 351

Chapter 11. Outbound Investment from China . . . 355

I. Overview . . . 355

1. Recent Development . . . 355

2. Types of Outbound Investors . . . 355

a) State‐Owned Enterprises (SOEs) . . . 355

b) Private Companies and Foreign Invested Enterprises (FIEs) . . . 356

c) Individuals . . . 356

d) Qualified Domestic Institutional Investors (QDIIs) . . . 356

e) Sovereign Funds . . . 356

II. Main Issues . . . 358

1. General Approval Requirements for Outbound Direct Investment . . . 358

a) State Council/National Development and Reform Commission (NDRC) Rules . . . . 358

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d) SASAC Rules . . . 363

e) Rules on Outbound Direct Investment by Individuals . . . 364

2. Industry‐Specific Rules for Outbound Direct Investment . . . 364

3. Outbound Securities Investment . . . 366

a) Rules on QDIIs . . . 366

b) Rules on Outbound Securities Investment by Individuals . . . 367

III. Concluding Remarks . . . 368

IV. Relevant Laws & Regulations . . . 369

Chapter 12. Offshore Investment Vehicles. . . 373

I. Overview . . . 373

II. Main Issues . . . 375

1. General Procedure . . . 375

2. SPV . . . 378

a) SPV in General . . . 378

b) SPV for Red‐Chip Listing . . . 379

3. Inbound Acquisition . . . 380

a) FIE Status . . . 380

b) Disclosure Rules . . . 380

4. CSRC Approval . . . 381

a) Scope of Authority . . . 381

b) Nature of Approval . . . 382

III. Concluding Remarks . . . 382

IV. Relevant Laws & Regulations . . . 383

Index . . . 385

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