Pierre-Luc Arsenault, Jesse Sheley and David Patrick Eich authored this article regarding recent private equity activity in China.
Dale Cendali co-authored this article with Xiaoyan Zhang from Hogan Lovells regarding trademark litigation in China.
In the next step toward globalization of antitrust enforcement, the U.S. Department of Justice’s Antitrust Division and the U.S. Federal Trade Commission signed a Memorandum of Understanding with China’s three antitrust agencies intended to promote enhanced cooperation and communication among the antitrust enforcement agencies of the two jurisdictions.
This issue includes the article “China’s National Security Review for Inbound Acquisitions,” which reports that China’s recently enacted Circular 6 adds to the barriers facing non-Chinese investors in the China market by empowering Chinese authorities to review transactions for which investors have not traditionally sought PRC approval.
This issue includes the article “Circular 698: Taxing Offshore Sales of Chinese Companies,” which discusses how the law is designed to preclude non-Chinese investors from avoiding Chinese capital gain tax by using a non-Chinese holding company structure.
This issue includes the article “RMB Funds: New Shanghai Pilot Program,” which reports that on January 11, 2011, three Shanghai Municipality governmental agencies formally announce a pilot program under which certain approved qualified non-Chinese private equity sponsors and qualified funds will enjoy favorable treatment.
In this KirklandPEN brief, partners David Patrick Eich and Justin Dolling, and associate Carol G. Liu, discuss the China Insurance Regulatory Commission's (CIRC) recent issuance of detailed implementation rules permitting Chinese insurance companies to invest in RMB funds. A Chinese insurer can now invest up to 5% of its total assets in private equity and related financial products (including RMB funds) and 10% in real estate.
This issue includes the article “RMB Funds – An Emerging Opportunity,” which reports how recent favorable regulatory developments may enhance opportunities for non-Chinese sponsors seeking to enter the China market by raising RMB-denominated funds. Also featured is “Letters of Intent – Say What You Mean and Mean What You Say,” which discusses how the recent decision by the Georgia Court of Appeals upholding a jury verdict awarding millions to a spurned prospective buyer shows that even careful drafting of “non-binding” language in a letter of intent may not be effective in avoiding unanticipated binding obligations.
In the wake of the June 9, 2010 adoption of United Nations Security Council Resolution 1929, on July 1, 2010, President Obama signed into law H.R. 2194, the “Comprehensive Iran Sanction, Accountability, and Divestment Act of 2010” (“CISADA”), which had been approved by both the U.S. House of Representatives and the U.S. Senate on June 24, 2010 by overwhelming majorities of 408 - 8 and 99 - 0, respectively. The legislation principally expands the scope of the Iran Sanctions Act (“ISA”) to more effectively target persons, including non-U.S. entities, engaged in activities relating to the Iranian petroleum sector.
James Sprayregen and David Agay authored this article regarding developments in international restructurings.
China's new Anti-Monopoly Law (the "AML"), effective August 1, 2008, has the potential to have a substantial and broad-reaching impact on companies doing business in China or with Chinese companies.
Jay Lefkowitz authored this article regarding developments in the government's North Korea policies.
Partners Steve Tomlinson, David Patrick Eich and Nat Marrs co-authored this article regarding foreign investors' increased interest in the Chinese real estate market.
This issue includes the article “SEC Proposes Stricter Accredited Investor Test for Private Equity, Hedge and Certain Other Funds,” which reports that the SEC proposes to narrow the class of individual investors who would be permitted to invest in many private funds. Also featured is “Changes in Luxembourg Corporate Law: Impact on Private Equity Investors in Europe,” which discusses how Luxembourg now permits commonly used legal entities to implement a two-tier board structure.
Since acceding to the World Trade Organization in December 2001, China has undertaken a series of broad legal reforms required by the WTO accession commitments, among others. Many of such reforms materially affect foreign private equity investments in China, which have grown substantially over the same period. In this article, Kirkland Partners David Patrick Eich and Chuan Li discuss these reforms.
This alert focuses on the recently promulgated Enterprise Bankruptcy Law of China. The alert highlights the key features of the new law and compares important provisions of the Enterprise Bankruptcy Law with those of the United States Bankruptcy Code and administration under United Kingdom law.
David Patrick Eich, Chuan Li and Tai Hsia co-authored this article on recent Chinese M&A and private equity reform.
Tai Hsia authored this article regarding developments in China.
This issue includes the article “New Rules For Chinese Company M&A Transactions Involving Foreign Investors,” which reports that China’s new M&A rules introduce some major changes that may impact Chinese M&A activity by foreign investors.
This issue includes the article “1200 New Targets: China’s New Foreign Strategic Investments Rules,” which announces that, for the first time, a broad group of non-Chinese investors can more freely acquire tradable shares of the 1,200-plus listed companies with securities traded on the Shanghai and Shenzhen stock exchanges.
Facing a potential economic crisis due to outstanding non-performing loans (NPL), China is in desperate need of economic reform. By allowing foreign investors to purchase NPL porfolios, the country is moving in the right direction to stabilize and revitalize the economy. James H.M. Sprayregen, Jonathan Friedland, and Chuan Li discuss the risks of NPL's to China's economic stability, and examine the options for economic reform.