- How do the awards work?
- The Legal 500 United Kingdom Awards 2013
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
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The past year saw a general reduction in China-related M&A activity, with the weak global economy, the sovereign debt crisis in Europe and China’s leadership change all being contributing factors. The private equity sector in Greater China has also struggled in recent times, and the continued uncertainty in the global economy and shifting investment strategies have led to an increase in divestments by multinational companies and other foreign investors.
Nonetheless, the enthusiasm of Chinese state-owned enterprises (SOEs) for energy and resources assets continues to drive outbound investment, as indicated by several significant oil and gas deals announced by Chinese oil companies in relation to assets in Latin America, Canada, the US, Australia and Africa, as well as increased activity in the renewable sectors, both on the inbound and outbound sides.
King & Wood Mallesons again provided the legal market’s breaking news, in July 2013 sealing a merger with UK legal practice SJ Berwin LLP; the tie-up is set to go live in November 2013. Other highlights included Norton Rose LLP’s combination with US law firm Fulbright & Jaworski LLP to form Norton Rose Fulbright, adding Hong Kong and Beijing-based Jeffrey Blount and Jie Zhang to the practice.
Recently opened mainland China offices for international firms include Eversheds LLP launching in Beijing with two new partner hires in corporate energy law expert Ingrid Zhu-Clark, who joined from the Beijing office of Morgan Lewis LLP, and corporate lawyer Jay Ze; and Seyfarth Shaw LLP opening a new Shanghai office after hiring DLA Piper’s Wan Li as its chief representative. DLA Piper also recruited, bringing in Hong Kong based China energy head Carolyn Dong from King & Wood Mallesons.
Among other developments, Vinson & Elkins L.L.P. announced the closure of its Shanghai office; Milbank, Tweed, Hadley & McCloy LLP appointed new leadership in China, with Anthony Root, the former head of its Asian corporate practice and Greater China offices, retiring in May 2013 and corporate partner Edward Sun, the chief representative of the firm’s Beijing base, set to leave before the end of the year; and Akin Gump Strauss Hauer & Feld LLP bolstered its Beijing corporate practice with the addition of Chen Li, who joined from Milbank, Tweed, Hadley & McCloy LLP.
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On November 13, 2013, the Shanghai Municipal Government issued the Tentative Measures on the Administration of Foreign Owned Medical Institutions in China (Shanghai) Pilot Free Trade Zone [Hu-Fu-Ban-Fa  No.63] (" Measures "). According to the Measures, a foreign investor, who has engaged in medical institution investment or management for 5 years or more, may, upon the approval by the relevant local government authorities, set up a wholly foreign owned medical institution (" Medical WOFE ") in the Shanghai Pilot Free Trade Zone (" Shanghai FTZ "). Also, the Measures might open up an investment opportunity for foreign capital to enter the nursing home market in China.
The General Administration of Customs (" GAC ") issued Announcement  No. 58 (" Announcement ") on October 30, 2013, announcing its decision to further reform the customs clearance procedures for importation and exportation, whereby as from November 1, 2013, an AA Category enterprise in China Customs' AEO (Authorized Economic Operator) program, after filing application and signing an MOU with the customs, may choose to file import/export declarations and have the goods cleared at the local customs office of the place where such enterprise is located rather than where the port of entry or exit is located (" Privileged Model ").
Chinese customs authorities have recently stepped up price investigations focusing on cross-border payments of intellectual property ("IP") royalties or license fees. More and more multinational companies ("MNC") have been chosen by the customs as principal audit/investigation targets for their royalty arrangements between Chinese subsidiaries and foreign parent companies or other associated parties. HaoLiWen customs practice lawyers have been approached by some of MNCs to advise on dutiability of such royalty payments and any risk exposure to customs law violation or even smuggling.
On August, 2013, a consumer filed a complaint for misleading advertising with Dong Xin AIC (Zhejiang province) against Hangzhou-based roasted nut and dry-food producer Yaotaitai.
The State Council has approved establishment of China (Shanghai) Pilot Free Trade Area ("SHFTA") and more flexible, efficient and open economic administration will be carried out within SHFTA. In summary, two aspects of breakthroughs are relevant to foreign direct investment in SHFTA.
On August 22, 2013, MOFCOM announced that the State Council of China approved the establishment of Shanghai Pilot Free Trade Area ("SHFTA") to cover four customs supervision zones (Shanghai Waigaoqiao Free Trade Zone, Waigaoqiao Bonded Logistics Park, Yangshan Bonded Port and Shanghai Pudong Airport Free Trade Zone), with a total area of 28.78 square kilometers. It was reported that SHFTA will be formally established by the end of September, 2013. Early in September, the NPC StandingCommittee will determine adjusting some administrative examination and approval measures under some laws to be applied to SHFTA.
Normally perceived as a very small piece in the whole picture of production and distribution, product labeling is seldom taken seriously by distributors. However, the consequences of improper label are exceptionally severe in serious cases, including but not limited to:
China's regulation of so called " Novel food " is changing.
In this issue:
Product design is playing an increasingly important role in commercial competition nowadays. Other than product quality, it is the design of a product that draws consumer's attention. A well designed product is more likely to impress consumers with its fashion appearance.
The Exempted Limited Partnership Law, 2014 (the New ELP Law ) has replaced the Exempted Limited Partnership Law (2013 Revision) (the Previous Law ). The New Law includes significant changes to the Cayman Islands' statutory framework regulating exempted limited partnerships ( ELPs ) that will increase the attractiveness of ELPs and will be appreciated by managers, investors and creditors alike. Private equity sponsors in particular will notice substantial improvements that are indicative of Cayman's continuing commitment to balanced and commercially sensible legislation. Read more...
RESTRUCTURING - COURT PROCEDURES
On 23 May 2014, the States of Jersey passed the Companies (Amendment No. 11) (Jersey) Law 201- (the Amendment Law ). This will now be sent to the UK Privy Council for consideration, then laid before the States of Jersey for a final time before coming into force. The latest information we have is that the Privy Council will be approving the law on 19 July 2014 and it may come into effect as soon as 4 August 2014.
The Hague, 4 July 2014 - BarentsKrans has appointed Joost Fanoy as a partner in the Antitrust & Public Procurement department, effective as of July 1, 2014. Joost specializes in European law in general with a particular focus on European and Dutch competition, public procurement and state aid law and is the head of the Antitrust and Public Procurement Practice Group. Joost is also a member of the Cartel damages team of BarentsKrans.
PineBridge Investments Middle East, a global multi-asset class investment manager with regional headquarters in Bahrain, and nearly 60 years of experience in emerging and developed markets, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey.
Isbank issued 750 million USD notes under its GMTN programme established in 2013. The notes are listed on the Irish Stock Exchange and bear interest at the rate of 5 % with a maturity date 2021. Mr. Omer Collak (partner) and Mr. Baris Kencebay (head of tax practice) have acted for the joint lead managers Barclays, Citigroup, HSBC, National Bank of Abu Dhabi and The Royal Bank of Scotland.
Halkbank issued five-year term fixed interest rate US currency notes, with a total amount of USD 500 million with an interest rate of 4.765 % and an annual coupon rate of 4.750 %. The notes offered the lowest borrowing rate in the first five-month period of 2014, and total demand rose nearly nine-fold due to high investor interest. The note issuance drew great interest from international investors settled in the Middle East and Asia, as well as those investors based in the US and Europe. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised the joint lead managers.
Turkiye Finans issued the first ringgit sukuk originating from Turkey. The bank initially raised MYR 1 billion with a five-year commodity sukuk on June 30, with an annual return of 6 %. The sukuk under the programme will have tenure of one to 20 years. Funds raised will go towards general corporate purposes. The sukuk will be issued through TF Varlik Kiralama A.S., a wholly-owned subsidiary of Turkiye Finans. Malaysia's RAM Ratings has accorded the programme an indicative long-term rating of AA3. HSBC Amanah Malaysia and Standard Chartered Saadiq were the joint advisers. Mr Omer Collak (partner) and Mr Baris Kencebay (head of tax practice) have advised Turkiye Finans and the issuer TF Varlik Kiralama A.S.
Ziraat Bank, the largest state owned bank of Turkey, established GMTN programme on 21 May 2014, for the notes to be issued up to USD 2 billion listed on Irish Stock Exchange. The notes are unconditional, unsubordinated and unsecured obligations, and rank pari-passu with Ziraat Bank's other senior unsecured obligations.
Vakifbank issued EUR 500 million 5-year unsecured and unsubordinated notes under the first GMTN programme of Turkey established in 2013. The notes are listed on Irish Stock Exchange and bear interest at the rate of 3.5 % p.a. with a maturity date 17 June 2019. This is the very first EUR denominated RegS offering of a Turkish entity.