1 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CONTENTS BRI EFS 4 Briefs 焦点故事 10 Appointments 律师转所信息 11 Deals 交易 With contribution from: • Grandway Law Offices 国枫律师事务所 COVER STORY 12 2024 ALB China Dispute Resolution Rankings 2024 ALB China 争议解决业务排名 ALB’s inaugural dispute resolution rankings showcases leading firms in this domain within the Chinese legal services market. ALB推出首个争议解 决业务排名,向您介 绍在该领域引领中国 法律市场发展的律师 事务所。 Ranking by ALB, text by Victor Wu With contributions from: • Rajah & Tann Asia 新加坡立杰律师事务所 • RongYing Law Firm 融英律师事务所 FEATURES 26 ALB China Regional Report: North China ALB China 区域市场报告: 华北地区 North China plays a pivotal role in China’s political, geographical, and economic landscape. To be successful, law firms in North China have to show they are able to adapt not just to the evolving legal needs, but also regional economic characteristics. 在首份“华北地区报 告”中,ALB关注于该 地区法律服务市场发 展情况,并重点聚焦 天津、太原市场的近 况与挑战。 30 2024 ALB China Top 15 Rising Lawyers 2024 ALB China 十五佳律师新星 The ALB China Top 15 Rising Lawyers are emerging as stalwarts in the industry, demonstrating solid professionalism, embracing win-win concepts, possessing sheer tenacity, and providing keen insights. 十五佳律师新星凭借 着自身扎实的专业能 力、共赢的理念、坚韧 的意志、敏锐的洞察 力,正成长为中国律 师行业的中流砥柱。 With contribution from: • DeHeng Law Offices 德恒律师事务所 38 China Capital Markets: A Mid-Year Review 资本市场半年观 In the first half of 2024, China’s domestic regulatory policies continued to weigh on local companies eager to secure funding from both domestic and international capital markets, which has indirectly led to a renewed interest in overseas listings. 2024年上半年,中国 境内监管态势继续决 定了国内企业在境内 外资本市场寻求融资 的热情。“稳”和“严” 依旧是A股市场的关 键词,而这间接引发 了境外上市的热度 反弹。 38 CHINA CAPITAL MARKETS: A MID-YEAR REVIEW 资本市场半年观 Image: Rob Nazh/

2 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 RANAJIT DAM, Managing Editor, Asian Legal Business, Thomson Reuters HEAD OF LEGAL MEDIA BUSINESS, ASIA & EMERGING MARKETS Amantha Chia 谢京庭 MANAGING EDITOR Ranajit Dam 邓文杰 CHINA EDITOR Hu Yangxiaoxiao 胡阳潇潇 SOCIAL MEDIA SPECIALIST Victor Wu 吴嘉林 EDITORIAL ASSOCIATE Charlie Wu 吴卓言 SENIOR CONTENT MANAGER Wang Jin 王瑾 CHINA RESEARCH Bian Jie 边洁 SENIOR DESIGNER John Agra TRAFFIC/CIRCULATION MANAGER Rozidah Jambari PUBLISHING COORDINATOR Tracy Yang 杨紫薇 SALES MANAGERS Yvonne Cheung 张裕裕 China Key Accounts (852) 2847 2003 Steven Zhao 赵树群 China Key Accounts (86) 010 5669 2021 Steffi Yang 杨绮繁 South and West China (86) 010 5669 2041 Hiroshi Kaneko Japan, Korea (81) 3 4520 1192 Jonathan Yap Indonesia, Singapore (65) 9832 8945 Krupa Dalal India, Middle East, Singapore (91) 22 6189 7087 Romulus Tham Southeast Asia (65) 6870 3035 Simon Wan Hong Kong (852) 3462 7730 The practice of dispute resolution sits at the core of the legal profession, representing both its origins and an area of continual evolution. As China’s economy matures and its commercial landscape grows increasingly complex, the need for skilled legal counsel to navigate high-stakes disputes has never been greater. It is with great enthusiasm that we unveil ALB’s inaugural China Dispute Resolution Rankings. This first-of-its-kind editorial ranking shines a spotlight on the elite firms driving innovation and achieving exceptional results in litigation, arbitration, and alternative dispute resolution across the world’s second-largest economy. Our ranking serves as an essential guide for companies operating in China to identify the dispute resolution powerhouses best equipped to safeguard their interests. The firms featured have proven their mettle time and again, skillfully steering clients through some of the market’s most complex and monumental cases. Within these pages, you’ll gain insights into the landmark matters, star litigators, and strategic vision propelling China’s top dispute resolution practices to the highest echelons of the profession. We hope this ranking facilitates rewarding partnerships between clients and counsel as the market’s dispute resolution landscape continues to evolve. 争议解决业务是法律职业的核心:其既代表了律师职业的起源,又伴随行 业成熟经历着持续演进。随着中国经济成熟、商业环境日趋复杂,市场不断呼求 技术高超的法律专家,协助民商事主体处理高风险争议。 我们怀着极大的热情,向您揭晓首份ALB China争议解决排名。这份市场 首创性的榜单向您呈现了该领域的精英律所——他们在推动诉讼、仲裁和替代 性争议解决创新发展方面取得了卓越成果。这份排名能够帮助企业在中国寻找 到争议解决领域的最佳伙伴,以有效维护自身利益。 伴随排名,我们将向您介绍多个标志性案件、顶尖诉讼律师,以及律所发 展争议解决业务的不同策略。希望这一排名能够促进客户与法律顾问之间的 互利合作! DISPUTES POWERHOUSES 争议解决巨头 Asian Legal Business is available by subscription. Please visit 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

4 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 BIG STORY At the end of April, Shanghai Mayor Gong Zheng and Hong Kong Chief Executive John Lee witnessed the signing of 20 new cooperation agreements by relevant departments from both cities. These agreements span 15 areas, aiming to promote in-depth cooperation between Shanghai and Hong Kong from multiple aspects. The agreements have placed a spotlight on the legal services sector. In addition to supporting business cooperation in legal services between the two regions and fostering exchanges in professional services such as law, arbitration, and mediation, the agreements specifically propose several innovative initiatives. These include supporting joint ventures between Hong Kong and mainland law firms in Shanghai, allowing Hong Kong legal practitioners to serve as consultants in Shanghai law firms, and futher establishing branches of each region’s law firms in the other. The concept of joint ventures between Shanghai and Hong Kong law firms, as well as the hiring of Hong Kong consultants by Shanghai law firms, are relatively new ideas with limited existing practices in the market. According to the Law Society of Hong Kong’s website, only 13 Hong Kong local law firms currently have representative offices in Shanghai. Oldham, Li & Nie (OLN) is one of them. Tracy Yip, partner and head of the China practice at OLN, explains: At the sixth session of the Hong Kong/Shanghai Cooperation Conference held recently, Shanghai and Hong Kong signed a series of new agreements, marking a significant advancement in their collaboration. This strategic move is set to enhance business opportunities for law firms in both cities. 沪港合作会议第六次会议于近期举行,上海、香港共同签署多 份合作协议。这被视为沪港合作又一个重要里程碑,也必将为 两地律所带来更多业务机会。 By Hu Yangxiaoxiao 作者:胡阳潇潇 A WIN-WIN ARRANGEMENT 沪港合作再升级 “Our existing office in Shanghai is a representative office which is a networking and/ or marketing hub for our firm, that cannot be engaged in providing any legal services.” However, “the possible collaboration in the Shanghai Free Trade Zone would allow the joint venture parties to be engaged in providing income generating legal services and to further leverage local intelligence and enhance service offerings to clients,” elaborates Yip. New Cooperation Opportunities Given that large-sized law firms might not have the flexibility in entering into any joint ventures and small-sized law firms may not have the sufficient clientele and capacity to support the formation of such joint ventures, Yip believes that setting up joint ventures in Shanghai might be more appealing for medium-sized law firms in Hong Kong like OLN. “These firms mainly target corporate groups with a crossborder presence. They would likely be more responsive to such proposal as they tend to target in providing more personalized and instant legal services to their clients.” “The ease of communication and exchange of thoughts within the jointventured firm between HK qualified lawyers and PRC qualified lawyers would further enhance the achievement of their allrounded service goals to clients,” says Yip. Moreover, joint ventures could effectively help Hong Kong firms enlarge their client base. “On one hand, it will expose them to the existing clientele of the joint venture partner and to enhance the tapping of new PRC based clients by way of their existence in Shanghai. On the other hand, it will enable them to educate clients on the beauty of expanding their onshore businesses to offshore whilst having Hong Kong as a springboard to face the international arena,” Yip explains. Fundamentally, the premise and purpose of all these efforts are to promote exchanges in professional knowledge and cultural experiences between Shanghai and Hong Kong lawyers, which is of vital importance to support the one-stop legal services as required by cross-border corporate groups having their headquarters in Shanghai and subsidiaries in Hong Kong or vice versa. “It is beyond doubt that the collaboration shall widen up and solidify the practical expertise of both Shanghai and Hong Kong lawyers, which inevitably equips them in such a way to provide legal services involving both jurisdictions in a more efficient and pragmatic manner,” says Yip. The agreements also encourage more Shanghai law firms to establish branches in Hong Kong. Over the past two years, an increasing number of mainland law firms have entered the Hong Kong legal market. According to the Hong Kong Law Society, 14 mainland law firms’ Hong Kong offices have obtained local licenses, and 29 are registered as foreign law firms in Hong Kong, though only five of these are from Shanghai. In 2021, Shanghai-headquartered Llinks Law Offices obtained a local license in Hong Kong after six years of joint operations. Selena She, who splits her time between Shanghai and Hong Kong, admits, “True cooperation is not as simple as setting up an office; we have realized that lawyers from both regions need to visit and exchange more frequently.” She explains that, based on its strength in capital markets, Llinks Hong Kong’s next step is to further expand its capabilities in general corporate, financial asset management, and other areas. “With this ShanghaiHong Kong cooperation agreement, we now see new opportunities, especially in fields such as tech innovation, data, and

5 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA BIG STORY Yip also agrees that the series of agreements will further enhance Shanghai-Hong Kong interactions and bring new opportunities for legal services. “The integration on cross-border financing and investment would bring about more active business transactions between the two places, with capital flows and exchanges, which would definitely stimulate the need for crossborder legal services to put forward and protect such ventures.” “The collaboration on innovation and technology would bring about technology advancement which requires intellectual property rights protection in both places, which again inevitably requires legal services from both PRC qualified and HK qualified lawyers. The further improvement on cross-border trade facilitation, supply chain connectivity and customs cooperation would again stimulate the need and support required from lawyers to facilitate the happening of such and the protection of the same via legal documentation,” says Yip. Dispute resolution, particularly arbitration cooperation, will be another highlight. She tells ALB that in May, the Shanghai International Arbitration (Hong Kong) Center was officially established, becoming the first arbitration centre set up by SHIAC outside mainland China, further promoting exchanges in arbitration between the two regions. new energy. For example, many of our key clients have set up international headquarters and R&D centers in Hong Kong. How can our Hong Kong team better serve these clients? It depends on whether the scope and capabilities of our Hong Kong team’s services can meet their needs.” New Business Opportunities With the agreements set to promote exchanges between Shanghai and Hong Kong in various fields, they are expected to bring more legal business opportunities as well. She points out that among the various areas of cooperation, three sectors are particularly worth the attention. “The first is the field of innovation and technology. Since 2022, Hong Kong has established and published a series of blueprints for innovation and technology development, leading to the establishment of science parks such as Hong Kong Science Park in Pak Shek Kok, the Kowloon Tong InnoCentre, the Taikoo Innovation Park, and the Yuen Long InnoPark.” “We have started encountering more and more cooperation projects with Hong Kong’s tech companies in our business, such as providing consulting services to local chip companies, assisting mainland companies in investing in Hong Kong’s high-tech firms, and helping Hong Kong’s innovative enterprises set up branches in the mainland... It is evident that Hong Kong is transitioning from a ‘transit station’ to establishing substantial local tech businesses,” says She. The second area is the digital economy, particularly opportunities for cooperation in cross-border data flow. “Relevant regulations issued by the Cyberspace Administration of China and the Hong Kong government have laid the foundation for data cooperation between the two regions. This is beneficial for law firms—allowing us to better plan crossborder data solutions for multinational clients using these policies,” explains She. The third key area is the ShanghaiHong Kong financial market cooperation. With the signing of the new agreements, “we expect further development of the ‘Swap Connect,’ and the long-standing issues in mutual fund recognition will also see improvement.” Yip also shares an example from OLN, where the firm successfully recovered a sizeable claim amount for a PRC client by taking appropriate enforcement steps at the Hong Kong High Court against a PRC party with a business presence in Hong Kong. “The matter arose from a contractual dispute which occurred onshore PRC and our client obtained an Arbitration Award from the Shanghai International Arbitration Centre, which is just one of the many similar examples which proves the connectivity between two places that helps to promote justice to the claimants. Having cross-border business risks being more well protected with actual enforcement results would again trigger more incentive on the business parties to be part of such,” says Yip. 4月底举办的沪港合作会议第六次 会议上,上海市市长龚正、香港特区特首 李家超共同见证沪港相关部门签署20 份全新的合作协议。 协议共涉及15个范畴的合作方向, 包括共建“一带一路”和商贸投资、创新 及科技、数字经济、金融、文化及创意产 业、教育及人才培养、法律服务、城市规 划管理、医疗卫生等领域,意图从各个角 度推动沪港间深入合作。

6 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 BIG STORY 其中法律服务领域是一大亮点。除 提到支持和促进两地法律服务业扩大业 务合作;支持和促进两地法律、仲裁、调 解等专业服务拓展交流平台;开展服务 人才的合作、培训和交流外,协议还特别 提出,“支持香港与内地律师事务所在上 海开展合伙联营、香港法律执业者受聘 担任上海律师事务所法律顾问、两地律 师事务所分别在对方设立分支机构等”。 沪港律所在上海展开联营、上海律 所聘用香港顾问,这些都是比较新的想 法,目前市场上相关实践也较少。 根据香港律师会网站,目前在香港本 地律所中,只有13家开设了上海代表处。香 港高李严律师事务所是其中之一,该所合 伙人、中国事务部负责人叶琳宝律师介绍 道“:我们的上海代表处目前只作为交流网 点和和营销中心,并不提供任何法律服务。” “而在上海自贸区展开联营合作, 意味着合资律所将能够提供实际产生收 入的法律服务,进一步善用当地人才、提 高服务客户的能力。”叶律师解释道。 新的合作机会 鉴于大型律所在成立合资律所方面可能 不太灵活,而小型律所又可能没有足够 的客户及能力来成立此类合资律所,在 叶律师看来,到上海成立合营律所,可能 对香港的中型律所而言更具吸引力。“这 类律所主要服务从事跨境业务的商业主 体,合资律所能让他们向客户提供度身 订造与及时的服务。在合资律所里,拥有 香港执业律师资格和拥有内地执业律师 资格的律师可以更易于沟通及交流意 见,从而进一步达到为客户提供一站式 全面服务的目标能力。” 此外,合资律所也可能有效帮助香 港律所扩大客户群。“一方面,联营律所 的内地律师会将自己的客户介绍给香港 律师,并通过上海的据点发掘新的内地 客户;另一方面,香港律师可以更直接地 和内地客户展开交流,向他们展示离岸 商业活动的优势,以及香港如何充当面 向国际舞台的跳板,帮助内地企业进军 国际市场。”叶律师说。 当然,这一切的前提和目的,都是促 进沪港两地律师在专业知识及文化体验 的层面上的交流。这对两地跨境商业主体 (即总部设于上海、附属公司设于香港的 企业集团,反之亦言)提供更好的一站式 法律服务,至为重要。毫无疑问,这种合作 有助提升及巩固沪港两地律师的业务能 力,使其能以更高效、更务实的方式,为需 要跨两地法律咨询的客户提供服务”。 与此同时,协议也鼓励更多上海律 所在香港开设分支机构。 过去两年,已经有越来越多中国内 地律所进驻香港法律市场。根据香港律 师会网站数据,目前已有14家内地律所 香港办公室取得香港本地牌照、29家在 香港注册为外地律师行,不过其中仅有 五家来自上海。 2021年,总部位于上海的通力律师 事务所在六年联营后取得了香港本地牌 照,合伙人佘铭律师工作于沪港两地,见 证了通力落地香港的全过程,她坦言:“ 真正的合作并非建立一家办公室那么简 单,我们深刻体会到:真的要两地律师多 跑、多交流。” 佘律师介绍道,目前通力香港团队 下一步规划在商事服务、金融资管等方 面进一步拓展能力。“借助这次沪港合作 协议,我们也看到新的契机,尤其是在科 技创新、数字联动、新能源等领域的机 遇。例如通力不少重点客户在香港设立 了国际总部和研发中心,我们的香港团 队如何更好地为这类客户提供服务?这 取决于香港团队的服务范畴、能力是否 能够吻合客户需求。” 佘律师坦言,内地律所来到香港, 主要服务的还是内地企业的国际性商事 活动,而在此方面,香港的国际业务成熟 度、国际法律人才培养、律所相关业务所 自身风险管控能力等,显然都值得内地 律所进一步学习。 另一方面,关于此次协议鼓励两地 法律人才的进一步流通,佘律师坦言,和 许可港澳律师来大湾区执业的制度相 比,沪港协议目前尚缺乏细节,“我们期 待未来有更具体的跟进措施,例如在居 民身份、退休制度、医保、子女教育等方 面的便利及优惠举措”。 业务新机遇 伴随协议未来在诸多领域促进沪港交 流,预计也将带来更多的法律业务机会。 佘律师指出,在这次沪港合作交流 的多个领域中,其中三个领域特别值得 律师同行们关注。“第一是创新及科技领 域。香港自2022年起订立、公布了一系 列创新科技发展蓝图,并规划落地了白 石角香港科学园、九龙塘创新中心、太古 创新园、元朗创新园等园区。我们在业务 中也开始遇到越来越多和香港科创企业 的合作项目,例如为香港本地芯片企业 提供咨询、协助内地企业对香港高新企 业展开投资、协助香港创新企业在内地 设立分支机构等……可以看到,香港正 从一个‘资源中转站’,逐渐转型建立起 本地的实质性科创业务。” 第二是数字经济领域,尤其跨境数 据流通方面的合作机会。“中国网信办出 台了《促进和规范数据跨境流动规定》, 香港也发布了《香港促进数据流通及保 障数据安全的政策宣言》,为两地数据合 作打下基础,对律所相关业务发展也有 益处——例如我们可以利用相关政策, 更好地为跨国企业客户规划数据跨境方 案。”佘律师说。 第三则是“作为重头戏的沪港金融 市场合作”。佘律师告诉ALB,通力早期 便参与了“沪港通”政策制定,一路见证“ 沪港通”发展,伴随此次相关协议的签 署,“我们预计新的‘互换通’将得到进一 步发展,基金互认领域长期存在的‘南冷 北热’现象也将得到改善”。 佘律师期待伴随沪港金融领域交 流深入,内地将持续借鉴香港金融监管、 现代化金融产品创新,以及与国际金融 市场接轨的经验,同时两地在金融立法 层面互取所长、相互借鉴。 高李严律师事务所的叶琳宝律师 也赞同一系列协议将进一步促升沪港互 动,并带来新的法律服务机会。“跨境投 融资的融合将使两地的商业交易更为活 跃,伴随越趋频繁的资本流动,企业对为 保障自身所需的跨境法律服务也会相应 增加。” “科技和创新合作有利科技发 展,与此同时知识产权亦须得以保护。 这有赖内地、香港两地的律师保驾护 航。此外,两地的经贸互动越趋方便、 供应链融合、海关合作加深,亦有赖律 师提供服务及支持,为跨境贸易带来 方便,并透过法律文件提供保障。”叶 律师说。 争议解决——尤其仲裁合作将是另 一个亮点。佘铭律师告诉ALB,5月,上海 国际仲裁(香港)中心正式成立,成为上 国仲首个在中国内地以外设立的仲裁中 心,将进一步促进两地在仲裁领域的交 流。“通力有不少优秀的争议解决人才, 期望能更深入地参与到沪港在争议解决 方面的合作中。”她说。 叶琳宝律师则分享道,高李严团 队有一名内地客户,牵涉于一宗于内地 发生的合约纠纷, 而合约的另一方是 一家国内公司并在香港有经营业务。不 久前,高李严团队在香港高等法院采取 了适当的执行措施,成功为该客户获得 认可并执行了上国仲的某项仲裁裁决, 为其讨回了一笔可观的赔偿额。“这个 案例只是众多类似例子的其中一个,证 明:两地的相互联结才能够真正帮助申 索人寻求公义。实际执行的裁决使跨境 业务风险得以保障,能成为商事主体愿 意更主动地展开两地交流的诱因”,叶 律师说 。

7 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA 周涛 国枫律师事务所合伙人 赵耀 国枫律师事务所授薪合伙人 BROUGHT TO YOU BY GRANDWAY LAW OFFICES 第十四届全国人民代表大会常务委员会第七次会议修订通过 的《公司法》(2023修订)(以下称“新公司法”)强化了董事、监 事、高级管理人员(简称“高管”,合称“董监高”)的信义义务和 法律责任,本文就此进行总结。 一、新公司法下董监高的信义义务 新公司法第179-180条对董监高的信义义务作了原则性规 定。第179条规定了董监高应当遵守法律、行政法规和公司章程, 第180条规定了董监高的忠实义务、勤勉义务以及影子董事制度。 (一)董监高的忠实义务 新公司法第180条第1款明确了忠实义务的实质:董监高 应当避免自身利益与公司利益冲突,不得利用职权牟取不正当 利益。 新公司法第181-184条规定了忠实义务的四种类型,具体 如下: 1、绝对禁止行为:(1)侵占公司财产、挪用公司资金;(2) 将公司资金以其个人名义或者以其他个人名义开立账户存储; (3)利用职权贿赂或者收受其他非法收入;(4)接受他人与公司 交易的佣金归为己有;(5)擅自披露公司秘密;(6)违反对公司忠 实义务的其他行为。 2、自我交易的限制:董监高及其近亲属,该等人员直接或 间接控制的企业,以及与董监高有其他关联关系的关联人,直 接或间接与公司订立合同或进行交易的,应当履行向董事会/ 股东会报告及审议程序。 3、谋取公司商业机会:董监高不得利用职务便利为自己或 他人谋取属于公司的商业机会,除非履行了向董事会/股东会 报告及审议程序,或者公司不能利用该商业机会。 4、竞业限制:董监高未履行向董事会/股东会报告及审议 程序,不得自营或者为他人经营与其任职公司同类的业务。 后三种类型的忠实义务属于相对禁止事项,同时需要注意 的是,相对禁止/相对允许的前提是没有损害公司利益,否则相 关程序性要件可能不足以抗辩损失赔偿责任。 (二)董监高的勤勉义务 新公司法第180条第2款明确了勤勉义务的实质:董监高 执行职务应当为公司的最大利益尽到管理者通常应有的合理 注意义务。 新公司法未规定合理注意义务的判断标准,也未在该章节 集中列举勤勉义务的具体类型。纵观新公司法,董监高的勤勉 新公司法下的董监高 信义义务和法律责任 义务散见于各个章节,集中体现为董监高维护公司资本充实的 义务,具体如下: 1、董事会未及时履行新公司法第51条规定的催缴出资义 务,给公司造成损失的,负有责任的董事应当承担赔偿责任。 2、股东违反新公司法第53条的规定抽逃出资,给公司造 成损失的,负有责任的董监高应当与股东承担连带赔偿责任。 3、公司或股东违反新公司法第163条规定的财务资助、 第211条规定的利润分配、第226条规定的减资事项,给公司造 成损失的,负有责任的董监高应当承担赔偿责任。 (三)影子董事制度 新公司法第180条第3款规定了影子董事制度,公司控股 股东、实际控制人(合称“双控人”)不担任公司董事但实际执行 公司事务的,适用董监高忠实、勤勉义务相关规定。该制度主要 是对双控人的规制。 二、新公司法下董监高的法律责任 新公司法对于董监高责任的规定主要有以下几个方面: 1、违反忠实义务的归入权。新公司法第186条规定,董监 高违反第181-184条规定的忠实义务所得的收入应当归公司 所有。 2、违反信义义务的损害赔偿责任。新公司法第188条规 定,董监高执行职务违反法律、行政法规或者公司章程的规定, 给公司造成损失的,应当承担赔偿责任。该等信义义务既包括 忠实义务,也包括勤勉义务。 3、对第三人的直接责任。新公司法第191条规定,董事、高 管执行职务,给他人造成损害的,公司应当承担赔偿责任;董 事、高管存在故意或者重大过失的,也应当承担赔偿责任。 4、与双控人的连带责任。新公司法第192条规定,双控人 指示董事、高管从事损害公司或者股东利益的行为的,双控人 与该董事、高管承担连带责任。 三、小结 董监高的信义义务集中体现为忠实、勤勉义务,违反相关 信义义务面临归入权、损害赔偿责任、对第三人的直接责任、与 双控人的连带责任等法律责任。 董监高应当严格遵守法律、行政法规、公司章程等规定,依 法履行忠实、勤勉义务,维护公司、股东、债权人等主体的合法 权益。

8 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 NEWS In recent months, a wave of convertible bond issuance has breathed new life into Hong Kong’s anemic capital markets. Since late May, four major Chinese internet and technology companies -, Lenovo Group, Alibaba Group, and Trip. com - have successively issued convertible bonds totaling $10.5 billion. Notably, Alibaba’s $5 billion issuance set a record for the largest U.S. dollardenominated convertible bond by an Asian company. This issuance and others have lifted the spirits of Hong Kong’s bankers and lawyers hoping for a prompt revival of Asia’s erstwhile fundraising powerhouse after a persistently subdued IPO scene so far threatened to choke the city’s investment prospects. “The successful issuance of largescale convertible bonds boosts market confidence and attracts more investors, thereby increasing trading volume and liquidity in Hong Kong’s capital market,” notes Tian Mingzi, a partner at Jingtian & Gongcheng based in Beijing. In particular, the issuance of convertible bonds has given rise to new business opportunities that may enable other 可转债成为中概股近期“心头好” WHY CONVERTIBLE BONDS ARE THE NEW DARLING OF CHINESE COMPANIES companies to follow suit in Hong Kong, thus further enhancing the market’s activity and international influence, Tian adds. Convertible bonds are a financial instrument with both debt and equity features that allow holders to convert bonds into the issuing company’s common stock under predetermined conditions and prices. The issuance of convertible bonds by China concept stocks is not something new. But what makes the latest round unusual is a combination of global macroeconomic pressure and China’s policy directives. “Amid the current high interest rate environment, the low stock prices of China concept stocks, and China’s supportive policies for overseas financing and outbound business expansion, these companies are issuing convertible bonds to improve their debt structure, expand overseas operations, and repurchase shares,” explains Tian. Taiki Ki, a capital markets partner at Linklaters in Hong Kong, points out that the trend of companies issuing equitylinked financing instruments “has been seen globally over the past few years in a rising interest rate environment” albeit taking longer to take hold in Asia given “challenging market conditions for Chinese equities”. “However, with the recent rebound in Chinese equities, we are seeing significant renewed interest in this product in 2024,” notes Ki. For issuers, one of the primary attractions of convertible bonds is their low funding cost. As the U.S. Federal Reserve stands still on “higher for longer” interest rates which have propped up the U.S. dollar, pure debt financing for issuers through bonds or loans continues to be relatively expensive. Under this circumstance, equitylinked instruments such as convertible bonds will remain popular as the value of the embedded equity will lower interest payments, according to Ki. Take Alibaba as an example: The interest rate on its recent convertible bond is 0.5 per cent. However, the rate on comparable term ordinary bonds previously issued by Alibaba would have exceed 5.1 percent, according to estimates from market institutions. Another perceived advantage of convertible bonds is the instrument’s ability to help well-performing domestic companies expanding overseas gain higher access to foreign exchange reserves and reduce transactional losses caused by exchange rate fluctuations. In addition, convertible bonds have been increasingly winning the favour of investors. Apart from lowering interest payments in a high-rate environment, “such instruments offer significant arbitrage opportunities between the bond and the underlying equity for certain types of fund investors, allowing such investors the ability to manage volatility arising from external factors such as market movements and for issuers from certain regions and political tensions,” Ki adds. Given these characteristics, convertible bond issuances tend to be popular amongst industries such as technology, internet, new energy, and biotech. The recent wave of convertible note offers have had a notable common feature: Issuers such as, Alibaba, and Trip. com have concurrently executed share buybacks in a bid to ease any dilution effect. Indeed, there has been initial skepticism that any future conversion of bonds into shares might dilute the company’s By Hu Yangxiaoxiao, Sarah Wong 作者:胡阳潇潇、黄婉君

9 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA NEWS equity. But as Tian explains, concurrent share repurchases can offset the dilution effect, attracting long-term investors who are bullish on the company’s growth, thereby supporting the company’s sustained development. Convertibles issuances pared with a share buyback from the issuers are intended to match two significant liquidity events, according to Ki. Those are “the hedging from convertible bond investors and the share buyback from the issuer for a highly efficient execution with minimal disturbance to stock price”, which Ki believes is beneficial to both the issuer and the investors. Such structures address two key concerns. For companies exploring a convertible bond issuance, Ki notes that the market impact of hedging investors shorting their shares could be a concern, especially with many companies experiencing significant share price declines following an issuance. This concern could be mitigated by a simultaneous share buyback while “significantly reducing market risk associated with a more typical open market buyback where shares are bought back over longer periods of time,” Ki says. Beyond flexible combinations, convertible bonds could also be strategically tailored to meet company needs. For instance, while some notes were offered to the public, Lenovo Group targeted a specific $2 billion zero-coupon convertible bond to a subsidiary of the Saudi sovereign wealth fund. “This illustrates the breadth of financing strategies involving convertible bonds, from pure fund raising and enhancing capital structure to strategic investments,” says Ki. Tian further unpacks the variety of strategic purposes underpinning convertibles issuances. “Some convertible bonds are publicly offered, typically by companies with higher ratings and better market reputations, attracting more investors and boosting market confidence,” she says. “Others are aimed at specific buyers, showcasing the close relationship and potential for further cooperation between the investor and the company. Companies will choose issuance strategies based on their specific circumstances and needs,” Tian adds. 5月底以来,京东、联想、阿里巴 巴、携程四家中国互联网及科技公 司先后发行可转换公司债券(“可转 债”),发行额度总计达105亿美元。其 中,阿里巴巴发行的50亿美元可转 债创下了亚洲公司美元可转债规模 最高纪录。 “成功的大型公司可转债发行提 升了市场信心,也会吸引更多的投资 人参与,增加香港资本市场的交易量 和流动性。”竞天公诚律师事务所合 伙人田明子律师指出。可以说,在相 对“安静”的香港资本市场,可转债的 发行为券商、资本市场律师带来了新 的业务机会。 “后续可能会有其他公司选择在 香港发行可转债,进一步提高香港资 本市场的活跃度和国际影响力。”田 律师说。 可转债是一种具有债权和股权双 重属性的金融工具,允许持有人按照 事先约定的条件和价格,将债券转换 为发行公司的普通股票。 中概股公司发行可转债并非新 事,但近期出现的“扎堆”发行却不多 见。究其原因,“在目前的高利率环境、 中概股的低迷股价,以及中国对境外融 资及企业出海相关的鼓励政策等背景 下,出于改善公司债务结构、海外业务 拓展以及回购股份等需求,中概股企 业纷纷发行可转债”,田律师解读道。 “其实在过去几年,随着利率上 升,全球范围内都出现了偏好发行股 权相关产品的趋势,但受到中国股市 的挑战性因素等影响,这一趋势在亚洲 的落地花费了更长时间。然而,伴随近 期中国股市反弹,我们在2024年观察 到市场对这类产品重新产生了兴趣。” 年利达律师事务所资本市场合伙人纪 泰旭律师从更大的时空范畴观察道。 对发行人来说,低成本是可转债 的最大吸引力之一。纪律师指出,尤其 在目前的美元高利率环境下,通过债券 或贷款进行纯债务融资在美元市场成 本较高,而可转债由于嵌入了股权期 权,极大降低了利息。 以阿里巴巴为例,此次可转债利 率为0.5%。据相关机构估算,根据阿里 巴巴之前发行的债券报价,对应期限的 普通债券利率要在5.1%以上。 可转债的另一层好处在于,对于 积极开拓海外业务、公司营收却大部 分来自中国国内的公司来说,可转债 能帮助公司更有效率地获得外汇并使 用资金,减少汇率带来的损失。 与此同时,可转债也很受投资人 青睐,尤其“对于某些类型的基金投资 者来说,这类介于债权和股权之间的工 具能帮助他们有效管理外部风险带来 的波动性”,纪律师说。 鉴于上述特点,田律师观察道,发 行可转债对于科技、互联网、新能源和 生物制药等行业具有较强吸引力,“这 些行业具有高成长性、高资本需求以及 较强的股票上涨空间,无论从公司自身 融资成本考虑还是从投资人的投资收 益考虑,可转债都更有吸引力”,她说。 在纪律师看来,尤其以科技公司为 代表,他们的资产负债表稳健,同时股 价具备一定的波动性,这“给了投资者 更多信心——意味着市场下行时,可转 债有安全性;市场上行股价上涨时,可 转债则具备更多潜力”。 两位律师都指出,此波可转债发行 值得关注的趋势之一,在于发行人,例 如京东、阿里巴巴和携程,都同时配套 了股权回购。 若持有人未来选择转换为股票,将 稀释公司股权,这也是部分公司最初 公布可转债消息时遭到质疑的主要原 因。然而,“配套回购部分股份可以对 冲可转债转股对股权稀释的影响,能 够吸引长期看好公司发展的投资人, 有利于公司长期稳定的发展”,田明子 律师解读道。 纪泰旭律师也指出,“可转债+回 购解决了两个关键问题:首先,发行人 通常面临着对冲投资者做空股价的担 忧——许多公司在发行可转债后经历 了股价大幅下跌,组合执行模式减轻 了这层忧虑;此外,典型的公开市场回 购通常持续时间更长、面临的风险也就 更大,组合模式也化解了这一难题”。 因此,“这为未来的可转债发行人 打开了新思路:可转债不仅可以用来 获取更便宜的融资,也能够更有效地 回报公司股东”,纪律师说。 灵活的组合安排之外,可转债也可 以更具策略性地满足公司需求。例如此 波可转债中,既有面对公众发行的,也 有如联想,直接针对沙特主权财富基金 旗下子公司发行20亿美元零利息可转 债,“这说明从纯粹的资金筹集、增强 资本结构,到战略投资,可转债可以用 来实现广泛的融资策略”,纪律师说。 田律师进一步解读道:“有的可转 债面对公众发售,此种公司一般评级较 高、市场形象较好,可以吸引更多投资 者的关注,并提振市场对公司的信心; 有的可转债则针对特定买家,此种方式 显示了特定投资人与公司的紧密关系, 以及双方进一步合作的空间。不同公司 会根据自身情况及需求选择适合的可 转债发行策略。”

10 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 APPOINTMENTS CHEN LUMING 陈鲁明 LEAVING 原就职律所 JunHe 君合律师事务所 JOINING 现就职律所 Anli Partners 安理律师事务所 PRACTICE 业务领域 Arbitration 仲裁 LOCATION 地点 Shanghai 上海 LI ZHENG 李争 LEAVING 原就职律所 King & Wood Mallesons 金杜律师事务所 JOINING 现就职律所 Duane Morris & Selvam 德茂欣律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Shanghai 上海 WANG HUIKAI 王慧恺 LEAVING 原就职律所 King & Wood Mallesons 金杜律师事务所 JOINING 现就职律所 Shihui Partners 世辉律师事务所 PRACTICE 业务领域 Intellectual Property 知识产权 LOCATION 地点 Shanghai 上海 WU PINGMIN 吴民平 LEAVING 原就职律所 AllBright Law Offices 锦天城律师事务所 JOINING 现就职律所 Duan & Duan Law Firm 段和段律师事务所 PRACTICE 业务领域 M&A 并购 LOCATION 地点 Shanghai 上海 XUE YING 薛颖 LEAVING 原就职律所 GEN Law Firm 己任律师事务所 JOINING 现就职律所 Lifang & Partners 立方律师事务所 PRACTICE 业务领域 Anti-trust 反垄断 LOCATION 地点 Beijing 北京 STEVEN YIP 叶永耀 LEAVING 原就职律所 MinterEllison 铭德律师事务所 JOINING 现就职律所 HFW 夏礼文律师事务所 PRACTICE 业务领域 Construction and Infrastructure 建筑与基础设施 LOCATION 地点 Hong Kong SAR 中国香港特别行政区

11 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA DEALS $47.5BLN China Integrated Circuit Industry’s issuance of investment fund Deal Type: Fund Firms: JunHe Jurisdictions: China 国家集成电路产业发行投资基金 交易类型:基金 参与律所:君合律师事务所 管辖地:中国 $3.58BLN Bank of Nanjing’s issuance of financial bond Deal Type: DCM Firms: Jincheng Tongda & Neal Jurisdictions: China 南京银行发行金融债券 交易类型:债券 参与律所:金诚同达律师事务所 管辖地:中国 $1.73BLN Shanghai RAAS’s selling of stake to Haier Group Deal Type: M&A Firms: Clifford Chance, JunHe, Osborne Clarke Jurisdictions: China, Spain 海尔集团收购上海莱士股权 交易类型:并购 参与律所:高伟绅律师事务所、君合律师 事务所、Osborne Clarke律师事务所 管辖地:中国,西班牙 $927MLN Mindray’s acquisition of APT Medical Deal Type: M&A Firm: Fangda Partners, Jia Yuan Law Offices Jurisdictions: China 迈瑞医疗收购惠泰医疗 交易类型:并购 参与律所:方达律师事务所、嘉源律师 事务所 管辖地:中国 $500MLN CMB Financial Leasing’s issuance of overseas bond Deal Type: DCM Firm: DeHeng Law Offices Jurisdictions: China, Hong Kong SAR 招银金租发行境外债券 交易类型:债券 参与律所:德恒律师事务所 管辖地:中国,中国香港特别行政区 $483MLN Zhaojin’s acquisition of Tietto Minerals Limited Deal Type: M&A Firm: Herbert Smith Freehills, Corrs Chambers Westgarth Jurisdictions: China, Australia 招金矿业收购铁托矿业 交易类型:并购 参与律所:史密夫斐尔律师事务所、阔斯 律师事务所 管辖地:中国,澳大利亚 $441MLN Zeekr’s listing on New York Stock Exchange Deal Type: ECM Firm: Davis Polk, King & Wood Mallesons, Ogier, Han Kun Law Offices, Simpson Thacher, Fangda Partners Jurisdictions: China, U.S. 极氪纽交所上市 交易类型:股权融资 参与律所:达维律师事务所、金杜律师 事务所、奥杰律师事务所、汉坤律师事 务所、盛信律师事务所、方达律师事务所 管辖地:中国,美国 $206MLN Wuhan Guangchuang Emerging Technology Venture Capital Fund Phase I’s strategic investment of NIO Energy Deal Type: ECM Firm: Merits & Tree Law Offices Jurisdictions: China 蔚来能源获武汉光创基金等战略投资 交易类型:股权融资 参与律所:植德律师事务所 管辖地:中国 $137MLN Shangri-La Asia’s issuance of panda bond Deal Type: DCM Firm: JunHe Jurisdictions: China 香格里拉(亚洲)发行熊猫债 交易类型:债券 参与律所:君合律师事务所 管辖地:中国

12 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 JUNE 2024 STEADY GROWTH Data from the Supreme People’s Court of China indicate that in 2023, courts nationwide accepted approximately 45.57 million cases, marking a 15.62 percent increase from the previous year. This growth was observed across various case types, including criminal, civil and commercial, administrative, intellectual property, and enforcement cases. In the uncertain macro environment of the first quarter of 2024, courts continued to see growth, accepting over 11 million cases, a 1.49 percent increase year-on-year. “The demand for dispute resolution services in China’s legal market has steadily increased, providing more development opportunities and expanding the scope for dispute resolution practices,” states Zhao Jiuguang, head of Dispute Resolution at Global Law Office. He considered the composition and growth of firms’ dispute resolution teams, client retention, and acquisition of new clients. This extensive research culminated in the presentation of the 2024 ALB China Dispute Resolution Rankings. This is the first time ALB has assessed the dispute resolution prowess of firms in Mainland China, including international firms with local offices. The ranking features two distinct categories: “litigation” and “arbitration,” each with various tiers. The winning firms differ in team size and business volume, but they share a common trait: all have managed complex and challenging cases, establishing themselves as role models and pioneers of innovation in the field. Several winners have also shared their experiences with ALB on developing their dispute resolution practices. The practice of dispute resolution has been continuously expanding in the Chinese legal services market. It stands as one of the most talent-rich and competitively intense areas. Influenced by various factors such as international dynamics, economic conditions, and technological advancements, conflicts and disputes have become inevitable, frequently surfacing across all sectors of economic and social development, and growing in diversity and complexity. Over the past two years, this has positioned dispute resolution as a critical arena for law firms. To highlight firms that excel in dispute resolution and to monitor emerging trends in this field, ALB has spent the last two months examining the scope, scale, complexity, and notable successes of dispute resolution efforts by participating firms. The evaluation also COVER STORY 伴随宏观社会、经济环境的变化,过去几年,诉讼业务在律师事务所营收中的比重不断提升;与此同时,作为律师 最为传统的服务领域,争议解决也面临着新的趋势和要求。在此背景下,ALB推出首个争议解决业务排名,向您介 绍在该领域引领中国法律市场发展的律师事务所。 As the macro socio-economic environment evolves, the proportion of revenue derived from litigation practices at law firms has been steadily increasing. Simultaneously, dispute resolution, one of the most traditional areas of legal service, is facing new trends and challenges. In this context, ALB is proud to introduce the inaugural dispute resolution rankings, which showcases leading firms in this domain within the Chinese legal services market. RANKING BY ASIAN LEGAL BUSINESS, TEXT BY VICTOR WU 排名:《亚洲法律杂志》,作者:吴嘉林 DISPUTE RESOLUTION RANKINGS 争议解决业务排名

13 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA notes that since 2013, the total number of cases handled by Chinese courts has surged at an average annual growth rate of 13 percent. Regarding arbitration, significant increases were also noted in 2023: the China International Economic and Trade Arbitration Commission (CIETAC) accepted 5,237 new cases, up 28.17 percent; the Beijing Arbitration Commission (BAC) handled over 12,000 cases, a 45.14 percent increase; and the Shanghai International Economic and Trade Arbitration Commission (SHIAC) saw a dramatic 89.4 percent rise with 4,879 new cases. Zhao adds, “This growth in case numbers, both in traditional litigation and commercial arbitration, signifies expanding opportunities in legal services.” He also highlights the evolving nature of legal challenges: “The rise in case numbers and complexity brings new challenges for lawyers, requiring more specialized and refined legal services. In today’s fluctuating economic climate, clients seek not only quality but also cost-effectiveness, adding to the already intense competition in the legal market.” Ji Chaoyi, head of Dispute Resolution at East & Concord Partners, observes that as dispute resolution thrives, there is a heightened demand for specialized expertise among lawyers. “For instance, significant revisions to China’s Arbitration Law and new rules from leading arbitration institutions like CIETAC and SHIAC demand that lawyers stay current, understand, and adeptly use these changes to craft sophisticated dispute resolution strategies,” he explains. Ji also points out areas of growing interest in the market: “Regulatory tightening in finance and securities has led to frequent securities investment disputes, making it a prominent field for dispute resolution. Administrative litigation and investor claims triggered by regulatory changes are also expected to remain significant areas of focus.” Commercial dispute resolution is a cornerstone of RongYing Law Firm, which was established in 2021 amid the Covid-19 pandemic. Despite the market turbulence, RongYing quickly emerged as a notable new player, COVER STORY LITIGATION TIER 1 Commerce & Finance Law Offices 通商律师事务所 JunHe LLP 君合律师事务所 King & Wood Mallesons 金杜律师事务所 Zhong Lun Law Firm 中伦律师事务所 TIER 2 AllBright Law Offices 锦天城律师事务所 Dacheng Law Offices 大成律师事务所 DeHeng Law Offices 德恒律师事务所 Global Law Office 环球律师事务所 Grandall Law Firm 国浩律师事务所 Hui Zhong Law Firm 汇仲律师事务所 Jingtian & Gongcheng 竞天公诚律师事务所 Llinks Law Offices 通力律师事务所 TIER 3 AnJie Broad Law Firm 安杰世泽律师事务所 Anli Partners 安理律师事务所 FenXun Partners 奋迅律师事务所 Guantao Law Firm 观韬中茂律师事务所 Haiwen & Partners 海问律师事务所 Han Kun Law Offices 汉坤律师事务所 Jincheng Tongda & Neal Law Firm 金诚同达律师事务所 JunZeJun Law Offices 君泽君律师事务所 King & Capital Law Firm 京都律师事务所 Tian Yuan Law Firm 天元律师事务所 Zhenghan Law Firm 虹桥正瀚律师事务所 TIER 4 Hui Ye Law Firm 汇业律师事务所 Jia Yuan Law Offices 嘉源律师事务所 Jin Mao Law Firm 金茂律师事务所 Joint-win Partners 上海正策律师事务所 Kangda Law Firm 康达律师事务所 Merits & Tree Law Offices 植德律师事务所 Tahota Law Firm 泰和泰律师事务所 W&H Law Firm 炜衡律师事务所 Zhonglun W&D Law Firm 中伦文德律师事务所 NOTABLE FIRMS Beijing Hylands Law Firm 北京浩天律师事务所 Boss & Young Attorneys-At-Law 邦信阳律师事务所 Bridgeon Law Firm 博遵律师事务所 China Commercial Law Firm 华商律师事务所 Clyde & Co 其礼律师事务所 DOCVIT Law Firm 道可特律师事务所 Dorsey & Whitney LLP 美国德汇律师事务所 H&T Law Firm 汉韬律师事务所 Hiways Law Firm 海华永泰律师事务所 L&H Law Firm 浙江六和律师事务所 Rajah & Tann Singapore LLP 新加坡立杰律师事务所 T&C Law Firm 天册律师事务所 TianTai Law Firm 天驰君泰律师事务所 V&T Law Firm 万商天勤律师事务所 Wang Jing & Co. Law Firm 敬海律师事务所 Yingke Law Firm 盈科律师事务所