Read our news and resources section to keep abreast of changes within the legal and compliance sector, including regulatory updates.
Kirkland & Ellis represented BGH Capital in the raising of its first private equity fund with a focus on investment in Australia and New Zealand.
The Hong Kong Stock Exchange Tightens The Regulatory Framework For Capital Raisings By Listed Companies.
The Hong Kong Listing Rules are to be amended from 3 July 2018 to enhance the regulatory framework for capital raisings by listed issuers.
New Chapter On Listing Of Innovative Companies With Weighted Voting Rights Structures In Hong Kong: At A Glance.
The Stock Exchange of Hong Kong Limited (the “Exchange”) published the consultation conclusions and announced the new rules.
The government has this week published a comprehensive report detailing Hong Kong's Money Laundering and Terrorist Financing (ML/TF) Risk Assessment. This is the product of a year's consultation, data analysis and stakeholder engagement by the government.
Hong Kong Publishes Groundbreaking New Rules For Dual-class Shares, Emerging And Innovative Sectors.
The new rules subsequently published on April 24, 2018, represent the most significant changes to the Hong Kong listing regime in over 20 years.
Hong Kong has implemented mandatory reporting and clearing requirements for certain OTC derivatives transactions.
The past couple of years have seen several challenges, including a sluggish IPO market, uncertainty in the Chinese equities market, and some would say, an overpopulation of lawyers in Hong Kong.
Within the Asian market there is a lot of confusion regarding what AI actually can do, how it works, and what opportunities may exist for adopting AI within legal departments and law firms in this region.
A financial services regulator in Hong Kong has stepped in to stop a business offering digital tokens to prospective investors.
The 2018 meeting of the International Technology Law Association (ITechLaw) was held in Hong Kong bringing together lawyers, regulators, business leaders, futurists and entrepreneurs to discuss the challenges they face today at the intersection of law and technology as well as offering their thoughts on what the future might hold.
Hong Kong’s Financial Secretary delivered a budget speech on 28 February 2018. Briefly, the following items are noteworthy for the asset management sector.
Hong Kong Announces Groundbreaking New Rules For Dual-Class Share, High-Tech And Biotech Company Listings.
After publishing the “New Board Concept Paper Conclusions” in December 2017, the Stock Exchange of Hong Kong Limited (the Exchange) issued on 23 February 2018 a consultation paper entitled “A Listing Regime for Companies From Emerging and Innovative Sectors” (Consultation Paper), which seeks public feedback on the proposed new rules to expand Hong Kong’s listing regime to facilitate listings of companies from emerging and innovative sectors. The proposals in the Consultation Paper potentially represent the most significant changes to the Hong Kong listing regime in over 20 years.
As litigators working with insolvency practitioners internationally, a challenge that we often face is to bridge the “investigation gap” between the identification of circumstances that warrant investigation and obtaining the evidence necessary for the prosecution of meritorious claims.
Hong Kong - SFC's New Guidance Note Redefines Cooperation In Disciplinary, Civil Court And Market Misconduct Tribunal Proceedings.
In recent years, we have seen an increasing number of cases which were concluded following settlement discussions with the Securities and Futures Commission (SFC). More than a decade ago, the SFC published a guidance note on "cooperation" in 2006.
The Apology Ordinance (Cap 631) (Ordinance) was passed on 13 July 2017 and will become effective on 1 December 2017. The Ordinance clarifies the legal consequences of a party making an apology by stating that it will generally be inadmissible as evidence against them in the relevant proceedings as an admission of fault. Sometimes, a party may still wish to express their condolences or sympathy, despite genuinely believing that they are not at fault. The Ordinance will give protection to such party by ensuring that such an apology does not constitute an express or implied admission of the party’s fault or liability in connection with the matter and must not be taken into account in determining fault or liability on any other issue in connection with the matter to the prejudice of that party.
China’s Belt and Road Initiative (BRI) has gained huge momentum of late, with governments, companies and lawyers keen to maximise the many opportunities it presents. The resolution of disputes arising from the BRI is no exception. The sheer complexity and scale of BRI projects is prompting a welcome review of dispute resolution processes, with a view to resolving BRI disputes more quickly and amicably, ideally in a confidential and enforcement-friendly environment. Recent developments suggest that the BRI presents an opportunity for less formal procedures, like mediation, to flourish and enter the mainstream. Indeed, three key BRI jurisdictions – China, Singapore and Hong Kong – have recently promoted mediation in the context of BRI disputes.
The Appeal Committee of the Court of Final Appeal in Hong Kong granted leave to First Media to appeal the Court of Appeal’s decision confirming the first instance decision to refuse First Media’s application to seek leave out of time to resist enforcement of Singapore awards which were made without jurisdiction.
Kirkland & Ellis is pleased to announce the appointment of Daniel Dusek as a partner in the Corporate Practice Group of the Firm’s Hong Kong office. Mr. Dusek has extensive experience advising on mergers and acquisitions, private equity and a variety of other complex and cross-border corporate matters
Around this time last year we wrote a similarly titled article, which made various predictions for the legal market in 2016. At that time, we were predicting a busy year for IPOs, regulatory teams, M & A, and speculated as to whether the implementation of the Competition Ordinance may see an increase in workflow to firms, or in-house teams.
On 11 January 2017, advised by King & Wood Mallesons, Bar Pacific Group Holdings Limited (Bar Pacific Group, Stock Code: 8432) launched its initial public offering on the GEM Board of the Hong Kong Stock Exchange (HKSE). The IPO comprised a total of 215 million shares issued. Priced at HK$0.29 per share, the IPO raised a net amount of approximately HK$45.2 million. This transaction marks the first bar company listed in Hong Kong
Skadden advised BNP Paribas, BOCI Asia, Citigroup, CITIC CLSA and CMB International as joint global coordinators and joint bookrunners of Wisdom Education International Holdings Co. Ltd.'s HK$850 million (approximately US$107.4 million) initial public offering on the Hong Kong Stock Exchange. Trade in the shares commenced on 26 January
When a business in Hong Kong finds itself in financial distress, there are number of options it may take, including but not limited to corporate restructuring, selling off a part of the business, or finding alternate ways of raising new capital to pay off its existing debts. When all else fails, it may choose to wind-up the company. Moreover, when circumstances so require, a Hong Kong court may even order a foreign company doing business within its jurisdiction to wind up the company.
Sanford Rose Associates® Executive Search Network expands its global footprint into Hong Kong with the partnership of Ashford Benjamin the newest member of the Sanford Rose Associates network of offices. Ashford Benjamin has established itself as leader in the field of legal recruitment and compliance recruitment in Hong Kong and the Asia-Pacific region. With a core focus in retained, confidential searches for notable law firms, financial institutions, and other commercial entities, Ashford Benjamin places the highest caliber lawyers and compliance professionals for key senior-level vacancies.
Davis Polk advised Orient Securities Company Limited (“DFZQ”) on its initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited and an international offering in reliance on Rule 144A and Regulation S. The net proceeds from the global offering to be received by DFZQ are estimated to be approximately HK$6.8 billion (US$876 million) prior to any exercise of the over-allotment option.
Hong Kong - Allen & Overy Bolsters Asia Pacific Capital Markets Practice With China-Focused U.S. Hire
Allen & Overy announces today that it is expanding its Greater China debt capital markets practice with the appointment of Liang (Alex) Tao, a Mandarin speaking U.S. partner, in its Hong Kong office.
Hong Kong - Kirkland & Ellis Represents J.P. Morgan In CVC Capital Partners-led Funds’ USD1.1bn Proposed Privatization Of Nirvana Asia
Kirkland & Ellis is acting for J.P. Morgan, as financial adviser, in connection with CVC Capital Partners-led funds’ US$1.1 billion proposed privatization of Nirvana Asia Ltd (HKSE: 1438) by way of a scheme of arrangement.
International law firm Taylor Wessing has announced an official association between a newly established branch of Taylor Wessing and local firm HM Chan & Co in Hong Kong.
Shearman & Sterling Advises Underwriters On USD1.5bn Guaranteed Notes Offering By China Three Gorges Corporation
Shearman & Sterling advised J.P. Morgan, Deutsche Bank, Industrial and Commercial Bank of China, Bank of China, Goldman Sachs, and UBS as initial purchasers on the offering of US$500 million 2.3% Guaranteed Notes due 2021 and US$1 billion 3.15% Guaranteed Notes due 2026 by Three Gorges Finance I (Cayman Islands) Limited, a wholly-owned special purpose vehicle of China Three Gorges Corporation. The Notes are guaranteed by China Three Gorges Corporation and are listed on the Singapore Exchange Securities Trading Limited.
Indonesia is a jurisdiction which sometimes receives bad press from a restructuring and insolvency perspective. However, over the past 10 years, the Indonesian restructuring process called the Suspension of Debt Payment Obligations (“PKPU”) has evolved into a process that is well understood, offering a degree of certainty as to how the procedure will work in practice, and where Indonesian creditors, in particular, feel far more comfortable using the process to drive the restructuring.
Dada Nexus Limited, which operates China's largest crowdsourcing delivery platform, has entered into definitive agreements with JD.com Inc. (NASDAQ: JD), whereby JD.com will contribute its existing online-to-offline business unit (JD Daojia Business) and US$200 million in cash to Dada in exchange for a 47.4% stake in Dada. The US$1.4 billion deal was announced on April 15, 2016.
Effective 1 April 2016, several changes to Singapore’s labour and employment law have been made that have the potential to generate increased awareness among employees as to their employment terms, salary and benefits. These new regulations will hopefully further serve to minimise disputes in the workplace. Among the many revisions include increased administrative requirements, which will compel businesses to issue itemised payslips to all employees; provide employees with written key employment terms; and keep detailed employment records for each employee.
JD.com, Inc. (NASDAQ: JD), China’s largest online direct sales company, announced on April 23, 2016, the pricing of its public offering of US$1 billion aggregate principal amount of its notes.
Shearman & Sterling Advises on Phoenix Healthcare's High Profile Acquisition of China Resources Healthcare Group
Shearman & Sterling is advising Hong Kong-listed Phoenix Healthcare on its US$480 million acquisition of certain hospital businesses of China Resources Healthcare Group (CR Healthcare), one of the largest state-owned enterprises in China’s healthcare industry. CR Healthcare will become a controlling shareholder of Phoenix Healthcare.
Allen & Overy has advised the joint lead managers of Mongolia’s successful sovereign bond offering. The USD500 million issuance, which closed last Wednesday, was done under the Government of Mongolia’s Global Medium Term Notes Program (in respect of whose establishment Allen & Overy advised the arrangers). The bonds were sold internationally on a combined Rule 144A / Regulation S basis, with US qualified institutional buyers accounting for a substantial portion of the total demand.
Recently, the Hong Kong Court of First Instance handed down its judgment in the case Li Kwok Heem John v Standard Chartered International (USA) Limited (“Bank”). The case was brought by a victim of the infamous Bernard Madoff ‘Ponzi’ scheme against Standard Chartered Bank, where he invested in the fund that was ultimately found to be a fraud. This case has sparked much debate on the obligations banks owe their investors and what measures they need to start taking to better protect themselves from liability in the event they found themselves in the midst of a Ponzi scheme.
Duane Morris & Selvam advised First Myanmar Investment Co., Ltd. (“FMI”) on the historic listing of its shares on the newly established Yangon Stock Exchange (“YSX”). FMI’s shares began trading on 25 March 2016, three months after the YSX was officially opened. FMI’s shares were the first to be listed on the YSX.
Allen & Overy Advises On First Competitively Awarded Independent Power Project To Be Developed in Myanmar
Allen & Overy has acted for the Advisory Services unit of the International Finance Corporation (IFC Advisory), in conjunction with the Ministry of Electric Power (MOEP) and the state-owned Myanmar Electric Power Enterprise (MEPE), on the signing of a Power Purchase Agreement (PPA) with Sembcorp Myingyan Power Company Limited (a subsidiary of Sembcorp Industries) in relation to the Myingyan IPP.
International law firm Debevoise & Plimpton LLP announced on 22nd March the opening of an office in Tokyo. The Tokyo office is the firm’s ninth and represents a further commitment to the firm’s long-standing relationship with Japan. Debevoise has been actively serving Japanese clients for over 60 years.
Kirkland & Ellis Represents Bain Capital In The Acquisition Of Controlling Interest In Asia Pacific Medical Group
Kirkland & Ellis represented Bain Capital in the acquisition of a controlling interest in Asia Pacific Medical Group (“APMG”).
Harneys has hired four lawyers in Hong Kong including ex-Walkers finance counsel Paul Sephton, who joins as Partner, and associates Leela Patel, James McKnight and Sharon Cong.
The Hong Kong International Arbitration Centre (HKIAC) is pleased to launch a new Panel of Arbitrators for Intellectual Property Disputes (Panel) composed of leading experts with immense experience and expertise in handling intellectual property (IP) cases.
Deacons has advised Rongsheng Asset Management on its acquisition of a HK$1.13 billion stake in Addchance Holdings via subscription of new shares and application for whitewash waiver.