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Han Kun Law Offices | May 2023

In recent years, China is continuously exploring the regulations of LDT (Laboratory Developed Tests, as defined below). With the introduction of a series of new regulations, many outstanding multinational and local companies have participated in the research of LDT. At this stage, general provisions can no longer meet the demand of the practice of LDT industry ...

Han Kun Law Offices | May 2023

Generative AI has become a worldwide sensation recently with the launch of ChatGPT, Stable Diffusion, Midjourney, and other eye-catching products. Large language models such as ChatGPT have shown their phenomenal capacity for human language comprehension, human-machine interaction, text writing, programming, reasoning, etc. by generating output that is often on a par with the level of human intelligence, if not better ...

Han Kun Law Offices | March 2023

In the process of overseas offering and listing of domestic enterprises so far, it is necessary for the listing intermediaries (the "Intermediaries") to conduct due diligence on all aspects of the issuer. In particular, PRC lawyers are required to issue the PRC legal opinions on the history, corporate governance, business operation, major assets, tax, employment, and other aspects of the domestic enterprises ...

Han Kun Law Offices | March 2023

On March 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published its consultation conclusions ("Consultation Conclusions") regarding the proposed new listing regime for specialist technology companies ...

Han Kun Law Offices | March 2023

With the full implementation of the New Filing Rules, in addition to the requirements for domestic enterprises to file with the CSRC within three (3) business days after the submission of overseas listing application documents, the New Filing Rules also clarify the requirements for the reporting or filing procedures for domestic enterprises after overseas offerings and listings, including the filing requirements for follow-on securities offerings or the development in multiple capital markets of

Han Kun Law Offices | March 2023

On February 17, 2023, the China Securities Regulatory Commission (CSRC) announced rules related to the registration-based stock issuance system, marking a full transition to the "registration-based" era, 33 years after the establishment of China's capital markets ...

Han Kun Law Offices | March 2023

On February 1, 2023, the China Securities Regulatory Commission ("CSRC") solicited public opinions on the Measures for Administration of the Registration-based Initial Public Offerings of Stocks (Draft for Comment) (《首次公开发行股票注册管理办法(征求意见稿)》) ...

Han Kun Law Offices | March 2023

For a long time, overseas listing of domestic enterprises has been one of the major ways for investment institutions to exit. The filing-based system for overseas offering and listing adopts a unified regulation pattern over direct overseas listing and indirect overseas listing, optimizes the original examination and approval procedures for direct overseas listing and full circulation, and meanwhile increases the filing requirements for indirect overseas listing ...

Han Kun Law Offices | March 2023

  China Business Law Journal Published March 9, 2023 With the growing importance of environmental, social and corporate governance (ESG) and the high level of globalisation in capital and supply chains, the scope of ESG regulation is no longer confined to listed companies, the traditional targets ...

Han Kun Law Offices | March 2023

On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) and the ancillary Guidelines No. 1-3 on private fund manager registration (collectively, the "Draft Rules"). On February 24, 2023, AMAC issued the updated Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法》) (the "Measures") and the ancillary Guidelines No. 1-3 (i.e ...

Han Kun Law Offices | February 2023

On February 24, 2023, The Stock Exchange of Hong Kong Limited ("HKEX") published a consultation paper (the "Consultation Paper"), which detailed the proposed amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") following new filing rules for the overseas listing of domestic enterprises announced by the China Securities Regulatory Commission ("CSRC") on February 17, 2023 (the "New Filing Rules") ...

Han Kun Law Offices | February 2023

The direct overseas offering and listing by domestic entities refers to the overseas offering and listing by joint-stock companies registered and incorporated domestically in China (the "Direct Overseas Listings"), which is currently one of the main ways for domestic entities to be listed overseas. Prior to the implementation of the New Filing Rules, the Direct Overseas Listings are subject to the examination and approval by both the CSRC and the overseas securities regulatory authorities ...

Han Kun Law Offices | February 2023

On February 17, 2023, the New Filing Rules was released by the China Securities Regulatory Commission ("CSRC"), which will come into force on March 31, 2023. In the meantime, the Notice of the State Council on Further Strengthening the Administration of Overseas Stock Issuance and Listing (State Council Announcement [1997] No. 21) (the "97 Red Chip Guidelines") will be repealed on the effective date of the New Filing Rules ...

Han Kun Law Offices | February 2023

On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the Interest Rate Swap Markets of the Mainland and Hong Kong (Draft for Comments)(the "Draft Swap Connect Measures"). The public comment period is open until 4 March 2023 ...

Han Kun Law Offices | February 2023

On February 17, 2023, China Securities Regulatory Commission ("CSRC"), as approved by the State Council, released new rules for the filing-based administration of overseas securities offerings and listings by Chinese domestic companies ("New Filing Rules"). The New Filing Rules signal a new era of unified filing system for overseas offerings and listings by Chinese companies. We have summarized below five key points of the New Filing Rules for your quick reference ...

Han Kun Law Offices | February 2023

The refinancing policies for listed companies on the Shanghai and Shenzhen Stock Exchanges will be revised as a part of the full implementation of the registration-based stock issuance system reform, in addition to the reform of the IPO-related rules ...

Han Kun Law Offices | February 2023

On February 1, 2023, the China Securities Regulatory Commission ("CSRC"), the Shanghai Stock Exchange ("SSE"), the Shenzhen Stock Exchange ("SZSE"), and the Beijing Stock Exchange ("BSE") issued for public comments draft rules and regulations (the "Draft Rules") related to the registration-based stock issuance system. The Draft Rules mark the official launch of the full implementation of stock issuance reforms in China ...

Han Kun Law Offices | February 2023

On February 1, 2023, the China Securities Regulatory Commission ("CSRC") started soliciting public feedback on the draft Administrative Measures for the Registration of Initial Public Offerings ("Draft Administrative Measures") and other major rules of the registration-based share offering scheme ...

Han Kun Law Offices | January 2023

On November 22, 2022, the State Administration for Market Regulation ("SAMR") issued for public comments a draft revision to the Anti-Unfair Competition Law of the People's Republic of China (the "Draft Revision", the "AUCL"), which reflects the government's ongoing efforts against unregulated unfair competition activities emerging in tandem with fast-evolving market forces that continue to give rise to new business forms and models ...

Han Kun Law Offices | January 2023

On December 30, 2022, the Asset Management Association of China ("AMAC") issued a consultation draft of the Measures for Registration and Filing of Private Investment Funds (《私募投资基金登记备案办法 (征求意见稿)》) (the "Draft Measures") and the ancillary Guidelines No. 1-3 on private fund manager registration〔i.e. Guideline on Basic Operational Requirements ("Guideline No. 1"), Guideline on Shareholders, Partners and Actual Controllers ("Guideline No ...

Han Kun Law Offices | December 2022

  Recently, the China Banking and Insurance Regulatory Commission ("CBIRC") issued the Measures for Regulatory Assessment of Corporate Governance of Banking and Insurance Institutions (the "2022 Measures"), which replace the Measures for Regulatory Assessment on Corporate Governance of Banking and Insurance Institutions (for Trial Implementation) (the "2019 Measures") issued by CBIRC on 25 November 2019 ...

Han Kun Law Offices | December 2022

On 14 December 2022, the People's Bank of China ("PBOC") issued for public comments the Measures for Administration and Supervision of Financial Market Infrastructures (the "FMI Measures"). The public comment period is open until 14 January 2023 ...

Han Kun Law Offices | November 2022

On 11 November 2022, the China Banking and Insurance Regulatory Commission ("CBIRC") issued for public consultation a draft revision to the PRC Banking Supervision Law (the "Consultation Draft"). The current PRC Banking Supervision Law was first promulgated in February 2004 and was amended once in 2006 (the "Current Law") ...

Han Kun Law Offices | November 2022

On 18 November 2022, the People's Bank of China and the State Administration of Foreign Exchange ("SAFE") jointly promulgated the Provisions on Administration of Funds Invested in China's Bond Markets by Foreign Institutional Investors (《境外机构投资者投资中国债券市场资金管理规定》, the "New Rules") ...

Han Kun Law Offices | November 2022

On November 18, 2022, the State Administration for Market Regulation and the Cyberspace Administration of China jointly released the Rules on Implementation of Personal Information Protection Certification (《个人信息保护认证实施规则》) (the"Rules"). The Rules mark a major step toward improving China's specialized institution certification regime for personal information (the "PI") protection.The Rules (in Chinese only) are available at:http://www.cac.gov.cn/2022-11/18/c_1670399936983876.htm ...

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