Capital markets MARKET WATCH 资本大海导航 Capital navigations 在中国资本市场这片汪洋大海中, 寻找正确的集资和投资途径正变得日益复杂 李俊辰提供您必需的导航罗盘 Finding the right fund-raising or investment

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1 引领企业上市的成功之道 国枫凯文证券及资本市场业务 国枫凯文律师事务所是中国领先的综合性律师事务所, 总部设于北京, 在上海 深圳 广州 重庆 成都和西安设有分所, 目前拥有律师和专业人员近 500 人 国枫凯文作为全国最早获得从事证券法律业务资格的律师事务所之一, 在中国资本市场法律服务领域居引领地位 国枫凯文成功为数百家企业的境内外首次公开发行上市 再融资 收购兼并和重大资产重组等项目提供了优质法律服务, 年连续两年荣登全国从事证券法律业务律师事务所 IPO 项目通过发审会审核数量之首 国枫凯文数名合伙人曾经或正在担任中国证监会主板 创业板发行审核委员会委员 并购重组审核委员会委员 上海证券交易所上市咨询委员会委员和深圳证券交易所上市委员会委员 国枫凯文多次受中国证监会委托, 参与若干涉及发行上市和上市公司监管的部门规章和规范性文件的起草和修订工作 国枫凯文骄人的业绩不仅来源于始终如一的优质法律服务理念和精湛的法律服务水平 满足不同客户需求的个性化法律服务方案, 更得益于率先在业内建立并有效实施的证券法律业务内核机制, 在业务指引 质量控制和风险控制方面成效显著 Grandway Securities and Capital Markets Grandway Law Offices, a leading full-service law firm in China, is headquartered in Beijing, with branch offices in Shanghai, Shenzhen, Guangzhou, Chongqing, Chengdu and Xi'an. At present, Grandway employs nearly 500 lawyers and professionals. Grandway was among the first law firms qualified to engage in the securities legal business in China, enabling it to assume a leading position in the field of legal services in China s capital market. It has provided quality legal services for hundreds of companies in initial public offerings, refinancing, mergers and acquisitions as well as major asset restructuring projects at home and abroad. For two consecutive years in 2011 and 2012, Grandway was ranked top among law firms engaged in the business of securities laws across China, in terms of the amount of IPO projects approved by the Public Offering Review Committee. Several of Grandway s partners serve or have served as members of the Public Offering Review Committee and the Review Committee for Merger, Acquisition and Reorganization of the Main Board and ChiNext of the China Securities Regulatory Commission as well as members of the Listing Advisory Committee of Shanghai Stock Exchange and the Listing Committee of Shenzhen Stock Exchange. In addition, the China Securities Regulatory Commission has commissioned Grandway lawyers to participate in the drafting and revision of a number of departmental rules and regulations as well as regulatory documents in connection with listings and offerings, and regulation of listed companies. Grandway is recognized in the industry for its quality service concept, superb legal skills and personalized service programmes that meet the needs of different customers, Grandway was among the first firms to establish formal internal review procedures for its securities practice, which has produced remarkable results in terms of business guidelines, quality control and risk management. 北京市西城区金融大街 1 号写字楼 A 座 5 12 层 电话 : , 传真 : , &12F, Tower A, No.1 Financial Street, Xicheng District, Beijing, , China Tel: , Fax: , 北京 上海 深圳 广州 成都 重庆 西安 Beijing Shanghai Guangzhou Shenzhen Chengdu Chongqing Xi'an

2 Capital markets MARKET WATCH 资本大海导航 Capital navigations 在中国资本市场这片汪洋大海中, 寻找正确的集资和投资途径正变得日益复杂 李俊辰提供您必需的导航罗盘 Finding the right fund-raising or investment tools in China s capital markets is an increasingly complex exercise. Richard Li offers a guiding compass 国企业的资金筹集渠道正变得越来越多样化 这既是受市中场大环境所逼迫, 也是受法规政策所推动 根据中国证监会公布的数据,2012 年 A 股市场的首次公开发行 (IPO) 金额比 2011 年下跌了约 63.4% 在股市持续低迷的压力下, 证监会更于去年第四季度停止了对新股的发行审核工作 随着中国多层次资本市场体系的不断完善, 通过多渠道 非 IPO 方式实现融资将是主流 兰台律师事务所北京办公室律师 周曼说 Fund-raising channels for Chinese companies are becoming increasingly diverse as a result of the force of the market environment and the impetus of policies and regulations. According to data released by the China Securities Regulatory Commission (CSRC), the amount of funds raised under initial public offering (IPO) projects in the A-share market dropped about 63.4% in 2012 from Despite pressure from the continued downturn in the stock market, the CSRC has chosen to suspend the approval of new share issues since the fourth quarter of last year. May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 27

3 市场观察 资本市场 长期来看 IPO 作为中国企业趋之若鹜的神话将永远成为 中国资本市场的历史 周曼说 由于境内 IPO 这一渠道不顺畅, 更多公司通过发行债券获取发 展所需的资金 监管机构也在努力推动债市的发展, 一面简化审批 手续, 一面增加债券品种以适合更多类型公司的需要 例如, 证监 会推出了中小企业私募债试点 一些公司走出国门, 在海外资本市场寻觅资金 中国公司在美国 的上市活动虽然跌至冰点, 但他们的 H 股上市交易日渐活跃 根 据证监会的数据推算,2012 年中国公司的 H 股上市金额比 2011 年增长约 21.6% 政府对 H 股的进一步放开在其中发挥了重要作 用 对中小企业而言, 有律师认为新加坡也是一个不错的选择 再看国内, 中央政府正在积极发展多层次的资本市场体系 在 股市和债市之外, 新三板的潜力也值得中小企业关注 同时, 政府 也在进一步对外开放中国的资本市场, 上海市推出的一项试点计 划让外国投资者看到了直接在中国融资的曙光 筹集资金的方式和地域的确是五花八门, 同时也各有利弊 重 要的是, 企业要根据自身的规模 行业 需求 特点, 以及未来的 发展战略等各种因素综合考虑, 选择最适合自身的融资方式, 瑛 明律师事务所驻上海合伙人林忠说 债券井喷 中国公司的债券发行交易在近两年进行得如火如荼 经济增速 与通货膨胀的双降 银行贷款占比萎缩都为信用债券市场向好发展 营造了较好的宏观环境 通力律师事务所驻上海合伙人陈巍说 国内债券市场的大幅度发展也符合国际融资的形势, 毕竟债 券融资需要的条件与 IPO 有很大区别, 债券发行的难度还是相对 较低的 国枫凯文驻北京首席合伙人张利国说 目前的融资方式主要就是股权融资和债权融资 IPO 是一种股 权融资, 既然股权融资的方式走不通, 许多公司选择走债券融资渠 道也是很自然的事情 中伦文德律师事务所驻北京合伙人甄庆贵 说道 债券融资需要的条件与 IPO 有很大区别 The requirements for bond financing are very different from those of IPOs 张利国 Zhang Liguo 国枫凯文律师事务所首席合伙人北京 Chief Partner Grandway Law Offices Beijing As the regime for a multi-level capital market improves in China, it will now be mainstream to raise capital through a number of channels other than IPOs, says Zhou Man, a lawyer at Lantai Partners in Beijing. In the long run... IPOs as a myth for Chinese companies flocking to cash in will be gone forever in China s capital market. Since the IPO channel is not doing as well in China, more companies are securing funds through issuing bonds. Regulatory authorities are also striving to promote the development of the bond market by streamlining examination and approval procedures, and introducing more bond products to fit the needs of different types of companies. For example, the CSRC has launched a pilot scheme for small and medium-sized enterprises (SMEs) to issue private placement bonds. Some companies are looking for funds in overseas capital markets. Although stock flotation activities of Chinese companies in the US have dropped almost to freezing point, trading in the H-shares of these companies is increasingly active. According to projections based on CSRC data, the size of public offerings of H-shares of Chinese companies in 2012 increased approximately 21.6% over 2011, suggesting that the government played a major role in further liberalisation of H-Shares. Some lawyers consider Singapore a good choice for SMEs, too. The central government is making aggressive efforts to develop a multi-level capital market system. Apart from the main stock and bond markets, a so-called third board has potential and deserves the attention of SMEs. The government is also further deregulating the capital market, as marked by the launch of a pilot programme in Shanghai that allows foreign investors to see the dawn of direct financing in China. There are all kinds of ways to raise funds in different places, and each of them has its own advantages and disadvantages. It is important for companies to choose the most suitable financing mode after assessing various factors such as the size, business needs, characteristics and future development strategies of the companies themselves, says Lin Zhong, a partner at Chen & Co Law Firm in Shanghai. Bond issues Chinese companies have been zealously issuing and trading bonds in the past two years. Decelerated economic growth rate and inflation, as well as reduced percentage of bank loans, have created a better macro environment for the positive development of the credit bond market, notes Wayne Chen, a partner at Llinks Law Offices in Shanghai. The substantial development of the domestic bond market is also in line with the global financing scene. After all, the requirements for bond financing are very different from those of IPOs, and it is still less difficult to issue bonds, says Zhang Liguo, chief partner at Grandway Law Offices in Beijing. The current modes of financing are primarily equity financing and debt financing. An IPO is an equity financing. Since equity financing is a dead end, it is natural for many companies to select the bond financing approach, says Zhen Qinggui, a partner at Zhonglun W&D Law Firm in Beijing. Bond issues have surged as a result of the impetus given by regulatory authorities. The CSRC introduced a green channel policy for the approval of corporate bonds at the end of Before this, bond issues were examined under a sponsor policy that involved a complex process and needed a longer period of 28 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

4 Capital markets MARKET WATCH 2012 年中国债券市场的蓬勃发展得益于债券市场的不断扩容和创新 China s bond market in 2012 was blessed by continuous expansion and innovation of the bond market 姜圣扬 Jiang Shengyang 安杰律师事务所合伙人北京 Partner AnJie Law Firm Beijing 债券发行量的激增还得益于监管部门的推动 例如公司债, 2010 年底证监会推出了公司债审批 绿色通道 制度 此前, 公司债发行审核采取保荐制度, 发行审核程序复杂 周期较长 国枫凯文律师事务所驻北京合伙人张诗伟说 绿色通道 制度明 time for the examination of bond issues, says Zhang Shiwei, a partner at Grandway Law Offices in Beijing. Under the green channel policy, the period of time for the examination is substantially shorter, which has boosted the expansion of the size of corporate bonds. CSRC provides for four types of green channel company: companies with net assets of over RMB10 billion (US$1.6 billion); companies with a credit rating of AAA; companies with a relatively good credit rating, having issued bonds with a duration of less than three years; and companies that issue bonds to institutional investors instead of the general public, says Wang Meng, a partner at Kangda Law Firm in Beijing. These four types of companies will be able to get official approval documents in about two weeks. The approval speed is very fast. In addition to the streamlining of procedures, the prosperous development of China s bond market in 2012 was blessed by the continuous expansion and innovation of the bond market, says Jiang Shengyang, a partner at AnJie Law Firm in Beijing. With CSRC approval, the Shanghai and Shenzhen stock exchanges launched a pilot scheme on private placement bonds for SMEs in late May last year. This new financing method, which is available to non-listed SMEs without imposing any restrictions on financial indicators or mandatory requirements for credit rating, has become one of the innovative ways for SMEs to solve their financing problems, observes Cheng Shoutai, managing partner at Tahota Law Firm in Chengdu. 创於 1988 年 北京康达律师事务所是中国律师业创办最早 最具规模 服务卓越的综合性律师事务所之一, 总部位于北京, 在境内 9 大城市设有分支机构, 建成了网络化的服务体系, 能够提供跨地域的法律服务 康达是首批取得司法部和中国证监会授予的 从事证券法律业务资格证书 的律师事务所之一, 汇集了国内一批知识层次高 理论功底扎实 实践经验丰富的证券律师 康达的服务种类包括设立公司 公司改制 收购兼并 境内外公开发行或私募 境内外上市及再融资 债券发行及上市 基金设立及基金产品发行等多种类型 服务领域涉及工业 农业 商业 金融 能源 房地产 医药 交通 通讯 IT 生物技术 公用事业 服装 乳业 园林景观 环保 消防等行业 康达律师在注重传统公发上市业务的同时, 努力拓展新的业务领域, 包括上市公司及非上市公司并购 外资并购 股权分置 资产重组 基金公司设立 证券公司设立或增资扩股以及管理层收购等 特别是在上市公司并购及资产重组等领域积累了丰富的经验, 已经为三十余家上市公司股权收购或国有股权划转的完成提供了专项法律服务 截至 2012 年底, 康达证券律师已经成功地协助国内外二百五十余家企业完成了 A 股 B 股 H 股 中国概念股和红筹股的发行 上市工作以及近五十家上市公司的新股发行工作 ; 另外还为二十余家企业完成了股份制改造的工作 ; 并正在为近五十家拟上市公司或上市公司发行新股或可转换公司债券的发行工作担任特聘专项法律顾问 基于其卓越的服务, 康达多次荣获 北京市优秀律师事务所 全国优秀律师事务所 奖项 康达在中国证监会首度也是至今唯一一次发布的 2007 年度证券法律服务业务发展报告 列示的股票首次公开发行法律业务 再融资法律业务和境外发行法律业务等三项业务排名中均位于全国律师事务所的前十位 被 投资者报 研究部综合评选为 2010 年中国十佳 IPO 律师事务所 又凭借 2011 年在 IPO 市场的骄人业绩 ( 12 家境内外 IPO 项目及 7 家上市公司再融资项目过会 ), 在多家机构的多种排名中, 多次获选 2011 年中国十佳 IPO 律师事务所 北京市朝阳区建国门外大街 19 号国际大厦 室, 邮编 : Citic Building, N o.19 Jianguomenwa i S treet, B e ijing, , PRC 电话 Te l: (8 610) 传真 Fa x: (8 610) 北京 上海 广州 深圳 海口 西安 杭州 南京 沈阳 天津 May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 29

5 市场观察 资本市场 定价日 Pricing date 2012 年 6 月 29 日 29 June 年 5 月 14 日 14 May 年 4 月 20 日 20 April 年 6 月 4 日 4 June 年 7 月 23 日 23 July 年 3 月 29 日 29 March 年 6 月 1 日 1 June 年 4 月 20 日 20 April 年 4 月 11 日 11 April 年 8 月 27 日 27 August 2012 上海证券交易所 10 大 IPO 项目 (2012 年 3 月至 2013 年 4 月 ) Top 10 Shanghai IPOs (March 2012 to April 2013) 发行人 Issuer 中信重工机械 Citic Heavy Industries 日出东方太阳能 Jiangsu Sunrain Solar Energy 浙江奥康鞋业 Zhejiang Aokang Shoes 百隆东方 Bros Eastern 四川和邦 Sichuan Hebang 西安隆基硅材料 Xian Longi Silicon Materials 中国汽车工程研究院 China Automotive Engineering Research Institute 人民网 People.cn 怡球金属资源再生 ( 中国 ) Yechiu Metal Recycling (China) 渤海轮渡 Bohai Ferry 募集金额 ( 百万美元 ) Value (US$m) 竞天公诚律师事务所 Jingtian & Gongcheng 发行人法律顾问 Legal adviser to issuer 天银律师事务所 Tian Yin Law Firm 金杜律师事务所 King & Wood Mallesons (Beijing) 国浩律师事务所 ( 杭州 ) Grandall Law Firm (Hangzhou) 国枫凯文律师事务所 Grandway Law Offices 中伦律师事务所 Zhong Lun Law Firm (Beijing) 嘉源律师事务所 Jia Yuan Law Offices 嘉源律师事务所 Jia Yuan Law Offices 天银律师事务所 Tian Yin Law Firm 君泽君律师事务所 JunZeJun Law Offices 赵洋 Zhao Yang; 王卫国 Wang Weiguo; 白拂军 Bai Fujun 朱玉栓 Zhu Yushuan; 朱振武 Zhu Zhenwu; 王肖东 Wang Xiaodong; 李志丰 Li Zhifeng 王玲 Wang Ling; 张明远 Zhang Mingyuan; 张毅 Zhang Yi 吕秉虹 Lü Binghong; 徐旭青 Xu Xuqing; 孟佳 Meng Jia 张利国 Zhang Liguo; 马哲 Ma Zhe; 叶国俊 Ye Guojun 张学兵 Zhang Xuebing; 张忠 Zhang Zhong; 刘志勇 Liu Zhiyong; 王成 Wang Cheng 郭斌 Guo Bin; 贺伟平 He Weiping; 黄国宝 Huang Guobao 郭斌 Guo Bin; 颜羽 Yan Yu; 李丽 Li Li 朱玉栓 Zhu Yushuan; 刘兰玉 Liu Lanyu 陶修明 Tao Xiuming; 李敏 Li Min; 周代春 Zhou Daichun; 王文全 Wang Wenquan 承销商法律顾问 Legal adviser to manager 金杜律师事务所 King & Wood Mallesons (Beijing) 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 唐丽子 Tang Lizi 宋彦妍 Song Yanyan; 黄敏 Huang Min; 廖斯炜 Liao Siwei; 杨森 Yang Sen 信息来源 Source:Dealogic 显缩短了审核周期, 促进公司债规模的扩大 证监会规定了四类 绿色通道 企业 : 净资产规模达到人民币 100 亿以上的企业 ; 资信评级 AAA 的企业 ; 债券的存续期在三年以内 资信情况较好的企业 ; 不面对市场公开发行, 只对机构投资者发行的企业 康达律师事务所驻北京合伙人王萌说 这四类企业两周左右就能拿到批文, 审核速度非常快 除了简化程序, 2012 年中国债券市场的蓬勃发展得益于债券市场的不断扩容和创新 安杰律师事务所驻北京合伙人姜圣扬说 沪深交易所经证监会批准, 于去年 5 月下旬启动了中小企业私募 Consultation on the Interim Measures Governing the Issue of Corporate Bonds (Discussion Paper) was completed in February, after being open for nearly a year. The interim measures are likely to extend to cover the non-public offering of corporate bonds and all legal persons under the corporate system. Also, according to the discussion paper, CSRC intends to further revamp the existing review system for corporate bond issues by making it market-oriented and minimising administrative control, examination and approval to reflect an information disclosure-focused regulatory concept, Chen notes. 30 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

6 Capital markets MARKET WATCH 债试点 这种面对非上市中小企业 不设财务指标限制 不强制要求信用评级的新型融资方式, 成为中小企业解决融资难问题的创新途径之一 泰和泰律师事务所驻成都首席合伙人程守太说 经过近一年修订的 公司债券发行管理暂行办法 ( 讨论稿 ) 于二月完成了意见征求, 暂行办法 有可能将公司债的发行方式扩展至非公开发行, 并将非公开发行人主体扩大至所有公司制法人 此外, 根据该讨论稿内容, 中国证监会拟对现行公司债券发行审核制度进行进一步的变革, 坚持市场化导向, 减少行政管制, 弱化行政审批, 体现以信息披露为核心的监管理念 陈巍说 如果私募债最终被纳入 暂行办法, 公司债将能适应更多不同公司的需求 张利国说 有明确的规定指引对于这种债券类型的健康发展很有好处, 使公司的董事会或股东在决定集资途径的时候可以更明确 私募债受投资者欢迎的一个原因是可以用公司股权作抵押 邦信阳律师事务所驻上海高级合伙人谢鸿铭说, 如果发债企业有不错的增长潜力, 那么无论债券能否偿付, 购买者都没有损失 对很多私募债的购买者而言, 如果公司还得上债, 他们能得到很高的回报 如果公司还不上债, 他们就相当于以很便宜的价格买到了这家公司具有增长潜力的股份 谢鸿铭说 另一类值得关注的债券, 是在银行间债市发行的非金融企业债务融资工具 债券市场尤其是银行间市场发行的中期票据 私募 If private placement bonds are eventually incorporated into the interim measures, then corporate bonds will be able to meet more needs of different businesses, Zhang Liguo adds. Clearly defined guidelines are very conducive to the healthy development of this type of bond because the board of directors or shareholders of a company are able to be more precise in determining the ways of raising funds. One of the reasons why private placement bonds are popular among investors is that a company s equity can be used as collateral. Hubert Tse, a senior partner at Boss & Young in Shanghai, says that if a bond issuing company has good growth potential, buyers of bonds are not making losses regardless of whether the bonds are reimbursable. For a lot of buyers of private placement bonds, if a company is able to repay a debt, they can get very high returns, says Tse. If the company is not able to repay the debt, then the buyers have still bought the shares, with growth potential and at a very cheap price. Other bonds worthy of note are non-financial corporate debt financing instruments issued in the inter-bank bond market. Medium-term notes, private medium-term bills and shortterm financing bonds issued by the bond market, especially the inter-bank market, are welcomed by companies because their filing process is relatively simple and issuance is more flexible, Chen says. The National Association of Financial Market Institutional Investors, which is responsible for the management of these 2013 IPO For 2013, Jingtian & Gongcheng is one of China Business Law Journal s Top 3 IPO legal advisers to SSE, and Top 10 IPO legal advisers to HKEx and ChiNext. We appreciate the cordial support of our clients and friends, and we will continue to strive to be outstanding, as always! Beijing Tel: (86-10) Fax: (86-10) Shanghai Tel (86-21) Fax (86-21) Shenzhen Tel (86-755) Fax (86-755) Chengdu Tel: (86-28) Fax: (86-28) May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 31

7 市场观察 资本市场 排名 Ranking 中票 短期融资券因为备案程序相对简便, 发行节奏比较灵活而 受到企业的欢迎 陈巍说 负责管理这类债券的中国银行间市场交易商协会也在创新 交 易商协会在中期票据 短期融资券和定向工具外, 推出了资产支持 票据 姜圣扬说 上交所 IPO 项目优秀律师事务所 (2012 年 3 月至 2013 年 4 月 ) Top Shanghai IPO legal advisers (March 2012 to April 2013) 律师事务所 Law firm 金杜律师事务所 King & Wood Mallesons (Beijing) 竞天公诚律师事务所 Jingtian & Gongcheng 天元律师事务所 Tian Yuan Law Firm 嘉源律师事务所 Jia Yuan Law Offices 国枫凯文律师事务所 Grandway Law Offices 中伦律师事务所 Zhong Lun Law Firm (Beijing) 国浩律师事务所 ( 杭州 ) Grandall Law Firm (Hangzhou) 通商律师事务所 Commerce & Finance Law Offices 君泽君律师事务所 JunZeJun Law Offices 瑛明律师事务所 ( 上海 ) Chen & Co Law Firm (Shanghai) 信息来源 Source:Dealogic 交易商协会还放宽了所辖债市的发债规模 中伦律师事务所驻 北京合伙人郭克军介绍说,2012 年 6 月, 该协会宣布, 凡公开市 场 评级在 AA( 含 ) 以上 的发行人, 将不区分企业性质, 允许其短 期融资券 中期票据发行额度互不占用 而在此之前, 除了中央企 业及其下属主要子公司以外, 其他企业短融和中票的额度是互相 占用的, 累计不得超过净资产的 40% 此次扩容后, 发行人至多可以发行相当于净资产 40% 的短融, 以及净资产 40% 的中票 企业债 公司债等, 累计额度将不超过 净资产的 80% 兰台所驻北京律师王佳月说 不过, 交易商协会去年 9 月推出了一套简称 孔雀开屏系统 的 全新在线申报审核系统 它是一套很详细的系统, 有点像调查表格, 要逐项去填写 申报, 细化程度比以前高得多, 信息披露要求非常 严 王萌说, 感觉 [ 申报 ] 比以前复杂多了, 从这个角度讲, 交易 商协会对债券融资的管理比以前严格了 募集金额 ( 百万美元 ) Value (US$m) 1, 除了自身发展的需要, 发债有时也是迫于压力, 例如 第三版巴 塞尔协议 (Basel III) 给中国银行业施加的压力 根据 Basel III 确 定的新标准, 中国银监会规定提高资本充足率监管要求 银行业 为了解决新规下的资本压力, 必须加大融资力度, 因此多家银行发 行人民币次级债券 中闻律师事务所驻北京高级合伙人连艳说 bonds, is also innovating. The association has introduced assetbacked notes, medium-term notes, short-term financing bonds and instruments for a select group of investors, says Jiang. The association has also eased the size requirements for bond issues under its jurisdiction. Guo Kejun, a partner at Zhong Lun Law Firm in Beijing, says the association announced in June 2012 that all issuers with a rating of AA (or higher) in the open market will, regardless of the nature of their business, be permitted to use the issuance quota for short-term financing bonds and medium-term notes separately. Prior to this except for central enterprises and their subordinate principal subsidiaries the two bonds shared the same issuance quota, which could not exceed 40% of net assets. Following the association s move, issuers can issue shortterm financing bonds equivalent to up to 40% of their net assets as well as medium-term notes, corporate bonds and debentures equivalent to up to 40% of their net assets. The aggregate quota should not exceed 80% of the net assets, says Wang Jiayue, a lawyer at Lantai Partners in Beijing. The association also rolled out an online reporting and approval system called the Debt-Capital Market Filing Analysis Notification System in September last year. It is a very elaborate system, a bit like a survey form. You need to fill out and report each item one by one. It s much more detailed than ever before. The information disclosure requirements are very stringent, comments Wang Meng. [Reporting] is a lot more complicated than ever before. From this perspective, the association is getting more stringent with the management of bond financing than before. In addition to meeting their own development needs, companies sometimes issue bonds under pressure like the pressure imposed by the Third Basel Capital Accord (Basel III) on the Chinese banking sector. According to the new standards set under Basel III, the China Banking Regulatory Commission (CBRC) is required to raise the capital adequacy ratio as a regulatory requirement. To solve the capital pressure under the new regulations, the banking sector has to step up financing efforts so that a number of banks have issued RMB-denominated subordinated bonds, comments Lian Yan, a senior partner at Zhongwen Law Firm in Beijing. 这五年, 我们看到很多民营企业在香港上市 Over the past five years, we have seen a lot of private enterprises go to listing in Hong Kong 谢鸿铭 Hubert Tse 邦信阳律师事务所高级合伙人上海 Senior Partner Boss & Young Shanghai 32 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

8 Capital markets MARKET WATCH 境内企业在香港发行人民币债券进行融资的境内环境日趋完善 [The environment] is more improved for domestic enterprises to raise capital [via] renminbi bonds in Hong Kong 海外寻金 海外市场也见证了中国的发债集资热情 房地产企业尤其积 极 楼市调控逐渐深入, 新 国八条 的出台, 房地产开发企业 通过销售回笼资金越来越难 连艳说 郭克军 Guo Kejun 中伦律师事务所合伙人北京 Partner Zhong Lun law Firm Beijing Overseas markets Overseas markets have also felt China s passion for bond issues, and property developers are particularly aggressive. Following the increasing regulatory control over the property market and the introduction of the eight new rules [to control property prices introduced by] the State Council, it is now more difficult for property developers to recover funds through property sales, Lian says. It s extremely difficult for [developers] to carry out financing in China, and more property developers are looking abroad, Guo Kejun adds. Data published by the China Index Research Institute show that the amount of financing through overseas bond issues for Chinese domestic property developers at 15 March stood close to the figure for all of Although many Chinese companies remain undecided over their listing plans in the US, Chinese companies in the United States continue to be extremely enthusiastic about overseas bond issues against the backdrop of the ultra-low interest rate environment and the third round of the quantitative easing policy in the country, explains Zhang Shiwei. Observes Guo Kejun: Under the current relatively stringent foreign exchange regulatory environment, it is undoubtedly favourable for companies with funding requirements for overseas projects to secure a certain amount of US dollar reserves through the issue of US dollar bonds. Firm Overview: Jia Yuan is a boutique law firm specialized in the capital and financial market matters as well as cross-border transactions. In the spirit of Professionalism, Diligence, Prudence and Excellence and with a more than a decade of development, Jia Yuan established an effective firm management structure and a mutual supporting teamwork mechanism. Based on these, Jia Yuan successfully built its leading position in the field of financing and investment, M&A, banking and finance and out-bound investment/acquisition. Jia Yuan enjoys a remarkable reputation on the market for its outstanding quality and skill, as well as its strong capability of handling challenging transactions and bringing practical solutions to sophisticated legal issues, its services are highly appreciated by the client. Major Practice Areas: corporate restructuring, IPO and refinancing, M&A and restructuring of listed Company, industrial reorganization and M&A, foreign direct investment and out-bound investment, private equity and venture capital, project finance, overseas construction, international procurement and bidding, banking and finance. 事务所简介 : 嘉源是一家主要从事资本市场和金融领域法律业务以及国际业务的专业化律师事务所 秉承 勤勉 稳健 专业 服务精良 的执业精神, 经过十几年的发展, 嘉源建立起了有效的公司化管理模式和紧密合作的团队作业机制, 在融资与投资 兼并与收购 银行与金融, 中国企业海外投融资与海外并购等业务领域的法律服务中处于领先地位, 以综合素质较高 整体业务能力较强以及以善于完成高难度项目 解决疑难问题而著称业界, 获得了客户的高度认可 主要业务领域 : 改制上市与再融资 上市公司收购与重组 产业整合与并购 外商直接投资与境外投资 私募股权投资与风险投资 项目融资 海外工程承发包 银行与金融 Beijing Headquarter 北京总部 Tel 电话 : 电邮 :eoffice@jiayuan-law.com Shanghai 上海 Tel 电话 : 电邮 :sh-eoffice@jiayuan-law.com Shenzhen 深圳 Tel 电话 : 电邮 :sz-eoffice@jiayuan-law.com Hong Kong 香港 Tel 电话 : 电邮 :hk-eoffice@jiayuan-law.com May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 33

9 市场观察 资本市场 定价日 Pricing date 2012 年 4 月 20 日 20 April 2012 深圳证券交易所中小板 10 大 IPO 项目 (2012 年 3 月至 2013 年 4 月 ) Top 10 Shenzhen SME Board IPOs (March 2012 to April 2013) 发行人 Issuer 西部证券 Western Securities 募集金额 ( 百万美元 ) Value (US$m) 276 发行人法律顾问 Legal adviser to issuer 君泽君律师事务所 JunZeJun Law Offices 陶修明 Tao Xiuming; 钟向春 Zhong Xiangchun; 陈冲冲 Chen Chongchong 承销商法律顾问 Legal adviser to manager 海问律师事务所 Haiwen & Partners 江惟博 Jiang Weibo; 何斐 He Fei; 高巍 Gao Wei; 赵枫 Zhao Feng; 孙媛 Sun Yuan 2012 年 9 月 24 日 24 September 2012 奥瑞金包装 ORG Packaging 262 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 周宁 Zhou Ning; 宋彦妍 Song Yanyan 2012 年 3 月 5 日 5 March 2012 广州普邦园林 Pubang Landscape Architecture 208 大成律师事务所 Dacheng Law Offices 彭雪峰 Peng Xuefeng; 申林平 Shen Linping; 郭志清 Guo Zhiqing; 全奋 Quan Fen 2012 年 4 月 16 日 16 April 2012 深圳市东江环保 Shenzhen Dongjiang Environmental 170 君合律师事务所 Jun He Law Offices (Beijing) 2012 年 3 月 14 日 14 March 2012 北京首航艾启威节能技术 Beijing Shouhang Resources Saving 163 浩天信和律师事务所 Hylands Law Firm 刘鸿 Liu Hong; 张玉凯 Zhang Yukai; 李刚 Li Gang 君合律师事务所 Jun He Law Offices (Beijing) 肖微 Xiao Wei; 张涛 Zhang Tao; 甘娟 Gan Juan; 张佳妮 Zhang Jiani 2012 年 8 月 27 日 27 August 2012 成都红旗连锁 Chengdu Hongqi Chain 148 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 张如积 Zhang Ruji; 刘荣 Liu Rong 2012 年 8 月 27 日 27 August 2012 江西煌上煌集团食品 Jiangxi Huangshanghuang Group Food 147 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 潘渝嘉 Pan Yujia; 曹余辉 Cao Yuhui 2012 年 7 月 19 日 19 July 2012 合肥美亚光电技术 Hefei Meiya Optoelectronic Technology 135 安徽天禾律师事务所 Anhui Tianhe Law Office 汪大联 Wang Dalian; 蒋敏 Jiang Min; 祝传颂 Zhu Chuansong; 李军 Li Jun 2012 年 5 月 29 日 29 May 2012 广东宏大爆破 Guangdong Hongda Blasting 125 广信君达律师事务所 ETR Law Firm 王晓华 Wang Xiaohua; 全朝晖 Quan Chaohui; 石其军 Shi Qijun 2012 年 4 月 24 日 24 April 2012 兴业皮革科技 Xingye Leather Technology 114 国枫凯文律师事务所 Grandway Law Offices 张利国 Zhang Liguo; 郑超 Zheng Chao; 聂学民 Nie Xuemin 信息来源 Source:Dealogic 郭克军说 : [ 房地产企业 ] 在境内融资更是难上加难, 此种情况下便有更多的房地产企业将目光投向海外 中国指数研究院发布的数据显示, 截至 3 月 15 日, 内地房地产企业在境外的发债融资额已逼近 2012 年的全年水平 在美国, 虽然许多中国公司对是否上市犹疑不决, 但 在美国的超低利率大环境, 以及美国第三轮量化宽松政策背景下,[ 中企在美国的 ] 海外发债持续火爆 张诗伟说 郭克军表示 : 在当前相对严格的外汇监管环境下, 对于存在境外项目资金需求的公司, Closer to home, the regulatory bodies... hope to develop the bond market in Hong Kong as well, says Liu Wei, chairman of the China group at DLA Piper. The central government also supports the issuance of renminbi bonds in Hong Kong. On 2 May 2012, the National Development and Reform Commission (NDRC) published notice No. 1162, which contains an operation guide for Chinese domestic non-financial institutions to issue bonds in Hong Kong with the approval of NDRC as the core authority, says Guo Kejun. Together with the previously promulgated rules governing the issue of bonds in Hong Kong by financial institu- 34 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

10 Capital markets MARKET WATCH 通过发行美元债券获得一定的美元储备无疑是有利的 在香港, 监管机构 也希望发展香港的债券市场 欧华律师事务所中国业务主管合伙人刘巍说 此外, 中国政府也支持人民币债券在香港的发行 去年 5 月 2 日, 发改委发布 发改外资 [2012]1162 号 通知, 为境内非金融机构赴香港发债提供了以国家发改委核准为核心的操作指南, 郭克军说 结合之前发布的有关金融机构赴香港发债的相关规定, 境内企业在香港发行人民币债券进行融资的境内环境日趋完善 香港更是一个值得考虑的 IPO 上市选地 对民营企业, 在 A 股上市存在一定的挑战 谢鸿铭说 当然, 民营企业可以选择在深圳中小板上市 但是受不同因素影响, 有实力并不意味着一定能成功上市 谢鸿铭说 于是, 不少需要资金的民营企业走向了海外 如果民营企业已经引入一些私募投资者, 有了一些海外结构, 那么他们就会去海外上市 谢鸿铭说, 在各海外市场中, 香港是首选 这五年, 我们看到很多民营企业在香港上市 香港因为其资本市场的成熟和高效也一直是中国企业海外融资的热门之地 特别是香港融资程序相对便捷 迅速, 而且费用较低 胡光律师事务所合伙人孔焕志说 鉴于目前中国企业在美国上市面对的不少猜疑和困难, 不少企业转向了香港 A 股目前有很多企业在排队, 这会导致一部分企 监管机构 也希望发展香港的债券市场 The regulatory bodies... hope to develop the bond market in Hong Kong as well 刘巍 Liu Wei 欧华律师事务所中国业务主管合伙人 Chairman China Group DLA Piper tions, the domestic environment is more improved for domestic enterprises to raise capital through the issue of renminbi bonds in Hong Kong. It is also still worth considering Hong Kong as a place for IPOs. If private enterprises have brought in a number of private equity investors as overseas components, then they will 浩天信和律师事务所 Hylands Law Firm 浩天信和律师事务所总部位于北京, 同时在上海 南京 广州及香港设有分所, 现有 40 余名合伙人和近 150 名执业律师及律师助理 作为中国居领先地位的综合性律师事务所之一, 浩天信和力求满足客户全方位多层次的法律服务需求, 尤其在公司证券 银行金融 知识产权 娱乐传媒 反倾销 反垄断 国际贸易 房地产 劳动关系 诉讼仲裁等方面, 获得业内外广泛认可和高度赞誉 Headquartered in Beijing, with its domestic branch offices in Shanghai, Nanjing, Guangzhou and Hong Kong, Hylands Law Firm is considered as one of the leading full-service law firms in China. There are more than 40 partners, nearly 150 lawyers and paralegals at Hylands, which is highly recognized and acclaimed by both clients and legal professionals in the following practice areas: corporate & securities, banking & financing, intellectual property, media & entertainment, anti-dumping & anti-monopoly, international trade, real estate, labor & employment, litigation & arbitration. 商法 杂志 China Business Law Journal 深交所中小板 IPO 项目优秀律师事务所 (2012 年 5 月至 2013 年 4 月 ) Top Shenzhen SME board IPO legal advisers (March 2012 to April 2013) 2012 年 海外投资并购年度交易 Outbound M&A deal of the year, 2012 亚洲法律杂志 Asian Legal Business 2012 年中国规模最大的律师事务所前 20 强 Top 20 Largest Law Firm in China, 2012 钱伯斯 Chambers & Partners 2013 年亚太区国际贸易 传媒通讯 知识产权领域 优秀律师事务所 Asia-Pacific Leading Firm in International Trade/ Technology, Media & Telecom/ Intellectual Property, 年亚太区国际贸易 传媒通讯 知识产权领域 优秀律师事务所 Asia-Pacific Leading Firm in International Trade/ Technology, Media & Telecom/ Intellectual Property, 2012 中国法律商务 China Law & Practice 2012 年知识产权领域 ( 国内诉讼 ) 年度律师事务所 Intellectual Property Contentious PRC Firm of the Year, 2012 北京市朝阳区光华路 7 号汉威大厦东区 5A, 邮编 A, East Wing, Hanwei Plaza, No.7 Guanghua Road, Chaoyang District, Beijing , China 电话 /Tel: 传真 /Fax: 北京 Beijing 上海 Shanghai 南京 Nanjing 广州 Guangzhou 香港 Hong Kong May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 35

11 市场观察 资本市场 排名 Ranking 深交所中小板 IPO 项目优秀律师事务所 (2012 年 3 月至 2013 年 4 月 ) Top Shenzhen SME Board IPO legal advisers (March 2012 to April 2013) 律师事务所 Law firm 金杜律师事务所 King & Wood Mallesons (Beijing) 君合律师事务所 Jun He Law Offices (Beijing) 中伦律师事务所 Zhong Lun Law Firm (Beijing) 海问律师事务所 Haiwen & Partners 君泽君律师事务所 JunZeJun Law Offices 国枫凯文律师事务所 Grandway Law Offices 大成律师事务所 Dacheng Law Offices 国浩律师事务所 ( 上海 ) Grandall Law Firm (Shanghai) 浩天信和律师事务所 Hylands Law Firm 康达律师事务所 Kangda Law Firm (Beijing) 安徽天禾律师事务所 Anhui Tianhe Law Office 广信君达律师事务所 ETR Law Firm 金鹏律师事务所 King Pound Law Firm 锦天城律师事务所 AllBright Law Offices 信息来源 Source:Dealogic 广东信扬律师事务所 Guangdong Xin Yang Law Firm 募集金额 ( 百万美元 ) Value (US$m) 业分流到 H 股市场上市 刘巍说 证监会的政策也是鼓励的 国家也积极为内地企业赴香港上市降低门槛 1999 年公布的 关于企业申请境外上市有关问题的通知 曾为境外上市制定了如下标准 : 净资产不少于 4 亿元, 过去一年税后利润不少于 6000 万元, 并有增长潜力, 按合理预期市盈率计算, 筹资额不少于 5000 万美元 ( 俗称 456 规定 ) 很多中小型企业达不到 456 规定的标准 刘巍说 不过,456 规定已于今年元旦正式废止 但 H 股上市仍然存在全流通问题 目前, 境内监管机构并未放开对赴港上市的内地企业的内资股转换成 H 股并在香港联交所上市流通的限制 内地企业在香港联交所上市流通的 H 股通常仅占其总股本的 25% 或稍多, 内地企业可以通过 H 股上市进行融资, 但却存在股份不能全流通 go overseas for their listing plans, says Tse. Hong Kong is a preferred choice among various overseas markets. Over the past five years, we have seen a lot of private enterprises go to listing in Hong Kong. Hong Kong has been popular for Chinese companies to go for financing because it has a developed and efficient capital market. In particular, the financing procedures in Hong Kong are relatively convenient, fast and not costly, says Kenneth Kong, a partner at Martin Hu & Partners. Chinese companies have also switched to Hong Kong because they are encountering suspicion and obstacles when seeking to list in the US. Many companies are lining up for A-share listing. This will divert some of them to H-share listing, says Liu. The CSRC s policy is encouraging them to do so. China is lowering the threshold for domestic enterprises seeking a listing in Hong Kong. The Issues Regarding Applications by Enterprises for Overseas Listings Notice published in 1999 established the following criteria commonly known as 456 rules for an overseas listing: the enterprise must have net assets of not less than RMB400 million; an after-tax profit of not less than RMB60 million in the past year and growth potential; and the amount of funds to be raised must not be less than RMB50 million in terms of reasonable expected price-earnings ratio. A lot of SMEs failed to reach the criteria under the 456 rules, notes Liu. The 456 rules were abolished in January 2013, but listing in the H-share market still faces a circulation hurdle. Mainland regulatory authorities have not yet lifted the restrictions that the domestic shares of mainland companies seeking a listing in Hong Kong are not to be converted into H-shares and listed and traded on Hong Kong s stock exchange. The H-shares of mainland companies listed and traded in Hong Kong typically represent only 25% or slightly more of the total share capital of these companies. Mainland companies could raise funds through the listing of their H-shares, but the drawback is that they cannot achieve full circulation, says Liu. But based on the information we have learned, the CSRC is actively communicating with foreign exchanges and other relevant regulatory authorities to solve the full-circulation issue, observes Guo Kejun. The State Administration of Foreign Exchange published the Issues Regarding Foreign Exchange Control on Overseas Listings Notice in February this year. Companies can immediately open an account with a bank, and exchange and remit funds through the bank without having to secure further approval only after having completed relevant registration procedures for overseas listings according to the requirements, says Zhou. Although the enthusiasm of Chinese companies seeking to list in the US has been dampened by US scepticism, Chinese companies need not be discouraged too soon. Based on what we have learnt from our communications with Wall Street s investment banks and institutions, US institutional investors are picking up their confidence in Chinese concept stocks, says Kong. A lot of Chinese companies have recently been favoured by US investors during private placement process. But perhaps stock flotation in China s domestic market remains the first choice for many Chinese companies to raise capital, as long as they are successful in doing so. So what about the prospects of this financing channel? 36 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

12 Capital markets MARKET WATCH 的弊端 刘巍说 但根据我们了解到的相关信息, 中国证监会正在积极与外汇等相关监管部门沟通, 以解决 H 股全流通事宜 郭克军说 今年二月, 国家外汇管理局发布了 关于境外上市外汇管理有关问题的通知 企业按要求办理了境外上市相关登记手续后, 即可通过银行办理账户开立 资金汇兑等手续, 无需再经核准 周曼说 虽然美国资本市场对中国企业的怀疑情绪大大挫伤了中国公司赴美上市的积极性, 不过中国公司不必过早对美国灰心 根据我们与华尔街投行及机构的沟通所获知的信息, 美国机构投资人对中国概念股的信心正在恢复, 近期也有不少中国公司在私募阶段即获得美国投资人青睐 孔焕志说 对处在新创期或高速成长阶段的中小企业而言, 程守太认为新加坡是一个不错的选择 他说, 与美国 NASDAQ 和香港相比, 新加坡的优势包括 上市时间短, 费用低, 上市门槛较低, 符合一般中小企业的承受水平等 在新加坡证券市场, 投资者以长期投资基金为主, 当地居民倾向保守, 上市炒作一般不活跃, 市场比较平稳, 不像暴涨暴跌的香港股市, 非常适合中国的中小民营企业融资 程守太说 不过说到底, 只要能成功, 或许在国内上市仍然是不少中国公司的首选集资渠道 那么这个渠道的现状和前景又如何呢? Future for the IPO? The financial industry is concerned about when IPO projects may restart, and Kong points out that the government is also considering the issue. The most critical thing is to first solve the fundamental problems in the securities issue regime in China by, among other things, redefining the positioning of China s stock market and revamping the new share issue mechanism, he says. Besides institutional problems, there are some other unfavourable factors concerning listings in China. Cheng summarises: (1) listing requirements are too harsh; (2) the listing timespan is long; (3) requirements for disclosure may expose a company s trade secrets; and (4) the companies that raise capital through a listing have to dispose of part of their property rights as a consideration, and decentralise control. However, Lin is more optimistic about the mainland market compared with overseas capital markets. An overwhelming majority of Chinese companies still conduct their principal businesses in China, he says. Financing in China, including follow-up financing, is more conducive to addressing their funding needs, and could avoid the inconvenience and risks caused by foreign exchange control, overseas control architecture, etc. Zhen says the increasingly stringent requirements for information disclosure and financial indicators are a very important May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 37

13 市场观察 资本市场 定价日 Pricing date 2012 年 3 月 19 日 19 March 2012 深圳证券交易所创业板 10 大 IPO 项目 (2012 年 3 月至 2013 年 4 月 ) Top 10 Shenzhen ChiNext IPOs (March 2012 to April 2013) 发行人 Issuer 宁波慈星 Ningbo Cixing 募集金额 ( 百万美元 ) Value (US$m) 338 国枫凯文律师事务所 Grandway Law Offices 发行人法律顾问 Legal adviser to issuer 张利国 Zhang Liguo; 姜瑞明 Jiang Ruiming; 胡琪 Hu Qi 承销商法律顾问 Legal adviser to manager 2012 年 4 月 27 日 27 April 2012 浙江晶盛机电 Zhejiang Jingsheng Mechanical & Electrical 174 国浩律师事务所 ( 杭州 ) Grandall Law Firm (Hangzhou) 吕秉虹 Lü Binghong; 沈田丰 Shen Tianfeng; 胡小明 Hu Xiaoming; 吴钢 Wu Gang 2012 年 5 月 21 日 21 May 2012 武汉华灿光电 HC SemiTek 158 国浩律师事务所 ( 上海 ) Grandall Law Firm (Shanghai) 倪俊骥 Ni Junji; 钱大治 Qian Dazhi; 李鹏 Li Peng 瑛明律师事务所 ( 上海 ) Chen & Co Law Firm (Shanghai) 陈明夏 Chen Mingxia; 黄晨 Huangchen; 施潇勇 Shi Xiaoyong 2012 年 7 月 9 日 9 July 2012 银邦金属复合材料 Yinbang Clad Material 148 江苏世纪同仁律师事务所 C&T Partners 王凡 Wang Fan; 许成宝 Xu Chengbao; 杨亮 Yang Liang 2012 年 3 月 26 日 26 March 2012 吉艾科技 GI Technologies (Beijing) 137 君合律师事务所 Jun He Law Offices (Beijing) 肖微 Xiao Wei; 张涛 Zhang Tao; 陈怡 Chen Yi 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 张东成 Zhang Dongcheng 2012 年 3 月 16 日 16 March 2012 江苏裕兴薄膜科技 Jiangsu Yuxing Film Technology 133 金杜律师事务所 King & Wood Mallesons (Beijing) 王玲 Wang Ling; 白彦春 Bai Yanchun; 冯艾 Feng Ai 2012 年 7 月 27 日 27 July 2012 江苏南大光电材料 Jiangsu Nata Optoelectronic Material 131 国枫凯文律师事务所 Grandway Law Offices 张利国 Zhang Liguo; 赵梦 Zhao Meng; 郭昕 Guo Xin; 张劭 Zhang Shao 2012 年 3 月 20 日 20 March 2012 杭州远方光电信息 Hangzhou Everfine Photo-E-Info 107 天银律师事务所 Tian Yin Law Firm 朱玉栓 Zhu Yushuan; 朱振武 Zhu Zhenwu; 刘煜 Liu Yu 2012 年 4 月 27 日 27 April 2012 北京掌趣科技 Beijing Ourpalm 104 君泽君律师事务所 JunZeJun Law Offices 陶修明 Tao Xiuming; 李敏 Li Min; 车千里 Che Qianli; 张弘 Zhang Hong 2012 年 6 月 15 日 15 June 2012 天壕节能科技 Top Resource Conservation Engineering 103 中伦律师事务所 Zhong Lun Law Firm (Beijing) 张学兵 Zhang Xuebing; 张忠 Zhang Zhong; 熊川 Xiong Chuan 信息来源 Source:Dealogic IPO 前景光明? 业界都很关注 IPO 何时能重启 孔焕志指出, 政府在考虑该问题时, 最关键还是首先解决我国证券发行制度上存在的根本问题, 例如明确中国股市的定位, 还有要改革新股发行制度 除了制度问题, 在中国上市还有一些其他不利因素 程守太对此作了总结 :(1) 上市条件过于苛刻 ;(2) 上市时间跨度长 ;(3) 各种信息公开的要求可能会暴露企业的商业秘密 ;(4) 企业上市融资必须以出让部分产权作为代价, 分散企业控制权 不过, 与海外资本市场相比, 林忠还是更看好国内市场 他表示 : 绝大多数中国公司的主要业务范围仍然在境内, 在境内融资, 包 reason why the IPO size was reduced last year. And it s not only the companies seeking a listing that are encountering more stringent regulations. The CSRC is getting tough with sponsors and securities firms under strict standards, he says. Money encirclement is becoming increasingly difficult. Xiao Gang became the new chairman of the CSRC in March. Zhang Shiwei says the new leadership team will continue to strengthen the reform programme for the information disclosurefocused new share issue system, and the co-ordination of a mechanism that links up the regulatory authorities in charge of the day-to-day operations of listed companies with inspection and law enforcement duties. But perhaps things are looking up, says Liu. After last year s increased requirements for and stringent review of information 38 商法 CHINA BUSINESS LAW JOURNAL 2013 年 5 月 May 2013

14 Capital markets MARKET WATCH 括后续融资, 都会更有利于解决企业的资金需求, 同时也可以避免例如外汇管制 海外控制架构等带来的不便和风险 信息披露和财务指标的要求越来越严, 是去年 IPO 金额减少的一个很重要的原因 甄庆贵说 面对更严格监管的不仅只是申请上市的公司, 证监会对与保荐人 券商的标准也严了, 甄律师说 圈钱 是越来越难了 三月, 肖钢成为证监会新任主席 新任领导团队 将继续强化以信息披露为中心的新股发行体制改革, 强化上市公司的日常监管部门和稽查执法的协调联动机制 张诗伟说 或许阳光总在风雨后 经过去年对 IPO 企业信息披露要求的提高和从严审查, 以及今年的财务核查, 未来 A 股 IPO 企业的质量会有所提高, 公开发行也会向更加市场化 更加规范 更加健康的方向发展 林忠说 姜圣扬也表现出乐观态度 他说, 除了经济因素之外, 资本市场的发展还取决于两个因素 : 有没有足够数量的合格的市场参与方 有没有健全的制度体系 他认为, 中国有不少有上市意愿的 排名 Ranking 深交所创业板 IPO 项目优秀律师事务所 (2012 年 3 月至 2013 年 4 月 ) Top Shenzhen ChiNext IPO legal advisers (March 2012 to April 2013) 律师事务所 Law firm 国枫凯文律师事务所 Grandway Law Offices 国浩律师事务所 Grandall Law Firm 金杜律师事务所 King & Wood Mallesons (Beijing) 君合律师事务所 Jun He Law Offices (Beijing) 天银律师事务所 Tian Yin Law Firm 中伦律师事务所 Zhong Lun Law Firm (Beijing) 瑛明律师事务所 ( 上海 ) Chen & Co Law Firm (Shanghai) 竞天公诚律师事务所 Jingtian & Gongcheng 江苏世纪同仁律师事务所 C&T Partners 君泽君律师事务所 JunZeJun Law Offices 北京市邦盛律师事务所 Beijing Bastion Law Firm 万商天勤律师事务所 V&T Law Firm 广东华商律师事务所 China Commercial Law Co 嘉源律师事务所 Jia Yuan Law Offices 康达律师事务所 Kangda Law Firm (Beijing) 信息来源 Source:Dealogic 募集金额 ( 百万美元 ) Value (US$m) 企业上市以后抗风险能力会增强, 社会地位也能提高 A company, after it's floated, is more capable to withstand risks and raise its social status disclosures by IPO companies and this year s financial inspection, in future the quality of A-share IPO companies will be raised, and public offering plans will grow towards a more market-oriented, more regulated and healthy direction. Jiang is also optimistic, and says that in addition to economic considerations, the development of the capital market also depends on two factors: whether a sufficient number of qualified market participants, as well as whether sound policies and systems, are in place. Jiang believes that there are many quality companies with a desire to list their shares, and an increasing number of rational investors in China, and that the legal regime for the capital market has been established and is improving. Guo Fangjin, a partner at Deheng Law Firm in Beijing, is also confident. IPO will remain a major fund-raising tool for Chinese companies for a long time in future, he says. There are numerous small and medium-sized private enterprises in China as an emerging developing nation. These enterprises have a strong financing need. The price-earnings ratios in the Chinese stock market are still relatively high and will continue to stay at a relatively high level for a long time. Wang Meng says that while the stock market is performing poorly and the IPO path is rough, an IPO plan remains the first choice of qualified companies for financing. In addition to the price-earnings ratios, he says it is also because a company, after it s floated, is more capable to withstand risks and raise its social status. These benefits are not offered by other means of financing. And in the long run, Chinese entrepreneurs believe only after a company is listed can it ensure it has continuous financing capability in the future. Other financing means 王萌 Wang Meng 康达律师事务所合伙人北京 Partner Kangda Law Firm Beijing The so-called third board market in China has entered a new stage of development this year, with the official operation of the National SME Share Transfer System from 16 January. The third board has to develop into a national over-the-counter market that serves as a trading platform for non-listed public companies, Zhang Liguo remarks. However, it is hard to say whether the third board can effectively shunt companies lining up for IPO plans to other financing channels. Although the National SME Share May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 39

15 瑛明律师事务所是中国领先的商务律师事务所之一 我们为客户提供全面的法律服务, 尤其擅长资本市场 跨境交易 兼并收购 私募股权投资 证券法和反垄断法律服务 我们的客户包括在业内领先的跨国公司, 以及在内地和香港的众多国有或民营的上市公司和私有企业 我们的法律服务特色在于, 能够从商业的角度出发, 为客户提供全面的解决方案, 以实现客户的商业目标, 而不仅仅局限于提供法律方面的建议 Chen & Co. is a premier PRC commercial legal practice, providing a broad range of legal services with particular expertise in cross-border transactions, M&A, private equity, securities and antitrust. Our clients include leading multinational firms, as well as numerous well-respected state owned, publicly listed, and privately held companies in China and Hong Kong. Because our clients rightly see us as a strategic partner to their business, we strive to provide superior quality legal services responsively and economically and to answer questions with comprehensive solutions, not just narrow legal opinions. 业务领域 Practice Areas 资本市场 Capital Market 私募股权和风险投资 Private Equity & Venture Capital 企业收购与兼并 Mergers and Acquisition 反垄断法 Antitrust 企业破产 重组和清算 Bankruptcy, Restructuring & Reorganization 企业常年法律顾问服务 Corporate Services 房地产 Real Estate 税务 Taxation 知识产权 Intellectual Property 争议解决 Dispute Resolution 联系方式 上海 北京 香港 电话 : 电话 : 电话 : 传真 : 传真 : 传真 : 邮件 : lawyers@chenandco.com 邮件 : bjadmin@chenandco.com 邮件 : hongkong@chenandco.com Contact Shanghai Beijing Hong Kong Tel: Tel: Tel: Fax: Fax: Fax: lawyers@chenandco.com bjadmin@chenandco.com hongkong@chenandco.com

16 Capital markets MARKET WATCH 定价日 Pricing date 2012 年 11 月 30 日 30 November 年 4 月 20 日 20 April 年 7 月 5 日 5 July 年 12 月 17 日 17 December 年 10 月 24 日 24 October 2012 香港交易所 10 大中国公司 IPO 项目 (2012 年 3 月至 2013 年 4 月 ) Top 10 Hong Kong IPOs by Chinese issuers (March 2012 to April 2013) 发行人 Issuer 中国人民保险集团 People s Insurance Co (Group) of China 海通证券 Haitong Securities 内蒙古伊泰煤炭 Inner Mongolia Yitai Coal 中国机械设备工程 China Machinery Engineering 上海复星医药 ( 集团 ) Shanghai Fosun Pharmaceutical (Group) 募集金额 ( 百万美元 ) Value (US$m) 3,562 1, 发行人法律顾问 Legal adviser to issuer 达维律师事务所 ( 香港 ) Davis Polk & Wardwell (Hong Kong) 金杜律师事务所 King & Wood Mallesons 高伟绅律师事务所 ( 香港 ) Clifford Chance (Hong Kong) 国浩律师事务所 ( 上海 ) Grandall Law Firm (Shanghai) 高伟绅律师事务所 ( 香港 ) Clifford Chance (Hong Kong) 竞天公诚律师事务所 Jingtian & Gongcheng 金杜律师事务所 King & Wood Mallesons 嘉源律师事务所 Jia Yuan Law Offices (Beijing) 高伟绅律师事务所 Clifford Chance McKenna Long & Aldridge 美富律师事务所 ( 香港 ) Morrison & Foerster (Hong Kong) 瑛明律师事务所 ( 上海 ) Chen & Co Law Firm (Shanghai) 承销商法律顾问 Legal adviser to manager 司力达律师事务所 ( 香港 ) Slaughter & May (Hong Kong) 苏利文 克伦威尔律师事务所 ( 香港 ) Sullivan & Cromwell (Hong Kong) 君合律师事务所 Jun He Law Offices (Beijing) 通商律师事务所 Commerce & Finance Law Offices 普衡律师事务所 ( 香港 ) Paul Hastings (Hong Kong) 富而德律师事务所 ( 香港 ) Freshfields Bruckhaus Deringer (Hong Kong) 嘉源律师事务所 Jia Yuan Law Offices 谢尔曼 思特灵律师事务所 Shearman & Sterling 通商律师事务所 Commerce & Finance Law Offices 佳利律师事务所 Cleary Gottlieb Steen & Hamilton 国浩律师事务所 ( 上海 ) Grandall Law Firm (Shanghai) 史密夫 斐尔律师事务所 Herbert Smith Freehills 2013 年 1 月 24 日 24 January 2013 中铝矿业国际 Chinalco Mining Corp International 410 司力达律师事务所 ( 香港 ) Slaughter & May (Hong Kong) 盛信律师事务所 ( 香港 ) Simpson Thacher & Bartlett (Hong Kong) 迈普达律师事务所 Maples & Calder 金诚同达律师事务所 Jincheng Tongda & Neal Rebaza & Alcazar 普衡律师事务所 ( 香港 ) Paul Hastings (Hong Kong) 竞天公诚律师事务所 Jingtian & Gongcheng Estudio Echecopar (Lima) 2012 年 6 月 20 日 20 June 2012 华电福新能源 Huadian Fuxin Energy 345 高伟绅律师事务所 ( 香港 ) Clifford Chance (Hong Kong) 嘉源律师事务所 Jia Yuan Law Offices (Beijing) 国浩律师事务所 Grandall Law Firm 普衡律师事务所 ( 香港 ) Paul Hastings (Hong Kong) 2012 年 11 月 28 日 28 November 2012 郑州煤矿机械集团 Zhengzhou Coal Mining Machinery Group 296 贝克 麦坚时律师事务所 ( 香港 ) Baker & McKenzie (Hong Kong) 贝克 麦坚时律师事务所 ( 莫斯科 ) Baker & McKenzie (Moscow) 中伦律师事务所 Zhong Lun Law Firm (Beijing) Khaitan & Co 高伟绅律师事务所 ( 香港 ) Clifford Chance (Hong Kong) 嘉源律师事务所 Jia Yuan Law Offices (Beijing) 2012 年 11 月 22 日 22 November 2012 新城发展 Future Land Development 265 谢尔曼 思特灵律师事务所 Shearman & Sterling 广东信达律师事务所 Shu Jin Law Firm 迈普达律师事务所 Maples & Calder 普衡律师事务所 ( 香港 ) Paul Hastings (Hong Kong) 通商律师事务所 Commerce & Finance Law Offices 2012 年 6 月 25 日 25 June 2012 中国有色矿业 China Nonferrous Mining 252 达维律师事务所 ( 香港 ) Davis Polk & Wardwell (Hong Kong) 君泽君律师事务所 JunZeJun Law Offices 汇嘉开曼群岛律师事务所 Walkers Corpus Legal Practitioners 嘉源律师事务所 Jia Yuan Law Offices (Beijing) 诺顿罗氏律师事务所 ( 香港 ) Norton Rose (Hong Kong) 信息来源 Source:Dealogic May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 41

17 信達律師事務所 SHU JIN LAW FIRM 基本概况 : 信达律师事务所于 1993 年在深圳设立, 是中国最早获批设立的合伙制律师事务所之一 总部办公地点位于深圳市中心商务区核心地带, 与未来的深圳证券交易所办公大楼仅一路之隔 公司与证券业务是信达律师所的核心业务 经过二十年的经营与发展, 信达律师所在全国证券法律业务领域已享有盛誉, 并成为证券法律服务界的品牌律师事务所之一 近年来, 信达律师所参与完成了数百家企业境内外首次公开发行股票 公开与非公开增发股票 配股 公司债券发行等项目, 为众多企业提供资产重组 股份制改造 重大收购等法律业务, 并参与多家海外收购等项目 信达律师所长期以来与境内外各类证券服务机构保持着良好的业务联系, 并多次受邀参与证券监管部门或其他政府组织的证券类法律 法规 规章的研讨 修订和培训工作 二十年的执业过程中, 信达律师所荣获诸多荣誉, 是 Legal 500 及亚洲法学在中国推荐的律师事务所之一 About Shu Jin Established in Shenzhen in 1993, Shu Jin Law Firm is one of the first partnership law firms in China. Our headquarters is situated in the heart of the Central Business District, opposite to the new office building of Shenzhen Stock Exchange. Securities and corporate financing are our core practice areas, which, with 20 years of management and development, have earned us a high good reputation in nationwide legal market of securities services and have established us one of the well-known law firms in such market. In recent years, we have assisted hundreds of companies in initial public offerings (IPO), equity issuance in public and non-public stock market, allotment of shares, bond issuance, etc., provided professional legal services for a full range of companies in the course of asset or shareholding restructuring, and significant mergers and acquisitions, etc. and participated a variety of projects of overseas mergers. We are maintaining good business contacts with various securities service agencies in PRC or outside PRC for a long time. We have been invited by securities regulators or other government organizations to take part in the discussion and revision of securities laws and regulations and relevant training for many times. With the outstanding track record, Shu Jin Law Firm has received numerous honors and awards and has ever been listed as one of the best law firms in China recommended by Legal 500 and Asia Law & Practice. 业务领域 证券 投资 公司业务 商事仲裁和诉讼业务 破产及非破产清算业务 外商投资业务 房地产开发管理及融资业务 银行 金融业务 劳动关系及劳资争议业务 常年法律顾问及综合性法律服务 Practice Areas Securities investment and corporation Commercial arbitration & litigation Bankruptcy liquidation and non-bankruptcy liquidation Foreign direct investment and joint ventures Real estate development and financing Banking and financing Employment relations & employee/management disputes Legal counseling & comprehensive legal services 近五年, 信达参与完成了企业境内外首次公开发行股票项目和上市公司再融资项目近六十个, 部分项目如下 : 新城控股 1030.HK 长虹佳华 8016.HK 百勤油服 2178.HK 荣盛石化 SZ 达实智能 SZ 英飞拓 SZ 欣旺达 SZ 珠海鼎利 SZ 星河生物 SZ 川大智胜 SZ 量子高科 SZ 顾地科技 SZ 信达目前担任数十家主板 中小板和创业板上市公司以及境外上市公司的常年法律顾问, 部分顾问单位如下 : 万科股份 SZ 招商地产 SZ 长城科技 0074.HK 华联控股 SZ 中航地产 SZ 长城开发 SZ 中信海直 SZ 粤华包 SZ 坚瑞消防 SZ 深圳 福田区深南大道 4019 号航天大厦 24 层电话 : ( 总机 ) 传真 :

18 Capital markets MARKET WATCH 优质企业, 理性投资者增多, 资本市场法律制度也已基本建立且不断完善 北京德和衡律师事务所合伙人郭芳晋更是充满信心 未来很长时间 IPO 依然是中国公司的主要筹资渠道 他说 原因之一是 中国作为新兴的发展中国家, 中小民营企业非常多, 这些企业有很强的融资需要 此外, 中国股市的市盈率依然比较高而且会在较长时间内保持比较高的水平 郭芳晋说 虽然现在股市表现很差,IPO 的道路非常艰难, 但是对具备条件的企业来说, 申请 IPO 上市还会是企业进行融资的首选 王萌也表示 除了市盈率, 他认为原因还包括 企业上市以后抗风险能力会增强, 社会地位也能提高, 这些好处是其他融资方式无法提供的 ; 以及 从长远来看, 中国企业家认为只有公司上市了, 才能保证今后持续的融资能力 IPO 在未来依然是中国公司发展到一定阶段的一个重要筹资渠道, 但不一定是最主要的集资渠道 张利国的态度相对谨慎 一方面, 国内目前正在积极打造多层次的资本市场 ; 另一方面, 就国内企业的发展规模和近几年的经济形势而言, 或许不能把 IPO 作为最主要的筹资渠道 其他渠道中国新三板市场在今年进入了一个新的发展阶段 1 月 16 日, 全国中小企业股份转让系统正式揭牌运营 新三板现在要做成一个全国性的场外交易市场, 作为非上市公众公司的交易平台 张利国说 不过, 新三板是否能有效分流 IPO 排队企业还很难说 全国股转系统虽已引入做市商制度, 但是中介机构的准备过程以及市场的活跃仍需假以时日 程守太说 公司也可以考虑通过资产重组的方式融资 新的重大资产重组管理办法明确了上市公司在进行资产重组 ( 包括发行股份购买资产的方式 ) 的同时可以进行配套融资 陈巍说 因此在目前重组审核节奏比较快的情况下, 有不少公司可能会选择这种方式 中国市场对外开放姜圣扬认为, 近期中国资本市场在对外开放方面的主要发展有两个 : 1. 放宽证券期货业的外资市场准入, 提高外资持股上限, 比如将合资证券公司外方持股比例上限由不超过 1/3 提高到 49%; 2. 放松了对合格境外投资者 (QFII) 的限制, 提高了 QFII 的行政申请额度, 同时也将 QFII 对 A 股上市公司的持股上限由原来的 20% 提升至 30% 在 QFII 方面, 证监会还于去年 7 月发布 [2012]17 号 公告, 修订了 QFII 规定 [ 新规 ] 大幅降低了 QFII 资格要求 简化了 QFII 资格申请文件 扩大了 QFII 投资范围并放宽了持股比例限制 陈巍说 在人民币合格境外机构投资者 (RQFII) 方面, 证监会于 3 月 6 日公布了修改后的法规, 即 人民币合格境外机构投资者境内证券投资试点办法 及配套的实施规则, 扩大了 RQFII 试点机构类型 港交所中国公司 IPO 项目优秀中国律所 (2012 年 3 月至 2013 年 4 月 ) Top Hong Kong IPO (Chinese issuers) PRC legal advisers (March 2012 to April 2013) 排名 Ranking Transfer System has introduced a market-maker system, it s going to take some time for intermediaries to make preparations and see an active market, Cheng notes. The financing of a company may also be carried out through asset reorganisation. The new measures governing the restructuring of major assets explicitly state that a listed company is permitted to conduct related financing during the reorganisation of assets [including the issue of shares to buy assets], Chen says. For this reason, many companies are likely to take this approach, given the speed of the review of asset reorganisation is relatively fast at the moment. Opening up 律师事务所 Law firm 金杜律师事务所 King & Wood Mallesons 君合律师事务所 Jun He Law Offices 通商律师事务所 Commerce & Finance Law Offices 国浩律师事务所 Grandall Law Firm 嘉源律师事务所 Jia Yuan Law Offices 竞天公诚律师事务所 Jingtian & Gongcheng 瑛明律师事务所 Chen & Co Law Firm 金诚同达律师事务所 Jincheng Tongda & Neal 中伦律师事务所 Zhong Lun Law Firm 广东信达律师事务所 Shu Jin Law Firm 君泽君律师事务所 JunZeJun Law Offices 海问律师事务所 Haiwen & Partners 天元律师事务所 Tian Yuan Law Firm 环球律师事务所 Global Law Office 锦天城律师事务所 AllBright Law Offices 信息来源 Source:Dealogic 募集金额 ( 百万美元 ) Value (US$m) 4,312 3,811 3,253 2,926 2,796 2, Jiang describes two recent development events in the deregulation of China s capital market: 1. Market access by foreign investors to the securities and futures sector has been eased by raising the cap on foreign shareholdings. For example, the upper limit on the percentage of foreign shareholdings in a joint venture securities firm has 70 May 年 5 月 商法 CHINA BUSINESS LAW JOURNAL 43

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